LOGO

  OCTOBER 31, 2021

 

  

2021 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares Cohen & Steers REIT ETF | ICF | Cboe BZX

·  

iShares Core U.S. REIT ETF | USRT | NYSE Arca

·  

iShares Global REIT ETF | REET | NYSE Arca

·  

iShares International Developed Real Estate ETF | IFGL | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2021
     
     6-Month   12-Month
   

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

  10.91%   42.91%
   

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

  1.85   50.80
   

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

  4.14   34.18
   

Emerging market equities
(MSCI Emerging Markets Index)

  (4.87)   16.96
   

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

  0.01   0.06
   

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

  1.59   (4.77)
   

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

  1.06   (0.48)
   

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

  0.33   2.76
   

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

  2.36   10.53

Past performance is not an indication of future results.

Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     8  

Shareholder Expenses

     8  

Schedules of Investments

     9  

Financial Statements

  

Statements of Assets and Liabilities

     25  

Statements of Operations

     26  

Statements of Changes in Net Assets

     27  

Financial Highlights

     29  

Notes to Financial Statements

     33  

Board Review and Approval of Investment Advisory Contract

     41  

Supplemental Information

     47  

General Information

     48  

Glossary of Terms Used in this Report

     49  

 

 

 


Fund Summary  as of October 31, 2021    iShares® Cohen & Steers REIT ETF

 

Investment Objective

The iShares Cohen & Steers REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs), as represented by the Cohen & Steers Realty Majors Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    13.22      45.44      10.46     10.49        45.44      64.41      171.08

Fund Market

    13.24        45.50        10.46       10.50          45.50        64.42        171.29  

Index

    13.41        45.93        10.85       10.88                45.93        67.39        181.00  

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized

Expense

Ratio

 

 

 

$ 1,000.00        $ 1,132.20        $ 1.72             $ 1,000.00        $ 1,023.60        $ 1.63          0.32

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Specialized REITs

    42.1

Residential REITs

    20.0  

Retail REITs

    11.5  

Industrial REITs

    10.9  

Health Care REITs

    8.0  

Office REITs

    6.2  

Hotel & Resort REITs

    1.3  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Prologis Inc.

    8.6

Equinix Inc.

    7.9  

American Tower Corp.

    7.7  

Crown Castle International Corp.

    7.2  

Public Storage

    5.5  

Simon Property Group Inc.

    5.2  

Digital Realty Trust Inc.

    4.8  

SBA Communications Corp.

    4.1  

Realty Income Corp.

    4.1  

Welltower Inc.

    3.7  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary  as of October 31, 2021    iShares® Core U.S. REIT ETF

 

Investment Objective

The iShares Core U.S. REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    12.60      51.78      9.67     9.96        51.78      58.64      158.40

Fund Market

    12.62        51.73        9.66       9.95          51.73        58.57        158.28  

Index

    12.63        51.80        9.69       10.22                51.80        58.80        164.60  

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,126.00        $ 0.43             $ 1,000.00        $ 1,024.80        $ 0.41          0.08

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Specialized REITs

    24.8

Residential REITs

    19.7  

Industrial REITs

    14.9  

Retail REITs

    13.3  

Health Care REITs

    10.1  

Office REITs

    9.0  

Diversified REITs

    4.9  

Hotel & Resort REITs

    3.3  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Prologis Inc.

    8.8

Equinix Inc.

    6.2  

Public Storage

    4.1  

Simon Property Group Inc.

    3.9  

Digital Realty Trust Inc.

    3.6  

Welltower Inc.

    2.8  

AvalonBay Communities Inc.

    2.7  

Equity Residential

    2.6  

Alexandria Real Estate Equities Inc.

    2.6  

Realty Income Corp.

    2.3  

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary  as of October 31, 2021    iShares® Global REIT ETF

 

Investment Objective

The iShares Global REIT ETF (the “Fund”) seeks to track the investment results of an index composed of global real estate equities in developed and emerging markets, as represented by the FTSE EPRA Nareit Global REITS Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    8.86      47.03      7.50     6.60        47.03      43.59      59.59

Fund Market

    8.93        46.89        7.48       6.60          46.89        43.41        59.65  

Index

    8.53        45.95        6.60       5.77                45.95        37.64        50.72  

The inception date of the Fund was 7/8/14. The first day of secondary market trading was 7/10/14.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,088.60        $ 0.74             $ 1,000.00        $ 1,024.50        $ 0.71          0.14

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Industrial REITs

    17.4

Specialized REITs

    17.0  

Retail REITs

    16.5  

Residential REITs

    16.3  

Office REITs

    11.4  

Diversified REITs

    10.6  

Health Care REITs

    8.0  

Hotel & Resort REITs

    2.8  

Other (each representing less than 1%)

    0.0  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    69.9

Japan

    7.6  

United Kingdom

    5.1  

Australia

    4.0  

Singapore

    3.3  

Canada

    3.2  

France

    1.8  

Belgium

    1.3  

Hong Kong

    1.3  

South Africa

    0.5  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary  as of October 31, 2021    iShares® International Developed Real Estate ETF

 

Investment Objective

The iShares International Developed Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the FTSE EPRA Nareit Developed ex-U.S. Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    3.12      30.38      6.02     6.04        30.38      33.94      79.78

Fund Market

    3.12        30.34        5.97       6.16          30.34        33.66        81.84  

Index

    3.17        30.52        6.19       6.32                30.52        35.00        84.56  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

 

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,031.20        $ 2.46             $ 1,000.00        $ 1,022.80        $ 2.45          0.48

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Real Estate Operating Companies

    23.9

Retail REITs

    14.6  

Diversified REITs

    13.5  

Industrial REITs

    12.8  

Diversified Real Estate Activities

    12.4  

Office REITs

    10.2  

Residential REITs

    4.8  

Real Estate Development

    2.9  

Health Care REITs

    1.8  

Specialized REITs

    1.7  

Hotel & Resort REITs

    1.1  

Health Care Facilities

    0.3  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Japan

    23.9

Hong Kong

    11.6  

United Kingdom

    11.4  

Australia

    9.2  

Germany

    8.9  

Singapore

    7.9  

Canada

    7.4  

Sweden

    6.7  

France

    3.6  

Belgium

    2.9  

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


About Fund Performance

 

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

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

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

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Schedule of Investments  (unaudited)

October 31, 2021

  

iShares® Cohen & Steers REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Health Care REITs — 8.0%  

Healthpeak Properties Inc.

    1,583,809     $ 56,241,058  

Ventas Inc.

    1,140,970       60,893,569  

Welltower Inc.

    1,227,003       98,651,041  
   

 

 

 
      215,785,668  
Hotel & Resort REITs — 1.3%  

Host Hotels & Resorts Inc.(a)

    2,075,033       34,922,805  
   

 

 

 
Industrial REITs — 10.9%  

Duke Realty Corp.

    1,101,999       61,976,424  

Prologis Inc.

    1,608,456       233,161,781  
   

 

 

 
         295,138,205  
Office REITs — 6.2%  

Alexandria Real Estate Equities Inc.

    403,136       82,296,183  

Boston Properties Inc.

    417,387       47,431,859  

Cousins Properties Inc.

    436,859       17,303,985  

Kilroy Realty Corp.

    311,421       20,983,547  
   

 

 

 
      168,015,574  
Residential REITs — 20.0%  

AvalonBay Communities Inc.

    410,269       97,102,467  

Equity LifeStyle Properties Inc.

    498,947       42,166,011  

Equity Residential

    1,011,190       87,366,816  

Essex Property Trust Inc.

    191,018       64,932,748  

Invitation Homes Inc.

    1,668,199       68,813,209  

Mid-America Apartment Communities Inc.

    336,452       68,706,863  

Sun Communities Inc.

    328,641       64,407,063  

UDR Inc.

    820,026       45,536,044  
   

 

 

 
      539,031,221  
Retail REITs — 11.5%  

Federal Realty Investment Trust

    207,940       25,025,579  

Realty Income Corp.

    1,553,313       110,953,148  

Regency Centers Corp.

