iShares Trust


		APRIL 30, 2022

2022 Annual Report

iShares Trust

iShares Cohen & Steers REIT ETF | ICF | Cboe BZX

iShares Core U.S. REIT ETF | USRT | NYSE Arca

iShares Global REIT ETF | REET | NYSE Arca

iShares International Developed Real Estate ETF | IFGL | NASDAQ

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.


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

Table of Contents


	Page
The Markets in Review		2
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

Market Overview

iShares Trust

Global Market Overview

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.


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

Investment Objective

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.

Performance


	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

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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.

Expense Example


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	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.


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


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

Portfolio Management Commentary

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.

Portfolio Information



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

^(a)

Excludes money market funds.


6		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^® Core U.S. REIT ETF

Investment Objective

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.

Performance


	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

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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.

Expense Example


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	%

^(a)


F U N D S U M M A R Y		7


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

Portfolio Management Commentary

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.

Portfolio Information



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



TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)
Prologis Inc.	10.0	%
Equinix Inc.	5.4
Public Storage	4.7
Digital Realty Trust Inc.	3.5
Welltower Inc.	3.3
Realty Income Corp.	3.3
Simon Property Group Inc.	3.2
AvalonBay Communities Inc.	2.7
Alexandria Real Estate Equities Inc.	2.6
Equity Residential	2.5

^(a)

Excludes money market funds.


8		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^® 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
	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

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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

Expense Example


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	$ 965.90	$ 0.68			$ 1,000.00	$ 1,024.10	$ 0.70		0.14	%

^(a)


F U N D S U M M A R Y		9


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

Portfolio Management Commentary

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.

Portfolio Information



ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)
Industrial REITs	18.1	%
Retail REITs	17.1
Residential REITs	16.5
Specialized REITs	16.2
Office REITs	10.9
Diversified REITs	9.7
Health Care REITs	8.4
Hotel & Resort REITs	3.1
Real Estate Operating Companies	0.0



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

^(a)

Excludes money market funds.


10		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^® 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

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

Fund NAV		(9.24	)%		2.41	%		4.10	%		(9.24	)%		12.65	%		49.40	%
Fund Market		(9.38	)		2.36			4.06			(9.38	)		12.36			48.89
Index		(8.57	)		2.70			4.42			(8.57	)		14.24			54.04

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


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	$ 880.10	$ 2.42			$ 1,000.00	$ 1,022.20	$ 2.61		0.52	%

^(a)


F U N D S U M M A R Y		11


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

Portfolio Management Commentary

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.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Real Estate Operating Companies	22.4	%
Retail REITs	15.6
Diversified REITs	13.5
Industrial REITs	13.4
Diversified Real Estate Activities	11.9
Office REITs	9.7
Residential REITs	4.7
Real Estate Development	3.4
Health Care REITs	2.1
Specialized REITs	1.9
Hotel & Resort REITs	1.1
Health Care Facilities	0.3

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	23.8	%
Hong Kong	12.3
United Kingdom	12.0
Australia	9.6
Singapore	8.6
Canada	7.7
Germany	7.5
Sweden	5.2
France	3.4
Belgium	3.0

^(a)

Excludes money market funds.


12		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

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.

Shareholder 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 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.


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

Schedule of Investments

April 30, 2022

iShares^® Cohen & Steers REIT ETF

(Percentages shown are based on Net Assets)


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.

Affiliates

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:


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		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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.


14		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

Schedule of Investments (continued)

April 30, 2022

iShares^® Cohen & Steers 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

06/17/22

2,453

48,104

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:


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

^(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 April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


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


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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,751,151,836	$	—	$	—	$	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

^(a)

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

See notes to financial statements.

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


		15

Schedule of Investments

April 30, 2022

iShares^® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)


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


16		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

Schedule of Investments (continued)

April 30, 2022

iShares^® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)


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.

