iShares Trust


		OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Global REIT ETF | REET | NYSE Arca

iShares International Developed Real Estate ETF | IFGL | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(5.50	)%		(14.61	)%

U.S. small cap equities (Russell 2000^® Index)		(0.20	)		(18.54	)

International equities (MSCI Europe, Australasia, Far East Index)		(12.70	)		(23.00	)

Emerging market equities (MSCI Emerging Markets Index)		(19.66	)		(31.03	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24	)		(17.68	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86	)		(15.68	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43	)		(11.98	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71	)		(11.76	)

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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Board Review and Approval of Investment Advisory Contract		31
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37


Fund Summary as of October 31, 2022		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-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(19.06	)%		(21.83	)%		1.47	%		2.70	%		(21.83	)%		7.57	%		24.76	%
Fund Market		(18.69	)		(21.75	)		1.48			2.71			(21.75	)		7.63			24.93
Index		(19.53	)		(22.30	)		0.66			1.92			(22.30	)		3.34			17.11

The inception date of the Fund was July 8, 2014. The first day of secondary market trading was July 10, 2014.

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 809.40	$ 0.64			$ 1,000.00	$ 1,024.50	$ 0.71		0.14	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION


Industry	Percent of Total Investments	^(a)
Retail REITs	19.0	%
Specialized REITs	17.9
Industrial REITs	16.8
Residential REITs	15.6
Office REITs	10.1
Diversified REITs	8.9
Health Care REITs	8.2
Hotel & Resort REITs	3.4
Other (each representing less than 1%)	0.1

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	71.8	%
Japan	7.5
United Kingdom	4.2
Australia	4.0
Singapore	3.2
Canada	2.9
France	1.4
Hong Kong	1.1
Belgium	1.0
Mexico	0.6

^(a)

Excludes money market funds.


4		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.02	)%		(32.25	)%		(3.85	)%		0.33	%		(32.25	)%		(17.83	)%		3.35	%
Fund Market		(22.93	)		(32.27	)		(3.91	)		0.31			(32.27	)		(18.08	)		3.14
Index		(23.46	)		(32.17	)		(3.70	)		0.56			(32.17	)		(17.19	)		5.71

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 769.80	$ 2.14			$ 1,000.00	$ 1,022.80	$ 2.45		0.48	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Industry	Percent of Total Investments	^(a)
Real Estate Operating Companies	19.0	%
Retail REITs	16.8
Diversified Real Estate Activities	13.2
Industrial REITs	12.6
Diversified REITs	12.6
Office REITs	10.2
Residential REITs	5.0
Real Estate Development	2.9
Health Care REITs	2.6
Specialized REITs	1.8
Homebuilding	1.7
Hotel & Resort REITs	1.4
Other (each representing less than 1%)	0.2

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	29.0	%
Hong Kong	11.2
United Kingdom	10.6
Australia	10.0
Singapore	9.2
Canada	7.6
Germany	5.3
Sweden	4.1
France	3.4
Switzerland	2.9

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 4.0%
Abacus Property Group		1,051,581	$	1,885,182
Arena REIT		674,357		1,698,338
BWP Trust		1,000,606		2,617,394
Centuria Industrial REIT		1,094,695		2,127,376
Centuria Office REIT		971,300		935,649
Charter Hall Long Wale REIT		1,354,775		3,777,539
Charter Hall Retail REIT		1,010,482		2,601,946
Charter Hall Social Infrastructure REIT		692,630		1,538,106
Cromwell Property Group		2,989,699		1,340,833
Dexus		2,226,402		11,094,388
Dexus Industria REIT		440,367		746,245
GPT Group (The)		3,965,226		10,958,162
Growthpoint Properties Australia Ltd.		586,473		1,248,491
HomeCo Daily Needs REIT		3,562,859		2,915,382
Hotel Property Investments Ltd.		406,761		808,027
Mirvac Group		8,153,146		10,802,635
National Storage REIT		2,373,567		3,971,767
Scentre Group		10,733,876		19,975,965
Shopping Centres Australasia Property Group		2,297,950		4,002,377
Stockland		4,936,988		11,375,307
Vicinity Ltd.		7,788,846		9,710,067
Waypoint REIT Ltd.		1,466,987		2,561,346


				108,692,522

Belgium — 1.0%
Aedifica SA		82,550		6,295,490
Ascencio		10,760		546,565
Cofinimmo SA		66,726		5,533,950
Home Invest Belgium SA, NVS		20,258		464,325
Intervest Offices & Warehouses NV		49,379		1,071,133
Montea NV^(a)		27,438		1,871,587
Nextensa. SA		8,877		440,389
Retail Estates NV		23,032		1,356,198
Warehouses De Pauw CVA		293,014		7,520,474
Xior Student Housing NV		46,137		1,295,872


				26,395,983

Canada — 2.8%
Allied Properties REIT		261,420		5,063,951
Artis REIT		165,009		1,156,704
Boardwalk REIT		77,439		2,755,711
Canadian Apartment Properties REIT		357,456		11,069,893
Choice Properties REIT		529,833		5,090,846
Crombie REIT		212,072		2,320,985
Dream Industrial REIT		508,272		4,085,278
First Capital Real Estate Investment Trust		437,716		5,092,523
Granite REIT		127,218		6,501,205
H&R Real Estate Investment Trust		545,720		4,490,418
InterRent REIT		273,436		2,302,133
Killam Apartment REIT		233,919		2,711,183
NorthWest Healthcare Properties REIT		431,331		3,400,371
Prinmaris REIT		209,929		2,161,929
RioCan REIT		624,925		8,903,581
SmartCentres Real Estate Investment Trust		267,943		5,251,278
Summit Industrial Income REIT		365,843		4,675,250


				77,033,239

China — 0.0%
Yuexiu REIT		3,692,000		634,830


Security	Shares		Value

France — 1.4%
Carmila SA		117,645	$	1,645,899
Covivio		103,668		5,550,545
Gecina SA		106,598		9,503,642
ICADE		66,973		2,491,320
Klepierre SA		387,019		7,778,405
Mercialys SA		130,658		1,131,407
Unibail-Rodamco-Westfield^(a)(b)		212,473		10,041,384


				38,142,602

Germany — 0.1%
Hamborner REIT AG		150,022		1,070,259
Sirius Real Estate Ltd.		2,244,912		1,814,997


