iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and 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 invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. 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 is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(9.65)%		0.21%

U.S. small cap equities (Russell 2000^® Index)		(18.38)		(16.87)

International equities (MSCI Europe, Australasia, Far East Index)		(11.80)		(8.15)

Emerging market equities (MSCI Emerging Markets Index)		(14.15)		(18.33)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07		0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29)		(8.86)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)		(8.51)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)		(7.88)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)		(5.22)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Global equity markets declined during the 12 months ended April 30, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -5.44% in U.S. dollar terms for the reporting period.

In the first half of the reporting period, stocks were supported by economic recovery in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, significant challenges emerged in the second half of the reporting period, erasing earlier gains. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting markets in important commodities such as oil, natural gas, and wheat.

The U.S. economy grew briskly over the final three quarters of 2021, powered primarily by consumers with strong household balance sheets. Record-high personal savings rates allowed consumers to spend at an elevated level throughout much of the reporting period, releasing pent-up demand for goods and services. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in April 2022 — only marginally higher than the pre-pandemic rate of 3.5% in February 2020. However, the economy contracted in the first quarter of 2022 amid lower inventory investment and an inflation-driven decline in consumer sentiment.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially in the second half of the reporting period. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions against Russia imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) maintained ultra-low interest rates but started to wind down its bond buying program.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly. Chinese stocks endured substantial declines, driving much of the negative performance in the region. Regulatory interventions by the Chinese government weighed on equity markets, particularly in the information technology sector. While China’s economy continued to expand at a solid pace, COVID-19 cases rose sharply late in the reporting period, and analysts became concerned that the subsequent lockdowns would constrain growth.

The iShares Cohen & Steers REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs), as represented by the Cohen & Steers Realty Majors Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Real estate investment trusts (“REITs”) advanced during the reporting period, benefiting from increased need for warehouses and storage space resulting from supply chain disruptions and the coronavirus pandemic. Industrial REITs that own and operate warehouses contributed the most to the Index’s return. Demand for warehouse space grew throughout 2021 as supply chain disruptions arising from the pandemic created a need for additional space to store a backlog of goods, supporting sharp rental price increases. Shifting consumer buying trends toward e-commerce and away from brick-and-mortar stores also added to growing demand for warehouse space, and occupancy rates at warehouses soared to record highs. Regulatory hurdles preventing the building of new warehouses in urban or suburban areas close to consumers limited the supply of new units.

Specialized REITs, particularly those involved in self-storage, also contributed to the Index. The COVID-19 pandemic encouraged Americans to declutter as they increasingly worked, studied, and exercised at home. To make room for home offices and gyms, people turned to self-storage rental units to store excess items. Growing demand for storage space helped reduce the excess supply of rental units that existed prior to the pandemic, which led to significant price increases and record occupancy rates. The positive environment meant that profits and revenues from self-storage companies exceeded analysts’ expectations.

Residential REITs, most notably those invested in apartment buildings, also contributed to the Index’s performance. Revenues and lease rates grew sharply in 2021 as renters returned to urban areas and the impact from the pandemic eased. In addition, as housing prices climbed higher, many potential homebuyers continued to rent rather than buy. Limited growth in new apartment buildings kept supply tight, which supported rental price increases.

The iShares Core U.S. REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

Real estate investment trusts (“REITs”) advanced during the reporting period, benefiting from increased need for warehouses and storage space amid supply chain disruptions and the coronavirus pandemic. REITs’ dividend payouts and growth potential attracted investors concerned about inflation and in search of an alternative to the low yields offered by bonds.

Industrial REITs that own and operate warehouses contributed the most to the Index’s return. Demand for warehouse space grew throughout 2021 as supply chain disruptions arising from the pandemic created a need for additional space to store a backlog of goods, supporting sharp rental price increases. Shifting consumer buying trends toward e-commerce and away from brick-and-mortar stores also added to growing demand for warehouse space, and occupancy rates at warehouses soared to record highs. Regulatory hurdles preventing the building of new warehouses in urban or suburban areas close to consumers limited the supply of new units.

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.

The inception date of the Fund was 7/8/14. The first day of secondary market trading was 7/10/14.

Global real estate investment trusts (“REITs”) advanced modestly during the reporting period, benefiting from surging property values as global economies rebounded from the coronavirus pandemic. Industrial REITs contributed the most to the Index’s return, driven primarily by U.S. REITs that own and operate warehouses. Demand for warehouse space grew throughout 2021 as supply chain disruptions due to the pandemic created a need for space to store a backlog of goods, supporting sharp rental price increases. Shifting consumer buying trends toward e-commerce and away from brick-and-mortar stores also added to growing demand for warehouses. Occupancy rates at warehouses soared to record highs, while rents continued to grow. Regulatory hurdles preventing the building of new warehouses in urban or suburban areas close to consumers constrained the supply of new units and limited competition. Industrial REITs in Canada and the U.K. added marginally to the Index’s performance.

U.S. residential REITs, most notably those invested in apartment buildings, contributed substantially to the Index’s performance. Revenues and lease rates grew sharply in 2021 as renters returned to urban areas as the impact from the pandemic subsided. In addition, as housing prices climbed higher, many potential homebuyers continued to rent rather than buy. Rising interest rates sent mortgage rates climbing to their highest level since 2009, leading home mortgage applications to drop sharply near the end of the reporting period. Limited growth in new apartment buildings kept supply tight, which supported rental price increases. In addition, high occupancy rates in apartment complexes also allowed landlords to raise rents.

On the downside, Japanese REITs that invest in office buildings detracted from the Index’s return. The pandemic resulted in many workers choosing to work from home, lessening the demand for office space in central Tokyo and other urban areas. Many Japanese companies moved their offices out of urban areas to more suburban areas to be closer to their employees’ homes and offer a more appealing alternative to working from home.

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.

International developed real estate stocks declined during the reporting period, as the strengthening U.S. dollar and rising interest rates weakened investment returns in foreign markets. The Japanese yen hit a 20-year low against the U.S. dollar late in the reporting period and the euro dropped to a five-year low as the Fed signaled a more aggressive approach to fight soaring inflation by raising interest rates. Higher interest rates tend to weaken the performance of real estate investment trusts (“REITs”). As interest rates rise, the costs of borrowing money and refinancing debt also escalates. In addition, higher interest rates increase the attractiveness of investments such as government and corporate bonds relative to REITs.

Japanese equity REITs detracted the most from the Index’s return, led by office REITs. Vacancies in Tokyo office towers rose through most of 2021. The coronavirus pandemic led many workers to choose to work from home, lessening the demand for office space in core urban areas such as central Tokyo. Many Japanese companies moved their offices out of urban areas to nearby suburbs to be closer to their employees’ homes and offer a more appealing alternative to working from home. Japanese diversified REITs also declined. Although demand increased for logistics and data centers, driven by growth in online shopping and remote work, land costs also rose. The Japanese yen’s significant depreciation relative to the U.S. dollar further weighed on performance for U.S. investors.