    464,244       32,687,420  
Security   Shares      Value  
Retail REITs (continued)  

Simon Property Group Inc.

    965,481      $ 141,520,205  
    

 

 

 
       310,186,352  
Specialized REITs — 42.0%  

American Tower Corp.

    739,518        208,521,890  

Crown Castle International Corp.

    1,071,010        193,103,103  

Digital Realty Trust Inc.

    827,526        130,591,878  

Equinix Inc.

    254,384        212,937,215  

Extra Space Storage Inc.

    392,997        77,565,818  

Public Storage

    447,373        148,608,363  

SBA Communications Corp.

    321,456        111,008,401  

VICI Properties Inc.

    1,804,244        52,954,561  
    

 

 

 
       1,135,291,229  
    

 

 

 

Total Common Stocks — 99.9%
(Cost: $2,004,229,706)

       2,698,371,054  
    

 

 

 

Short-Term Investments

 

Money Market Funds — 0.1%  

BlackRock Cash Funds: Treasury,

    

SL Agency Shares, 0.00%(b)(c)

    3,800,000        3,800,000  
    

 

 

 

Total Short -Term Investments — 0.1%
(Cost: $3,800,000)

 

     3,800,000  
    

 

 

 

Total Investments in Securities — 100.0%
(Cost: $2,008,029,706)

 

     2,702,171,054  

Other Assets, Less Liabilities — (0.0)%

       (1,341,504
    

 

 

 

Net Assets — 100.0%

     $   2,700,829,550  
    

 

 

 

 

(a) 

Non-income producing security.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
04/30/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/21
     Shares
Held at
10/31/21
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 4,130,000      $  —      $ (330,000 )(a)     $  —      $  —      $ 3,800,000        3,800,000      $  102      $  —  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

           

Dow Jones U.S. Real Estate Index

     46        12/17/21      $  1,955      $  106,096  
           

 

 

 

 

 

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

  9


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Cohen & Steers REIT ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $  106,096  
  

 

 

 

 

  (a) 

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 489,121  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (291,547
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 2,934,487  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $  2,698,371,054      $      $      $ 2,698,371,054  

Money Market Funds

     3,800,000                      3,800,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 2,702,171,054      $      $      $ 2,702,171,054  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $ 106,096      $             —      $             —      $ 106,096  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

10  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (unaudited)

October 31, 2021

  

iShares® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Diversified REITs — 4.9%  

Alexander & Baldwin Inc.

    149,847     $ 3,675,747  

American Assets Trust Inc.

    103,266       3,906,553  

Armada Hoffler Properties Inc.

    125,733       1,723,800  

Broadstone Net Lease Inc.

    320,668       8,526,562  

DigitalBridge Group Inc.(a)

    1,007,142       6,747,851  

Empire State Realty Trust Inc., Class A

    296,910       2,874,089  

Essential Properties Realty Trust Inc.

    242,905       7,236,140  

Gladstone Commercial Corp.

    76,209       1,665,929  

Global Net Lease Inc.

    208,785       3,344,736  

One Liberty Properties Inc.

    33,950       1,061,277  

PS Business Parks Inc.

    41,692       7,408,668  

STORE Capital Corp.

    508,940       17,471,910  

VEREIT Inc.

    475,639       23,924,642  

Washington REIT

    176,800       4,481,880  

WP Carey Inc.

    380,740       29,358,861  
   

 

 

 
        123,408,645  
Health Care REITs — 10.0%  

CareTrust REIT Inc.

    181,303       3,762,037  

Community Healthcare Trust Inc.

    49,175       2,352,532  

Diversified Healthcare Trust

    495,683       1,804,286  

Global Medical REIT Inc.

    123,812       2,052,803  

Healthcare Realty Trust Inc.

    301,401       9,964,317  

Healthcare Trust of America Inc., Class A

    453,315       15,136,188  

Healthpeak Properties Inc.

    1,123,447       39,893,603  

LTC Properties Inc.

    80,512       2,565,112  

Medical Properties Trust Inc.

    1,231,320       26,264,056  

National Health Investors Inc.

    90,928       4,890,108  

Omega Healthcare Investors Inc.

    497,114       14,595,267  

Physicians Realty Trust

    447,014       8,497,736  

Sabra Health Care REIT Inc.

    457,633       6,475,507  

Universal Health Realty Income Trust

    26,817       1,527,765  

Ventas Inc.

    818,525       43,684,679  

Welltower Inc.

    881,148       70,844,299  
   

 

 

 
      254,310,295  
Hotel & Resort REITs — 3.3%  

Apple Hospitality REIT Inc.

    444,719       6,986,535  

Chatham Lodging Trust(a)

    100,099       1,270,256  

CorePoint Lodging Inc.(a)

    82,236       1,417,749  

DiamondRock Hospitality Co.(a)

    432,550       3,910,252  

Hersha Hospitality Trust, Class A(a)

    66,685       595,497  

Host Hotels & Resorts Inc.(a)

    1,473,188       24,793,754  

Park Hotels & Resorts Inc.(a)

    489,317       9,067,044  

Pebblebrook Hotel Trust(b)

    269,859       6,061,033  

RLJ Lodging Trust

    343,546       4,953,933  

Ryman Hospitality Properties Inc.(a)(b)

    111,374       9,526,932  

Service Properties Trust

    338,536       3,646,033  

Summit Hotel Properties Inc.(a)

    216,203       2,162,030  

Sunstone Hotel Investors Inc.(a)

    452,208       5,580,247  

Xenia Hotels & Resorts Inc.(a)

    236,085       4,202,313  
   

 

 

 
      84,173,608  
Industrial REITs — 14.8%  

Americold Realty Trust

    543,824       16,026,493  

Duke Realty Corp.

    780,020       43,868,325  

EastGroup Properties Inc.

    82,291       16,275,514  

First Industrial Realty Trust Inc.

    268,034       15,607,620  

Industrial Logistics Properties Trust

    134,371       3,774,481  

Lexington Realty Trust

    568,860       8,288,290  

Monmouth Real Estate Investment Corp.

    197,006       3,713,563  
Security   Shares     Value  
Industrial REITs (continued)  

Plymouth Industrial REIT Inc.

    61,326     $ 1,567,493  

Prologis Inc.

    1,537,574       222,886,727  

Rexford Industrial Realty Inc.

    287,287       19,305,686  

STAG Industrial Inc.

    338,005       14,713,358  

Terreno Realty Corp.

    143,975       10,528,892  
   

 

 

 
      376,556,442  
Office REITs — 9.0%  

Alexandria Real Estate Equities Inc.

    321,478       65,626,519  

Boston Properties Inc.

    325,329       36,970,387  

Brandywine Realty Trust

    352,662       4,672,771  

CIM Commercial Trust Corp.

    36,262       306,414  

City Office REIT Inc.

    89,312       1,694,249  

Columbia Property Trust Inc.

    237,152       4,546,204  

Corporate Office Properties Trust

    234,461       6,358,582  

Cousins Properties Inc.

    308,803       12,231,687  

Douglas Emmett Inc.

    346,530       11,324,600  

Easterly Government Properties Inc.

    174,390       3,667,422  

Franklin Street Properties Corp., Class C

    213,058       958,761  

Highwoods Properties Inc.

    214,150       9,602,486  

Hudson Pacific Properties Inc.

    309,130       7,960,097  

JBG SMITH Properties

    258,466       7,459,329  

Kilroy Realty Corp.

    241,836       16,294,910  

Mack-Cali Realty Corp.(a)

    181,656       3,304,323  

Office Properties Income Trust

    99,581       2,551,265  

Paramount Group Inc.

    386,093       3,274,069  

Piedmont Office Realty Trust Inc., Class A

    257,787       4,578,297  

SL Green Realty Corp.

    139,399       9,767,688  

Vornado Realty Trust

    365,537       15,582,842  
   

 

 

 
        228,732,902  
Residential REITs — 19.7%  

American Campus Communities Inc.

    285,207       15,321,320  

American Homes 4 Rent, Class A

    589,338       23,927,123  

Apartment Income REIT Corp.

    325,536       17,451,985  

Apartment Investment & Management Co., Class A

    310,213       2,351,414  

AvalonBay Communities Inc.