				2,885,256

Guernsey — 0.0%
Balanced Commercial Property Trust Ltd.		960,897		920,133


Hong Kong — 1.1%
Champion REIT		4,156,000		1,243,894
Fortune REIT		2,804,000		1,789,838
Link REIT		4,358,800		25,763,179
Prosperity REIT		2,478,000		524,136
Sunlight REIT		2,178,000		692,919


				30,013,966

India — 0.3%
Brookfield India Real Estate Trust^(c)		315,541		1,203,620
Embassy Office Parks REIT		1,259,230		5,242,558
Mindspace Business Parks REIT^(c)		255,917		1,098,393


				7,544,571

Ireland — 0.0%
Irish Residential Properties REIT PLC		926,287		1,001,451


Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		137,320		395,536


Japan — 7.5%
Activia Properties Inc.		1,493		4,422,348
Advance Logistics Investment Corp.		1,206		1,179,385
Advance Residence Investment Corp.		2,661		6,195,241
AEON REIT Investment Corp.		3,493		3,760,652
Comforia Residential REIT Inc.		1,332		2,827,763
CRE Logistics REIT Inc.		1,072		1,474,879
Daiwa House REIT Investment Corp.		4,373		8,826,005
Daiwa Office Investment Corp.		549		2,593,621
Daiwa Securities Living Investments Corp.		4,132		3,207,333
Frontier Real Estate Investment Corp.		986		3,481,044
Fukuoka REIT Corp.		1,470		1,715,899
Global One Real Estate Investment Corp.		1,934		1,492,961
GLP J-Reit		8,742		9,066,173
Hankyu Hanshin REIT Inc.		1,351		1,402,451
Health Care & Medical Investment Corp.		710		976,503
Heiwa Real Estate REIT Inc.		1,975		2,047,347
Hoshino Resorts REIT Inc.		518		2,458,725
Hulic Reit Inc.		2,631		3,082,061
Ichigo Office REIT Investment Corp.		2,384		1,346,399
Industrial & Infrastructure Fund Investment Corp.		3,913		4,132,679
Invincible Investment Corp.		10,131		3,180,256
Japan Excellent Inc.		2,526		2,335,920
Japan Hotel REIT Investment Corp.		9,207		4,850,769
Japan Logistics Fund Inc.		1,812		3,882,182
Japan Metropolitan Fund Invest		14,161		10,432,823
Japan Prime Realty Investment Corp.		1,864		5,062,334


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Real Estate Investment Corp.		2,681	$	11,234,160
Kenedix Office Investment Corp.		1,544		3,517,238
Kenedix Residential Next Investment Corp.		2,104		3,084,612
Kenedix Retail REIT Corp.		1,186		2,132,037
LaSalle Logiport REIT		3,669		3,915,956
Mirai Corp.		3,385		1,090,373
Mitsubishi Estate Logistics REIT Investment Corp.		884		2,616,358
Mitsui Fudosan Logistics Park Inc.		1,087		3,606,509
Mori Hills REIT Investment Corp.		3,252		3,562,154
Mori Trust Sogo REIT Inc.		2,017		2,012,797
Nippon Accommodations Fund Inc.		943		4,015,589
Nippon Building Fund Inc.		3,146		13,984,736
Nippon Prologis REIT Inc.		4,750		9,966,888
NIPPON REIT Investment Corp.		880		2,172,397
Nomura Real Estate Master Fund Inc.		9,260		10,564,100
NTT UD REIT Investment Corp.		2,791		2,734,227
One REIT Inc.		499		831,629
Orix JREIT Inc.		5,442		7,301,075
Samty Residential Investment Corp.		817		659,825
Sankei Real Estate Inc.		927		581,722
Sekisui House Reit Inc.		8,562		4,613,600
SOSiLA Logistics REIT Inc.		1,341		1,285,399
Star Asia Investment Corp.		3,321		1,267,479
Starts Proceed Investment Corp.		447		712,420
Takara Leben Real Estate Investment Corp.		1,095		746,492
Tokyu REIT Inc.		1,892		2,694,855
United Urban Investment Corp.		6,125		6,480,419


				202,818,799

Malaysia — 0.1%
Axis Real Estate Investment Trust		2,611,600		1,032,930
Sunway REIT		4,074,300		1,207,545


				2,240,475

Mexico — 0.5%
Concentradora Fibra Danhos SA de CV^(a)		496,115		613,477
FIBRA Macquarie Mexico^(c)		1,513,150		2,012,391
Fibra Uno Administracion SA de CV		5,943,713		6,935,782
PLA Administradora Industrial S. de RL de CV^(a)		1,603,909		2,247,237
Prologis Property Mexico SA de CV		1,223,560		3,142,115


				14,951,002

Netherlands — 0.2%
Eurocommercial Properties NV		106,740		2,347,195
NSI NV		37,240		890,404
Vastned Retail NV		35,839		727,837
Wereldhave NV		84,324		1,032,688


				4,998,124

New Zealand — 0.3%
Argosy Property Ltd.		1,751,995		1,207,669
Goodman Property Trust		2,255,096		2,711,881
Kiwi Property Group Ltd.		3,289,878		1,727,202
Stride Property Group		1,009,646		938,826
Vital Healthcare Property Trust		1,000,506		1,359,722


				7,945,300

Philippines — 0.0%
AREIT Inc.		1,288,520		691,633


Saudi Arabia — 0.2%
Al Maather REIT Fund		87,850		210,503
Al Rajhi REIT		238,884		639,124
Alahli REIT Fund 1		93,783		274,544


Security	Shares		Value

Saudi Arabia (continued)
Alinma Retail REIT Fund, NVS		187,686	$	255,898
Al-Jazira Reit Fund		26,162		124,252
Alkhabeer REIT		212,603		440,212
Derayah REIT		230,461		643,913
Jadwa REIT Saudi Fund		362,746		1,263,918
Musharaka Real Estate Income Fund, NVS		170,709		407,138
Riyad REIT Fund		307,564		894,050
Sedco Capital REIT Fund		148,266		418,668
Taleem REIT		58,362		196,022


