LOGO   OCTOBER 31, 2022

 

  

2022 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,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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, 2022

 

 
     
     6-Month     12-Month  
     

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

    (5.50)%       (14.61)%  
     

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

    (0.20)          (18.54)     
     

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

    (12.70)          (23.00)     
     

Emerging market equities
(MSCI Emerging Markets Index)

    (19.66)          (31.03)     
     

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

    0.72           0.79      
     

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

    (8.24)          (17.68)     
     

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

    (6.86)          (15.68)     
     

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (4.43)          (11.98)     
     

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

    (4.71)          (11.76)     

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 experienced a sizable decline the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -20.79% in U.S. dollar terms for the reporting period.

The poor returns for fixed income reflected the backdrop of sharply rising inflation worldwide. Annualized consumer price inflation in the United States came in above 7.5% in each month of 2022, with a peak of 9.1% in June. Inflation was even more pronounced overseas, particularly in Europe. Inflation rose more than 10% year-over-year in September across the region as a whole, with many Eastern European nations posting increases north of 20%. The trend of rising inflation, which had already begun in 2021, was exacerbated by Russia’s invasion of Ukraine in February 2022. The conflict, together with the sanctions that followed, further snarled global supply chains and contributed to a spike in food and energy prices across the globe.

Developed-market central banks responded by tightening monetary policy in dramatic fashion. In the United States, for example, the U.S. Federal Reserve wound down its stimulative quantitative easing program and raised interest rates from a range of 0%-0.25% to 3.0% - 3.25%. Other central banks followed suit, but the Bank of Japan—which continued to provide stimulus to the nation’s economy—was a notable outlier.

These events fueled a spike in bond yields across the globe. In the United States, the yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year issue climbed from 1.55% to 4.05%. The overseas markets experienced a similar trend directionally, with the weakest performance occurring in the United Kingdom and Continental Europe. Japan held up better in relative terms due to the more accommodative policy of its central bank. Emerging-market bonds, which are highly sensitive to global growth trends, were particularly weak in the annual period.

Corporate bonds generally underperformed government debt. In addition to being hurt by rising prevailing yields, the category was pressured by rising yield spreads over government issues – a trend caused by concerns about economic growth as well as the broader “risk-off” environment.

Unfavorable currency translation weighed on the returns of foreign debt for U.S-based investors. The U.S. dollar surged against most major currencies due in part to expectations that the nation’s stronger relative growth would cause the Fed to raise interest rates more aggressively than its global peers. As a result, the value of non-U.S. investments suffered larger losses in U.S. dollar terms than they did in their local markets. The effect was especially pronounced with respect to emerging-market bonds.

One notable outcome of the downturn in bond prices is that negative-yielding debt—which had risen to be a fairly sizable portion of the overall fixed-income market by late 2021—largely disappeared as yields climbed into positive territory in most countries. However, the real (after-inflation) yields on a large swath of the market remained negative at the close of the period.

 

 

4  

2 0 2 2    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, 2022     iShares® 1-3 Year International Treasury Bond ETF

 

Investment Objective

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

Performance

 

         Average Annual Total Returns                 Cumulative Total Returns    
      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

     (18.32 )%       (4.11 )%       (3.55 )%        (18.32 )%       (18.94 )%       (30.36 )% 

Fund Market

     (18.18      (4.07      (3.54       (18.18      (18.75      (30.27

Index

     (18.03      (3.90      (3.31             (18.03      (18.04      (28.57

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
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00        $       907.60        $        1.68             $       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

  5


Fund Summary as of October 31, 2022  (continued)    iShares® 1-3 Year International Treasury Bond ETF

 

Portfolio Management Commentary

Returns for international short-term government bonds were well into negative territory for the reporting period, pressured by rising yields and declining prices. Central banks moved to aggressively raise interest rates during the period in the face of persistent historically high inflation, leading global yield curves higher. Inflation was driven by continued supply-chain disruptions, exacerbated by Russia’s invasion of Ukraine in late February and subsequent sanctions imposed upon Russia by the U.S. and its allies. In particular, energy prices spiked as Russian oil and gas came off the market.

Within the Index, euro-bloc bonds, which make up more than two-thirds of the Index by market weight, weighed most heavily on total return as inflation was especially acute in the region, while dollar-bloc markets held up somewhat better.

In terms of bond maturity, the two-to-three-year government bond segment detracted the most from the Index’s return. All maturity segments experienced notably negative performance.

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    35.4

Aa

    25.3  

A

    21.0  

Baa

    14.3  

Not Rated

    4.0  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

Japan

    12.8

Italy

    10.1  

Germany

    9.1  

France

    9.0  

Spain

    6.1  

Australia

    4.7  

Canada

    4.6  

United Kingdom

    4.6  

Austria

    4.6  

Netherlands

    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 2    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, 2022     iShares® International Treasury Bond ETF

 

Investment Objective

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

Performance

 

         Average Annual Total Returns                 Cumulative Total Returns    
      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

     (27.42 )%       (5.23 )%       (2.75 )%        (27.42 )%       (23.56 )%       (24.33 )% 

Fund Market

     (27.46      (5.23      (2.75       (27.46      (23.57      (24.31

Index

     (27.14      (4.87      (2.40             (27.14      (22.07      (21.56

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
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00        $       858.80        $        1.64             $       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, 2022  (continued)    iShares® International Treasury Bond ETF

 

Portfolio Management Commentary

Returns for international government bonds were deeply into negative territory for the reporting period, pressured by rising yields and declining prices. Central banks moved to aggressively raise interest rates during the period in the face of persistent historically high inflation, leading global yield curves higher. Inflation was driven by continued supply-chain disruptions, exacerbated by Russia’s invasion of Ukraine in late February and subsequent sanctions imposed upon Russia by the U.S. and its allies. In particular, energy prices spiked as Russia oil and gas came off the market.