Affiliates


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	$	129,227	$	3,495,017	^(a)	$	—	$	(2,642	)	$	128	$	3,621,730		3,621,730	$	4,512	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,320,000		5,030,000	^(a)		—		—			—		7,350,000		7,350,000		3,353			—

								$	(2,642	)	$	128	$	10,971,730			$	7,865		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (continued)

April 30, 2022

iShares^® Core U.S. 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		208		06/17/22	$	8,364	$	(36,897	)

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:


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

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	681,728


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(280,754	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,309,944,409		$	—	$	—	$	2,309,944,409
Money Market Funds		10,971,730			—		—		10,971,730

	$	2,320,916,139		$	—	$	—	$	2,320,916,139

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(36,897	)	$	—	$	—	$	(36,897	)

^(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		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

Schedule of Investments

April 30, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


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


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (continued)

April 30, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


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


20		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

Schedule of Investments (continued)

April 30, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


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


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (continued)

April 30, 2022

iShares^® Global REIT ETF

(Percentages shown are based on Net Assets)


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.


22		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

Schedule of Investments (continued)

April 30, 2022

iShares^® Global REIT ETF

Affiliates


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		$9,189,362	$	—	$	(6,007,780	)^(a)	$	(16,087	)	$	(3,707	)	$	3,161,788		3,161,788	$	366,424	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,480,000		—		(450,000	)^(a)		—			—			6,030,000		6,030,000		2,766			—

								$	(16,087	)	$	(3,707	)	$	9,191,788			$	369,190		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		11		06/16/22	$	1,423	$	(6,776	)
Dow Jones U.S. Real Estate Index		297		06/17/22		11,942		(528,717	)

							$	(535,493	)

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:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	535,493

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,032,251

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,195,403	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long

11,946,402

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


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (continued)

April 30, 2022

iShares^® Global REIT ETF

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	2,641,357,970		$	802,077,439		$	1,845,627	$	3,445,281,036
Preferred Stocks		92,579			—			—		92,579
Money Market Funds		9,191,788			—			—		9,191,788

	$	2,650,642,337		$	802,077,439		$	1,845,627	$	3,454,565,403

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(528,717	)	$	(6,776	)	$	—	$	(535,493	)

^(a)

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

See notes to financial statements.


24		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

Schedule of Investments

April 30, 2022

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


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


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (continued)

April 30, 2022

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


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		101,495		843,969
Lar Espana Real Estate Socimi SA		17,074		89,485


26		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

Schedule of Investments (continued)

April 30, 2022

iShares^® International Developed Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Merlin Properties Socimi SA		98,611	$	1,071,276

				2,004,730

Sweden — 5.1%
Atrium Ljungberg AB, Class B		13,353		218,346
Castellum AB		80,007		1,584,406
Catena AB		8,224		430,067
Cibus Nordic Real Estate AB		12,886		298,011
Corem Property Group AB, Class B		199,378		422,150
Dios Fastigheter AB		26,292		234,759
Fabege AB		75,851		920,689
Fastighets AB Balder, Class B^(b)		29,757		1,474,973
Hufvudstaden AB, Class A		31,994		414,551
K-Fast Holding AB^(b)		18,604		85,230
NP3 Fastigheter AB		8,229		228,686
Nyfosa AB		53,807		593,041
Pandox AB^(b)		26,464		368,708
Platzer Fastigheter Holding AB, Class B		15,454		156,962
Sagax AB, Class B		50,708		1,295,307
Samhallsbyggnadsbolaget i Norden AB		326,269		1,024,866
Wallenstam AB, Class B		49,376		545,934
Wihlborgs Fastigheter AB		38,907		674,555

				10,971,241

Switzerland — 2.7%
Allreal Holding AG, Registered		4,307		812,399
Hiag Immobilien Holding AG		1,041		108,086
Intershop Holding AG		323		210,519
Mobimo Holding AG, Registered		2,104		601,728
Peach Property Group AG		3,586		184,593
PSP Swiss Property AG, Registered		12,791		1,612,074
Swiss Prime Site AG, Registered		22,202		2,170,123