				5,768,242

Singapore — 3.2%
AIMS APAC REIT		1,176,800		1,022,222
CapitaLand Ascendas REIT		7,053,514		13,050,346
CapitaLand Ascott Trust^(a)		3,880,532		2,616,303
CapitaLand China Trust		2,376,930		1,628,691
CapitaLand Integrated Commercial Trust		10,462,826		13,885,780
CDL Hospitality Trusts		1,824,200		1,494,894
Cromwell European Real Estate Investment Trust		659,300		1,022,938
ESR-LOGOS REIT		10,955,642		2,629,834
Far East Hospitality Trust		2,044,200		829,856
First REIT^(a)		2,366,300		401,952
Frasers Centrepoint Trust		2,217,570		3,258,951
Frasers Logistics & Commercial Trust		5,862,700		4,556,402
Keppel DC REIT		2,622,233		3,258,989
Keppel Pacific Oak US REIT		1,783,900		963,477
Keppel REIT		4,439,000		2,806,429
Lendlease Global Commercial REIT		3,759,791		1,860,956
Manulife US Real Estate Investment Trust		3,367,100		1,229,500
Mapletree Industrial Trust		3,853,410		5,991,772
Mapletree Logistics Trust		6,618,313		7,103,232
Mapletree Pan Asia Commercial Trust		4,734,291		5,312,864
OUE Commercial Real Estate Investment Trust		4,533,300		1,040,818
Parkway Life REIT		793,500		2,241,356
Prime U.S. REIT		1,341,400		630,555
Sasseur Real Estate Investment Trust^(a)		1,075,700		539,733
SPH REIT^(a)		2,244,400		1,291,944
Starhill Global REIT		2,990,500		1,088,712
Suntec REIT		4,347,800		3,965,196


				85,723,702

South Africa — 0.5%
Attacq Ltd.		1,494,301		555,415
Emira Property Fund Ltd.		653,790		373,721
Equites Property Fund Ltd.		1,551,256		1,325,878
Growthpoint Properties Ltd.		7,026,447		4,953,657
Hyprop Investments Ltd.		710,463		1,432,239
Investec Property Fund Ltd.		1,235,130		685,857
Redefine Properties Ltd.		13,597,337		3,020,191
SA Corporate Real Estate Ltd.		5,196,005		647,174
Stor-Age Property REIT Ltd.^(a)		841,170		598,980


				13,593,112

South Korea — 0.1%
ESR Kendall Square REIT Co. Ltd.		252,470		630,718
JR Reit XXVII		241,084		712,904
LOTTE Reit Co. Ltd.		254,300		640,657


				1,984,279

Spain — 0.4%
Inmobiliaria Colonial Socimi SA		704,697		3,716,437
Lar Espana Real Estate Socimi SA		127,476		496,984


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Merlin Properties Socimi SA		689,285	$	5,842,776


				10,056,197

Turkey — 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,873,812		918,465
Is Gayrimenkul Yatirim Ortakligi AS^(a)(b)		892,448		365,336
Ozak Gayrimenkul Yatirim Ortakligi^(b)		393,108		234,145


				1,517,946

United Kingdom — 4.2%
Abrdn Property Income Trust		795,044		504,386
Assura PLC		5,983,555		3,833,744
Big Yellow Group PLC		350,231		4,506,618
British Land Co. PLC (The)		1,912,669		8,023,433
Capital & Counties Properties PLC		1,506,389		1,850,181
Civitas Social Housing PLC		1,283,012		876,929
CLS Holdings PLC		328,312		538,803
CT Property Trust Ltd.		509,088		414,187
Custodian Reit PLC		848,277		860,931
Derwent London PLC		207,917		5,145,798
Empiric Student Property PLC		1,221,994		1,149,133
Great Portland Estates PLC		521,783		3,075,801
Hammerson PLC		7,458,372		1,635,101
Helical PLC		212,977		805,998
Home Reit PLC		1,628,981		1,571,084
Impact Healthcare Reit PLC		609,504		730,954
Land Securities Group PLC		1,472,147		9,626,199
LondonMetric Property PLC		1,953,761		4,187,629
LXI REIT PLC		3,113,058		4,345,833
NewRiver REIT PLC		632,593		507,820
Picton Property Income Ltd. (The)		1,125,297		1,109,822
Primary Health Properties PLC		2,712,249		3,455,661
PRS REIT PLC (The)		1,075,154		1,085,028
Regional REIT Ltd.^(c)		912,176		698,783
Residential Secure Income PLC, NVS^(c)		385,900		396,525
Safestore Holdings PLC		424,728		4,400,343
Schroder REIT Ltd.		1,042,228		542,228
Segro PLC		2,483,652		22,352,865
Shaftesbury PLC		570,808		2,397,101
Supermarket Income Reit PLC		2,552,174		3,000,363
Target Healthcare REIT PLC		1,275,066		1,267,767
Triple Point Social Housing REIT PLC^(c)		774,161		586,427
Tritax Big Box REIT PLC		3,864,642		6,214,122
UK Commercial Property REIT Ltd.		1,538,792		1,077,516
UNITE Group PLC (The)		659,922		6,741,069
Urban Logistics REIT PLC		961,728		1,450,326
Warehouse REIT PLC		826,293		1,137,111
Workspace Group PLC		294,508		1,380,854


				113,484,473

United States — 71.4%
Acadia Realty Trust		173,334		2,421,476
Acadia Realty Trust		—		—
Agree Realty Corp.		161,726		11,110,577
Alexander & Baldwin Inc.		149,260		2,907,585
Alexandria Real Estate Equities Inc.		334,379		48,585,269
American Assets Trust Inc.		101,764		2,796,475
American Homes 4 Rent, Class A^(a)		626,497		20,010,314
Americold Realty Trust Inc.		555,172		13,462,921
Apartment Income REIT Corp.		318,025		12,221,701
Apartment Investment & Management Co., Class A		306,206		2,431,276
Apple Hospitality REIT Inc.		441,579		7,559,833


