LOGO

  OCTOBER 31, 2021

 

   2021 Annual Report

 

iShares Trust

 

·  

iShares 1-3 Year International Treasury Bond ETF | ISHG | NASDAQ

 

·  

iShares International Treasury Bond ETF | IGOV | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, 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 October 31, 2021
    

 

6-Month  

 

 

 

12-Month  

 

 

U.S. large cap equities
(S&P 500® Index)

 

 

 

10.91%

 

 

42.91%

 

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

 

  1.85    50.80   

 

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

 

  4.14    34.18   

 

Emerging market equities
(MSCI Emerging Markets Index)

 

  (4.87)     16.96   

 

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

 

  0.01     0.06  

 

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

 

  1.59     (4.77)  

 

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

 

  1.06     (0.48)  

 

Tax-exempt municipal bonds 
(S&P Municipal Bond Index)

 

  0.33     2.76  

 

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

 

  2.36     10.53   

 

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

     9  

Shareholder Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     21  

Statements of Operations

     22  

Statements of Changes in Net Assets

     23  

Financial Highlights

     24  

Notes to Financial Statements

     26  

Report of Independent Registered Public Accounting Firm

     31  

Important Tax Information (Unaudited)

     32  

Board Review and Approval of Investment Advisory Contract

     33  

Supplemental Information

     37  

Trustee and Officer Information

     38  

General Information

     40  

Glossary of Terms Used in this Report

     41  

 

 

 


Market Overview

 

iShares Trust

Global Bond Market Overview

Global investment-grade bonds declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -1.24% in U.S. dollar terms for the reporting period.

While the global economy continued its rebound from the impact of the coronavirus pandemic, the recovery was uneven and beset with challenges. The creation of multiple COVID-19 vaccines and the implementation of vaccination programs globally helped to mitigate the pandemic’s impact and led to the lifting of restrictions in many countries. However, while nearly half of the world’s population received at least one vaccine dose by the end of the reporting period, vaccine distribution varied substantially. The spread of the highly contagious Delta variant led to swift case increases in some areas, causing renewed restrictions and constraining global growth.

Bond performance differed by type, but in general corporate bonds gained more than government bonds, and lower-rated bonds gained more than higher-rated bonds. The improving economic environment and vaccination progress led to investor optimism about the lower-rated segments of the market. However, a notable rise in global inflation pressured bonds, which typically lose value in an inflationary environment.

Bonds in the U.S. established these global patterns, as corporate bonds, particularly high-yield bonds, posted solid returns, backed by strong investor demand for yield, while U.S. Treasuries declined, largely due to rising inflation. Bond issuance was high by historical standards, as corporations were eager to take advantage of low borrowing costs, while the federal government issued debt to finance stimulus and other spending. The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchase program. The Fed indicated that it would begin slowing its bond buying activities late in 2021, and their forecast showed that an interest rate increase is possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

European bond prices declined overall, as supply chain frictions and increasing commodities prices, particularly for energy commodities, led to the highest Eurozone inflation rate in 13 years. In response, the European Central Bank (“ECB”) slowed the pace of its bond purchases, while keeping its benchmark interest rate at 0%. The E.U. issued 20 billion in common European bonds to partially finance its pandemic recovery fund, attracting high investor interest. Bond prices also declined in the U.K. amid a relatively early vaccination push and robust economic recovery. While the Bank of England kept interest rates at record lows, it signaled that it would soon raise interest rates to counter growing inflation.

In contrast, bonds in the Asia/Pacific region posted a solid gain overall, although gains were mostly concentrated in corporate bonds, particularly the lower-rated segment of the market. Japanese government bonds were nearly flat, as inflation concerns were much less prominent in Japan compared to other regions, and the Bank of Japan showed no signs of tightening monetary policy. Emerging market bonds also advanced, benefiting from higher yields compared with developed economies, as investors sought income in a low interest rate environment. However, concerns late in the reporting period surrounding China’s highly indebted property companies weighed on returns of some emerging market bonds.

 

 

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Fund Summary as of October 31, 2021     iShares® 1-3 Year International Treasury Bond ETF

 

Investment Objective

The iShares 1-3 Year International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds with remaining maturities between one and three years, as represented by the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select 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

 

 

 

 

(1.27

 

)% 

  

 

 

 

0.35

 

  

 

 

 

(1.94

 

)% 

   

 

 

 

(1.27

 

)% 

  

 

 

 

1.77

 

  

 

 

 

(17.83

 

)% 

Fund Market

    (1.27      0.34        (1.93       (1.27      1.73        (17.71

Index

    (0.85      0.51        (1.69             (0.85      2.57        (15.68

 

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Index performance through August 31, 2020 reflects the performance of the S&P International Sovereign Ex-U.S. 1-3 Year Bond Index. Index performance beginning on September 1, 2020 reflects the performance of the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 



 

 

Beginning
Account Value
(05/01/21)

 


 
 

    

 



 

 

Ending
Account Value
(10/31/21)

 


 
 

    

 



 

 

Expenses
Paid During
the Period

 


 
 (a) 

         

 



 

 

Beginning
Account Value
(05/01/21)

 


 
 

    

 



 

 

Ending
Account Value
(10/31/21)

 


 
 

    

 



 

 

Expenses
Paid During
the Period

 


 
 (a) 

    

 



 

 

Annualized
Expense
Ratio

 


 
 

$ 1,000.00        $ 962.90        $ 1.73             $ 1,000.00        $ 1,023.40        $ 1.79          0.35

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 9 for more information.

 

 

 

U N D    U M M A R Y

  5


Fund Summary as of October 31, 2021 (continued)    iShares® 1-3 Year International Treasury Bond ETF

 

Portfolio Management Commentary

International short-term government bonds declined for the reporting period, pressured by rising yields and declining prices. Concerns about the possibility of longer-term inflation led several central banks to indicate an openness to increasing interest rates sooner than the market anticipated. Inflation was driven by ongoing, widespread supply-chain disruptions, rising energy prices (especially in the U.K.), and a rapid increase in demand for consumer goods.

Japanese bonds detracted the most from the Index’s performance. The Japanese yen depreciated 8% against the U.S. dollar during the reporting period on expectations that Japan will keep interest rates low while the Fed begins to move toward a tightening policy in the new year. Eurozone bonds, particularly German bonds, detracted more modestly from the Index’s return. Inflation in the Eurozone reached a 13-year high amid labor shortages and the return of tourism, as well as highly stimulative monetary policy, including bond purchases, by the ECB.

On the upside, Canadian, Israeli, and Australian bonds contributed to the Index’s performance, largely due to currency performance. The Canadian dollar and Israeli shekel both appreciated 8% against the U.S. dollar. The Canadian dollar benefited from rising oil prices during the reporting period, and the Israeli shekel appreciated following the Bank of Israel’s announcement that it plans to end quantitative easing. The Australian dollar appreciated 7% against the U.S. dollar, benefiting from rising commodity prices linked to the global economic recovery.

In terms of bond maturity, three- to five-year, short-term government bonds detracted the most from the Index’s return, followed by longer maturities. In contrast, zero to three-year bonds contributed to the Index’s performance.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*  

 


 

 

Percent of
Total Investments

 


(a) 

 

Aaa

 

 

 

 

34.2

 

Aa

    29.7  

A

    21.1  

Baa

    15.0  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region  

 


 

 

Percent of
Total Investments

 


(a) 

 

Japan

 

 

 

 

15.0

 

Italy

    10.1  

Germany

    8.7  

France

    8.0  

Spain

    5.4  

Canada

    4.7  

Austria

    4.6  

Israel

    4.6  

Belgium

    4.6  

Australia

    4.6  

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of October 31, 2021     iShares® International Treasury Bond ETF

 

Investment Objective

The iShares International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds, as represented by the FTSE World Government Bond Index - Developed Markets Capped Select 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

 

 

 

 

(3.68

 

)% 

  

 

 

 

1.47

 

  

 

 

 

0.55

 

   

 

 

 

(3.68

 

)% 

  

 

 

 

7.56

 

  

 

 

 

5.66

 

Fund Market

    (3.51      1.50        0.52         (3.51      7.71        5.33  

Index

    (3.29      1.85        0.93               (3.29      9.61        9.69  

 

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Index performance through August 31, 2020 reflects the performance of the S&P International Sovereign Ex-U.S. Bond Index. Index performance beginning on September 1, 2020 reflects the performance of the FTSE World Government Bond Index – Developed Markets Capped Select Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 



 

 

Beginning
Account Value
(05/01/21)

 


 
 

    

 

 


 

Ending

Account Value
(10/31/21)

 

 


 

    

 



 

 

Expenses
Paid During
the Period

 


 
 (a) 

         

 



 

 

Beginning
Account Value
(05/01/21)

 


 
 

    

 



 

 

Ending
Account Value
(10/31/21)

 


 
 

    

 



 

 

Expenses
Paid During
the Period

 


 
 (a) 

    

 



 

 

Annualized
Expense
Ratio

 


 
 

$ 1,000.00        $ 965.50        $ 1.73             $ 1,000.00        $ 1,023.40        $ 1.79          0.35

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 9 for more information.

 

 

 

U N D    U M M A R Y

  7


Fund Summary as of October 31, 2021 (continued)    iShares® International Treasury Bond ETF

 

Portfolio Management Commentary

International short-term government bonds declined for the reporting period, as bond yields rose worldwide amid growth-oriented monetary policy and rising inflation in many countries. Bond yields, which move inversely to bond prices, rose from relatively low levels, as investors sought additional yield to compensate for rising inflation. The U.S. dollar declined overall relative to the currencies of some of its largest trading partners, which benefited U.S. investors in foreign currency-denominated international bonds, but rising inflation ultimately drove international bond prices lower.

