iSHARES TRUST


		OCTOBER 31, 2023

2023 Annual Report

iShares Trust

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

iShares International Treasury Bond ETF | IGOV | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	1.39%	10.14%
U.S. small cap equities (Russell 2000^® Index)	(5.29)	(8.56)
International equities (MSCI Europe, Australasia, Far East Index)	(7.88)	14.40
Emerging market equities (MSCI Emerging Markets Index)	(4.78)	10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.63	4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.70)	(3.25)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.13)	0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.65)	2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	0.02	6.23

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements

Statements of Assets and Liabilities		21

Statements of Operations		22

Statements of Changes in Net Assets		23

Financial Highlights		24

Notes to Financial Statements		26

Report of Independent Registered Public Accounting Firm		32

Important Tax Information		33

Board Review and Approval of Investment Advisory Contract		34

Supplemental Information		36

Trustee and Officer Information		37

General Information		40

Glossary of Terms Used in this Report		41


Market Overview

iShares Trust

Global Bond Market Overview

Global investment-grade bonds posted positive returns in the 12 months ended October 31, 2023 (the “reporting period”). The Bloomberg Global Aggregate Index, a broad measure of world bond market performance, returned 1.72% in U.S. Dollar terms for the reporting period. Income made a strong contribution to performance following an extended period of rising yields, outweighing the impact of falling prices. Lower-rated, higher-yielding market segments generally outperformed, and short-term debt outpaced longer-term issues. On the other hand, interest-rate sensitive investments—particularly developed-market government bonds—typically experienced weak relative performance.

The falling prices for government bonds reflected the global interest-rate backdrop. Persistent inflation compelled developed-market central banks to continue raising rates. While the pace of rate hikes slowed, investors began to anticipate that rates were likely to remain “higher for longer.” This trend was particularly evident in the United States, where stronger-than-expected growth prompted the markets to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating that the U.S. Federal Reserve’s (Fed’s) initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October. Japan was a notable outlier compared to its developed-market peers, as the combination of lower relative inflation and tepid economic growth prompted the nation’s central bank to maintain a highly accommodative interest rate policy.

Credit-oriented market segments delivered generally positive performance and outpaced government debt. Investors appeared to be encouraged that the slowdown in global growth was less severe than expected. In addition, corporate earnings—while slowing—exceeded the depressed expectations that were in place in late 2022. These developments fueled a healthy appetite for risk among investors, leading to outperformance for lower-rated investment-grade corporates and high yield bonds.

Emerging markets debt also held up well versus developed market government issues. The category was helped by a robust contribution from income, as well as its lower interest-rate sensitivity in relation to higher-rated, developed market bonds. Additionally, emerging market central banks were seen as being closer to the point at which they could begin cutting rates than their larger peers. The asset class further benefited from the generally positive, “risk-on” tone that was in place for much of the period.

Currency movements had a meaningful impact on returns for bonds denominated in foreign currencies. The U.S. Dollar fell sharply in the first two months of the period due to the growing view that the Fed was set to move to a neutral policy, boosting returns for non-U.S. bonds. On the other hand, the Dollar’s rally from mid-July onward reversed all of its previous gains, weighing on returns for the international markets.


4		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® 1-3 Year International Treasury Bond ETF

Investment Objective

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

Performance



	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		4.09	%		(2.81	)%		(3.04	)%		4.09	%		(13.27	)%		(26.57	)%

Fund Market		3.70			(2.83	)		(3.05	)		3.70			(13.37	)		(26.66	)

Index		4.32			(2.55	)		(2.81	)		4.32			(12.11	)		(24.77	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Past performance is not an indication 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” for more information.

Expense Example


Actual									Hypothetical 5% Return

	Beginning Account Value (05/01/23	)		Ending Account Value (10/31/23	)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00		$	954.30		$	1.72		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

Portfolio Management Commentary

As gauged by the Index, returns for international short-term government bonds in aggregate were positive for the reporting period. Positive contributions to the Index return were made by euro-bloc bonds, which make up more than two-thirds of the Index by market weight. While the European Central Bank continued to raise interest rates during the period in the face of persistent historically high inflation, the pace of increases slowed. As a result, government bond yields and prices stabilized. Performance was sharply negative in Middle East government bond markets, which make up a relatively small proportion of the Index.


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


Fund Summary as of October 31, 2023 (continued)		iShares^® 1-3 Year International Treasury Bond ETF

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	30.9	%
Aa	31.9
A	13.4
Baa	12.9
Not Rated	10.9


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)
France	11.3	%
Italy	11.1
Japan	10.1
Germany	8.3
Spain	6.3
Netherlands	4.6
Belgium	4.6
Israel	4.6
Austria	4.6
United Kingdom	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.


6		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® International Treasury Bond ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(0.14	)%		(4.77	)%		(2.82	)%		(0.14	)%		(21.66	)%		(24.87	)%

Fund Market		(0.38	)		(4.77	)		(2.84	)		(0.38	)		(21.67	)		(25.05	)

Index		0.07			(4.43	)		(2.48	)		0.07			(20.29	)		(22.21	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual									Hypothetical 5% Return

	Beginning Account Value (05/01/23	)		Ending Account Value (10/31/23	)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00		$	912.60		$	1.69		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)


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


Fund Summary as of October 31, 2023 (continued)		iShares^® International Treasury Bond ETF

Portfolio Management Commentary

As gauged by the Index, returns for international government bonds in aggregate were in negative territory for the reporting period, pressured by rising yields and declining prices. Central banks continued to raise interest rates during the period in the face of persistent historically high inflation, leading global yield curves higher.

Performance of Middle East-bloc markets weighed most heavily on the Index return, followed by the dollar block and Asia bloc. Positive contributions were limited to euro-bloc bonds, which make up nearly two-thirds of the Index by market weight. The pace of European Central Bank rate hikes became more incremental as the period progressed, allowing yields and prices in that market to stabilize.

In terms of bond maturity, bonds with maturities greater than 10 years, which are more sensitive to changes in interest rates, detracted the most from the Index’s return. All other maturity segments experienced positive performance, led by the 5–7-year segment.

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	33.1	%
Aa	27.5
A	15.6
Baa	10.8
Not Rated	13.0


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)
Japan	13.8	%
France	8.7
Italy	7.7
Germany	6.7
Spain	5.1
United Kingdom	5.1
Finland	4.7
Ireland	4.6
Netherlands	4.6
Austria	4.6

^(a)

Excludes money market funds.


8		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

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

Disclosure of 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 the 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 the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		9

Schedule of Investments

October 31, 2023

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		601	$	364,592
0.25%, 11/21/25^(a)	AUD		948		552,292
0.50%, 09/21/26^(a)	AUD		930		528,184
3.25%, 04/21/25^(a)	AUD		1,850		1,152,670
4.25%, 04/21/26^(a)	AUD		1,220		771,036

					3,368,774

Austria — 4.5%
Republic of Austria Government Bond 0.00%, 04/20/25^(b)	EUR		690		694,826
0.75%, 10/20/26^(b)	EUR		1,060		1,048,302
1.20%, 10/20/25^(b)	EUR		750		764,133
2.00%, 07/15/26^(b)	EUR		180		185,125
4.85%, 03/15/26^(b)	EUR		622		682,687
					3,375,073


Belgium — 4.6%
Kingdom of Belgium Government Bond 0.80%, 06/22/25^(b)	EUR		1,540		1,566,577
1.00%, 06/22/26^(b)	EUR		1,190		1,194,294
4.50%, 03/28/26^(b)	EUR		583		636,427

					3,397,298

Canada — 4.5%
Canadian Government Bond 0.25%, 03/01/26	CAD		610		398,942
0.50%, 09/01/25	CAD		480		321,111
1.00%, 09/01/26	CAD		450		295,528
1.25%, 03/01/25	CAD		190		130,741
1.50%, 04/01/25	CAD		268		184,418
1.50%, 06/01/26	CAD		110		73,726
2.25%, 06/01/25	CAD		260		180,417
3.00%, 10/01/25	CAD		460		321,716
3.00%, 04/01/26	CAD		100		69,661
3.50%, 08/01/25	CAD		320		226,240
3.75%, 02/01/25	CAD		790		561,520
3.75%, 05/01/25	CAD		370		262,726
4.50%, 11/01/25	CAD		450		323,666

					3,350,412

Denmark — 3.4%
Denmark Government Bond
0.00%, 11/15/24	DKK		9,228		1,263,525
1.75%, 11/15/25	DKK		8,890		1,226,924

					2,490,449

Finland — 4.3%
Finland Government Bond 0.00%, 09/15/26^(b)	EUR		550		533,007
0.50%, 04/15/26^(b)	EUR		1,030		1,024,333
0.88%, 09/15/25^(b)	EUR		689		698,164
4.00%, 07/04/25^(b)	EUR		866		925,753

					3,181,257

France — 11.2%
French Republic Government Bond OAT 0.00%, 02/25/25^(a)	EUR		723		731,958
0.00%, 03/25/25^(a)	EUR		1,250		1,262,578
0.00%, 02/25/26^(a)	EUR		1,110		1,094,509
0.50%, 05/25/25^(a)	EUR		1,152		1,167,371
0.50%, 05/25/26^(a)	EUR		1,080		1,070,755
1.00%, 11/25/25^(a)	EUR		550		557,222
1.75%, 11/25/24^(a)	EUR		310		321,910


Security		Par (000)		Value

France (continued)
2.50%, 09/24/26^(a)	EUR		810	$	843,091
3.50%, 04/25/26^(a)	EUR		770		822,151
6.00%, 10/25/25^(a)	EUR		390		434,489