Security	Shares		Value

United States (continued)
Armada Hoffler Properties Inc.		138,330	$	1,617,078
AvalonBay Communities Inc.		288,314		50,489,548
Boston Properties Inc.^(a)		323,712		23,533,862
Brandywine Realty Trust		346,525		2,273,204
Brixmor Property Group Inc.		616,473		13,137,040
Broadstone Net Lease Inc.		342,699		5,873,861
Camden Property Trust		214,135		24,743,299
CareTrust REIT Inc.		198,878		3,715,041
Centerspace		31,837		2,206,304
Community Healthcare Trust Inc.		49,233		1,703,462
Corporate Office Properties Trust^(a)		231,403		6,166,890
Cousins Properties Inc.		312,469		7,424,263
CubeSmart		461,868		19,338,413
DiamondRock Hospitality Co.		431,765		4,032,685
Digital Realty Trust Inc.		586,348		58,781,387
Douglas Emmett Inc.		349,136		6,141,302
Easterly Government Properties Inc.		187,665		3,263,494
EastGroup Properties Inc.^(a)		84,943		13,309,719
Elme Communities		179,930		3,434,864
Empire State Realty Trust Inc., Class A		275,755		2,032,314
EPR Properties		152,967		5,904,526
Equinix Inc.		187,698		106,319,655
Equity Commonwealth		218,844		5,724,959
Equity LifeStyle Properties Inc.		366,844		23,463,342
Equity Residential		764,402		48,172,614
Essential Properties Realty Trust Inc.		284,985		6,132,877
Essex Property Trust Inc.		134,238		29,833,053
Extra Space Storage Inc.		273,488		48,527,711
Federal Realty Investment Trust^(a)		165,802		16,411,082
First Industrial Realty Trust Inc.		272,229		12,966,267
Four Corners Property Trust Inc.		167,189		4,283,382
Gaming and Leisure Properties Inc.		504,328		25,276,919
Getty Realty Corp.		81,680		2,572,103
Global Net Lease Inc.		213,035		2,609,679
Healthcare Realty Trust Inc.		783,260		15,923,676
Healthpeak Properties Inc.		1,113,921		26,433,345
Highwoods Properties Inc.		214,653		6,059,654
Host Hotels & Resorts Inc.		1,462,308		27,608,375
Hudson Pacific Properties Inc.		284,936		3,145,693
Independence Realty Trust Inc.		454,958		7,625,096
Innovative Industrial Properties Inc.		56,967		6,158,133
InvenTrust Properties Corp.		139,614		3,518,273
Invitation Homes Inc.		1,260,723		39,952,312
JBG SMITH Properties		221,131		4,351,858
Kilroy Realty Corp.		240,265		10,268,926
Kimco Realty Corp.		1,247,610		26,673,902
Kite Realty Group Trust		446,953		8,778,157
Life Storage Inc.		173,775		19,221,253
LTC Properties Inc.		81,796		3,163,051
LXP Industrial Trust		567,654		5,494,891
Macerich Co. (The)		440,432		4,902,008
Medical Properties Trust Inc.		1,225,234		14,028,929
Mid-America Apartment Communities Inc.		237,161		37,340,999
National Health Investors Inc.		88,326		5,008,084
National Retail Properties Inc.		362,356		15,229,823
National Storage Affiliates Trust		175,258		7,476,506
Necessity Retail REIT Inc.		272,826		1,866,130
NETSTREIT Corp.		126,047		2,372,205
NexPoint Residential Trust Inc.		46,915		2,139,324
Office Properties Income Trust		99,358		1,520,177


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, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Omega Healthcare Investors Inc.		485,513	$	15,429,603
Orion Office REIT Inc.		118,489		1,110,242
Paramount Group Inc.		392,985		2,542,613
Park Hotels & Resorts Inc.		460,587		6,024,478
Pebblebrook Hotel Trust^(a)		267,193		4,285,776
Phillips Edison & Co. Inc.		240,460		7,247,464
Physicians Realty Trust^(a)		461,885		6,955,988
Piedmont Office Realty Trust Inc., Class A		253,485		2,648,918
Prologis Inc.		1,901,870		210,632,103
Public Storage		322,854		100,004,027
Realty Income Corp.		1,276,061		79,460,318
Regency Centers Corp.		353,955		21,417,817
Retail Opportunity Investments Corp.^(a)		248,384		3,596,600
Rexford Industrial Realty Inc.		353,745		19,555,024
RLJ Lodging Trust		329,814		4,013,836
RPT Realty		173,229		1,611,030
Ryman Hospitality Properties Inc.^(a)		110,631		9,837,309
Sabra Health Care REIT Inc.		474,015		6,475,045
Safehold Inc.		45,120		1,319,760
Service Properties Trust		340,483		2,761,317
Simon Property Group Inc.		673,387		73,385,715
SITE Centers Corp.		400,602		4,959,453
SL Green Realty Corp.		132,307		5,249,942
Spirit Realty Capital Inc.		280,401		10,887,971
STAG Industrial Inc.		370,751		11,712,024
STORE Capital Corp.		524,784		16,688,131
Summit Hotel Properties Inc.		218,418		1,887,132
Sun Communities Inc.		251,309		33,889,019
Sunstone Hotel Investors Inc.^(a)		436,265		4,864,355
Tanger Factory Outlet Centers Inc.		208,547		3,755,931
Terreno Realty Corp.		152,457		8,711,393
UDR Inc.		668,805		26,591,687
Universal Health Realty Income Trust		26,810		1,304,843
Urban Edge Properties		235,467		3,324,794
Ventas Inc.		824,770		32,273,250
Veris Residential Inc.^(b)		175,819		2,783,215
VICI Properties Inc.		1,985,658		63,580,769
Vornado Realty Trust		364,062		8,588,223
Welltower Inc.		957,632		58,453,857
WP Carey Inc.		394,953		30,134,914


Security	Shares		Value

United States (continued)
Xenia Hotels & Resorts Inc.		235,455	$	4,021,571


				1,935,161,863


Total Common Stocks — 99.4% (Cost: $3,076,066,128)				2,694,595,236


Preferred Stocks

Bermuda — 0.0%
Brookfield Property Partners LP, 6.25%		4,436		69,290


Total Preferred Stocks — 0.0% (Cost: $109,587)				69,290


Total Long-Term Investments — 99.4% (Cost: $3,076,175,715)				2,694,664,526


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(d)(e)(f)		24,910,797		24,905,815
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		7,040,000		7,040,000


Total Short-Term Securities — 1.2% (Cost: $31,951,015)				31,945,815


Total Investments — 100.6% (Cost: $3,108,126,730)				2,726,610,341

Liabilities in Excess of Other Assets — (0.6)%				(17,040,189	)


Net Assets — 100.0%			$	2,709,570,152

^(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)	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.


