iShares Trust


		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

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

iShares International Treasury Bond ETF | IGOV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

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

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022

	6-Month	12-Month

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

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

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

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

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

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

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

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

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

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


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

Table of Contents


	Page

The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Statement Regarding Liquidity Risk Management Program		28
Supplemental Information		29
General Information		30
Glossary of Terms Used in this Report		31


Fund Summary as of April 30, 2022		iShares^® 1-3 Year International Treasury Bond ETF

Investment Objective

The iShares 1-3 Year International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds with remaining maturities between one and three years, as represented by the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(10.00	)%		(13.33	)%		(1.41	)%		(2.60	)%		(13.33	)%		(6.85	)%		(23.18	)%

Fund Market		(9.93	)		(13.17	)		(1.40	)		(2.73	)		(13.17	)		(6.82	)		(24.18	)

Index		(9.79	)		(12.93	)		(1.21	)		(2.35	)		(12.93	)		(5.92	)		(21.13	)

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 6 for more information.

Expense Example


Actual							Hypothetical 5% Return


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

$	1,000.00	$	900.00	$	1.65		$	1,000.00	$	1,023.10	$	1.76		0.35	%

^(a)

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

Portfolio Information

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	35.4	%
Aa	23.7
A	24.2
Baa	14.5
Not Rated	2.2

TEN LARGEST GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
Japan	13.6	%
Italy	10.7
Germany	8.8
France	8.8
Spain	5.4
Canada	4.6
Austria	4.6
Ireland	4.6
United Kingdom	4.6
Belgium	4.6

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

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		iShares^® International Treasury Bond ETF

Investment Objective

The iShares International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds, as represented by the FTSE World Government Bond Index - Developed Markets Capped Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(15.48	)%		(18.39	)%		(1.34	)%		(0.96	)%		(18.39	)%		(6.54	)%		(9.21	)%

Fund Market		(15.70	)		(18.43	)		(1.39	)		(1.01	)		(18.43	)		(6.76	)		(9.70	)

Index		(15.25	)		(17.98	)		(0.95	)		(0.59	)		(17.98	)		(4.66	)		(5.73	)

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.

Expense Example


Actual							Hypothetical 5% Return


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

$	1,000.00	$	845.20	$	1.60		$	1,000.00	$	1,023.10	$	1.76		0.35	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Rating^*	Percent of Total Investments	^(a)

Aaa	35.7	%
Aa	26.2
A	26.0
Baa	11.8
Not Rated	0.3

TEN LARGEST GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

Japan	16.6	%
France	8.1
Italy	7.3
Germany	5.9
Spain	4.7
United Kingdom	4.7
Singapore	4.7
Canada	4.6
Austria	4.6
Netherlands	4.6

^(a)

Excludes money market funds.


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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

April 30, 2022

iShares^® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Foreign Government Obligations

Australia — 4.5%
Australia Government Bond 0.25%, 11/21/24^(a)	AUD		1,910	$	1,270,541
2.75%, 04/21/24^(a)	AUD		1,120		795,728
3.25%, 04/21/25^(a)	AUD		1,360		974,313


					3,040,582

Austria — 4.6%
Republic of Austria Government Bond 0.00%, 07/15/23^(b)(c)	EUR		530		559,236
0.00%, 07/15/24^(c)	EUR		660		690,934
0.00%, 04/20/25^(b)(c)	EUR		430		445,418
1.65%, 10/21/24^(b)	EUR		590		641,653
1.75%, 10/20/23^(b)	EUR		710		767,440


					3,104,681

Belgium — 4.5%
Kingdom of Belgium Government Bond 0.20%, 10/22/23^(b)	EUR		647		684,055
0.50%, 10/22/24^(b)	EUR		730		770,807
2.25%, 06/22/23^(a)	EUR		632		684,730
2.60%, 06/22/24^(b)	EUR		858		948,413


					3,088,005

Canada — 4.6%
Canadian Government Bond 0.25%, 05/01/23	CAD		316		240,530
0.25%, 08/01/23	CAD		300		227,058
0.25%, 04/01/24	CAD		470		349,687
0.50%, 11/01/23	CAD		290		218,977
0.75%, 02/01/24	CAD		370		278,814
1.25%, 03/01/25	CAD		190		142,039
1.50%, 06/01/23	CAD		350		269,484
1.50%, 05/01/24	CAD		200		152,143
1.50%, 09/01/24	CAD		318		241,117
1.50%, 04/01/25	CAD		170		127,756
2.00%, 09/01/23	CAD		540		417,443
2.25%, 03/01/24	CAD		150		116,013
2.50%, 06/01/24	CAD		190		147,434
0.75%, 10/01/24	CAD		240		178,463


					3,106,958

Denmark — 2.8%
Denmark Government Bond 0.00%, 11/15/24^(c)	DKK		6,360		886,172
1.50%, 11/15/23	DKK		7,170		1,037,897


					1,924,069

Finland — 3.3%
Finland Government Bond 0.00%, 09/15/23^(b)(c)	EUR		850		895,596
0.00%, 09/15/24^(b)(c)	EUR		527		549,593
2.00%, 04/15/24^(b)	EUR		720		784,128


					2,229,317

France — 8.7%
French Republic Government Bond OAT 0.00%, 02/25/24^(a)(c)	EUR		625		655,981
0.00%, 03/25/24^(a)(c)	EUR		650		681,260
0.00%, 02/25/25^(a)(c)	EUR		170		176,078
0.00%, 03/25/25^(a)(c)	EUR		890		922,193
1.75%, 05/25/23^(a)	EUR		830		892,771
1.75%, 11/25/24^(a)	EUR		650		706,495
2.25%, 05/25/24^(a)	EUR		840		919,744


Security		Par (000)		Value

France (continued)
4.25%, 10/25/23^(a)	EUR		770	$	861,700
8.50%, 04/25/23^(a)	EUR		75		85,783


					5,902,005

Germany — 8.7%
Bundesobligation 0.00%, 10/13/23^(a)(c)	EUR		400		422,174
0.00%, 04/05/24^(a)(c)	EUR		480		503,809
0.00%, 10/18/24^(a)(c)	EUR		420		438,746
0.00%, 04/11/25^(a)(c)	EUR		330		343,312
Bundesrepublik Deutschland Bundesanleihe 0.50%, 02/15/25^(a)	EUR		539		569,630
1.00%, 08/15/24^(a)	EUR		410		438,849
1.50%, 05/15/23^(a)	EUR		450		482,879
1.50%, 05/15/24^(a)	EUR		410		443,053
1.75%, 02/15/24^(a)	EUR		415		449,826
2.00%, 08/15/23^(a)	EUR		480		519,987
6.25%, 01/04/24^(a)	EUR		270		313,716
Bundesschatzanweisungen 0.00%, 06/16/23^(a)(c)	EUR		220		232,442
0.00%, 09/15/23^(a)(c)	EUR		238		251,141
0.00%, 12/15/23^(a)(c)	EUR		190		200,050
0.00%, 03/15/24^(c)	EUR		290		304,397


					5,914,011

Ireland — 4.6%
Ireland Government Bond 3.40%, 03/18/24^(a)	EUR		1,100		1,226,243
5.40%, 03/13/25	EUR		1,560		1,868,224


					3,094,467

Israel — 4.4%
Israel Government Bond - Fixed 0.15%, 07/31/23	ILS		2,470		731,068
0.40%, 10/31/24	ILS		1,570		456,144
1.50%, 11/30/23	ILS		2,766		831,253
3.75%, 03/31/24	ILS		3,020		943,187


					2,961,652

Italy — 10.6%
Italy Buoni Poliennali Del Tesoro 0.00%, 11/29/23^(a)(c)	EUR		180		187,911
0.00%, 01/15/24^(a)(c)	EUR		280		291,709
0.00%, 01/30/24^(a)(c)	EUR		220		229,088
0.00%, 04/15/24^(a)(c)	EUR		300		310,700
0.00%, 08/15/24^(a)(c)	EUR		250		256,991
0.00%, 12/15/24^(a)(c)	EUR		90		91,662
0.30%, 08/15/23^(a)	EUR		370		390,437
0.35%, 02/01/25^(a)	EUR		330		338,992
0.60%, 06/15/23^(a)	EUR		250		265,236
0.65%, 10/15/23^(a)	EUR		400		423,094
1.45%, 11/15/24^(a)	EUR		240		254,016
1.75%, 07/01/24^(a)	EUR		340		363,568
1.85%, 05/15/24^(a)	EUR		290		311,265
2.45%, 10/01/23^(a)	EUR		370		401,608
2.50%, 12/01/24^(a)	EUR		470		511,782
3.75%, 09/01/24^(a)	EUR		390		436,495
4.50%, 05/01/23^(a)	EUR		320		352,502
4.50%, 03/01/24^(a)	EUR		430		484,253
4.75%, 08/01/23^(b)	EUR		320		356,492
5.00%, 03/01/25^(b)	EUR		600		697,862
9.00%, 11/01/23^(a)	EUR		180		213,848