				5,699,522

United Kingdom — 11.9%
Aberdeen Standard European Logistics Income PLC^(c)		116,403		159,837
Assura PLC		861,468		713,864
Big Yellow Group PLC		50,187		906,978
BMO Real Estate Investments Ltd.		69,284		84,009
British Land Co PLC/The		273,319		1,760,561
Capital & Counties Properties PLC		215,095		444,422
Civitas Social Housing PLC		178,313		192,829
CLS Holdings PLC		44,806		114,509
Custodian REIT PLC		123,216		155,868
Derwent London PLC		29,960		1,136,740
Empiric Student Property PLC		171,436		196,171
Grainger PLC		215,268		800,747
Great Portland Estates PLC		74,685		634,368
Hammerson PLC^(a)		1,311,882		473,631
Helical PLC		28,643		155,758
Home Reit PLC		166,635		256,890
Impact Healthcare REIT PLC		88,121		137,682
Intu Properties PLC, NVS^(a)(b)(d)		6,694		—
Land Securities Group PLC		210,678		1,975,858
LondonMetric Property PLC		281,634		951,887
LXI REIT Plc		218,576		405,730


Security	Shares		Value

United Kingdom (continued)
NewRiver REIT PLC		87,530	$	97,077
Phoenix Spree Deutschland Ltd.		22,389		99,380
Picton Property Income Ltd. (The)		158,740		202,801
Primary Health Properties PLC		390,087		707,426
PRS REIT PLC (The)		153,052		207,852
Regional REIT Ltd.^(c)		130,358		138,839
Safestore Holdings PLC		60,899		958,049
Schroder REIT Ltd.		151,399		108,402
Segro PLC		354,608		5,936,883
Shaftesbury PLC		81,948		613,670
Standard Life Investment Property Income Trust Ltd.		116,489		120,188
Target Healthcare REIT PLC		183,803		256,538
Triple Point Social Housing REIT PLC^(c)		107,197		118,215
Tritax Big Box REIT PLC		551,397		1,683,232
Tritax EuroBox PLC^(c)		235,405		300,315
UK Commercial Property REIT Ltd.		220,180		242,593
UNITE Group PLC (The)		93,886		1,329,446
Urban Logistics REIT PLC		137,025		322,205
Workspace Group PLC		39,925		334,113

				25,435,563

United States — 0.0%
BGP Holdings PLC, NVS^(b)(d)		6,603,392		70


Total Common Stocks — 99.3% (Cost: $246,777,192)				211,457,720


Short-Term Investments

Money Market Funds — 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		11,157,806		11,157,806
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		80,000		80,000


				11,237,806


Total Short-Term Investments — 5.3% (Cost: $11,237,784)				11,237,806


Total Investments in Securities — 104.6% (Cost: $258,014,976)				222,695,526

Other Assets, Less Liabilities — (4.6)%				(9,711,000	)


Net Assets — 100.0%			$	212,984,526

^(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)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (continued)

April 30, 2022

iShares^® International Developed Real Estate ETF

Affiliates


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		$1,765,455	$	9,393,498	^(a)	$	—		$	(1,365	)	$	218	$	11,157,806		11,157,806	$	51,329	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		—			(30,000	)^(a)		—			—		80,000		80,000		48			—

									$	(1,365	)	$	218	$	11,237,806			$	51,377		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Singapore Index		9		05/30/22	$	203	$	2,795
TOPIX Index		2		06/09/22		292		21,098
Dow Jones U.S. Real Estate Index		19		06/17/22		764		(19,124	)
Euro Stoxx 50 Index		5		06/17/22		194		(5,035	)

							$	(266	)

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:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	23,893


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	24,159

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	87,651

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(59,059	)


28		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

Schedule of Investments (continued)

April 30, 2022

iShares^® International Developed Real Estate ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long

1,755,582

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	25,504,561		$	185,697,520		$	255,639	$	211,457,720
Money Market Funds		11,237,806			—			—		11,237,806

	$	36,742,367		$	185,697,520		$	255,639	$	222,695,526

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—		$	23,893		$	—	$	23,893
Liabilities
Futures Contracts		(19,124	)		(5,035	)		—		(24,159	)

