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OCTOBER 31, 2022 |
2022 Semi-Annual Report (Unaudited)
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iShares Trust
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iShares Global REIT ETF | REET | NYSE Arca |
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iShares International Developed Real Estate ETF | IFGL | NASDAQ |
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.
Rob Kapito
President, BlackRock, Inc.
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. |
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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
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Semi-Annual Report: |
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4 | ||||
6 | ||||
6 | ||||
7 | ||||
Financial Statements: |
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18 | ||||
19 | ||||
20 | ||||
21 | ||||
23 | ||||
31 | ||||
35 | ||||
36 | ||||
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 | |||||||||||||||||||||||||||||
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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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. |
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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 |
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 | $ 769.80 | $ 2.14 | $ 1,000.00 | $ 1,022.80 | $ 2.45 | 0.48 | % |
(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) | |
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 |
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.
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% |
2,694,595,236 | |||||||
|
|
|||||||
Preferred Stocks | ||||||||
Bermuda — 0.0% | ||||||||
Brookfield Property Partners LP, 6.25% |
4,436 | 69,290 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.0% |
69,290 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.4% |
2,694,664,526 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.2% | ||||||||
BlackRock
Cash Funds: Institutional, |
24,910,797 | 24,905,815 | ||||||
BlackRock
Cash Funds: Treasury, |
7,040,000 | 7,040,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.2% |
31,945,815 | |||||||
|
|
|||||||
Total
Investments — 100.6% |
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 |
| ||||||||||||
BlackRock
Cash Funds: Institutional, |
$ | 3,161,788 | $ | 21,750,005 | (a) | $ | — | $ | 2,552 | $ | (8,530 | ) | $ | 24,905,815 | 24,910,797 | $ | 143,055 | (b) | $ | — | ||||||||||||||||
BlackRock
Cash Funds: Treasury, |
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% |
154,089,091 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.8% | ||||||||
BlackRock
Cash Funds: Institutional, |
2,762,365 | 2,761,801 | ||||||
BlackRock
Cash Funds: Treasury, |
60,000 | 60,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.8% |
2,821,801 | |||||||
|
|
|||||||
Total
Investments — 101.2% |
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
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, |
$ | 11,157,806 | $ | — | $ | (8,395,200 | )(a) | $ | 188 | $ | (993 | ) | $ | 2,761,801 | 2,762,365 | $ | 41,390 | (b) | $ | — | ||||||||||||||||
BlackRock
Cash Funds: Treasury, |
80,000 | — | (20,000 | )(a) | — | — | 60,000 | 60,000 | 950 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 188 | $ | (993 | ) | $ | 2,821,801 | $ | 42,340 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||
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) |
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). |
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
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 |
$ | 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 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 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 |
(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 | ||||||||||||||||||||||||||
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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 |
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Net asset value, beginning of period |
$ | 25.36 | $ | 28.82 | $ | 22.75 | $ | 29.65 | $ | 30.40 | $ | 28.11 | ||||||||||||||
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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 | ||||||||||||||||
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Net increase (decrease) from investment operations |
(5.80 | ) | (2.56 | ) | 6.64 | (4.61 | ) | 0.38 | 3.77 | |||||||||||||||||
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Distributions from net investment income(d) |
(0.42 | ) | (0.90 | ) | (0.57 | ) | (2.29 | ) | (1.13 | ) | (1.48 | ) | ||||||||||||||
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Net asset value, end of period |
$ | 19.14 | $ | 25.36 | $ | 28.82 | $ | 22.75 | $ | 29.65 | $ | 30.40 | ||||||||||||||
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Total Return(e) |
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Based on net asset value |
(23.02 | )%(f) | (9.24 | )%(b) | 29.62 | % | (16.93 | )% | 1.39 | % | 13.69 | % | ||||||||||||||
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Ratios to Average Net Assets(g) |
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Total expenses |
0.48 | %(h) | 0.50 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.48 | % | 0.48 | % | N/A | 0.48 | % | N/A | |||||||||||||||||
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Net investment income |
3.88 | %(h) | 2.75 | %(b) | 3.08 | % | 2.99 | % | 3.20 | % | 3.08 | % | ||||||||||||||
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Supplemental Data |
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Net assets, end of period (000) |
$ | 155,037 | $ | 212,985 |