LOGO

 

 

  OCTOBER 31, 2023

 

 

2023 Semi-Annual Report

(Unaudited)

 

 

 

iShares Trust

 

·  

iShares Environmentally Aware Real Estate ETF | ERET | NASDAQ

 

·  

iShares Global REIT ETF | REET | NYSE Arca

 

·  

iShares International Developed Real Estate ETF | IFGL | NASDAQ


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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, 2023  
     
       6-Month       12-Month  
   

U.S. large cap equities

(S&P 500® Index)

    1.39     10.14
   

U.S. small cap equities

(Russell 2000® Index)

    (5.29     (8.56
   

International equities

(MSCI Europe, Australasia, Far East Index)

    (7.88     14.40  
   

Emerging market equities

(MSCI Emerging Markets Index)

    (4.78     10.80  
   

3-month Treasury bills

(ICE BofA 3-Month

U.S. Treasury Bill Index)

    2.63       4.77  
   

U.S. Treasury securities

(ICE BofA 10-Year

U.S. Treasury Index)

    (9.70     (3.25
   

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

    (6.13     0.36  
   

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

    (4.65     2.64  
   

U.S. high yield bonds

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

    0.02       6.23  
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

     7  

Disclosure of Expenses

     7  

Schedules of Investments

     8  

Financial Statements

  

Statements of Assets and Liabilities

     24  

Statements of Operations

     25  

Statements of Changes in Net Assets

     26  

Financial Highlights

     28  

Notes to Financial Statements

     31  

Board Review and Approval of Investment Advisory Contract

     39  

Supplemental Information

     43  

General Information

     44  

Glossary of Terms Used in this Report

     45  


Fund Summary as of October 31, 2023    iShares® Environmentally Aware Real Estate ETF

 

Investment Objective

The iShares Environmentally Aware Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of developed market real estate equities while targeting increased exposure to green certification and energy efficiency relative to the parent index as represented by FTSE EPRA Nareit Developed Green Target 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 that Index.

Performance

 

          Cumulative Total Returns  
         
     6-Month
Total Returns
   

Since

Inception

 

Fund NAV

    (11.26 )%      (9.80 )% 

Fund Market

    (11.30     (9.53

Index

    (11.47     (10.37

The inception date of the Fund was November 15, 2022. The first day of secondary market trading was November 17, 2022.

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
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $        887.40          $       1.42               $      1,000.00          $      1,023.60          $       1.53                     0.30

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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

 

INDUSTRY ALLOCATION

 

Industry    
Percent of
Total Investments
 
(a) 

Retail REITs

    15.4

Industrial REITs

    14.3  

Multi-Family Residential REITs

    11.4  

Data Center REITs

    10.1  

Office REITs

    8.3  

Real Estate Operating Companies

    8.0  

Diversified REITs

    6.2  

Diversified Real Estate Activities

    5.8  

Health Care REITs

    5.7  

Self Storage REITs

    4.2  

Single-Family Residential REITs

    3.5  

Other Specialized REITs

    3.0  

Hotel & Resort REITs

    2.5  

Real Estate Development

    1.5  

Other (each representing less than 1%)

    0.1  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    59.7

Japan

    10.4  

Hong Kong

    5.8  

Singapore

    5.7  

Australia

    4.1  

United Kingdom

    3.5  

Germany

    2.2  

Canada

    1.9  

Sweden

    1.6  

France

    1.6  
  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 3    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, 2023     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

    (11.59 )%       (6.19 )%      (0.24 )%      1.70        (6.19 )%       (1.18 )%       17.04

Fund Market

    (11.71      (6.34     (0.21     1.70          (6.34      (1.03      17.01  

Index

    (11.97      (7.04     (1.01     0.92                (7.04      (4.93      8.87  

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
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $        884.10          $       0.66               $      1,000.00          $      1,024.40          $       0.71                     0.14

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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

 

INDUSTRY ALLOCATION

 

Industry    

Percent of

Total Investments


(a) 

Retail REITs

    19.3

Industrial REITs

    17.4  

Multi-Family Residential REITs

    10.7  

Data Center REITs

    9.0  

Health Care REITs

    9.0  

Office REITs

    8.2  

Diversified REITs

    8.1  

Self Storage REITs

    6.3  

Single-Family Residential REITs

    4.6  

Other Specialized REITs

    3.9  

Hotel & Resort REITs

    3.3  

Other (each representing less than 1%)

    0.2  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    71.5

Japan

    7.7  

United Kingdom

    4.4  

Australia

    3.7  

Singapore

    3.4  

Canada

    2.5  

France

    1.7  

Hong Kong

    1.1  

Belgium

    1.1  

Mexico

    0.8  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


Fund Summary as of October 31, 2023    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

    (13.98 )%       (3.27 )%      (4.18 )%      (1.28 )%         (3.27 )%       (19.23 )%       (12.05 )% 

Fund Market

    (14.02      (3.14     (4.15     (1.28        (3.14      (19.09      (12.09

Index

    (14.04      (3.56     (4.15     (1.13              (3.56      (19.10      (10.77

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
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $        860.20          $       2.24               $      1,000.00          $      1,022.70          $       2.44                     0.48

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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

 

INDUSTRY ALLOCATION

 

Industry    
Percent of
Total Investments
 
(a) 

Real Estate Operating Companies

    20.0

Retail REITs

    16.5  

Diversified Real Estate Activities

    14.5  

Industrial REITs

    13.1  

Diversified REITs

    12.3  

Office REITs

    9.6  

Multi-Family Residential REITs

    5.1  

Real Estate Development

    2.7  

Health Care REITs

    2.3  

Hotel & Resort REITs

    1.7  

Self Storage REITs

    1.1  

Other (each representing less than 1%)

    1.1  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Japan

    28.8

Hong Kong

    11.0  

United Kingdom

    10.9  

Singapore

    9.6  

Australia

    9.0  

Canada

    6.5  

Germany

    5.3  

Sweden

    4.3  

France

    4.1  

Switzerland

    3.6  

 

  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3    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


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.

 

 

A B O U T    F U N D    P E R F O R M A N C E  /  D I S C L O S U R E    O F    E X P E N S E S

  7


Schedule of Investments (unaudited) 

October 31, 2023

  

iShares® Environmentally Aware Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks            
Data Center REITs — 10.1%            

Digital Realty Trust Inc.

    1,875     $ 233,175  

Equinix Inc.

    762       555,985  

Keppel DC REIT

    7,500       9,256  
   

 

 

 
          798,416  
Diversified Real Estate Activities — 5.8%            

Allreal Holding AG, Registered

    63       10,109  

City Developments Ltd.

    2,100       9,693  

Heiwa Real Estate Co. Ltd.

    200       5,120  

Mitsubishi Estate Co. Ltd.

    7,800       99,842  

Mitsui Fudosan Co. Ltd.

    5,100       110,542  

New World Development Co. Ltd.(a)

    12,000       22,024  

Nomura Real Estate Holdings Inc.

    600       14,014  

Peach Property Group AG(a)(b)

    122       1,601  

Sumitomo Realty & Development Co. Ltd.

    1,800       45,169  

Sun Hung Kai Properties Ltd.

    10,500       107,821  

Tokyo Tatemono Co. Ltd.

    1,200       15,934  

UOL Group Ltd.

    3,000       12,921  
   

 

 

 
      454,790  
Diversified REITs — 6.1%            

Abrdn Property Income Trust

    1,956       1,108  

Activia Properties Inc.

    3       8,116  

Alexander & Baldwin Inc.

    387       6,115  

American Assets Trust Inc.

    351       6,230  

Argosy Property Ltd.

    4,323       2,670  

Armada Hoffler Properties Inc.

    363       3,616  

Balanced Commercial Property Trust Ltd.

    1,929       1,483  

British Land Co. PLC (The)

    7,530       27,298  

Broadstone Net Lease Inc.