	$	(19,124	)	$	18,858		$	—	$	(266	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		29

Statements of Assets and Liabilities

April 30, 2022


	iShares Cohen & Steers REIT ETF		iShares Core U.S. REIT ETF		iShares Global REIT ETF		iShares International Developed Real Estate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	2,751,151,836	$	2,309,944,409	$	3,445,373,615	$	211,457,720
Affiliated^(c)		5,220,000		10,971,730		9,191,788		11,237,806
Cash		2,251		1,305		5,952,104		14,778
Foreign currency, at value^(d)		—		—		2,814,878		375,893
Cash pledged:
Futures contracts		272,000		430,000		690,000		49,000
Foreign currency collateral pledged:
Futures contracts^(e)		—		—		40,979		44,406
Receivables:
Investments sold		15,768,903		—		—		6,440
Securities lending income — Affiliated		—		402		127,456		3,816
Capital shares sold		14,442		—		1,171,621		—
Dividends		754,530		1,416,888		5,703,222		938,892
Tax reclaims		—		—		489,652		183,750

Total assets		2,773,183,962		2,322,764,734		3,471,555,315		224,312,501


LIABILITIES
Collateral on securities loaned, at value		—		3,624,257		3,185,552		11,161,835
Deferred foreign capital gain tax		—		—		3,433		—
Payables:
Investments purchased		18,734,557		—		5,804,418		—
Variation margin on futures contracts		232,441		396,778		584,631		36,936
Capital shares redeemed		—		29,740		—		—
Investment advisory fees		779,849		163,798		399,478		88,326
Professional fees		—		—		—		40,878

Total liabilities		19,746,847		4,214,573		9,977,512		11,327,975


NET ASSETS	$	2,753,437,115	$	2,318,550,161	$	3,461,577,803	$	212,984,526


NET ASSETS CONSIST OF:
Paid-in capital	$	2,318,580,673	$	2,151,746,019	$	3,330,744,060	$	341,552,022
Accumulated earnings (loss)		434,856,442		166,804,142		130,833,743		(128,567,496	)

NET ASSETS	$	2,753,437,115	$	2,318,550,161	$	3,461,577,803	$	212,984,526


Shares outstanding		40,250,000		37,500,000		124,650,000		8,400,000


Net asset value	$	68.41	$	61.83	$	27.77	$	25.36


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Securities loaned, at value	$	—	$	3,336,032	$	3,014,771	$	10,624,789
^(b)Investments, at cost — Unaffiliated	$	2,177,555,957	$	2,117,330,451	$	3,151,539,320	$	246,777,192
^(c)Investments, at cost — Affiliated	$	5,220,000	$	10,971,614	$	9,188,458	$	11,237,784
^(d)Foreign currency, at cost	$	—	$	—	$	2,844,815	$	381,459
^(e)Foreign currency collateral pledged, at cost	$	—	$	—	$	47,732	$	47,342

See notes to financial statements.


30		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

Statements of Operations

Year Ended April 30, 2022


	iShares Cohen & Steers REIT ETF			iShares Core U.S. REIT ETF			iShares Global REIT ETF			iShares International Developed Real Estate ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	46,953,678		$	49,441,733		$	88,106,526		$	8,595,814
Dividends — Affiliated		1,596			3,595			5,921			444
Securities lending income — Affiliated — net		1,589			4,270			363,269			50,933
Other income — Unaffiliated		—			—			—			6,669
Foreign taxes withheld		—			—			(4,443,503	)		(756,245	)
Foreign withholding tax claims		—			—			—			428,770

Total investment income		46,956,863			49,449,598			84,032,213			8,326,385


EXPENSES
Investment advisory fees		8,492,687			1,903,511			4,710,137			1,232,352
Professional fees		217			217			217			43,761