Asian bonds detracted the most from the Index’s return, led by Japan. The U.S. dollar strengthened relative to the Japanese yen, as the Bank of Japan, which has been challenged by deflation for two decades, continued to purchase both stocks and bonds to try to stimulate the economy. The Japanese 10-year government bond yield began the reporting period close to zero but rose slightly, further detracting from the Index’s return, as extremely low bond yields are especially sensitive to changes in interest rates. Bonds in Singapore also detracted from the Index’s return, as inflation rose to its highest level since 2014.

European bonds also detracted from the Index’s return, particularly in France, Austria, Belgium, Denmark, and Germany. Eurozone inflation reached a 13-year high amid labor shortages and the return of tourism, as well as highly stimulative monetary policy, including bond purchases by the ECB. However, inflation varied widely throughout Europe, with lower inflation in Portugal and Greece and relatively high inflation in Belgium, Germany, and the Netherlands.

In terms of bond maturity, bonds with maturities greater than 10 years, which are highly sensitive to changes in long-term interest rates, detracted the most from the Index’s return. Intermediate-term bonds also detracted from the Index’s return as investors increasingly anticipated higher interest rates.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*  

 

Percent of
Total Investments(a)

 

 

Aaa

 

 

 

 

35.7

 

Aa

    26.8  

A

    25.3  

Baa

    12.2  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region  

 

Percent of
Total Investments(a)

 

 

Japan

 

 

 

 

16.1

 

France

    8.1  

Italy

    7.4  

Germany

    5.9  

United Kingdom

    4.9  

Spain

    4.8  

Israel

    4.6  

Canada

    4.6  

Netherlands

    4.6  

Denmark

    4.6  

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

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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 by 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. 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

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

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

  9


Schedule of Investments

October 31, 2021

  

iShares® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

    Value  

Foreign Government Obligations

 

Australia — 4.6%  

Australia Government Bond
2.25%, 11/21/22

    AUD       1,765     $ 1,354,953  

2.75%, 04/21/24(a)

    AUD       1,020       803,956  

5.50%, 04/21/23(a)

    AUD       1,643       1,324,157  
     

 

 

 
            3,483,066  
Austria — 4.6%                  

Republic of Austria Government Bond
0.00%, 04/20/23(b)(c)

    EUR       360       419,614  

0.00%, 07/15/23(b)(c)

    EUR       480       560,318  

0.00%, 07/15/24(c)

    EUR       540       632,392  

1.65%, 10/21/24(b)

    EUR       500       614,992  

1.75%, 10/20/23(b)

    EUR       580       701,255  

3.40%, 11/22/22(b)

    EUR       470       565,868  
     

 

 

 
        3,494,439  
Belgium — 4.6%                  

Kingdom of Belgium Government Bond
0.20%, 10/22/23(b)

    EUR       717       841,616  

0.50%, 10/22/24(b)

    EUR       730       868,859  

2.25%, 06/22/23(a)

    EUR       582       704,279  

2.60%, 06/22/24(b)

    EUR       858       1,074,270  
     

 

 

 
        3,489,024  
Canada — 4.6%                  

Canadian Government Bond
0.25%, 02/01/23

    CAD       1,186       951,062  

0.25%, 05/01/23

    CAD       316       252,723  

0.25%, 08/01/23

    CAD       180       143,488  

0.25%, 04/01/24

    CAD       380       300,444  

0.50%, 11/01/23

    CAD       220       175,682  

0.75%, 10/01/24

    CAD       100       79,716  

1.50%, 06/01/23

    CAD       440       358,656  

1.50%, 09/01/24

    CAD       388       315,972  

1.75%, 03/01/23

    CAD       400       326,881  

2.00%, 09/01/23

    CAD       350       287,559  

2.25%, 03/01/24

    CAD       150       124,357  

2.50%, 06/01/24

    CAD       190       158,737  

0.25%, 11/01/22

    CAD       100       79,675  
     

 

 

 
        3,554,952  
Denmark — 3.6%                  

Denmark Government Bond
0.25%, 11/15/22(b)

    DKK       9,843       1,543,033  

1.50%, 11/15/23

    DKK       7,310       1,181,755  
     

 

 

 
        2,724,788  
Finland — 4.1%                  

Finland Government Bond
0.00%, 09/15/23(b)(c)

    EUR       750       876,034  

0.00%, 09/15/24(b)(c)

    EUR       597       699,373  

1.50%, 04/15/23(b)

    EUR       640       762,738  

2.00%, 04/15/24(b)

    EUR       650       798,866  
     

 

 

 
        3,137,011  
France — 7.9%                  

French Republic Government Bond OAT
0.00%, 02/25/23(a)(c)

    EUR       385       448,709  

0.00%, 03/25/23(a)(c)

    EUR       653       761,284  

0.00%, 02/25/24(a)(c)

    EUR       625       730,809  

0.00%, 03/25/24(a)(c)

    EUR       590       690,156  

1.75%, 05/25/23(a)

    EUR       860       1,030,745  

2.25%, 05/25/24(a)

    EUR       840       1,039,790  
Security         

    

Par
(000)

    Value  
France (continued)                  

4.25%, 10/25/23(a)

    EUR       870     $ 1,102,370  

8.50%, 04/25/23(a)

    EUR       185       242,688  
     

 

 

 
            6,046,551  
Germany — 8.6%                  

Bundesobligation
0.00%, 04/14/23(a)(c)

    EUR       300       349,939  

0.00%, 10/13/23(a)(c)

    EUR       400       467,981  

0.00%, 04/05/24(a)(c)

    EUR       480       562,732  

0.00%, 10/18/24(a)(c)

    EUR       460       540,236  

Bundesrepublik Deutschland Bundesanleihe
1.00%, 08/15/24(a)

    EUR       410       494,672  

1.50%, 02/15/23(a)

    EUR       350       415,670  

1.50%, 05/15/23(a)

    EUR       510       608,933  

1.50%, 05/15/24(a)

    EUR       410       499,227  

1.75%, 02/15/24(a)

    EUR       415       505,905  

2.00%, 08/15/23(a)

    EUR       480       581,220  

6.25%, 01/04/24(a)

    EUR       150       199,382  

Bundesschatzanweisungen
0.00%, 12/15/22(a)(c)

    EUR       307       357,429  

0.00%, 03/10/23(a)(c)

    EUR       390       454,568  

0.00%, 06/16/23(a)(c)

    EUR       220       256,805  

0.00%, 09/15/23(a)(c)

    EUR       208       243,042  
     

 

 

 
        6,537,741  
Ireland — 3.3%                  

Ireland Government Bond
3.40%, 03/18/24(a)

    EUR       1,050       1,326,683  

3.90%, 03/20/23(a)

    EUR       974       1,193,838  
     

 

 

 
        2,520,521  
Israel — 4.6%                  

Israel Government Bond - Fixed
0.15%, 07/31/23

    ILS       1,750       551,776  

1.25%, 11/30/22

    ILS       1,211       387,572  

1.50%, 11/30/23

    ILS       2,196       709,757  

3.75%, 03/31/24

    ILS       2,490       850,090  

4.25%, 03/31/23

    ILS       2,965       991,237  
     

 

 

 
        3,490,432  
Italy — 10.0%                  

Italy Buoni Poliennali Del Tesoro
0.00%, 11/29/22(a)(c)

    EUR       190       220,374  

0.00%, 01/15/24(a)(c)

    EUR       340       393,307  

0.00%, 01/30/24(a)(c)

    EUR       220       254,307  

0.00%, 04/15/24(a)(c)

    EUR       300       346,425  

0.00%, 08/15/24(a)(c)

    EUR       250       288,087  

0.05%, 01/15/23(a)

    EUR       280       325,201  

0.30%, 08/15/23(a)

    EUR       400       466,478  

0.60%, 06/15/23(a)

    EUR       250       293,089  

0.65%, 10/15/23(a)

    EUR       400       469,461  

0.95%, 03/01/23(a)

    EUR       500       587,491  

0.95%, 03/15/23(a)

    EUR       290       340,701  

1.75%, 07/01/24(a)

    EUR       340       410,841  

1.85%, 05/15/24(a)

    EUR       220       265,818  

2.45%, 10/01/23(a)

    EUR       370       449,200  

3.75%, 09/01/24(a)

    EUR       390       497,416  

4.50%, 05/01/23(a)

    EUR       320       395,936  

4.50%, 03/01/24(a)

    EUR       430       548,911  

4.75%, 08/01/23(b)

    EUR       320       401,866  

5.50%, 11/01/22(a)

    EUR       355       433,973  

9.00%, 11/01/23(a)

    EUR       180       245,693  
     

 

 

 
        7,634,575  

 

 

10  

2 0 2 1   H A R E S  N N U A L  E P O R T   T O  H A R E H O L D E R S


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

    Value  
Japan — 14.8%                  

Japan Government Five Year Bond
0.10%, 12/20/22

    JPY       159,600     $ 1,403,584  

0.10%, 03/20/23

    JPY       130,000       1,143,829  

0.10%, 06/20/23

    JPY       69,800       614,546  

0.10%, 09/20/23

    JPY       20,000       176,175  

0.10%, 12/20/23

    JPY       45,350       399,673  

0.10%, 03/20/24

    JPY       125,550       1,107,010  

0.10%, 06/20/24

    JPY       42,650       376,139  

0.10%, 09/20/24

    JPY       33,850       298,667  

Japan Government Ten Year Bond
0.50%, 09/20/24

    JPY       33,600       299,872  

0.60%, 03/20/23

    JPY       16,650       147,508  

0.60%, 09/20/23

    JPY       6,050       53,784  

0.60%, 12/20/23

    JPY       60,000       534,301  

0.60%, 03/20/24

    JPY       49,050       437,519  

0.60%, 06/20/24

    JPY       25,350       226,503  

0.80%, 06/20/23

    JPY       23,200       206,558  

0.80%, 09/20/23

    JPY       47,150       420,724  

Japan Government Twenty Year Bond
1.80%, 06/20/23

    JPY       11,600       104,944  

1.90%, 09/20/23

    JPY       12,000       109,264  

1.90%, 12/20/23

    JPY       13,000       118,936  

2.10%, 09/20/24

    JPY       14,400       134,364  

2.40%, 06/20/24

    JPY       6,550       61,255  

Japan Government Two Year Bond
0.00%, 04/01/23(c)

