iShares Trust


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

Table of Contents


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		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.


4		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


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

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.

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)

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.

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)

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.


6		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


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

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)

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.


8		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® 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

12/17/21

1,955

106,096


S C H E D U L E O F I 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


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

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


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)

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




	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.


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited)

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


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

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.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Global REIT ETF

Affiliates


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)

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)

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




	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.


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (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


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (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
Workspace Group PLC		45,752		514,687

				31,776,395


Total Common Stocks — 99.4% (Cost: $278,108,119)				278,519,932


Short-Term Investments

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(e)(f)(g)		4,050,550		4,052,576
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(f)		640,000		640,000

				4,692,576


Total Short-Term Investments — 1.7% (Cost: $4,692,576)				4,692,576


Total Investments in Securities — 101.1% (Cost: $282,800,695)				283,212,508

Other Assets, Less Liabilities — (1.1)%				(3,152,916	)


Net Assets — 100.0%			$	280,059,592

^(a)	All or a portion of this security is on loan.

^(b)	Non-income producing security.

^(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)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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


22		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

Affiliates



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	$	1,765,455	$	2,287,151	^(a)	$	—	$	(226	)	$	196	$	4,052,576		4,050,550	$	34,976	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		530,000	^(a)		—		—			—		640,000		640,000		5			—

								$	(226)		$	196	$	4,692,576			$	34,981		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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
SGX MSCI Singapore Index		12		11/29/21	$	328	$	(770	)
TOPIX Index		2		12/09/21		350		120
Dow Jones U.S. Real Estate Index		22		12/17/21		935		25,169
Euro STOXX 50 Index		4		12/17/21		196		2,997

							$	27,516

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)	$	28,286


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	770

^(a)

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	$	151,187


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(31,277	)


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® International Developed Real Estate ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,891,030

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


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	57,446,364	$	221,073,492		$	76	$	278,519,932
Money Market Funds		4,692,576		—			—		4,692,576

	$	62,138,940	$	221,073,492		$	76	$	283,212,508

Derivative financial instruments^(a)
Assets
Futures Contracts	$	25,169	$	3,117		$	—	$	28,286
Liabilities
Futures Contracts		—		(770	)		—		(770	)

	$	25,169	$	2,347		$	—	$	27,516

^(a)

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

See notes to financial statements.


24		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

Statements of Assets and Liabilities (unaudited)

October 31, 2021


	iShares Cohen & Steers REIT ETF		iShares Core U.S. REIT ETF		iShares Global REIT ETF		iShares International Developed Real Estate ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	2,698,371,054	$	2,531,525,673	$	3,388,434,582	$	278,519,932
Affiliated^(c)		3,800,000		9,096,418		16,757,526		4,692,576
Cash		6,345		8,470		2,396		21,591
Foreign currency, at value^(d)		—		—		1,558,999		549,619
Cash pledged:
Futures contracts		184,000		358,000		405,000		49,000
Foreign currency collateral pledged:
Futures contracts^(e)		—		—		67,703		39,239
Receivables:
Investments sold		30,527,543		—		13		1,424,236
Securities lending income — Affiliated		—		242		45,248		24,591
Capital shares sold		—		96,791		5,804		—
Dividends		298,234		807,509		3,752,561		723,535
Tax reclaims		—		—		458,542		157,215

Total assets		2,733,187,176		2,541,893,103		3,411,488,374		286,201,534


LIABILITIES
Collateral on securities loaned, at value		—		2,466,515		11,520,806		4,055,488
Payables:
Investments purchased		31,609,347		—		67,280		1,964,652
Variation margin on futures contracts		36,447		77,162		97,014		12,385
Investment advisory fees		711,832		164,433		391,284		109,417

Total liabilities		32,357,626		2,708,110		12,076,384		6,141,942


NET ASSETS	$	2,700,829,550	$	2,539,184,993	$	3,399,411,990	$	280,059,592


NET ASSETS CONSIST OF:
Paid-in capital	$	2,136,181,982	$	2,157,697,235	$	2,985,533,675	$	371,559,974
Accumulated earnings (loss)		564,647,568		381,487,758		413,878,315		(91,500,382	)