    780       11,037  

Charter Hall Long Wale REIT

    3,477       6,680  

Cromwell European Real Estate Investment Trust

    2,400       2,920  

Custodian Reit PLC

    2,010       2,010  

Daiwa House REIT Investment Corp.

    14       24,776  

Empire State Realty Trust Inc., Class A

    1,641       13,276  

Essential Properties Realty Trust Inc.

    795       17,450  

Global Net Lease Inc.

    992       7,877  

GPT Group (The)

    13,752       31,737  

Growthpoint Properties Australia Ltd.

    1,524       1,913  

H&R Real Estate Investment Trust

    1,257       7,732  

Heiwa Real Estate REIT Inc.

    6       5,609  

Hulic Reit Inc.

    6       6,121  

ICADE

    144       4,705  

Land Securities Group PLC

    3,057       21,190  

Lar Espana Real Estate SOCIMI SA

    891       5,166  

LXI REIT PLC

    3,807       3,968  

Merlin Properties SOCIMI SA

    3,687       30,741  

Mirvac Group

    27,777       32,228  

Mori Trust Reit Inc.

    9       4,388  

NIPPON REIT Investment Corp.

    3       6,931  

Nomura Real Estate Master Fund Inc.

    21       23,173  

NTT UD REIT Investment Corp.

    6       4,946  

OUE Commercial Real Estate Investment Trust

    25,200       4,325  

Picton Property Income Ltd.

    2,436       1,925  

Schroder REIT Ltd.

    3,483       1,717  

Sekisui House Reit Inc.

    24       12,640  

Star Asia Investment Corp.

    6       2,261  

Stockland

    15,855       35,784  

Stride Property Group

    2,178       1,726  

Sunlight REIT

    12,000       3,319  

Suntec REIT

    21,600       17,358  

Takara Leben Real Estate Investment Corp.

    3       1,965  
Security   Shares     Value  
Diversified REITs (continued)            

Tokyu REIT Inc.

    5     $ 5,966  

UK Commercial Property REIT Ltd.

    4,029       2,584  

United Urban Investment Corp.

    12       12,098  

WP Carey Inc.

    891       47,802  
   

 

 

 
          484,680  
Health Care Facilities — 0.1%            

Chartwell Retirement Residences

    1,506       11,034  
   

 

 

 

Health Care REITs — 5.7%

   

Aedifica SA

    228       12,439  

Assura PLC

    6,840       3,404  

CareTrust REIT Inc.

    393       8,457  

Cofinimmo SA

    129       8,022  

Community Healthcare Trust Inc.

    57       1,634  

Healthcare Realty Trust Inc., Class A

    870       12,484  

Healthpeak Properties Inc.

    2,061       32,048  

Impact Healthcare Reit PLC, Class B

    741       747  

LTC Properties Inc.

    93       2,940  

Medical Properties Trust Inc.

    1,614       7,715  

National Health Investors Inc.

    213       10,658  

NorthWest Healthcare Properties REIT

    550       1,590  

Omega Healthcare Investors Inc.

    597       19,761  

Parkway Life REIT

    1,500       3,680  

Physicians Realty Trust

    468       5,082  

Primary Health Properties PLC

    2,409       2,628  

Sabra Health Care REIT Inc.

    615       8,389  

Target Healthcare REIT PLC

    1,497       1,312  

Universal Health Realty Income Trust

    54       2,076  

Ventas Inc.

    2,694       114,387  

Vital Healthcare Property Trust

    1,299       1,514  

Welltower Inc.

    2,265       189,377  
   

 

 

 
      450,344  
Hotel & Resort REITs — 2.5%            

Apple Hospitality REIT Inc.

    885       13,877  

CapitaLand Ascott Trust

    8,080       5,313  

CDL Hospitality Trusts

    4,500       3,182  

DiamondRock Hospitality Co.

    1,170       9,044  

Far East Hospitality Trust

    4,800       2,073  

Hoshino Resorts REIT Inc.

    1       3,934  

Host Hotels & Resorts Inc.

    4,179       64,691  

Hotel Property Investments Ltd.

    2,010       3,264  

Invincible Investment Corp.

    15       5,769  

Japan Hotel REIT Investment Corp.

    12       5,456  

Park Hotels & Resorts Inc.

    1,041       12,003  

Pebblebrook Hotel Trust

    678       8,088  

RLJ Lodging Trust

    749       7,040  

Ryman Hospitality Properties Inc.

    291       24,909  

Service Properties Trust

    447       3,241  

Summit Hotel Properties Inc.

    465       2,623  

Sunstone Hotel Investors Inc.

    1,422       13,224  

Xenia Hotels & Resorts Inc.

    779       9,060  
   

 

 

 
      196,791  
Industrial REITs — 14.3%            

Advance Logistics Investment Corp.

    3       2,444  

AIMS APAC REIT

    4,347       3,809  

Americold Realty Trust Inc.

    1,422       37,285  

CapitaLand Ascendas REIT

    28,200       53,581  

Centuria Industrial REIT

    2,265       4,099  

CRE Logistics REIT Inc.

    3       3,152  

Dexus Industria REIT

    1,230       1,859  

Dream Industrial REIT

    966       8,157  

 

 

8  

2 0 2 3    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, 2023

  

iShares® Environmentally Aware Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Industrial REITs (continued)            

EastGroup Properties Inc.

    234     $ 38,200  

ESR Kendall Square REIT Co. Ltd.

    861       2,043  

ESR-LOGOS REIT

    49,600       9,962  

First Industrial Realty Trust Inc.

    612       25,888  

Frasers Logistics & Commercial Trust

    20,100       15,268  

GLP J-Reit

    48       42,992  

Goodman Property Trust

    4,731       5,540  

Granite REIT

    267       12,159  

Industrial & Infrastructure Fund Investment Corp.

    12       10,786  

Innovative Industrial Properties Inc.

    105       7,542  

Intervest Offices & Warehouses NV

    171       3,628  

Japan Logistics Fund Inc.

    6       11,114  

LaSalle Logiport REIT

    15           14,711  

LondonMetric Property PLC

    4,788       9,649  

LXP Industrial Trust

    1,500       11,865  

Mapletree Industrial Trust

    15,600       24,522  

Mapletree Logistics Trust

    21,600       23,195  

Mitsubishi Estate Logistics REIT Investment Corp.

    2       5,033  

Mitsui Fudosan Logistics Park Inc.

    5       15,116  

Montea NV

    57       4,029  

Nippon Prologis REIT Inc.

    33       58,719  

Prologis Inc.

    4,851       488,738  

Rexford Industrial Realty Inc.

    723       31,263  

Segro PLC

    5,595       48,632  

SOSiLA Logistics REIT Inc.

    6       4,754  

STAG Industrial Inc.

    876       29,101  

Terreno Realty Corp.

    360       19,181  

Tritax Big Box REIT PLC

    11,322       18,850  

Urban Logistics REIT PLC

    2,208       2,796  

Warehouse REIT PLC

    1,995       1,758  

Warehouses De Pauw CVA

    705       17,443  
   

 

 

 
        1,128,863  
Multi-Family Residential REITs — 11.3%            

Advance Residence Investment Corp.

    8       17,394  

Apartment Income REIT Corp.

    975       28,480  

Apartment Investment & Management Co.,
Class A(b)

    804       4,711  

AvalonBay Communities Inc.

    1,113       184,469  

Boardwalk REIT

    171       7,985  

Camden Property Trust

    690       58,567  

Canadian Apartment Properties REIT

    846       24,903  

Centerspace

    84       4,081  

Comforia Residential REIT Inc.

    4       8,489  

Daiwa Securities Living Investments Corp.

    12       8,873  

Elme Communities

    765       9,761  

Empiric Student Property PLC

    3,342       3,432  

Equity Residential

    3,321       183,751  

Essex Property Trust Inc.

    468       100,115  

Independence Realty Trust Inc.

