LOGO   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  

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


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.

 

 

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


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.

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

 

 

 

 

  

 

$

 

 

912.60

 

 

 

 

  

 

$

 

 

1.69

 

 

 

 

  

 

$

 

 

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.

 

 

 

U N D    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

 

 

 

 

  *

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.

 

 

8  

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


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.

 

 

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


Schedule of Investments (continued)

October 31, 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.

 

 

C H E D U L E    O F    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    H A R E S    N N U A L    E P O R T    T O    H A R E H O L D E R S


Schedule of Investments

October 31, 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  

 

 

C H E D U L E    O F    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    H A R E S    N N U A L    E P O R T    T O    H A R E H O L D E R S


Schedule of Investments (continued)

October 31, 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  

 

 

C H E D U L E    O F    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    H A R E S    N N U A L    E P O R T    T O    H A R E H O L D E R S


Schedule of Investments (continued)

October 31, 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