    JPY       22,800       200,382  

0.00%, 05/01/23(c)

    JPY       26,250       230,724  

0.00%, 06/01/23(c)

    JPY       13,450       118,229  

0.00%, 07/01/23(c)

    JPY       12,100       106,371  

0.00%, 08/01/23(c)

    JPY       32,950       289,688  

0.00%, 09/01/23(c)

    JPY       46,700       410,612  

0.00%, 10/01/23(c)

    JPY       53,900       473,923  

0.10%, 12/01/22

    JPY       79,000       694,763  

0.10%, 01/01/23

    JPY       5,000       43,980  

0.10%, 02/01/23

    JPY       27,150       238,853  

0.10%, 03/01/23

    JPY       13,450       118,346  
     

 

 

 
            11,301,026  
Netherlands — 4.5%                  

Netherlands Government Bond
0.00%, 01/15/24(b)(c)

    EUR       720       842,724  

1.75%, 07/15/23(b)

    EUR       820       986,595  

2.00%, 07/15/24(b)

    EUR       720       889,667  

3.75%, 01/15/23(b)

    EUR       220       267,926  

7.50%, 01/15/23(b)

    EUR       350       444,493  
     

 

 

 
        3,431,405  
Norway — 3.1%                  

Norway Government Bond
2.00%, 05/24/23(b)

    NOK       10,818       1,297,586  

3.00%, 03/14/24(b)

    NOK       8,990       1,103,970  
     

 

 

 
        2,401,556  
Singapore — 4.2%                  

Singapore Government Bond
1.75%, 02/01/23

    SGD       1,160       872,370  
Security         

    

Par
(000)

    Value  
Singapore (continued)                  

2.00%, 02/01/24

    SGD       932     $ 708,209  

2.75%, 07/01/23

    SGD       1,020       781,471  

3.00%, 09/01/24

    SGD       1,048       819,173  
     

 

 

 
            3,181,223  
Spain — 5.3%                  

Spain Government Bond
0.00%, 04/30/23(c)

    EUR       620       722,038  

0.00%, 05/31/24(c)

    EUR       337       392,322  

0.25%, 07/30/24(b)

    EUR       330       387,180  

0.35%, 07/30/23

    EUR       420       492,429  

0.45%, 10/31/22

    EUR       100       116,711  

3.80%, 04/30/24(b)

    EUR       400       510,383  

4.40%, 10/31/23(b)

    EUR       390       494,734  

4.80%, 01/31/24(b)

    EUR       324       418,474  

5.40%, 01/31/23(b)

    EUR       440       546,208  
     

 

 

 
        4,080,479  
Sweden — 2.1%                  

Sweden Government Bond,
1.50%, 11/13/23(b)

    SEK       13,075       1,571,520  
     

 

 

 
United Kingdom — 4.5%                  

United Kingdom Gilt
0.13%, 01/31/23(a)

    GBP       640       870,792  

0.13%, 01/31/24(a)

    GBP       636       858,735  

0.75%, 07/22/23(a)

    GBP       344       471,629  

1.00%, 04/22/24(a)

    GBP       250       344,841  

2.25%, 09/07/23(a)

    GBP       390       549,053  

2.75%, 09/07/24(a)

    GBP       250       361,776  
     

 

 

 
        3,456,826  
     

 

 

 

Total Foreign Government Obligations — 99.0%
(Cost: $75,937,048)

 

    75,537,135  
     

 

 

 
Short-Term Investments  
Money Market Funds — 0.0%                  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.00%(d)(e)

      20       20,000  
     

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $20,000)

 

    20,000  
     

 

 

 

Total Investments in Securities — 99.0%
(Cost: $75,957,048)

 

    75,557,135  

Other Assets, Less Liabilities — 1.0%

 

    734,794  
     

 

 

 

Net Assets — 100.0%

 

  $  76,291,929  
     

 

 

 

 

(a)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(b) 

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.

(c) 

Zero-coupon bond.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

 

 

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

  11


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 1-3 Year International Treasury Bond ETF

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 10,000     $ 10,000 (a)    $     $     $     $ 20,000       20     $ 1     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

 

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

          

Foreign Government Obligations

  $      $ 75,537,135      $      $ 75,537,135  

Money Market Funds

    20,000                      20,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $       20,000      $ 75,537,135      $             —      $ 75,557,135  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

12  

2 0 2 1   H A R E S  N N U A L  E P O R T   T O  H A R E H O L D E R S


Schedule of Investments

October 31, 2021

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

     Value  

Foreign Government Obligations

 

Australia — 4.5%                   

Australia Government Bond
0.25%, 11/21/24(a)

    AUD       2,550      $ 1,865,180  

0.25%, 11/21/25(a)

    AUD       2,300        1,650,034  

0.50%, 09/21/26(a)

    AUD       2,225        1,592,228  

1.00%, 12/21/30(a)

    AUD       3,983        2,763,946  

1.00%, 11/21/31(a)

    AUD       4,385        3,000,983  

1.25%, 05/21/32

    AUD       2,300        1,603,008  

1.50%, 06/21/31(a)

    AUD       3,106        2,242,679  

1.75%, 11/21/32(a)

    AUD       1,645        1,199,796  

1.75%, 06/21/51(a)

    AUD       1,936        1,181,833  

2.25%, 11/21/22

    AUD       1,694        1,300,448  

2.25%, 05/21/28(a)

    AUD       679        528,481  

2.50%, 05/21/30(a)

    AUD       4,289        3,386,011  

2.75%, 04/21/24(a)

    AUD       1,450        1,142,879  

2.75%, 11/21/27(a)

    AUD       2,704        2,163,045  

2.75%, 11/21/28(a)

    AUD       321        257,728  

2.75%, 11/21/29(a)

    AUD       3,422        2,752,489  

2.75%, 06/21/35(a)

    AUD       1,666        1,333,432  

2.75%, 05/21/41(a)

    AUD       1,444        1,112,613  

3.00%, 03/21/47(a)

    AUD       1,987        1,582,222  

3.25%, 04/21/25(a)

    AUD       3,274        2,625,416  

3.25%, 04/21/29(a)

    AUD       4,032        3,345,964  

3.25%, 06/21/39(a)

    AUD       2,342        1,953,909  

3.75%, 04/21/37(a)

    AUD       1,171        1,041,153  

4.25%, 04/21/26(a)

    AUD       4,214        3,549,651  

4.50%, 04/21/33(a)

    AUD       2,463        2,318,677  

4.75%, 04/21/27(a)

    AUD       3,096        2,715,365  

5.50%, 04/21/23(a)

    AUD       3,692        2,975,524  
      

 

 

 
             53,184,694  
Austria — 4.5%                   

Republic of Austria Government Bond
0.00%, 04/20/23(b)(c)

    EUR       1,120        1,305,466  

0.00%, 07/15/23(b)(c)

    EUR       1,730        2,019,479  

0.00%, 07/15/24(c)

    EUR       1,908        2,234,453  

0.00%, 04/20/25(b)(c)

    EUR       743        870,160  

0.00%, 02/20/30(b)(c)

    EUR       1,844        2,116,955  

0.00%, 02/20/31(b)(c)

    EUR       1,556        1,771,035  

0.00%, 10/20/40(b)(c)

    EUR       601        632,923  

0.25%, 10/20/36(b)

    EUR       1,037        1,165,566  

0.50%, 04/20/27(b)

    EUR       1,440        1,730,060  

0.50%, 02/20/29(b)

    EUR       2,304        2,763,302  

0.75%, 10/20/26(b)

    EUR       2,544        3,091,701  

0.75%, 02/20/28(b)

    EUR       1,841        2,245,246  

0.75%, 03/20/51(b)

    EUR       874        1,057,628  

0.85%, 06/30/2120(b)

    EUR       692        732,756  

1.20%, 10/20/25(b)

    EUR       2,101        2,582,253  

1.50%, 02/20/47(b)

    EUR       1,438        2,056,216  

1.50%, 11/02/86(b)

    EUR       473        712,246  

1.65%, 10/21/24(b)

    EUR       1,915        2,355,419  

1.75%, 10/20/23(b)

    EUR       2,074        2,507,591  

2.10%, 09/20/2117(b)

    EUR       1,000        1,897,343  

2.40%, 05/23/34(b)

    EUR       1,471        2,146,681  

3.15%, 06/20/44(b)

    EUR       1,225        2,248,200  

3.40%, 11/22/22(b)

    EUR       1,891        2,276,715  

3.80%, 01/26/62(b)

    EUR       661        1,597,308  

4.15%, 03/15/37

    EUR       2,551        4,639,444  

4.85%, 03/15/26(b)

    EUR       1,507        2,143,470  
Security         

    

Par
(000)

     Value  
Austria (continued)                   

6.25%, 07/15/27

    EUR       1,756      $ 2,789,923  
      

 

 

 
             53,689,539  
Belgium — 4.5%                   

Kingdom of Belgium Government Bond
0.00%, 10/22/27(b)(c)

    EUR       1,015        1,183,196  

0.00%, 10/22/31(a)(b)(c)