					8,306,034

Germany — 8.2%
Bundesobligation 0.00%, 04/11/25^(a)	EUR		335		338,658
0.00%, 10/10/25^(a)	EUR		560		559,206
0.00%, 04/10/26^(a)	EUR		660		651,969
0.00%, 10/09/26^(a)	EUR		360		351,353
Series G, 0.00%, 10/10/25^(a)	EUR		100		99,898
Bundesrepublik Deutschland Bundesanleihe 0.00%, 08/15/26^(a)	EUR		620		607,568
0.50%, 02/15/25^(a)	EUR		591		603,325
0.50%, 02/15/26^(a)	EUR		950		951,960
1.00%, 08/15/25^(a)	EUR		735		749,979
Bundesschatzanweisungen 2.20%, 12/12/24^(a)	EUR		280		292,331
2.50%, 03/13/25^(a)	EUR		350		366,310
2.80%, 06/12/25^(a)	EUR		320		336,496
3.10%, 09/18/25^(a)	EUR		160		169,342

					6,078,395

Ireland — 4.5%
Ireland Government Bond 1.00%, 05/15/26^(a)	EUR		1,610		1,619,727
5.40%, 03/13/25	EUR		1,597		1,736,424

					3,356,151

Israel — 4.6%
Israel Government Bond - Fixed 0.40%, 10/31/24	ILS		2,100		501,095
0.50%, 04/30/25	ILS		3,810		893,649
0.50%, 02/27/26	ILS		2,630		597,073
1.75%, 08/31/25	ILS		3,460		819,740
6.25%, 10/30/26	ILS		2,240		585,176

					3,396,733

Italy — 11.0%
Italy Buoni Poliennali Del Tesoro 0.00%, 12/15/24^(a)	EUR		380		385,541
0.00%, 04/01/26^(a)	EUR		400		386,905
0.00%, 08/01/26^(a)	EUR		380		362,847
0.35%, 02/01/25^(a)	EUR		330		334,655
0.50%, 02/01/26^(a)	EUR		407		400,721
1.20%, 08/15/25^(a)	EUR		220		222,444
1.45%, 11/15/24^(a)	EUR		200		206,545
1.45%, 05/15/25^(a)	EUR		310		316,839
1.50%, 06/01/25^(a)	EUR		400		408,384
1.60%, 06/01/26^(a)	EUR		400		401,037
1.85%, 07/01/25^(b)	EUR		490		502,547
2.00%, 12/01/25^(a)	EUR		380		388,223
2.10%, 07/15/26^(a)	EUR		280		283,739
2.50%, 12/01/24^(a)	EUR		720		751,357
2.50%, 11/15/25^(a)	EUR		720		743,693
3.40%, 03/28/25^(a)	EUR		323		339,733
3.50%, 01/15/26^(a)	EUR		160		168,429
3.80%, 04/15/26^(a)	EUR		180		190,599
3.85%, 09/15/26^(a)	EUR		330		349,564
4.50%, 03/01/26^(b)	EUR		579		622,418
5.00%, 03/01/25^(b)	EUR		338		362,967

					8,129,187


10		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2023

iShares^® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan — 10.0%
Japan Government Five Year Bond 0.00%, 03/20/26	JPY		63,500	$	417,414
0.00%, 06/20/26	JPY		42,900		281,661
0.00%, 09/20/26	JPY		79,150		519,098
0.10%, 12/20/24	JPY		66,100		436,532
0.10%, 03/20/25	JPY		49,350		325,868
0.10%, 06/20/25	JPY		45,650		301,361
0.10%, 09/20/25	JPY		75,150		495,715
0.10%, 12/20/25	JPY		39,300		259,078
Japan Government Ten Year Bond 0.10%, 03/20/26	JPY		29,050		191,392
0.10%, 06/20/26	JPY		16,950		111,564
0.30%, 12/20/25	JPY		16,800		111,222
0.40%, 03/20/25	JPY		53,300		353,406
0.40%, 06/20/25	JPY		36,750		243,793
0.40%, 09/20/25	JPY		25,000		165,840
Japan Government Twenty Year Bond 1.90%, 06/20/25	JPY		15,400		104,647
2.00%, 12/20/25	JPY		10,450		71,677
2.10%, 03/20/26	JPY		5,000		34,506
2.30%, 03/20/26	JPY		14,650		101,563
2.30%, 06/20/26	JPY		23,550		164,004
Japan Government Two Year Bond 0.00%, 11/01/24	JPY		20,000		131,968
0.00%, 01/01/25	JPY		63,850		421,189
0.00%, 02/01/25	JPY		37,150		245,024
0.00%, 03/01/25	JPY		40,000		263,777
0.00%, 04/01/25	JPY		62,600		412,732
0.00%, 05/01/25	JPY		23,450		154,576
0.00%, 06/01/25	JPY		45,650		300,840
0.00%, 07/01/25	JPY		16,350		107,739
0.00%, 08/01/25	JPY		105,150		692,946

					7,421,132

Netherlands — 4.6%
Netherlands Government Bond 0.00%, 01/15/26^(b)	EUR		1,016		1,006,056
0.25%, 07/15/25^(b)	EUR		1,210		1,219,487
0.50%, 07/15/26^(b)	EUR		1,190		1,180,191

					3,405,734

New Zealand — 1.7%
New Zealand Government Bond 0.50%, 05/15/26	NZD		1,170		603,536
2.75%, 04/15/25^(a)	NZD		1,164		651,575

					1,255,111

Norway — 1.8%
Norway Government Bond 1.50%, 02/19/26^(b)	NOK		7,088		597,949
1.75%, 03/13/25^(b)	NOK		8,608		745,296

					1,343,245

Singapore — 3.5%
Singapore Government Bond 0.50%, 11/01/25	SGD		1,110		761,803
2.13%, 06/01/26	SGD		1,100		774,720
2.38%, 06/01/25	SGD		1,438		1,028,808

					2,565,331


Security		Par (000)		Value

Spain — 6.3%
Spain Government Bond 0.00%, 01/31/25	EUR		210	$	212,744
0.00%, 05/31/25	EUR		586		587,649
0.00%, 01/31/26	EUR		400		393,067
1.60%, 04/30/25^(b)	EUR		575		592,060
1.95%, 04/30/26^(b)	EUR		520		532,347
2.15%, 10/31/25^(b)	EUR		450		465,646
2.75%, 10/31/24^(b)	EUR		460		482,195
2.80%, 05/31/26	EUR		400		417,603
4.65%, 07/30/25^(b)	EUR		388		418,992
5.90%, 07/30/26^(b)	EUR		490		552,429

					4,654,732

Sweden — 1.4%
Sweden Government Bond, 2.50%, 05/12/25^(a)	SEK		11,480		1,013,854


United Kingdom — 4.5%
United Kingdom Gilt 0.13%, 01/30/26^(a)	GBP		200		221,090
0.25%, 01/31/25^(a)	GBP		350		402,223
0.38%, 10/22/26^(a)	GBP		490		528,747
0.63%, 06/07/25^(a)	GBP		381		434,884
1.50%, 07/22/26^(a)	GBP		290		326,347
2.00%, 09/07/25^(a)	GBP		320		370,975
3.50%, 10/22/25^(a)	GBP		570		676,317
5.00%, 03/07/25^(a)	GBP		340		414,369

					3,374,952


Total Long-Term Investments — 99.1% (Cost: $76,219,990)				73,463,854


		Shares

Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)(d)			10,000		10,000


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


Total Investments — 99.1% (Cost: $76,229,990)					73,473,854

Other Assets Less Liabilities — 0.9%				678,262


Net Assets — 100.0%				$ 74,152,116

^(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)	Affiliate of the Fund.

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


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

Schedule of Investments (continued)

October 31, 2023

iShares^® 1-3 Year International Treasury Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	10,000	^(a)	$	—	$	—	$	—	$	10,000		10,000	$	558	$	—

^(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
Assets
Investments
Long-Term Investments
Foreign Government Obligations	$	—	$	73,463,854	$	—	$	73,463,854
Short-Term Securities
Money Market Funds		10,000		—		—		10,000

	$	10,000	$	73,463,854	$	—	$	73,473,854

See notes to financial statements.


12		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2023

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Foreign Government Obligations

Australia — 4.5%
Australia Government Bond 0.25%, 11/21/24^(a)	AUD		2,459	$	1,491,732
0.25%, 11/21/25^(a)	AUD		3,938		2,294,227
0.50%, 09/21/26^(a)	AUD		3,353		1,904,302
1.00%, 12/21/30^(a)	AUD		6,812		3,352,942
1.00%, 11/21/31^(a)	AUD		5,285		2,505,118
1.25%, 05/21/32	AUD		4,918		2,340,424
1.50%, 06/21/31^(a)	AUD		4,620		2,321,551
1.75%, 11/21/32^(a)	AUD		3,100		1,519,149
1.75%, 06/21/51^(a)	AUD		3,206		994,472
2.25%, 05/21/28^(a)	AUD		2,866		1,651,459
2.50%, 05/21/30^(a)	AUD		691		384,968
2.75%, 11/21/27^(a)	AUD		3,359		1,997,586
2.75%, 11/21/28^(a)	AUD		6,206		3,620,810
2.75%, 11/21/29^(a)	AUD		1,199		685,242
2.75%, 06/21/35^(a)	AUD		971		495,874
2.75%, 05/21/41^(a)	AUD		2,485		1,128,658
3.00%, 11/21/33^(a)	AUD		2,998		1,616,019
3.00%, 03/21/47^(a)	AUD		1,985		872,338
3.25%, 04/21/25^(a)	AUD		5,913		3,684,182
3.25%, 04/21/29^(a)	AUD		330		195,978
3.25%, 06/21/39^(a)	AUD		1,210		611,119
3.50%, 12/21/34^(a)	AUD		8,266		4,598,634
3.75%, 05/21/34^(a)	AUD		711		408,004
3.75%, 04/21/37^(a)	AUD		1,368		758,059
4.25%, 04/21/26^(a)	AUD		596		376,670
4.50%, 04/21/33^(a)	AUD		3,497		2,153,525
4.75%, 04/21/27^(a)	AUD		4,969		3,185,528
4.75%, 06/21/54^(a)	AUD		1,410		826,358