    939       11,634  

Ingenia Communities Group

    2,661       6,623  

InterRent REIT

    627       5,317  

Irish Residential Properties REIT PLC

    2,940       2,832  

Kenedix Residential Next Investment Corp.(b)

    6       8,360  

Killam Apartment REIT

    543       6,136  

Mid-America Apartment Communities Inc.

    718       84,832  

NexPoint Residential Trust Inc.

    129       3,482  

Nippon Accommodations Fund Inc.

    3       12,086  

Residential Secure Income PLC, NVS(c)

    819       534  

Samty Residential Investment Corp.

    3       2,240  

Triple Point Social Housing REIT PLC(c)

    1,578       1,042  

UDR Inc.

    2,340       74,435  

UNITE Group PLC (The)

    2,280       24,128  

Veris Residential Inc.

    270       3,615  
Security   Shares     Value  
Multi-Family Residential REITs (continued)            

Xior Student Housing NV

    100     $ 2,877  
   

 

 

 
      895,184  
Office REITs — 8.3%            

Abacus Group

    2,697       1,642  

Alexandria Real Estate Equities Inc.

    969       90,243  

Allied Properties REIT

    513       5,863  

Boston Properties Inc.

    1,599       85,658  

Brandywine Realty Trust

    1,653       6,182  

Centuria Office REIT

    1,968       1,370  

Champion REIT

    24,000       7,581  

CLS Holdings PLC

    663       700  

Corporate Office Properties Trust

    672       15,322  

Cousins Properties Inc.

    1,797       32,112  

Covivio

    243       10,414  

Cromwell Property Group

    9,939       2,027  

Daiwa Office Investment Corp.

    1       4,375  

Derwent London PLC

    486       10,801  

Dexus

    6,900       28,498  

Douglas Emmett Inc.

    909       10,190  

Easterly Government Properties Inc., Class A

    519       5,584  

Gecina SA

    282       27,690  

Global One Real Estate Investment Corp.

    3       2,276  

Great Portland Estates PLC

    1,170       5,546  

Helical PLC

    384       896  

Highwoods Properties Inc.

    798       14,276  

Hudson Pacific Properties Inc.

    1,780       7,939  

Ichigo Office REIT Investment Corp.

    6       3,366  

Inmobiliaria Colonial SOCIMI SA

    3,270       18,346  

Japan Excellent Inc.

    6       5,266  

Japan Prime Realty Investment Corp.

    3       7,027  

Japan Real Estate Investment Corp.

    6       22,286  

JBG SMITH Properties

    1,545       19,884  

JR Global Reit

    482       1,406  

Kenedix Office Investment Corp.

    8       8,344  

Keppel Pacific Oak US REIT

    6,900       1,270  

Keppel REIT

    27,000       15,678  

Kilroy Realty Corp.

    1,071       30,609  

Mirai Corp.

    9       2,718  

Mori Hills REIT Investment Corp.

    21       19,655  

Nippon Building Fund Inc.

    6       24,108  

NSI NV

    93       1,679  

One REIT Inc.

    1       1,733  

Orix JREIT Inc.

    15       17,239  

Paramount Group Inc.

    1,941       8,308  

Piedmont Office Realty Trust Inc., Class A

    1,359       7,080  

Precinct Properties New Zealand Ltd.

    7,476       4,835  

Prosperity REIT

    9,000       1,555  

Regional REIT Ltd.(c)

    909       311  

Sankei Real Estate Inc.

    3       1,817  

SL Green Realty Corp.

    768       22,495  

Vornado Realty Trust

    1,417       27,206  

Workspace Group PLC

    357       2,098  
   

 

 

 
        653,504  
Other Specialized REITs — 2.9%            

Arena REIT

    2,172       4,394  

Charter Hall Social Infrastructure REIT

    822       1,246  

EPR Properties

    267       11,401  

Four Corners Property Trust Inc.

    450       9,585  

Gaming and Leisure Properties Inc.

    1,068       48,477  

Safehold Inc.

    189       3,075  

 

 

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, 2023

  

iShares® Environmentally Aware Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Other Specialized REITs (continued)            

VICI Properties Inc., Class A

    5,535     $     154,426  
   

 

 

 
      232,604  
Real Estate Development — 1.5%            

CK Asset Holdings Ltd.

    16,500       82,472  

Lifestyle Communities Ltd.(a)

    627       6,238  

Sino Land Co. Ltd.

    28,000       27,953  
   

 

 

 
      116,663  
Real Estate Operating Companies — 8.0%            

Aberdeen Standard European Logistics Income PLC(c)

    2,172       1,348  

Aeon Mall Co. Ltd.

    600       6,823  

Amot Investments Ltd.

    1,170       4,900  

Aroundtown SA(b)

    5,828       13,170  

Atrium Ljungberg AB, Class B

    504       7,750  

Azrieli Group Ltd.

    270       11,625  

CA Immobilien Anlagen AG

    327       11,057  

Capitaland Investment Ltd./Singapore

    21,300       45,735  

Castellum AB

    2,046       19,608  

Catena AB

    159       5,267  

Cibus Nordic Real Estate AB

    210       1,971  

Citycon OYJ

    900       4,761  

Corem Property Group AB, Class B

    2,706       1,747  

Deutsche EuroShop AG

    81       1,469  

Deutsche Wohnen SE

    318       6,843  

Dios Fastigheter AB

    510       2,761  

Entra ASA(c)

    393       3,066  

Fabege AB

    2,124       15,847  

Fastighets AB Balder, Class B(a)(b)

    3,795       16,124  

Grainger PLC

    3,576       9,884  

Grand City Properties SA(b)

    591       5,285  

Hiag Immobilien Holding AG

    15       1,290  

Hongkong Land Holdings Ltd.

    10,500       33,303  

Hufvudstaden AB, Class A

    1,542       16,440  

Hulic Co. Ltd.

    1,800       16,503  

Hysan Development Co. Ltd.

    6,000       11,045  

Intershop Holding AG

    6       3,981  

Kennedy-Wilson Holdings Inc.

    645       8,301  

Kojamo OYJ

    912       7,791  

LEG Immobilien SE(b)

    438       27,380  

Mobimo Holding AG, Registered

    30       8,286  

NP3 Fastigheter AB

    99       1,323  

Nyfosa AB

    909       4,399  

Pandox AB, Class B

    237       2,333  

Phoenix Spree Deutschland Ltd.(b)

    375       711  

Platzer Fastigheter Holding AB, Class B

    249       1,305  

PSP Swiss Property AG, Registered

    165       20,301  

Sagax AB, Class B

    732       13,251  

Samhallsbyggnadsbolaget i Norden AB(a)

    5,823       1,694  

Shurgard Self Storage Ltd.

    117       4,379  

Sirius Real Estate Ltd.

    5,184       5,037  

Swire Properties Ltd.

    16,200       31,367  

Swiss Prime Site AG, Registered

    303       28,163  

TAG Immobilien AG(b)

    966       10,562  

Tricon Residential Inc.

    984       6,521  

VGP NV

    36       2,931  

Vonovia SE

    4,665       107,398  

Wallenstam AB, Class B

    1,788       6,047  

Wharf Real Estate Investment Co. Ltd.

    13,000       45,475  

Wihlborgs Fastigheter AB

    1,392       9,023  
   

 

 

 
      633,581  
Retail REITs — 15.3%            

Acadia Realty Trust

    346       4,955  
Security   Shares     Value  
Retail REITs (continued)            

AEON REIT Investment Corp.

    6     $ 5,712  

Agree Realty Corp.

    347       19,411  

Ascencio

    36       1,630  

Brixmor Property Group Inc.

    1,032       21,455  

BWP Trust

    3,420       7,073  

Capital & Counties Properties PLC

    6,962       8,826  

CapitaLand Integrated Commercial Trust

    81,900           105,259  

Carmila SA

    420       5,885  

Charter Hall Retail REIT

    3,762       7,310  

Choice Properties REIT

    1,200       10,419  

Crombie REIT

    501       4,400  

Eurocommercial Properties NV

    402       8,630  

Federal Realty Investment Trust

    492       44,866  

First Capital Real Estate Investment Trust

    1,284       12,074  

Fortune REIT

    9,000       5,035  

Frasers Centrepoint Trust

    15,900       24,053  

Frontier Real Estate Investment Corp.