NET ASSETS	$	2,700,829,550	$	2,539,184,993	$	3,399,411,990	$	280,059,592


Shares outstanding		38,400,000		40,250,000		116,350,000		9,600,000

Net asset value	$	70.33	$	63.09	$	29.22	$	29.17

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a)Securities loaned, at value	$	—	$	2,458,690	$	11,083,089	$	2,256,153
^(b)Investments, at cost — Unaffiliated	$	2,004,229,706	$	2,156,405,627	$	2,867,141,882	$	278,108,119
^(c)Investments, at cost — Affiliated	$	3,800,000	$	9,096,418	$	16,752,104	$	4,692,576
^(d)Foreign currency, at cost	$	—	$	—	$	1,563,338	$	549,996
^(e)Foreign currency collateral pledged, at cost	$	—	$	—	$	70,702	$	39,772

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		25

Statements of Operations (unaudited)

Six Months Ended October 31, 2021


	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF			iShares Global REIT ETF			iShares International Developed Real Estate ETF

INVESTMENT INCOME
Dividends — Unaffiliated.	$	24,894,760		$	24,518,065		$	43,114,968		$	4,336,599
Dividends — Affiliated		102			140			175			5
Securities lending income — Affiliated — net		—			1,003			72,622			34,976
Foreign taxes withheld		—			—			(2,015,658	)		(333,882	)


Total investment income		24,894,862			24,519,208			41,172,107			4,037,698


EXPENSES
Investment advisory fees		4,033,154			902,582			2,299,514			642,281

Total expenses		4,033,154			902,582			2,299,514			642,281

Net investment income		20,861,708			23,616,626			38,872,593			3,395,417


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,321,614	)		(4,548,208	)		(33,681,146	)		1,266,292
Investments — Affiliated		—			(96	)		2,306			(226	)
In-kind redemptions — Unaffiliated		23,254,461			48,198,283			62,254,244			—
Futures contracts		489,121			527,063			2,098,858			151,187
Foreign currency transactions		—			—			(82,074	)		(12,602	)

Net realized gain		22,421,968			44,177,042			30,592,188			1,404,651

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		260,598,970			198,478,331			204,452,532			4,023,035
Investments — Affiliated		—			12			(1,615	)		196
Futures contracts		(291,547	)		41,136			(418,193	)		(31,277	)
Foreign currency translations		—			—			(49,156	)		(12,726	)

Net change in unrealized appreciation (depreciation)		260,307,423			198,519,479			203,983,568			3,979,228

Net realized and unrealized gain		282,729,391			242,696,521			234,575,756			5,383,879

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	303,591,099		$	266,313,147		$	273,448,349		$	8,779,296

See notes to financial statements.


26		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

Statements of Changes in Net Assets


	iShares Cohen & Steers REIT ETF						IShares Core U.S. REIT ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	20,861,708		$	41,267,035		$	23,616,626		$	37,726,883
Net realized gain		22,421,968			9,326,475			44,177,042			27,214,457
Net change in unrealized appreciation (depreciation)		260,307,423			458,100,872			198,519,479			442,458,325

Net increase in net assets resulting from operations		303,591,099			508,694,382			266,313,147			507,399,665


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(19,712,397	)		(45,075,395	)		(22,604,239	)		(45,560,203	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		159,618,705			(49,147,842	)		308,783,924			185,409,809


NET ASSETS
Total increase in net assets		443,497,407			414,471,145			552,492,832			647,249,271
Beginning of period		2,257,332,143			1,842,860,998			1,986,692,161			1,339,442,890

End of period	$	2,700,829,550		$	2,257,332,143		$	2,539,184,993		$	1,986,692,161

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		27

Statements of Changes in Net Assets (continued)


	iShares Global REIT ETF						iShares International Developed Real Estate ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	38,872,593		$	66,480,813		$	3,395,417		$	7,695,800
Net realized gain (loss)		30,592,188			(9,755,980	)		1,404,651			(9,858,769	)
Net change in unrealized appreciation (depreciation)		203,983,568			711,564,829			3,979,228			67,063,690

Net increase in net assets resulting from operations		273,448,349			768,289,662			8,779,296			64,900,721


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(45,750,372	)		(61,575,908	)		(4,928,366	)		(5,659,254	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		88,493,414			476,173,181			19,694,752			(62,111,213	)


NET ASSETS
Total increase (decrease) in net assets		316,191,391			1,182,886,935			23,545,682			(2,869,746	)
Beginning of period		3,083,220,599			1,900,333,664			256,513,910			259,383,656