German real estate management and development companies detracted from the Index’s performance, as these companies posted weaker profits and decreased dividends payable to shareholders. Inflationary pressures and the risk of rising interest rates in Germany also weakened the outlook for the real estate sector. The ECB announced late in the reporting period that it will wait until late 2022 to raise interest rates despite soaring inflation.

On the upside, Canadian equity REITs contributed slightly to the Index’s return. The trend toward e-commerce increased demand for warehouses and logistics centers to store goods close to consumers.

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

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

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

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

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


Security	Shares		Value

Common Stocks

Health Care REITs — 8.6%
Healthpeak Properties Inc.		1,615,818	$	53,014,988
Ventas Inc.		1,196,493		66,465,186
Welltower Inc.		1,304,696		118,479,444

				237,959,618

Hotel & Resort REITs — 1.6%
Host Hotels & Resorts Inc.		2,140,253		43,554,149


Industrial REITs — 10.6%
Duke Realty Corp.		1,141,562		62,500,520
Prologis Inc.		1,431,059		229,384,447

				291,884,967

Office REITs — 6.0%
Alexandria Real Estate Equities Inc.		422,686		76,996,482
Boston Properties Inc.		426,077		50,106,655
Cousins Properties Inc.		447,582		16,068,194
Kilroy Realty Corp.		314,176		21,992,320

				165,163,651

Residential REITs — 19.2%
AvalonBay Communities Inc.		418,861		95,282,500
Equity LifeStyle Properties Inc.		512,431		39,600,668
Equity Residential		1,022,909		83,367,083
Essex Property Trust Inc.		195,095		64,238,931
Invitation Homes Inc.		1,788,760		71,228,423
Mid-America Apartment Communities Inc.		345,115		67,877,218
Sun Communities Inc.		347,612		61,030,239
UDR Inc.		871,151		46,353,945

				528,979,007

Retail REITs — 10.5%
Federal Realty Investment Trust		209,849		24,564,924
Realty Income Corp.		1,695,828		117,622,630
Regency Centers Corp.		461,876		31,790,925


Security	Shares		Value

Retail REITs (continued)
Simon Property Group Inc.		984,981	$	116,227,758

				290,206,237

Specialized REITs — 43.4%
American Tower Corp.		891,342		214,831,249
Crown Castle International Corp.		1,218,266		225,635,046
Digital Realty Trust Inc.		850,625		124,293,325
Equinix Inc.		269,890		194,072,501
Extra Space Storage Inc.		401,329		76,252,510
Public Storage		457,281		169,879,891
SBA Communications Corp.		326,061		113,179,034
VICI Properties Inc.		2,524,678		75,260,651

				1,193,404,207


Total Common Stocks — 99.9% (Cost: $2,177,555,957)				2,751,151,836


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(b)		5,220,000		5,220,000


Total Short-Term Investments — 0.2% (Cost: $5,220,000)				5,220,000


Total Investments in Securities — 100.1% (Cost: $2,182,775,957)				2,756,371,836

Other Assets, Less Liabilities — (0.1)%				(2,934,721	)


Net Assets — 100.0%			$	2,753,437,115

^(a)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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.


Security	Shares		Value

Common Stocks

Diversified REITs — 3.5%
Alexander & Baldwin Inc.		140,382	$	2,976,098
Alpine Income Property Trust Inc.		19,491		364,482
American Assets Trust Inc.		96,649		3,537,353
Armada Hoffler Properties Inc.		128,724		1,744,210
Broadstone Net Lease Inc.		303,595		6,281,381
Empire State Realty Trust Inc., Class A		274,854		2,374,739
Essential Properties Realty Trust Inc.		233,919		5,614,056
Gladstone Commercial Corp.		70,984		1,493,503
Global Net Lease Inc.		202,118		2,835,715
One Liberty Properties Inc.		31,325		897,461
PS Business Parks Inc.		38,748		7,253,626
STORE Capital Corp.		474,832		13,499,474
Washington Real Estate Investment Trust		163,693		3,943,364
WP Carey Inc.		367,431		29,677,402

				82,492,864

Health Care REITs — 10.2%
CareTrust REIT Inc.		186,938		3,030,265
Community Healthcare Trust Inc.		45,569		1,677,851
Diversified Healthcare Trust		459,810		1,034,572
Global Medical REIT Inc.		114,809		1,694,581
Healthcare Realty Trust Inc.		285,319		7,726,439
Healthcare Trust of America Inc., Class A		422,931		12,882,478
Healthpeak Properties Inc.		1,048,137		34,389,375
LTC Properties Inc.		75,520		2,492,160
Medical Properties Trust Inc.		1,148,782		21,126,101
National Health Investors Inc.		84,544		4,356,552
Omega Healthcare Investors Inc.		463,786		11,817,267
Physicians Realty Trust		425,123		7,286,608
Sabra Health Care REIT Inc.		441,057		5,151,546
Universal Health Realty Income Trust		24,790		1,244,210
Ventas Inc.		774,798		43,040,029
Welltower Inc.		846,813		76,899,089

				235,849,123

Hotel & Resort REITs — 3.7%
Apple Hospitality REIT Inc.		413,531		7,315,363
Ashford Hospitality Trust Inc.^(a)(b)		32,550		229,477
Braemar Hotels & Resorts Inc.		112,223		680,071
Chatham Lodging Trust^(a)		92,674		1,330,799
DiamondRock Hospitality Co.^(a)		404,289		4,293,549
Hersha Hospitality Trust, Class A^(a)		62,120		607,534
Host Hotels & Resorts Inc.^(b)		1,374,444		27,969,935
Park Hotels & Resorts Inc.		456,760		9,002,740
Pebblebrook Hotel Trust^(b)		251,045		6,130,519
RLJ Lodging Trust		319,587		4,480,610
Ryman Hospitality Properties Inc.^(a)(b)		103,910		9,713,507
Service Properties Trust		326,083		2,647,794
Summit Hotel Properties Inc.^(a)		199,519		1,969,253
Sunstone Hotel Investors Inc.^(a)		420,464		5,150,684
Xenia Hotels & Resorts Inc.^(a)		220,239		4,248,410

				85,770,245

Industrial REITs — 16.0%
Americold Realty Trust		518,424		13,676,025
Duke Realty Corp.		739,121		40,466,875
EastGroup Properties Inc.		78,050		14,634,375
First Industrial Realty Trust Inc.		250,068		14,503,944
Indus Realty Trust Inc		11,002		786,093
Industrial Logistics Properties Trust		125,293		2,024,735
LXP Industrial Trust		538,988		6,764,299


Security	Shares		Value

Industrial REITs (continued)
Plymouth Industrial REIT Inc.		60,219	$	1,452,482
Prologis Inc.		1,434,514		229,938,249
Rexford Industrial Realty Inc.		312,340		24,375,013
STAG Industrial Inc.		345,965		12,911,414
Terreno Realty Corp.^(b)		142,421		10,361,128