Within the Index, euro-bloc bonds, which make up nearly two-thirds of the Index by market weight, weighed most heavily on total return as inflation was especially acute in the region, while dollar-bloc markets held up somewhat better.

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 maturity segments experienced notably negative performance.

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    32.4

Aa

    25.9  

A

    24.2  

Baa

    12.8  

Not Rated

    4.7  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

Japan

    17.8

France

    9.0  

Italy

    7.9  

Germany

    6.9  

Spain

    5.4  

Canada

    4.7  

Australia

    4.7  

United Kingdom

    4.6  

Austria

    4.6  

Netherlands

    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 2    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, 2022

  

iShares® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Foreign Government Obligations

     

Australia — 4.6%

     

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

    AUD       1,792     $     1,078,188  

2.75%, 04/21/24(a)

    AUD       930       591,264  

3.25%, 04/21/25(a)

    AUD       1,360       869,332  
     

 

 

 
        2,538,784  

Austria — 4.6%

     

Republic of Austria Government Bond
0.00%, 07/15/24(b)(c)

    EUR       790       754,165  

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

    EUR       590       552,631  

1.20%, 10/20/25(b)

    EUR       750       717,988  

1.65%, 10/21/24(b)

    EUR       504       494,442  
     

 

 

 
        2,519,226  

Belgium — 4.5%

     

Kingdom of Belgium Government Bond
0.50%, 10/22/24(b)

    EUR       694       665,956  

0.80%, 06/22/25(b)

    EUR       1,150       1,100,120  

2.60%, 06/22/24(b)

    EUR       738       735,819  
     

 

 

 
        2,501,895  

Canada — 4.6%

     

Canada Government Bond, 3.00%, 10/01/25

    CAD       60       43,060  

Canadian Government Bond
0.25%, 04/01/24

    CAD       365       254,363  

0.50%, 11/01/23

    CAD       290       205,319  

0.50%, 09/01/25

    CAD       480       319,999  

0.75%, 02/01/24

    CAD       370       260,794  

1.25%, 03/01/25

    CAD       190       131,389  

1.50%, 05/01/24

    CAD       360       254,723  

1.50%, 09/01/24

    CAD       318       223,610  

1.50%, 04/01/25

    CAD       268       186,015  

2.25%, 03/01/24

    CAD       150       107,634  

2.25%, 06/01/25

    CAD       260       183,753  

2.50%, 06/01/24

    CAD       190       136,406  

2.75%, 08/01/24

    CAD       90       64,734  

0.75%, 10/01/24

    CAD       240       166,035  
     

 

 

 
        2,537,834  

Denmark — 2.6%

     

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

    DKK       6,360       807,774  

1.50%, 11/15/23

    DKK       4,806       633,928  
     

 

 

 
        1,441,702  

Finland — 3.7%

     

Finland Government Bond
0.00%, 09/15/24(b)(c)

    EUR       411       391,268  

0.88%, 09/15/25(b)

    EUR       479       457,334  

2.00%, 04/15/24(b)

    EUR       480       474,165  

4.00%, 07/04/25(b)

    EUR       666       690,596  
     

 

 

 
        2,013,363  

France — 8.9%

     

French Republic Government Bond OAT
0.00%, 02/25/24(a)(c)

    EUR       575       552,844  

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

    EUR       735       705,081  

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

    EUR       490       460,466  

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

    EUR       890       835,213  

0.50%, 05/25/25(a)

    EUR       722       684,048  

1.75%, 11/25/24(a)

    EUR       650       637,288  

2.25%, 05/25/24(a)

    EUR       625       618,644  
Security          Par
(000)
    Value  

France (continued)

     

6.00%, 10/25/25(a)

    EUR       390     $ 427,467  
     

 

 

 
        4,921,051  

Germany — 9.0%

     

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

    EUR       304       292,274  

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

    EUR       530       504,524  

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

    EUR       330       311,277  

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

    EUR       480       448,683  

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

    EUR       100       93,689  

Bundesrepublik Deutschland Bundesanleihe
0.50%, 02/15/25(a)

    EUR       591       565,664  

1.00%, 08/15/24(a)

    EUR       410       398,781  

1.00%, 08/15/25(a)

    EUR       460       443,280  

1.50%, 05/15/24(a)

    EUR       410       402,630  

1.75%, 02/15/24(a)

    EUR       415       408,963  

6.25%, 01/04/24(a)

    EUR       270       279,638  

Bundesschatzanweisungen
0.00%, 12/15/23(a)(c)

    EUR       190       183,610  

0.00%, 03/15/24(a)(c)

    EUR       326       313,848  

0.20%, 06/14/24(a)

    EUR       100       96,098  

0.40%, 09/13/24(a)

    EUR       226       217,048  
     

 

 

 
            4,960,007  

Ireland — 3.7%

     

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

    EUR       713       715,967  

5.40%, 03/13/25

    EUR       1,272       1,346,864  
     

 

 