    290,545       68,766,191  

Bluerock Residential Growth REIT Inc., Class A

    54,917       743,027  

BRT Apartments Corp.

    24,423       486,018  

Camden Property Trust

    202,705       33,061,185  

Centerspace

    29,059       2,941,933  

Equity LifeStyle Properties Inc.

    362,065       30,598,113  

Equity Residential

    768,152       66,368,333  

Essex Property Trust Inc.

    135,050       45,907,546  

Independence Realty Trust Inc.

    218,566       5,164,715  

Invitation Homes Inc.

    1,201,494       49,561,627  

Mid-America Apartment Communities Inc.

    240,437       49,099,640  

NexPoint Residential Trust Inc.

    46,223       3,273,513  

Preferred Apartment Communities Inc., Class A

    107,698       1,358,072  

Sun Communities Inc.

    238,712       46,782,778  

UDR Inc.

    615,364       34,171,163  

UMH Properties Inc.

    87,753       2,100,807  
   

 

 

 
      499,436,503  
Retail REITs — 13.3%  

Acadia Realty Trust

    179,588       3,839,592  

Agree Realty Corp.

    140,796       10,004,964  

Alexander’s Inc.

    4,444       1,238,898  

American Finance Trust Inc.

    244,897       2,027,747  

Brixmor Property Group Inc.

    616,674       14,454,839  

Federal Realty Investment Trust

    160,796       19,351,799  

Getty Realty Corp.

    79,790       2,562,855  

 

 

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

  11


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Retail REITs (continued)            

Kimco Realty Corp.

    1,210,473     $ 27,356,690  

Kite Realty Group Trust

    448,520       9,104,956  

Macerich Co. (The)

    442,677       8,008,027  

National Retail Properties Inc.

    363,909       16,506,912  

NETSTREIT Corp.

    82,772       2,006,393  

Phillips Edison & Co. Inc.

    39,645       1,194,900  

Realty Income Corp.

    811,923       57,995,660  

Regency Centers Corp.

    351,842       24,773,195  

Retail Opportunity Investments Corp.

    247,151       4,391,873  

Retail Value Inc.

    36,018       225,473  

RPT Realty

    167,908       2,231,497  

Saul Centers Inc.

    24,893       1,155,035  

Seritage Growth Properties, Class A(a)

    77,236       1,189,434  

Simon Property Group Inc.

    679,866       99,654,758  

SITE Centers Corp.

    359,725       5,716,030  

Spirit Realty Capital Inc.

    247,378       12,104,206  

Tanger Factory Outlet Centers Inc.

    211,557       3,554,158  

Urban Edge Properties

    239,446       4,197,488  

Urstadt Biddle Properties Inc., Class A

    62,143       1,220,489  

Whitestone REIT

    89,652       823,005  
   

 

 

 
        336,890,873  
Specialized REITs — 24.7%            

CoreSite Realty Corp.

    91,200       12,992,352  

CubeSmart

    418,268       23,008,923  

CyrusOne Inc.

    258,231       21,180,107  

Digital Realty Trust Inc.

    585,020       92,322,006  

EPR Properties

    154,380       7,751,420  

Equinix Inc.

    186,398       156,028,174  

Extra Space Storage Inc.

    273,306       53,942,405  

Farmland Partners Inc.

    59,184       665,228  

Four Corners Property Trust Inc.

    156,773       4,546,417  

Gaming and Leisure Properties Inc.

    459,336       22,273,203  

GEO Group Inc. (The)

    200,223       1,637,824  

Gladstone Land Corp.

    59,305       1,313,013  

Iron Mountain Inc.

    596,966       27,245,528  

Security   Shares     Value  
Specialized REITs (continued)            

Lamar Advertising Co., Class A

    179,523     $ 20,322,004  

Life Storage Inc.

    162,073       21,686,988  

National Storage Affiliates Trust

    168,279       10,510,706  

Outfront Media Inc.

    301,741       7,510,333  

Public Storage

    314,274       104,395,537  

Safehold Inc.(b)

    37,190       2,778,093  

VICI Properties Inc.

    1,223,378       35,906,144  
   

 

 

 
      628,016,405  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $2,156,405,627)

 

    2,531,525,673  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 0.4%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    2,465,185       2,466,418  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    6,630,000       6,630,000  
   

 

 

 
      9,096,418  
   

 

 

 

Total Short -Term Investments — 0.4%
(Cost: $9,096,418)

 

    9,096,418  
   

 

 

 

Total Investments in Securities — 100.1%
(Cost: $2,165,502,045)

 

    2,540,622,091  

Other Assets, Less Liabilities — (0.1)%

 

    (1,437,098
   

 

 

 

Net Assets — 100.0%

 

  $   2,539,184,993  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
04/30/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/21
     Shares
Held at
10/31/21
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency

                          

Shares

   $ 129,227      $ 2,337,275 (a)     $      $ (96    $ 12      $ 2,466,418        2,465,185      $ 1,003 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     2,320,000        4,310,000 (a)                            6,630,000        6,630,000        140         
              

 

 

    

 

 

       

 

 

    

 

 

 
            $ (96    $ 12      $ 9,096,418         $ 1,143      $  
              

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

  (b) 

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

 

 

12  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Core U.S. REIT ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

                 

Dow Jones U.S. Real Estate Index

     172          12/17/21        $ 7,312        $ 284,993  
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 284,993  
  

 

 

 

 

  (a) 

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 527,063  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 41,136  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 5,812,140  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $ 2,531,525,673      $      $      $ 2,531,525,673  

Money Market Funds

     9,096,418                      9,096,418  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 2,540,622,091      $             —      $             —      $ 2,540,622,091  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $ 284,993      $      $      $ 284,993  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  13


Schedule of Investments  (unaudited)

October 31, 2021

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Australia — 4.0%

   

APN Industria REIT

    515,294     $ 1,311,223  

Arena REIT

    639,811       2,177,532  

BWP Trust

    972,492       3,115,792  

Centuria Industrial REIT

    911,561       2,514,335  

Centuria Office REIT

    920,345       1,670,243  

Charter Hall Long Wale REIT

    1,064,854       3,906,534  

Charter Hall Retail REIT

    968,860       3,005,753  

Charter Hall Social Infrastructure REIT

    656,614       1,889,696  

Cromwell Property Group

    2,833,542       1,734,100  

Dexus

    2,158,386       17,704,769  

GPT Group (The)

    3,845,038       15,011,205  

Growthpoint Properties Australia Ltd.

    555,771       1,744,195  

HomeCo Daily Needs REIT

    797,756       864,161  

Hotel Property Investments

    346,528       935,557  

Mirvac Group

    7,893,288       16,845,576  

National Storage REIT

    2,385,231       4,318,521  

Scentre Group

    10,405,754       23,734,328  

Shopping Centres Australasia Property Group

    2,250,446       4,727,862  

Stockland

    4,786,512       16,498,822  

Vicinity Centres

    7,595,507       9,919,609  

Waypoint REIT

    1,569,914       3,236,790  
   

 

 

 
        136,866,603  
Belgium — 1.3%            

Aedifica SA

    72,030       9,605,207  

Ascencio

    10,287       592,846  

Befimmo SA

    43,579       1,783,357  

Cofinimmo SA

    60,205       9,713,108  

Intervest Offices & Warehouses NV

    48,006       1,399,976  

Leasinvest Real Estate SCA

    8,437       778,303  

Montea NV

    24,657       3,659,848  

Retail Estates NV

    20,401       1,633,728  

Warehouses De Pauw CVA

    282,500       12,864,064  

Xior Student Housing NV

    40,621       2,404,243  
   

 

 

