iShares Trust

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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.


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


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.

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:

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

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


Security		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


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


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


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


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


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


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		1,200		1,632,736
0.13%, 01/31/24^(a)	GBP		1,050		1,417,723
0.13%, 01/30/26^(a)	GBP		1,751		2,332,350
0.13%, 01/31/28^(a)	GBP		610		798,001
0.25%, 07/31/31^(a)	GBP		1,069		1,354,720
0.38%, 10/22/30^(a)	GBP		910		1,178,753
0.50%, 10/22/61^(a)	GBP		610		702,247
0.63%, 06/07/25^(a)	GBP		600		818,831
0.63%, 07/31/35^(a)	GBP		996		1,268,479
0.63%, 10/22/50^(a)	GBP		977		1,170,073
0.75%, 07/22/23^(a)	GBP		500		685,507
0.88%, 10/22/29^(a)	GBP		1,045		1,423,986
0.88%, 01/31/46^(a)	GBP		488		623,841


Security		Par (000)		Value

United Kingdom (continued)
1.00%, 04/22/24^(a)	GBP		665	$	917,276
1.25%, 07/22/27^(a)	GBP		1,008		1,412,469
1.25%, 10/22/41^(a)	GBP		875		1,208,139
1.25%, 07/31/51^(a)	GBP		136		191,092
1.50%, 07/22/26^(a)	GBP		384		543,633
1.50%, 07/22/47^(a)	GBP		755		1,111,990
1.63%, 10/22/28^(a)	GBP		193		277,759
1.63%, 10/22/54^(a)	GBP		565		882,721
1.63%, 10/22/71^(a)	GBP		508		901,705
1.75%, 09/07/37^(a)	GBP		956		1,418,627
1.75%, 01/22/49^(a)	GBP		505		788,704
1.75%, 07/22/57^(a)	GBP		856		1,416,319
2.00%, 09/07/25^(a)	GBP		498		714,252
2.25%, 09/07/23^(a)	GBP		938		1,320,543
2.50%, 07/22/65^(a)	GBP		711		1,503,920
2.75%, 09/07/24^(a)	GBP		310		448,603
3.25%, 01/22/44^(a)	GBP		943		1,815,033
3.50%, 01/22/45^(a)	GBP		778		1,570,374
3.50%, 07/22/68^(a)	GBP		609		1,634,307
3.75%, 07/22/52^(a)	GBP		564		1,299,209
4.00%, 01/22/60^(a)	GBP		527		1,404,813
4.25%, 12/07/27^(a)	GBP		534		878,006
4.25%, 06/07/32^(a)	GBP		988		1,782,020
4.25%, 03/07/36^(a)	GBP		666		1,290,985
4.25%, 09/07/39^(a)	GBP		628		1,289,175
4.25%, 12/07/40^(a)	GBP		739		1,544,649
4.25%, 12/07/46^(a)	GBP		703		1,605,442
4.25%, 12/07/49^(a)	GBP		511		1,223,617
4.25%, 12/07/55^(a)	GBP		718		1,871,288
4.50%, 09/07/34^(a)	GBP		642		1,232,091
4.50%, 12/07/42^(a)	GBP		838		1,861,597
4.75%, 12/07/30^(a)	GBP		456		828,313
4.75%, 12/07/38^(a)	GBP		810		1,731,407
5.00%, 03/07/25^(a)	GBP		981		1,532,358
6.00%, 12/07/28^(a)	GBP		515		952,894


					57,812,577


Total Foreign Government Obligations — 99.0% (Cost: $1,190,378,127)					1,170,942,346


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)			460		460,000


Total Short-Term Investments — 0.0% (Cost: $460,000)					460,000


Total Investments in Securities — 99.0% (Cost: $1,190,838,127)					1,171,402,346

Other Assets, Less Liabilities — 1.0%					11,807,327


Net Assets — 100.0%				$	1,183,209,673

^(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.

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.

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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 October 31, 2021, 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.

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.

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.

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:

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:

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.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“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 each Fund, 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:

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Funds.

Distributor: BlackRock Investments, LLC, 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.

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

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.

For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

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 October 31, 2021, 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 October 31, 2021, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

As of October 31, 2021, 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:

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.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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. The duration of this pandemic and its effects cannot be determined with certainty.

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.

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. 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. In addition, 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.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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 will be phased out by the end of 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.