10		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® Global REIT ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer		Value at 04/30/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,161,788	$	21,750,005	^(a)	$	—	$	2,552	$	(8,530	)	$	24,905,815	24,910,797	$	143,055	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,030,000		1,010,000	^(a)		—		—		—			7,040,000	7,040,000		60,341			—

								$	2,552	$	(8,530	)	$	31,945,815		$	203,396		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		16		12/15/22	$ 1,754	$	51,320
Dow Jones US Real Estate Index		358		12/16/22	11,692		268,830

						$	320,150

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:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	320,150	$	—	$	—	$	—	$	320,150

^(a)

Net cumulative unrealized 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, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,487,343	)	$	—	$	—	$	—	$	(2,487,343	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	855,643		$	—	$	—	$	—	$	855,643


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, 2022

iShares^® Global REIT ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	15,261,479

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	$	2,069,305,324	$	625,289,912	$	—	$	2,694,595,236
Preferred Stocks		69,290		—		—		69,290
Money Market Funds		31,945,815		—		—		31,945,815

	$	2,101,320,429	$	625,289,912	$	—	$	2,726,610,341


Derivative financial instruments^(a)
Assets
Futures Contracts	$	268,830	$	51,320	$	—	$	320,150

^(a)

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

See notes to financial statements.


12		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2022

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 10.0%
Abacus Property Group		143,057	$	256,460
Arena REIT		89,953		226,543
BWP Trust		136,643		357,432
Centuria Industrial REIT		148,862		289,291
Centuria Office REIT		125,221		120,625
Charter Hall Long Wale REIT		183,943		512,891
Charter Hall Retail REIT		137,546		354,175
Charter Hall Social Infrastructure REIT		92,252		204,862
Cromwell Property Group		390,191		174,994
Dexus		301,751		1,503,656
Dexus Industria REIT		61,168		103,655
GPT Group (The)		540,156		1,492,756
Growthpoint Properties Australia Ltd.		76,821		163,538
Home Consortium Ltd.		44,555		136,215
HomeCo Daily Needs REIT		491,389		402,089
Hotel Property Investments Ltd.		54,485		108,234
Ingenia Communities Group		104,750		262,858
Lifestyle Communities Ltd.		26,699		299,719
Mirvac Group		1,110,646		1,471,567
National Storage REIT		322,124		539,021
Scentre Group		1,457,708		2,712,825
Shopping Centres Australasia Property Group		311,889		543,222
Stockland		672,531		1,549,578
Vicinity Ltd.		1,062,224		1,324,235
Waypoint REIT Ltd.		202,103		352,870


				15,463,311

Austria — 0.2%
CA Immobilien Anlagen AG		11,648		367,894


Belgium — 2.6%
Aedifica SA		11,239		857,117
Ascencio		1,386		70,403
Cofinimmo SA		9,075		752,639
Home Invest Belgium SA, NVS		2,765		63,376
Intervest Offices & Warehouses NV		6,716		145,684
Montea NV		3,754		256,066
Nextensa. SA		1,195		59,284
Retail Estates NV		3,079		181,302
Shurgard Self Storage SA		7,151		311,361
VGP NV		2,270		172,121
Warehouses De Pauw CVA		40,083		1,028,767
Xior Student Housing NV		6,094		171,165


				4,069,285

Canada — 7.6%
Allied Properties REIT		35,502		687,707
Artis REIT		22,474		157,542
Boardwalk REIT		10,463		372,332
Canadian Apartment Properties REIT		48,481		1,501,386
Chartwell Retirement Residences		65,922		382,269
Choice Properties REIT		71,877		690,623
Crombie REIT		29,252		320,143
Dream Industrial REIT		68,677		551,997
First Capital Real Estate Investment Trust		59,313		690,066
Granite REIT		17,324		885,306
H&R Real Estate Investment Trust		73,865		607,793
InterRent REIT		37,064		312,052
Killam Apartment REIT		32,264		373,948
NorthWest Healthcare Properties REIT		58,537		461,473


Security	Shares		Value

Canada (continued)
Prinmaris REIT		28,559	$	294,111
RioCan REIT		85,224		1,214,224
SmartCentres Real Estate Investment Trust		36,358		712,562
StorageVault Canada Inc., NVS		66,888		306,859
Summit Industrial Income REIT		49,547		633,180
Tricon Residential Inc.		68,825		579,962


				11,735,535

Finland — 0.5%
Citycon OYJ		20,780		129,465
Kojamo OYJ		54,751		712,563


				842,028

France — 3.4%
Carmila SA		16,235		227,134
Covivio		14,060		752,794
Gecina SA		14,540		1,296,300
ICADE		9,163		340,853
Klepierre SA		52,735		1,059,881
Mercialys SA		17,129		148,325
Unibail-Rodamco-Westfield^(a)(b)		28,984		1,369,772


				5,195,059

Germany — 5.3%
ADLER Group SA^(a)(b)(c)		24,145		35,801
Aroundtown SA^(b)		302,239		599,111
Deutsche EuroShop AG		2,784		59,662
Deutsche Wohnen SE		13,689		276,110
Grand City Properties SA		27,106		263,676
Hamborner REIT AG		19,582		139,698
LEG Immobilien SE		20,898		1,364,330
Sirius Real Estate Ltd.		299,002		241,741
TAG Immobilien AG		41,923		262,555
Vonovia SE		224,047		4,953,815


				8,196,499

Guernsey — 0.1%
Balanced Commercial Property Trust Ltd.		132,527		126,905


Hong Kong — 11.1%
Champion REIT		567,000		169,704
CK Asset Holdings Ltd.		555,000		3,068,354
Fortune REIT		390,000		248,943
Hongkong Land Holdings Ltd.^(b)		313,100		1,205,399
Hysan Development Co. Ltd.		170,000		370,531
Link REIT		593,000		3,504,993
New World Development Co. Ltd.		395,333		808,643
Prosperity REIT		320,000		67,685
Sino Land Co. Ltd.^(b)		1,012,800		1,081,484
Sun Hung Kai Properties Ltd.		400,000		4,298,527
Sunlight REIT		298,000		94,807
Swire Properties Ltd.		295,800		568,502
Wharf Real Estate Investment Co. Ltd.^(b)		434,900		1,713,532


				17,201,104

Ireland — 0.1%
Irish Residential Properties REIT PLC		127,258		137,584


Israel — 0.7%
Amot Investments Ltd.		46,839		283,339
Azrieli Group Ltd.		10,307		763,599