 
      44,434,680  
Canada — 3.2%            

Allied Properties REIT

    252,613       8,730,008  

Artis REIT

    188,798       1,787,906  

Boardwalk REIT

    76,022       3,279,585  

Canadian Apartment Properties REIT

    342,611       16,729,139  

Choice Properties REIT

    517,980       6,231,999  

Cominar REIT

    335,286       3,129,083  

Crombie REIT

    191,807       2,864,086  

Dream Industrial REIT

    404,963       5,546,318  

Dream Office REIT

    73,933       1,394,906  

First Capital Real Estate Investment Trust

    438,920       6,270,286  

Granite REIT

    123,414       10,003,953  

H&R Real Estate Investment Trust

    564,600       7,760,057  

InterRent REIT

    259,053       3,794,951  

Killam Apartment REIT

    216,139       3,971,397  

NorthWest Healthcare Properties REIT

    374,818       4,021,964  

RioCan REIT

    635,359       11,443,239  

SmartCentres Real Estate Investment Trust

    262,426       6,613,661  

Summit Industrial Income REIT

    314,601       6,009,347  
   

 

 

 
      109,581,885  
China — 0.0%            

Yuexiu REIT

    2,569,000       1,119,325  
   

 

 

 
Security   Shares     Value  

France — 1.7%

   

Carmila SA

    81,019     $ 1,227,719  

Covivio

    100,654       8,718,034  

Gecina SA

    103,385         14,467,561  

ICADE

    68,285       5,355,037  

Klepierre SA

    363,617       8,656,362  

Mercialys SA

    127,195       1,381,742  

Unibail-Rodamco-Westfield(a)

    270,465       19,312,470  
   

 

 

 
      59,118,925  
Germany — 0.3%            

alstria office REIT-AG

    372,077       6,954,800  

Hamborner REIT AG

    141,987       1,593,512  
   

 

 

 
      8,548,312  
Hong Kong — 1.3%            

Champion REIT

    4,003,000       2,099,693  

Hui Xian Real Estate Investment Trust(b)

    4,993,000       1,153,253  

Link REIT

    4,170,600       36,949,174  

Prosperity REIT

    2,470,000       970,609  

Sunlight REIT

    2,159,000       1,248,699  
   

 

 

 
      42,421,428  
Ireland — 0.1%            

Hibernia REIT PLC

    1,340,883       1,953,076  

Irish Residential Properties REIT PLC

    898,567       1,693,152  
   

 

 

 
      3,646,228  
Italy — 0.0%            

Immobiliare Grande Distribuzione SIIQ SpA(a)

    141,586       620,824  
   

 

 

 

Japan — 7.6%

   

Activia Properties Inc.

    1,389       5,694,444  

Advance Residence Investment Corp.

    2,589       8,495,600  

AEON REIT Investment Corp.

    3,146       4,252,896  

Comforia Residential REIT Inc.

    1,258       3,664,453  

Daiwa House REIT Investment Corp.

    4,238       12,161,503  

Daiwa Office Investment Corp.

    541       3,492,099  

Daiwa Securities Living Investments Corp.

    3,920       3,960,047  

Frontier Real Estate Investment Corp.

    972       4,300,265  

Fukuoka REIT Corp.

    1,445       2,144,689  

Global One Real Estate Investment Corp.

    1,929       1,986,833  

GLP J-REIT

    8,496       13,857,481  

Hankyu Hanshin REIT Inc.

    1,330       1,961,543  

Heiwa Real Estate REIT Inc.

    1,829       2,553,572  

Hoshino Resorts REIT Inc.

    444       2,899,122  

Hulic Reit Inc.

    2,395       3,628,393  

Ichigo Office REIT Investment Corp.

    2,354       1,783,173  

Industrial & Infrastructure Fund Investment Corp.

    3,817       6,998,649  

Invesco Office J-Reit Inc.

    5,698       1,133,938  

Invincible Investment Corp.

    9,809       3,877,974  

Japan Excellent Inc.

    2,494       3,011,324  

Japan Hotel REIT Investment Corp.

    9,033       5,455,106  

Japan Logistics Fund Inc.

    1,732       5,174,345  

Japan Metropolitan Fund Invest

    13,770       12,648,007  

Japan Prime Realty Investment Corp.

    1,766       6,477,526  

Japan Real Estate Investment Corp.

    2,606       15,972,781  

Kenedix Office Investment Corp.

    762       4,824,784  

Kenedix Residential Next Investment Corp.

    1,960       3,769,528  

Kenedix Retail REIT Corp.

    1,158       2,954,693  

LaSalle Logiport REIT

    3,584       5,962,065  

Mitsubishi Estate Logistics REIT Investment Corp.

    755       3,264,741  

Mitsui Fudosan Logistics Park Inc.

    1,009       5,364,808  

Mori Hills REIT Investment Corp.

    3,183       4,315,639  

 

 

14  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Japan (continued)

   

Mori Trust Sogo REIT Inc.

    1,980     $ 2,558,039  

Nippon Accommodations Fund Inc.

    930       5,181,399  

Nippon Building Fund Inc.

    2,969       19,289,425  

Nippon Prologis REIT Inc.

    4,473       14,939,971  

Nippon REIT Investment Corp.

    863       3,317,552  

Nomura Real Estate Master Fund Inc.

    8,985       13,454,734  

NTT UD REIT Investment Corp.

    2,541       3,373,021  

Orix JREIT Inc.

    5,275       8,751,777  

Sekisui House Reit Inc.

    8,106       6,128,129  

SOSiLA Logistics REIT Inc.

    1,223       1,839,027  

Starts Proceed Investment Corp.

    439       922,286  

Tokyu REIT Inc.

    1,756       2,946,214  

United Urban Investment Corp.

    5,966       7,436,970  
   

 

 

 
        258,180,565  
Malaysia — 0.1%            

Axis Real Estate Investment Trust

    2,295,300       1,058,687  

IGB REIT

    3,512,600       1,425,059  

Sunway REIT

    4,026,700       1,422,081  
   

 

 

 
      3,905,827  
Mexico — 0.4%            

Concentradora Fibra Danhos SA de CV(b)

    470,315       568,362  

Fibra Uno Administracion SA de CV

    6,214,913       6,176,273  

Macquarie Mexico Real Estate Management SA de CV(c)

    1,457,750       1,738,991  

PLA Administradora Industrial S. de RL de CV(b)

    1,588,009       2,224,508  

Prologis Property Mexico SA de CV

    907,548       2,089,018  
   

 

 

 
      12,797,152  
Netherlands — 0.2%            

Eurocommercial Properties NV

    102,157       2,384,307  

NSI NV

    38,348       1,538,261  

Vastned Retail NV

    35,402       1,008,920  

Wereldhave NV

    82,150       1,275,217  
   

 

 

 
      6,206,705  
New Zealand — 0.2%            

Goodman Property Trust

    2,196,578       3,916,794  

Kiwi Property Group Ltd.

    3,168,540       2,657,048  

Stride Property Group

    866,777       1,478,295  
   

 

 

 
      8,052,137  
Philippines — 0.0%            

AREIT Inc., NVS

    849,100       720,918  
   

 

 

 

Saudi Arabia — 0.1%

   

Al Maather REIT Fund

    83,335       208,843  

Al Rajhi REIT

    226,371       736,284  

Alahli REIT Fund 1

    88,881       329,373  

Al-Jazira Reit Fund, NVS

    24,872       159,806  

Alkhabeer REIT

    105,504       257,649  

Jadwa REIT Saudi Fund

    279,131       1,087,977  

Musharaka Real Estate Income Fund, NVS

    153,043       407,552  

Riyad REIT Fund

    299,920       826,262  

Sedco Capital REIT Fund

    66,588       219,066  

Swicorp Wabel REIT, NVS(a)

    165,441       343,594  

Taleem REIT, NVS

    48,521       180,071  
   

 

 

 
      4,756,477  
Singapore — 3.3%            

AIMS APAC REIT

    1,108,200       1,183,395  

ARA LOGOS Logistics Trust

    2,560,400       1,711,549  

Ascendas REIT

    6,833,314       15,651,233  

Ascott Residence Trust

    3,605,632       2,757,072  
Security   Shares     Value  

Singapore (continued)

   

CapitaLand China Trust(b)

    2,081,130     $ 1,884,891  

CapitaLand Integrated Commercial Trust

    9,567,826       15,236,335  

CDL Hospitality Trusts

    1,584,700       1,410,147  

Cromwell European Real Estate Investment Trust

    635,500       1,946,791  

ESR-REIT

    5,367,500       1,910,567  

Far East Hospitality Trust

    1,941,000       929,036  

First REIT(b)