					47,974,928

Austria — 4.6%
Republic of Austria Government Bond 0.00%, 04/20/25^(b)	EUR		2,075		2,089,513
0.00%, 10/20/28^(b)	EUR		1,818		1,649,144
0.00%, 02/20/30^(b)	EUR		2,949		2,555,245
0.00%, 02/20/31^(b)	EUR		2,145		1,787,103
0.00%, 10/20/40^(b)	EUR		3,130		1,781,446
0.25%, 10/20/36^(b)	EUR		643		444,478
0.50%, 04/20/27^(b)	EUR		287		278,288
0.50%, 02/20/29^(a)(b)	EUR		1,952		1,802,691
0.70%, 04/20/71^(b)	EUR		1,853		701,720
0.75%, 10/20/26^(b)	EUR		3,104		3,069,744
0.75%, 02/20/28^(b)	EUR		3,436		3,298,609
0.75%, 03/20/51^(b)	EUR		818		428,089
0.85%, 06/30/2120^(b)	EUR		957		353,803
0.90%, 02/20/32^(b)	EUR		928		807,725
1.20%, 10/20/25^(b)	EUR		1,991		2,028,520
1.50%, 02/20/47^(b)	EUR		1,557		1,069,845
1.50%, 11/02/86^(b)	EUR		600		304,923
1.65%, 10/21/24^(b)	EUR		288		298,913
1.85%, 05/23/49^(b)	EUR		2,090		1,521,685
2.00%, 07/15/26^(b)	EUR		3,168		3,258,204
2.10%, 09/20/2117^(b)	EUR		376		238,389
2.40%, 05/23/34^(b)	EUR		1,776		1,700,663
2.90%, 05/23/29^(a)(b)	EUR		748		782,516
2.90%, 02/20/33^(a)(b)	EUR		4,817		4,881,272
3.15%, 06/20/44^(b)	EUR		1,086		1,052,803
3.15%, 10/20/53^(b)	EUR		1,346		1,268,822
3.45%, 10/20/30^(a)(b)	EUR		1,930		2,061,105


Security		Par (000)		Value

Austria (continued)
3.80%, 01/26/62^(b)	EUR		642	$	679,029
4.15%, 03/15/37^(a)(b)	EUR		2,326		2,580,581
4.85%, 03/15/26^(b)	EUR		598		656,345
6.25%, 07/15/27	EUR		2,777		3,258,095

					48,689,308

Belgium — 4.6%
Kingdom of Belgium Government Bond 0.00%, 10/22/27^(b)	EUR		1,774		1,668,715
0.00%, 10/22/31^(b)	EUR		2,032		1,657,266
0.10%, 06/22/30^(b)	EUR		4,406		3,820,035
0.35%, 06/22/32^(b)	EUR		2,186		1,793,275
0.40%, 06/22/40^(b)	EUR		4,427		2,707,473
0.50%, 10/22/24^(b)	EUR		1,289		1,325,020
0.65%, 06/22/71^(b)	EUR		891		321,766
0.80%, 06/22/25^(b)	EUR		1,152		1,171,881
0.80%, 06/22/27^(b)	EUR		3,787		3,705,297
0.80%, 06/22/28^(b)	EUR		256		245,503
0.90%, 06/22/29^(b)	EUR		3,404		3,203,777
1.00%, 06/22/26^(b)	EUR		1,180		1,184,258
1.00%, 06/22/31^(b)	EUR		387		347,325
1.40%, 06/22/53^(b)	EUR		888		515,273
1.45%, 06/22/37^(b)	EUR		760		609,953
1.60%, 06/22/47^(b)	EUR		1,614		1,088,265
1.70%, 06/22/50^(b)	EUR		1,440		948,115
1.90%, 06/22/38^(b)	EUR		632		526,683
2.15%, 06/22/66^(b)	EUR		1,134		768,860
2.25%, 06/22/57^(b)	EUR		982		703,232
2.75%, 04/22/39^(b)	EUR		775		717,852
3.00%, 06/22/33^(b)	EUR		4,468		4,551,726
3.00%, 06/22/34^(b)	EUR		1,396		1,408,127
3.30%, 06/22/54^(b)	EUR		1,944		1,772,060
3.45%, 06/22/43^(a)(b)	EUR		623		612,987
3.75%, 06/22/45^(a)	EUR		1,029		1,052,685
4.00%, 03/28/32^(a)	EUR		125		138,729
4.25%, 03/28/41^(b)	EUR		416		460,640
4.50%, 03/28/26^(b)	EUR		2,401		2,620,934
5.00%, 03/28/35^(b)	EUR		1,792		2,139,795
5.50%, 03/28/28	EUR		3,010		3,511,251
Series 86, 1.25%, 04/22/33^(b)	EUR		1,569		1,378,430

					48,677,188

Canada — 4.5%
Canada Government Bond, 3.25%, 12/01/33	CAD		4,080		2,747,362
Canadian Government Bond 0.25%, 03/01/26	CAD		8,051		5,265,386
0.50%, 09/01/25	CAD		1,650		1,103,819
0.50%, 12/01/30	CAD		2,920		1,647,371
1.00%, 09/01/26	CAD		207		135,943
1.00%, 06/01/27	CAD		362		233,836
1.25%, 03/01/25	CAD		2,641		1,817,305
1.25%, 03/01/27	CAD		2,041		1,334,381
1.25%, 06/01/30	CAD		5,747		3,481,520
1.50%, 04/01/25	CAD		1,700		1,169,816
1.50%, 06/01/26	CAD		405		271,445
1.50%, 06/01/31	CAD		4,436		2,661,664
1.50%, 12/01/31	CAD		3,119		1,851,248
1.75%, 12/01/53	CAD		3,461		1,565,742
2.00%, 06/01/28	CAD		2,308		1,522,523
2.00%, 06/01/32	CAD		3,279		2,008,945
2.00%, 12/01/51	CAD		1,981		970,951
2.25%, 06/01/25	CAD		641		444,796


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

Schedule of Investments (continued)

October 31, 2023

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Canada (continued)
2.25%, 06/01/29	CAD		320	$	210,673
2.50%, 12/01/32	CAD		446		283,150
2.75%, 09/01/27	CAD		5,349		3,658,728
2.75%, 06/01/33	CAD		1,538		994,113
2.75%, 12/01/48	CAD		1,491		878,128
2.75%, 12/01/55	CAD		2,940		1,680,893
2.75%, 12/01/64	CAD		446		248,792
3.00%, 11/01/24	CAD		2,220		1,569,568
3.25%, 09/01/28	CAD		1,380		957,526
3.50%, 08/01/25	CAD		800		565,599
3.50%, 03/01/28	CAD		1,390		976,333
3.50%, 12/01/45	CAD		1,946		1,309,233
3.75%, 02/01/25	CAD		1,070		760,539
3.75%, 05/01/25	CAD		2,123		1,507,479
4.00%, 06/01/41	CAD		922		663,009
5.00%, 06/01/37	CAD		61		48,094
5.75%, 06/01/29	CAD		654		511,339
5.75%, 06/01/33	CAD		1,323		1,076,240

					48,133,489

Denmark — 4.2%
Denmark Government Bond 0.00%, 11/15/24	DKK		42,878		5,870,981
0.00%, 11/15/31	DKK		54,213		6,083,384
0.25%, 11/15/52	DKK		40,309		2,584,862
0.50%, 11/15/27	DKK		51,842		6,704,274
0.50%, 11/15/29	DKK		28,740		3,550,212
1.75%, 11/15/25	DKK		38,096		5,257,694
2.25%, 11/15/33	DKK		19,501		2,562,120
4.50%, 11/15/39	DKK		72,243		11,863,289

					44,476,816

Finland — 4.6%
Finland Government Bond 0.00%, 09/15/26^(b)	EUR		138		133,736
0.00%, 09/15/30^(b)	EUR		4,179		3,558,046
0.13%, 09/15/31^(b)	EUR		2,569		2,128,017
0.13%, 04/15/36^(b)	EUR		313		216,758
0.13%, 04/15/52^(b)	EUR		2,221		921,451
0.25%, 09/15/40^(b)	EUR		1,498		910,222
0.50%, 04/15/26^(b)	EUR		4,283		4,259,434
0.50%, 09/15/27^(b)	EUR		3,601		3,457,126
0.50%, 09/15/28^(b)	EUR		3,049		2,851,044
0.50%, 09/15/29^(b)	EUR		586		533,618
0.50%, 04/15/43^(a)(b)	EUR		2,622		1,552,021
0.75%, 04/15/31^(b)	EUR		1,437		1,272,422
0.88%, 09/15/25^(b)	EUR		3,886		3,937,685
1.13%, 04/15/34^(b)	EUR		1,310		1,107,212
1.38%, 04/15/27^(b)	EUR		2,326		2,323,391
1.38%, 04/15/47^(b)	EUR		2,714		1,857,491
1.50%, 09/15/32^(b)	EUR		2,695		2,452,331
2.63%, 07/04/42^(b)	EUR		2,004		1,822,682
2.75%, 07/04/28^(b)	EUR		2,195		2,289,643
2.75%, 04/15/38^(b)	EUR		3,118		2,953,933
2.88%, 04/15/29^(a)(b)	EUR		3,150		3,290,287
3.00%, 09/15/33^(b)	EUR		4,300		4,391,543
4.00%, 07/04/25^(b)	EUR		697		745,092

					48,965,185

France — 8.6%
French Republic Government Bond OAT 0.00%, 02/25/25^(a)	EUR		2,769		2,803,309
0.00%, 03/25/25^(a)	EUR		3,124		3,155,435