					7,169,511


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan — 13.5%
Japan Government Five Year Bond 0.10%, 06/20/23	JPY		69,800	$	538,962
0.10%, 09/20/23	JPY		20,000		154,492
0.10%, 12/20/23	JPY		45,350		350,436
0.10%, 03/20/24	JPY		114,500		885,076
0.10%, 06/20/24	JPY		42,650		329,717
0.10%, 09/20/24	JPY		39,850		308,157
0.10%, 12/20/24	JPY		84,950		657,259
0.10%, 03/20/25	JPY		41,550		321,553
Japan Government Ten Year Bond 0.40%, 03/20/25	JPY		53,300		416,042
0.50%, 09/20/24	JPY		33,600		262,301
0.60%, 09/20/23	JPY		6,050		47,057
0.60%, 12/20/23	JPY		60,000		467,424
0.60%, 03/20/24	JPY		73,350		572,314
0.60%, 06/20/24	JPY		25,350		198,061
0.80%, 06/20/23	JPY		23,200		180,560
0.80%, 09/20/23	JPY		47,150		367,743
Japan Government Twenty Year Bond 1.80%, 06/20/23	JPY		11,600		91,296
1.90%, 09/20/23	JPY		12,000		95,005
1.90%, 12/20/23	JPY		13,000		103,408
2.10%, 09/20/24	JPY		14,400		116,656
2.40%, 06/20/24	JPY		6,550		53,117
Japan Government Two Year Bond 0.00%, 05/01/23^(c)	JPY		26,250		202,453
0.00%, 06/01/23^(c)	JPY		13,450		103,739
0.00%, 07/01/23^(c)	JPY		12,100		93,332
0.00%, 08/01/23^(c)	JPY		32,950		254,170
0.00%, 09/01/23^(c)	JPY		46,700		360,253
0.00%, 10/01/23^(c)	JPY		53,900		415,812
0.00%, 11/01/23^(c)	JPY		17,450		134,625
0.00%, 12/01/23^(c)	JPY		35,100		270,803
0.00%, 01/01/24^(c)	JPY		21,000		162,024
0.00%, 02/01/24^(c)	JPY		20,250		156,244
0.00%, 04/01/24^(c)	JPY		61,200		472,231


					9,142,322

Netherlands — 4.5%
Netherlands Government Bond 0.00%, 01/15/24^(b)(c)	EUR		880		924,921
1.75%, 07/15/23^(b)	EUR		990		1,068,318
2.00%, 07/15/24^(b)	EUR		1,000		1,092,295


					3,085,534

Norway — 4.4%
Norway Government Bond 1.75%, 03/13/25^(b)	NOK		7,370		769,267
2.00%, 05/24/23^(b)	NOK		11,038		1,179,665
3.00%, 03/14/24^(b)	NOK		9,580		1,034,671


					2,983,603

Singapore — 3.4%
Singapore Government Bond
2.00%, 02/01/24	SGD		1,152		832,760


Security		Par/ Shares (000)		Value

Singapore (continued)
2.75%, 07/01/23	SGD		930	$	679,543
3.00%, 09/01/24	SGD		1,048		772,699


					2,285,002

Spain — 5.4%
Spain Government Bond 0.00%, 04/30/23^(c)	EUR		340		358,930
0.00%, 05/31/24^(c)	EUR		337		351,078
0.00%, 01/31/25^(c)	EUR		370		381,338
0.25%, 07/30/24^(b)	EUR		330		345,046
0.35%, 07/30/23	EUR		420		444,337
2.75%, 10/31/24^(b)	EUR		460		509,590
3.80%, 04/30/24^(b)	EUR		400		449,599
4.40%, 10/31/23^(b)	EUR		390		437,108
4.80%, 01/31/24^(b)	EUR		324		368,061


					3,645,087

Sweden — 2.2%
Sweden Government Bond, 1.50%, 11/13/23^(b)	SEK		14,505		1,484,793


United Kingdom — 4.5%
United Kingdom Gilt 0.13%, 01/31/24^(a)	GBP		646		791,112
0.25%, 01/31/25^(a)	GBP		210		253,740
0.75%, 07/22/23^(a)	GBP		364		453,547
1.00%, 04/22/24^(a)	GBP		270		335,539
2.25%, 09/07/23^(a)	GBP		370		469,397
2.75%, 09/07/24^(a)	GBP		250		322,347
5.00%, 03/07/25^(a)	GBP		340		466,182


					3,091,864


Total Foreign Government Obligations — 99.2% (Cost: $74,279,026)					67,253,463


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)			10		10,000


Total Short-Term Investments — 0.0% (Cost: $10,000)					10,000


Total Investments in Securities — 99.2% (Cost: $74,289,026)					67,263,463

Other Assets, Less Liabilities — 0.8%					526,524


Net Assets — 100.0%				$	67,789,987

^(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.


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® 1-3 Year International Treasury Bond ETF

Affiliates

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



Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	—		$(10,000)	^(a)	$	—	$	—	$	10,000		10	$	6	$	—

^(a)	Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—	$	67,253,463	$	—	$	67,253,463
Money Market Funds		10,000		—		—		10,000


	$	10,000	$	67,253,463	$	—	$	67,263,463

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited)

April 30, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Foreign Government Obligations

Australia — 4.5%
Australia Government Bond 0.25%, 11/21/24^(a)	AUD		4,678	$	3,111,653
0.25%, 11/21/25^(a)	AUD		2,300		1,482,709
0.50%, 09/21/26^(a)	AUD		3,057		1,946,307
1.00%, 12/21/30^(a)	AUD		2,883		1,710,639
1.00%, 11/21/31^(a)	AUD		4,385		2,550,425
1.25%, 05/21/32	AUD		5,804		3,428,733
1.50%, 06/21/31^(a)	AUD		3,506		2,156,124
1.75%, 11/21/32^(a)	AUD		3,457		2,130,802
1.75%, 06/21/51^(a)	AUD		2,750		1,329,778
2.25%, 05/21/28^(a)	AUD		1,179		797,686
2.50%, 05/21/30^(a)	AUD		4,289		2,900,177
2.75%, 04/21/24^(a)	AUD		2,387		1,695,895
2.75%, 11/21/27^(a)	AUD		2,734		1,907,909
2.75%, 11/21/28^(a)	AUD		1,049		728,282
2.75%, 11/21/29^(a)	AUD		2,325		1,605,636
2.75%, 06/21/35^(a)	AUD		736		491,321
2.75%, 05/21/41^(a)	AUD		1,755		1,118,612
3.00%, 03/21/47^(a)	AUD		1,987		1,286,239
3.25%, 04/21/25^(a)	AUD		1,064		762,256
3.25%, 04/21/29^(a)	AUD		3,352		2,395,805
3.25%, 06/21/39^(a)	AUD		2,342		1,623,366
3.75%, 04/21/37^(a)	AUD		1,970		1,460,288
4.25%, 04/21/26^(a)	AUD		4,214		3,128,832
4.50%, 04/21/33^(a)	AUD		2,843		2,252,661
4.75%, 04/21/27^(a)	AUD		3,496		2,674,797


					46,676,932

Austria — 4.6%
Republic of Austria Government Bond 0.00%, 07/15/23^(b)(c)	EUR		1,845		1,946,773
0.00%, 07/15/24^(c)	EUR		2,278		2,384,768
0.00%, 04/20/25^(b)(c)	EUR		1,151		1,192,270
0.00%, 10/20/28^(b)(c)	EUR		380		373,208
0.00%, 02/20/30^(b)(c)	EUR		2,021		1,935,479
0.00%, 02/20/31^(b)(c)	EUR		3,340		3,138,059
0.00%, 10/20/40^(b)(c)	EUR		771		599,858
0.25%, 10/20/36^(b)	EUR		1,072		932,093
0.50%, 04/20/27^(b)	EUR		1,679		1,738,670
0.50%, 02/20/29^(b)	EUR		2,385		2,414,408
0.70%, 04/20/71^(b)	EUR		578		389,455
0.75%, 10/20/26^(b)	EUR		2,836		2,982,086
0.75%, 02/20/28^(b)	EUR		2,041		2,125,808
0.75%, 03/20/51^(b)	EUR		1,135		952,866
0.85%, 06/30/2120^(b)	EUR		722		397,365
0.90%, 02/20/32^(b)	EUR		800		803,197
1.20%, 10/20/25^(b)	EUR		2,444		2,623,934
1.50%, 02/20/47^(b)	EUR		1,768		1,830,460
1.50%, 11/02/86^(b)	EUR		513		454,707
1.65%, 10/21/24^(b)	EUR		1,915		2,082,655
1.75%, 10/20/23^(b)	EUR		2,074		2,241,791
2.10%, 09/20/2117^(b)	EUR		1,079		1,145,235
2.40%, 05/23/34^(b)	EUR		1,571		1,828,694
3.15%, 06/20/44^(b)	EUR		1,375		1,894,572
3.80%, 01/26/62^(b)	EUR		726		1,214,478
4.15%, 03/15/37^(b)	EUR		2,631		3,757,045
4.85%, 03/15/26^(b)	EUR		1,539		1,883,826
6.25%, 07/15/27	EUR		1,780		2,399,374