Total expenses		8,492,904			1,903,728			4,710,354			1,276,113

Net investment income		38,463,959			47,545,870			79,321,859			7,050,272


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		9,872,525			9,779,021			(30,641,895	)		(2,255,271	)
Investments — Affiliated		—			(2,642	)		(16,087	)		(1,365	)
In-kind redemptions — Unaffiliated		64,906,280			177,564,982			123,902,773			5,253,134
Futures contracts		816,422			681,728			2,032,251			87,651
Foreign currency transactions		—			—			(237,701	)		(99,967	)

Net realized gain		75,595,227			188,023,089			95,039,341			2,984,182

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(a)		140,053,501			15,972,243			(23,009,306	)		(31,708,250	)
Investments — Affiliated		—			128			(3,707	)		218
Futures contracts		(349,539	)		(280,754	)		(1,195,403	)		(59,059	)
Foreign currency translations		—			—			(288,017	)		(68,315	)

Net change in unrealized appreciation (depreciation)		139,703,962			15,691,617			(24,496,433	)		(31,835,406	)

Net realized and unrealized gain (loss)		215,299,189			203,714,706			70,542,908			(28,851,224	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	253,763,148		$	251,260,576		$	149,864,767		$	(21,800,952	)


^(a)Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	(3,433	)	$	—

See notes to financial statements


F I N A N C I A L S T A T E M E N T S		31

Statements of Changes in Net Assets


	iShares Cohen & Steers REIT ETF						iShares Core U.S. REIT ETF
	Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/22			Year Ended 04/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	38,463,959		$	41,267,035		$	47,545,870		$	37,726,883
Net realized gain		75,595,227			9,326,475			188,023,089			27,214,457
Net change in unrealized appreciation (depreciation)		139,703,962			458,100,872			15,691,617			442,458,325

Net increase in net assets resulting from operations		253,763,148			508,694,382			251,260,576			507,399,665


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(50,406,231	)		(45,075,395	)		(57,050,953	)		(45,560,203	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		292,748,055			(49,147,842	)		137,648,377			185,409,809


NET ASSETS
Total increase in net assets		496,104,972			414,471,145			331,858,000			647,249,271
Beginning of year		2,257,332,143			1,842,860,998			1,986,692,161			1,339,442,890

End of year	$	2,753,437,115		$	2,257,332,143		$	2,318,550,161		$	1,986,692,161

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

See notes to financial statements.


32		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

Statements of Changes in Net Assets (continued)


	iShares						iShares
	Global REIT ETF						International Developed Real Estate ETF
	Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/22			Year Ended 04/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	79,321,859		$	66,480,813		$	7,050,272		$	7,695,800
Net realized gain (loss)		95,039,341			(9,755,980	)		2,984,182			(9,858,769	)
Net change in unrealized appreciation (depreciation)		(24,496,433	)		711,564,829			(31,835,406	)		67,063,690

Net increase (decrease) in net assets resulting from operations		149,864,767			768,289,662			(21,800,952	)		64,900,721


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(101,720,806	)		(61,575,908	)		(8,046,901	)		(5,659,254	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		330,213,243			476,173,181			(13,681,531	)		(62,111,213	)


NET ASSETS
Total increase (decrease) in net assets		378,357,204			1,182,886,935			(43,529,384	)		(2,869,746	)
Beginning of year		3,083,220,599			1,900,333,664			256,513,910			259,383,656

End of year	$	3,461,577,803		$	3,083,220,599		$	212,984,526		$	256,513,910

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		33

Financial Highlights

(For a share outstanding throughout each period)


	iShares Cohen & Steers REIT ETF
		Year Ended 04/30/22			Year Ended 04/30/21	^(a)		Year Ended 04/30/20	^(a)		Year Ended 04/30/19	^(a)		Year Ended 04/30/18	^(a)


Net asset value, beginning of year	$	62.62		$	49.68		$	55.51		$	47.00		$	49.84

Net investment income^(b)		1.01			1.15			1.39			1.28			1.30
Net realized and unrealized gain (loss)^(c)		6.10			13.04			(5.78	)		8.74			(2.58	)

Net increase (decrease) from investment operations		7.11			14.19			(4.39	)		10.02			(1.28	)


Distributions^(d)
From net investment income		(1.32	)		(1.25	)		(1.44	)		(1.51	)		(1.56	)