    2       5,983  

Fukuoka REIT Corp.

    3       3,230  

Getty Realty Corp.

    158       4,206  

Hamborner REIT AG

    459       3,037  

Hammerson PLC

    36,531       9,786  

HomeCo Daily Needs REIT

    7,716       5,262  

Immobiliare Grande Distribuzione SIIQ SpA

    348       714  

InvenTrust Properties Corp.

    261       6,551  

Japan Metropolitan Fund Invest

    12       7,744  

Kenedix Retail REIT Corp.(b)

    3       5,240  

Kimco Realty Corp.

    2,838       50,914  

Kite Realty Group Trust

    1,131       24,113  

Kiwi Property Group Ltd.

    8,721       3,938  

Klepierre SA

    1,842       44,731  

Lendlease Global Commercial REIT

    27,600       10,280  

Link REIT

    16,200       74,344  

LOTTE Reit Co. Ltd.

    1,115       2,377  

Macerich Co. (The)

    858       8,340  

Mapletree Pan Asia Commercial Trust

    32,700       31,781  

Mercialys SA

    513       4,370  

NETSTREIT Corp.

    480       6,840  

NewRiver REIT PLC

    2,121       2,011  

NNN REIT Inc.

    531       19,291  

Paragon REIT

    13,800       8,013  

Phillips Edison & Co. Inc.

    942       33,262  

Prinmaris REIT

    330       2,958  

Realty Income Corp.

    2,061       97,650  

Regency Centers Corp.

    750       45,195  

Region RE Ltd.

    8,112       10,143  

Retail Estates NV

    60       3,653  

Retail Opportunity Investments Corp.

    489       5,741  

RioCan REIT

    1,494       18,153  

RPT Realty

    354       3,820  

Scentre Group

    39,198       60,725  

Simon Property Group Inc.

    1,296       142,417  

SITE Centers Corp.

    699       8,150  

SmartCentres Real Estate Investment Trust

    486       7,531  

Spirit Realty Capital Inc.

    438       15,764  

Starhill Global REIT

    12,300       4,002  

Supermarket Income Reit PLC

    9,084       8,016  

Tanger Factory Outlet Centers Inc.

    627       14,139  

Unibail-Rodamco-Westfield, New(b)

    477       23,635  

Urban Edge Properties

    450       7,137  

Vastned Retail NV

    81       1,622  

Vicinity Ltd.

    45,078       48,825  

Waypoint REIT Ltd.

    5,403       7,297  

 

 

10  

2 0 2 3    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, 2023

  

iShares® Environmentally Aware Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Retail REITs (continued)            

Wereldhave NV

    282     $ 4,252  
   

 

 

 
      1,214,176  
Self Storage REITs — 4.2%            

Abacus Storage King(b)

    2,697       1,702  

Big Yellow Group PLC

    837       9,735  

CubeSmart

    966       32,931  

Extra Space Storage Inc.

    917       94,992  

National Storage Affiliates Trust

    366       10,438  

National Storage REIT

    5,808       7,405  

Public Storage

    697       166,381  

Safestore Holdings PLC

    945       7,864  
   

 

 

 
      331,448  
Single-Family Residential REITs — 3.5%            

American Homes 4 Rent, Class A

    1,444       47,277  

Equity LifeStyle Properties Inc.

    1,026       67,511  

Invitation Homes Inc.

    3,093       91,831  

PRS REIT PLC (The)

    2,934       2,575  

Sun Communities Inc.

    588       65,409  

Tritax EuroBox PLC(c)

    5,097       2,788  
   

 

 

 
      277,391  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $9,039,936)

        7,879,469  
   

 

 

 
Security   Shares     Value  
Short-Term Securities            
Money Market Funds — 0.6%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)

    36,972     $ 36,987  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(d)(e)

    10,000       10,000  
   

 

 

 

Total Short -Term Investments — 0.6%
(Cost: $46,982)

      46,987  
   

 

 

 

Total Investments — 100.2%
(Cost: $9,086,918)

      7,926,456  

Liabilities in Excess of Other Assets — (0.2)%

 

    (12,405
   

 

 

 

Net Assets — 100.0%

    $   7,914,051  
   

 

 

 

 

(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
04/30/23
     Purchases
at Cost
     Proceeds
from Sale
    

Net Realized

Gain (Loss)

     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/23
     Shares
Held at
10/31/23
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 66,735      $      $ (29,761 )(a)     $ 8      $ 5      $ 36,987        36,972      $ 355 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

            10,000 (a)                            10,000        10,000        172         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ 8      $ 5      $ 46,987         $ 527      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

           

Dow Jones U.S. Real Estate Index

     1        12/15/23      $ 29      $ (1,178
           

 

 

 

 

 

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, 2023

  

iShares® Environmentally Aware Real Estate ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 1,178      $      $      $      $ 1,178  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

   $      $      $ (3,324    $      $      $      $ (3,324
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (2,029    $      $      $      $ (2,029
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

 

Average notional value of contracts — long

  $ 31,625  

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  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 4,995,024        $ 2,884,445        $        $ 7,879,469  

Short-Term Securities

                 

Money Market Funds

     46,987                            46,987  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 5,042,011        $ 2,884,445        $             —        $ 7,926,456  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (1,178      $        $        $ (1,178
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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 3    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, 2023

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 3.7%            

Abacus Group

    1,210,886     $ 737,400  

Abacus Storage King(a)

    1,210,886       764,285  

Arena REIT

    778,580       1,575,077  

BWP Trust

    1,166,047       2,411,406  

Centuria Industrial REIT

    1,264,069       2,287,759  

Centuria Office REIT

    1,121,624       780,892  

Charter Hall Long Wale REIT

    1,564,502       3,005,620  

Charter Hall Retail REIT

    1,159,233       2,252,546  

Charter Hall Social Infrastructure REIT

    799,901       1,212,104  

Cromwell Property Group

    3,452,863       704,154  

Dexus

    2,586,074       10,680,968  

Dexus Industria REIT

    508,395       768,440  

GPT Group (The)

    4,607,604       10,633,560  

Growthpoint Properties Australia Ltd.

    677,151       850,160  

HealthCo REIT(b)

    1,072,616       935,569  

HomeCo Daily Needs REIT

    4,130,255       2,816,566  

Hotel Property Investments Ltd.

    469,626       762,642  

Mirvac Group

    9,472,421       10,990,407  

National Storage REIT

    3,007,650       3,834,705  

Region RE Ltd.

    2,763,023       3,454,860  

Scentre Group

    12,422,985       19,245,576  

Stockland

    5,726,104       12,923,478  

Vicinity Ltd.

    8,978,093       9,724,450  

Waypoint REIT Ltd.

    1,611,163       2,175,936  
   

 

 

 
        105,528,560  
Belgium — 1.1%            

Aedifica SA

    112,215       6,121,950  

Ascencio

    12,284       556,058  

Cofinimmo SA

    80,331       4,995,420  

Home Invest Belgium SA, NVS

    23,306       337,350  

Intervest Offices & Warehouses NV

    63,115       1,338,979  

Montea NV

    35,052       2,477,394  

Retail Estates NV

    29,582       1,801,145  

Shurgard Self Storage Ltd.