				371,894,632

Office REITs — 8.8%
Alexandria Real Estate Equities Inc.		323,772		58,978,308
Boston Properties Inc.		303,525		35,694,540
Brandywine Realty Trust		328,099		3,828,915
City Office REIT Inc.		81,916		1,215,634
Corporate Office Properties Trust		218,153		5,822,504
Cousins Properties Inc.		288,098		10,342,718
Creative Media & Community Trust Corp.		33,787		238,874
Douglas Emmett Inc.		323,316		9,524,889
Easterly Government Properties Inc.		167,642		3,193,580
Franklin Street Properties Corp., Class C		196,945		1,016,236
Highwoods Properties Inc.		199,886		8,163,344
Hudson Pacific Properties Inc.		287,628		6,695,980
JBG SMITH Properties		237,240		6,253,646
Kilroy Realty Corp.		225,632		15,794,240
Office Properties Income Trust		92,023		1,989,537
Orion Office REIT Inc.		110,121		1,477,824
Paramount Group Inc.		361,228		3,435,278
Piedmont Office Realty Trust Inc., Class A		239,792		3,860,651
Postal Realty Trust Inc., Class A		33,206		558,857
SL Green Realty Corp.		131,547		9,105,683
Veris Residential Inc.^(a)		169,354		2,711,358
Vornado Realty Trust		341,036		13,201,504

				203,104,100

Residential REITs — 19.9%
American Campus Communities Inc.		266,096		17,208,428
American Homes 4 Rent, Class A		572,298		22,668,724
Apartment Income REIT Corp.		303,723		14,934,060
Apartment Investment & Management Co., Class A^(a)		291,597		1,837,061
AvalonBay Communities Inc.		271,070		61,663,004
Bluerock Residential Growth REIT Inc., Class A		51,222		1,363,017
BRT Apartments Corp.		21,724		475,538
Camden Property Trust		192,167		30,149,081
Centerspace		27,705		2,556,063
Clipper Realty Inc.		23,349		208,507
Equity LifeStyle Properties Inc.		343,955		26,580,842
Equity Residential		716,669		58,408,524
Essex Property Trust Inc.		125,995		41,486,374
Independence Realty Trust Inc.		426,724		11,632,496
Invitation Homes Inc.		1,160,396		46,206,969
Mid-America Apartment Communities Inc.		224,316		44,118,471
NexPoint Residential Trust Inc.		43,033		3,836,822
Preferred Apartment Communities Inc., Class A		100,371		2,497,231
Sun Communities Inc.		222,704		39,100,141
UDR Inc.		615,353		32,742,933
UMH Properties Inc.		84,577		1,989,251

			461,663,537

Retail REITs — 14.2%
Acadia Realty Trust		166,902		3,491,590
Agree Realty Corp.		135,862		9,227,747
Alexander’s Inc.		4,122		1,022,957
Brixmor Property Group Inc.		575,341		14,602,155
Cedar Realty Trust Inc.		24,405		692,614


Security	Shares		Value

Retail REITs (continued)
Federal Realty Investment Trust		151,668	$	17,754,256
Getty Realty Corp.		78,403		2,109,825
InvenTrust Properties Corp.^(b)		130,897		3,964,870
Kimco Realty Corp.		1,129,334		28,606,030
Kite Realty Group Trust		419,351		9,351,527
Macerich Co. (The)		413,008		5,183,250
National Retail Properties Inc.		339,517		14,884,425
Necessity Retail REIT Inc.		238,614		1,782,447
NETSTREIT Corp.		76,378		1,651,292
Phillips Edison & Co. Inc.		214,857		7,275,058
Realty Income Corp.		1,100,112		76,303,768
Regency Centers Corp.		328,259		22,594,067
Retail Opportunity Investments Corp.		229,699		4,279,292
RPT Realty		160,920		2,138,627
Saul Centers Inc.		22,705		1,171,805
Simon Property Group Inc.		634,289		74,846,102
SITE Centers Corp.		334,625		5,320,538
Spirit Realty Capital Inc.		247,455		10,751,920
Tanger Factory Outlet Centers Inc.		198,009		3,193,885
Urban Edge Properties		223,807		4,182,953
Urstadt Biddle Properties Inc., Class A		57,722		1,001,477
Whitestone REIT		89,108		1,082,662

				328,467,139

Specialized REITs — 23.3%
CubeSmart		423,715		20,130,700
Digital Realty Trust Inc.		545,802		79,752,588
EPR Properties		143,619		7,542,870
Equinix Inc.		173,897		125,045,855
Extra Space Storage Inc.		254,978		48,445,820
Farmland Partners Inc.		55,122		811,396
Four Corners Property Trust Inc.		149,331		4,100,629
Gaming and Leisure Properties Inc.		452,953		20,102,054
Gladstone Land Corp.		60,239		2,192,700
Iron Mountain Inc.		556,947		29,924,762


Security	Shares		Value

Specialized REITs (continued)
Lamar Advertising Co., Class A		167,492	$	18,492,792
Life Storage Inc.		158,359		20,980,984
National Storage Affiliates Trust		156,905		8,880,823
Outfront Media Inc.		280,604		7,183,462
Public Storage		293,216		108,929,744
Safehold Inc.		40,207		1,730,911
VICI Properties Inc.		1,222,901		36,454,679

				540,702,769


Total Common Stocks — 99.6% (Cost: $2,117,330,451)				2,309,944,409


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(c)(d)(e)		3,621,730		3,621,730
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		7,350,000		7,350,000

				10,971,730


Total Short -Term Investments — 0.5% (Cost: $10,971,614)				10,971,730


Total Investments in Securities — 100.1% (Cost: $2,128,302,065)				2,320,916,139

Other Assets, Less Liabilities — (0.1)%				(2,365,978	)


Net Assets — 100.0%			$	2,318,550,161

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

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

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


Security	Shares		Value

Common Stocks

Australia — 4.1%
Abacus Property Group		1,008,395	$	2,314,259
Arena REIT		685,295		2,319,187
BWP Trust		1,041,714		3,027,826
Centuria Industrial REIT		1,121,371		3,125,057
Centuria Office REIT		985,915		1,519,995
Charter Hall Long Wale REIT		1,459,720		5,478,414
Charter Hall Retail REIT		1,037,916		3,242,198
Charter Hall Social Infrastructure REIT		703,426		1,991,281
Cromwell Property Group		3,035,564		1,821,830
Dexus		2,276,910		17,802,177
Dexus Industria REIT		458,532		1,096,985
GPT Group (The)		4,085,644		14,523,991
Growthpoint Properties Australia Ltd.		595,279		1,830,978
HomeCo Daily Needs REIT		2,828,142		2,847,469
Hotel Property Investments		411,870		1,178,477
Irongate Group		1,065,946		1,441,391
Mirvac Group		8,327,490		14,074,209
National Storage REIT		2,555,730		4,629,061
Scentre Group		10,977,470		22,871,676
Shopping Centres Australasia Property Group		2,475,604		5,298,396
Stockland		5,049,176		14,614,473
Vicinity Centres		8,045,200		10,497,491
Waypoint REIT Ltd.		1,548,895		2,919,794

				140,466,615

Belgium — 1.2%
Aedifica SA		77,797		9,221,503
Ascencio		11,386		622,204
Befimmo SA		46,567		2,324,500
Cofinimmo SA		67,824		9,107,758
Intervest Offices & Warehouses NV		51,326		1,529,635
Montea NV		26,147		3,121,827
Nextensa		8,935		669,245
Retail Estates NV		22,530		1,716,046
Warehouses De Pauw CVA		300,238		11,550,208
Xior Student Housing NV		46,947		2,507,732