Security		Par (000)		Value

France (continued)
0.00%, 02/25/26^(a)	EUR		2,707	$	2,669,220
0.00%, 02/25/27^(a)	EUR		2,478		2,374,196
0.00%, 11/25/29^(a)	EUR		2,268		1,997,090
0.00%, 11/25/30^(a)	EUR		2,025		1,720,979
0.00%, 11/25/31^(a)	EUR		3,494		2,859,631
0.00%, 05/25/32^(a)	EUR		2,991		2,400,168
0.25%, 11/25/26^(a)	EUR		2,877		2,797,882
0.50%, 05/25/25^(a)	EUR		503		509,711
0.50%, 05/25/26^(a)	EUR		1,293		1,281,932
0.50%, 05/25/29^(a)	EUR		2,853		2,628,736
0.50%, 05/25/40^(b)	EUR		1,955		1,240,738
0.50%, 06/25/44^(a)(b)	EUR		1,292		720,034
0.50%, 05/25/72^(b)	EUR		609		197,052
0.75%, 02/25/28^(a)	EUR		3,191		3,068,808
0.75%, 05/25/28^(a)	EUR		3,992		3,818,861
0.75%, 11/25/28^(a)	EUR		418		395,492
0.75%, 05/25/52^(a)	EUR		1,143		556,933
0.75%, 05/25/53^(b)	EUR		1,982		940,574
1.00%, 11/25/25^(a)	EUR		3,868		3,918,325
1.00%, 05/25/27^(a)	EUR		2,626		2,589,906
1.25%, 05/25/34^(a)	EUR		2,815		2,403,096
1.25%, 05/25/36^(b)	EUR		2,596		2,099,401
1.25%, 05/25/38^(a)	EUR		1,060		811,916
1.50%, 05/25/31^(a)	EUR		3,281		3,087,665
1.50%, 05/25/50^(b)	EUR		2,110		1,349,378
1.75%, 11/25/24^(a)	EUR		1,266		1,314,214
1.75%, 06/25/39^(b)	EUR		1,877		1,529,460
1.75%, 05/25/66^(b)	EUR		970		582,150
2.00%, 11/25/32^(a)	EUR		1,951		1,853,377
2.00%, 05/25/48^(b)	EUR		1,479		1,098,894
2.50%, 05/25/30^(a)	EUR		3,212		3,278,987
2.50%, 05/25/43^(b)	EUR		844		725,682
2.75%, 10/25/27^(a)	EUR		3,448		3,610,465
2.75%, 02/25/29^(a)	EUR		2,317		2,412,638
3.00%, 05/25/33^(a)	EUR		896		919,711
3.00%, 05/25/54^(a)(b)	EUR		995		867,831
3.25%, 05/25/45^(a)	EUR		1,502		1,445,597
3.50%, 04/25/26^(a)	EUR		2,617		2,794,065
4.00%, 10/25/38^(a)	EUR		1,042		1,139,013
4.00%, 04/25/55^(b)	EUR		1,085		1,148,112
4.00%, 04/25/60^(a)	EUR		961		1,018,522
4.50%, 04/25/41^(a)	EUR		1,050		1,210,440
4.75%, 04/25/35^(a)	EUR		1,671		1,969,117
5.50%, 04/25/29^(a)	EUR		2,880		3,411,180
5.75%, 10/25/32^(a)	EUR		2,454		3,079,586
6.00%, 10/25/25^(a)	EUR		1,542		1,717,902

					91,523,411

Germany — 6.6%
Bundesobligation 0.00%, 04/11/25^(a)	EUR		2,461		2,487,873
0.00%, 10/10/25^(a)	EUR		1,034		1,032,784
0.00%, 04/10/26^(a)	EUR		1,430		1,412,600
0.00%, 04/16/27^(a)	EUR		1,531		1,476,748
1.30%, 10/15/27^(a)	EUR		2,385		2,396,457
2.20%, 04/13/28^(a)	EUR		91		94,448
2.40%, 10/19/28^(a)	EUR		799		835,581
Series G, 0.00%, 10/10/25^(a)	EUR		1,484		1,482,533
Bundesrepublik Deutschland Bundesanleihe 0.00%, 08/15/26^(a)	EUR		1,631		1,598,297
0.00%, 11/15/27^(a)	EUR		895		851,949
0.00%, 08/15/29^(a)	EUR		1,665		1,517,173


14		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2023

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
0.00%, 02/15/30^(a)	EUR		2,257	$	2,029,745
0.00%, 08/15/30^(a)	EUR		752		667,060
0.00%, 02/15/31^(a)	EUR		1,546		1,351,304
0.00%, 08/15/31^(a)	EUR		1,866		1,607,312
0.00%, 02/15/32^(a)	EUR		1,494		1,267,013
0.00%, 05/15/35^(a)	EUR		1,370		1,039,347
0.00%, 05/15/36^(a)	EUR		2,279		1,670,939
0.00%, 08/15/50^(a)	EUR		3,227		1,533,584
0.00%, 08/15/52^(a)	EUR		1,540		689,610
0.25%, 02/15/27^(a)	EUR		2,240		2,188,544
0.25%, 08/15/28^(a)	EUR		1,517		1,436,583
0.25%, 02/15/29^(a)	EUR		2,014		1,886,054
0.50%, 02/15/25^(a)	EUR		2,100		2,143,796
0.50%, 02/15/26^(a)	EUR		891		892,838
0.50%, 08/15/27^(a)	EUR		1,673		1,634,197
0.50%, 02/15/28^(a)	EUR		1,508		1,459,366
1.00%, 08/15/25^(a)	EUR		1,066		1,087,724
1.00%, 05/15/38^(a)	EUR		159		128,325
1.25%, 08/15/48^(a)	EUR		1,856		1,352,218
1.70%, 08/15/32^(a)	EUR		1,114		1,084,815
1.80%, 08/15/53^(a)	EUR		1,053		836,256
2.10%, 11/15/29^(a)	EUR		2,204		2,261,672
2.30%, 02/15/33^(a)	EUR		1,250		1,273,609
2.40%, 11/15/30^(a)	EUR		300		311,573
2.50%, 07/04/44^(a)	EUR		2,376		2,287,651
2.50%, 08/15/46^(a)	EUR		453		433,659
2.60%, 08/15/33^(a)	EUR		360		374,288
3.25%, 07/04/42^(a)	EUR		908		981,267
4.00%, 01/04/37^(a)	EUR		1,739		2,039,710
4.25%, 07/04/39^(a)	EUR		909		1,102,565
4.75%, 07/04/28^(a)	EUR		1,257		1,450,799
4.75%, 07/04/34^(a)	EUR		2,503		3,103,619
4.75%, 07/04/40^(a)	EUR		1,412		1,818,843
5.50%, 01/04/31^(a)	EUR		1,364		1,704,761
5.63%, 01/04/28^(a)	EUR		1,483		1,749,726
6.25%, 01/04/30^(a)	EUR		1,376		1,750,644
6.50%, 07/04/27^(a)	EUR		862		1,028,592
Series G, 0.00%, 08/15/30^(a)	EUR		656		582,195
Series G, 0.00%, 08/15/31^(a)	EUR		81		69,779
Series G, 0.00%, 08/15/50^(a)	EUR		509		243,010
Bundesschatzanweisungen 2.20%, 12/12/24^(a)	EUR		580		605,542
2.80%, 06/12/25	EUR		20		21,031
3.10%, 09/18/25	EUR		2,020		2,137,940

					70,505,548

Ireland — 4.6%
Ireland Government Bond 0.00%, 10/18/31^(a)	EUR		3,367		2,776,709
0.20%, 05/15/27^(a)	EUR		3,933		3,771,991
0.20%, 10/18/30^(a)	EUR		3,937		3,405,016
0.35%, 10/18/32^(a)	EUR		4,224		3,476,758
0.40%, 05/15/35^(a)	EUR		2,586		1,949,303
0.55%, 04/22/41^(a)	EUR		927		589,496
0.90%, 05/15/28^(a)	EUR		3,760		3,629,488
1.00%, 05/15/26^(a)	EUR		4,931		4,961,084
1.10%, 05/15/29^(a)	EUR		3,854		3,675,836
1.30%, 05/15/33^(a)	EUR		235		208,635
1.35%, 03/18/31^(a)	EUR		2,174		2,029,334
1.50%, 05/15/50^(a)	EUR		3,763		2,462,241
1.70%, 05/15/37^(a)	EUR		3,451		2,910,614
2.00%, 02/18/45^(a)	EUR		3,238		2,521,973


Security		Par (000)		Value

Ireland (continued)
2.40%, 05/15/30^(a)	EUR		3,366	$	3,410,645
3.00%, 10/18/43^(a)	EUR		2,824		2,711,678
5.40%, 03/13/25	EUR		4,026		4,377,111

					48,867,912

Israel — 3.9%
Israel Government Bond - Fixed 0.40%, 10/31/24	ILS		3,026		722,054
0.50%, 04/30/25	ILS		28,534		6,692,753
0.50%, 02/27/26	ILS		12,090		2,744,717
1.00%, 03/31/30	ILS		19,480		3,915,324
1.30%, 04/30/32	ILS		9,792		1,872,668
1.50%, 05/31/37	ILS		16,370		2,687,852
1.75%, 08/31/25	ILS		14,151		3,352,644
2.00%, 03/31/27	ILS		19,264		4,426,713
2.25%, 09/28/28	ILS		17,352		3,910,113
2.80%, 11/29/52	ILS		6,465		1,005,617
3.75%, 02/28/29	ILS		4,000		964,533
3.75%, 03/31/47	ILS		18,110		3,564,251
5.50%, 01/31/42	ILS		11,185		2,915,827
6.25%, 10/30/26	ILS		9,183		2,398,959