    EUR       730        822,614  

0.00%, 10/22/31(c)

    EUR       591        665,979  

0.10%, 06/22/30(b)

    EUR       1,158        1,336,506  

0.20%, 10/22/23(b)

    EUR       1,201        1,409,737  

0.40%, 06/22/40(b)

    EUR       808        893,977  

0.50%, 10/22/24(b)

    EUR       1,435        1,707,962  

0.65%, 06/22/71(b)

    EUR       532        525,181  

0.80%, 06/22/25(b)

    EUR       2,167        2,614,773  

0.80%, 06/22/27(b)

    EUR       1,252        1,527,927  

0.80%, 06/22/28(b)

    EUR       1,765        2,161,050  

0.90%, 06/22/29(b)

    EUR       1,854        2,287,463  

1.00%, 06/22/26(b)

    EUR       2,010        2,461,579  

1.00%, 06/22/31(b)

    EUR       2,069        2,578,321  

1.45%, 06/22/37(b)

    EUR       587        773,301  

1.60%, 06/22/47(b)

    EUR       1,199        1,646,348  

1.70%, 06/22/50(b)

    EUR       1,071        1,511,195  

1.90%, 06/22/38(b)

    EUR       1,236        1,735,297  

2.15%, 06/22/66(b)

    EUR       818        1,351,397  

2.25%, 06/22/23(a)

    EUR       1,230        1,488,424  

2.25%, 06/22/57(b)

    EUR       760        1,238,067  

2.60%, 06/22/24(b)

    EUR       1,630        2,040,864  

3.00%, 06/22/34(b)

    EUR       1,055        1,615,821  

3.75%, 06/22/45(a)

    EUR       1,195        2,293,042  

4.00%, 03/28/32(a)

    EUR       1,009        1,620,810  

4.25%, 03/28/41(b)

    EUR       1,775        3,411,795  

4.50%, 03/28/26(b)

    EUR       1,247        1,752,776  

5.00%, 03/28/35(b)

    EUR       2,018        3,740,269  

5.50%, 03/28/28

    EUR       2,480        3,913,367  

Series 86, 1.25%, 04/22/33(b)

    EUR       1,085        1,390,849  
      

 

 

 
             53,699,887  
Canada — 4.6%                   

Canadian Government Bond
0.25%, 11/01/22

    CAD       3,500        2,812,924  

0.25%, 02/01/23

    CAD       2,600        2,084,958  

0.25%, 08/01/23

    CAD       2,416        1,925,928  

0.25%, 03/01/26

    CAD       4,855        3,726,063  

0.50%, 11/01/23

    CAD       400        319,422  

0.50%, 09/01/25

    CAD       5,795        4,530,785  

0.50%, 12/01/30

    CAD       4,629        3,358,007  

1.00%, 09/01/26

    CAD       1,223        965,306  

1.00%, 06/01/27

    CAD       47        36,886  

1.25%, 03/01/25

    CAD       500        403,580  

1.25%, 06/01/30

    CAD       4,840        3,778,180  

1.50%, 06/01/23

    CAD       2,533        2,064,714  

1.50%, 09/01/24

    CAD       1,500        1,221,538  

1.50%, 06/01/26

    CAD       110        89,065  

1.50%, 06/01/31

    CAD       3,293        2,605,584  

1.75%, 03/01/23

    CAD       3,662        2,992,596  

1.75%, 12/01/53

    CAD       1,007        753,956  

2.00%, 09/01/23

    CAD       3,310        2,719,490  

2.00%, 06/01/28

    CAD       200        166,010  

2.00%, 12/01/51

    CAD       5,134        4,125,951  

2.25%, 03/01/24

    CAD       1,600        1,326,477  

2.25%, 06/01/25

    CAD       2,200        1,835,603  

 

 

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

  13


Schedule of Investments (continued)

October 31, 2021

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

     Value  
Canada (continued)                   

2.25%, 06/01/29

    CAD       950      $ 802,495  

2.50%, 06/01/24

    CAD       1,223        1,021,762  

2.75%, 12/01/48

    CAD       1,326        1,233,654  

2.75%, 12/01/64

    CAD       650        619,848  

3.50%, 12/01/45

    CAD       1,419        1,471,215  

4.00%, 06/01/41

    CAD       1,161        1,248,750  

5.00%, 06/01/37

    CAD       551        630,516  

5.75%, 06/01/29

    CAD       1,230        1,285,189  

5.75%, 06/01/33

    CAD       1,683        1,910,768  
      

 

 

 
             54,067,220  
Denmark — 4.6%                   

Denmark Government Bond
0.00%, 11/15/24(b)(c)

    DKK       10,540        1,655,607  

0.00%, 11/15/31(b)(c)

    DKK       25,651        3,921,673  

0.25%, 11/15/22(b)

    DKK       35,572        5,576,429  

0.25%, 11/15/52(b)

    DKK       20,826        3,102,475  

0.50%, 11/15/27

    DKK       39,410        6,348,470  

0.50%, 11/15/29(b)

    DKK       45,036        7,270,847  

1.50%, 11/15/23

    DKK       26,561        4,293,909  

1.75%, 11/15/25

    DKK       34,295        5,771,260  

4.50%, 11/15/39

    DKK       58,253        15,947,929  
      

 

 

 
         53,888,599  
Finland — 4.6%                   

Finland Government Bond
0.00%, 09/15/23(b)(c)

    EUR       2,555        2,984,356  

0.00%, 09/15/24(b)(c)

    EUR       1,797        2,105,147  

0.00%, 09/15/26(c)

    EUR       1,582        1,851,670  

0.00%, 09/15/30(b)(c)

    EUR       2,013        2,311,460  

0.13%, 09/15/31(b)

    EUR       1,554        1,789,615  

0.13%, 04/15/36(b)

    EUR       1,647        1,845,424  

0.13%, 04/15/52(b)

    EUR       1,491        1,547,324  

0.25%, 09/15/40(b)

    EUR       1,625        1,829,358  

0.50%, 04/15/26(b)

    EUR       2,969        3,557,026  

0.50%, 09/15/27(b)

    EUR       2,859        3,439,088  

0.50%, 09/15/28(b)

    EUR       2,219        2,669,540  

0.50%, 09/15/29(b)

    EUR       2,810        3,381,900  

0.75%, 04/15/31(b)

    EUR       1,967        2,411,875  

0.88%, 09/15/25(b)

    EUR       2,147        2,603,546  

1.13%, 04/15/34(b)

    EUR       2,027        2,598,364  

1.38%, 04/15/47(b)

    EUR       1,554        2,223,092  

1.50%, 04/15/23(b)

    EUR       2,038        2,428,844  

2.00%, 04/15/24(b)

    EUR       1,863        2,289,672  

2.63%, 07/04/42(b)

    EUR       2,454        4,117,905  

2.75%, 07/04/28(b)

    EUR       2,075        2,865,079  

4.00%, 07/04/25(b)

    EUR       2,228        2,998,733  
      

 

 

 
         53,849,018  
France — 8.0%                   

French Republic Government Bond OAT
0.00%, 02/25/23(a)(c)

    EUR       520        606,049  

0.00%, 03/25/23(a)(c)

    EUR       1,535        1,789,543  

0.00%, 02/25/24(a)(c)

    EUR       310        362,481  

0.00%, 03/25/24(a)(c)

    EUR       1,875        2,193,293  

0.00%, 03/25/25(a)(c)

    EUR       2,429        2,844,146  

0.00%, 02/25/26(a)(c)

    EUR       2,009        2,349,111  

0.00%, 11/25/29(a)(c)

    EUR       2,704        3,100,505  

0.00%, 11/25/30(a)(c)

    EUR       2,349        2,667,380  

0.00%, 11/25/31(a)(c)

    EUR       600        673,763  

0.25%, 11/25/26(a)

    EUR       2,353        2,782,085  

0.50%, 05/25/25(a)

    EUR       1,664        1,983,407  
Security         

    

Par
(000)

     Value  
France (continued)                   

0.50%, 05/25/26(a)

    EUR       1,746      $ 2,087,404  

0.50%, 05/25/29(a)

    EUR       1,582        1,890,971  

0.50%, 05/25/40(b)

    EUR       940        1,060,017  

0.50%, 06/25/44

    EUR       279        308,849  

0.50%, 05/25/72(b)

    EUR       366        337,842  

0.75%, 05/25/28(a)

    EUR       2,031        2,471,801  

0.75%, 11/25/28(a)

    EUR       1,835        2,234,535  

0.75%, 05/25/52(b)

    EUR       1,449        1,628,310  

0.75%, 05/25/53(b)

    EUR       160        178,153  

1.00%, 11/25/25(a)

    EUR       1,363        1,660,582  

1.00%, 05/25/27(a)

    EUR       1,950        2,399,145  

1.25%, 05/25/34(a)

    EUR       1,603        2,040,413  

1.25%, 05/25/36(b)

    EUR       1,853        2,369,555  

1.50%, 05/25/31(a)

    EUR       3,148        4,078,326  

1.50%, 05/25/50(b)

    EUR       1,571        2,136,613  

1.75%, 05/25/23(a)

    EUR       1,844        2,210,109  

1.75%, 11/25/24(a)

    EUR       1,782        2,197,917  

1.75%, 06/25/39(b)

    EUR       1,320        1,839,496  

1.75%, 05/25/66(b)

    EUR       625        928,485  

2.00%, 05/25/48(b)

    EUR       1,241        1,864,975  

2.25%, 05/25/24(a)

    EUR       1,776        2,198,412  

2.50%, 05/25/30(a)

    EUR       2,124        2,955,743  

2.75%, 10/25/27(a)

    EUR       2,264        3,072,202  

3.25%, 05/25/45(a)