 
        2,062,831  

Israel — 4.5%

     

Israel Government Bond - Fixed
0.40%, 10/31/24

    ILS       1,366       364,889  

0.50%, 04/30/25

    ILS       2,430       642,145  

1.50%, 11/30/23

    ILS       1,081       300,568  

1.75%, 08/31/25

    ILS       1,610       436,736  

3.75%, 03/31/24

    ILS       2,610       743,074  
     

 

 

 
        2,487,412  

Italy — 10.0%

     

Italy Buoni Poliennali Del Tesoro
0.00%, 11/29/23(a)(c)

    EUR       180       172,902  

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

    EUR       280       268,218  

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

    EUR       220       210,562  

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

    EUR       300       285,185  

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

    EUR       250       235,337  

0.00%, 12/15/24(a)(c)

    EUR       170       158,416  

0.35%, 02/01/25(a)

    EUR       330       308,058  

1.20%, 08/15/25(a)

    EUR       220       206,149  

1.45%, 11/15/24(a)

    EUR       320       308,081  

1.45%, 05/15/25(a)

    EUR       310       294,397  

1.50%, 06/01/25(a)

    EUR       400       379,966  

1.75%, 05/30/24(a)

    EUR       240       233,281  

1.75%, 07/01/24(a)

    EUR       340       330,656  

1.85%, 05/15/24(a)

    EUR       290       282,795  

1.85%, 07/01/25(b)

    EUR       230       219,808  

2.50%, 12/01/24(a)

    EUR       470       460,929  

3.75%, 09/01/24(a)

    EUR       390       392,139  

4.50%, 03/01/24(a)

    EUR       200       202,275  

5.00%, 03/01/25(b)

    EUR       338       349,123  

9.00%, 11/01/23(a)

    EUR       180       188,556  
     

 

 

 
        5,486,833  

 

 

10  

2 0 2 2    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, 2022

  

iShares® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security           Par
(000)
     Value  

Japan — 12.6%

       

Japan Government Five Year Bond
0.10%, 12/20/23

    JPY        45,350      $ 305,615  

0.10%, 03/20/24

    JPY        114,500        771,734  

0.10%, 06/20/24

    JPY        21,550        145,278  

0.10%, 09/20/24

    JPY        39,850        268,738  

0.10%, 12/20/24

    JPY        66,100        445,868  

0.10%, 03/20/25

    JPY        41,550        280,367  

0.10%, 06/20/25

    JPY        45,650        308,220  

0.10%, 09/20/25

    JPY        63,200        426,748  

Japan Government Ten Year Bond
0.40%, 03/20/25

    JPY        53,300        362,216  

0.40%, 06/20/25

    JPY        36,750        250,084  

0.50%, 09/20/24

    JPY        33,600        228,296  

0.60%, 12/20/23

    JPY        9,450        64,044  

0.60%, 03/20/24

    JPY        73,350        497,791  

0.60%, 06/20/24

    JPY        25,350        172,289  

Japan Government Twenty Year Bond
1.90%, 12/20/23

    JPY        13,000        89,394  

2.10%, 09/20/24

    JPY        52,800        369,467  

2.40%, 06/20/24

    JPY        6,550        45,812  

Japan Government Two Year Bond
0.00%, 11/01/23(c)

    JPY        17,450        117,475  

0.00%, 12/01/23(c)

    JPY        35,100        236,306  

0.00%, 01/01/24(c)

    JPY        21,000        141,369  

0.00%, 02/01/24(c)

    JPY        20,250        136,322  

0.00%, 03/01/24(c)

    JPY        48,950        329,490  

0.00%, 04/01/24(c)

    JPY        61,200        411,947  

0.00%, 06/01/24(c)

    JPY        26,150        176,016  

0.00%, 08/01/24(c)

    JPY        41,600        280,047  

0.00%, 10/01/24(c)

    JPY        14,650        98,617  
       

 

 

 
          6,959,550  

Netherlands — 4.6%

       

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

    EUR        753        726,739  

0.25%, 07/15/25(b)

    EUR          1,040        979,988  

2.00%, 07/15/24(b)

    EUR        815        805,826  
       

 

 

 
          2,512,553  

New Zealand — 1.7%

       

New Zealand Government Bond
0.50%, 05/15/24

    NZD        860        471,905  

2.75%, 04/15/25(a)

    NZD        800        447,362  
       

 

 

 
          919,267  

Norway — 2.3%

       

Norway Government Bond
1.75%, 03/13/25(b)

    NOK        6,048        558,193  

3.00%, 03/14/24(b)

    NOK        7,160        684,033  
       

 

 

 
          1,242,226  
Security           Par
(000)
     Value  

Singapore — 3.5%

       

Singapore Government Bond
2.00%, 02/01/24

    SGD        1,036      $ 720,926  

2.38%, 06/01/25

    SGD        848        587,844  

3.00%, 09/01/24

    SGD        848        597,871  
       

 

 

 
          1,906,641  

Spain — 6.1%

       

Spain Government Bond
0.00%, 05/31/24(c)

    EUR        337        321,700  

0.00%, 01/31/25(c)

    EUR        370        347,823  

0.00%, 05/31/25(c)

    EUR        230        213,839  

0.25%, 07/30/24(b)

    EUR        162        154,860  

1.60%, 04/30/25(b)

    EUR        389        378,021  

2.75%, 10/31/24(b)