End of period	$	3,399,411,990		$	3,083,220,599		$	280,059,592		$	256,513,910

^(a)Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


28		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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Cohen & Steers REIT ETF
		Six Months Ended 10/31/21 (unaudited	)		Year Ended 04/30/21	^(a)		Year Ended 04/30/20	^(a)		Year Ended 04/30/19	^(a)		Year Ended 04/30/18	^(a)		Year Ended 04/30/17	^(a)

Net asset value, beginning of period	$	62.62		$	49.68		$	55.51		$	47.00		$	49.84		$	50.01

Net investment income^(b)		0.56			1.15			1.39			1.28			1.30			1.21
Net realized and unrealized gain (loss)^(c)		7.68			13.04			(5.78	)		8.74			(2.58	)		0.57

Net increase (decrease) from investment operations		8.24			14.19			(4.39	)		10.02			(1.28	)		1.78


Distributions^(d)
From net investment income		(0.53	)		(1.25	)		(1.44	)		(1.51	)		(1.56	)		(1.95	)

Total distributions		(0.53	)		(1.25	)		(1.44	)		(1.51	)		(1.56	)		(1.95	)


Net asset value, end of period	$	70.33		$	62.62		$	49.68		$	55.51		$	47.00		$	49.84


Total Return^(e)
Based on net asset value		13.22	%^(f)		29.11	%		(8.10	)%		21.70	%		(2.68	)%		3.58	%


Ratios to Average Net Assets
Total expenses		0.32	%^(g)		0.33	%		0.34	%		0.34	%		0.34	%		0.34	%

Net investment income		1.67	%^(g)		2.15	%		2.43	%		2.51	%		2.63	%		2.37	%


Supplemental Data
Net assets, end of period (000)	$	2,700,830		$	2,257,332		$	1,842,861		$	2,187,126		$	2,476,649		$	3,239,748

Portfolio turnover rate^(h)		7	%^(f)		27	%		19	%		17	%		12	%		8	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		29

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core U.S. REIT ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17

Net asset value, beginning of period	$	56.60		$	42.45		$	51.60		$	45.73		$	48.93		$	47.95

Net investment income^(a)		0.63			1.17			1.62			1.79			1.70			1.27
Net realized and unrealized gain (loss)^(b)		6.47			14.39			(8.95	)		6.59			(3.20	)		1.60

Net increase (decrease) from investment operations		7.10			15.56			(7.33	)		8.38			(1.50	)		2.87


Distributions^(c)
From net investment income		(0.61	)		(1.41	)		(1.80	)		(2.44	)		(1.70	)		(1.89	)
From net realized gain		—			—			(0.02	)		(0.07	)		—			—

Total distributions		(0.61	)		(1.41	)		(1.82	)		(2.51	)		(1.70	)		(1.89	)


Net asset value, end of period	$	63.09		$	56.60		$	42.45		$	51.60		$	45.73		$	48.93


Total Return^(d)
Based on net asset value		12.60	%^(e)		37.43	%		(14.60	)%		18.82	%		(3.18	)%		6.02	%


Ratios to Average Net Assets
Total expenses		0.08	%^(f)		0.08	%		0.08	%		0.08	%		0.08	%		0.28	%

Net investment income		2.09	%^(f)		2.48	%		3.12	%		3.64	%		3.60	%		2.57	%


Supplemental Data
Net assets, end of period (000)	$	2,539,185		$	1,986,692		$	1,339,443		$	1,290,051		$	514,475		$	124,765

Portfolio turnover rate^(g)		3	%^(e)		5	%		8	%		11	%		8	%		30	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


30		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global REIT ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17

Net asset value, beginning of period	$	27.22		$	20.42		$	26.53		$	24.82		$	25.42		$	26.35

Net investment income^(a)		0.34			0.66			0.88			0.98			0.97			0.86
Net realized and unrealized gain (loss)^(b)		2.06			6.75			(5.54	)		2.08			(0.56	)		(0.47	)


Net increase (decrease) from investment operations		2.40			7.41			(4.66	)		3.06			0.41			0.39


Distributions^(c)
From net investment income		(0.40	)		(0.61	)		(1.45	)		(1.35	)		(0.99	)		(1.29	)
From net realized gain		—			—			—			—			(0.02	)		(0.03	)