    EUR       1,286        2,315,107  

3.50%, 04/25/26(a)

    EUR       1,827        2,469,768  

4.00%, 10/25/38(a)

    EUR       1,097        1,987,661  

4.00%, 04/25/55(b)

    EUR       839        1,856,461  

4.00%, 04/25/60(a)

    EUR       757        1,755,009  

4.25%, 10/25/23(a)

    EUR       3,227        4,088,904  

4.50%, 04/25/41(a)

    EUR       1,674        3,322,061  

4.75%, 04/25/35(a)

    EUR       1,407        2,555,544  

5.50%, 04/25/29(a)

    EUR       1,764        2,877,492  

5.75%, 10/25/32(a)

    EUR       1,728        3,183,988  

6.00%, 10/25/25(a)

    EUR       1,560        2,262,676  

8.50%, 04/25/23(a)

    EUR       485        635,788  
      

 

 

 
             94,812,077  
Germany — 5.8%                   

Bundesobligation
0.00%, 04/14/23(a)(c)

    EUR       1,668        1,945,658  

0.00%, 10/13/23(a)(c)

    EUR       660        772,169  

0.00%, 04/05/24(a)(c)

    EUR       1,310        1,535,788  

0.00%, 10/18/24(a)(c)

    EUR       800        939,541  

0.00%, 04/11/25(a)(c)

    EUR       1,310        1,539,756  

0.00%, 10/10/25(a)(c)

    EUR       874        1,028,642  

0.00%, 04/10/26(a)(c)

    EUR       1,300        1,530,917  

Series G, 0.00%, 10/10/25(a)(c)

    EUR       286        337,543  

Bundesrepublik Deutschland Bundesanleihe
0.00%, 08/15/26(a)(c)

    EUR       1,321        1,556,212  

0.00%, 11/15/27(a)(c)

    EUR       1,180        1,390,161  

0.00%, 08/15/29(a)(c)

    EUR       1,157        1,360,095  

0.00%, 02/15/30(a)(c)

    EUR       1,205        1,415,560  

0.00%, 08/15/30(a)(c)

    EUR       1,190        1,395,463  

0.00%, 02/15/31(a)(c)

    EUR       1,160        1,356,367  

0.00%, 08/15/31(a)(c)

    EUR       1,035        1,206,917  

0.00%, 05/15/35(a)(c)

    EUR       1,435        1,660,701  

0.00%, 05/15/36(a)(c)

    EUR       548        629,801  

0.00%, 08/15/50(a)(c)

    EUR       1,322        1,470,923  

0.00%, 08/15/52(a)(c)

    EUR       248        273,251  

0.25%, 02/15/27(a)

    EUR       1,590        1,898,015  

0.25%, 08/15/28(a)

    EUR       1,722        2,062,932  

 

 

14  

2 0 2 1   H A R E S  N N U A L  E P O R T   T O  H A R E H O L D E R S


Schedule of Investments (continued)

October 31, 2021

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

     Value  
Germany (continued)                   

0.25%, 02/15/29(a)

    EUR       1,206      $ 1,445,384  

0.50%, 02/15/25(a)

    EUR       1,084        1,294,920  

0.50%, 02/15/26(a)

    EUR       1,486        1,787,164  

0.50%, 08/15/27(a)

    EUR       1,395        1,691,751  

0.50%, 02/15/28(a)

    EUR       1,181        1,435,573  

1.00%, 08/15/24(a)

    EUR       1,283        1,547,961  

1.00%, 08/15/25(a)

    EUR       1,080        1,318,158  

1.25%, 08/15/48(a)

    EUR       1,366        2,062,331  

1.50%, 02/15/23(a)

    EUR       810        961,979  

1.50%, 05/15/23(a)

    EUR       801        956,383  

1.50%, 05/15/24(a)

    EUR       765        931,484  

1.75%, 02/15/24(a)

    EUR       1,149        1,400,686  

2.00%, 08/15/23(a)

    EUR       1,262        1,528,125  

2.50%, 07/04/44(a)

    EUR       1,405        2,540,178  

2.50%, 08/15/46(a)

    EUR       1,276        2,369,249  

3.25%, 07/04/42(a)

    EUR       790        1,530,580  

4.00%, 01/04/37(a)

    EUR       1,225        2,296,245  

4.25%, 07/04/39(a)

    EUR       844        1,722,105  

4.75%, 07/04/28(a)

    EUR       634        983,576  

4.75%, 07/04/34(a)

    EUR       925        1,735,196  

4.75%, 07/04/40(a)

    EUR       858        1,884,101  

5.50%, 01/04/31(a)

    EUR       987        1,747,350  

5.63%, 01/04/28(a)

    EUR       766        1,216,645  

6.25%, 01/04/24(a)

    EUR       785        1,043,434  

6.25%, 01/04/30(a)

    EUR       545        969,368  

6.50%, 07/04/27(a)

    EUR       620        999,910  

Series G, 0.00%, 08/15/30(a)(c)

    EUR       400        471,260  

Series G, 0.00%, 08/15/31(a)(c)

    EUR       198        231,683  

Series G, 0.00%, 08/15/50(a)(c)

    EUR       267        300,797  

Bundesschatzanweisungen
0.00%, 12/15/22(a)(c)

    EUR       600        698,559  

0.00%, 03/10/23(a)(c)

    EUR       170        198,145  
      

 

 

 
             68,606,692  
Ireland — 4.5%                   

Ireland Government Bond
0.00%, 10/18/31(a)(c)

    EUR       2,786        3,110,793  

0.20%, 05/15/27(a)

    EUR       1,893        2,220,968  

0.20%, 10/18/30(a)

    EUR       1,651        1,901,986  

0.40%, 05/15/35(a)

    EUR       1,714        1,960,976  

0.55%, 04/22/41(a)

    EUR       1,318        1,486,889  

0.90%, 05/15/28(a)

    EUR       2,763        3,376,333  

1.00%, 05/15/26(a)

    EUR       3,790        4,624,314  

1.10%, 05/15/29(a)

    EUR       3,335        4,137,079  

1.30%, 05/15/33(a)

    EUR       1,488        1,890,203  

1.35%, 03/18/31(a)

    EUR       2,586        3,298,820  

1.50%, 05/15/50(a)

    EUR       2,248        3,035,527  

1.70%, 05/15/37(a)

    EUR       1,921        2,599,301  

2.00%, 02/18/45(a)

    EUR       3,064        4,526,301  

2.40%, 05/15/30(a)

    EUR       3,451        4,740,979  

3.40%, 03/18/24(a)

    EUR       2,410        3,045,054  

3.90%, 03/20/23(a)

    EUR       2,271        2,783,284  

5.40%, 03/13/25

    EUR       3,561        4,910,529  
      

 

 

 
         53,649,336  
Israel — 4.6%                   

Israel Government Bond - Fixed
0.15%, 07/31/23

    ILS       8,500        2,680,056  

0.50%, 04/30/25

    ILS       12,200        3,842,650  

0.50%, 02/27/26

    ILS       2,954        923,130  

1.00%, 03/31/30

    ILS       13,938        4,323,372  
Security         

    

Par
(000)

     Value  
Israel (continued)                   

1.25%, 11/30/22

    ILS       8,000      $ 2,560,342  

1.50%, 11/30/23

    ILS       10,550        3,409,810  

1.50%, 05/31/37

    ILS       9,649        2,865,144  

1.75%, 08/31/25

    ILS       11,300        3,722,357  

2.00%, 03/31/27

    ILS       11,300        3,788,417  

2.25%, 09/28/28

    ILS       11,000        3,756,373  

3.75%, 03/31/24

    ILS       11,625        3,968,792  

3.75%, 03/31/47

    ILS       13,950        5,556,960  

4.25%, 03/31/23

    ILS       11,175        3,735,944  

5.50%, 01/31/42

    ILS       10,684        5,272,744  

6.25%, 10/30/26

    ILS       9,700        3,889,074  
      

 

 

 
             54,295,165  
Italy — 7.3%                   

Italy Buoni Poliennali Del Tesoro
0.00%, 11/29/22(a)(c)

    EUR       740        858,297  

0.00%, 01/15/24(a)(c)

    EUR       693        801,653  

0.00%, 04/15/24(a)(c)

    EUR       800        923,801  

0.00%, 08/01/26(a)(c)

    EUR       869        983,914  

0.05%, 01/15/23(a)

    EUR       949        1,102,200  

0.25%, 03/15/28(a)

    EUR       880        987,423  

0.30%, 08/15/23(a)

    EUR       310        361,521  

0.35%, 02/01/25(a)

    EUR       1,009        1,173,589  

0.50%, 02/01/26(a)

    EUR       1,100        1,278,212  

0.50%, 07/15/28(a)

    EUR       359        407,484  

0.60%, 08/01/31(b)

    EUR       1,031        1,130,838  

0.65%, 10/15/23(a)

    EUR       776        910,754  

0.85%, 01/15/27(a)

    EUR       885        1,039,357  

0.90%, 04/01/31(a)

    EUR       1,545        1,751,157  

0.95%, 03/01/23(a)

    EUR       585        687,364  

0.95%, 03/15/23(a)

    EUR       655        769,514  

0.95%, 09/15/27(a)

    EUR       770        906,000  

0.95%, 08/01/30(a)

    EUR       780        894,962  

0.95%, 03/01/37(b)

    EUR       640        682,998  

1.25%, 12/01/26(a)

    EUR       817        980,143  

1.35%, 04/01/30(a)

    EUR       997        1,185,886  

1.45%, 11/15/24(a)

    EUR       1,102        1,325,263  

1.45%, 05/15/25(a)

    EUR       922        1,113,027  

1.45%, 03/01/36(b)

    EUR       479        552,899  

1.50%, 06/01/25(a)