					47,663,134


Security		Par (000)		Value

Belgium — 4.5%
Kingdom of Belgium Government Bond 0.00%, 10/22/27^(b)(c)	EUR		1,135	$	1,137,740
0.00%, 10/22/31^(b)(c)	EUR		1,691		1,558,612
0.10%, 06/22/30^(b)	EUR		1,383		1,329,437
0.20%, 10/22/23^(b)	EUR		1,201		1,269,783
0.35%, 06/22/32^(b)	EUR		530		498,291
0.40%, 06/22/40^(b)	EUR		858		700,403
0.50%, 10/22/24^(b)	EUR		1,435		1,515,216
0.65%, 06/22/71^(b)	EUR		612		361,641
0.80%, 06/22/25^(b)	EUR		2,569		2,725,615
0.80%, 06/22/27^(b)	EUR		1,332		1,398,027
0.80%, 06/22/28^(b)	EUR		1,805		1,881,046
0.90%, 06/22/29^(b)	EUR		1,854		1,924,388
1.00%, 06/22/26^(b)	EUR		1,834		1,954,320
1.00%, 06/22/31^(b)	EUR		1,911		1,955,328
1.40%, 06/22/53^(b)	EUR		552		497,603
1.45%, 06/22/37^(b)	EUR		687		692,500
1.60%, 06/22/47^(b)	EUR		1,243		1,215,449
1.70%, 06/22/50^(b)	EUR		1,273		1,261,649
1.90%, 06/22/38^(b)	EUR		1,236		1,325,694
2.15%, 06/22/66^(b)	EUR		868		941,934
2.25%, 06/22/23^(a)	EUR		1,330		1,440,967
2.25%, 06/22/57^(b)	EUR		729		814,510
2.60%, 06/22/24^(b)	EUR		2,050		2,266,023
3.00%, 06/22/34^(b)	EUR		1,126		1,370,925
3.75%, 06/22/45^(a)	EUR		1,125		1,582,302
4.00%, 03/28/32^(a)	EUR		1,091		1,424,126
4.25%, 03/28/41^(b)	EUR		1,945		2,807,867
4.50%, 03/28/26^(b)	EUR		957		1,158,796
5.00%, 03/28/35^(b)	EUR		2,588		3,778,460
5.50%, 03/28/28	EUR		2,495		3,327,859
Series 86, 1.25%, 04/22/33^(b)	EUR		1,155		1,195,560


					47,312,071

Canada — 4.6%
Canadian Government Bond 0.25%, 08/01/23	CAD		2,416		1,828,573
0.25%, 04/01/24	CAD		938		697,887
0.25%, 03/01/26	CAD		4,855		3,439,788
0.50%, 11/01/23	CAD		2,200		1,661,204
0.50%, 09/01/25	CAD		5,795		4,191,671
0.50%, 12/01/30	CAD		4,629		2,957,422
0.75%, 02/01/24	CAD		3,088		2,326,967
1.00%, 09/01/26	CAD		3,778		2,731,694
1.00%, 06/01/27	CAD		47		33,597
1.25%, 03/01/27	CAD		940		682,831
1.25%, 06/01/30	CAD		5,040		3,472,976
1.50%, 06/01/23	CAD		1,073		826,160
1.50%, 06/01/26	CAD		110		81,624
1.50%, 06/01/31	CAD		6,131		4,252,446
1.50%, 12/01/31	CAD		1,260		868,568
1.75%, 12/01/53	CAD		2,197		1,331,693
2.00%, 09/01/23	CAD		3,310		2,558,773
2.00%, 06/01/28	CAD		200		149,186
2.00%, 12/01/51	CAD		4,939		3,220,413
2.25%, 03/01/24	CAD		3,874		2,996,217
2.25%, 06/01/25	CAD		1,297		995,812
2.25%, 06/01/29	CAD		320		240,452
2.75%, 12/01/48	CAD		1,516		1,160,133
2.75%, 12/01/64	CAD		800		604,130
3.50%, 12/01/45	CAD		781		672,086


10		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Canada (continued)
4.00%, 06/01/41	CAD		844	$	760,208
5.00%, 06/01/37	CAD		551		536,263
5.75%, 06/01/29	CAD		672		621,960
5.75%, 06/01/33	CAD		2,082		2,050,040


					47,950,774
Denmark — 4.5%
Denmark Government Bond 0.00%, 11/15/24^(c)	DKK		20,855		2,905,835
0.00%, 11/15/31^(c)	DKK		42,002		5,282,297
0.25%, 11/15/52	DKK		31,714		3,267,110
0.50%, 11/15/27	DKK		43,995		6,063,413
0.50%, 11/15/29	DKK		53,373		7,215,104
1.50%, 11/15/23	DKK		26,161		3,786,934
1.75%, 11/15/25	DKK		32,135		4,706,407
4.50%, 11/15/39	DKK		66,394		13,952,506


					47,179,606
Finland — 4.5%
Finland Government Bond 0.00%, 09/15/23^(b)(c)	EUR		1,955		2,059,870
0.00%, 09/15/24^(b)(c)	EUR		1,797		1,874,039
0.00%, 09/15/26^(b)(c)	EUR		1,712		1,737,877
0.00%, 09/15/30^(b)(c)	EUR		3,636		3,456,554
0.13%, 09/15/31^(b)	EUR		2,605		2,452,637
0.13%, 04/15/36^(b)	EUR		1,699		1,470,309
0.13%, 04/15/52^(b)	EUR		1,770		1,221,600
0.25%, 09/15/40^(b)	EUR		1,825		1,509,789
0.50%, 04/15/26^(b)	EUR		2,999		3,124,850
0.50%, 09/15/27^(b)	EUR		2,828		2,916,452
0.50%, 09/15/28^(b)	EUR		2,246		2,285,991
0.50%, 09/15/29^(b)	EUR		2,595		2,613,802
0.50%, 04/15/43^(b)	EUR		1,445		1,217,952
0.75%, 04/15/31^(b)	EUR		2,005		2,022,129
0.88%, 09/15/25^(b)	EUR		2,467		2,616,928
1.13%, 04/15/34^(b)	EUR		1,939		1,962,724
1.38%, 04/15/47^(b)	EUR		1,817		1,858,611
2.00%, 04/15/24^(b)	EUR		2,213		2,410,106
2.63%, 07/04/42^(b)	EUR		2,357		2,926,607
2.75%, 07/04/28^(b)	EUR		2,175		2,536,382
4.00%, 07/04/25^(b)	EUR		2,428		2,833,135


					47,108,344
France — 8.0%
French Republic Government Bond OAT 0.00%, 02/25/24^(a)(c)	EUR		310		325,367
0.00%, 03/25/24^(a)(c)	EUR		1,875		1,965,174
0.00%, 02/25/25^(a)(c)	EUR		430		445,373
0.00%, 03/25/25^(a)(c)	EUR		2,279		2,361,436
0.00%, 02/25/26^(a)(c)	EUR		2,019		2,067,750
0.00%, 02/25/27^(a)(c)	EUR		1,898		1,916,798
0.00%, 11/25/29^(a)(c)	EUR		2,704		2,606,978
0.00%, 11/25/30^(a)(c)	EUR		2,412		2,276,854
0.00%, 11/25/31^(a)(c)	EUR		1,855		1,711,533
0.00%, 05/25/32^(a)(c)	EUR		985		897,805
0.25%, 11/25/26^(a)	EUR		2,401		2,460,494
0.50%, 05/25/25^(a)	EUR		2,084		2,187,963
0.50%, 05/25/26^(a)	EUR		2,742		2,854,490
0.50%, 05/25/29^(a)	EUR		1,884		1,902,659
0.50%, 05/25/40^(b)	EUR		1,336		1,131,195
0.50%, 06/25/44^(b)	EUR		529		425,081
0.50%, 05/25/72^(b)	EUR		436		242,628


Security		Par (000)		Value

France (continued)
0.75%, 05/25/28^(a)	EUR		2,306	$	2,395,008
0.75%, 11/25/28^(a)	EUR		2,146		2,219,098
0.75%, 05/25/52^(a)	EUR		1,482		1,152,878
0.75%, 05/25/53^(b)	EUR		540		412,045
1.00%, 11/25/25^(a)	EUR		1,634		1,738,641
1.00%, 05/25/27^(a)	EUR		1,403		1,486,016
1.25%, 05/25/34^(a)	EUR		1,683		1,708,190
1.25%, 05/25/36^(b)	EUR		1,953		1,951,739
1.50%, 05/25/31^(a)	EUR		2,518		2,698,601
1.50%, 05/25/50^(b)	EUR		1,455		1,411,235
1.75%, 05/25/23^(a)	EUR		1,844		1,983,457
1.75%, 11/25/24^(a)	EUR		1,782		1,936,437
1.75%, 06/25/39^(b)	EUR		1,350		1,439,991
1.75%, 05/25/66^(b)	EUR		648		645,121
2.00%, 05/25/48^(b)	EUR		1,341		1,457,836
2.25%, 05/25/24^(a)	EUR		1,776		1,944,601
2.50%, 05/25/30^(a)	EUR		2,328		2,701,762
2.75%, 10/25/27^(a)	EUR		2,348		2,714,996
3.25%, 05/25/45^(a)	EUR		1,365		1,826,217
3.50%, 04/25/26^(a)	EUR		1,888		2,202,075
4.00%, 10/25/38^(a)	EUR		1,177		1,655,837
4.00%, 04/25/55^(b)	EUR		980		1,559,848
4.00%, 04/25/60^(a)	EUR		830		1,359,159
4.25%, 10/25/23^(a)	EUR		3,227		3,611,307
4.50%, 04/25/41^(a)	EUR		1,740		2,632,086
4.75%, 04/25/35^(a)	EUR		1,514		2,190,872
5.50%, 04/25/29^(a)	EUR		1,579		2,159,833
5.75%, 10/25/32^(a)	EUR		1,778		2,662,236
6.00%, 10/25/25^(a)	EUR		1,660		2,068,363