				1,046,938

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		17,270		49,745


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

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan — 28.8%
Activia Properties Inc.		204	$	604,259
Advance Logistics Investment Corp.		169		165,270
Advance Residence Investment Corp.		363		845,123
Aeon Mall Co. Ltd.		33,200		361,168
AEON REIT Investment Corp.		475		511,397
Comforia Residential REIT Inc.		181		384,253
CRE Logistics REIT Inc.		149		204,997
Daiwa House REIT Investment Corp.		599		1,208,959
Daiwa Office Investment Corp.		75		354,320
Daiwa Securities Living Investments Corp.		567		440,116
Frontier Real Estate Investment Corp.		137		483,674
Fukuoka REIT Corp.		203		236,957
Global One Real Estate Investment Corp.		266		205,340
GLP J-Reit		1,195		1,239,313
Hankyu Hanshin REIT Inc.		186		193,084
Health Care & Medical Investment Corp.		100		137,536
Heiwa Real Estate Co. Ltd.		8,900		246,785
Heiwa Real Estate REIT Inc.		271		280,927
Hoshino Resorts REIT Inc.		71		337,007
Hulic Co. Ltd.		116,300		844,843
Hulic Reit Inc.		360		421,719
Ichigo Office REIT Investment Corp.		333		188,067
Industrial & Infrastructure Fund Investment Corp.		532		561,867
Invincible Investment Corp.		1,376		431,945
Japan Excellent Inc.		349		322,738
Japan Hotel REIT Investment Corp.		1,254		660,678
Japan Logistics Fund Inc.		248		531,336
Japan Metropolitan Fund Invest		1,935		1,425,571
Japan Prime Realty Investment Corp.		257		697,972
Japan Real Estate Investment Corp.		364		1,525,265
Kenedix Office Investment Corp.		212		482,937
Kenedix Residential Next Investment Corp.		291		426,626
Kenedix Retail REIT Corp.		162		291,223
LaSalle Logiport REIT		500		533,654
Mirai Corp.		448		144,309
Mitsubishi Estate Co. Ltd.		316,400		3,978,823
Mitsubishi Estate Logistics REIT Investment Corp.		123		364,041
Mitsui Fudosan Co. Ltd.		255,700		4,896,237
Mitsui Fudosan Logistics Park Inc.		149		494,360
Mori Hills REIT Investment Corp.		441		483,060
Mori Trust Sogo REIT Inc.		280		279,416
Nippon Accommodations Fund Inc.		130		553,581
Nippon Building Fund Inc.		430		1,911,455
Nippon Prologis REIT Inc.		648		1,359,693
NIPPON REIT Investment Corp.		122		301,173
Nomura Real Estate Holdings Inc.		31,000		700,718
Nomura Real Estate Master Fund Inc.		1,264		1,442,011
NTT UD REIT Investment Corp.		375		367,372
One REIT Inc.		69		114,995
Orix JREIT Inc.		740		992,796
Samty Residential Investment Corp.		116		93,684
Sankei Real Estate Inc.		129		80,952
Sekisui House Ltd.		158,700		2,634,864
Sekisui House Reit Inc.		1,165		627,756
SOSiLA Logistics REIT Inc.		182		174,454
Star Asia Investment Corp.		448		170,982
Starts Proceed Investment Corp.		64		102,002
Sumitomo Realty & Development Co. Ltd.		110,900		2,543,370
Takara Leben Real Estate Investment Corp.		147		100,214
Tokyo Tatemono Co. Ltd.		55,700		766,004


Security	Shares		Value

Japan (continued)
Tokyu REIT Inc.		260	$	370,329
United Urban Investment Corp.		835		883,453


				44,719,030

Malta — 0.0%
BGP Holdings PLC, NVS^(d)		6,603,392		65


Netherlands — 0.4%
Eurocommercial Properties NV		14,529		319,490
NSI NV		5,106		122,084
Vastned Retail NV		4,664		94,719
Wereldhave NV		11,177		136,881


				673,174

New Zealand — 0.9%
Argosy Property Ltd.		230,033		158,564
Goodman Property Trust		308,949		371,529
Kiwi Property Group Ltd.		446,234		234,275
Precinct Properties New Zealand Ltd.		369,797		265,296
Stride Property Group		138,175		128,483
Vital Healthcare Property Trust		136,330		185,277


				1,343,424

Norway — 0.1%
Entra ASA^(c)		15,579		142,002


Singapore — 9.1%
AIMS APAC REIT^(b)		160,800		139,678
CapitaLand Ascendas REIT		960,790		1,777,645
CapitaLand Ascott Trust		526,500		354,973
CapitaLand Integrated Commercial Trust		1,419,807		1,884,302
Capitaland Investment Ltd/Singapore		715,200		1,520,976
CDL Hospitality Trusts^(b)		246,121		201,691
City Developments Ltd.		131,500		708,997
Cromwell European Real Estate Investment Trust		88,100		136,692
ESR-LOGOS REIT		1,479,520		355,150
Far East Hospitality Trust		280,400		113,830
Frasers Centrepoint Trust		303,849		446,538
Frasers Logistics & Commercial Trust		796,100		618,717
Keppel DC REIT		362,371		450,365
Keppel Pacific Oak US REIT		244,000		131,783
Keppel REIT		607,300		383,948
Lendlease Global Commercial REIT		495,247		245,129
Manulife US Real Estate Investment Trust		451,200		164,756
Mapletree Industrial Trust		525,045		816,407
Mapletree Logistics Trust		902,860		969,012
Mapletree Pan Asia Commercial Trust		644,617		723,395
OUE Commercial Real Estate Investment Trust		584,900		134,289
Parkway Life REIT		108,200		305,627
Prime U.S. REIT		184,900		86,916
SPH REIT		305,765		176,008
Starhill Global REIT		409,200		148,972
Suntec REIT		589,600		537,716
UOL Group Ltd.		140,000		611,490


				14,145,002

South Korea — 0.2%
ESR Kendall Square REIT Co. Ltd.		35,077		87,629
JR Reit XXVII		32,872		97,205
LOTTE Reit Co. Ltd.		34,194		86,145


				270,979

Spain — 0.9%
Inmobiliaria Colonial Socimi SA		95,814		505,305


14		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Lar Espana Real Estate Socimi SA		16,320	$	63,626
Merlin Properties Socimi SA		93,651		793,839