Total distributions		(0.40	)		(0.61	)		(1.45	)		(1.35	)		(1.01	)		(1.32	)


Net asset value, end of period	$	29.22		$	27.22		$	20.42		$	26.53		$	24.82		$	25.42


Total Return^(d)
Based on net asset value		8.86	%^(e)		36.95	%		(18.47	)%		12.77	%		1.61	%		1.53	%


Ratios to Average Net Assets
Total expenses		0.14	%^(f)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%


Net investment income		2.37	%^(f)		2.91	%		3.36	%		3.85	%		3.83	%		3.31	%


Supplemental Data
Net assets, end of period (000)	$	3,399,412		$	3,083,221		$	1,900,334		$	1,637,157		$	913,379		$	350,819


Portfolio turnover rate^(g)		8	%^(e)		6	%		8	%		9	%		7	%		5	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Developed Real Estate ETF
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18			Year Ended 04/30/17

Net asset value, beginning of period	$	28.82		$	22.75		$	29.65		$	30.40		$	28.11		$	30.06

Net investment income^(a)		0.38			0.78			0.86			0.93			0.91			0.82
Net realized and unrealized gain (loss)^(b)		0.52			5.86			(5.47	)		(0.55	)		2.86			(0.76	)


Net increase (decrease) from investment operations		0.90			6.64			(4.61	)		0.38			3.77			0.06


Distributions^(c)
From net investment income		(0.55	)		(0.57	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)


Total distributions		(0.55	)		(0.57	)		(2.29	)		(1.13	)		(1.48	)		(2.01	)


Net asset value, end of period	$	29.17		$	28.82		$	22.75		$	29.65		$	30.40		$	28.11


Total Return^(d)
Based on net asset value		3.12	%^(e)		29.62	%		(16.93	)%		1.39	%		13.69	%		0.63	%^(f)


Ratios to Average Net Assets
Total expenses		0.48	%^(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.48	%		N/A			0.48	%		N/A			0.48	%


Net investment income		2.54	%^(g)		3.08	%		2.99	%		3.20	%		3.08	%		2.85	%^(f)


Supplemental Data
Net assets, end of period (000)	$	280,060		$	256,514		$	259,384		$	477,332		$	535,093		$	519,971


Portfolio turnover rate^(h)		10	%^(e)		9	%		10	%		8	%		8	%		7	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases:

•

Total return by 0.04%.

•

Ratio of net investment income to average net assets by 0.01%.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


32		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

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):


iShares ETF		Diversification Classification
Cohen & Steers REIT		Non-diversified
Core U.S. REIT		Diversified
Global REIT		Diversified
International Developed Real Estate		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.


N O T E S T O F I N A N C I A L S T A T E M E N T S		33

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


34		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

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Core U.S. REIT
Barclays Capital, Inc	$	230,958	$	230,958		$	—	$	—
BofA Securities, Inc		2,055,090		2,055,090			—		—
Goldman Sachs & Co. LLC		172,642		172,642			—		—

	$	2,458,690	$	2,458,690		$	—	$	—

Global REIT
BofA Securities, Inc	$	903,373	$	903,373		$	—	$	—
Citigroup Global Markets, Inc.		59,670		59,670			—		—
Credit Suisse Securities (USA) LLC		452,200		452,200			—		—
Goldman Sachs & Co. LLC		4,606,787		4,606,787			—		—
HSBC Bank PLC		1,391,033		1,391,033			—		—
J.P. Morgan Securities LLC		998,988		998,988			—		—
Jefferies LLC		2,670,766		2,670,766			—		—
UBS AG		272		272			—		—

	$	11,083,089	$	11,083,089		$	—	$	—

International Developed Real Estate
Barclays Capital, Inc	$	598,157	$	598,157		$	—	$	—
BofA Securities, Inc		664,354		664,354			—		—
Citigroup Global Markets, Inc.		567,213		567,213			—		—
Goldman Sachs & Co. LLC		184,940		184,940			—		—
HSBC Bank PLC		238,738		238,738			—		—
J.P. Morgan Securities LLC		2,751		2,751			—		—

	$	2,256,153	$	2,256,153		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the


N O T E S T O F I N A N C I A L S T A T E M E N T S		35

Notes to Financial Statements (unaudited) (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) .