    2,261,400       444,398  

Fortune REIT

    2,748,000       2,850,362  

Frasers Centrepoint Trust

    2,163,970       3,869,604  

Frasers Logistics & Commercial Trust

    5,745,700       6,469,846  

Keppel DC REIT(b)

    2,479,133       4,389,751  

Keppel Pacific Oak US REIT

    1,691,200       1,344,504  

Keppel REIT

    4,273,500       3,576,759  

Lendlease Global Commercial REIT

    1,768,800       1,148,496  

Manulife US Real Estate Investment Trust

    2,897,400       2,061,462  

Mapletree Commercial Trust

    4,444,691       7,189,387  

Mapletree Industrial Trust

    3,724,210       7,602,484  

Mapletree Logistics Trust

    5,757,917       8,634,190  

Mapletree North Asia Commercial Trust(b)

    4,672,700       3,540,628  

OUE Commercial Real Estate Investment Trust

    4,290,600       1,431,791  

Parkway Life REIT

    776,200       2,682,308  

Prime U.S. REIT

    1,276,900       1,103,313  

Sasseur Real Estate Investment Trust

    1,072,400       675,966  

SPH REIT

    1,886,500       1,365,559  

Starhill Global REIT

    2,835,400       1,357,813  

Suntec REIT

    4,263,400       4,720,177  
   

 

 

 
        111,079,814  
South Africa — 0.5%            

Attacq Ltd.(a)(b)

    1,415,869       608,436  

Emira Property Fund Ltd.

    668,333       414,357  

Equites Property Fund Ltd.

    1,318,392       1,763,648  

Growthpoint Properties Ltd.

    6,999,947       5,951,832  

Hyprop Investments Ltd.

    616,957       1,197,706  

Investec Property Fund Ltd.

    1,128,155       784,556  

Redefine Properties Ltd.(a)

    10,910,701       3,221,187  

SA Corporate Real Estate Ltd.

    5,185,645       724,658  

Stor-Age Property REIT Ltd.

    708,917       652,577  

Vukile Property Fund Ltd.

    1,773,918       1,418,359  
   

 

 

 
      16,737,316  
Spain — 0.4%            

Inmobiliaria Colonial Socimi SA

    704,009       6,844,347  

Lar Espana Real Estate Socimi SA

    120,513       732,786  

Merlin Properties Socimi SA

    679,477       7,358,517  
   

 

 

 
      14,935,650  
Thailand — 0.1%            

WHA Premium Growth Freehold & Leasehold REIT, Class F(b)

    3,470,302       1,380,486  
   

 

 

 

Turkey — 0.1%

   

AKIS Gayrimenkul Yatirimi AS(a)

    527,142       100,654  

Akmerkez Gayrimenkul Yatirim Ortakligi AS

    13,698       54,869  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS

    3,813,775       781,479  

Halk Gayrimenkul Yatirim Ortakligi AS(b)

    449,123       122,261  

Is Gayrimenkul Yatirim Ortakligi AS(a)

    937,517       186,966  

Ozak Gayrimenkul Yatirim Ortakligi(a)

    204,709       109,585  

Torunlar Gayrimenkul Yatirim Ortakligi AS(a)

    310,932       124,728  
   

 

 

 
      1,480,542  
United Kingdom — 5.1%            

Assura PLC

    5,279,229       5,266,947  

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

United Kingdom (continued)

   

Big Yellow Group PLC

    339,995     $ 6,881,793  

BMO Commercial Property Trust Ltd.

    1,040,761       1,458,518  

BMO Real Estate Investments Ltd.

    482,385       562,681  

British Land Co. PLC (The)

    1,856,316       12,533,796  

Capital & Counties Properties PLC

    1,478,243       3,334,066  

Civitas Social Housing PLC

    1,251,431       1,608,175  

Custodian REIT PLC

    779,578       1,037,019  

Derwent London PLC

    202,427       9,363,419  

Empiric Student Property PLC(a)

    1,179,302       1,428,332  

GCP Student Living PLC

    915,360       2,635,565  

Great Portland Estates PLC

    508,750       5,087,224  

Hammerson PLC(b)

    8,473,572       3,720,544  

Impact Healthcare REIT PLC

    528,388       854,735  

Land Securities Group PLC

    1,429,823       13,432,441  

LondonMetric Property PLC

    1,774,025       6,344,877  

LXI REIT PLC

    1,406,314       2,821,716  

NewRiver REIT PLC

    631,359       673,093  

Picton Property Income Ltd. (The)

    1,093,700       1,453,377  

Primary Health Properties PLC

    2,667,840       5,603,092  

PRS REIT PLC (The)

    930,448       1,298,833  

Regional REIT Ltd.(c)

    739,793       888,673  

Safestore Holdings PLC

    416,597       6,853,012  

Schroder REIT Ltd.

    987,532       678,447  

Segro PLC

    2,400,455       42,426,947  

Shaftesbury PLC

    568,200       4,849,665  

Standard Life Investment Property Income Trust Ltd.

    798,184       802,881  

Target Healthcare REIT PLC

    1,028,306       1,677,488  

Triple Point Social Housing REIT PLC(c)

    733,526       979,775  

Tritax Big Box REIT PLC

    3,749,748       11,539,602  

UK Commercial Property REIT Ltd.

    1,480,046       1,536,659  

UNITE Group PLC (The)

    639,661       9,550,642  

Workspace Group PLC

    268,363       3,018,946  
   

 

 

 
        172,202,980  
United States — 69.7%            

Acadia Realty Trust

    173,524       3,709,943  

Agree Realty Corp.

    135,271       9,612,357  

Alexander & Baldwin Inc.

    144,527       3,545,247  

Alexandria Real Estate Equities Inc.

    308,870       63,052,722  

American Assets Trust Inc.

    99,578       3,767,036  

American Campus Communities Inc.

    274,123       14,725,887  

American Finance Trust Inc.

    236,211       1,955,827  

American Homes 4 Rent, Class A

    566,220       22,988,532  

Americold Realty Trust

    522,597       15,400,934  

Apartment Income REIT Corp

    312,824       16,770,495  

Apartment Investment & Management Co., Class A

    297,072       2,251,806  

Apple Hospitality REIT Inc.

    426,575       6,701,493  

Armada Hoffler Properties Inc.

    119,698       1,641,060  

AvalonBay Communities Inc.

    279,141       66,067,092  

Boston Properties Inc.

    312,568       35,520,227  

Brandywine Realty Trust

    338,167       4,480,713  

Brixmor Property Group Inc.

    592,736       13,893,732  

Broadstone Net Lease Inc.

    307,671       8,180,972  

Camden Property Trust

    194,747       31,763,236  

CareTrust REIT Inc.

    189,623       3,934,677  

Centerspace

    28,096       2,844,439  

Columbia Property Trust Inc.

    229,583       4,401,106  

Community Healthcare Trust Inc.

    47,093       2,252,929  

CoreSite Realty Corp.

    87,682       12,491,178  

Corporate Office Properties Trust

    224,801       6,096,603  

Cousins Properties Inc.

    297,005       11,764,368  
Security   Shares     Value  

United States (continued)

   

CubeSmart

    401,850     $ 22,105,768  

CyrusOne Inc.

    248,094       20,348,670  

DiamondRock Hospitality Co.(a)

    417,195       3,771,443  

Digital Realty Trust Inc.

    562,063       88,699,162  

DigitalBridge Group Inc.(a)

    965,656       6,469,895  

Diversified Healthcare Trust

    473,348       1,722,987  

Douglas Emmett Inc.

    333,369       10,894,499  

Duke Realty Corp.

    749,421       42,147,437  

Easterly Government Properties Inc.

    168,177       3,536,762  

EastGroup Properties Inc.

    79,074       15,639,256  

Empire State Realty Trust Inc., Class A

    285,215       2,760,881  

EPR Properties

    148,389       7,450,612  

Equinix Inc.

    179,074       149,897,473  

Equity Commonwealth(a)

    233,431       6,052,866  

Equity LifeStyle Properties Inc.