					83,705,063
Germany — 5.9%
Bundesobligation 0.00%, 10/13/23^(a)(c)	EUR		660		696,587
0.00%, 04/05/24^(a)(c)	EUR		1,310		1,374,978
0.00%, 10/18/24^(a)(c)	EUR		1,680		1,754,983
0.00%, 04/11/25^(a)(c)	EUR		1,010		1,050,742
0.00%, 10/10/25^(a)(c)	EUR		924		957,380
0.00%, 04/10/26^(a)(c)	EUR		1,330		1,371,093
0.00%, 10/09/26^(a)(c)	EUR		686		703,316
Series G, 0.00%, 10/10/25^(a)(c)	EUR		316		327,969
Bundesrepublik Deutschland Bundesanleihe 0.00%, 08/15/26^(a)(c)	EUR		1,451		1,491,653
0.00%, 11/15/27^(a)(c)	EUR		1,248		1,266,535
0.00%, 08/15/29^(a)(c)	EUR		1,207		1,201,115
0.00%, 02/15/30^(a)(c)	EUR		1,255		1,242,208
0.00%, 08/15/30^(a)(c)	EUR		1,300		1,279,631
0.00%, 02/15/31^(a)(c)	EUR		1,176		1,149,647
0.00%, 08/15/31^(a)(c)	EUR		1,415		1,372,842
0.00%, 02/15/32^(a)(c)	EUR		420		404,274
0.00%, 05/15/35^(a)(c)	EUR		1,447		1,329,944
0.00%, 05/15/36^(a)(c)	EUR		668		606,132
0.00%, 08/15/50^(a)(c)	EUR		1,316		1,026,298
0.00%, 08/15/52^(a)(c)	EUR		671		509,016
0.25%, 02/15/27^(a)	EUR		1,617		1,674,706
0.25%, 08/15/28^(a)	EUR		1,787		1,826,152
0.25%, 02/15/29^(a)	EUR		1,256		1,278,933
0.50%, 02/15/25^(a)	EUR		1,134		1,198,443
0.50%, 02/15/26^(a)	EUR		1,516		1,595,466
0.50%, 08/15/27^(a)	EUR		1,475		1,540,615
0.50%, 02/15/28^(a)	EUR		1,288		1,340,623


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
1.00%, 08/15/24^(a)	EUR		1,283	$	1,373,276
1.00%, 08/15/25^(a)	EUR		1,180		1,264,398
1.25%, 08/15/48^(a)	EUR		1,256		1,384,935
1.50%, 05/15/23^(a)	EUR		801		859,524
1.50%, 05/15/24^(a)	EUR		1,271		1,373,591
1.75%, 02/15/24^(a)	EUR		1,149		1,245,423
2.00%, 08/15/23^(a)	EUR		1,262		1,367,134
2.50%, 07/04/44^(a)	EUR		1,297		1,767,718
2.50%, 08/15/46^(a)	EUR		1,439		2,002,840
3.25%, 07/04/42^(a)	EUR		864		1,277,808
4.00%, 01/04/37^(a)	EUR		1,225		1,814,046
4.25%, 07/04/39^(a)	EUR		824		1,304,483
4.75%, 07/04/28^(a)	EUR		724		949,031
4.75%, 07/04/34^(a)	EUR		1,426		2,156,970
4.75%, 07/04/40^(a)	EUR		1,167		1,980,758
5.50%, 01/04/31^(a)	EUR		1,007		1,476,353
5.63%, 01/04/28^(a)	EUR		1,095		1,469,920
6.25%, 01/04/24^(a)	EUR		785		912,101
6.25%, 01/04/30^(a)	EUR		545		808,584
6.50%, 07/04/27^(a)	EUR		693		945,894
Series G, 0.00%, 08/15/30^(a)(c)	EUR		400		394,205
Series G, 0.00%, 08/15/31^(a)(c)	EUR		290		281,681
Series G, 0.00%, 08/15/50^(a)(c)	EUR		317		249,019
Bundesschatzanweisungen 0.00%, 06/16/23^(a)(c)	EUR		300		316,966
0.00%, 09/15/23^(a)(c)	EUR		800		844,171
0.00%, 12/15/23^(a)(c)	EUR		200		210,579


					61,602,689

Ireland — 4.5%
Ireland Government Bond 0.00%, 10/18/31^(a)(c)	EUR		3,419		3,123,914
0.20%, 05/15/27^(a)	EUR		2,114		2,157,890
0.20%, 10/18/30^(a)	EUR		2,436		2,328,482
0.35%, 10/18/32^(a)	EUR		1,643		1,524,596
0.40%, 05/15/35^(a)	EUR		1,788		1,599,918
0.55%, 04/22/41^(a)	EUR		1,478		1,234,276
0.90%, 05/15/28^(a)	EUR		2,854		2,977,345
1.00%, 05/15/26^(a)	EUR		3,606		3,837,175
1.10%, 05/15/29^(a)	EUR		3,406		3,566,931
1.30%, 05/15/33^(a)	EUR		1,275		1,296,876
1.35%, 03/18/31^(a)	EUR		2,601		2,740,633
1.50%, 05/15/50^(a)	EUR		2,333		2,229,108
1.70%, 05/15/37^(a)	EUR		2,378		2,490,860
2.00%, 02/18/45^(a)	EUR		3,550		3,838,127
2.40%, 05/15/30^(a)	EUR		3,467		3,971,465
3.40%, 03/18/24^(a)	EUR		2,939		3,276,297
5.40%, 03/13/25	EUR		4,373		5,236,603


					47,430,496

Israel — 4.5%
Israel Government Bond - Fixed 0.15%, 07/31/23	ILS		14,620		4,327,213
0.40%, 10/31/24	ILS		4,000		1,162,151
0.50%, 04/30/25	ILS		8,360		2,417,330
0.50%, 02/27/26	ILS		9,236		2,629,593
1.00%, 03/31/30	ILS		14,938		4,078,090
1.30%, 04/30/32	ILS		4,178		1,131,857
1.50%, 11/30/23	ILS		10,550		3,170,540
1.50%, 05/31/37	ILS		10,074		2,565,213
1.75%, 08/31/25	ILS		11,062		3,312,469


Security		Par (000)		Value

Israel (continued)
2.00%, 03/31/27	ILS		11,300	$	3,393,389
2.25%, 09/28/28	ILS		9,952		3,007,566
3.75%, 03/31/24	ILS		11,625		3,630,645
3.75%, 03/31/47	ILS		14,995		5,037,921
5.50%, 01/31/42	ILS		10,891		4,565,278
6.25%, 10/30/26	ILS		8,383		2,977,699


					47,406,954

Italy — 7.2%
Italy Buoni Poliennali Del Tesoro 0.00%, 01/15/24^(a)(c)	EUR		693		721,979
0.00%, 01/30/24^(a)(c)	EUR		720		749,743
0.00%, 04/15/24^(a)(c)	EUR		800		828,533
0.00%, 08/15/24^(a)(c)	EUR		1,207		1,240,753
0.00%, 04/01/26^(a)(c)	EUR		810		798,608
0.00%, 08/01/26^(a)(c)	EUR		1,206		1,179,496
0.25%, 03/15/28^(a)	EUR		907		858,898
0.30%, 08/15/23^(a)	EUR		310		327,123
0.35%, 02/01/25^(a)	EUR		1,024		1,051,901
0.50%, 02/01/26^(a)	EUR		670		677,816
0.50%, 07/15/28^(a)	EUR		579		551,701
0.60%, 06/15/23^(a)	EUR		500		530,471
0.60%, 08/01/31^(b)	EUR		1,069		935,123
0.65%, 10/15/23^(a)	EUR		776		820,803
0.85%, 01/15/27^(a)	EUR		895		901,721
0.90%, 04/01/31^(a)	EUR		1,565		1,421,938
0.95%, 09/15/27^(a)	EUR		851		851,043
0.95%, 08/01/30^(a)	EUR		935		869,887
0.95%, 12/01/31^(b)	EUR		277		248,701
0.95%, 06/01/32^(a)	EUR		290		257,273
0.95%, 03/01/37^(b)	EUR		690		556,579
1.25%, 12/01/26^(a)	EUR		488		502,558
1.35%, 04/01/30^(a)	EUR		1,194		1,159,421
1.45%, 11/15/24^(a)	EUR		1,164		1,231,978
1.45%, 05/15/25^(a)	EUR		1,022		1,077,836
1.45%, 03/01/36^(b)	EUR		549		485,348
1.50%, 06/01/25^(a)	EUR		828		875,490
1.50%, 04/30/45^(b)	EUR		509		398,695
1.60%, 06/01/26^(a)	EUR		1,000		1,050,752
1.65%, 12/01/30^(b)	EUR		1,240		1,213,403
1.65%, 03/01/32^(b)	EUR		1,080		1,039,072
1.70%, 09/01/51^(b)	EUR		611		468,535
1.75%, 07/01/24^(a)	EUR		709		758,147
1.80%, 03/01/41^(b)	EUR		960		830,771
1.85%, 05/15/24^(a)	EUR		620		665,463
1.85%, 07/01/25^(b)	EUR		946		1,007,454
2.00%, 12/01/25^(a)	EUR		1,209		1,294,107
2.00%, 02/01/28^(a)	EUR		1,136		1,195,883
2.05%, 08/01/27^(a)	EUR		477		505,169
2.10%, 07/15/26^(a)	EUR		822		879,821
2.15%, 09/01/52^(b)	EUR		351		294,575
2.15%, 03/01/72^(b)	EUR		246		189,664
2.20%, 06/01/27^(a)	EUR		1,650		1,765,559
2.25%, 09/01/36^(b)	EUR		765		747,131
2.45%, 10/01/23^(a)	EUR		789		856,402
2.45%, 09/01/33^(b)	EUR		940		960,416
2.45%, 09/01/50^(b)	EUR		730		666,803
2.50%, 12/01/24^(a)	EUR		1,149		1,251,144
2.50%, 11/15/25^(a)	EUR		800		870,418
2.70%, 03/01/47^(b)	EUR		736		723,956
2.80%, 12/01/28^(a)	EUR		1,021		1,116,849