				42,370,658

Canada — 3.0%
Allied Properties REIT		268,111		8,709,199
Artis REIT		195,461		1,994,702
Boardwalk REIT		80,747		3,543,150
Canadian Apartment Properties REIT		368,805		14,446,166
Choice Properties REIT		550,025		6,499,342
Crombie REIT		217,612		2,966,089
Dream Industrial REIT		482,429		5,617,980
Dream Office REIT		74,397		1,505,719
First Capital Real Estate Investment Trust		466,578		6,217,892
Granite REIT		131,224		9,718,329
H&R Real Estate Investment Trust		607,015		6,038,728
InterRent REIT		277,543		3,048,404
Killam Apartment REIT		240,109		3,777,373
NorthWest Healthcare Properties REIT		419,641		4,328,216
Prinmaris REIT		204,100		2,195,666
RioCan REIT		667,483		12,470,005
SmartCentres Real Estate Investment Trust		278,862		6,792,194
Summit Industrial Income REIT		349,583		5,534,985

				105,404,139

China — 0.0%
Yuexiu REIT		3,729,000		1,489,456


Security	Shares		Value

France — 1.5%
Carmila SA		86,663	$	1,348,050
Covivio		107,012		7,621,134
Gecina SA		110,103		12,402,898
ICADE		73,219		4,371,602
Klepierre SA		394,823		9,450,346
Mercialys SA		136,159		1,314,866
Unibail-Rodamco-Westfield^(a)(b)		218,733		15,437,063

				51,945,959

Germany — 0.0%
Hamborner REIT AG		152,113		1,419,713


Guernsey — 0.0%
BMO Commercial Property Trust Ltd.		1,037,461		1,531,323


Hong Kong — 1.3%
Champion REIT		4,217,000		1,848,666
Fortune REIT		2,914,000		2,546,025
Link REIT		4,493,400		38,813,012
Prosperity REIT		2,636,000		903,637
Sunlight REIT		2,249,000		1,098,768

				45,210,108

India — 0.2%
Brookfield India Real Estate Trust^(c)		216,242		935,830
Embassy Office Parks REIT		1,021,706		5,128,845

				6,064,675

Ireland — 0.1%
Hibernia REIT PLC		1,438,933		2,462,200
Irish Residential Properties REIT PLC		962,643		1,474,565

				3,936,765

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA^(a)		139,355		660,671


Japan — 6.7%
Activia Properties Inc.		1,508		4,818,842
Advance Residence Investment Corp.		2,742		7,532,445
AEON REIT Investment Corp.		3,587		4,118,285
Comforia Residential REIT Inc.		1,328		3,309,141
CRE Logistics REIT Inc.		1,060		1,621,013
Daiwa House REIT Investment Corp.		4,416		10,748,551
Daiwa Office Investment Corp.		556		3,147,660
Daiwa Securities Living Investments Corp.		4,214		3,708,710
Frontier Real Estate Investment Corp.		982		3,804,802
Fukuoka REIT Corp.		1,456		1,820,964
Global One Real Estate Investment Corp.		1,942		1,664,673
GLP J-Reit		8,961		12,091,745
Hankyu Hanshin REIT Inc.		1,338		1,520,523
Heiwa Real Estate REIT Inc.		1,860		2,130,656
Hoshino Resorts REIT Inc.		493		2,543,211
Hulic Reit Inc.		2,704		3,359,006
Ichigo Office REIT Investment Corp.		2,520		1,617,622
Industrial & Infrastructure Fund Investment Corp.		3,983		5,715,145
Invincible Investment Corp.		10,443		3,405,220
Itochu Advance Logistics Investment Corp.		1,184		1,462,632
Japan Excellent Inc.		2,660		2,609,948
Japan Hotel REIT Investment Corp.		9,462		4,805,621
Japan Logistics Fund Inc.		1,763		4,302,611
Japan Metropolitan Fund Invest		14,531		11,549,653
Japan Prime Realty Investment Corp.		1,863		5,651,890
Japan Real Estate Investment Corp.		2,755		13,333,804
Kenedix Office Investment Corp.		771		4,029,790


Security	Shares		Value

Japan (continued)
Kenedix Residential Next Investment Corp.		1,996	$	3,210,851
Kenedix Retail REIT Corp.		1,183		2,490,497
LaSalle Logiport REIT		3,746		5,067,971
Mirai Corp.		3,422		1,329,220
Mitsubishi Estate Logistics REIT Investment Corp.		765		2,744,607
Mitsui Fudosan Logistics Park Inc.		1,083		4,643,278
Mori Hills REIT Investment Corp.		3,322		3,767,606
Mori Trust Sogo REIT Inc.		2,021		2,200,602
Nippon Accommodations Fund Inc.		942		4,638,320
Nippon Building Fund Inc.		3,215		16,690,041
Nippon Prologis REIT Inc.		4,809		13,310,195
NIPPON REIT Investment Corp.		881		2,525,293
Nomura Real Estate Master Fund Inc.		9,458		11,874,888
NTT UD REIT Investment Corp.		2,868		3,312,803
One REIT Inc.		499		1,059,265
Orix JREIT Inc.		5,590		7,556,119
Sankei Real Estate Inc.		980		747,029
Sekisui House Reit Inc.		8,890		5,201,996
SOSiLA Logistics REIT Inc.		1,326		1,611,811
Star Asia Investment Corp.		3,439		1,574,083
Starts Proceed Investment Corp.		466		834,838
Takara Leben Real Estate Investment Corp.		1,095		1,020,546
Tokyu REIT Inc.		1,792		2,512,103
United Urban Investment Corp.		6,279		6,870,077

				233,218,202

Malaysia — 0.1%
Axis Real Estate Investment Trust		2,648,600		1,162,014
Sunway REIT		4,224,800		1,414,064

				2,576,078

Mexico — 0.4%
Concentradora Fibra Danhos SA de CV^(b)		503,515		563,313
Fibra Uno Administracion SA de CV		6,567,113		7,202,214
Macquarie Mexico Real Estate Management SA de CV^(c)		1,557,350		1,720,171
PLA Administradora Industrial S. de RL de CV		1,687,609		2,238,678
Prologis Property Mexico SA de CV		967,948		2,597,923

				14,322,299

Netherlands — 0.2%
Eurocommercial Properties NV		108,105		2,615,705
NSI NV		37,795		1,483,233
Vastned Retail NV		37,892		967,375
Wereldhave NV		87,960		1,434,642

				6,500,955

New Zealand — 0.3%
Argosy Property Ltd.		1,776,120		1,488,072
Goodman Property Trust		2,339,416		3,405,456
Kiwi Property Group Ltd.		3,394,466		2,315,206
Stride Property Group		1,023,503		1,308,331
Vital Healthcare Property Trust^(d)		916,275		1,845,627