    347,858       29,397,480  

Equity Residential

    738,023       63,765,187  

Essential Properties Realty Trust Inc.

    232,931       6,939,014  

Essex Property Trust Inc.

    129,745       44,104,218  

Extra Space Storage Inc.

    262,572       51,823,836  

Federal Realty Investment Trust

    154,482       18,591,909  

First Industrial Realty Trust Inc.

    257,586       14,999,233  

Four Corners Property Trust Inc.

    152,366       4,418,614  

Gaming and Leisure Properties Inc.

    441,308       21,399,025  

Getty Realty Corp.

    79,081       2,540,082  

Global Net Lease Inc.

    200,879       3,218,082  

Healthcare Realty Trust Inc.

    289,265       9,563,101  

Healthcare Trust of America Inc., Class A

    435,682       14,547,422  

Healthpeak Properties Inc.

    1,079,364       38,328,216  

Highwoods Properties Inc.

    205,569       9,217,714  

Host Hotels & Resorts Inc.(a)

    1,415,397       23,821,131  

Hudson Pacific Properties Inc.

    296,617       7,637,888  

Independence Realty Trust Inc.

    209,588       4,952,564  

Industrial Logistics Properties Trust

    129,572       3,639,677  

Innovative Industrial Properties Inc.

    47,058       12,380,489  

Invitation Homes Inc.

    1,154,355       47,617,144  

JBG SMITH Properties

    248,414       7,169,228  

Kilroy Realty Corp.

    232,387       15,658,236  

Kimco Realty Corp.

    1,162,981       26,283,371  

Kite Realty Group Trust

    432,416       8,778,054  

Lexington Realty Trust

    546,591       7,963,831  

Life Storage Inc.

    155,715       20,836,224  

LTC Properties Inc.

    77,639       2,473,578  

Macerich Co. (The)

    425,310       7,693,858  

Mack-Cali Realty Corp.(a)

    175,185       3,186,615  

Medical Properties Trust Inc.

    1,183,010       25,233,603  

Mid-America Apartment Communities Inc.

    230,998       47,172,101  

Monmouth Real Estate Investment Corp.

    189,979       3,581,104  

National Health Investors Inc.

    87,062       4,682,194  

National Retail Properties Inc.

    349,691       15,861,984  

National Storage Affiliates Trust

    161,474       10,085,666  

NexPoint Residential Trust Inc.

    44,387       3,143,487  

Office Properties Income Trust

    95,506       2,446,864  

Omega Healthcare Investors Inc.

    477,774       14,027,445  

Paramount Group Inc.

    372,373       3,157,723  

Park Hotels & Resorts Inc.(a)

    469,726       8,704,023  

Pebblebrook Hotel Trust(b)

    258,807       5,812,805  

Physicians Realty Trust

    428,863       8,152,686  

Piedmont Office Realty Trust Inc., Class A

    247,187       4,390,041  

Prologis Inc.

    1,477,253       214,142,595  

PS Business Parks Inc.

    40,107       7,127,014  

 

 

16  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

United States (continued)

   

Public Storage

    301,949     $ 100,301,419  

Realty Income Corp.

    780,065       55,720,043  

Regency Centers Corp.

    338,039       23,801,326  

Retail Opportunity Investments Corp.

    236,673       4,205,679  

Rexford Industrial Realty Inc.

    276,012       18,548,006  

RLJ Lodging Trust

    329,535       4,751,895  

RPT Realty

    160,818       2,137,271  

Ryman Hospitality Properties Inc.(a)

    107,196       9,169,546  

Sabra Health Care REIT Inc.

    438,852       6,209,756  

Safehold Inc.(b)

    35,677       2,665,072  

Service Properties Trust

    327,329       3,525,333  

Simon Property Group Inc.

    653,186       95,744,004  

SITE Centers Corp.

    345,004       5,482,113  

SL Green Realty Corp.

    134,166       9,401,012  

Spirit Realty Capital Inc.

    237,949       11,642,844  

STAG Industrial Inc.

    324,877       14,141,896  

STORE Capital Corp.

    489,020       16,788,057  

Summit Hotel Properties Inc.(a)

    206,882       2,068,820  

Sun Communities Inc.

    229,337       44,945,465  

Sunstone Hotel Investors Inc.(a)

    433,630       5,350,994  

Tanger Factory Outlet Centers Inc.

    202,802       3,407,074  

Terreno Realty Corp.

    138,521       10,130,041  

UDR Inc.

    591,232       32,831,113  

Universal Health Realty Income Trust

    25,557       1,455,982  

Urban Edge Properties

    230,877       4,047,274  

Ventas Inc.

    786,408       41,970,595  

VEREIT Inc.

    458,118       23,043,335  

VICI Properties Inc.

    1,175,384       34,497,520  

Vornado Realty Trust

    351,263       14,974,342  

Washington REIT

    168,555       4,272,869  

Welltower Inc.

    846,573       68,064,469  

WP Carey Inc.

    365,802       28,206,992  

Xenia Hotels & Resorts Inc.(a)

    227,255       4,045,139  
   

 

 

 
        2,369,525,974  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $2,867,032,295)

      3,388,320,753  
   

 

 

 

Preferred Stocks

 

Bermuda — 0.0%            

Brookfield Property Partners LP, 6.25%

    4,436       110,146  
   

 

 

 

Total Preferred Stocks — 0.0%
(Cost: $109,587)

      110,146  
   

 

 

 
Security   Shares     Value  

Rights

 

Thailand — 0.0%            

WHA Premium Growth Freehold & Leasehold REIT, NVS (Expires 11/18/21)(a)

    407,362     $ 3,683  
   

 

 

 

Total Rights — 0.0%
(Cost: $0)

      3,683  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 0.5%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)

    11,511,770       11,517,526  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)

    5,240,000       5,240,000  
   

 

 

 
      16,757,526  
   

 

 

 

Total Short-Term Investments — 0.5%
(Cost: $16,752,104)

 

    16,757,526  
   

 

 

 

Total Investments in Securities — 100.2%
(Cost: $2,883,893,986)

 

    3,405,192,108  

Other Assets, Less Liabilities — (0.2)%

 

    (5,780,118
   

 

 

 

Net Assets — 100.0%

    $   3,399,411,990  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

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

  17


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Global REIT ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
04/30/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/21
     Shares
Held at
10/31/21
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 9,189,362      $ 2,327,473 (a)     $      $  2,306      $ (1,615    $ 11,517,526        11,511,770      $ 72,622 (b)     $  —  

BlackRock Cash Funds: Treasury, SL Agency Shares

     6,480,000               (1,240,000 )(a)                     5,240,000        5,240,000        175         
              

 

 

    

 

 

       

 

 

    

 

 

 
            $ 2,306      $ (1,615    $ 16,757,526         $ 72,797      $  
              

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

           

SPI 200 Index

     6        12/16/21      $ 825      $ 1,881  

Dow Jones U.S. Real Estate Index

     174        12/17/21        7,397        239,836  
           

 

 

 
            $  241,717  
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $  241,717  
  

 

 

 

 

  (a) 

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 2,098,858  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (418,193
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 11,894,517  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

18  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® Global REIT ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $ 2,643,976,795      $ 744,343,958      $      $ 3,388,320,753  

Preferred Stocks

     110,146                      110,146  

Rights

            3,683               3,683  

Money Market Funds

     16,757,526                      16,757,526  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  2,660,844,467      $  744,347,641      $      $ 3,405,192,108  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $ 239,836      $ 1,881      $             —      $ 241,717  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  19


Schedule of Investments  (unaudited)

October 31, 2021

  

iShares® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 9.2%            

Abacus Property Group

    162,488     $ 438,818  

APN Industria REIT

    87,542       222,760  

Arena REIT

    109,995       374,357  

Aventus Group

    142,752       368,221  

BWP Trust

    166,041       531,983  

Centuria Industrial REIT

    158,269       436,549  

Centuria Office REIT

    158,193       287,089  

Charter Hall Long Wale REIT

    185,283       679,731  

Charter Hall Retail REIT

    166,566       516,748  

Charter Hall Social Infrastructure REIT

    112,779       324,571  

Cromwell Property Group

    483,064       295,630  

Dexus

    372,105       3,052,296  

GPT Group (The)

    662,718       2,587,282  

Growthpoint Properties Australia Ltd.