    EUR       735        887,852  

1.50%, 04/30/45(b)

    EUR       404        443,832  

1.60%, 06/01/26(a)

    EUR       928        1,129,582  

1.65%, 12/01/30(b)

    EUR       1,190        1,442,799  

1.65%, 03/01/32(b)

    EUR       1,030        1,241,689  

1.70%, 09/01/51(b)

    EUR       581        643,239  

1.75%, 07/01/24(a)

    EUR       697        842,223  

1.80%, 03/01/41

    EUR       600        705,204  

1.85%, 05/15/24(a)

    EUR       610        737,040  

1.85%, 07/01/25(b)

    EUR       946        1,157,583  

2.00%, 12/01/25(a)

    EUR       894        1,103,574  

2.00%, 02/01/28(a)

    EUR       1,086        1,356,703  

2.05%, 08/01/27(a)

    EUR       1,036        1,294,623  

2.10%, 07/15/26(a)

    EUR       765        952,938  

2.15%, 03/01/72(b)

    EUR       206        230,994  

2.15%, 03/01/72

    EUR       10        11,213  

2.20%, 06/01/27(a)

    EUR       1,630        2,052,546  

2.25%, 09/01/36(b)

    EUR       765        974,879  

2.45%, 10/01/23(a)

    EUR       789        957,889  

2.45%, 09/01/33(b)

    EUR       870        1,127,925  

2.45%, 09/01/50(b)

    EUR       720        937,891  

2.50%, 12/01/24(a)

    EUR       1,135        1,407,342  

 

 

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 (continued)

October 31, 2021

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

     Value  
Italy (continued)                   

2.50%, 11/15/25(a)

    EUR       750      $ 943,521  

2.70%, 03/01/47(b)

    EUR       686        933,800  

2.80%, 12/01/28(a)

    EUR       925        1,216,136  

2.80%, 03/01/67(b)

    EUR       392        524,125  

2.95%, 09/01/38(b)

    EUR       663        922,909  

3.00%, 08/01/29(a)

    EUR       922        1,234,297  

3.10%, 03/01/40(b)

    EUR       596        848,350  

3.25%, 09/01/46(b)

    EUR       765        1,138,075  

3.35%, 03/01/35(b)

    EUR       758        1,079,292  

3.45%, 03/01/48(b)

    EUR       601        928,222  

3.50%, 03/01/30(b)

    EUR       1,074        1,494,198  

3.75%, 09/01/24(a)

    EUR       946        1,206,553  

3.85%, 09/01/49(b)

    EUR       914        1,516,504  

4.00%, 02/01/37(b)

    EUR       1,188        1,834,381  

4.50%, 05/01/23(a)

    EUR       897        1,109,859  

4.50%, 03/01/24(a)

    EUR       1,157        1,476,952  

4.50%, 03/01/26(b)

    EUR       850        1,156,589  

4.75%, 08/01/23(b)

    EUR       1,420        1,783,281  

4.75%, 09/01/28(b)

    EUR       875        1,278,222  

4.75%, 09/01/44(b)

    EUR       841        1,519,532  

5.00%, 03/01/25(b)

    EUR       1,031        1,381,481  

5.00%, 08/01/34(b)

    EUR       926        1,523,730  

5.00%, 08/01/39(b)

    EUR       1,047        1,844,243  

5.00%, 09/01/40(b)

    EUR       1,000        1,785,604  

5.25%, 11/01/29(a)

    EUR       1,395        2,156,496  

5.50%, 11/01/22(a)

    EUR       867        1,059,871  

5.75%, 02/01/33(a)

    EUR       1,082        1,840,240  

6.00%, 05/01/31(a)

    EUR       1,593        2,659,027  

6.50%, 11/01/27(a)

    EUR       1,338        2,076,411  

7.25%, 11/01/26(a)

    EUR       542        837,263  

9.00%, 11/01/23(a)

    EUR       622        849,426  
      

 

 

 
             86,606,406  
Japan — 15.9%                   

Japan Government Five Year Bond
0.00%, 03/20/26(c)

    JPY       80,950        712,878  

0.00%, 06/20/26(c)

    JPY       87,750        772,801  

0.10%, 12/20/22

    JPY       68,000        598,018  

0.10%, 03/20/23

    JPY       203,200        1,787,893  

0.10%, 06/20/23

    JPY       9,000        79,239  

0.10%, 09/20/23

    JPY       169,600        1,493,968  

0.10%, 12/20/23

    JPY       68,550        604,136  

0.10%, 03/20/24

    JPY       77,350        682,017  

0.10%, 06/20/24

    JPY       23,700        209,015  

0.10%, 09/20/24

    JPY       22,950        202,494  

0.10%, 12/20/24

    JPY       80,000        706,162  

0.10%, 03/20/25

    JPY       70,000        618,137  

0.10%, 06/20/25

    JPY       104,950        927,133  

0.10%, 09/20/25

    JPY       153,000        1,352,656  

0.10%, 12/20/25

    JPY       164,100        1,450,717  

Japan Government Forty Year Bond
0.40%, 03/20/56

    JPY       103,750        828,161  

0.50%, 03/20/59

    JPY       126,050        1,032,819  

0.50%, 03/20/60

    JPY       163,500        1,338,125  

0.70%, 03/20/61

    JPY       56,750        496,746  

0.80%, 03/20/58

    JPY       98,150        889,761  

0.90%, 03/20/57

    JPY       104,500        976,620  

1.40%, 03/20/55

    JPY       54,400        577,988  

1.70%, 03/20/54

    JPY       125,050        1,420,419  

1.90%, 03/20/53

    JPY       69,050        814,599  

2.00%, 03/20/52

    JPY       54,200        647,870  
Security         

    

Par
(000)

     Value  
Japan (continued)                   

2.20%, 03/20/49

    JPY       59,100      $ 720,551  

2.20%, 03/20/50

    JPY       56,150        688,979  

2.20%, 03/20/51

    JPY       125,900            1,558,244  

2.40%, 03/20/48

    JPY       36,900        465,006  

Japan Government Ten Year Bond
0.10%, 03/20/26

    JPY       42,600        376,715  

0.10%, 06/20/26

    JPY       45,000        398,239  

0.10%, 09/20/26

    JPY       80,000        708,190  

0.10%, 03/20/27

    JPY       109,550        970,249  

0.10%, 06/20/27

    JPY       55,050        487,662  

0.10%, 09/20/27

    JPY       56,250        498,391  

0.10%, 12/20/27

    JPY       56,000        496,210  

0.10%, 03/20/28

    JPY       83,000        734,951  

0.10%, 03/20/29

    JPY       154,750        1,370,150  

0.10%, 06/20/29

    JPY       18,350        162,412  

0.10%, 09/20/29

    JPY       78,600        695,397  

0.10%, 12/20/29

    JPY       192,950        1,706,103  

0.10%, 03/20/30

    JPY       212,850        1,880,699  

0.10%, 06/20/30

    JPY       115,050        1,016,629  

0.10%, 09/20/30

    JPY       165,600        1,460,854  

0.10%, 12/20/30

    JPY       223,000        1,965,472  

0.10%, 03/20/31

    JPY       136,750        1,203,088  

0.10%, 06/20/31

    JPY       141,400        1,242,757  

0.10%, 09/20/31

    JPY       68,800        603,400  

0.30%, 12/20/24

    JPY       48,550        431,227  

0.30%, 12/20/25

    JPY       51,550        459,669  

0.40%, 03/20/25

    JPY       58,200        519,130  

0.40%, 06/20/25

    JPY       112,650        1,005,958  

0.40%, 09/20/25

    JPY       47,950        428,843  

0.50%, 09/20/24

    JPY       81,900        730,938  

0.50%, 12/20/24

    JPY       43,850        391,901  

0.60%, 03/20/23

    JPY       265,100        2,348,603  

0.60%, 09/20/23

    JPY       30,250        268,920  

0.60%, 12/20/23

    JPY       207,000        1,843,340  

0.60%, 03/20/24

    JPY       79,700        710,912  

0.60%, 06/20/24

    JPY       83,050        742,054  

0.70%, 12/20/22

    JPY       94,050        832,740  

0.80%, 12/20/22

    JPY       121,850        1,080,095  

0.80%, 06/20/23

    JPY       50,100        446,058  

0.80%, 09/20/23

    JPY       101,800        908,371  

Japan Government Thirty Year Bond
0.30%, 06/20/46

    JPY       58,200        479,842  

0.40%, 09/20/49

    JPY       104,500        856,868  

0.40%, 12/20/49

    JPY       126,500        1,035,507  

0.40%, 03/20/50

    JPY       130,000        1,064,865  

0.50%, 09/20/46

    JPY       65,000        561,027  

0.50%, 03/20/49

    JPY       105,050        888,678  

0.60%, 12/20/46

    JPY       92,350        814,770  

0.60%, 06/20/50

    JPY       104,100        897,137  

0.60%, 09/20/50

    JPY       125,000        1,078,449  

0.70%, 06/20/48

    JPY       80,000        715,645  

0.70%, 12/20/48

    JPY       101,450        904,687  

0.70%, 12/20/50

    JPY       134,050        1,186,509  

0.70%, 06/20/51

    JPY       126,000        1,115,422  

0.70%, 09/20/51

    JPY       60,600        535,848  

0.80%, 03/20/46

    JPY       65,400        605,324  

0.80%, 03/20/47

    JPY       58,650        540,882  

0.80%, 06/20/47

    JPY       70,900        653,393  

0.80%, 09/20/47

    JPY       59,550        547,803  

0.80%, 12/20/47

    JPY       80,000        735,368  

 

 

16  

2 0 2 1   H A R E S  N N U A L  E P O R T   T O  H A R E H O L D E R S


Schedule of Investments (continued)