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.

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, 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.

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.

To the Board of Trustees of iShares Trust and Shareholders of iShares 1-3 Year International Treasury

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares 1-3 Year International Treasury Bond ETF and iShares International Treasury Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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 October 31, 2021, 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 October 31, 2021 and each of the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

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 October 31, 2021 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.

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

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned for the fiscal year ended October 31, 2021:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (BIL); (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited (BIL) for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited (BIL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited (BIL) for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

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

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 375 funds as of October 31, 2021. 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 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert 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).

Shareholders can sign up for email 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.

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.

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.

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 Company’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.

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.

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 S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


	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	)


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	%


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	34.2	%
Aa	29.7
A	21.1
Baa	15.0


	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


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	%


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


	Page


The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		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


4		2 0 2 1 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 October 31, 2021		iShares^® 1-3 Year International Treasury Bond ETF


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


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


Moody’s Credit Rating*	Percent of Total Investments^(a)
Aaa		35.7	%
Aa		26.8
A		25.3
Baa		12.2


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		9



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	$	—



	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



		2021 Annual Report


	iShares 1-3 Year International Treasury Bond ETF			iShares International Treasury Bond ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	75,537,135		$	1,170,942,346
Affiliated^(b)		20,000			460,000
Cash		5,256			4,910
Foreign currency, at value^(c)		386,026			4,895,761
Receivables:
Investments sold		3,643,190			14,034,375
Capital shares sold		570,801			2,479,994
Interest		502,431			8,124,339

Total assets		80,664,839			1,200,941,725


LIABILITIES
Payables:
Investments purchased		4,354,166			17,381,688
Investment advisory fees		18,744			350,364

Total liabilities		4,372,910			17,732,052


NET ASSETS	$	76,291,929		$	1,183,209,673


NET ASSETS CONSIST OF:
Paid-in capital	$	83,951,820		$	1,206,907,064
Accumulated loss		(7,659,891	)		(23,697,391	)


NET ASSETS	$	76,291,929		$	1,183,209,673


Shares outstanding		950,000			23,200,000


Net asset value	$	80.31		$	51.00


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Investments, at cost — Unaffiliated	$	75,937,048		$	1,190,378,127
^(b)Investments, at cost — Affiliated	$	20,000		$	460,000
^(c)Foreign currency, at cost	$	385,748		$	4,885,914


	iShares 1-3 Year International Treasury Bond ETF			iShares International Treasury Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	1		$	185
Interest — Unaffiliated		(138,579	)		5,941,220
Foreign taxes withheld		(2,763	)		(18,579	)

Total investment income		(141,341	)		5,922,826


EXPENSES
Investment advisory fees		208,148			4,215,848
Miscellaneous		173			173

Total expenses		208,321			4,216,021

Net investment income (loss)		(349,662	)		1,706,805


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		1,387,616			665,879
In-kind redemptions — Unaffiliated		—			9,651,498
Capital gain distributions from underlying funds — Affiliated		—			(1	)
Foreign currency transactions		20,796			340,244

Net realized gain		1,408,412			10,657,620

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,943,137	)		(59,075,344	)
Foreign currency translations		(7,014	)		(77,776	)

Net change in unrealized appreciation (depreciation)		(1,950,151	)		(59,153,120	)

Net realized and unrealized loss		(541,739	)		(48,495,500	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(891,401	)	$	(46,788,695	)


	iShares 1-3 Year International Treasury Bond ETF						iShares International Treasury Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(349,662	)	$	(106,359	)	$	1,706,805		$	3,687,499
Net realized gain (loss)		1,408,412			(813,683	)		10,657,620			7,875,158
Net change in unrealized appreciation (depreciation)		(1,950,151	)		2,288,464			(59,153,120	)		26,041,283


Net increase (decrease) in net assets resulting from operations		(891,401	)		1,368,422			(46,788,695	)		37,603,940


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			—			—			(2,097,161	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		20,246,747			(11,521,633	)		147,069,339			143,965,013


NET ASSETS
Total increase (decrease) in net assets		19,355,346			(10,153,211	)		100,280,644			179,471,792
Beginning of year		56,936,583			67,089,794			1,082,929,029			903,457,237


End of year	$	76,291,929		$	56,936,583		$	1,183,209,673		$	1,082,929,029


	iShares 1-3 Year International Treasury Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	81.34		$	78.93		$	80.16		$	82.78		$	80.72