12		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Italy (continued)
2.80%, 03/01/67^(b)	EUR		432	$	403,051
2.95%, 09/01/38^(b)	EUR		683		719,184
3.00%, 08/01/29^(a)	EUR		1,029		1,132,917
3.10%, 03/01/40^(b)	EUR		596		635,717
3.25%, 09/01/46^(b)	EUR		645		699,325
3.35%, 03/01/35^(b)	EUR		874		969,649
3.45%, 03/01/48^(b)	EUR		711		793,866
3.50%, 03/01/30^(b)	EUR		1,254		1,429,613
3.75%, 09/01/24^(a)	EUR		946		1,058,780
3.85%, 09/01/49^(b)	EUR		914		1,085,418
4.00%, 02/01/37^(b)	EUR		1,238		1,477,667
4.50%, 05/01/23^(a)	EUR		877		966,076
4.50%, 03/01/24^(a)	EUR		1,157		1,302,979
4.50%, 03/01/26^(b)	EUR		1,286		1,504,013
4.75%, 08/01/23^(b)	EUR		1,420		1,581,934
4.75%, 09/01/28^(b)	EUR		976		1,186,794
4.75%, 09/01/44^(b)	EUR		1,131		1,518,186
5.00%, 03/01/25^(b)	EUR		1,049		1,220,096
5.00%, 08/01/34^(b)	EUR		926		1,203,922
5.00%, 08/01/39^(b)	EUR		1,047		1,402,900
5.00%, 09/01/40^(b)	EUR		1,200		1,620,188
5.25%, 11/01/29^(a)	EUR		1,435		1,825,334
5.75%, 02/01/33^(a)	EUR		1,152		1,558,990
6.00%, 05/01/31^(a)	EUR		1,593		2,149,590
6.50%, 11/01/27^(a)	EUR		1,368		1,786,937
7.25%, 11/01/26^(a)	EUR		573		748,562
9.00%, 11/01/23^(a)	EUR		622		739,330


					75,183,928

Japan — 16.5%
Japan Government Five Year Bond 0.00%, 03/20/26^(c)	JPY		80,950		624,439
0.00%, 06/20/26^(c)	JPY		87,750		676,799
0.00%, 09/20/26^(c)	JPY		50,000		385,552
0.00%, 12/20/26^(c)	JPY		193,950		1,495,197
0.10%, 06/20/23	JPY		123,000		949,747
0.10%, 09/20/23	JPY		169,600		1,310,092
0.10%, 12/20/23	JPY		68,550		529,712
0.10%, 03/20/24	JPY		77,350		597,909
0.10%, 06/20/24	JPY		23,700		183,219
0.10%, 09/20/24	JPY		22,950		177,471
0.10%, 12/20/24	JPY		80,000		618,960
0.10%, 03/20/25	JPY		131,400		1,016,896
0.10%, 06/20/25	JPY		21,500		166,428
0.10%, 09/20/25	JPY		153,000		1,184,210
0.10%, 12/20/25	JPY		164,100		1,270,338
Japan Government Forty Year Bond 0.40%, 03/20/56	JPY		103,750		663,033
0.50%, 03/20/59	JPY		126,050		821,027
0.50%, 03/20/60	JPY		181,950		1,179,566
0.70%, 03/20/61	JPY		162,700		1,127,385
0.80%, 03/20/58	JPY		98,150		711,036
0.90%, 03/20/57	JPY		104,500		782,596
1.40%, 03/20/55	JPY		54,400		467,595
1.70%, 03/20/54	JPY		90,750		835,634
1.90%, 03/20/53	JPY		75,050		719,560
2.00%, 03/20/52	JPY		54,200		528,259
2.20%, 03/20/49	JPY		59,100		592,940
2.20%, 03/20/50	JPY		56,150		566,921
2.20%, 03/20/51	JPY		83,000		839,299
2.40%, 03/20/48	JPY		36,900		382,790


Security		Par (000)		Value

Japan (continued)
Japan Government Ten Year Bond 0.10%, 03/20/26	JPY		42,600	$	329,826
0.10%, 06/20/26	JPY		45,000		348,439
0.10%, 09/20/26	JPY		218,300		1,690,334
0.10%, 12/20/26	JPY		109,700		849,426
0.10%, 03/20/27	JPY		109,550		848,627
0.10%, 06/20/27	JPY		55,050		426,066
0.10%, 09/20/27	JPY		56,250		435,016
0.10%, 12/20/27	JPY		56,000		432,962
0.10%, 03/20/28	JPY		109,850		848,497
0.10%, 03/20/29	JPY		95,850		738,512
0.10%, 06/20/29	JPY		52,400		403,069
0.10%, 09/20/29	JPY		78,600		603,489
0.10%, 12/20/29	JPY		227,450		1,744,289
0.10%, 03/20/30	JPY		131,450		1,006,789
0.10%, 06/20/30	JPY		115,050		880,949
0.10%, 09/20/30	JPY		135,050		1,033,155
0.10%, 12/20/30	JPY		223,000		1,704,406
0.10%, 03/20/31	JPY		136,750		1,044,168
0.10%, 06/20/31	JPY		238,350		1,817,172
0.10%, 09/20/31	JPY		282,950		2,156,481
0.10%, 12/20/31	JPY		348,550		2,653,062
0.30%, 12/20/24	JPY		82,650		642,820
0.30%, 12/20/25	JPY		51,550		401,953
0.40%, 03/20/25	JPY		58,200		454,290
0.40%, 06/20/25	JPY		36,850		287,923
0.40%, 09/20/25	JPY		47,950		374,888
0.50%, 09/20/24	JPY		81,900		639,360
0.50%, 12/20/24	JPY		43,850		342,832
0.60%, 09/20/23	JPY		30,250		235,285
0.60%, 12/20/23	JPY		207,000		1,612,614
0.60%, 03/20/24	JPY		79,700		621,860
0.60%, 06/20/24	JPY		83,050		648,875
0.80%, 06/20/23	JPY		50,100		389,917
0.80%, 09/20/23	JPY		101,800		793,981
Japan Government Thirty Year Bond 0.30%, 06/20/46	JPY		58,200		394,047
0.40%, 06/20/49	JPY		75,400		506,875
0.40%, 09/20/49	JPY		104,500		700,881
0.40%, 12/20/49	JPY		136,500		914,411
0.40%, 03/20/50	JPY		130,000		870,737
0.50%, 09/20/46	JPY		52,850		375,083
0.50%, 03/20/49	JPY		128,450		889,297
0.60%, 12/20/46	JPY		71,300		517,206
0.60%, 06/20/50	JPY		119,100		839,853
0.60%, 09/20/50	JPY		140,400		988,139
0.70%, 06/20/48	JPY		80,000		586,689
0.70%, 12/20/48	JPY		101,450		740,821
0.70%, 12/20/50	JPY		164,050		1,184,497
0.70%, 03/20/51	JPY		103,300		743,728
0.70%, 06/20/51	JPY		130,450		938,607
0.70%, 09/20/51	JPY		121,650		873,724
0.70%, 12/20/51	JPY		118,150		847,084
0.80%, 03/20/46	JPY		65,400		498,149
0.80%, 03/20/47	JPY		56,550		428,556
0.80%, 06/20/47	JPY		75,900		574,448
0.80%, 09/20/47	JPY		59,550		450,098
0.80%, 12/20/47	JPY		86,100		649,225
0.80%, 03/20/48	JPY		91,000		685,198
0.90%, 09/20/48	JPY		87,350		670,874


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan (continued)
1.10%, 03/20/33	JPY		29,000	$	242,764
1.40%, 09/20/45	JPY		37,500		323,337
1.40%, 12/20/45	JPY		47,650		410,780
1.50%, 12/20/44	JPY		50,150		440,447
1.50%, 03/20/45	JPY		75,000		658,694
1.60%, 06/20/45	JPY		30,950		276,772
1.70%, 06/20/33	JPY		61,300		544,423
1.70%, 12/20/43	JPY		62,400		566,762
1.70%, 03/20/44	JPY		29,450		267,588
1.70%, 06/20/44	JPY		46,450		422,243
1.70%, 09/20/44	JPY		64,150		583,922
1.80%, 11/22/32	JPY		26,000		232,238
1.80%, 03/20/43	JPY		65,750		606,050
1.80%, 09/20/43	JPY		68,800		634,975
1.90%, 09/20/42	JPY		188,350		1,761,136
1.90%, 06/20/43	JPY		77,250		724,087
2.00%, 12/20/33	JPY		14,550		133,320
2.00%, 09/20/40	JPY		121,600		1,150,644
2.00%, 09/20/41	JPY		193,300		1,832,414
2.00%, 03/20/42	JPY		154,550		1,466,531
2.10%, 09/20/33	JPY		38,950		359,589
2.20%, 09/20/39	JPY		108,400		1,050,296
2.20%, 03/20/41	JPY		131,650		1,281,644
2.30%, 05/20/32	JPY		24,800		230,340
2.30%, 03/20/35	JPY		47,600		454,503
2.30%, 06/20/35	JPY		45,550		435,708
2.30%, 12/20/35	JPY		45,650		438,096
2.30%, 12/20/36	JPY		43,100		417,048
2.30%, 03/20/39	JPY		131,050		1,282,982
2.30%, 03/20/40	JPY		158,950		1,563,436
2.40%, 03/20/34	JPY		43,200		412,143
2.40%, 12/20/34	JPY		42,600		409,521
2.40%, 03/20/37	JPY		111,400		1,091,905
2.40%, 09/20/38	JPY		141,950		1,403,104
2.50%, 06/20/34	JPY		46,450		448,848
2.50%, 09/20/34	JPY		39,700		384,500
2.50%, 09/20/35	JPY		36,550		357,831
2.50%, 03/20/36	JPY		52,000		510,932
2.50%, 06/20/36	JPY		43,950		432,612
2.50%, 09/20/36	JPY		36,900		364,289
2.50%, 09/20/37	JPY		85,800		853,775
2.50%, 03/20/38	JPY		34,500		344,452
Japan Government Twenty Year Bond 0.20%, 06/20/36	JPY		75,000		557,193
0.30%, 06/20/39	JPY		180,000		1,314,101
0.30%, 09/20/39	JPY		192,850		1,404,302
0.30%, 12/20/39	JPY		82,150		596,190
0.40%, 03/20/36	JPY		22,350		170,954
0.40%, 03/20/39	JPY		240,100		1,788,146
0.40%, 03/20/40	JPY		118,600		873,697
0.40%, 06/20/40	JPY		166,600		1,224,335
0.40%, 09/20/40	JPY		222,850		1,633,592
0.40%, 06/20/41	JPY		175,150		1,274,077
0.50%, 09/20/36	JPY		115,500		892,903
0.50%, 03/20/38	JPY		116,550		889,893
0.50%, 06/20/38	JPY		20,000		152,428
0.50%, 12/20/38	JPY		140,200		1,064,440
0.50%, 12/20/40	JPY		172,600		1,285,001
0.50%, 03/20/41	JPY		265,250		1,968,440
0.50%, 09/20/41	JPY		127,300		940,946