Total distributions		(1.32	)		(1.25	)		(1.44	)		(1.51	)		(1.56	)


Net asset value, end of year	$	68.41		$	62.62		$	49.68		$	55.51		$	47.00


Total Return^(e)
Based on net asset value		11.33	%		29.11	%		(8.10	)%		21.70	%		(2.68	)%


Ratios to Average Net Assets^(f)
Total expenses		0.32	%		0.33	%		0.34	%		0.34	%		0.34	%

Net investment income		1.46	%		2.15	%		2.43	%		2.51	%		2.63	%


Supplemental Data
Net assets, end of year (000)	$	2,753,437		$	2,257,332		$	1,842,861		$	2,187,126		$	2,476,649

Portfolio turnover rate^(g)		11	%		27	%		19	%		17	%		12	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


34		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core U.S. REIT ETF
		Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


Net asset value, beginning of year	$	56.60		$	42.45		$	51.60		$	45.73		$	48.93

Net investment income^(a)		1.24			1.17			1.62			1.79			1.70
Net realized and unrealized gain (loss)^(b)		5.45			14.39			(8.95	)		6.59			(3.20	)

Net increase (decrease) from investment operations		6.69			15.56			(7.33	)		8.38			(1.50	)


Distributions^(c)
From net investment income		(1.43	)		(1.41	)		(1.80	)		(2.44	)		(1.70	)
From net realized gain		(0.03	)		—			(0.02	)		(0.07	)		—

Total distributions		(1.46	)		(1.41	)		(1.82	)		(2.51	)		(1.70	)


Net asset value, end of year	$	61.83		$	56.60		$	42.45		$	51.60		$	45.73


Total Return^(d)
Based on net asset value		11.82	%		37.43	%		(14.60	)%		18.82	%		(3.18	)%


Ratios to Average Net Assets^(e)
Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%

Net investment income		2.00	%		2.48	%		3.12	%		3.64	%		3.60	%


Supplemental Data
Net assets, end of year (000)	$	2,318,550		$	1,986,692		$	1,339,443		$	1,290,051		$	514,475

Portfolio turnover rate^(f)		9	%		5	%		8	%		11	%		8	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global REIT ETF
		Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


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

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

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


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

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


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


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


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

Net investment income		2.36	%		2.91	%		3.36	%		3.85	%		3.83	%


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

Portfolio turnover rate^(f)		13	%		6	%		8	%		9	%		7	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


36		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Developed Real Estate ETF
		Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18


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

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

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


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

Total distributions		(0.90	)		(0.57	)		(2.29	)		(1.13	)		(1.48	)


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


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


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

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

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


Supplemental Data
Net assets, end of year (000)	$	212,985		$	256,514		$	259,384		$	477,332		$	535,093

Portfolio turnover rate^(g)		16	%		9	%		10	%		8	%		8	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended April 30, 2022:

•

Net investment income per share by $0.04.

•

Total return by 0.17%.

•

Ratio of net investment income to average net assets by 0.15%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37


Notes to Financial Statements

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):


iShares ETF	Diversification Classification
Cohen & Steers REIT		Non-diversified
Core U.S. REIT		Diversified
Global REIT		Diversified
International Developed Real Estate		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.


38		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

Notes to Financial Statements (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (continued)

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Core U.S. REIT
BNP Paribas SA	$	1,177,547	$	1,177,547		$	—	$	—
J.P. Morgan Securities LLC		324,103		324,103			—		—
Nomura Securities International, Inc.		33,246		33,246			—		—
RBC Capital Markets LLC		112,176		112,176			—		—
Scotia Capital (USA), Inc.		1,688,960		1,688,960			—		—

	$	3,336,032	$	3,336,032		$	—	$	—

Global REIT
BofA Securities, Inc.	$	390	$	390		$	—	$	—
Credit Suisse Securities (USA) LLC		89,192		89,192			—		—
Goldman Sachs & Co. LLC		2,110,076		2,110,076			—		—
HSBC Bank PLC		7,128		7,128			—		—
J.P. Morgan Securities LLC		806,105		806,105			—		—
Scotia Capital (USA), Inc.		1,880		1,880			—		—