				10,362,692

Philippines — 0.0%
AREIT Inc.		1,300,420		988,604


Saudi Arabia — 0.2%
Al Maather REIT Fund		89,145		212,229
Al Rajhi REIT		242,473		707,224
Alahli REIT Fund 1		95,189		303,017
Al-Jazira Reit Fund		26,532		161,816
Alkhabeer REIT		177,484		417,678


Security	Shares		Value

Saudi Arabia (continued)
Derayah REIT		233,902	$	767,906
Jadwa REIT Saudi Fund		322,740		1,211,522
Musharaka Real Estate Income Fund, NVS		173,262		449,785
Riyad REIT Fund		321,168		938,467
Sedco Capital REIT Fund		84,928		250,683
Swicorp Wabel REIT, NVS^(a)		190,498		339,802
Taleem REIT		59,213		198,597

				5,958,726

Singapore — 3.2%
AIMS APAC REIT		1,199,800		1,226,882
Ascendas REIT		7,261,714		14,940,826
Ascott Residence Trust		4,047,732		3,362,786
CapitaLand China Trust		2,408,630		2,023,796
CapitaLand Integrated Commercial Trust		10,359,426		17,358,164
CDL Hospitality Trusts		1,714,100		1,647,412
Cromwell European Real Estate Investment Trust		678,200		1,645,575
ESR-REIT^(b)		10,562,843		2,962,454
Far East Hospitality Trust		2,073,800		998,988
First REIT		2,410,800		544,908
Frasers Centrepoint Trust		2,298,970		4,048,581
Frasers Logistics & Commercial Trust		6,099,000		6,351,251
Keppel DC REIT		2,779,833		4,144,143
Keppel Pacific Oak US REIT		1,807,400		1,308,923
Keppel REIT		4,570,900		4,004,501
Lendlease Global Commercial REIT^(b)		2,440,191		1,393,851
Manulife US Real Estate Investment Trust		3,368,400		2,098,533
Mapletree Commercial Trust		4,741,991		6,377,605
Mapletree Industrial Trust		3,937,110		7,398,148
Mapletree Logistics Trust		6,818,413		8,757,032
Mapletree North Asia Commercial Trust		5,343,700		4,615,207
OUE Commercial Real Estate Investment Trust		4,589,400		1,371,726
Parkway Life REIT		826,000		2,878,161
Prime U.S. REIT		1,359,900		1,001,882
Sasseur Real Estate Investment Trust		1,138,800		687,587
SPH REIT		1,996,400		1,408,583
Starhill Global REIT		3,034,600		1,299,198
Suntec REIT		4,511,100		5,959,467

				111,816,170

South Africa — 0.6%
Attacq Ltd.^(a)(b)		1,516,797		649,943
Emira Property Fund Ltd.		715,975		491,208
Equites Property Fund Ltd.		1,449,492		1,946,035
Growthpoint Properties Ltd.		7,346,986		6,568,906
Hyprop Investments Ltd.		732,290		1,664,713
Investec Property Fund Ltd.		1,208,499		933,588
Redefine Properties Ltd.		15,518,057		4,303,884
SA Corporate Real Estate Ltd.		5,555,493		785,146
Stor-Age Property REIT Ltd.		822,286		782,063
Vukile Property Fund Ltd.		1,900,410		1,618,522

				19,744,008

South Korea — 0.1%
ESR Kendall Square REIT Co. Ltd.		299,492		1,747,831


Spain — 0.4%
Inmobiliaria Colonial Socimi SA		766,958		6,377,548
Lar Espana Real Estate Socimi SA		128,979		675,978
Merlin Properties Socimi SA		707,293		7,683,788

				14,737,314


Security	Shares		Value

Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS^(a)		1	$	—
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,932,161		702,496
Is Gayrimenkul Yatirim Ortakligi AS^(a)		905,879		766,275
Ozak Gayrimenkul Yatirim Ortakligi^(a)		325,036		108,735

				1,577,506

United Kingdom — 5.0%
Assura PLC		6,212,578		5,148,114
Big Yellow Group PLC		361,771		6,537,914
BMO Real Estate Investments Ltd.		516,747		626,572
British Land Co PLC/The		1,972,757		12,707,347
Capital & Counties Properties PLC		1,576,135		3,256,556
Civitas Social Housing PLC		1,302,326		1,408,345
Custodian REIT PLC		881,755		1,115,416
Derwent London PLC		214,790		8,149,545
Empiric Student Property PLC		1,263,298		1,445,566
Great Portland Estates PLC		547,579		4,651,090
Hammerson PLC^(b)		9,371,392		3,383,369
Home Reit PLC		1,200,053		1,850,043
Impact Healthcare REIT PLC		637,495		996,033
Land Securities Group PLC		1,518,814		14,244,302
LondonMetric Property PLC		2,026,299		6,848,629
LXI REIT Plc		1,570,680		2,915,562
NewRiver REIT PLC		676,345		750,115
Picton Property Income Ltd. (The)		1,171,720		1,496,954
Primary Health Properties PLC		2,858,076		5,183,146
PRS REIT PLC (The)		1,110,317		1,507,862
Regional REIT Ltd.^(c)		951,148		1,013,030
Safestore Holdings PLC		437,779		6,887,036
Schroder REIT Ltd.		1,057,916		757,466
Segro PLC		2,551,355		42,715,046
Shaftesbury PLC		608,704		4,558,301
Standard Life Investment Property Income Trust Ltd.		855,122		882,275
Target Healthcare REIT PLC		1,323,087		1,846,660
Triple Point Social Housing REIT PLC^(c)		785,816		866,585
Tritax Big Box REIT PLC		3,984,027		12,161,913
UK Commercial Property REIT Ltd.		1,585,622		1,747,031
UNITE Group PLC (The)		678,258		9,604,277
Urban Logistics REIT PLC		976,195		2,295,456
Workspace Group PLC		283,855		2,375,447

				171,933,003

United States — 70.8%
Acadia Realty Trust		183,387		3,836,456
Agree Realty Corp.		148,400		10,079,328
Alexander & Baldwin Inc.		154,060		3,266,072
Alexandria Real Estate Equities Inc.		354,369		64,551,857
American Assets Trust Inc.		106,086		3,882,748
American Campus Communities Inc.		291,160		18,829,317
American Homes 4 Rent, Class A		626,379		24,810,872
Americold Realty Trust		567,417		14,968,460
Apartment Income REIT Corp.		332,401		16,344,157
Apartment Investment & Management Co., Class A^(a)		321,734		2,026,924
Apple Hospitality REIT Inc.		453,923		8,029,898
Armada Hoffler Properties Inc.		140,402		1,902,447
AvalonBay Communities Inc.		296,698		67,492,861
Boston Properties Inc.		332,194		39,066,014
Brandywine Realty Trust		362,237		4,227,306
Brixmor Property Group Inc.		629,670		15,981,025
Broadstone Net Lease Inc.		332,759		6,884,784
Camden Property Trust		210,293		32,992,869