Security		Par (000)		Value

Japan (continued)
0.50%, 12/20/41	JPY		142,850	$	1,053,298
0.60%, 12/20/36	JPY		107,100		838,809
0.60%, 06/20/37	JPY		73,200		571,380
0.60%, 09/20/37	JPY		75,000		584,130
0.60%, 12/20/37	JPY		89,350		694,386
0.70%, 03/20/37	JPY		93,550		741,357
0.70%, 09/20/38	JPY		48,850		383,136
0.80%, 06/20/23	JPY		51,950		404,315
1.00%, 12/20/35	JPY		110,000		910,845
1.20%, 12/20/34	JPY		105,650		895,308
1.20%, 03/20/35	JPY		74,250		629,913
1.20%, 09/20/35	JPY		78,850		668,744
1.30%, 06/20/35	JPY		97,300		834,752
1.40%, 09/20/34	JPY		120,000		1,038,838
1.50%, 06/20/32	JPY		50,900		441,633
1.50%, 03/20/33	JPY		59,400		517,127
1.50%, 03/20/34	JPY		56,400		492,739
1.50%, 06/20/34	JPY		85,050		743,590
1.60%, 06/20/30	JPY		73,200		628,840
1.60%, 03/20/32	JPY		46,700		408,286
1.60%, 06/20/32	JPY		50,100		438,517
1.60%, 03/20/33	JPY		89,100		782,947
1.60%, 12/20/33	JPY		107,850		950,900
1.70%, 09/20/31	JPY		50,400		441,675
1.70%, 12/20/31	JPY		66,600		585,454
1.70%, 03/20/32	JPY		45,450		400,748
1.70%, 06/20/32	JPY		44,550		393,341
1.70%, 09/20/32	JPY		66,000		583,638
1.70%, 12/20/32	JPY		102,050		903,835
1.70%, 06/20/33	JPY		78,100		693,629
1.70%, 09/20/33	JPY		92,600		823,464
1.80%, 06/20/23	JPY		43,000		338,423
1.80%, 06/20/30	JPY		18,100		157,730
1.80%, 09/20/30	JPY		48,850		426,899
1.80%, 06/20/31	JPY		47,800		421,259
1.80%, 09/20/31	JPY		88,950		785,817
1.80%, 12/20/31	JPY		80,100		709,954
1.80%, 03/20/32	JPY		101,700		904,309
1.80%, 12/20/32	JPY		55,950		500,004
1.90%, 09/20/23	JPY		33,000		261,264
1.90%, 12/20/23	JPY		35,000		278,406
1.90%, 03/20/24	JPY		24,250		193,789
1.90%, 03/20/25	JPY		31,500		256,389
1.90%, 06/20/25	JPY		40,200		328,684
1.90%, 12/20/28	JPY		63,050		543,889
1.90%, 03/20/29	JPY		25,150		217,618
1.90%, 09/20/30	JPY		66,200		582,733
1.90%, 03/20/31	JPY		55,950		495,343
1.90%, 06/20/31	JPY		110,000		977,027
2.00%, 12/20/24	JPY		53,100		431,351
2.00%, 09/20/25	JPY		32,650		268,914
2.00%, 12/20/25	JPY		56,050		463,763
2.00%, 03/20/27	JPY		38,350		324,345
2.00%, 06/20/30	JPY		51,700		456,924
2.00%, 12/20/30	JPY		110,550		983,224
2.00%, 03/20/31	JPY		57,550		513,385
2.10%, 03/20/24	JPY		7,300		58,548
2.10%, 09/20/24	JPY		70,600		571,938
2.10%, 03/20/25	JPY		29,900		244,695
2.10%, 09/20/25	JPY		28,850		238,370


14		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan (continued)
2.10%, 12/20/25	JPY		30,000	$	249,064
2.10%, 03/20/26	JPY		44,600		372,018
2.10%, 12/20/26	JPY		93,350		789,528
2.10%, 03/20/27	JPY		213,950		1,817,524
2.10%, 06/20/27	JPY		37,500		319,886
2.10%, 09/20/27	JPY		31,300		267,999
2.10%, 12/20/27	JPY		60,000		515,882
2.10%, 12/20/28	JPY		35,000		305,481
2.10%, 03/20/29	JPY		70,500		617,450
2.10%, 06/20/29	JPY		75,700		665,268
2.10%, 09/20/29	JPY		88,500		779,721
2.10%, 12/20/29	JPY		87,950		777,288
2.10%, 03/20/30	JPY		100,200		888,168
2.10%, 12/20/30	JPY		80,000		716,754
2.20%, 03/20/24	JPY		38,950		312,957
2.20%, 03/20/26	JPY		42,700		357,446
2.20%, 06/20/26	JPY		29,550		248,591
2.20%, 09/20/26	JPY		245,400		2,074,445
2.20%, 09/20/27	JPY		49,750		428,036
2.20%, 03/20/28	JPY		81,400		706,372
2.20%, 09/20/28	JPY		96,450		842,978
2.20%, 06/20/29	JPY		39,450		348,844
2.20%, 12/20/29	JPY		82,800		736,590
2.20%, 03/20/30	JPY		64,000		571,130
2.20%, 03/20/31	JPY		70,600		639,298
2.30%, 03/20/26	JPY		36,000		302,439
2.30%, 06/20/26	JPY		49,300		416,312
2.30%, 06/20/27	JPY		40,000		344,374
2.40%, 06/20/24	JPY		55,800		452,506
2.40%, 03/20/28	JPY		36,500		320,038
Japan Government Two Year Bond 0.00%, 05/01/23^(c)	JPY		140,150		1,080,907
0.00%, 10/01/23^(c)	JPY		279,650		2,157,362
0.00%, 01/01/24^(c)	JPY		70,500		543,938
0.00%, 02/01/24^(c)	JPY		118,650		915,472
0.00%, 03/01/24^(c)	JPY		299,200		2,308,618


					172,156,740

Netherlands — 4.5%
Netherlands Government Bond 0.00%, 01/15/24^(b)(c)	EUR		2,218		2,331,222
0.00%, 01/15/27^(b)(c)	EUR		2,545		2,587,388
0.00%, 01/15/29^(c)	EUR		1,053		1,038,323
0.00%, 07/15/30^(b)(c)	EUR		2,074		2,003,959
0.00%, 07/15/31^(b)(c)	EUR		2,311		2,199,067
0.00%, 01/15/38^(b)(c)	EUR		1,138		969,311
0.00%, 01/15/52^(b)(c)	EUR		1,661		1,203,986
0.25%, 07/15/25^(b)	EUR		2,992		3,122,319
0.25%, 07/15/29^(b)	EUR		2,164		2,162,603
0.50%, 07/15/26^(b)	EUR		2,552		2,668,541
0.50%, 07/15/32^(b)	EUR		130		127,626
0.50%, 01/15/40^(b)	EUR		1,594		1,460,798
0.75%, 07/15/27^(b)	EUR		2,381		2,499,799
0.75%, 07/15/28^(b)	EUR		1,900		1,983,476
1.75%, 07/15/23^(b)	EUR		2,205		2,379,434
2.00%, 07/15/24^(b)	EUR		2,067		2,257,871
2.50%, 01/15/33^(b)	EUR		2,385		2,832,126
2.75%, 01/15/47^(b)	EUR		2,802		3,902,768
3.75%, 01/15/42^(b)	EUR		2,432		3,635,336
4.00%, 01/15/37^(b)	EUR		2,405		3,433,569


Security		Par (000)		Value

Netherlands (continued)
5.50%, 01/15/28^(b)	EUR		2,069	$	2,743,122


					47,542,644

Norway — 3.3%
Norway Government Bond 1.25%, 09/17/31^(b)	NOK		26,304		2,455,640
1.38%, 08/19/30^(b)	NOK		41,834		4,006,218
1.50%, 02/19/26^(b)	NOK		23,695		2,426,481
1.75%, 03/13/25^(b)	NOK		49,056		5,120,379
1.75%, 02/17/27^(b)	NOK		23,231		2,377,751
1.75%, 09/06/29^(b)	NOK		30,895		3,080,820
2.00%, 05/24/23^(b)	NOK		49,436		5,283,377
2.00%, 04/26/28^(b)	NOK		29,023		2,977,075
2.13%, 05/18/32^(b)	NOK		15,094		1,518,195
3.00%, 03/14/24^(b)	NOK		47,314		5,110,064