    EUR        460        459,268  

3.80%, 04/30/24(b)

    EUR        400        404,064  

4.40%, 10/31/23(b)

    EUR        294        296,481  

4.65%, 07/30/25(b)

    EUR        368        386,398  

4.80%, 01/31/24(b)

    EUR        384        390,949  
       

 

 

 
          3,353,403  

Sweden — 3.0%

       

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

    SEK        10,310        926,324  

2.50%, 05/12/25

    SEK        8,135        737,839  
       

 

 

 
          1,664,163  

United Kingdom — 4.6%

       

United Kingdom Gilt
0.13%, 01/31/24(a)

    GBP        646        712,310  

0.25%, 01/31/25(a)

    GBP        410        436,993  

0.63%, 06/07/25(a)

    GBP        176        188,172  

1.00%, 04/22/24(a)

    GBP        135        149,709  

2.00%, 09/07/25(a)

    GBP        320        353,875  

2.75%, 09/07/24(a)

    GBP        246        279,009  

5.00%, 03/07/25(a)

    GBP          340        403,325  
       

 

 

 
          2,523,393  

Total Investments — 99.1%
(Cost: $63,280,154)

          54,552,134  

Other Assets Less Liabilities — 0.9%

          491,216  
       

 

 

 

Net Assets — 100.0%

        $   55,043,350  
       

 

 

 

 

(a) 

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

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

Zero-coupon bond.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

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

BlackRock Cash Funds: Treasury, SL Agency Shares(a)

    $  20,000     $         —       $(20,000 )(b)    $         —     $         —       $      —           $     74      $                 —  
       

 

 

   

 

 

   

 

 

     

 

 

    

 

 

 

 

 

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, 2022

  

iShares® 1-3 Year International Treasury Bond ETF

 

Affiliates (continued)

 

(a) 

As of period end, the entity is no longer held.

 
(b) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Foreign Government Obligations

   $               —          $54,552,134        $               —          $54,552,134  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

12  

2 0 2 2    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, 2022

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Foreign Government Obligations

 

 

Australia — 4.6%

     

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

    AUD       5,773     $ 3,473,427  

0.25%, 11/21/25(a)

    AUD       2,465       1,436,849  

0.50%, 09/21/26(a)

    AUD       3,867       2,214,672  

1.00%, 12/21/30(a)

    AUD       3,129       1,621,827  

1.00%, 11/21/31(a)

    AUD       4,385       2,213,235  

1.25%, 05/21/32

    AUD       4,763       2,434,215  

1.50%, 06/21/31(a)

    AUD       3,566       1,903,921  

1.75%, 11/21/32(a)

    AUD       3,457       1,836,526  

1.75%, 06/21/51(a)

    AUD       3,257       1,260,150  

2.25%, 05/21/28(a)

    AUD       2,279       1,364,757  

2.50%, 05/21/30(a)

    AUD       4,289       2,529,716  

2.75%, 04/21/24(a)

    AUD       1,817       1,155,189  

2.75%, 11/21/27(a)

    AUD       2,769       1,710,811  

2.75%, 11/21/28(a)

    AUD       1,174       717,787  

2.75%, 11/21/29(a)

    AUD       2,224       1,343,728  

2.75%, 06/21/35(a)

    AUD       736       414,740  

2.75%, 05/21/41(a)

    AUD       1,755       919,970  

3.00%, 11/21/33(a)

    AUD       3,120       1,845,152  

3.00%, 03/21/47(a)

    AUD       1,753       925,235  

3.25%, 04/21/25(a)

    AUD       1,999       1,277,791  

3.25%, 04/21/29(a)

    AUD       2,432       1,524,703  

3.25%, 06/21/39(a)

    AUD       2,392       1,375,172  

3.75%, 04/21/37(a)

    AUD       1,410       875,435  

4.25%, 04/21/26(a)

    AUD       3,214       2,115,886  

4.50%, 04/21/33(a)

    AUD       2,843       1,928,109  

4.75%, 04/21/27(a)

    AUD       2,869       1,934,750  
     

 

 

 
        42,353,753  

Austria — 4.5%

     

Republic of Austria Government Bond

 

   

0.00%, 07/15/24(b)(c)

    EUR       2,278       2,174,668  

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

    EUR       2,411       2,258,295  

0.00%, 10/20/28(b)(c)

    EUR       865       734,253  

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

    EUR       2,058       1,676,069  

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

    EUR       3,240       2,550,657  

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

    EUR       1,013       583,039  

0.25%, 10/20/36(b)

    EUR       1,462       1,003,428  

0.50%, 04/20/27(b)

    EUR       2,292       2,077,974  

0.50%, 02/20/29(b)

    EUR       2,385       2,071,074  

0.70%, 04/20/71(b)

    EUR       718       318,878  

0.75%, 10/20/26(b)

    EUR       3,307       3,069,831  

0.75%, 02/20/28(b)

    EUR       2,319       2,095,119  

0.75%, 03/20/51(b)

    EUR       1,706       993,364  

0.85%, 06/30/2120(b)

    EUR       888       385,515  

0.90%, 02/20/32(b)

    EUR       1,640       1,367,572  

1.20%, 10/20/25(b)

    EUR       2,083       1,994,092  

1.50%, 02/20/47(b)

    EUR       2,413       1,783,787  

1.50%, 11/02/86(b)

    EUR       533       315,621  

1.65%, 10/21/24(b)