					41,174,025

Italy — 7.6%
Italy Buoni Poliennali Del Tesoro 0.00%, 12/15/24^(a)	EUR		1,225		1,242,861
0.00%, 04/01/26^(a)	EUR		1,189		1,150,075
0.25%, 03/15/28^(a)	EUR		1,463		1,321,420
0.35%, 02/01/25^(a)	EUR		1,304		1,322,392
0.45%, 02/15/29^(a)	EUR		1,057		927,700
0.50%, 02/01/26^(a)	EUR		1,420		1,398,093
0.50%, 07/15/28^(a)	EUR		1,068		963,606
0.85%, 01/15/27^(a)	EUR		877		846,712
0.90%, 04/01/31^(a)	EUR		2,167		1,797,361
0.95%, 09/15/27^(a)	EUR		602		571,107
0.95%, 09/15/27^(a)(b)	EUR		600		569,209
0.95%, 08/01/30^(a)	EUR		956		816,043
0.95%, 12/01/31^(b)	EUR		1,287		1,043,678
0.95%, 06/01/32^(a)	EUR		1,263		1,003,862
0.95%, 03/01/37^(b)	EUR		945		619,501
1.10%, 04/01/27^(a)	EUR		948		916,794
1.20%, 08/15/25^(a)	EUR		1,429		1,444,876
1.25%, 12/01/26^(a)	EUR		1,328		1,302,539
1.35%, 04/01/30^(a)	EUR		1,469		1,305,451
1.45%, 03/01/36^(b)	EUR		1,294		940,450
1.50%, 06/01/25^(a)	EUR		1,550		1,582,489
1.50%, 04/30/45^(b)	EUR		880		505,491
1.60%, 06/01/26^(a)	EUR		1,436		1,439,723
1.65%, 03/01/32^(b)	EUR		1,561		1,333,941
1.70%, 09/01/51^(b)	EUR		991		540,279
1.80%, 03/01/41^(a)(b)	EUR		1,197		798,798
1.85%, 07/01/25^(b)	EUR		1,472		1,509,692
2.00%, 12/01/25^(a)	EUR		910		929,691
2.00%, 02/01/28^(a)	EUR		1,576		1,544,183
2.05%, 08/01/27^(a)	EUR		1,216		1,206,788
2.10%, 07/15/26^(a)	EUR		1,121		1,135,969
2.15%, 09/01/52^(b)	EUR		529		315,842
2.15%, 03/01/72^(a)(b)	EUR		413		220,665
2.20%, 06/01/27^(a)	EUR		1,287		1,288,321
2.25%, 09/01/36^(b)	EUR		1,185		942,129
2.45%, 09/01/33^(b)	EUR		1,178		1,035,245
2.45%, 09/01/50^(b)	EUR		1,582		1,040,606


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

Schedule of Investments (continued)

October 31, 2023

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Italy (continued)
2.50%, 12/01/24^(a)	EUR		1,163	$	1,213,650
2.50%, 12/01/32^(a)	EUR		1,224		1,100,511
2.80%, 12/01/28^(a)	EUR		1,748		1,747,575
2.80%, 06/15/29^(a)	EUR		1,063		1,050,335
2.80%, 03/01/67^(b)	EUR		539		348,195
3.00%, 08/01/29^(a)	EUR		1,454		1,451,185
3.10%, 03/01/40^(b)	EUR		1,093		909,798
3.25%, 03/01/38^(b)	EUR		774		674,454
3.25%, 09/01/46^(b)	EUR		1,148		917,657
3.35%, 03/01/35^(b)	EUR		1,488		1,373,333
3.40%, 03/28/25^(a)	EUR		1,056		1,110,706
3.40%, 04/01/28^(a)	EUR		1,310		1,355,354
3.45%, 03/01/48^(b)	EUR		790		647,513
3.50%, 01/15/26^(a)	EUR		2,070		2,179,053
3.50%, 03/01/30^(b)	EUR		1,490		1,516,802
3.70%, 06/15/30^(a)	EUR		420		429,723
3.80%, 08/01/28^(a)	EUR		1,321		1,385,143
3.85%, 09/15/26^(a)	EUR		1,000		1,059,285
3.85%, 12/15/29^(a)	EUR		1,104		1,145,539
3.85%, 09/01/49^(b)	EUR		899		780,305
4.00%, 10/30/31^(b)	EUR		1,177		1,211,435
4.00%, 02/01/37^(b)	EUR		1,140		1,104,163
4.40%, 05/01/33^(a)	EUR		1,153		1,201,531
4.45%, 09/01/43^(a)(b)	EUR		300		290,423
4.50%, 03/01/26^(b)	EUR		1,669		1,794,154
4.75%, 09/01/44^(b)	EUR		986		992,500
5.00%, 03/01/25^(b)	EUR		1,382		1,484,083
5.00%, 08/01/34^(b)	EUR		1,750		1,887,246
5.00%, 08/01/39^(b)	EUR		1,194		1,258,242
5.00%, 09/01/40^(b)	EUR		1,368		1,437,595
5.25%, 11/01/29^(a)	EUR		1,906		2,133,690
5.75%, 02/01/33^(a)	EUR		1,357		1,562,196
6.00%, 05/01/31^(a)	EUR		1,881		2,201,695
7.25%, 11/01/26^(a)	EUR		1,358		1,575,663

					81,404,314

Japan — 13.6%
Japan Government Five Year Bond
0.00%, 09/20/26	JPY		185,900		1,219,207
0.00%, 03/20/27	JPY		120,650		788,987
0.00%, 06/20/27	JPY		161,700		1,055,619
0.10%, 06/20/25	JPY		263,000		1,736,208
0.10%, 03/20/27	JPY		128,100		840,393
0.10%, 09/20/27	JPY		80,000		523,205
0.10%, 03/20/28	JPY		142,050		925,595
0.10%, 06/20/28	JPY		150,000		975,230
0.20%, 03/20/28	JPY		237,750		1,555,935
0.30%, 12/20/27	JPY		164,400		1,082,280
Japan Government Forty Year Bond
0.40%, 03/20/56	JPY		156,000		663,562
0.50%, 03/20/59	JPY		153,000		653,073
0.50%, 03/20/60	JPY		233,350		984,912
0.70%, 03/20/61	JPY		122,400		551,860
0.80%, 03/20/58	JPY		146,250		704,499
0.90%, 03/20/57	JPY		143,150		718,305
1.00%, 03/20/62	JPY		242,300		1,204,922
1.30%, 03/20/63	JPY		94,300		513,510
1.40%, 03/20/55	JPY		51,400		301,747
1.70%, 03/20/54	JPY		43,250		274,686
1.90%, 03/20/53	JPY		67,050		446,996
2.00%, 03/20/52	JPY		117,500		799,791
2.20%, 03/20/49	JPY		63,100		448,762


Security		Par (000)		Value

Japan (continued)
2.20%, 03/20/50	JPY		77,100	$	546,951
2.20%, 03/20/51	JPY		112,500		797,345
2.40%, 03/20/48	JPY		71,500		527,626
Japan Government Ten Year Bond
0.10%, 12/20/26	JPY		113,700		746,936
0.10%, 03/20/27	JPY		109,550		718,697
0.10%, 06/20/27	JPY		58,050		380,271
0.10%, 09/20/27	JPY		176,650		1,155,302
0.10%, 12/20/27	JPY		31,400		205,024
0.10%, 03/20/28	JPY		217,850		1,419,507
0.10%, 06/20/28	JPY		196,250		1,275,343
0.10%, 12/20/28	JPY		82,500		533,960
0.10%, 06/20/29	JPY		73,100		471,119
0.10%, 09/20/29	JPY		50,150		322,565
0.10%, 12/20/29	JPY		85,200		546,753
0.10%, 06/20/30	JPY		172,550		1,100,085
0.10%, 03/20/31	JPY		124,250		783,084
0.10%, 06/20/31	JPY		109,650		688,377
0.10%, 09/20/31	JPY		11,450		71,642
0.10%, 12/20/31	JPY		30,000		186,890
0.20%, 09/20/32	JPY		75,600		469,880
0.40%, 06/20/25	JPY		39,850		264,357
0.40%, 06/20/33	JPY		183,600		1,152,910
0.50%, 12/20/32	JPY		63,150		402,294
0.50%, 03/20/33	JPY		334,450		2,125,167
Japan Government Thirty Year Bond
0.30%, 06/20/46	JPY		69,700		335,167
0.40%, 09/20/49	JPY		150,100		699,387
0.40%, 12/20/49	JPY		136,500		634,001
0.40%, 03/20/50	JPY		160,450		741,653
0.50%, 09/20/46	JPY		58,750		295,915
0.60%, 12/20/46	JPY		71,300		366,677
0.60%, 06/20/50	JPY		160,300		782,046
0.60%, 09/20/50	JPY		170,400		827,622
0.70%, 06/20/48	JPY		125,650		647,411
0.70%, 12/20/48	JPY		123,450		631,849
0.70%, 12/20/50	JPY		173,400		863,928
0.70%, 03/20/51	JPY		160,250		796,413
0.70%, 06/20/51	JPY		153,850		762,658
0.70%, 09/20/51	JPY		148,550		734,523
0.70%, 12/20/51	JPY		37,000		182,489
0.80%, 03/20/46	JPY		85,950		467,529
0.80%, 03/20/47	JPY		97,050		521,518
0.80%, 06/20/47	JPY		78,100		418,058
0.80%, 09/20/47	JPY		64,750		345,803
0.80%, 03/20/48	JPY		107,650		571,371
0.90%, 09/20/48	JPY		42,350		228,772
1.00%, 03/20/52	JPY		165,350		885,347
1.20%, 06/20/53	JPY		70,950		398,514
1.30%, 06/20/52	JPY		162,700		941,078
1.40%, 09/20/45	JPY		42,500		263,033
1.40%, 12/20/45	JPY		60,000		370,335
1.40%, 09/20/52	JPY		174,600		1,033,409
1.40%, 03/20/53	JPY		166,550		985,005
1.50%, 12/20/44	JPY		50,150		317,469
1.50%, 03/20/45	JPY		105,800		669,128
1.60%, 06/20/45	JPY		97,100		624,528
1.60%, 12/20/52	JPY		119,750		744,026
1.70%, 06/20/33	JPY		61,300		433,259
1.70%, 12/20/43	JPY		101,750		670,473
1.70%, 03/20/44	JPY		121,000		796,864