				1,362,770

Sweden — 4.1%
Atrium Ljungberg AB, Class B		12,232		163,592
Castellum AB		72,303		826,719
Catena AB		8,398		285,220
Cibus Nordic Real Estate AB		13,540		184,947
Corem Property Group AB, Class B		190,601		118,649
Dios Fastigheter AB		25,353		166,487
Fabege AB		72,136		523,706
Fastighets AB Balder, Class B^(a)		169,730		637,106
Hufvudstaden AB, Class A		30,092		358,600
NP3 Fastigheter AB		7,875		125,135
Nyfosa AB		50,657		302,732
Pandox AB^(a)		24,847		304,280
Platzer Fastigheter Holding AB, Class B		14,904		92,384
Sagax AB, Class B		48,393		891,754
Samhallsbyggnadsbolaget i Norden AB^(b)		306,629		421,273
Stendorren Fastigheter AB, NVS^(a)		3,935		68,378
Wallenstam AB, Class B		94,771		334,361
Wihlborgs Fastigheter AB		75,243		492,934


				6,298,257

Switzerland — 2.8%
Allreal Holding AG, Registered		4,086		585,305
Hiag Immobilien Holding AG		1,005		80,894
Intershop Holding AG		314		190,975
Mobimo Holding AG, Registered		2,018		470,715
Peach Property Group AG^(b)		3,460		73,621
PSP Swiss Property AG, Registered		12,047		1,286,978
Swiss Prime Site AG, Registered		21,365		1,724,004


				4,412,492

United Kingdom — 10.5%
Aberdeen Standard European Logistics Income PLC^(c)		112,248		100,406
Abrdn Property Income Trust		112,331		71,264
Assura PLC		813,210		521,035
Big Yellow Group PLC		47,363		609,446
British Land Co. PLC (The)		260,553		1,092,991
Capital & Counties Properties PLC		206,061		253,089
Civitas Social Housing PLC		171,715		117,366
CLS Holdings PLC^(b)		42,250		69,338
CT Property Trust Ltd.		66,444		54,058
Custodian Reit PLC		111,430		113,092
Derwent London PLC		28,333		701,222
Empiric Student Property PLC		166,070		156,168
Grainger PLC		204,023		531,120
Great Portland Estates PLC		71,715		422,745
Hammerson PLC		1,016,892		222,933
Helical PLC		29,132		110,248
Home Reit PLC		224,669		216,684
Impact Healthcare Reit PLC		84,974		101,906
Land Securities Group PLC		200,761		1,312,753
LondonMetric Property PLC		265,714		569,523


Security	Shares		Value

United Kingdom (continued)
LXI REIT PLC		423,605	$	591,353
NewRiver REIT PLC		83,174		66,769
Phoenix Spree Deutschland Ltd.		21,402		64,829
Picton Property Income Ltd. (The)		152,356		150,261
Primary Health Properties PLC		368,203		469,125
PRS REIT PLC (The)		147,586		148,941
Regional REIT Ltd.^(c)		125,705		96,298
Residential Secure Income PLC, NVS^(c)		52,616		54,065
Safestore Holdings PLC		57,431		595,007
Schroder REIT Ltd.		145,993		75,954
Segro PLC		337,415		3,036,735
Shaftesbury PLC		78,649		330,285
Supermarket Income Reit PLC		345,013		405,601
Target Healthcare REIT PLC		177,239		176,224
Triple Point Social Housing REIT PLC^(c)		103,369		78,302
Tritax Big Box REIT PLC		526,014		845,800
Tritax EuroBox PLC^(c)		225,808		152,684
UK Commercial Property REIT Ltd.		212,317		148,672
UNITE Group PLC (The)		89,876		918,079
Urban Logistics REIT PLC		127,390		192,109
Warehouse REIT PLC		112,663		155,042
Workspace Group PLC		40,627		190,487


				16,290,009


Total Long-Term Investments — 99.4% (Cost: $234,448,284)				154,089,091


Short-Term Securities

Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(e)(f)(g)		2,762,365		2,761,801
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(e)(f)		60,000		60,000


Total Short-Term Securities — 1.8% (Cost: $2,822,772)				2,821,801


Total Investments — 101.2% (Cost: $237,271,056)				156,910,892

Liabilities in Excess of Other Assets — (1.2)%				(1,873,414	)


Net Assets — 100.0%			$	155,037,478

^(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)	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.


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, 2022

iShares^® International Developed Real Estate ETF

Affiliates


Affiliated Issuer		Value at 04/30/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,157,806	$	—	$	(8,395,200	)^(a)	$	188	$	(993	)	$	2,761,801	2,762,365	$	41,390	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		80,000		—		(20,000	)^(a)		—		—			60,000	60,000		950			—

								$	188	$	(993	)	$	2,821,801		$	42,340		$	—

^(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
MSCI Singapore Index		10		11/29/22	$ 196	$	6,813
TOPIX Index		2		12/08/22	258		2,034
Dow Jones US Real Estate Index		13		12/16/22	425		(13,919	)
Euro STOXX 50 Index		2		12/16/22	72		3,352

						$	(1,720	)

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:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	12,199	$	—	$	—	$	—	$	12,199


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	13,919	$	—	$	—	$	—	$	13,919

^(a)


16		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2022

iShares^® International Developed Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(113,307)		$	—	$	—	$	—	$	(113,307)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,454	)	$	—	$	—	$	—	$	(1,454	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,112,657

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	$	16,100,472		$	137,988,554	$	65	$	154,089,091
Money Market Funds		2,821,801			—		—		2,821,801

	$	18,922,273		$	137,988,554	$	65	$	156,910,892


Derivative financial instruments^(a)
Assets
Futures Contracts	$	—		$	12,199	$	—	$	12,199
Liabilities
Futures Contracts		(13,919	)		—		—		(13,919	)

	$	(13,919	)	$	12,199	$	—	$	(1,720	)

^(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		17

Statements of Assets and Liabilities (unaudited)

October 31, 2022


	iShares Global REIT ETF			iShares International Developed Real Estate ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	2,694,664,526		$	154,089,091
Investments, at value — affiliated^(c)		31,945,815			2,821,801
Cash		67,494			13,671
Foreign currency, at value^(d)		1,545,212			102,723
Cash pledged for futures contracts		832,000			39,000
Foreign currency collateral pledged for futures contracts^(e)		106,182			27,594
Receivables:
Investments sold		762,469			70,258
Securities lending income — affiliated		112,484			19,702
Variation margin on futures contracts		—			8,550
Capital shares sold		652,915			—
Dividends — unaffiliated		4,026,630			541,303
Dividends — affiliated		15,805			116
Tax reclaims		464,534			132,697