    EUR       2,305       2,261,287  

2.10%, 09/20/2117(b)

    EUR       1,094       801,993  

2.40%, 05/23/34(b)

    EUR       1,702       1,594,537  

3.15%, 06/20/44(b)

    EUR       1,363       1,384,565  

3.80%, 01/26/62(b)

    EUR       802       933,576  

4.15%, 03/15/37(b)

    EUR       2,681       2,997,456  

4.85%, 03/15/26(b)

    EUR       1,926       2,063,442  

6.25%, 07/15/27

    EUR       1,780       2,057,126  
     

 

 

 
            41,547,218  
Security          Par
(000)
    Value  

Belgium — 4.5%

     

Kingdom of Belgium Government Bond

     

0.00%, 10/22/27(b)(c)

    EUR       1,444     $ 1,271,914  

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

    EUR       1,976       1,545,822  

0.10%, 06/22/30(b)

    EUR       1,310       1,080,867  

0.35%, 06/22/32(b)

    EUR       2,020       1,596,213  

0.40%, 06/22/40(b)

    EUR       1,000       621,214  

0.50%, 10/22/24(b)

    EUR       1,563       1,499,840  

0.65%, 06/22/71(b)

    EUR       674       299,221  

0.80%, 06/22/25(b)

    EUR       3,404       3,256,354  

0.80%, 06/22/27(b)

    EUR       1,571       1,452,867  

0.80%, 06/22/28(b)

    EUR       1,905       1,728,154  

0.90%, 06/22/29(b)

    EUR       2,248       2,011,423  

1.00%, 06/22/26(b)

    EUR       1,875       1,779,035  

1.00%, 06/22/31(b)

    EUR       2,318       2,016,559  

1.40%, 06/22/53(b)

    EUR       1,276       834,156  

1.45%, 06/22/37(b)

    EUR       1,370       1,094,765  

1.60%, 06/22/47(b)

    EUR       1,333       968,742  

1.70%, 06/22/50(b)

    EUR       1,306       946,243  

1.90%, 06/22/38(b)

    EUR       1,136       958,071  

2.15%, 06/22/66(b)

    EUR       966       772,661  

2.25%, 06/22/57(b)

    EUR       736       606,902  

2.60%, 06/22/24(b)

    EUR       1,229       1,225,368  

3.00%, 06/22/34(b)

    EUR       1,292       1,290,098  

3.75%, 06/22/45(a)

    EUR       1,232       1,320,218  

4.00%, 03/28/32(a)

    EUR       889       971,296  

4.25%, 03/28/41(b)

    EUR       2,100       2,371,393  

4.50%, 03/28/26(b)

    EUR       1,397       1,487,346  

5.00%, 03/28/35(b)

    EUR       1,958       2,328,976  

5.50%, 03/28/28

    EUR       2,495       2,862,718  

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

    EUR       1,205       1,034,483  
     

 

 

 
            41,232,919  

Canada — 4.6%

     

Canada Government Bond
2.50%, 12/01/32

    CAD       800       548,235  

3.00%, 11/01/24

    CAD       1,984       1,430,851  

Canadian Government Bond
0.25%, 04/01/24

    CAD       938       653,677  

0.25%, 03/01/26

    CAD       4,855       3,184,340  

0.50%, 11/01/23

    CAD       2,200       1,557,594  

0.50%, 09/01/25

    CAD       2,303       1,535,328  

0.50%, 12/01/30

    CAD       4,815       2,837,575  

0.75%, 02/01/24

    CAD       3,088       2,176,571  

1.00%, 09/01/26

    CAD       3,778       2,518,214  

1.00%, 06/01/27

    CAD       47       31,024  

1.25%, 03/01/27

    CAD       1,950       1,302,429  

1.25%, 06/01/30

    CAD       4,540       2,879,660  

1.50%, 09/01/24

    CAD       3,157       2,219,922  

1.50%, 06/01/26

    CAD       110       75,139  

1.50%, 06/01/31

    CAD       4,651       2,955,870  

1.50%, 12/01/31

    CAD       1,260       795,390  

1.75%, 12/01/53

    CAD       2,537       1,299,776  

2.00%, 06/01/28

    CAD       200       137,059  

2.00%, 06/01/32

    CAD       2,431       1,598,070  

2.00%, 12/01/51

    CAD       4,633       2,540,713  

2.25%, 03/01/24

    CAD       3,874       2,779,833  

2.25%, 06/01/25

    CAD       641       453,022  

2.25%, 06/01/29

    CAD       320       220,687  

2.75%, 09/01/27

    CAD       1,838       1,308,233  

2.75%, 12/01/48

    CAD       1,146       752,204  

2.75%, 12/01/64

    CAD       800       512,338  

 

 

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, 2022

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Canada (continued)

     

3.50%, 12/01/45

    CAD       1,121     $ 833,252  

4.00%, 06/01/41

    CAD       950       750,886  

5.00%, 06/01/37

    CAD       191       165,399  

5.75%, 06/01/29

    CAD       162       136,057  

5.75%, 06/01/33

    CAD       2,082       1,850,349  

0.75%, 10/01/24

    CAD       662       457,980  
     

 

 

 
            42,497,677  

Denmark — 3.1%

     

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

    DKK       23,631       3,001,337  

0.00%, 11/15/31(c)