October 31, 2021

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

     Value  
Japan (continued)                   

0.80%, 03/20/48

    JPY       82,000      $ 752,306  

0.90%, 09/20/48

    JPY       82,350        771,023  

1.10%, 03/20/33

    JPY       29,000        281,354  

1.40%, 09/20/45

    JPY       37,500        391,796  

1.40%, 12/20/45

    JPY       47,650        498,048  

1.50%, 12/20/44

    JPY       55,050        584,358  

1.50%, 03/20/45

    JPY       75,000        796,622  

1.60%, 06/20/45

    JPY       30,950        335,039  

1.70%, 06/20/33

    JPY       32,550        336,032  

1.70%, 12/20/43

    JPY       62,400        683,140  

1.70%, 03/20/44

    JPY       96,950        1,062,448  

1.70%, 06/20/44

    JPY       46,450        509,550  

1.70%, 09/20/44

    JPY       64,150        704,426  

1.80%, 11/22/32

    JPY       26,000        269,326  

1.80%, 03/20/43

    JPY       17,500        193,958  

1.80%, 09/20/43

    JPY       68,800        764,415  

1.90%, 09/20/42

    JPY       188,350        2,113,817  

1.90%, 06/20/43

    JPY       90,150        1,015,960  

2.00%, 12/20/33

    JPY       14,550        155,348  

2.00%, 09/20/40

    JPY       121,600        1,367,948  

2.00%, 09/20/41

    JPY       139,900        1,583,696  

2.00%, 03/20/42

    JPY       154,550        1,754,731  

2.10%, 09/20/33

    JPY       38,950        418,852  

2.20%, 09/20/39

    JPY       108,400        1,243,022  

2.20%, 03/20/41

    JPY       126,650        1,467,851  

2.30%, 05/20/32

    JPY       24,800        266,987  

2.30%, 03/20/35

    JPY       47,600        530,873  

2.30%, 06/20/35

    JPY       45,550        509,301  

2.30%, 12/20/35

    JPY       45,650        513,607  

2.30%, 12/20/36

    JPY       43,100        489,357  

2.30%, 03/20/39

    JPY       131,050        1,518,881  

2.30%, 03/20/40

    JPY       158,950        1,855,465  

2.40%, 11/20/31

    JPY       22,600        243,673  

2.40%, 03/20/34

    JPY       43,200        480,656  

2.40%, 12/20/34

    JPY       42,600        478,679  

2.40%, 03/20/37

    JPY       64,150        738,315  

2.40%, 09/20/38

    JPY       141,950        1,656,235  

2.50%, 06/20/34

    JPY       46,450        524,014  

2.50%, 09/20/34

    JPY       39,700        449,238  

2.50%, 09/20/35

    JPY       36,550        418,881  

2.50%, 03/20/36

    JPY       52,000        599,076  

2.50%, 06/20/36

    JPY       43,950        507,645  

2.50%, 09/20/36

    JPY       36,900        427,894  

2.50%, 09/20/37

    JPY       85,800        1,005,172  

Japan Government Twenty Year Bond
0.20%, 06/20/36

    JPY       75,000        650,077  

0.30%, 06/20/39

    JPY       180,000        1,552,856  

0.30%, 09/20/39

    JPY       142,850        1,228,303  

0.30%, 12/20/39

    JPY       82,150        705,146  

0.40%, 03/20/36

    JPY       112,000        999,524  

0.40%, 03/20/39

    JPY       165,100        1,450,186  

0.40%, 03/20/40

    JPY       118,600        1,035,720  

0.40%, 06/20/40

    JPY       166,600        1,452,647  

0.40%, 09/20/40

    JPY       180,000        1,567,038  

0.40%, 06/20/41

    JPY       175,150        1,517,285  

0.50%, 09/20/36

    JPY       84,500        763,988  

0.50%, 03/20/38

    JPY       116,550        1,046,562  

0.50%, 06/20/38

    JPY       20,000        179,408  

0.50%, 12/20/38

    JPY       140,200        1,252,949  

0.50%, 12/20/40

    JPY       162,600        1,438,370  
Security         

    

Par
(000)

     Value  
Japan (continued)                   

0.50%, 03/20/41

    JPY       124,300      $     1,097,995  

0.50%, 09/20/41

    JPY       57,300        505,572  

0.60%, 12/20/36

    JPY       107,100        979,663  

0.60%, 06/20/37

    JPY       90,550        827,221  

0.60%, 09/20/37

    JPY       75,000        684,676  

0.60%, 12/20/37

    JPY       89,350        815,098  

0.70%, 03/20/37

    JPY       93,550        867,226  

0.70%, 09/20/38

    JPY       48,850        451,379  

0.80%, 06/20/23

    JPY       51,950        462,529  

1.00%, 03/20/23

    JPY       64,500        574,555  

1.00%, 12/20/35

    JPY       110,000        1,063,084  

1.20%, 12/20/34

    JPY       100,150        989,225  

1.20%, 03/20/35

    JPY       74,250        733,940  

1.20%, 09/20/35

    JPY       78,850        780,475  

1.30%, 06/20/35

    JPY       97,300        973,726  

1.40%, 12/20/22

    JPY       27,000        240,947  

1.40%, 09/20/34

    JPY       120,000        1,210,802  

1.50%, 06/20/32

    JPY       50,900        511,086  

1.50%, 03/20/33

    JPY       59,400        599,608  

1.50%, 03/20/34

    JPY       98,350        1,000,275  

1.50%, 06/20/34

    JPY       126,000        1,283,381  

1.60%, 06/20/30

    JPY       73,200        729,874  

1.60%, 03/20/32

    JPY       46,700        472,220  

1.60%, 06/20/32

    JPY       50,100        507,664  

1.60%, 03/20/33

    JPY       89,100        908,152  

1.60%, 12/20/33

    JPY       107,850        1,106,519  

1.70%, 12/20/22

    JPY       36,000        322,337  

1.70%, 09/20/31

    JPY       50,400        511,805  

1.70%, 12/20/31

    JPY       66,600        677,885  

1.70%, 03/20/32

    JPY       45,450        463,672  

1.70%, 06/20/32

    JPY       44,550        455,530  

1.70%, 09/20/32

    JPY       66,000        676,353  

1.70%, 12/20/32

    JPY       102,050        1,048,033  

1.70%, 06/20/33

    JPY       28,100        290,093  

1.70%, 09/20/33

    JPY       92,600        957,897  

1.80%, 06/20/23

    JPY       43,000        389,017  

1.80%, 06/20/30

    JPY       18,100        183,212  

1.80%, 09/20/30

    JPY       48,850        495,452  

1.80%, 06/20/31

    JPY       47,800        488,254  

1.80%, 09/20/31

    JPY       88,950        910,915  

1.80%, 12/20/31

    JPY       80,100        822,344  

1.80%, 03/20/32

    JPY       101,700        1,046,678  

1.80%, 12/20/32

    JPY       55,950        579,975  

1.90%, 09/20/23

    JPY       33,000        300,476  

1.90%, 12/20/23

    JPY       35,000        320,213  

1.90%, 03/20/24

    JPY       24,250        222,908  

1.90%, 03/20/25

    JPY       31,500        295,032  

1.90%, 06/20/25

    JPY       40,200        378,266  

1.90%, 12/20/28

    JPY       63,050        629,178  

1.90%, 03/20/29

    JPY       60,350        604,808  

1.90%, 09/20/30

    JPY       66,200        676,561  

1.90%, 03/20/31

    JPY       55,950        575,111  

1.90%, 06/20/31

    JPY       110,000        1,132,824  

2.00%, 12/20/24

    JPY       53,100        496,538  

2.00%, 03/20/25

    JPY       50        470  

2.00%, 09/20/25

    JPY       32,650        309,759  

2.00%, 12/20/25

    JPY       56,050        534,269  

2.00%, 03/20/27

    JPY       38,350        374,193  

2.00%, 06/20/30

    JPY       51,700        531,139  

2.00%, 12/20/30

    JPY       110,550        1,141,931  

 

 

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)

October 31, 2021

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

     Value  
Japan (continued)                   

2.00%, 03/20/31

    JPY       57,550      $ 596,268  

2.10%, 03/20/24

    JPY       7,300        67,408  

2.10%, 09/20/24

    JPY       70,600        658,756  

2.10%, 03/20/25

    JPY       29,900        281,825  

2.10%, 09/20/25

    JPY       28,850        274,695  

2.10%, 12/20/25

    JPY       30,000        287,052  

2.10%, 03/20/26

    JPY       44,600        428,806  

2.10%, 12/20/26

    JPY       93,350        910,559  

2.10%, 03/20/27

    JPY       58,400        572,594  

2.10%, 06/20/27

    JPY       37,500        369,410  

2.10%, 09/20/27

    JPY       31,300        309,595  

2.10%, 12/20/27

    JPY       60,000        596,115  

2.10%, 09/20/28

    JPY       66,750        671,728  

2.10%, 12/20/28

    JPY       35,000        353,654  

2.10%, 03/20/29

    JPY       70,500        715,676  

2.10%, 06/20/29

    JPY       75,700        771,512  

2.10%, 09/20/29

    JPY       88,500        905,499  

2.10%, 12/20/29

    JPY       87,950        903,167  

2.10%, 03/20/30

    JPY       100,200        1,032,506  

2.10%, 12/20/30

    JPY       80,000        832,751  

2.20%, 03/20/24

    JPY       38,950        360,479  

2.20%, 03/20/26

    JPY       42,700        412,187  

2.20%, 06/20/26

    JPY       29,550        286,835  

2.20%, 09/20/26

    JPY       245,400        2,394,144  

2.20%, 09/20/27

    JPY       49,750        494,667  

2.20%, 03/20/28

    JPY       81,400        816,750  

2.20%, 09/20/28

    JPY       55,600        562,888  

2.20%, 06/20/29

    JPY       39,450        404,707  

2.20%, 12/20/29

    JPY       82,800        856,187  

2.20%, 03/20/30

    JPY       64,000        664,185  

2.20%, 03/20/31

    JPY       70,600        743,036  

2.30%, 03/20/26

    JPY       36,000        348,898  

2.30%, 06/20/26

    JPY       49,300        480,555  

2.30%, 09/20/26

    JPY       26,900        263,595  

2.30%, 06/20/27

    JPY       40,000        398,007  

2.40%, 06/20/24

    JPY       55,800        521,835  

2.40%, 03/20/28

    JPY       36,500        370,332  

2.40%, 06/20/28

    JPY       53,000        540,370  

Japan Government Two Year Bond
0.00%, 05/01/23(c)