Security	Shares		Value

United States (continued)
CareTrust REIT Inc.		205,257	$	3,327,216
Centerspace		30,285		2,794,094
Community Healthcare Trust Inc.		50,664		1,865,449
Corporate Office Properties Trust		238,870		6,375,440
Cousins Properties Inc.		315,449		11,324,619
CubeSmart		463,775		22,033,950
DiamondRock Hospitality Co.^(a)		444,351		4,719,008
Digital Realty Trust Inc.		597,336		87,282,736
DigitalBridge Group Inc.^(a)		1,026,040		7,141,238
Diversified Healthcare Trust		507,046		1,140,854
Douglas Emmett Inc.		353,771		10,422,094
Duke Realty Corp.		808,946		44,289,794
Easterly Government Properties Inc.		182,879		3,483,845
EastGroup Properties Inc.		85,399		16,012,313
Empire State Realty Trust Inc., Class A		305,467		2,639,235
EPR Properties		157,639		8,279,200
Equinix Inc.		190,299		136,840,205
Equity Commonwealth^(a)		230,504		6,036,900
Equity LifeStyle Properties Inc.		376,476		29,094,065
Equity Residential		784,357		63,925,096
Essential Properties Realty Trust Inc.		256,150		6,147,600
Essex Property Trust Inc.		137,871		45,396,784
Extra Space Storage Inc.		278,977		53,005,630
Federal Realty Investment Trust		165,940		19,424,936
First Industrial Realty Trust Inc.		273,620		15,869,960
Four Corners Property Trust Inc.		163,154		4,480,209
Gaming and Leisure Properties Inc.		495,680		21,998,278
Getty Realty Corp.		85,760		2,307,802
Global Net Lease Inc.		220,693		3,096,323
Healthcare Realty Trust Inc.		311,866		8,445,331
Healthcare Trust of America Inc., Class A		462,933		14,100,939
Healthpeak Properties Inc.		1,147,220		37,640,288
Highwoods Properties Inc.		218,532		8,924,847
Host Hotels & Resorts Inc.		1,504,349		30,613,502
Hudson Pacific Properties Inc.		315,265		7,339,369
Independence Realty Trust Inc.		467,252		12,737,290
Industrial Logistics Properties Trust		138,301		2,234,944
Innovative Industrial Properties Inc.		53,353		7,714,310
InvenTrust Properties Corp.		143,073		4,333,681
Invitation Homes Inc.		1,270,059		50,573,749
JBG SMITH Properties		260,923		6,877,930
Kilroy Realty Corp.		246,959		17,287,130
Kimco Realty Corp.		1,236,019		31,308,361
Kite Realty Group Trust		458,801		10,231,262
Life Storage Inc.		173,271		22,956,675
LTC Properties Inc.		83,117		2,742,861
LXP Industrial Trust.		590,866		7,415,368
Macerich Co. (The)		452,420		5,677,871
Medical Properties Trust Inc.		1,257,359		23,122,832
Mid-America Apartment Communities Inc.		245,469		48,278,843
National Health Investors Inc.		93,204		4,802,802
National Retail Properties Inc.		371,612		16,291,470
National Storage Affiliates Trust		171,617		9,713,522
Necessity Retail REIT Inc.		264,292		1,974,261
NexPoint Residential Trust Inc.		47,396		4,225,827
Office Properties Income Trust		102,312		2,211,985
Omega Healthcare Investors Inc.		507,565		12,932,756
Orion Office REIT Inc.		120,265		1,613,956
Paramount Group Inc.		396,437		3,770,116
Park Hotels & Resorts Inc.		499,408		9,843,332


Security	Shares		Value

United States (continued)
Pebblebrook Hotel Trust^(b)		275,069	$	6,717,185
Physicians Realty Trust		465,927		7,985,989
Piedmont Office Realty Trust Inc., Class A		264,783		4,263,006
Prologis Inc.		1,570,055		251,664,116
PS Business Parks Inc.		42,485		7,953,192
Public Storage		320,855		119,197,633
Realty Income Corp.		1,204,130		83,518,457
Regency Centers Corp.		359,283		24,729,449
Retail Opportunity Investments Corp.		253,439		4,721,569
Rexford Industrial Realty Inc.		341,856		26,678,442
RLJ Lodging Trust		352,941		4,948,233
RPT Realty		177,851		2,363,640
Ryman Hospitality Properties Inc.^(a)		113,619		10,621,104
Sabra Health Care REIT Inc.		484,550		5,659,544
Safehold Inc.^(b)		44,192		1,902,466
Service Properties Trust		330,409		2,682,921
Simon Property Group Inc.		694,207		81,916,426
SITE Centers Corp.		368,082		5,852,504
SL Green Realty Corp.		143,882		9,959,512
Spirit Realty Capital Inc.		270,778		11,765,304
STAG Industrial Inc.		378,572		14,128,307
STORE Capital Corp.		519,673		14,774,303
Summit Hotel Properties Inc.^(a)		221,490		2,186,106
Sun Communities Inc.		243,671		42,781,317
Sunstone Hotel Investors Inc.^(a)		464,506		5,690,199
Tanger Factory Outlet Centers Inc.		216,912		3,498,791
Terreno Realty Corp.		155,922		11,343,326
UDR Inc.		673,516		35,837,786
Universal Health Realty Income Trust		27,217		1,366,021
Urban Edge Properties		247,212		4,620,392
Ventas Inc.		848,036		47,108,400
Veris Residential Inc.^(a)		187,009		2,994,014
VICI Properties Inc.		1,338,424		39,898,419
Vornado Realty Trust		373,198		14,446,495
Washington Real Estate Investment Trust		180,507		4,348,414
Welltower Inc.		926,789		84,161,709
WP Carey Inc.		402,135		32,480,444
Xenia Hotels & Resorts Inc.^(a)		241,926		4,666,753

				2,449,297,566


Total Common Stocks — 99.5% (Cost: $3,151,429,733)				3,445,281,036


Security	Shares		Value

Preferred Stocks

Bermuda — 0.0%
Brookfield Property Partners LP, 6.25%		4,436	$	92,579


Total Preferred Stocks — 0.0% (Cost: $109,587)				92,579


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		3,161,788		3,161,788
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		6,030,000		6,030,000

				9,191,788


Total Short-Term Investments — 0.3% (Cost: $9,188,458)				9,191,788


Total Investments in Securities — 99.8% (Cost: $3,160,727,778)				3,454,565,403

Other Assets, Less Liabilities — 0.2%				7,012,400


Net Assets — 100.0%			$	3,461,577,803

^(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.