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Cohen & Steers REIT ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.3500	%
Over $121 billion, up to and including $181 billion		0.3325
Over $181 billion, up to and including $231 billion		0.3159
Over $231 billion, up to and including $281 billion		0.3001
Over $281 billion		0.2851

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fee
Core U.S. REIT		0.08	%
Global REIT		0.14
International Developed Real Estate		0.48

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.


36		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

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, each of iShares Cohen & Steers REIT ETF and iShares Core U.S. REIT ETF (the “Group 1 Funds”), retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Global REIT ETF and iShares International Developed Real Estate ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Core U.S. REIT	$	399
Global REIT		16,563
International Developed Real Estate		8,184

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Cohen & Steers REIT	$	2,904,591	$	2,189,188	$	(13,441	)
Core U.S. REIT		11,068,492		10,713,826		(1,408,526	)
Global REIT		2,658,253		100,641,301		(11,281,864	)
International Developed Real Estate		21,745		259,517		(61,710	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	PURCHASES AND SALES

For the six months ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Cohen & Steers REIT	$	185,231,929	$	175,390,072
Core U.S. REIT		82,423,538		73,067,241
Global REIT		314,822,389		273,627,808
International Developed Real Estate		29,227,592		25,029,695

For the six months ended October 31, 2021, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Cohen & Steers REIT	$	222,579,810	$	63,441,557
Core U.S. REIT		464,618,777		159,540,821
Global REIT		228,043,835		170,582,336
International Developed Real Estate		16,842,536		—


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)

8.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Cohen & Steers REIT	$	130,976,844
Core U.S. REIT		19,015,351
Global REIT		53,903,719
International Developed Real Estate		80,257,865

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cohen & Steers REIT	$	2,029,826,374	$	727,835,354	$	(55,384,578	)	$	672,450,776
Core U.S. REIT		2,185,032,207		468,734,030		(112,859,153	)		355,874,877
Global REIT		2,974,696,943		644,794,723		(214,057,841	)		430,736,882
International Developed Real Estate		294,281,463		41,383,165		(52,424,604	)		(11,041,439	)

9.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.


38		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

Notes to Financial Statements (unaudited) (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 10/31/21						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Cohen & Steers REIT
Shares sold		3,300,000		$	223,238,079			2,750,000	^(a)	$	147,340,181
Shares redeemed		(950,000	)		(63,619,374	)		(3,800,000	)^(a)		(196,488,023	)

Net increase (decrease)		2,350,000		$	159,618,705			(1,050,000	)	$	(49,147,842	)

Core U.S. REIT
Shares sold		7,800,000		$	469,722,768			10,850,000		$	516,994,095
Shares redeemed		(2,650,000	)		(160,938,844	)		(7,300,000	)		(331,584,286	)

Net increase		5,150,000		$	308,783,924			3,550,000		$	185,409,809

Global REIT
Shares sold		9,500,000		$	269,758,857			25,850,000		$	596,282,883
Shares redeemed		(6,400,000	)		(181,265,443	)		(5,650,000	)		(120,109,702	)

Net increase		3,100,000		$	88,493,414			20,200,000		$	476,173,181

International Developed Real Estate
Shares sold		700,000		$	19,694,752			600,000		$	13,805,489
Shares redeemed		—			—			(3,100,000	)		(75,916,702	)

Net increase (decrease)		700,000		$	19,694,752			(2,500,000	)	$	(62,111,213	)

^(a)

Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


40		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

Board Review and Approval of Investment Advisory Contract

iShares Cohen & Steers REIT ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		41

Board Review and Approval of Investment Advisory Contract (continued)

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Core U.S. REIT ETF, iShares Global REIT ETF (each the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,


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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

iShares International Developed Real Estate ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		45

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2021


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Cohen & Steers REIT^(a)	$	0.418539	$	—	$	0.115332	$	0.533871		78	%		—	%		22	%		100	%
Core U.S. REIT^(a)		0.487090		—		0.124849		0.611939		80			—			20			100
Global REIT^(a)		0.330100		—		0.069059		0.399159		83			—			17			100
International Developed Real Estate^(a)		0.529969		—		0.023780		0.553749		96			—			4			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


S U P P L E M E N T A L I N F O R M A T I O N		47

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		49

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc. or FTSE International Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-405-1021