	$	3,014,771	$	3,014,771		$	—	$	—

International Developed Real Estate
Barclays Capital, Inc.	$	77,873	$	77,873		$	—	$	—
BofA Securities, Inc.		152,769		152,769			—		—
Goldman Sachs & Co. LLC		9,594,611		9,594,611			—		—
HSBC Bank PLC		130,292		130,292			—		—
J.P. Morgan Securities LLC		10,638		10,638			—		—
Morgan Stanley		655,407		655,407			—		—
SG Americas Securities LLC		3,199		3,199			—		—

	$	10,624,789	$	10,624,789		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the


40		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

Notes to Financial Statements (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Cohen & Steers REIT ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.3500	%
Over $121 billion, up to and including $181 billion		0.3325
Over $181 billion, up to and including $231 billion		0.3159
Over $231 billion, up to and including $281 billion		0.3001
Over $281 billion		0.2851

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fee
Core U.S. REIT		0.08	%
Global REIT		0.14
International Developed Real Estate		0.48

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: iShares Cohen & Steers REIT ETF and iShares Core U.S. REIT ETF have entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. iShares Cohen & Steers REIT ETF and iShares Core U.S. REIT ETF do not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of iShares Cohen & Steers REIT ETF, iShares Core U.S. REIT ETF and iShares Global REIT ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, the iShares International Developed Real Estate ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Group 1 Fund, except iShares Global REIT ETF, retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. The Group 2 Fund and iShares Global REIT ETF retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, except iShares Global REIT ETF, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund and iShares Global REIT ETF, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Cohen & Steers REIT	$	681
Core U.S. REIT		1,767
Global REIT		87,481
International Developed Real Estate		12,196

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended April 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Cohen & Steers REIT	$	20,181,068	$	6,960,056	$	(262,369)
Core U.S. REIT		20,330,830		37,440,575		(3,277,114)
Global REIT		4,802,272		107,777,501		(12,235,486)
International Developed Real Estate		245,169		897,734		(135,598)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.


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Notes to Financial Statements (continued)

7.	PURCHASES AND SALES

For the year ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Cohen & Steers REIT	$	311,047,272	$	295,652,869
Core U.S. REIT		215,227,828		202,563,548
Global REIT		493,673,637		438,696,152
International Developed Real Estate		45,306,039		40,637,212

For the year ended April 30, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Cohen & Steers REIT	$	467,197,070	$	175,509,871
Core U.S. REIT		721,464,992		585,873,614
Global REIT		629,170,514		346,554,657
International Developed Real Estate		21,746,822		37,457,133

8.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Cohen & Steers REIT	$	49,269,341	$	(49,269,341	)
Core U.S. REIT		165,184,331		(165,184,331	)
Global REIT		103,490,556		(103,490,556	)
International Developed Real Estate		3,368,331		(3,368,331	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 04/30/22		Year Ended 04/30/21
Cohen & Steers REIT
Ordinary income	$	50,406,231	$	45,075,395

Core U.S. REIT
Ordinary income	$	55,839,536	$	45,560,203
Long-term capital gains		1,211,417		—

	$	57,050,953	$	45,560,203

Global REIT
Ordinary income	$	101,720,806	$	61,575,908

International Developed Real Estate
Ordinary income	$	8,046,901	$	5,659,254


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (continued)

As of April 30, 2022, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total
Cohen & Steers REIT	$	(116,124,833	)	$	550,981,275		$	—		$	434,856,442
Core U.S. REIT		—			166,804,142			—			166,804,142
Global REIT		(76,726,280	)		229,680,511			(22,120,488	)		130,833,743
International Developed Real Estate		(84,743,294	)		(41,162,383	)		(2,661,819	)		(128,567,496)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended April 30, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:


iShares ETF	Utilized
Cohen & Steers REIT	$	14,852,011
Core U.S. REIT		19,015,351

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cohen & Steers REIT	$	2,205,390,561	$	629,441,800	$	(78,460,525	)	$	550,981,275
Core U.S. REIT		2,154,111,997		318,823,209		(152,019,067	)		166,804,142
Global REIT		3,224,565,411		482,695,731		(252,702,515	)		229,993,216
International Developed Real Estate		263,820,836		11,332,602		(52,434,019	)		(41,101,417)