    60,623       2,268,798  

Warehouses De Pauw CVA

    380,932       9,425,213  

Xior Student Housing NV

    73,158       2,104,976  
   

 

 

 
      31,427,283  
Canada — 2.4%            

Allied Properties REIT

    302,976       3,462,895  

Boardwalk REIT

    89,722       4,189,938  

Canadian Apartment Properties REIT

    396,860       11,681,864  

Choice Properties REIT

    614,013       5,330,966  

Crombie REIT

    254,795       2,237,897  

Dream Industrial REIT

    596,399       5,036,115  

First Capital Real Estate Investment Trust

    503,183       4,731,571  

Granite REIT

    142,212       6,476,068  

H&R Real Estate Investment Trust

    627,193       3,857,910  

InterRent REIT

    315,620       2,676,539  

Killam Apartment REIT

    272,354       3,077,546  

NorthWest Healthcare Properties REIT

    519,436       1,502,029  

Prinmaris REIT

    228,704       2,049,966  

RioCan REIT

    719,923       8,747,577  

SmartCentres Real Estate Investment Trust

    308,240       4,776,692  
   

 

 

 
      69,835,573  
China — 0.0%            

Yuexiu REIT(b)

    5,508,000       788,478  
   

 

 

 
France — 1.7%            

ARGAN SA, NVS

    23,542       1,610,695  

Carmila SA

    135,979       1,905,392  
Security   Shares     Value  
France (continued)            

Covivio

    128,062     $ 5,488,017  

Gecina SA

    124,026       12,178,217  

ICADE

    77,790       2,541,809  

Klepierre SA

    494,196       12,000,947  

Mercialys SA

    209,664       1,785,980  

Unibail-Rodamco-Westfield, New(a)

    244,970       12,138,064  
   

 

 

 
      49,649,121  
Germany — 0.0%            

Hamborner REIT AG

    173,092       1,145,203  
   

 

 

 
Hong Kong — 1.1%            

Champion REIT

    4,360,000       1,377,271  

Fortune REIT

    3,343,000       1,870,374  

Link REIT

    6,103,220       28,008,528  

Prosperity REIT

    2,859,000       493,963  

Sunlight REIT

    2,460,000       680,396  
   

 

 

 
        32,430,532  
India — 0.3%            

Embassy Office Parks REIT

    1,451,388       5,432,937  

Mindspace Business Parks REIT(c)

    522,066       1,938,370  

Nexus Select Trust, NVS(a)

    770,942       1,178,561  
   

 

 

 
      8,549,868  
Ireland — 0.0%            

Irish Residential Properties REIT PLC

    1,069,753       1,030,375  
   

 

 

 
Italy — 0.0%            

Immobiliare Grande Distribuzione SIIQ SpA

    158,275       324,893  
   

 

 

 
Japan — 7.7%            

Activia Properties Inc.

    1,750       4,734,602  

Advance Logistics Investment Corp.

    1,531       1,247,149  

Advance Residence Investment Corp.

    3,073       6,681,326  

AEON REIT Investment Corp.

    4,209       4,006,935  

Comforia Residential REIT Inc.

    1,603       3,401,982  

CRE Logistics REIT Inc.

    1,458       1,532,006  

Daiwa House REIT Investment Corp.

    5,082       8,993,856  

Daiwa Office Investment Corp.

    633       2,769,034  

Daiwa Securities Living Investments Corp.

    4,908       3,629,020  

Frontier Real Estate Investment Corp.

    1,148       3,434,393  

Fukuoka REIT Corp.

    1,763       1,898,154  

Global One Real Estate Investment Corp.

    2,516       1,908,579  

GLP J-Reit

    11,101       9,942,689  

Hankyu Hanshin REIT Inc.

    1,546       1,452,506  

Health Care & Medical Investment Corp.

    868       812,779  

Heiwa Real Estate REIT Inc.

    2,396       2,239,820  

Hoshino Resorts REIT Inc.

    594       2,337,044  

Hulic Reit Inc.

    3,004       3,064,358  

Ichigo Office REIT Investment Corp.

    2,867       1,608,494  

Industrial & Infrastructure Fund Investment Corp.

    4,693       4,218,064  

Invincible Investment Corp.

    16,104       6,193,604  

Japan Excellent Inc.

    2,934       2,575,227  

Japan Hotel REIT Investment Corp.

    10,725       4,875,942  

Japan Logistics Fund Inc.

    2,143       3,969,451  

Japan Metropolitan Fund Invest

    16,400       10,583,687  

Japan Prime Realty Investment Corp.

    2,176       5,096,833  

Japan Real Estate Investment Corp.

    3,186       11,833,828  

Kenedix Office Investment Corp.

    3,638       3,794,391  

Kenedix Residential Next Investment Corp.(a)

    2,513       3,501,273  

Kenedix Retail REIT Corp.(a)

    1,419       2,478,679  

LaSalle Logiport REIT

    4,441       4,355,385  

Mirai Corp.

    3,841       1,159,839  

Mitsubishi Estate Logistics REIT Investment Corp.

    1,170       2,944,559  

 

 

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, 2023

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Mitsui Fudosan Logistics Park Inc.

    1,284     $ 3,881,828  

Mori Hills REIT Investment Corp.

    3,806       3,562,212  

Mori Trust Reit Inc.

    6,086       2,967,007  

Nippon Accommodations Fund Inc.

    1,110       4,471,965  

Nippon Building Fund Inc.

    3,656       14,689,565  

Nippon Prologis REIT Inc.

    5,897       10,492,976  

NIPPON REIT Investment Corp.

    1,033       2,386,562  

Nomura Real Estate Master Fund Inc.

    10,695       11,801,485  

NTT UD REIT Investment Corp.

    3,197       2,635,493  

One REIT Inc.

    591       1,023,928  

Orix JREIT Inc.

    6,315       7,257,590  

Samty Residential Investment Corp.

    992       740,670  

Sankei Real Estate Inc.

    1,164       705,153  

Sekisui House Reit Inc.

    9,811       5,167,213  

SOSiLA Logistics REIT Inc.

    1,656       1,311,989  

Star Asia Investment Corp.

    4,032       1,519,164  

Starts Proceed Investment Corp.

    611       839,336  

Takara Leben Real Estate Investment Corp.

    1,622       1,062,188  

Tokyu REIT Inc.

    2,262       2,699,221  

United Urban Investment Corp.

    7,069       7,126,744  
   

 

 

 
        219,617,777  
Malaysia — 0.1%            

Axis Real Estate Investment Trust(b)

    3,253,200       1,235,937  
   

 

 

 
Mexico — 0.8%            

Concentradora Fibra Danhos SA de CV(b)

    572,315       614,249  

FIBRA Macquarie Mexico(c)

    1,741,750       2,699,234  

Fibra Uno Administracion SA de CV

    6,907,834       10,486,850  

PLA Administradora Industrial S. de RL de CV

    1,851,209       3,004,403  

Prologis Property Mexico SA de CV

    1,445,664       5,180,784  
   

 

 

 
      21,985,520  
Netherlands — 0.2%            

Eurocommercial Properties NV

    123,123       2,643,248  

NSI NV

    42,955       775,389  

Vastned Retail NV

    41,173       824,253  

Wereldhave NV

    97,278       1,466,899  
   

 

 

 
      5,709,789  
New Zealand — 0.3%            

Argosy Property Ltd.

    2,020,891       1,248,013  

Goodman Property Trust

    2,622,428       3,070,930  

Kiwi Property Group Ltd.

    3,794,955       1,713,479  

Stride Property Group

    1,164,557       922,720  

Vital Healthcare Property Trust

    1,151,199       1,341,377  
   

 

 

 
      8,296,519  
Philippines — 0.0%            

AREIT Inc.