    DKK       32,767       3,462,535  

0.25%, 11/15/52

    DKK       23,841       1,690,448  

0.50%, 11/15/27

    DKK       27,394       3,315,582  

0.50%, 11/15/29

    DKK       27,125       3,146,756  

1.50%, 11/15/23

    DKK       23,045       3,039,701  

1.75%, 11/15/25

    DKK       23,019       3,011,843  

4.50%, 11/15/39

    DKK       48,327       7,976,353  
     

 

 

 
        28,644,555  

Finland — 4.4%

     

Finland Government Bond
0.00%, 09/15/24(b)(c)

    EUR       1,797       1,710,728  

0.00%, 09/15/26(b)(c)

    EUR       1,712       1,546,940  

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

    EUR       2,667       2,146,220  

0.13%, 09/15/31(b)

    EUR       2,740       2,168,518  

0.13%, 04/15/36(b)

    EUR       1,931       1,316,085  

0.13%, 04/15/52(b)

    EUR       1,874       890,691  

0.25%, 09/15/40(b)

    EUR       1,735       1,073,399  

0.50%, 04/15/26(b)

    EUR       2,084       1,941,894  

0.50%, 09/15/27(b)

    EUR       2,878       2,588,974  

0.50%, 09/15/28(b)

    EUR       2,397       2,102,814  

0.50%, 09/15/29(b)

    EUR       2,323       1,989,985  

0.50%, 04/15/43(b)

    EUR       1,733       1,075,536  

0.75%, 04/15/31(b)

    EUR       2,005       1,697,857  

0.88%, 09/15/25(b)

    EUR       2,467       2,355,412  

1.13%, 04/15/34(b)

    EUR       1,623       1,328,166  

1.38%, 04/15/27(b)

    EUR       899       847,950  

1.38%, 04/15/47(b)

    EUR       1,897       1,405,339  

1.50%, 09/15/32(b)

    EUR       2,345       2,060,510  

2.00%, 04/15/24(b)

    EUR       1,144       1,130,094  

2.63%, 07/04/42(b)

    EUR       2,514       2,355,268  

2.75%, 07/04/28(b)

    EUR       2,310       2,306,530  

4.00%, 07/04/25(b)

    EUR       3,931       4,076,175  
     

 

 

 
        40,115,085  

France — 8.9%

     

French Republic Government Bond OAT
0.00%, 02/25/24(a)(c)

    EUR       512       492,272  

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

    EUR       3,770       3,616,539  

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

    EUR       430       404,082  

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

    EUR       2,535       2,378,950  

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

    EUR       2,080       1,913,109  

0.00%, 02/25/27(a)(c)

    EUR       2,075       1,861,961  

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

    EUR       1,968       1,645,559  

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

    EUR       2,583       2,096,491  

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

    EUR       2,043       1,607,725  

0.00%, 05/25/32(a)(c)

    EUR       2,240       1,729,105  

0.25%, 11/25/26(a)

    EUR       2,451       2,237,628  

0.50%, 05/25/25(a)

    EUR       3,203       3,034,634  

0.50%, 05/25/26(a)

    EUR       2,784       2,591,713  

0.50%, 05/25/29(a)

    EUR       2,544       2,233,784  
Security          Par
(000)
    Value  

France (continued)

     

0.50%, 05/25/40(b)

    EUR       1,522     $ 990,460  

0.50%, 06/25/44(b)

    EUR       859       515,711  

0.50%, 05/25/72(b)

    EUR       556       226,270  

0.75%, 02/25/28(a)

    EUR       1,760       1,601,392  

0.75%, 05/25/28(a)

    EUR       2,424       2,199,324  

0.75%, 11/25/28(a)

    EUR       2,742       2,468,068  

0.75%, 05/25/52(a)

    EUR       1,548       864,496  

0.75%, 05/25/53(b)

    EUR       1,100       602,022  

1.00%, 11/25/25(a)

    EUR       1,225       1,168,764  

1.00%, 05/25/27(a)

    EUR       2,343       2,190,202  

1.25%, 05/25/34(a)

    EUR       3,243       2,704,930  

1.25%, 05/25/36(b)

    EUR       2,198       1,766,194  

1.50%, 05/25/31(a)

    EUR       2,804       2,573,199  

1.50%, 05/25/50(b)

    EUR       1,668       1,179,595  

1.75%, 11/25/24(a)

    EUR       1,812       1,776,160  

1.75%, 06/25/39(b)

    EUR       1,450       1,214,435  

1.75%, 05/25/66(b)

    EUR       648       458,772  

2.00%, 05/25/48(b)

    EUR       1,541       1,233,239  

2.25%, 05/25/24(a)

    EUR       1,889       1,869,791  

2.50%, 05/25/30(a)

    EUR       3,278       3,267,018  

2.75%, 10/25/27(a)

    EUR       2,593       2,616,068  

3.25%, 05/25/45(a)

    EUR       1,830       1,850,997  

3.50%, 04/25/26(a)

    EUR       2,227       2,296,173  

4.00%, 10/25/38(a)

    EUR       1,262       1,397,119  

4.00%, 04/25/55(b)

    EUR       1,297       1,515,505  

4.00%, 04/25/60(a)

    EUR       958       1,131,766  

4.50%, 04/25/41(a)

    EUR       1,885       2,224,989  

4.75%, 04/25/35(a)

    EUR       1,899       2,230,066  

5.50%, 04/25/29(a)

    EUR       2,848       3,324,529  

5.75%, 10/25/32(a)