Net investment loss^(a)		(0.49	)		(0.14	)		(0.00	)^(b)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss)^(c)		(0.54	)		2.55			0.20			(2.17	)		2.10

Net increase (decrease) from investment operations		(1.03	)		2.41			0.20			(2.23	)		2.06


Distributions^(d)
From net investment income		—			—			(1.43	)		(0.39	)		—

Total distributions		—			—			(1.43	)		(0.39	)		—


Net asset value, end of year	$	80.31		$	81.34		$	78.93		$	80.16		$	82.78


Total Return^(e)
Based on net asset value		(1.27	)%		3.05	%		0.25	%		(2.71	)%		2.55	%


Ratios to Average Net Assets
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Total expenses after fees waived		0.35	%		0.17	%		0.09	%		0.01	%		0.01	%

Net investment loss		(0.59	)%		(0.18	)%		(0.01	)%		(0.07	)%		(0.04	)%


Supplemental Data
Net assets, end of year (000)	$	76,292		$	56,937		$	67,090		$	76,156		$	78,641

Portfolio turnover rate^(f)		60	%		71	%		56	%		47	%		48	%


	iShares International Treasury Bond ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		10/31/21			10/31/20			10/31/19			10/31/18			10/31/17	^(a)


Net asset value, beginning of year	$	52.95		$	50.76		$	47.45		$	48.72		$	48.06

Net investment income^(b)		0.08			0.21			0.30			0.33			0.37
Net realized and unrealized gain (loss)^(c)		(2.03	)		2.10			3.16			(1.58	)		0.62

Net increase (decrease) from investment operations		(1.95	)		2.31			3.46			(1.25	)		0.99


Distributions^(d)
From net investment income		—			(0.12	)		(0.15	)		(0.02	)		(0.33	)

Total distributions		—			(0.12	)		(0.15	)		(0.02	)		(0.33	)


Net asset value, end of year	$	51.00		$	52.95		$	50.76		$	47.45		$	48.72


Total Return^(e)
Based on net asset value		(3.68	)%		4.57	%		7.31	%		(2.57	)%		2.13	%


Ratios to Average Net Assets
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		0.14	%		0.41	%		0.62	%		0.66	%		0.78	%


Supplemental Data
Net assets, end of year (000)	$	1,183,210		$	1,082,929		$	903,457		$	851,684		$	811,247

Portfolio turnover rate^(f)		21	%		41	%		9	%		10	%		9	%


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

iShares ETF		Diversification Classification

1-3 Year International Treasury Bond		Non-diversified
International Treasury Bond		Non-diversified



iShares ETF	Investment Advisory Fee

1-3 Year International Treasury Bond		0.35	%
International Treasury Bond		0.35



iShares ETF	Purchases		Sales

1-3 Year International Treasury Bond	$	37,270,030	$	36,014,318
International Treasury Bond		384,962,666		250,156,050



iShares ETF	In-kind Purchases		In-kind Sales

1-3 Year International Treasury Bond	$	19,992,631	$	—
International Treasury Bond		192,596,719		162,099,198



iShares ETF	Paid-in Capital		Accumulated Loss

International Treasury Bond	$	9,335,245	$	(9,335,245)



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total

1-3 Year International Treasury Bond	$	958,071	$	(8,019,446	)	$	(598,516	)	$	(7,659,891	)
International Treasury Bond		4,374,205		(6,162,997	)		(21,908,599	)		(23,697,391	)



iShares ETF	Utilized

1-3 Year International Treasury Bond	$	66,355



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

1-3 Year International Treasury Bond	$	76,151,174	$	865,117	$	(1,459,156	)	$	(594,039	)
International Treasury Bond		1,193,222,219		11,564,189		(33,384,062	)		(21,819,873	)


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		31



iShares ETF	Foreign Source Income Earned

International Treasury Bond	$	5,941,221



iShares ETF	Interest Dividends

International Treasury Bond	$	2,531,909


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		33


		Interested Trustees

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

Robert S. Kapito^(a)(64)	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).



		Independent Trustees

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

Cecilia H. Herbert (72)	Trustee (since 2005); Independent Board Chair (since 2016).	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); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	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 (66)	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).


		Independent Trustees (continued)

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

John E. Kerrigan (66)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (62)	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).