    JPY       50,000        439,474  

0.00%, 10/01/23(c)

    JPY       279,650        2,458,859  

0.10%, 11/01/22

    JPY       81,500        716,628  

0.10%, 01/01/23

    JPY       130,000        1,143,487  

0.10%, 03/01/23

    JPY       45,000        395,953  
      

 

 

 
             187,940,231  
Netherlands — 4.6%                   

Netherlands Government Bond
0.00%, 01/15/24(b)(c)

    EUR       671        785,372  

0.00%, 01/15/27(b)(c)

    EUR       2,521        2,955,950  

0.00%, 07/15/30(b)(c)

    EUR       2,839        3,285,165  

0.00%, 07/15/31(b)(c)

    EUR       611        702,361  

0.00%, 01/15/38(b)(c)

    EUR       851        948,537  

0.00%, 01/15/52(b)(c)

    EUR       1,359        1,447,837  

0.25%, 07/15/25(b)

    EUR       2,782        3,296,747  

0.25%, 07/15/29(b)

    EUR       2,014        2,388,484  

0.50%, 07/15/26(b)

    EUR       2,192        2,635,563  

0.50%, 01/15/40(b)

    EUR       1,461        1,785,522  

0.75%, 07/15/27(b)

    EUR       2,265        2,769,117  

0.75%, 07/15/28(b)

    EUR       1,573        1,931,757  

1.75%, 07/15/23(b)

    EUR       2,935        3,531,288  
Security         

    

Par
(000)

     Value  
Netherlands (continued)                   

2.00%, 07/15/24(b)

    EUR       2,067      $ 2,554,194  

2.50%, 01/15/33(b)

    EUR       2,302        3,376,129  

2.75%, 01/15/47(b)

    EUR       2,660        5,013,414  

3.75%, 01/15/23(b)

    EUR       1,410        1,716,467  

3.75%, 01/15/42(b)

    EUR       2,505        4,954,887  

4.00%, 01/15/37(b)

    EUR       2,272        4,146,518  

5.50%, 01/15/28(b)

    EUR       2,013        3,158,864  

7.50%, 01/15/23(b)

    EUR       434        551,172  
      

 

 

 
             53,935,345  
Norway — 3.1%                   

Norway Government Bond
1.25%, 09/17/31(b)

    NOK       23,243        2,638,530  

1.38%, 08/19/30

    NOK       35,494        4,091,690  

1.50%, 02/19/26(b)

    NOK       34,644        4,086,835  

1.75%, 03/13/25(b)

    NOK       27,906        3,329,072  

1.75%, 02/17/27(b)

    NOK       23,231        2,767,239  

1.75%, 09/06/29(b)

    NOK       30,895        3,672,847  

2.00%, 05/24/23(b)

    NOK       56,177        6,738,261  

2.00%, 04/26/28(b)

    NOK       29,023        3,506,300  

3.00%, 03/14/24(b)

    NOK       50,494        6,200,650  
      

 

 

 
         37,031,424  
Singapore — 4.5%                   

Singapore Government Bond
0.50%, 11/01/25

    SGD       4,010        2,889,906  

1.63%, 07/01/31

    SGD       1,870        1,359,740  

1.75%, 02/01/23

    SGD       5,280        3,970,787  

1.88%, 03/01/50

    SGD       4,076        2,815,266  

1.88%, 10/01/51

    SGD       1,339        939,544  

2.00%, 02/01/24

    SGD       2,253        1,712,013  

2.13%, 06/01/26

    SGD       4,371        3,346,692  

2.25%, 08/01/36

    SGD       4,475        3,368,280  

2.38%, 06/01/25

    SGD       3,700        2,863,775  

2.38%, 07/01/39

    SGD       2,006        1,533,366  

2.63%, 05/01/28

    SGD       3,190        2,495,770  

2.75%, 07/01/23

    SGD       4,400        3,371,049  

2.75%, 04/01/42

    SGD       3,298        2,671,563  

2.75%, 03/01/46

    SGD       3,978        3,239,983  

2.88%, 07/01/29

    SGD       3,984        3,176,801  

2.88%, 09/01/30

    SGD       4,830        3,867,403  

3.00%, 09/01/24

    SGD       4,860        3,798,837  

3.38%, 09/01/33

    SGD       3,552        3,000,301  

3.50%, 03/01/27

    SGD       3,456        2,812,905  
      

 

 

 
         53,233,981  
Spain — 4.7%                   

Spain Government Bond
0.00%, 04/30/23(c)

    EUR       1,387        1,615,269  

0.00%, 01/31/25(c)

    EUR       953        1,109,897  

0.00%, 01/31/26(c)

    EUR       820        951,124  

0.10%, 04/30/31(b)

    EUR       1,026        1,135,471  

0.25%, 07/30/24(b)

    EUR       750        879,953  

0.35%, 07/30/23

    EUR       973        1,140,794  

0.45%, 10/31/22

    EUR       228        266,101  

0.50%, 04/30/30(b)

    EUR       1,060        1,232,430  

0.50%, 10/31/31(b)

    EUR       304        346,964  

0.60%, 10/31/29(b)

    EUR       1,014        1,193,189  

0.80%, 07/30/27(b)

    EUR       920        1,105,476  

0.85%, 07/30/37(b)

    EUR       268        303,528  

1.00%, 07/30/42(b)

    EUR       435        492,315  

1.00%, 10/31/50(b)

    EUR       860        920,602  

 

 

18  

2 0 2 1   H A R E S  N N U A L  E P O R T   T O  H A R E H O L D E R S


Schedule of Investments (continued)

October 31, 2021

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

    

Par
(000)

     Value  
Spain (continued)                   

1.20%, 10/31/40(b)

    EUR       689      $ 811,378  

1.25%, 10/31/30(b)

    EUR       1,170        1,442,111  

1.30%, 10/31/26(b)

    EUR       1,135        1,399,233  

1.40%, 04/30/28(b)

    EUR       1,338        1,666,429  

1.40%, 07/30/28(b)

    EUR       1,001        1,249,347  

1.45%, 10/31/27(b)

    EUR       894        1,115,562  

1.45%, 04/30/29(b)

    EUR       803        1,006,604  

1.45%, 10/31/71(b)

    EUR       240        249,435  

1.50%, 04/30/27(b)

    EUR       894        1,115,779  

1.60%, 04/30/25(b)

    EUR       1,152        1,416,662  

1.85%, 07/30/35(b)

    EUR       784        1,023,589  

1.95%, 04/30/26(b)

    EUR       928        1,170,132  

1.95%, 07/30/30(b)

    EUR       1,015        1,324,161  

2.15%, 10/31/25(b)

    EUR       902        1,139,236  

2.35%, 07/30/33(b)

    EUR       1,024        1,400,156  

2.70%, 10/31/48(b)

    EUR       666        1,028,858  

2.75%, 10/31/24(b)

    EUR       1,284        1,620,682  

2.90%, 10/31/46(b)

    EUR       726        1,148,144  

3.45%, 07/30/66(b)

    EUR       679        1,220,847  

3.80%, 04/30/24(b)

    EUR       988        1,260,647  

4.20%, 01/31/37(b)

    EUR       1,112        1,900,557  

4.40%, 10/31/23(b)

    EUR       943        1,196,241  

4.65%, 07/30/25(b)

    EUR       1,563        2,135,887  

4.70%, 07/30/41(b)

    EUR       927        1,773,968  

4.80%, 01/31/24(b)

    EUR       707        913,152  

4.90%, 07/30/40(b)

    EUR       836        1,617,916  

5.15%, 10/31/28(b)

    EUR       900        1,394,885  

5.15%, 10/31/44(b)

    EUR       700        1,473,941  

5.40%, 01/31/23(b)

    EUR       869        1,078,761  

5.75%, 07/30/32

    EUR       1,091        1,934,447  

5.90%, 07/30/26(b)

    EUR       1,407        2,086,155  

6.00%, 01/31/29

    EUR       1,211        1,978,627  
      

 

 

 
             55,986,642  
Sweden — 3.8%                   

Sweden Government Bond
0.13%, 05/12/31

    SEK       37,930        4,313,058  

0.75%, 05/12/28

    SEK       40,605        4,875,673  

0.75%, 11/12/29(b)

    SEK       46,620        5,607,971  

1.00%, 11/12/26(a)

    SEK       54,600        6,627,530  

1.50%, 11/13/23(b)

    SEK       67,195        8,076,310  

2.25%, 06/01/32(a)

    SEK       19,840        2,752,349  

2.50%, 05/12/25

    SEK       56,260        7,118,777  

3.50%, 03/30/39

    SEK       30,780        5,281,845  
      

 

 

 
             44,653,513  
United Kingdom — 4.9%                   

United Kingdom Gilt
0.13%, 01/31/23(a)

    GBP