    95,535       299,821  

Home Consortium Ltd.

    47,136       282,246  

HomeCo Daily Needs REIT

    130,397       141,251  

Hotel Property Investments

    59,163       159,728  

Ingenia Communities Group

    102,715       507,843  

Lifestyle Communities Ltd.

    32,384       534,672  

Mirvac Group

    1,360,749       2,904,062  

National Storage REIT

    396,144       717,229  

Scentre Group

    1,793,975       4,091,851  

Shopping Centres Australasia Property Group

    370,813       779,025  

Stockland

    825,129       2,844,171  

Vicinity Centres

    1,305,468       1,704,920  

Waypoint REIT

    274,187       565,309  
   

 

 

 
        25,648,163  
Austria — 0.2%            

CA Immobilien Anlagen AG

    14,457       620,335  
   

 

 

 
Belgium — 2.9%            

Aedifica SA

    12,449       1,660,075  

Ascencio

    1,580       91,056  

Befimmo SA

    7,610       311,419  

Cofinimmo SA

    10,400       1,677,873  

Intervest Offices & Warehouses NV

    7,986       232,892  

Leasinvest Real Estate SCA

    1,405       129,610  

Montea NV

    4,251       630,978  

Retail Estates NV

    3,474       278,201  

Shurgard Self Storage SA

    8,553       524,025  

Warehouses De Pauw CVA

    48,671       2,216,307  

Xior Student Housing NV

    6,919       409,516  
   

 

 

 
      8,161,952  
Canada — 7.4%            

Allied Properties REIT

    43,159       1,491,524  

Artis REIT

    31,990       302,943  

Boardwalk REIT

    13,229       570,698  

Canadian Apartment Properties REIT

    59,061       2,883,853  

Chartwell Retirement Residences(a)

    73,849       712,473  

Choice Properties REIT

    88,245       1,061,707  

Cominar REIT

    58,301       544,099  

Crombie REIT

    33,319       497,524  

Dream Industrial REIT

    68,709       941,029  

Dream Office REIT

    12,821       241,896  

First Capital Real Estate Investment Trust

    74,345       1,062,071  

Granite REIT

    21,310       1,727,391  

H&R Real Estate Investment Trust

    96,656       1,328,473  

InterRent REIT

    44,867       657,271  
Security   Shares     Value  

Canada (continued)

   

Killam Apartment REIT

    36,932     $ 678,599  

NorthWest Healthcare Properties REIT

    63,514       681,534  

RioCan REIT

    109,423       1,970,781  

SmartCentres Real Estate Investment Trust

    44,464       1,120,582  

Summit Industrial Income REIT

    54,016       1,031,786  

Tricon Residential Inc.

    81,866       1,191,344  
   

 

 

 
        20,697,578  
Finland — 0.6%            

Citycon OYJ

    26,863       220,815  

Kojamo OYJ

    67,022       1,501,598  
   

 

 

 
      1,722,413  
France — 3.6%            

Carmila SA

    14,234       215,695  

Covivio

    17,205       1,490,192  

Gecina SA

    17,816       2,493,148  

ICADE

    11,170       875,972  

Klepierre SA

    62,709       1,492,867  

Mercialys SA

    21,364       232,081  

Unibail-Rodamco-Westfield(a)(b)

    46,629       3,329,529  
   

 

 

 
      10,129,484  
Germany — 8.9%            

ADLER Group SA(c)

    31,622       428,791  

alstria office REIT-AG

    61,140       1,142,819  

Aroundtown SA

    414,736       2,882,212  

Deutsche EuroShop AG

    17,907       364,482  

Deutsche Wohnen SE

    20,347       1,042,251  

Grand City Properties SA

    33,942       869,379  

Hamborner REIT AG

    24,524       275,231  

LEG Immobilien SE

    25,200       3,748,324  

Sirius Real Estate Ltd.

    331,338       612,048  

TAG Immobilien AG

    43,386       1,318,113  

TLG Immobilien AG

    2,517       92,090  

Vonovia SE

    198,793       12,059,339  
   

 

 

 
      24,835,079  
Hong Kong — 11.5%            

Champion REIT

    688,000       360,877  

CK Asset Holdings Ltd.

    682,500       4,215,840  

Hang Lung Properties Ltd.

    702,000       1,629,239  

Henderson Land Development Co. Ltd.

    446,000       1,867,482  

Hongkong Land Holdings Ltd.(a)

    400,800       2,213,326  

Hysan Development Co. Ltd.

    210,000       730,094  

Link REIT

    719,100       6,370,822  

New World Development Co. Ltd.

    492,333       2,135,460  

Prosperity REIT

    409,000       160,720  

Sino Land Co. Ltd.

    1,190,800       1,565,169  

Sun Hung Kai Properties Ltd.

    491,000       6,509,836  

Sunlight REIT

    362,000       209,370  

Swire Properties Ltd.

    362,000       970,510  

Wharf Real Estate Investment Co. Ltd.

    566,900       3,201,997  
   

 

 

 
      32,140,742  
Ireland — 0.2%            

Hibernia REIT PLC

    225,703       328,750  

Irish Residential Properties REIT PLC

    150,823       284,193  
   

 

 

 
      612,943  
Israel — 0.6%            

Amot Investments Ltd.

    50,271       384,254  

Azrieli Group Ltd.

    12,697       1,187,466  
   

 

 

 
      1,571,720  

 

 

20  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Italy — 0.0%            

Immobiliare Grande Distribuzione SIIQ SpA(b)

    24,163     $ 105,950  
   

 

 

 
Japan — 23.7%            

Activia Properties Inc.

    237       971,622  

Advance Residence Investment Corp.

    443       1,453,670  

Aeon Mall Co. Ltd.

    41,300       605,033  

AEON REIT Investment Corp.

    535       723,236  

Comforia Residential REIT Inc.

    216       629,191  

Daiwa House REIT Investment Corp.

    727       2,086,223  

Daiwa Office Investment Corp.

    93       600,305  

Daiwa Securities Living Investments Corp.

    671       677,855  

Frontier Real Estate Investment Corp.

    166       734,407  

Fukuoka REIT Corp.

    252       374,022  

Global One Real Estate Investment Corp.

    335       345,044  

GLP J-REIT

    1,465       2,389,502  

Hankyu Hanshin REIT Inc.

    225       331,840  

Heiwa Real Estate REIT Inc.

    319       445,374  

Hoshino Resorts REIT Inc.

    76       496,246  

Hulic Co. Ltd.

    143,100       1,375,977  

Hulic Reit Inc.

    407       616,600  

Ichigo Office REIT Investment Corp.

    396       299,973  

Industrial & Infrastructure Fund Investment Corp.

    659       1,208,307  

Invesco Office J-Reit Inc.

    988       196,618  

Invincible Investment Corp.

    1,698       671,302  

Japan Excellent Inc.

    432       521,609  

Japan Hotel REIT Investment Corp.

    1,536       927,604  

Japan Logistics Fund Inc.

    300       896,249  

Japan Metropolitan Fund Invest

    2,375       2,181,483  

Japan Prime Realty Investment Corp.

    304       1,115,044  

Japan Real Estate Investment Corp.

    449       2,752,026  

Kenedix Office Investment Corp.

    130       823,126  

Kenedix Residential Next Investment Corp.

    341       655,821  

Kenedix Retail REIT Corp.

    203       517,964  

LaSalle Logiport REIT

    618       1,028,057  

Mitsubishi Estate Co. Ltd.

    393,600       5,981,533  

Mitsubishi Estate Logistics REIT Investment Corp.

    130       562,141  

Mitsui Fudosan Co. Ltd.

    318,000       7,270,700  

Mitsui Fudosan Logistics Park Inc.

    172       914,516  

Mori Hills REIT Investment Corp.

    548       743,000  

Mori Trust Sogo REIT Inc.