    1,678,920       970,542  
   

 

 

 
Saudi Arabia — 0.2%            

Al Maather REIT Fund

    112,901       275,567  

Al Rajhi REIT

    275,670       608,420  

Alahli REIT Fund 1

    108,261       225,953  

Alinma Retail REIT Fund, NVS

    216,642       261,592  

Al-Jazira Reit Fund

    29,972       141,248  

Alkhabeer REIT

    303,968       510,448  

Bonyan REIT, NVS

    156,766       386,107  

Derayah REIT

    265,894       559,911  

MEFIC REIT REIT, NVS

    139,240       176,295  

Mulkia Gulf Real Estate REIT Fund, NVS

    141,547       222,606  

Musharaka Real Estate Income Fund, NVS

    196,998       291,958  

Riyad REIT Fund

    355,018       770,297  

Sedco Capital REIT Fund

    171,126       357,615  

Sico Saudi REIT, NVS

    101,614       122,815  
Security   Shares     Value  
Saudi Arabia (continued)            

Taleem REIT

    75,872     $ 221,162  
   

 

 

 
      5,131,994  
Singapore — 3.3%            

AIMS APAC REIT

    1,505,328       1,319,192  

CapitaLand Ascendas REIT

    8,533,214       16,213,481  

CapitaLand Ascott Trust(b)

    5,453,032       3,585,396  

CapitaLand China Trust(b)

    2,719,830       1,569,098  

CapitaLand Integrated Commercial Trust

    12,161,926       15,630,742  

CDL Hospitality Trusts

    2,090,900       1,478,367  

Cromwell European Real Estate Investment Trust(b)

    739,700       900,078  

Digital Core REIT Management Pte Ltd.

    1,721,800       870,335  

ESR-LOGOS REIT

    14,707,942       2,954,157  

Far East Hospitality Trust

    2,349,000       1,014,281  

First REIT

    2,709,200       465,005  

Frasers Centrepoint Trust

    2,574,770       3,894,995  

Frasers Logistics & Commercial Trust

    6,867,400       5,216,526  

Keppel DC REIT

    3,088,733       3,811,803  

Keppel Pacific Oak US REIT

    2,000,900       368,166  

Keppel REIT

    5,236,000       3,040,345  

Lendlease Global Commercial REIT(b)

    4,552,091       1,695,460  

Mapletree Industrial Trust

    4,686,310       7,366,418  

Mapletree Logistics Trust

    7,870,513       8,451,740  

Mapletree Pan Asia Commercial Trust

    5,539,691       5,384,054  

OUE Commercial Real Estate Investment Trust

    5,219,100       895,803  

Paragon REIT

    2,587,300       1,502,322  

Parkway Life REIT

    914,600       2,243,754  

Sasseur Real Estate Investment Trust(b)

    1,222,700       558,264  

Starhill Global REIT(b)

    3,447,700       1,121,631  

Suntec REIT

    5,093,300       4,093,021  
   

 

 

 
        95,644,434  
South Africa — 0.5%            

Attacq Ltd.

    1,725,607       745,333  

Emira Property Fund Ltd.

    567,816       252,261  

Equites Property Fund Ltd.

    1,791,325       1,101,716  

Growthpoint Properties Ltd.

    8,071,961       4,196,770  

Hyprop Investments Ltd.

    855,576       1,304,194  

Investec Property Fund Ltd.

    1,426,221       566,279  

Redefine Properties Ltd.

    16,423,507       3,088,424  

Resilient REIT Ltd.

    713,323       1,421,862  

Stor-Age Property REIT Ltd.(b)

    971,301       625,385  
   

 

 

 
      13,302,224  
South Korea — 0.1%            

ESR Kendall Square REIT Co. Ltd.

    291,332       691,256  

JR Global Reit

    278,251       811,577  

LOTTE Reit Co. Ltd.

    293,543       625,764  

SK REITs Co. Ltd.

    372,349       1,037,668  
   

 

 

 
      3,166,265  
Spain — 0.4%            

Inmobiliaria Colonial SOCIMI SA

    765,093       4,292,382  

Lar Espana Real Estate SOCIMI SA

    146,907       851,824  

Merlin Properties SOCIMI SA

    795,486       6,632,590  
   

 

 

 
      11,776,796  
Turkey — 0.1%            

AKIS Gayrimenkul Yatirimi AS(a)

    906,101       363,154  

Alarko Gayrimenkul Yatirim Ortakligi AS

    160,926       220,483  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS

    4,408,979       1,021,316  

Is Gayrimenkul Yatirim Ortakligi AS(a)

    1,015,686       776,131  

Ozak Gayrimenkul Yatirim Ortakligi(a)

    894,656       276,428  
   

 

 

 
      2,657,512  

 

 

14  

2 0 2 3    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, 2023

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom — 4.4%            

Abrdn Property Income Trust

    917,936     $ 519,918  

AEW U.K. REIT PLC

    378,824       431,434  

Assura PLC

    6,952,949       3,459,822  

Balanced Commercial Property Trust Ltd.

    1,302,641       1,001,527  

Big Yellow Group PLC

    407,150       4,735,188  

British Land Co. PLC (The)

    2,212,779       8,021,934  

Capital & Counties Properties PLC

    3,256,602       4,128,375  

CLS Holdings PLC

    398,468       420,930  

Custodian Reit PLC

    979,551       979,469  

Derwent London PLC

    265,059       5,890,666  

Empiric Student Property PLC

    1,319,425       1,355,122  

Great Portland Estates PLC

    510,333       2,419,107  

Hammerson PLC

    9,265,473       2,482,082  

Helical PLC

    245,743       573,481  

Home Reit PLC(d)

    1,719,812       593,950  

Impact Healthcare Reit PLC, Class B

    747,183       753,531  

Land Securities Group PLC

    1,756,187       12,173,364  

Life Science Reit PLC

    843,575       629,548  

LondonMetric Property PLC

    2,541,651       5,121,800  

LXI REIT PLC

    3,614,116       3,766,804  

NewRiver REIT PLC

    730,339       692,398  

Picton Property Income Ltd.

    1,299,453       1,026,623  

Primary Health Properties PLC

    3,152,631       3,439,097  

PRS REIT PLC (The)

    1,241,480       1,089,681  

Regional REIT Ltd.(c)

    1,020,925       349,308  

Residential Secure Income PLC, NVS(c)

    445,546       290,265  

Safestore Holdings PLC

    509,234       4,237,588  

Schroder REIT Ltd.

    1,203,601       593,316  

Segro PLC

    2,930,500       25,472,313  

Sirius Real Estate Ltd.

    2,762,835       2,684,508  

Supermarket Income Reit PLC

    2,969,985       2,620,763  

Target Healthcare REIT PLC

    1,472,463       1,290,377  

Triple Point Social Housing REIT PLC(c)

    761,482       502,665  

Tritax Big Box REIT PLC

    4,471,735       7,445,070  

UK Commercial Property REIT Ltd.

    1,776,956       1,139,852  

UNITE Group PLC (The)

    824,790       8,728,353  

Urban Logistics REIT PLC

    1,110,528       1,406,482  

Warehouse REIT PLC

    954,138       840,787  

Workspace Group PLC

    341,939       2,009,719  
   

 

 

 
        125,317,217  
United States — 71.1%            

Acadia Realty Trust

    218,006       3,121,846  

Agree Realty Corp.

    220,270       12,321,904  

Alexander & Baldwin Inc.

    173,946       2,748,347  

Alexandria Real Estate Equities Inc.

    411,049       38,280,993  

American Assets Trust Inc.

    116,066       2,060,171  

American Homes 4 Rent, Class A

    797,853       26,121,707  

Americold Realty Trust Inc.

    645,772       16,932,142  

Apartment Income REIT Corp.

    355,719       10,390,552  

Apartment Investment & Management Co., Class A(a)

    357,708       2,096,169  

Apple Hospitality REIT Inc.

    508,495       7,973,202  

Armada Hoffler Properties Inc.

    159,666       1,590,273  

AvalonBay Communities Inc.

    339,274       56,231,273  

Boston Properties Inc.

    374,668       20,070,965  

Brandywine Realty Trust

    394,698       1,476,171  

Brixmor Property Group Inc.

    716,738       14,900,983  

Broadstone Net Lease Inc.

    450,308       6,371,858  

Camden Property Trust

    247,866       21,038,866  

CareTrust REIT Inc.

    236,220       5,083,454  

Centerspace

    36,476       1,772,004  

Community Healthcare Trust Inc.