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

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


Security	Shares		Value

Common Stocks

Australia — 9.5%
Abacus Property Group		137,624	$	315,846
Arena REIT		93,127		315,162
BWP Trust		145,031		421,544
Centuria Industrial REIT		155,456		433,228
Centuria Office REIT		138,429		213,418
Charter Hall Long Wale REIT		194,906		731,494
Charter Hall Retail REIT		142,191		444,170
Charter Hall Social Infrastructure REIT		94,834		268,459
Cromwell Property Group		422,921		253,821
Dexus		318,278		2,488,478
Dexus Industria REIT		63,433		151,756
GPT Group (The)		566,853		2,015,097
Growthpoint Properties Australia Ltd.		83,500		256,832
Home Consortium Ltd.		41,244		194,452
HomeCo Daily Needs REIT		389,271		391,931
Hotel Property Investments		56,501		161,665
Ingenia Communities Group		108,872		358,418
Irongate Group		147,615		199,608
Lifestyle Communities Ltd.		27,626		291,161
Mirvac Group		1,163,909		1,967,111
National Storage REIT		339,119		614,229
Scentre Group		1,534,467		3,197,078
Shopping Centres Australasia Property Group		329,747		705,739
Stockland		705,769		2,042,797
Vicinity Centres		1,112,715		1,451,886
Waypoint REIT Ltd.		214,722		404,769

				20,290,149

Austria — 0.2%
CA Immobilien Anlagen AG		12,354		348,910


Belgium — 3.0%
Aedifica SA		10,713		1,269,843
Ascencio		1,596		87,216
Befimmo SA		6,342		316,576
Cofinimmo SA		9,417		1,264,564
Intervest Offices & Warehouses NV		6,990		208,318
Montea NV		3,638		434,360
Nextensa		1,237		92,653
Retail Estates NV		3,056		232,767
Shurgard Self Storage SA		7,485		433,131
Warehouses De Pauw CVA		41,589		1,599,936
Xior Student Housing NV		6,588		351,906

				6,291,270

Canada — 7.6%
Allied Properties REIT		37,101		1,205,172
Artis REIT		26,693		272,405
Boardwalk REIT^(a)		11,058		485,221
Canadian Apartment Properties REIT		51,173		2,004,457
Chartwell Retirement Residences^(a)		68,465		650,195
Choice Properties REIT		75,909		896,975
Crombie REIT		30,470		415,311
Dream Industrial REIT		65,945		767,942
Dream Office REIT		10,501		212,529
First Capital Real Estate Investment Trust		64,184		855,354
Granite REIT		18,147		1,343,950
H&R Real Estate Investment Trust		82,989		825,594
InterRent REIT		38,382		421,570
Killam Apartment REIT		33,618		528,875


Security	Shares		Value

Canada (continued)
NorthWest Healthcare Properties REIT		56,587	$	583,644
Prinmaris REIT		28,658		308,297
RioCan REIT		92,524		1,728,546
SmartCentres Real Estate Investment Trust		38,440		936,277
Summit Industrial Income REIT		48,057		760,892
Tricon Residential Inc.		71,705		1,037,634

				16,240,840

Finland — 0.6%
Citycon Oyj		21,548		153,154
Kojamo Oyj		57,510		1,144,057

				1,297,211

France — 3.4%
Carmila SA		11,673		181,575
Covivio		14,879		1,059,646
Gecina SA		15,233		1,715,969
ICADE		9,590		572,579
Klepierre SA		54,542		1,305,498
Mercialys SA		18,700		180,583
Unibail-Rodamco-Westfield^(a)(b)		30,360		2,142,654

				7,158,504

Germany — 7.5%
ADLER Group SA^(c)		26,853		204,554
Aroundtown SA		337,059		1,694,912
Deutsche EuroShop AG		14,862		246,238
Deutsche Wohnen SE		14,603		418,226
Grand City Properties SA		28,628		505,429
Hamborner REIT AG		20,382		190,231
LEG Immobilien SE		21,556		2,210,147
Sirius Real Estate Ltd.		320,400		489,105
TAG Immobilien AG		37,424		747,935
Vonovia SE^(a)		230,079		9,166,570

				15,873,347

Guernsey — 0.1%
BMO Commercial Property Trust Ltd.		142,343		210,102


Hong Kong — 12.2%
Champion REIT		588,000		257,770
CK Asset Holdings Ltd.		584,500		3,962,407
Fortune REIT		405,000		353,857
Hang Lung Properties Ltd.		603,000		1,153,280
Henderson Land Development Co. Ltd.		384,000		1,552,902
Hongkong Land Holdings Ltd.^(a)		342,400		1,597,282
Hysan Development Co. Ltd.		180,000		531,031
Link REIT		623,500		5,385,657
New World Development Co. Ltd.		420,333		1,607,686
Prosperity REIT		361,000		123,753
Sino Land Co. Ltd.		1,062,800		1,404,790
Sun Hung Kai Properties Ltd.		421,000		4,848,693
Sunlight REIT		326,000		159,270
Swire Properties Ltd.		312,800		749,643
Wharf Real Estate Investment Co. Ltd.		486,900		2,294,549

				25,982,570

Ireland — 0.3%
Hibernia REIT PLC		197,311		337,625
Irish Residential Properties REIT PLC		131,971		202,151

				539,776

Israel — 0.6%
Amot Investments Ltd.		48,573		368,708


Security	Shares		Value

Israel (continued)
Azrieli Group Ltd.		10,855	$	932,426

				1,301,134

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA^(b)		18,228		86,417


Japan — 23.6%
Activia Properties Inc.		217		693,427
Advance Residence Investment Corp.		383		1,052,125
Aeon Mall Co. Ltd.		34,600		420,997
AEON REIT Investment Corp.		504		578,649
Comforia Residential REIT Inc.		192		478,430
CRE Logistics REIT Inc.		159		243,152
Daiwa House REIT Investment Corp.		625		1,521,251
Daiwa Office Investment Corp.		80		452,901
Daiwa Securities Living Investments Corp.		599		527,175
Frontier Real Estate Investment Corp.		143		554,060
Fukuoka REIT Corp.		209		261,388
Global One Real Estate Investment Corp.		286		245,158
GLP J-Reit		1,255		1,693,465
Hankyu Hanshin REIT Inc.		191		217,055
Heiwa Real Estate Co. Ltd.		9,600		302,835
Heiwa Real Estate REIT Inc.		272		311,580
Hoshino Resorts REIT Inc.		71		366,264
Hulic Co. Ltd.		121,900		1,029,250
Hulic Reit Inc.		371		460,869
Ichigo Office REIT Investment Corp.		348		223,386
Industrial & Infrastructure Fund Investment Corp.		558		800,666
Invincible Investment Corp.		1,455		474,442
Itochu Advance Logistics Investment Corp.		175		216,183
Japan Excellent Inc.		362		355,188
Japan Hotel REIT Investment Corp.		1,328		674,473
Japan Logistics Fund Inc.		254		619,888
Japan Metropolitan Fund Invest		2,041		1,622,245
Japan Prime Realty Investment Corp.		272		825,182
Japan Real Estate Investment Corp.		386		1,868,185
Kenedix Office Investment Corp.		111		580,164
Kenedix Residential Next Investment Corp.		290		466,506
Kenedix Retail REIT Corp.		173		364,206
LaSalle Logiport REIT		529		715,685
Mirai Corp.		487		189,167
Mitsubishi Estate Co. Ltd.		337,500		4,916,217
Mitsubishi Estate Logistics REIT Investment Corp.		110		394,649
Mitsui Fudosan Co. Ltd.		272,100		5,766,816
Mitsui Fudosan Logistics Park Inc.		157		673,125
Mori Hills REIT Investment Corp.		468		530,777
Mori Trust Sogo REIT Inc.		298		324,483
Nippon Accommodations Fund Inc.		137		674,575
Nippon Building Fund Inc.		452		2,346,469
Nippon Prologis REIT Inc.		686		1,898,689
NIPPON REIT Investment Corp.		129		369,765
Nomura Real Estate Holdings Inc.		33,200		808,943
Nomura Real Estate Master Fund Inc.		1,326		1,664,845
NTT UD REIT Investment Corp.		396		457,416
One REIT Inc.		74		157,085
Orix JREIT Inc.		782		1,057,046
Sankei Real Estate Inc.		131		99,858
Sekisui House Reit Inc.		1,234		722,077
SOSiLA Logistics REIT Inc.		196		238,247
Star Asia Investment Corp.		484		221,534
Starts Proceed Investment Corp.		63		112,864