    345       445,719  

Nippon Accommodations Fund Inc.

    159       885,852  

Nippon Building Fund Inc.

    512       3,326,435  

Nippon Prologis REIT Inc.

    772       2,578,506  

Nippon REIT Investment Corp.

    149       572,787  

Nomura Real Estate Holdings Inc.

    38,500       938,606  

Nomura Real Estate Master Fund Inc.

    1,550       2,321,073  

NTT UD REIT Investment Corp.

    439       582,745  

Orix JREIT Inc.

    912       1,513,103  

Sekisui House Reit Inc.

    1,382       1,044,791  

SOSiLA Logistics REIT Inc.

    208       312,770  

Starts Proceed Investment Corp.

    78       163,868  

Sumitomo Realty & Development Co. Ltd.

    136,400       4,929,484  

Tokyo Tatemono Co. Ltd.

    68,400       1,005,371  

Tokyu REIT Inc.

    301       505,017  

United Urban Investment Corp.

    1,019       1,270,243  
   

 

 

 
        66,519,590  
Malta — 0.0%            

BGP Holdings PLC(b)(d)

    6,603,392       76  
   

 

 

 
Security   Shares     Value  
Netherlands — 0.4%            

Eurocommercial Properties NV

    17,391     $ 405,899  

NSI NV

    6,422       257,607  

Vastned Retail NV

    5,992       170,766  

Wereldhave NV

    14,045       218,021  
      1,052,293  
   

 

 

 
New Zealand — 0.8%            

Argosy Property Ltd.

    285,832       319,915  

Goodman Property Trust

    375,379       669,351  

Kiwi Property Group Ltd.

    536,352       449,770  

Precinct Properties New Zealand Ltd.

    425,967       509,920  

Stride Property Group

    145,021       247,334  
   

 

 

 
      2,196,290  
Norway — 0.3%            

Entra ASA(c)

    30,623       764,134  
   

 

 

 
Singapore — 7.9%            

AIMS APAC REIT

    189,300       202,145  

ARA LOGOS Logistics Trust

    437,000       292,121  

Ascendas REIT

    1,177,890       2,697,876  

Ascott Residence Trust

    627,000       479,440  

CapitaLand Integrated Commercial Trust

    1,647,707       2,623,900  

Capitaland Investment Ltd/Singapore(b)

    891,000       2,272,925  

CDL Hospitality Trusts

    280,500       249,603  

City Developments Ltd.

    162,900       884,296  

Cromwell European Real Estate Investment Trust

    108,800       333,298  

ESR-REIT

    916,100       326,087  

Far East Hospitality Trust(a)

    331,400       158,620  

Fortune REIT

    467,000       484,396  

Frasers Centrepoint Trust

    367,149       656,535  

Frasers Logistics & Commercial Trust

    967,800       1,089,774  

Keppel DC REIT(a)

    417,771       739,739  

Keppel Pacific Oak US REIT

    289,000       229,755  

Keppel REIT(a)

    741,600       620,691  

Lendlease Global Commercial REIT

    302,200       196,221  

Manulife US Real Estate Investment Trust

    503,500       358,234  

Mapletree Commercial Trust

    761,317       1,231,447  

Mapletree Industrial Trust

    643,145       1,312,896  

Mapletree Logistics Trust

    995,337       1,492,541  

OUE Commercial Real Estate Investment Trust

    733,000       244,605  

Parkway Life REIT

    133,800       462,371  

Prime U.S. REIT

    217,900       188,278  

SPH REIT

    322,000       233,082  

Starhill Global REIT

    484,200       231,873  

Suntec REIT

    720,800       798,026  

UOL Group Ltd.

    169,200       907,492  
   

 

 

 
        21,998,267  
Spain — 0.9%            

Inmobiliaria Colonial Socimi SA

    116,471       1,132,326  

Lar Espana Real Estate Socimi SA

    21,883       133,061  

Merlin Properties Socimi SA

    115,277       1,248,413  
   

 

 

 
      2,513,800  
Sweden — 6.6%            

Atrium Ljungberg AB, Class B

    15,224       349,578  

Castellum AB

    71,455       1,904,535  

Catena AB

    9,603       584,812  

Cibus Nordic Real Estate AB

    13,536       358,102  

Corem Property Group AB, Class B

    223,874       742,945  

Dios Fastigheter AB

    29,630       344,729  

Fabege AB

    88,555       1,498,928  

 

 

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

  21


Schedule of Investments  (unaudited) (continued)

October 31, 2021

  

iShares® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Sweden (continued)            

Fastighets AB Balder, Class B(b)

    34,789     $ 2,522,479  

Hufvudstaden AB, Class A

    37,403       598,495  

K-Fast Holding AB(b)

    21,256       194,862  

Kungsleden AB

    64,614       887,803  

Nyfosa AB

    62,419       1,053,157  

Pandox AB(b)

    30,316       534,448  

Platzer Fastigheter Holding AB, Class B

    18,688       304,648  

Sagax AB, Class B

    59,386       2,324,334  

Samhallsbyggnadsbolaget i Norden AB

    343,705       2,305,241  

Wallenstam AB, Class B

    58,091       1,019,573  

Wihlborgs Fastigheter AB

    45,694       1,083,324  
   

 

 

 
        18,611,993  
Switzerland — 2.4%            

Allreal Holding AG, Registered

    4,851       1,025,725  

Hiag Immobilien Holding AG

    1,037       109,861  

Intershop Holding AG

    386       241,566  

Mobimo Holding AG, Registered

    2,226       750,023  

Peach Property Group AG

    3,151       213,371  

PSP Swiss Property AG, Registered

    14,890       1,861,339  

Swiss Prime Site AG, Registered

    25,956       2,638,850  
   

 

 

 
      6,840,735  
United Kingdom — 11.3%            

Aberdeen Standard European Logistics Income PLC(c)

    107,241       165,110  

Assura PLC

    903,580       901,478  

Big Yellow Group PLC

    58,736       1,188,867  

BMO Commercial Property Trust Ltd.

    181,499       254,352  

BMO Real Estate Investments Ltd.

    79,172       92,351  

British Land Co. PLC (The)

    319,709       2,158,667  

Capital & Counties Properties PLC

    252,589       569,696  

Civitas Social Housing PLC

    214,918       276,185  

CLS Holdings PLC

    56,322       172,331  

Custodian REIT PLC

    130,964       174,212  

Derwent London PLC

    34,923       1,615,391  

Empiric Student Property PLC(b)

    208,453       252,472  

GCP Student Living PLC

    156,409       450,343  

Grainger PLC

    250,311       1,052,768  

Great Portland Estates PLC

    88,400       883,952  

Hammerson PLC(a)

    1,444,274       634,146  

Helical PLC

    35,075       221,077  

Impact Healthcare REIT PLC

    89,515       144,802  

Intu Properties PLC(a)(d)

    6,694        

Land Securities Group PLC

    246,307       2,313,926  

LondonMetric Property PLC

    302,604       1,082,276  

LXI REIT PLC

    240,300       482,153  

NewRiver REIT PLC

    100,034       106,646  

Phoenix Spree Deutschland Ltd.

    28,065       154,018  

Picton Property Income Ltd. (The)

    192,278       255,511  
Security   Shares     Value  
United Kingdom (continued)            

Primary Health Properties PLC

    453,644     $ 952,759  

PRS REIT PLC (The)

    161,326       225,198  

Regional REIT Ltd.(c)

    124,309       149,326  

Safestore Holdings PLC

    71,266       1,172,324  

Schroder REIT Ltd.

    173,023       118,869  

Segro PLC

    413,844       7,314,504  

Shaftesbury PLC

    95,498       815,089  

Standard Life Investment Property Income Trust Ltd.

    133,121       133,904  

Target Healthcare REIT PLC

    177,431       289,445  

Triple Point Social Housing REIT PLC(c)

    122,509       163,636  

Tritax Big Box REIT PLC

    645,596       1,986,779  

Tritax EuroBox PLC(c)

    277,933       429,052  

UK Commercial Property REIT Ltd.

    251,632       261,257  

UNITE Group PLC (The)

    110,298       1,646,836