    60,621       1,738,004  

Corporate Office Properties Trust

    267,385       6,096,378  
Security   Shares     Value  
United States (continued)            

Cousins Properties Inc.

    365,252     $ 6,527,053  

CubeSmart

    534,524       18,221,923  

DiamondRock Hospitality Co.

    498,515       3,853,521  

Digital Realty Trust Inc.

    714,837       88,897,129  

Douglas Emmett Inc.

    374,099       4,193,650  

Easterly Government Properties Inc., Class A

    225,363       2,424,906  

EastGroup Properties Inc.

    104,813       17,110,722  

Elme Communities

    205,845       2,626,582  

Empire State Realty Trust Inc., Class A

    309,018       2,499,956  

EPR Properties

    176,454       7,534,586  

Equinix Inc.

    223,565       163,121,967  

Equity LifeStyle Properties Inc.

    424,045       27,902,161  

Equity Residential

    893,119       49,416,274  

Essential Properties Realty Trust Inc.

    372,224       8,170,317  

Essex Property Trust Inc.

    152,789       32,684,623  

Extra Space Storage Inc.

    500,617       51,858,915  

Federal Realty Investment Trust

    193,339       17,630,583  

First Industrial Realty Trust Inc.

    315,985       13,366,165  

Four Corners Property Trust Inc.

    207,243       4,414,276  

Gaming and Leisure Properties Inc.

    602,892       27,365,268  

Getty Realty Corp.(b)

    106,221       2,827,603  

Global Net Lease Inc.

    458,986       3,644,349  

Healthcare Realty Trust Inc., Class A

    909,902       13,057,094  

Healthpeak Properties Inc.

    1,312,923       20,415,953  

Highwoods Properties Inc.

    252,755       4,521,787  

Host Hotels & Resorts Inc.

    1,689,032       26,146,215  

Hudson Pacific Properties Inc.

    332,278       1,481,960  

Independence Realty Trust Inc.

    534,057       6,616,966  

Innovative Industrial Properties Inc.

    66,261       4,759,528  

InvenTrust Properties Corp.

    161,203       4,046,195  

Invitation Homes Inc.

    1,463,703       43,457,342  

JBG SMITH Properties

    259,144       3,335,183  

Kilroy Realty Corp.

    280,653       8,021,063  

Kimco Realty Corp.

    1,450,974       26,030,474  

Kite Realty Group Trust

    518,449       11,053,333  

LTC Properties Inc.

    97,915       3,095,093  

LXP Industrial Trust

    695,755       5,503,422  

Macerich Co. (The)

    513,969       4,995,779  

Medical Properties Trust Inc.

    1,432,232       6,846,069  

Mid-America Apartment Communities Inc.

    277,696       32,809,782  

National Health Investors Inc.

    99,736       4,990,789  

National Storage Affiliates Trust

    189,704       5,410,358  

NETSTREIT Corp.

    160,839       2,291,956  

NexPoint Residential Trust Inc.

    54,178       1,462,264  

NNN REIT Inc.

    434,226       15,775,431  

Omega Healthcare Investors Inc.

    559,793       18,529,148  

Paramount Group Inc.

    436,248       1,867,141  

Park Hotels & Resorts Inc.

    513,294       5,918,280  

Pebblebrook Hotel Trust(b)

    288,719       3,444,418  

Phillips Edison & Co. Inc.

    281,157       9,927,654  

Physicians Realty Trust

    561,325       6,095,989  

Piedmont Office Realty Trust Inc., Class A

    292,557       1,524,222  

Prologis Inc.

    2,209,681         222,625,361  

Public Storage

    375,144       89,550,624  

Realty Income Corp.

    1,612,920       76,420,150  

Regency Centers Corp.

    433,076       26,097,160  

Retail Opportunity Investments Corp.

    293,865       3,449,975  

Rexford Industrial Realty Inc.

    491,497       21,252,330  

RLJ Lodging Trust

    372,978       3,505,993  

RPT Realty

    207,696       2,241,040  

Ryman Hospitality Properties Inc.

    137,355       11,757,588  

Sabra Health Care REIT Inc.

    548,222       7,477,748  

 

 

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, 2023

  

iShares® Global REIT ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)            

Safehold Inc.

    104,362     $ 1,697,970  

Service Properties Trust

    393,061       2,849,692  

Simon Property Group Inc.

    776,830       85,365,849  

SITE Centers Corp.

    451,605       5,265,714  

SL Green Realty Corp.

    143,317       4,197,755  

Spirit Realty Capital Inc.

    337,925       12,161,921  

STAG Industrial Inc.

    429,877       14,280,514  

Summit Hotel Properties Inc.

    251,506       1,418,494  

Sun Communities Inc.

    294,109       32,716,685  

Sunstone Hotel Investors Inc.

    493,912       4,593,382  

Tanger Factory Outlet Centers Inc.

    242,139       5,460,234  

Terreno Realty Corp.

    194,613       10,368,981  

UDR Inc.

    783,132       24,911,429  

Universal Health Realty Income Trust

    30,620       1,177,033  

Urban Edge Properties

    273,556       4,338,598  

Ventas Inc.

    955,105       40,553,758  

Veris Residential Inc.

    187,428       2,509,661  

VICI Properties Inc., Class A

    2,403,150       67,047,885  

Vornado Realty Trust

    422,925       8,120,160  

Welltower Inc.

    1,189,681       99,469,228  

WP Carey Inc.

    507,924       27,250,123  

Xenia Hotels & Resorts Inc.

    265,250       3,084,857  
   

 

 

 
        2,041,358,571  
   

 

 

 

Total Common Stocks — 99.5%
(Cost: $3,562,153,275)

      2,856,880,983  
   

 

 

 
Preferred Stocks            
Bermuda — 0.0%            

Brookfield Property Partners LP, 6.25%

    4,496       53,952  
   

 

 

 

Total Preferred Stocks — 0.0%
(Cost: $110,377)

      53,952  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $3,562,263,652)

      2,856,934,935  
   

 

 

 
Security   Shares     Value  

Short-Term Securities

   
Money Market Funds — 0.4%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)

    5,705,520     $ 5,707,802  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f)

    5,400,000       5,400,000  
   

 

 

 

Total Short-Term Securities — 0.4%
(Cost: $11,106,136)

      11,107,802  
   

 

 

 

Total Investments — 99.9%
(Cost: $3,573,369,788)

      2,868,042,737  

Other Assets Less Liabilities — 0.1%

      1,789,388  
   

 

 

 

Net Assets — 100.0%

    $   2,869,832,125  
   

 

 

 

 

(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    
Value at
04/30/23
 
 
   
Purchases
at Cost
 
 
   
Proceeds
from Sale
 
 
   
Net Realized
Gain (Loss)
 
 
   


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 
   
Value at
10/31/23
 
 
   

Shares
Held at
10/31/23
 
 
 
    Income      




Capital
Gain
Distributions
from
Underlying
Funds





 

BlackRock Cash Funds: Institutional,
SL Agency Shares

  $ 15,717,990     $     $ (10,008,906 )(a)    $ (3,693   $ 2,411     $ 5,707,802       5,705,520     $ 46,651 (b)    $  

BlackRock Cash Funds: Treasury,
SL Agency Shares

    7,630,000             (2,230,000 )(a)                  5,400,000       5,400,000       224,600        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (3,693   $ 2,411     $ 11,107,802       $ 271,251     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

16  

2 0 2 3    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, 2023

  

iShares® Global REIT ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

           

Dow Jones U.S. Real Estate Index

     333        12/15/23      $ 9,710      $ (257,146

SPI 200 Index

     15        12/21/23        1,620        (31,754
           

 

 

 
            $ (288,900
           

 

 

 

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  

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 288,900      $      $      $      $ 288,900  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

   $      $      $ (1,579,535    $      $      $      $ (1,579,535
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (686,868    $      $      $      $ (686,868
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

 

Average notional value of contracts — long

  $ 15,694,286  

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  

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

   $ 2,208,305,978      $ 647,981,055      $ 593,950      $ 2,856,880,983  

Preferred Stocks

     53,952                      53,952  

Short-Term Securities

           

Money Market Funds

     11,107,802                      11,107,802  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 2,219,467,732      $     647,981,055      $         593,950      $ 2,868,042,737  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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

  17


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Global REIT ETF

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1      Level 2      Level 3      Total  

Derivative Financial Instruments(a)

           

Liabilities

           

Equity Contracts

     $        (257,146      $        (31,754    $             —        $        (288,900
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

See notes to financial statements.