    EUR       1,778       2,222,610  

6.00%, 10/25/25(a)

    EUR       1,660       1,819,473  
     

 

 

 
            81,342,889  

Germany — 6.9%

     

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

    EUR       1,368       1,315,234  

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

    EUR       1,740       1,656,361  

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

    EUR       1,190       1,122,485  

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

    EUR       1,024       957,424  

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

    EUR       1,430       1,323,784  

0.00%, 10/09/26(a)(c)

    EUR       1,011       924,046  

0.00%, 04/16/27(a)(c)

    EUR       850       768,611  

1.30%, 10/15/27(a)

    EUR       1,187       1,134,166  

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

    EUR       853       799,205  

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

    EUR       590       542,288  

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

    EUR       1,318       1,179,582  

0.00%, 11/15/28(a)(c)

    EUR       1,720       1,509,039  

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

    EUR       1,257       1,083,398  

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

    EUR       1,255       1,070,339  

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

    EUR       1,534       1,294,248  

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

    EUR       1,226       1,022,573  

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

    EUR       1,924       1,586,503  

0.00%, 02/15/32(a)(c)

    EUR       1,120       910,918  

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

    EUR       1,125       837,127  

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

    EUR       1,223       888,657  

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

    EUR       1,906       1,036,962  

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

    EUR       854       446,871  

0.25%, 02/15/27(a)

    EUR       1,856       1,707,651  

0.25%, 08/15/28(a)

    EUR       1,307       1,169,621  

0.25%, 02/15/29(a)

    EUR       1,306       1,158,272  

 

 

14  

2 0 2 2    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, 2022

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Germany (continued)

     

0.50%, 02/15/25(a)

    EUR       1,184     $ 1,133,242  

0.50%, 02/15/26(a)

    EUR       1,705       1,609,783  

0.50%, 08/15/27(a)

    EUR       1,700       1,569,546  

0.50%, 02/15/28(a)

    EUR       1,288       1,178,890  

1.00%, 08/15/24(a)

    EUR       1,193       1,160,354  

1.00%, 08/15/25(a)

    EUR       1,430       1,378,023  

1.25%, 08/15/48(a)

    EUR       1,832       1,471,680  

1.50%, 05/15/24(a)

    EUR       1,271       1,248,267  

1.70%, 08/15/32(a)

    EUR       1,081       1,025,908  

1.75%, 02/15/24(a)

    EUR       1,149       1,132,285  

1.80%, 08/15/53

    EUR       299       266,966  

2.10%, 11/15/29

    EUR       976       964,049  

2.50%, 07/04/44(a)

    EUR       1,488       1,520,469  

2.50%, 08/15/46(a)

    EUR       1,544       1,595,925  

3.25%, 07/04/42(a)

    EUR       944       1,066,069  

4.00%, 01/04/37(a)

    EUR       1,584       1,881,156  

4.25%, 07/04/39(a)

    EUR       1,514       1,874,242  

4.75%, 07/04/28(a)

    EUR       774       869,737  

4.75%, 07/04/34(a)

    EUR       1,476       1,835,249  

4.75%, 07/04/40(a)

    EUR       1,020       1,350,423  

5.50%, 01/04/31(a)

    EUR       1,166       1,443,090  

5.63%, 01/04/28(a)

    EUR       1,284       1,484,310  

6.25%, 01/04/24(a)

    EUR       785       813,021  

6.25%, 01/04/30(a)

    EUR       673       848,305  

6.50%, 07/04/27(a)

    EUR       773       910,207  

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

    EUR       643       542,301  

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

    EUR       290       238,757  

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

    EUR       393       214,329  

Bundesschatzanweisungen
0.00%, 12/15/23(a)(c)

    EUR       820       792,423  

0.00%, 03/15/24(a)(c)

    EUR       1,630       1,569,239  

0.20%, 06/14/24(a)

    EUR       680       653,469  
     

 

 

 
            63,087,079  

Ireland — 4.5%

     

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

    EUR       3,419       2,698,330  

0.20%, 05/15/27(a)

    EUR       2,657       2,400,079  

0.20%, 10/18/30(a)

    EUR       2,765       2,292,245  

0.35%, 10/18/32(a)

    EUR       1,674       1,327,600  

0.40%, 05/15/35(a)

    EUR       1,847       1,364,410  

0.55%, 04/22/41(a)

    EUR       1,316       843,918  

0.90%, 05/15/28(a)

    EUR       3,154       2,887,790  

1.00%, 05/15/26(a)

    EUR       3,866       3,679,488  

1.10%, 05/15/29(a)

    EUR       3,556       3,248,190  

1.30%, 05/15/33(a)

    EUR       1,735       1,497,630  

1.35%, 03/18/31(a)

    EUR       2,050       1,869,106  

1.50%, 05/15/50(a)

    EUR       2,490       1,755,739  

1.70%, 05/15/37(a)

    EUR       2,503       2,113,187  

2.00%, 02/18/45(a)

    EUR       3,850       3,155,615  

2.40%, 05/15/30(a)

    EUR       3,467       3,427,382  

3.40%, 03/18/24(a)

    EUR       2,035       2,043,467  

5.40%, 03/13/25

    EUR       4,487       4,767,368  
     

 

 

 
        41,371,544  

Israel — 3.3%

     