					34,356,000

Singapore — 4.6%
Singapore Government Bond 0.50%, 11/01/25	SGD		3,129		2,133,499
1.25%, 11/01/26	SGD		1,500		1,033,964
1.63%, 07/01/31	SGD		2,464		1,651,510
1.88%, 03/01/50	SGD		3,439		2,117,212
1.88%, 10/01/51	SGD		1,653		1,008,426
2.00%, 02/01/24	SGD		3,478		2,514,184
2.13%, 06/01/26	SGD		5,257		3,774,153
2.25%, 08/01/36	SGD		4,733		3,245,422
2.38%, 06/01/25	SGD		3,700		2,691,386
2.38%, 07/01/39	SGD		2,041		1,397,922
2.63%, 05/01/28	SGD		3,718		2,714,265
2.75%, 07/01/23	SGD		3,780		2,762,014
2.75%, 04/01/42	SGD		3,196		2,303,329
2.75%, 03/01/46	SGD		3,804		2,765,825
2.88%, 07/01/29	SGD		3,984		2,950,831
2.88%, 09/01/30	SGD		4,830		3,584,562
3.00%, 09/01/24	SGD		4,860		3,583,317
3.38%, 09/01/33	SGD		3,836		2,975,851
3.50%, 03/01/27	SGD		4,456		3,383,525


					48,591,197

Spain — 4.7%
Spain Government Bond 0.00%, 04/30/23^(c)	EUR		1,387		1,464,226
0.00%, 01/31/25^(c)	EUR		29		29,889
0.00%, 01/31/26^(c)	EUR		1,420		1,434,483
0.00%, 01/31/27^(c)	EUR		674		667,443
0.00%, 01/31/28^(c)	EUR		495		481,155
0.10%, 04/30/31^(b)	EUR		1,076		972,588
0.25%, 07/30/24^(b)	EUR		750		784,195
0.35%, 07/30/23	EUR		973		1,029,382
0.50%, 04/30/30^(b)	EUR		1,080		1,040,952
0.50%, 10/31/31^(b)	EUR		1,034		957,466
0.60%, 10/31/29^(b)	EUR		1,087		1,066,150
0.70%, 04/30/32	EUR		520		485,164
0.80%, 07/30/27^(b)	EUR		944		966,744
0.85%, 07/30/37^(b)	EUR		418		358,036
1.00%, 07/30/42^(b)	EUR		325		269,007
1.00%, 10/31/50^(b)	EUR		1,239		909,076
1.20%, 10/31/40^(b)	EUR		769		669,173
1.25%, 10/31/30^(b)	EUR		1,220		1,237,166
1.30%, 10/31/26^(b)	EUR		1,135		1,202,278
1.40%, 04/30/28^(b)	EUR		892		939,105


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Spain (continued)
1.40%, 07/30/28^(b)	EUR		1,070	$	1,124,812
1.45%, 10/31/27^(b)	EUR		991		1,049,021
1.45%, 04/30/29^(b)	EUR		936		980,818
1.45%, 10/31/71^(b)	EUR		240		157,665
1.50%, 04/30/27^(b)	EUR		977		1,039,282
1.60%, 04/30/25^(b)	EUR		1,152		1,240,885
1.85%, 07/30/35^(b)	EUR		904		918,418
1.90%, 10/31/52^(b)	EUR		150		134,139
1.95%, 04/30/26^(b)	EUR		1,215		1,320,961
1.95%, 07/30/30^(b)	EUR		1,165		1,251,914
2.15%, 10/31/25^(b)	EUR		972		1,065,403
2.35%, 07/30/33^(b)	EUR		1,382		1,504,668
2.70%, 10/31/48^(b)	EUR		735		810,886
2.75%, 10/31/24^(b)	EUR		1,284		1,422,419
2.90%, 10/31/46^(b)	EUR		672		772,170
3.45%, 07/30/66^(b)	EUR		701		844,243
3.80%, 04/30/24^(b)	EUR		988		1,110,509
4.20%, 01/31/37^(b)	EUR		1,132		1,500,935
4.40%, 10/31/23^(b)	EUR		943		1,056,905
4.65%, 07/30/25^(b)	EUR		1,583		1,864,523
4.70%, 07/30/41^(b)	EUR		1,030		1,494,671
4.80%, 01/31/24^(b)	EUR		707		803,146
4.90%, 07/30/40^(b)	EUR		1,013		1,493,843
5.15%, 10/31/28^(b)	EUR		975		1,262,053
5.15%, 10/31/44^(b)	EUR		570		895,669
5.75%, 07/30/32	EUR		1,041		1,490,196
5.90%, 07/30/26^(b)	EUR		1,407		1,775,478
6.00%, 01/31/29	EUR		1,251		1,707,558


					49,056,868

Sweden — 3.5%
Sweden Government Bond 0.13%, 05/12/31^(b)	SEK		34,105		3,015,891
0.75%, 05/12/28	SEK		40,320		3,890,154
0.75%, 11/12/29^(b)	SEK		42,310		4,018,986
1.00%, 11/12/26^(a)	SEK		57,800		5,732,645
1.50%, 11/13/23^(b)	SEK		66,685		6,826,156
2.25%, 06/01/32^(a)	SEK		30,185		3,221,799
2.50%, 05/12/25	SEK		56,635		5,939,683
3.50%, 03/30/39	SEK		30,680		3,876,238


					36,521,552

United Kingdom — 4.7%
United Kingdom Gilt 0.13%, 01/31/24^(a)	GBP		1,300		1,592,020
0.13%, 01/30/26^(a)	GBP		1,293		1,536,421
0.13%, 01/31/28^(a)	GBP		660		757,963
0.25%, 07/31/31^(a)	GBP		1,369		1,481,479
0.38%, 10/22/26^(a)	GBP		1,030		1,219,795
0.38%, 10/22/30^(a)	GBP		910		1,015,548
0.50%, 10/22/61^(a)	GBP		658		509,845
0.63%, 06/07/25^(a)	GBP		600		731,685
0.63%, 07/31/35^(a)	GBP		1,146		1,197,214
0.63%, 10/22/50^(a)	GBP		1,167		1,025,597
0.75%, 07/22/23^(a)	GBP		1,200		1,495,209
0.88%, 10/22/29^(a)	GBP		1,045		1,230,989
0.88%, 07/31/33^(a)	GBP		540		605,485
0.88%, 01/31/46^(a)	GBP		538		521,588
1.00%, 04/22/24^(a)	GBP		1,115		1,386,110
1.13%, 10/22/73^(a)	GBP		170		167,636
1.25%, 07/22/27^(a)	GBP		1,008		1,240,258


Security		Par/ Shares (000)		Value

United Kingdom (continued)
1.25%, 10/22/41^(a)	GBP		1,035	$	1,120,428
1.25%, 07/31/51^(a)	GBP		486		504,175
1.50%, 07/22/26^(a)	GBP		384		479,751
1.50%, 07/22/47^(a)	GBP		755		841,336
1.50%, 07/31/53^(a)	GBP		50		55,592
1.63%, 10/22/28^(a)	GBP		193		241,450
1.63%, 10/22/54^(a)	GBP		565		647,442
1.63%, 10/22/71^(a)	GBP		517		610,511
1.75%, 09/07/37^(a)	GBP		1,030		1,233,524
1.75%, 01/22/49^(a)	GBP		515		606,336
1.75%, 07/22/57^(a)	GBP		696		829,413
2.00%, 09/07/25^(a)	GBP		498		633,600
2.25%, 09/07/23^(a)	GBP		868		1,101,181
2.50%, 07/22/65^(a)	GBP		757		1,127,942
2.75%, 09/07/24^(a)	GBP		310		399,711
3.25%, 01/22/44^(a)	GBP		953		1,432,801
3.50%, 01/22/45^(a)	GBP		788		1,236,508
3.50%, 07/22/68^(a)	GBP		801		1,513,546
3.75%, 07/22/52^(a)	GBP		495		862,874
4.00%, 01/22/60^(a)	GBP		537		1,050,288
4.25%, 12/07/27^(a)	GBP		534		761,138
4.25%, 06/07/32^(a)	GBP		895		1,365,587
4.25%, 03/07/36^(a)	GBP		675		1,070,395
4.25%, 09/07/39^(a)	GBP		638		1,052,637
4.25%, 12/07/40^(a)	GBP		749		1,249,715
4.25%, 12/07/46^(a)	GBP		614		1,088,085
4.25%, 12/07/49^(a)	GBP		511		935,949
4.25%, 12/07/55^(a)	GBP		653		1,276,488
4.50%, 09/07/34^(a)	GBP		652		1,039,219
4.50%, 12/07/42^(a)	GBP		848		1,490,023
4.75%, 12/07/30^(a)	GBP		556		863,004
4.75%, 12/07/38^(a)	GBP		603		1,041,598
5.00%, 03/07/25^(a)	GBP		381		522,021
6.00%, 12/07/28^(a)	GBP		515		818,615


					48,817,725


Total Foreign Government Obligations — 99.1% (Cost: $1,235,714,476)					1,036,262,717


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)			410		410,000


Total Short-Term Investments — 0.1% (Cost: $410,000)					410,000


Total Investments in Securities — 99.2% (Cost: $1,236,124,476)					1,036,672,717

Other Assets, Less Liabilities — 0.8%					8,883,336


Net Assets — 100.0%				$	1,045,556,053

^(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.