16		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2023

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan (continued)
1.70%, 06/20/44	JPY		69,100	$	454,809
1.70%, 09/20/44	JPY		64,150		421,331
1.80%, 11/22/32	JPY		27,000		192,278
1.80%, 03/20/43	JPY		150,800		1,017,242
1.80%, 09/20/43	JPY		114,650		769,825
1.90%, 06/20/43	JPY		70,000		479,002
2.00%, 12/20/33	JPY		24,550		177,957
2.00%, 09/20/40	JPY		164,300		1,158,604
2.00%, 09/20/41	JPY		198,300		1,391,377
2.00%, 03/20/42	JPY		160,900		1,126,603
2.10%, 09/20/33	JPY		43,350		317,011
2.20%, 09/20/39	JPY		112,900		823,077
2.20%, 03/20/41	JPY		161,950		1,171,040
2.30%, 05/20/32	JPY		24,800		183,166
2.30%, 03/20/35	JPY		47,600		354,697
2.30%, 12/20/35	JPY		50,900		379,744
2.30%, 12/20/36	JPY		67,850		505,257
2.30%, 03/20/39	JPY		132,550		980,376
2.30%, 03/20/40	JPY		158,950		1,170,331
2.40%, 03/20/34	JPY		53,200		399,789
2.40%, 12/20/34	JPY		42,600		320,404
2.40%, 03/20/37	JPY		60,700		457,095
2.40%, 09/20/38	JPY		141,950		1,065,147
2.50%, 06/20/34	JPY		50,950		386,161
2.50%, 09/20/34	JPY		39,700		300,932
2.50%, 09/20/35	JPY		36,550		277,985
2.50%, 03/20/36	JPY		55,000		418,316
2.50%, 06/20/36	JPY		67,900		516,690
2.50%, 09/20/36	JPY		36,900		280,876
2.50%, 09/20/37	JPY		87,300		664,183
2.50%, 03/20/38	JPY		91,600		695,997
Japan Government Twenty Year Bond
0.20%, 06/20/36	JPY		75,000		437,427
0.30%, 06/20/39	JPY		287,300		1,595,100
0.30%, 09/20/39	JPY		197,050		1,086,983
0.30%, 12/20/39	JPY		137,150		752,604
0.40%, 03/20/36	JPY		95,650		575,522
0.40%, 03/20/39	JPY		228,550		1,295,803
0.40%, 03/20/40	JPY		247,300		1,372,758
0.40%, 06/20/40	JPY		263,700		1,454,417
0.40%, 09/20/40	JPY		272,850		1,497,106
0.40%, 06/20/41	JPY		268,950		1,452,605
0.50%, 03/20/38	JPY		133,750		785,937
0.50%, 12/20/40	JPY		172,600		959,773
0.50%, 03/20/41	JPY		135,900		751,913
0.50%, 09/20/41	JPY		270,500		1,483,445
0.50%, 12/20/41	JPY		405,450		2,212,100
0.60%, 12/20/36	JPY		117,600		716,578
0.60%, 06/20/37	JPY		95,650		578,305
0.60%, 12/20/37	JPY		89,950		538,851
0.70%, 09/20/38	JPY		167,950		1,007,689
0.80%, 03/20/42	JPY		157,350		904,694
1.10%, 09/20/42	JPY		148,700		895,114
1.10%, 03/20/43	JPY		186,600		1,115,734
1.10%, 06/20/43	JPY		16,150		96,300
1.20%, 12/20/34	JPY		131,050		876,468
1.20%, 03/20/35	JPY		98,900		660,482
1.20%, 09/20/35	JPY		117,150		779,106
1.40%, 09/20/34	JPY		239,750		1,639,838
1.40%, 12/20/42	JPY		189,600		1,199,180
1.50%, 06/20/32	JPY		65,950		458,472


Security		Par (000)		Value

Japan (continued)
1.50%, 03/20/33	JPY		59,400	$	412,330
1.50%, 03/20/34	JPY		102,050		706,853
1.50%, 06/20/34	JPY		85,050		588,199
1.60%, 03/20/32	JPY		58,700		411,200
1.60%, 06/20/32	JPY		36,700		257,083
1.60%, 03/20/33	JPY		65,450		458,459
1.60%, 12/20/33	JPY		125,700		879,639
1.70%, 09/20/31	JPY		84,400		595,959
1.70%, 12/20/31	JPY		70,350		496,722
1.70%, 03/20/32	JPY		49,950		352,492
1.70%, 06/20/32	JPY		52,800		372,667
1.70%, 12/20/32	JPY		71,650		505,991
1.70%, 06/20/33	JPY		133,900		946,386
1.70%, 09/20/33	JPY		119,050		841,318
1.80%, 09/20/30	JPY		51,100		363,102
1.80%, 06/20/31	JPY		47,800		339,953
1.80%, 09/20/31	JPY		92,950		660,894
1.80%, 12/20/31	JPY		83,100		590,941
1.80%, 03/20/32	JPY		101,700		723,518
1.80%, 12/20/32	JPY		181,800		1,294,027
1.90%, 03/20/25	JPY		32,500		219,932
1.90%, 06/20/25	JPY		40,200		273,169
1.90%, 12/20/28	JPY		66,800		472,569
1.90%, 03/20/29	JPY		25,150		178,322
1.90%, 09/20/30	JPY		31,100		222,340
1.90%, 03/20/31	JPY		82,950		593,814
1.90%, 06/20/31	JPY		24,750		177,204
2.00%, 12/20/24	JPY		53,100		358,228
2.00%, 09/20/25	JPY		224,900		1,536,561
2.00%, 03/20/27	JPY		39,350		274,771
2.00%, 06/20/30	JPY		51,700		371,585
2.00%, 12/20/30	JPY		60,550		436,068
2.00%, 03/20/31	JPY		72,550		522,724
2.10%, 03/20/25	JPY		29,900		202,882
2.10%, 03/20/27	JPY		223,200		1,563,497
2.10%, 06/20/27	JPY		37,500		263,533
2.10%, 09/20/27	JPY		31,300		220,633
2.10%, 06/20/28	JPY		129,250		918,244
2.10%, 12/20/28	JPY		45,100		322,042
2.10%, 03/20/29	JPY		70,500		504,749
2.10%, 06/20/29	JPY		14,200		101,936
2.10%, 09/20/29	JPY		57,500		413,587
2.10%, 12/20/29	JPY		155,900		1,124,444
2.10%, 03/20/30	JPY		58,200		420,276
2.10%, 12/20/30	JPY		104,000		753,665
2.20%, 09/20/27	JPY		102,150		722,635
2.20%, 03/20/28	JPY		81,400		579,233
2.20%, 09/20/28	JPY		29,550		211,329
2.20%, 06/20/29	JPY		39,450		284,623
2.20%, 03/20/31	JPY		70,600		515,218
2.30%, 06/20/27	JPY		189,400		1,340,001
2.40%, 03/20/28	JPY		36,500		261,805
Japan Government Two Year Bond
0.00%, 11/01/24	JPY		96,350		635,754
0.00%, 01/01/25	JPY		233,450		1,539,961
0.00%, 02/01/25	JPY		190,100		1,253,813
0.00%, 04/01/25	JPY		309,700		2,041,905
0.00%, 06/01/25	JPY		260,850		1,719,037
0.00%, 07/01/25	JPY		100,350		661,261
0.00%, 08/01/25	JPY		304,000		2,003,382


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

Schedule of Investments (continued)

October 31, 2023

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan (continued)
0.00%, 09/01/25	JPY		321,000	$	2,113,316

					145,014,014

Netherlands — 4.6%
Netherlands Government Bond
0.00%, 01/15/26^(b)	EUR		3,915		3,876,682
0.00%, 01/15/27^(b)	EUR		2,530		2,441,418
0.00%, 01/15/29^(b)	EUR		1,258		1,146,069
0.00%, 07/15/30^(b)	EUR		2,377		2,068,673
0.00%, 07/15/31^(b)	EUR		376		316,367
0.00%, 01/15/38^(b)	EUR		3,232		2,139,072
0.00%, 01/15/52^(b)	EUR		2,664		1,146,116
0.25%, 07/15/25^(b)	EUR		1,715		1,728,749
0.25%, 07/15/29^(b)	EUR		1,216		1,108,706
0.50%, 07/15/26^(b)	EUR		1,748		1,733,592
0.50%, 07/15/32^(b)	EUR		2,234		1,902,383
0.50%, 01/15/40^(b)	EUR		2,204		1,509,538
0.75%, 07/15/27^(b)	EUR		2,743		2,686,563
0.75%, 07/15/28^(b)	EUR		1,609		1,543,812
2.00%, 01/15/54^(b)	EUR		1,459		1,154,121
2.50%, 01/15/30^(b)	EUR		4,047		4,170,368
2.50%, 01/15/33^(b)	EUR		2,299		2,318,485
2.50%, 07/15/33^(b)	EUR		2,815		2,818,008
2.75%, 01/15/47^(b)	EUR		3,185		3,045,851
3.25%, 01/15/44^(a)(b)	EUR		1,330		1,381,974
3.75%, 01/15/42^(b)	EUR		2,103		2,335,332
4.00%, 01/15/37^(b)	EUR		1,691		1,918,506
5.50%, 01/15/28^(b)	EUR		3,665		4,267,399

					48,757,784

New Zealand — 3.0%
New Zealand Government Bond
0.25%, 05/15/28	NZD		6,257		2,901,328
0.50%, 05/15/26	NZD		6,099		3,146,123
1.50%, 05/15/31	NZD		3,833		1,685,962
1.75%, 05/15/41	NZD		3,833		1,250,769
2.00%, 05/15/32	NZD		4,958		2,200,295
2.75%, 04/15/25^(a)	NZD		5,203		2,912,499
2.75%, 04/15/37^(a)	NZD		4,502		1,894,365
2.75%, 05/15/51	NZD		4,147		1,433,972
3.00%, 04/20/29	NZD		5,847		3,021,675
3.50%, 04/14/33^(a)	NZD		9,439		4,671,895
4.25%, 05/15/34	NZD		2,733		1,421,048
4.50%, 04/15/27^(a)	NZD		5,603		3,176,833
4.50%, 05/15/30	NZD		3,905		2,154,799

					31,871,563

Norway — 2.3%
Norway Government Bond
1.25%, 09/17/31^(b)	NOK		35,093		2,555,571
1.38%, 08/19/30^(b)	NOK		47,575		3,592,693
1.50%, 02/19/26^(b)	NOK		41,234		3,478,532
1.75%, 03/13/25^(b)	NOK		39,636		3,431,753
1.75%, 02/17/27^(b)	NOK		18,990		1,577,379
2.00%, 04/26/28^(b)	NOK		45,148		3,706,509
2.13%, 05/18/32^(b)	NOK		34,018		2,621,356
3.00%, 08/15/33^(b)	NOK		26,116		2,135,485
3.50%, 10/06/42^(a)(b)	NOK		13,630		1,165,577