Security	Shares		Value

Japan (continued)
Sumitomo Realty & Development Co. Ltd.		116,900	$	3,101,179
Takara Leben Real Estate Investment Corp.		161		150,053
Tokyo Tatemono Co. Ltd.		58,400		823,378
Tokyu REIT Inc.		257		360,274
United Urban Investment Corp.		876		958,463

				50,234,424

Netherlands — 0.4%
Eurocommercial Properties NV		15,009		363,157
NSI NV		5,295		207,798
Vastned Retail NV		4,846		123,718
Wereldhave NV		11,639		189,834

				884,507

New Zealand — 0.9%
Argosy Property Ltd.		250,108		209,546
Goodman Property Trust		321,710		468,309
Kiwi Property Group Ltd.		468,587		319,601
Precinct Properties New Zealand Ltd.		394,132		385,164
Stride Property Group		143,290		183,166
Vital Healthcare Property Trust^(a)(d)		126,879		255,569

				1,821,355

Norway — 0.1%
Entra ASA^(c)		16,309		268,898


Singapore — 8.6%
AIMS APAC REIT^(a)		166,500		170,258
Ascendas REIT		1,007,690		2,073,301
Ascott Residence Trust		559,800		465,072
CapitaLand Integrated Commercial Trust		1,437,307		2,408,339
Capitaland Investment Ltd/Singapore^(b)		753,100		2,283,549
CDL Hospitality Trusts^(a)		232,300		223,262
City Developments Ltd.		138,500		849,159
Cromwell European Real Estate Investment Trust		91,100		221,044
ESR-REIT		1,481,420		415,479
Far East Hospitality Trust		290,600		139,988
Frasers Centrepoint Trust^(a)		314,749		554,286
Frasers Logistics & Commercial Trust		836,900		871,514
Keppel DC REIT		378,571		564,369
Keppel Pacific Oak US REIT		253,000		183,223
Keppel REIT		635,200		556,490
Lendlease Global Commercial REIT		343,647		196,293
Manulife US Real Estate Investment Trust^(a)		472,500		294,370
Mapletree Commercial Trust		650,317		874,625
Mapletree Industrial Trust^(a)		545,045		1,024,184
Mapletree Logistics Trust		943,560		1,211,834
OUE Commercial Real Estate Investment Trust		641,800		191,828
Parkway Life REIT		114,700		399,667
Prime U.S. REIT		191,500		141,084
SPH REIT		282,400		199,251
Starhill Global REIT		424,200		181,612
Suntec REIT		611,800		808,229
UOL Group Ltd.		146,000		767,162

				18,269,472

South Korea — 0.1%
ESR Kendall Square REIT Co. Ltd.		42,445		247,708


Spain — 0.9%
Inmobiliaria Colonial Socimi SA


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		11.33	%		9.36	%		8.92	%		11.33	%		56.45	%		134.98	%
Fund Market		11.33			9.37			8.92			11.33			56.50			135.04
Index		11.71			9.76			9.31			11.71			59.28			143.56


Actual				Hypothetical 5% Return
Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 983.30	$ 1.57		$ 1,000.00	$ 1,023.20	$ 1.61		0.32	%


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.82	%		8.59	%		8.53	%		11.82	%		50.98	%		126.69	%
Fund Market		11.93			8.60			8.54			11.93			51.08			126.88
Index		11.92			8.62			8.77			11.92			51.23			131.71


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 993.00	$ 0.40			$ 1,000.00	$ 1,024.40	$ 0.40		0.08	%


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		5.14	%		6.11	%		5.69	%		5.14	%		34.52	%		54.14	%
Fund Market		4.83			6.03			5.65			4.83			33.98			53.65
Index		4.80			5.30			4.92			4.80			29.43			45.54


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


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		13
Shareholder Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		31
Statements of Changes in Net Assets		32
Financial Highlights		34
Notes to Financial Statements		38
Report of Independent Registered Public Accounting Firm		47
Important Tax Information (Unaudited)		48
Statement Regarding Liquidity Risk Management Program		49
Supplemental Information		50
Trustee and Officer Information		51
General Information		54
Glossary of Terms Used in this Report		55


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


Fund Summary as of April 30, 2022		iShares^® Cohen & Steers REIT ETF


Fund Summary as of April 30, 2022 (continued)		iShares^® Cohen & Steers REIT ETF



ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Specialized REITs	43.4	%
Residential REITs	19.2
Industrial REITs	10.6
Retail REITs	10.5
Health Care REITs	8.7
Office REITs	6.0
Hotel & Resort REITs	1.6



TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Prologis Inc.	8.3	%
Crown Castle International Corp.	8.2
American Tower Corp.	7.8
Equinix Inc.	7.1
Public Storage	6.2
Digital Realty Trust Inc.	4.5
Welltower Inc.	4.3
Realty Income Corp.	4.3
Simon Property Group Inc.	4.2
SBA Communications Corp.	4.1


Fund Summary as of April 30, 2022		iShares^® Core U.S. REIT ETF



ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)
Specialized REITs	23.4	%
Residential REITs	20.0
Industrial REITs	16.1
Retail REITs	14.2
Health Care REITs	10.2
Office REITs	8.8
Hotel & Resort REITs	3.7
Diversified REITs	3.6


Fund Summary as of April 30, 2022		iShares^® Global REIT ETF



TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)
United States	71.1	%
Japan	6.8
United Kingdom	5.0
Australia	4.1
Singapore	3.2
Canada	3.1
France	1.5
Hong Kong	1.3
Belgium	1.2
South Africa	0.6


Fund Summary as of April 30, 2022		iShares^® International Developed Real Estate ETF


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		13


Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—	$	—	$	—	$	—		—	$	1,589	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,130,000		1,090,000	^(b)		—		—		—		5,220,000		5,220,000		1,596			—

								$	—	$	—	$	5,220,000			$	3,185		$	—


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	48,104


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	816,422


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(349,539	)


Futures contracts:
Average notional value of contracts — long	$	2,674,554


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,751,151,836	$	—	$	—	$	2,751,151,836
Money Market Funds		5,220,000		—		—		5,220,000

	$	2,756,371,836	$	—	$	—	$	2,756,371,836

Derivative financial instruments^(a)
Assets
Futures Contracts	$	48,104	$	—	$	—	$	48,104


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		208		06/17/22	$	8,364	$	(36,897	)


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	36,897


Futures contracts:
Average notional value of contracts — long	$	6,961,120