Total assets		2,735,196,066			157,866,506


LIABILITIES
Collateral on securities loaned, at value		24,935,557			2,766,647
Payables:
Investments purchased		381,667			—
Variation margin on futures contracts		5,829			—
Investment advisory fees		302,861			62,381

Total liabilities		25,625,914			2,829,028


NET ASSETS	$	2,709,570,152		$	155,037,478


NET ASSETS CONSIST OF
Paid-in capital	$	3,258,357,086		$	334,888,956
Accumulated loss		(548,786,934	)		(179,851,478	)

NET ASSETS	$	2,709,570,152		$	155,037,478


NET ASSET VALUE
Shares outstanding		122,800,000			8,100,000


Net asset value	$	22.06		$	19.14


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Investments, at cost — unaffiliated	$	3,076,175,715		$	234,448,284
^(b)Securities loaned, at value	$	24,040,035		$	2,674,982
^(c)Investments, at cost — affiliated	$	31,951,015		$	2,822,772
^(d)Foreign currency, at cost	$	1,527,226		$	102,866
^(e)Foreign currency collateral pledged, at cost	$	111,805		$	28,885

See notes to financial statements.


18		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended October 31, 2022


	iShares Global REIT ETF			iShares International Developed Real Estate ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	51,132,935		$	4,397,015
Dividends — affiliated		60,341			950
Interest — unaffiliated		5,454			—
Securities lending income — affiliated — net		143,055			41,390
Foreign taxes withheld		(2,245,768	)		(343,162	)


Total investment income		49,096,017			4,096,193


EXPENSES
Investment advisory		2,056,485			450,668


Total expenses		2,056,485			450,668


Net investment income		47,039,532			3,645,525


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(45,689,234	)		(5,752,322	)
Investments — affiliated		2,552			188
Foreign currency transactions		(568,489	)		(121,363	)
Futures contracts		(2,487,343	)		(113,307	)
In-kind redemptions — unaffiliated^(a)		46,161,681			(437,550	)


		(2,580,833	)		(6,424,354	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		(675,342,051	)		(45,039,721	)
Investments — affiliated		(8,530	)		(993	)
Foreign currency translations		152,310			25,999
Futures contracts		855,643			(1,454	)


		(674,342,628	)		(45,016,169	)


Net realized and unrealized loss		(676,923,461	)		(51,440,523	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(629,883,929	)	$	(47,794,998	)


^(a)See Note 2 of the Notes to Financial Statements.
^(b)Net of reduction in deferred foreign capital gain tax of	$	3,433		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		19

Statements of Changes in Net Assets


	iShares Global REIT ETF						iShares International Developed Real Estate ETF

	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	47,039,532		$	79,321,859		$	3,645,525		$	7,050,272
Net realized gain (loss)		(2,580,833	)		95,039,341			(6,424,354	)		2,984,182
Net change in unrealized appreciation (depreciation)		(674,342,628	)		(24,496,433	)		(45,016,169	)		(31,835,406	)


Net increase (decrease) in net assets resulting from operations		(629,883,929	)		149,864,767			(47,794,998	)		(21,800,952	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(49,736,748	)		(101,720,806	)		(3,488,984	)		(8,046,901	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(72,386,974	)		330,213,243			(6,663,066	)		(13,681,531	)


NET ASSETS
Total increase (decrease) in net assets		(752,007,651	)		378,357,204			(57,947,048	)		(43,529,384	)
Beginning of period		3,461,577,803			3,083,220,599			212,984,526			256,513,910


End of period	$	2,709,570,152		$	3,461,577,803		$	155,037,478		$	212,984,526

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

See notes to financial statements.


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


		iShares Global REIT ETF

	Six Months Ended 10/31/22 (unaudited)					Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


Net asset value, beginning of period		$	27.77		$	27.22		$	20.42		$	26.53		$	24.82		$	25.42

Net investment income^(a)			0.39			0.68			0.66			0.88			0.98			0.97
Net realized and unrealized gain (loss)^(b)			(5.68	)		0.74			6.75			(5.54	)		2.08			(0.56	)

Net increase (decrease) from investment operations			(5.29	)		1.42			7.41			(4.66	)		3.06			0.41


Distributions^(c)
From net investment income			(0.42	)		(0.87	)		(0.61	)		(1.45	)		(1.35	)		(0.99	)
From net realized gain			—			—			—			—			—			(0.02	)

Total distributions			(0.42	)		(0.87	)		(0.61	)		(1.45	)		(1.35	)		(1.01	)


Net asset value, end of period		$	22.06		$	27.77		$	27.22		$	20.42		$	26.53		$	24.82


Total Return^(d)
Based on net asset value			(19.06	)%^(e)		5.14	%		36.95	%		(18.47	)%		12.77	%		1.61	%


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

Net investment income			3.20	%^(g)		2.36	%		2.91	%		3.36	%		3.85	%		3.83	%


Supplemental Data
Net assets, end of period (000)		$	2,709,570		$	3,461,578		$	3,083,221		$	1,900,334		$	1,637,157		$	913,379

Portfolio turnover rate^(h)			5	%		13	%		6	%		8	%		9	%		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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares International Developed Real Estate ETF

	Six Months Ended 10/31/22 (unaudited)				Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


Net asset value, beginning of period		$	25.36		$	28.82		$	22.75		$	29.65		$	30.40		$	28.11

Net investment income^(a)			0.44			0.79	^(b)		0.78			0.86			0.93			0.91
Net realized and unrealized gain (loss)^(c)			(6.24	)		(3.35	)		5.86			(5.47	)		(0.55	)		2.86

Net increase (decrease) from investment operations			(5.80	)		(2.56	)		6.64			(4.61	)		0.38			3.77

Distributions from net investment income^(d)			(0.42	)		(0.90	)		(0.57	)		(2.29	)		(1.13	)		(1.48	)

Net asset value, end of period		$	19.14		$	25.36		$	28.82		$	22.75		$	29.65		$	30.40


Total Return^(e)
Based on net asset value			(23.02	)%^(f)		(9.24	)%^(b)		29.62	%		(16.93	)%		1.39	%		13.69	%


Ratios to Average Net Assets^(g)
Total expenses			0.48	%^(h)		0.50	%		0.48	%		0.48	%		0.48	%		0.48	%

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

Net investment income			3.88	%^(h)		2.75	%^(b)		3.08	%		2.99	%		3.20	%		3.08	%


Supplemental Data
Net assets, end of period (000)		$	155,037		$	212,985