					24,264,855

Singapore — 4.5%
Singapore Government Bond
0.50%, 11/01/25	SGD		5,918		4,061,577
1.25%, 11/01/26	SGD		5,391		3,684,418


Security		Par (000)		Value

Singapore (continued)
1.63%, 07/01/31	SGD		668	$	430,235
1.88%, 03/01/50	SGD		2,656		1,478,914
1.88%, 10/01/51	SGD		3,568		2,002,005
2.13%, 06/01/26	SGD		4,553		3,206,637
2.25%, 08/01/36	SGD		2,154		1,391,608
2.38%, 06/01/25	SGD		2,531		1,810,788
2.38%, 07/01/39	SGD		3,681		2,379,214
2.63%, 05/01/28	SGD		380		269,582
2.63%, 08/01/32	SGD		7,033		4,836,263
2.75%, 04/01/42	SGD		3,229		2,183,098
2.75%, 03/01/46	SGD		4,217		2,835,522
2.88%, 09/01/27	SGD		1,998		1,435,527
2.88%, 08/01/28	SGD		4,180		2,998,646
2.88%, 07/01/29	SGD		3,397		2,422,895
2.88%, 09/01/30	SGD		4,493		3,185,217
3.00%, 08/01/72^(a)	SGD		2,849		2,054,863
3.38%, 09/01/33	SGD		4,130		3,015,595
3.50%, 03/01/27	SGD		3,656		2,674,302

					48,356,906

Spain — 5.1%
Spain Government Bond
0.00%, 01/31/25	EUR		730		739,539
0.00%, 05/31/25	EUR		1,547		1,551,354
0.00%, 01/31/26	EUR		1,580		1,552,616
0.00%, 01/31/28	EUR		1,449		1,333,750
0.10%, 04/30/31^(b)	EUR		1,518		1,241,718
0.50%, 10/31/31^(b)	EUR		1,271		1,054,883
0.60%, 10/31/29^(b)	EUR		1,288		1,154,987
0.70%, 04/30/32^(b)	EUR		1,596		1,324,790
0.80%, 07/30/27^(b)	EUR		1,539		1,485,800
0.80%, 07/30/29	EUR		2,681		2,451,676
0.85%, 07/30/37^(a)(b)	EUR		789		548,173
1.00%, 07/30/42^(b)	EUR		551		334,883
1.00%, 10/31/50^(b)	EUR		539		263,817
1.20%, 10/31/40^(b)	EUR		785		521,240
1.25%, 10/31/30^(b)	EUR		1,448		1,316,605
1.30%, 10/31/26^(b)	EUR		1,895		1,891,992
1.40%, 04/30/28^(b)	EUR		1,554		1,512,843
1.40%, 07/30/28^(b)	EUR		102		98,828
1.45%, 10/31/27^(b)	EUR		1,711		1,684,821
1.45%, 04/30/29^(b)	EUR		1,240		1,184,829
1.45%, 10/31/71^(b)	EUR		829		352,550
1.50%, 04/30/27^(b)	EUR		1,018		1,013,314
1.60%, 04/30/25^(b)	EUR		1,237		1,273,701
1.85%, 07/30/35^(b)	EUR		672		569,496
1.90%, 10/31/52^(b)	EUR		1,161		709,174
1.95%, 04/30/26^(b)	EUR		1,504		1,539,711
1.95%, 07/30/30^(b)	EUR		1,042		999,266
2.15%, 10/31/25^(b)	EUR		620		641,557
2.35%, 07/30/33^(b)	EUR		1,451		1,352,065
2.55%, 10/31/32^(b)	EUR		1,086		1,044,265
2.70%, 10/31/48^(b)	EUR		818		636,993
2.75%, 10/31/24^(b)	EUR		2,929		3,070,322
2.80%, 05/31/26	EUR		339		353,918
2.90%, 10/31/46^(b)	EUR		1,878		1,548,815
3.15%, 04/30/33^(b)	EUR		1,675		1,678,208
3.45%, 07/30/66^(b)	EUR		687		567,008
3.55%, 10/31/33^(a)(b)	EUR		560		576,621
3.90%, 07/30/39^(b)	EUR		700		706,696
4.20%, 01/31/37^(b)	EUR		1,289		1,375,471
4.65%, 07/30/25^(b)	EUR		430		464,347


18		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2023

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Spain (continued)
4.70%, 07/30/41^(b)	EUR		908	$	1,003,970
4.90%, 07/30/40^(b)	EUR		1,113		1,256,581
5.15%, 10/31/28^(b)	EUR		1,448		1,654,010
5.15%, 10/31/44^(b)	EUR		1,105		1,286,916
5.75%, 07/30/32	EUR		1,316		1,600,856
5.90%, 07/30/26^(b)	EUR		1,663		1,874,876
6.00%, 01/31/29	EUR		1,333		1,584,027

					53,983,878

Sweden — 2.6%
Sweden Government Bond
0.13%, 05/12/31^(a)(b)	SEK		24,335		1,768,413
0.75%, 05/12/28^(a)	SEK		32,520		2,641,495
0.75%, 11/12/29^(a)	SEK		61,005		4,807,243
1.00%, 11/12/26^(a)	SEK		72,715		6,116,035
1.75%, 11/11/33^(a)	SEK		31,420		2,521,971
2.25%, 06/01/32^(a)	SEK		39,480		3,344,877
2.50%, 05/12/25^(a)	SEK		46,085		4,069,990
3.50%, 03/30/39^(a)	SEK		27,410		2,567,429

					27,837,453

United Kingdom — 5.0%
United Kingdom Gilt
0.13%, 01/30/26^(a)	GBP		534		590,274
0.13%, 01/31/28^(a)	GBP		547		557,411
0.25%, 01/31/25^(a)	GBP		1,159		1,331,931
0.25%, 07/31/31^(a)	GBP		2,076		1,841,484
0.38%, 10/22/26^(a)	GBP		1,904		2,054,561
0.50%, 01/31/29^(a)	GBP		1,578		1,571,017
0.50%, 10/22/61^(a)	GBP		1,363		437,689
0.63%, 06/07/25^(a)	GBP		940		1,072,943
0.63%, 07/31/35^(a)	GBP		2,539		1,970,736
0.63%, 10/22/50^(a)	GBP		978		429,124
0.88%, 10/22/29^(a)	GBP		1,060		1,058,015
0.88%, 07/31/33^(a)	GBP		94		81,667
0.88%, 01/31/46^(a)	GBP		891		491,016
1.00%, 01/31/32^(a)	GBP		1,917		1,780,599
1.13%, 01/31/39^(a)	GBP		190		138,861
1.13%, 10/22/73^(a)	GBP		476		189,592
1.25%, 07/22/27^(a)	GBP		950		1,033,205
1.25%, 10/22/41^(a)	GBP		1,809		1,246,250
1.25%, 07/31/51^(a)	GBP		1,576		853,951
1.50%, 07/22/26^(a)	GBP		1,014		1,141,091
1.50%, 07/22/47^(a)	GBP		1,417		894,042
1.50%, 07/31/53^(a)	GBP		1,018		577,708
1.63%, 10/22/54^(a)	GBP		770		448,388
1.63%, 10/22/71^(a)	GBP		645		330,441
1.75%, 09/07/37^(a)	GBP		1,548		1,308,594
1.75%, 07/22/57^(a)	GBP		1,133		670,925
2.00%, 09/07/25^(a)	GBP		297		344,311
2.50%, 07/22/65^(a)	GBP		781		556,982
3.25%, 01/31/33^(a)	GBP		1,831		2,015,402
3.25%, 01/22/44^(a)	GBP		249		236,367


Security		Par (000)		Value

United Kingdom (continued)
3.50%, 10/22/25^(a)	GBP		2,215	$	2,628,145
3.50%, 01/22/45^(a)	GBP		1,044		1,022,503
3.50%, 07/22/68^(a)	GBP		942		872,454
3.75%, 01/29/38^(a)	GBP		569		615,032
3.75%, 07/22/52^(a)	GBP		807		799,701
3.75%, 10/22/53^(a)	GBP		1,145		1,127,129
4.00%, 01/22/60^(a)	GBP		797		824,417
4.00%, 10/22/63^(a)	GBP		515		530,373
4.13%, 01/29/27^(a)	GBP		873		1,046,869
4.25%, 12/07/27^(a)	GBP		868		1,049,904
4.25%, 06/07/32^(a)	GBP		833		1,001,234
4.25%, 03/07/36^(a)	GBP		890		1,038,372
4.25%, 09/07/39^(a)	GBP		698		790,863
4.25%, 12/07/40^(a)	GBP		1,207		1,356,872
4.25%, 12/07/46^(a)	GBP		833		910,109
4.25%, 12/07/49^(a)	GBP		1,057		1,146,493
4.25%, 12/07/55^(a)	GBP		363		392,932
4.50%, 06/07/28^(a)	GBP		970		1,180,872
4.50%, 09/07/34^(a)	GBP		1,003		1,208,733
4.50%, 12/07/42^(a)	GBP		1,246		1,431,622
4.75%, 12/07/30^(a)	GBP		1,700		2,115,897
4.75%, 12/07/38^(a)	GBP		856		1,032,830
5.00%, 03/07/25^(a)	GBP		834		1,016,087
6.00%, 12/07/28^(a)	GBP		1,025		1,337,443

					53,731,463


Total Long-Term Investments — 99.0% (Cost: $1,245,591,813)					1,054,210,040


		Shares

Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.33%^(c)(d)			230,000		230,000


Total Short-Term Securities — 0.0% (Cost: $230,000)					230,000


Total Investments — 99.0% (Cost: $1,245,821,813)					1,054,440,040

Other Assets Less Liabilities — 1.0%					10,339,175


Net Assets — 100.0%				$	1,064,779,215

^(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)	Affiliate of the Fund.

