LOGO

  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  

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

 

 

 

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

 

 

C H E D U L E    O F    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

October 31, 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    H A R E S     E M I - A N N U A L    E P O R T    T O     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  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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

  11


Schedule of Investments (unaudited) (continued)

October 31, 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    H A R E S     E M I - A N N U A L    E P O R T    T O     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  
   

 

 

 

 

 

C H E D U L E    O F    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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.

 

 

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

  15


Schedule of Investments (unaudited) (continued)

October 31, 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,
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) 

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    H A R E S     E M I - A N N U A L    E P O R T    T O     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.

 

 

C H E D U L E    O F    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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.

 

 

I N A N C I A L    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    H A R E S     E M I - A N N U A L    E P O R T    T O     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.

 

 

I N A N C I A L    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