16		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® International Treasury Bond ETF

Affiliates



Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	460,000		$ —		$(50,000)	^(a)	$	—	$	—	$	410,000		410	$	366	$	(1	)

^(a)	Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Foreign Government Obligations	$	—	$	1,036,262,717	$	—	$	1,036,262,717
Money Market Funds		410,000		—		—		410,000

	$	410,000	$	1,036,262,717	$	—	$	1,036,672,717

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

April 30, 2022


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

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	67,253,463		$	1,036,262,717
Affiliated^(b)		10,000			410,000
Cash		716			7,451
Foreign currency, at value^(c)		—			4,120,004
Receivables:
Investments sold		4,277,187			12,788,590
Capital shares sold		—			778,624
Dividends		3			127
Interest		369,381			6,789,594


Total assets		71,910,750			1,061,157,107


LIABILITIES
Foreign bank overdraft^(d)		62,772			—
Payables:
Investments purchased		4,037,871			15,288,767
Investment advisory fees		20,120			312,287


Total liabilities		4,120,763			15,601,054


NET ASSETS	$	67,789,987		$	1,045,556,053


NET ASSETS CONSIST OF:
Paid-in capital	$	83,951,820		$	1,262,124,936
Accumulated loss		(16,161,833	)		(216,568,883	)


NET ASSETS	$	67,789,987		$	1,045,556,053


Shares outstanding		950,000			24,350,000


Net asset value	$	71.36		$	42.94


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Investments, at cost — Unaffiliated	$	74,279,026		$	1,235,714,476

^(b)Investments, at cost — Affiliated	$	10,000		$	410,000

^(c)Foreign currency, at cost	$	—		$	4,302,863

^(d)Foreign bank overdraft, at cost	$	51,637		$	—

See notes to financial statements.


18		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended April 30, 2022


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

INVESTMENT INCOME
Dividends — Affiliated	$	6		$	366
Interest — Unaffiliated		(65,087	)		2,876,913
Foreign taxes withheld		—			(847	)


Total investment income		(65,081	)		2,876,432


EXPENSES
Investment advisory fees		126,978			2,004,339
Professional fees		217			217


Total expenses		127,195			2,004,556


Net investment income (loss)		(192,276	)		871,876


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(663,506	)		(7,432,503	)
In-kind redemptions — Unaffiliated		—			(700,153	)
Capital gain distributions from underlying funds — Affiliated		—			(1	)
Foreign currency transactions		(30,708	)		(439,725	)


Net realized loss		(694,214	)		(8,572,382	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(6,625,650	)		(180,015,978	)
Foreign currency translations		(31,730	)		(529,104	)


Net change in unrealized appreciation (depreciation)		(6,657,380	)		(180,545,082	)


Net realized and unrealized loss		(7,351,594	)		(189,117,464	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,543,870	)	$	(188,245,588	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		19

Statements of Changes in Net Assets


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


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	(192,276	)		$	(349,662	)		$	871,876			$	1,706,805
Net realized gain (loss)			(694,214	)			1,408,412				(8,572,382	)			10,657,620
Net change in unrealized appreciation (depreciation)			(6,657,380	)			(1,950,151	)			(180,545,082	)			(59,153,120	)

Net decrease in net assets resulting from operations			(7,543,870	)			(891,401	)			(188,245,588	)			(46,788,695	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(958,072	)			—				(4,625,904	)			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			—				20,246,747				55,217,872				147,069,339


NET ASSETS
Total increase (decrease) in net assets			(8,501,942	)			19,355,346				(137,653,620	)			100,280,644
Beginning of period			76,291,929				56,936,583				1,183,209,673				1,082,929,029

End of period		$	67,789,987			$	76,291,929			$	1,045,556,053			$	1,183,209,673

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

See notes to financial statements.


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares 1-3 Year International Treasury Bond ETF
		Six Months Ended 04/30/22 (unaudited)			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 period	$	80.31		$	81.34		$	78.93		$	80.16		$	82.78		$	80.72

Net investment loss^(a)		(0.20	)		(0.49	)		(0.14	)		(0.00	)^(b)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss)^(c)		(7.74	)		(0.54	)		2.55			0.20			(2.17	)		2.10

Net increase (decrease) from investment operations		(7.94	)		(1.03	)		2.41			0.20			(2.23	)		2.06


Distributions^(d)
From net investment income		(1.01	)		—			—			(1.43	)		(0.39	)		—

Total distributions		(1.01	)		—			—			(1.43	)		(0.39	)		—


Net asset value, end of period	$	71.36		$	80.31		$	81.34		$	78.93		$	80.16		$	82.78


Total Return^(e)
Based on net asset value		(10.00	)%^(f)		(1.27	)%		3.05	%		0.25	%		(2.71	)%		2.55	%


Ratios to Average Net Assets^(g)
Total expenses		0.35	%^(h)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Total expenses after fees waived		0.35	%^(h)		0.35	%		0.17	%		0.09	%		0.01	%		0.01	%

Net investment loss		(0.53	)%^(h)		(0.59	)%		(0.18	)%		(0.01	)%		(0.07	)%		(0.04	)%


Supplemental Data
Net assets, end of period (000)	$	67,790		$	76,292		$	56,937		$	67,090		$	76,156		$	78,641

Portfolio turnover rate⁽ⁱ⁾		33	%^(f)		60	%		71	%		56	%		47	%		48	%

^(a)	Based on average shares outstanding.

^(b)	Rounds to less than $0.01.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Treasury Bond ETF
		Six Months Ended 04/30/22 (unaudited)			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	^(a)


Net asset value, beginning of period	$	51.00		$	52.95		$	50.76		$	47.45		$	48.72		$	48.06

Net investment income^(b)		0.04			0.08			0.21			0.30			0.33			0.37
Net realized and unrealized gain (loss)^(c)		(7.90	)		(2.03	)		2.10			3.16			(1.58	)		0.62

Net increase (decrease) from investment operations		(7.86	)		(1.95	)		2.31			3.46			(1.25	)		0.99


Distributions^(d)
From net investment income		(0.20	)		—			(0.12	)		(0.15	)		(0.02	)		(0.33	)

Total distributions		(0.20	)		—			(0.12	)		(0.15	)		(0.02	)		(0.33	)


Net asset value, end of period	$	42.94		$	51.00		$	52.95		$	50.76		$	47.45		$	48.72


Total Return^(e)
Based on net asset value		(15.48	)%^(f)		(3.68	)%		4.57	%		7.31	%		(2.57	)%		2.13	%


Ratios to Average Net Assets^(g)
Total expenses		0.35	%^(h)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		0.15	%^(h)		0.14	%		0.41	%		0.62	%		0.66	%		0.78	%


Supplemental Data
Net assets, end of period (000)	$	1,045,556		$	1,183,210		$	1,082,929		$	903,457		$	851,684		$	811,247

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

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on August 30, 2017.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


22		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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


iShares ETF		Diversification Classification
1-3 Year International Treasury Bond		Non-diversified
International Treasury Bond		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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 April 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		23

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

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

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

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

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

•

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

•

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

•

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

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

4.	SECURITIES AND OTHER INVESTMENTS

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.


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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:



iShares ETF	Investment Advisory Fee
1-3 Year International Treasury Bond		0.35	%
International Treasury Bond		0.35

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.

6.	PURCHASES AND SALES

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



iShares ETF	Purchases		Sales
1-3 Year International Treasury Bond	$	24,582,999	$ 23,820,593
International Treasury Bond		129,300,532	101,870,792

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



iShares ETF	In-kind Purchases		In-kind Sales
International Treasury Bond	$	79,959,991	$45,203,328

7.	INCOME TAX INFORMATION

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

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

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF		Non-Expiring
1-3 Year International Treasury Bond		$ 8,019,446
International Treasury Bond		6,162,997


N O T E S T O F I N A N C I A L S T A T E M E N T S		25

Notes to Financial Statements (unaudited) (continued)

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



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
1-3 Year International Treasury Bond	$	74,483,152	$	14,455	$	(7,234,144	)	$	(7,219,689	)
International Treasury Bond		1,238,508,568		566,058		(202,401,909	)		(201,835,851	)

8.	PRINCIPAL RISKS

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

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

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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.

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

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

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.


26		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount

1-3 Year International Treasury Bond
Shares sold		—		$	—			250,000		$	20,246,747

International Treasury Bond
Shares sold		2,450,000		$	118,323,768			6,100,000		$	324,357,341
Shares redeemed		(1,300,000	)		(63,105,896	)		(3,350,000	)		(177,288,002	)

Net increase		1,150,000		$	55,217,872			2,750,000		$	147,069,339

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.

10.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		27

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares 1-3 Year International Treasury Bond ETF and iShares International Treasury Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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


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Supplemental Information (unaudited)

Section 19(a) Notices

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

April 30, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
1-3 Year International Treasury Bond^(a)	$	0.959734	$	—	$	0.048763	$	1.008497		95	%		—	%		5	%		100	%
International Treasury Bond^(a)		0.193778		—		0.003069		0.196847		98			—			2			100

^(a)

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


S U P P L E M E N T A L I N F O R M A T I O N		29

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report

Currency Abbreviations



AUD		Australian Dollar

CAD		Canadian Dollar

DKK		Danish Krone

EUR		Euro

GBP		British Pound

ILS		Israeli Shekel

JPY		Japanese Yen

NOK		Norwegian Krone

SEK		Swedish Krona

SGD		Singapore Dollar


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		31

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by 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.

iS-SAR-1003-0422