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


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

Schedule of Investments (continued)

October 31, 2023

iShares^® International Treasury Bond ETF

Affiliates



Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares		$370,000	$	—	$	(140,000	)^(a)	$	—	$	—	$	230,000		230,000	$	39,211	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Foreign Government Obligations	$	—	$	1,054,210,040	$	—	$	1,054,210,040
Short-Term Securities
Money Market Funds		230,000		—		—		230,000

	$	230,000	$	1,054,210,040	$	—	$	1,054,440,040

See notes to financial statements.


20		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities

October 31, 2023


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

ASSETS
Investments, at value — unaffiliated^(a)	$	73,463,854		$	1,054,210,040
Investments, at value — affiliated^(b)		10,000			230,000
Cash		1,362			1,824
Foreign currency, at value^(c)		409,425			3,123,409
Receivables:
Investments sold		9,789,422			133,568,410
Capital shares sold		—			26,350
Dividends — affiliated		32			11,534
Interest — unaffiliated		391,827			8,307,954

Total assets		84,065,922			1,199,479,521


LIABILITIES
Payables:
Investments purchased		9,891,743			134,388,792
Investment advisory fees		22,063			311,514

Total liabilities		9,913,806			134,700,306

Commitments and contingent liabilities

NET ASSETS	$	74,152,116		$	1,064,779,215


NET ASSETS CONSIST OF
Paid-in capital	$	86,699,080		$	1,352,199,096
Accumulated loss		(12,546,964	)		(287,419,881	)

NET ASSETS	$	74,152,116		$	1,064,779,215


NET ASSETVALUE
Shares outstanding		1,100,000			28,950,000

Net asset value	$	67.41		$	36.78

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — unaffiliated	$	76,219,990		$	1,245,591,813
^(b) Investments, at cost — affiliated	$	10,000		$	230,000
^(c) Foreign currency, at cost	$	410,094		$	3,137,943

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		21

Statements of Operations

Year Ended October 31, 2023


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

INVESTMENT INCOME
Dividends — affiliated	$	558		$	39,211
Interest — unaffiliated		1,098,933			18,796,223
Foreign taxes withheld		—			(935	)

Total investment income		1,099,491			18,834,499


EXPENSES
Investment advisory		235,843			4,042,882

Total expenses		235,843			4,042,882

Net investment income		863,648			14,791,617


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,321,839	)		(120,895,432	)
Foreign currency transactions		9,032			301,051
In-kind redemptions — unaffiliated^(a)		—			(20,288,021	)

		(5,312,807	)		(140,882,402	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		5,971,884			111,454,938
Foreign currency translations		6,068			86,761

		5,977,952			111,541,699

Net realized and unrealized gain (loss)		665,145			(29,340,703	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,528,793		$	(14,549,086	)


^(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


22		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


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

	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/23			Year Ended 10/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	863,648		$	(233,250	)	$	14,791,617		$	2,748,672
Net realized loss		(5,312,807	)		(4,722,865	)		(140,882,402	)		(59,725,111	)
Net change in unrealized appreciation (depreciation)		5,977,952			(8,339,810	)		111,541,699			(283,541,497	)

Net increase (decrease) in net assets resulting from operations		1,528,793			(13,295,925	)		(14,549,086	)		(340,517,936	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		—			(958,072	)		—			(4,625,904	)
Return of capital		—			—			(1,281,032	)		—

Decrease in net assets resulting from distributions to shareholders		—			(958,072	)		(1,281,032	)		(4,625,904	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		17,579,973			(6,994,582	)		164,251,437			78,292,063


NET ASSETS
Total increase (decrease) in net assets		19,108,766			(21,248,579	)		148,421,319			(266,851,777	)
Beginning of year		55,043,350			76,291,929			916,357,896			1,183,209,673

End of year	$	74,152,116		$	55,043,350		$	1,064,779,215		$	916,357,896

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)



	iShares 1-3 Year International Treasury Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


Net asset value, beginning of year	$	64.76		$	80.31		$	81.34		$	78.93		$	80.16

Net investment income (loss)^(a)		0.89			(0.25	)		(0.49	)		(0.14	)		(0.00	)^(b)
Net realized and unrealized gain (loss)^(c)		1.76			(14.29	)		(0.54	)		2.55			0.20

Net increase (decrease) from investment operations		2.65			(14.54	)		(1.03	)		2.41			0.20

Distributions from net investment income^(d)		—			(1.01	)		—			—			(1.43	)


Net asset value, end of year	$	67.41		$	64.76		$	80.31		$	81.34		$	78.93


Total Return^(e)
Based on net asset value		4.09	%		(18.32	)%		(1.27	)%		3.05	%		0.25	%


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

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

Net investment income (loss)		1.28	%		(0.35	)%		(0.59	)%		(0.18	)%		(0.01	)%


Supplemental Data
Net assets, end of year (000)	$	74,152		$	55,043		$	76,292		$	56,937		$	67,090

Portfolio turnover rate^(g)		89	%		69	%		60	%		71	%		56	%

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

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

See notes to financial statements.


24		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares International Treasury Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


Net asset value, beginning of year	$	36.88		$	51.00		$	52.95		$	50.76		$	47.45

Net investment income^(a)		0.50			0.11			0.08			0.21			0.30
Net realized and unrealized gain (loss)^(b)		(0.56	)		(14.03	)		(2.03	)		2.10			3.16

Net increase (decrease) from investment operations		(0.06	)		(13.92	)		(1.95	)		2.31			3.46


Distributions^(c)
From net investment income		—			(0.20	)		—			(0.12	)		(0.15	)
Return of capital		(0.04	)		—			—			—			—

Total distributions		(0.04	)		(0.20	)		—			(0.12	)		(0.15	)


Net asset value, end of year	$	36.78		$	36.88		$	51.00		$	52.95		$	50.76


Total Return^(d)
Based on net asset value		(0.14	)%		(27.42	)%		(3.68	)%		4.57	%		7.31	%


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

Net investment income		1.28	%		0.26	%		0.14	%		0.41	%		0.62	%


Supplemental Data
Net assets, end of year (000)	$	1,064,779		$	916,358		$	1,183,210		$	1,082,929		$	903,457

Portfolio turnover rate^(f)		51	%		24	%		21	%		41	%		9	%

^(a)	Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		25

Notes to Financial Statements

1. ORGANIZATION

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

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



iShares ETF		Diversification Classification

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 October 31, 2023, 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, net realized capital gains and/or return of capital 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 portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.


26		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 BFA 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


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

Notes to Financial Statements (continued)

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



iShares ETF	Investment Advisory Fees

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.

5.	*PURCHASES AND SALES*

For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

1-3 Year International Treasury Bond	$	59,713,662	$	58,985,500
International Treasury Bond		657,398,586		577,493,207

For the year ended October 31, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

1-3 Year International Treasury Bond	$	17,420,795	$	—
International Treasury Bond		520,160,146		415,797,666

6.	*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 October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to net operating loss and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)

1-3 Year International Treasury Bond	$	(3,579,323	)	$	3,579,323
International Treasury Bond		(57,793,562	)		57,793,562


28		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 10/31/23		Year Ended 10/31/22

1-3 Year International Treasury Bond
Ordinary income	$	—	$	958,072

International Treasury Bond
Ordinary income	$	—	$	4,625,904
Return of capital		1,281,032		—

	$	1,281,032	$	4,625,904

As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:



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

1-3 Year International Treasury Bond	$	(9,622,101	)	$	(2,924,863	)	$	(12,546,964	)
International Treasury Bond		(79,839,980	)		(207,579,901	)		(287,419,881	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

As of October 31, 2023, 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	$	76,388,605	$	147,653	$	(3,062,404	)	$	(2,914,751	)
International Treasury Bond		1,261,877,409		2,567,359		(210,004,728	)		(207,437,369	)

7.	*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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 BFA 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.


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		29

Notes to Financial Statements (continued)

Geographic/Asset Class 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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. 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 have been, and may continue to 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 decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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.

8.	*CAPITAL SHARE TRANSACTIONS*

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

Transactions in capital shares were as follows:



	Year Ended 10/31/23						Year Ended 10/31/22

iShares ETF	Shares			Amount			Shares			Amount

1-3 Year International Treasury Bond
Shares sold		250,000		$	17,579,973			—		$	—
Shares redeemed		—			—			(100,000	)		(6,994,582	)

		250,000		$	17,579,973			(100,000	)	$	(6,994,582	)


International Treasury Bond
Shares sold		15,400,000		$	602,839,883			5,050,000		$	224,304,765
Shares redeemed		(11,300,000	)		(438,588,446	)		(3,400,000	)		(146,012,702	)

		4,100,000		$	164,251,437			1,650,000		$	78,292,063

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.


30		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

9.	*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		31

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares 1-3 Year International Treasury Bond ETF

iShares International Treasury Bond ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2023

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


32		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Important Tax Information (unaudited)

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2023:




iShares ETF	Foreign Source Income Earned


1-3 Year International Treasury Bond	$	1,098,782
International Treasury Bond		18,824,878

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:




iShares ETF	Federal Obligation Interest


1-3 Year International Treasury Bond	$	371
International Treasury Bond		27,835

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:




iShares ETF	Interest Dividends


1-3 Year International Treasury Bond	$	1,042,201
International Treasury Bond		21,045,506

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:




iShares ETF	Interest-Related Dividends


1-3 Year International Treasury Bond	$	581
International Treasury Bond		43,539


I M P O R T A N T T A X I N F O R M A T I O N		33

Board Review and Approval of Investment Advisory Contract

iShares 1-3 Year International Treasury Bond ETF, iShares International Treasury Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the “Advisory Agreements”), on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 2, 2023 meeting and throughout the year and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA


34		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

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

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		35

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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


36		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).



Interested Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)

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

^(b)

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



Independent Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		37

Trustee and Officer Information (unaudited) (continued)



Independent Trustees (continued)

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years

Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).

Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).

Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).


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Trustee and Officer Information (unaudited) (continued)



Officers (continued)

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years

James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		39

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 Abbreviation



AUD		Australian Dollar

CAD		Canadian Dollar

DKK		Danish Krone

EUR		Euro

GBP		British Pound

ILS		Israeli Shekel

JPY		Japanese Yen

NOK		Norwegian Krone

NZD		New Zealand Dollar

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		41

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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-AR-1003-1023