9.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to


44		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

Notes to Financial Statements (continued)

company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (continued)

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:


	Year Ended 04/30/22						Year Ended 04/30/21
iShares ETF	Shares			Amount			Shares			Amount
Cohen & Steers REIT
Shares sold		6,750,000		$	468,713,265			2,750,000	^(a)	$	147,340,181
Shares redeemed		(2,550,000	)		(175,965,210	)		(3,800,000	)^(a)		(196,488,023	)

Net increase (decrease)		4,200,000		$	292,748,055			(1,050,000	)	$	(49,147,842	)

Core U.S. REIT
Shares sold		11,850,000		$	729,451,592			10,850,000		$	516,994,095
Shares redeemed		(9,450,000	)		(591,803,215	)		(7,300,000	)		(331,584,286	)

Net increase		2,400,000		$	137,648,377			3,550,000		$	185,409,809

Global REIT
Shares sold		24,250,000		$	697,331,384			25,850,000		$	596,282,883
Shares redeemed		(12,850,000	)		(367,118,141	)		(5,650,000	)		(120,109,702	)

Net increase		11,400,000		$	330,213,243			20,200,000		$	476,173,181

International Developed Real Estate
Shares sold		900,000		$	25,486,316			600,000		$	13,805,489
Shares redeemed		(1,400,000	)		(39,167,847	)		(3,100,000	)		(75,916,702	)

Net decrease		(500,000	)	$	(13,681,531	)		(2,500,000	)	$	(62,111,213	)

^(a)

Share transactions reflect a two-for-one stock split effective after the close of trading on December 4, 2020.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator or BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares International Developed Real Estate ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. The Fund continues to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Developed Real Estate ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


46		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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Cohen & Steers REIT ETF, iShares Core U.S. REIT ETF, iShares Global REIT

ETF and iShares International Developed Real Estate ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Cohen & Steers REIT ETF, iShares Core U.S. REIT ETF, iShares Global REIT ETF and iShares International Developed Real Estate ETF (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022 and each of the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		47

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2022:


iShares ETF	Qualified Dividend Income
Cohen & Steers REIT	$	245,268
Core U.S. REIT		935,890
Global REIT		20,100,279
International Developed Real Estate		4,047,283

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2022:


iShares ETF	Qualified Business Income
Cohen & Steers REIT	$	35,364,204
Core U.S. REIT		41,341,992
Global REIT		37,726,507

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended April 30, 2022:


iShares ETF	20% Rate Long-Term Capital Gain Dividends
Core U.S. REIT	$	1,211,417

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2022:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
International Developed Real Estate	$	10,407,734		$ 361,055

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2022 qualified for the dividends-received deduction for corporate shareholders:


iShares ETF	Dividends-Received Deduction
Core U.S. REIT		0.57	%
Global REIT		0.41	%


48		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

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Cohen & Steers REIT ETF, iShares Core U.S. REIT ETF, iShares Global REIT ETF and iShares International Developed Real Estate ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		49

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Cohen & Steers REIT^(a)	$	1.031490	$	—	$	0.288369	$	1.319859		78	%		—	%		22	%		100	%
Core U.S. REIT^(a)		1.133649		—		0.327979		1.461628		78			—			22			100
Global REIT^(a)		0.740976		—		0.129996		0.870972		85			—			15			100
International Developed Real Estate		0.896076		—		—		0.896076		100			—			—			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


50		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

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of April 30, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


		Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)

Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)

Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


		Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (66)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		51

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (60)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers



Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Rachel Aguirre (39)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering 2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


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Trustee and Officer Information (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		53

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		55

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc. or FTSE International Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-AR-405-0422