 

 

18  

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Schedule of Investments (unaudited)

October 31, 2023

  

iShares® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 9.0%        

Abacus Group

    110,487     $ 67,284  

Abacus Storage King(a)

    110,487       69,737  

Arena REIT

    70,966       143,565  

BWP Trust

    104,838       216,807  

Centuria Industrial REIT

    114,462       207,158  

Centuria Office REIT

    100,284       69,819  

Charter Hall Long Wale REIT

    143,370       275,433  

Charter Hall Retail REIT

    105,345       204,700  

Charter Hall Social Infrastructure REIT

    72,712       110,182  

Cromwell Property Group

    310,351       63,291  

Dexus

    232,714       961,152  

Dexus Industria REIT

    46,068       69,632  

GPT Group (The)

    414,463       956,509  

Growthpoint Properties Australia Ltd.

    56,925       71,469  

HealthCo REIT(b)

    97,620       85,147  

HomeCo Daily Needs REIT

    377,996       257,769  

Hotel Property Investments Ltd.

    40,708       66,107  

Ingenia Communities Group

    78,954       196,515  

Lifestyle Communities Ltd.

    20,180       200,755  

Mirvac Group

    852,805       989,470  

National Storage REIT

    270,636       345,056  

Region RE Ltd.

    249,933       312,514  

Scentre Group

    1,124,818       1,742,558  

Stockland

    516,034       1,164,658  

Vicinity Ltd.

    815,047       882,803  

Waypoint REIT Ltd.

    146,384       197,697  
   

 

 

 
           9,927,787  
Austria — 0.3%            

CA Immobilien Anlagen AG

    8,823       298,334  
   

 

 

 
Belgium — 2.7%            

Aedifica SA

    10,191       555,975  

Ascencio

    1,149       52,012  

Cofinimmo SA

    7,230       449,601  

Home Invest Belgium SA, NVS

    2,085       30,180  

Intervest Offices & Warehouses NV

    5,909       125,359  

Montea NV

    3,125       220,868  

Retail Estates NV

    2,685       163,480  

Shurgard Self Storage Ltd.

    5,490       205,462  

VGP NV

    2,198       178,932  

Warehouses De Pauw CVA

    34,339       849,633  

Xior Student Housing NV

    6,666       191,801  
   

 

 

 
      3,023,303  
Canada — 6.5%            

Allied Properties REIT

    27,514       314,474  

Boardwalk REIT

    8,006       373,873  

Canadian Apartment Properties REIT

    36,032       1,060,628  

Chartwell Retirement Residences

    50,784       372,068  

Choice Properties REIT

    55,257       479,751  

Crombie REIT

    22,704       199,412  

Dream Industrial REIT

    53,578       452,424  

First Capital Real Estate Investment Trust

    45,608       428,865  

Granite REIT

    12,898       587,351  

H&R Real Estate Investment Trust

    56,736       348,987  

InterRent REIT

    28,480       241,518  

Killam Apartment REIT

    25,067       283,252  

NorthWest Healthcare Properties REIT

    45,574       131,784  

Prinmaris REIT

    20,919       187,505  

RioCan REIT

    64,628       785,276  

SmartCentres Real Estate Investment Trust

    27,916       432,605  
Security   Shares     Value  
Canada (continued)            

StorageVault Canada Inc., NVS

    51,821     $ 160,685  

Tricon Residential Inc.

    52,139       345,526  
   

 

 

 
      7,185,984  
Finland — 0.4%            

Citycon OYJ

    15,660       82,833  

Kojamo OYJ

    39,403       336,613  
   

 

 

 
      419,446  
France — 4.0%            

ARGAN SA, NVS

    2,161       147,851  

Carmila SA

    12,243       171,554  

Covivio

    11,483       492,097  

Gecina SA

    11,216       1,101,309  

ICADE

    6,996       228,596  

Klepierre SA

    44,476       1,080,045  

Mercialys SA

    19,005       161,890  

Unibail-Rodamco-Westfield, New(a)

    22,240       1,101,974  
   

 

 

 
      4,485,316  
Germany — 5.2%            

Aroundtown SA(a)

    147,132       332,492  

Deutsche EuroShop AG

    2,558       46,392  

Deutsche Wohnen SE

    10,630       228,740  

DIC Asset AG(b)

    10,927       45,216  

Grand City Properties SA(a)

    21,576       192,935  

Hamborner REIT AG

    15,458       102,273  

LEG Immobilien SE(a)

    16,035       1,002,374  

TAG Immobilien AG(a)

    32,598       356,426  

Vonovia SE

    150,715       3,469,773  
   

 

 

 
      5,776,621  
Hong Kong — 10.9%            

Champion REIT

    407,000       128,566  

CK Asset Holdings Ltd.

    421,000       2,104,295  

Fortune REIT

    297,000       166,168  

Hongkong Land Holdings Ltd.(b)

    237,700       753,918  

Hysan Development Co. Ltd.

    132,000       242,980  

Link REIT

    551,640       2,531,553  

New World Development Co. Ltd.

    304,333       558,548  

Prosperity REIT

    247,000       42,675  

Sino Land Co. Ltd.(b)

    730,800       729,578  

Sun Hung Kai Properties Ltd.

    307,500       3,157,625  

Sunlight REIT

    238,000       65,827  

Swire Properties Ltd.

    229,600       444,553  

Wharf Real Estate Investment Co. Ltd.

    334,900       1,171,493  
   

 

 

 
          12,097,779  
Ireland — 0.1%            

Irish Residential Properties REIT PLC

    95,813       92,286  
   

 

 

 
Israel — 0.7%            

Amot Investments Ltd.

    46,884       196,343  

Azrieli Group Ltd.

    7,885       339,506  

Melisron Ltd.

    5,409       293,186  
   

 

 

 
      829,035  
Italy — 0.0%            

Immobiliare Grande Distribuzione SIIQ SpA

    14,753       30,284  
   

 

 

 
Japan — 28.6%            

Activia Properties Inc.

    158       427,467  

Advance Logistics Investment Corp.

    140       114,044  

Advance Residence Investment Corp.

    281       610,951  

Aeon Mall Co. Ltd.

    25,800       293,380  

AEON REIT Investment Corp.

    381       362,709  

Comforia Residential REIT Inc.

    146       309,850  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

CRE Logistics REIT Inc.

    133     $ 139,751  

Daiwa House REIT Investment Corp.

    459       812,314  

Daiwa Office Investment Corp.

    57       249,344  

Daiwa Securities Living Investments Corp.

    445       329,037  

Frontier Real Estate Investment Corp.

    105       314,121  

Fukuoka REIT Corp.

    157       169,036  

Global One Real Estate Investment Corp.

    218       165,370  

GLP J-Reit

    1,005       900,135  

Hankyu Hanshin REIT Inc.

    141       132,473  

Health Care & Medical Investment Corp.

    74       69,292  

Heiwa Real Estate Co. Ltd.

    6,900       176,632  

Heiwa Real Estate REIT Inc.

    212       198,181  

Hoshino Resorts REIT Inc.

    55       216,393  

Hulic Co. Ltd.

    89,300       818,714  

Hulic Reit Inc.

    274       279,505  

Ichigo Office REIT Investment Corp.

    253       141,942  

Industrial &