Israel Government Bond - Fixed
0.40%, 10/31/24

    ILS       6,000       1,602,732  

0.50%, 04/30/25

    ILS       14,759       3,900,171  

0.50%, 02/27/26

    ILS       9,886       2,555,552  

1.00%, 03/31/30

    ILS       9,971       2,403,925  
Security          Par
(000)
    Value  

Israel (continued)

     

1.30%, 04/30/32

    ILS       2,918     $ 694,093  

1.50%, 11/30/23

    ILS       8,375       2,328,641  

1.50%, 05/31/37

    ILS       8,482       1,876,338  

1.75%, 08/31/25

    ILS       2,043       554,194  

2.00%, 03/31/27

    ILS       6,710       1,800,042  

2.25%, 09/28/28

    ILS       9,408       2,513,719  

3.75%, 03/31/24

    ILS       5,392       1,535,117  

3.75%, 03/31/47

    ILS       10,825       3,149,915  

5.50%, 01/31/42

    ILS       7,990       2,907,230  

6.25%, 10/30/26

    ILS       7,383       2,318,667  
     

 

 

 
        30,140,336  

Italy — 7.9%

     

Italy Buoni Poliennali Del Tesoro
0.00%, 11/29/23(a)(c)

    EUR       230       220,931  

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

    EUR       823       788,369  

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

    EUR       720       689,112  

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

    EUR       800       760,494  

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

    EUR       997       938,523  

0.00%, 04/01/26(a)(c)

    EUR       1,368       1,208,297  

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

    EUR       646       563,837  

0.25%, 03/15/28(a)

    EUR       1,203       992,963  

0.35%, 02/01/25(a)

    EUR       1,124           1,049,266  

0.45%, 02/15/29(a)

    EUR       740       596,818  

0.50%, 02/01/26(a)

    EUR       794       718,342  

0.50%, 07/15/28(a)

    EUR       609       504,038  

0.60%, 08/01/31(b)

    EUR       1,069       788,040  

0.85%, 01/15/27(a)

    EUR       945       843,149  

0.90%, 04/01/31(a)

    EUR       1,565       1,203,696  

0.95%, 09/15/27(a)

    EUR       1,637       1,434,925  

0.95%, 08/01/30(a)

    EUR       997       789,194  

0.95%, 12/01/31(b)

    EUR       844       635,204  

0.95%, 06/01/32(a)

    EUR       790       584,952  

0.95%, 03/01/37(b)

    EUR       1,491       952,193  

1.10%, 04/01/27(a)

    EUR       930       831,457  

1.20%, 08/15/25(a)

    EUR       620       580,964  

1.25%, 12/01/26(a)

    EUR       993       904,121  

1.35%, 04/01/30(a)

    EUR       2,261       1,872,142  

1.45%, 11/15/24(a)

    EUR       1,164       1,120,644  

1.45%, 05/15/25(a)

    EUR       1,072       1,018,045  

1.45%, 03/01/36(b)

    EUR       849       599,701  

1.50%, 06/01/25(a)

    EUR       878       834,026  

1.50%, 04/30/45(b)

    EUR       539       316,292  

1.60%, 06/01/26(a)

    EUR       1,050       979,688  

1.65%, 12/01/30(b)

    EUR       1,260       1,046,150  

1.65%, 03/01/32(b)

    EUR       1,220       978,047  

1.70%, 09/01/51(b)

    EUR       831       478,591  

1.75%, 05/30/24(a)

    EUR       1,136       1,104,195  

1.75%, 07/01/24(a)

    EUR       1,059       1,029,895  

1.80%, 03/01/41(b)

    EUR       990       657,570  

1.85%, 05/15/24(a)

    EUR       670       653,354  

1.85%, 07/01/25(b)

    EUR       996       951,864  

2.00%, 12/01/25(a)

    EUR       1,302       1,243,674  

2.00%, 02/01/28(a)

    EUR       814       743,733  

2.05%, 08/01/27(a)

    EUR       1,957       1,814,329  

2.10%, 07/15/26(a)

    EUR       922       873,298  

2.15%, 09/01/52(b)

    EUR       481       303,286  

2.15%, 03/01/72(b)

    EUR       306       174,578  

2.20%, 06/01/27(a)

    EUR       1,287       1,206,528  

2.25%, 09/01/36(b)

    EUR       815       633,498  

2.45%, 09/01/33(b)

    EUR       940       777,897  

 

 

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, 2022

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Italy (continued)

     

2.45%, 09/01/50(b)

    EUR       785     $ 539,064  

2.50%, 12/01/24(a)

    EUR       573       561,941  

2.50%, 11/15/25(a)

    EUR       1,007       977,284  

2.50%, 12/01/32(a)

    EUR       790       668,997  

2.70%, 03/01/47(b)

    EUR       786       587,420  

2.80%, 12/01/28(a)

    EUR       1,021       962,014  

2.80%, 03/01/67(b)

    EUR       432       294,902  

2.95%, 09/01/38(b)

    EUR       683       560,958  

3.00%, 08/01/29(a)

    EUR       1,029       970,111  

3.10%, 03/01/40(b)

    EUR       762       630,947  

3.25%, 03/01/38(b)

    EUR       230       196,794  

3.25%, 09/01/46(b)

    EUR       980       810,341  

3.35%, 03/01/35(b)

    EUR       884       784,906  

3.45%, 03/01/48(b)

    EUR       1,021       867,924  

3.50%, 03/01/30(b)

    EUR       1,284       1,243,890  

3.75%, 09/01/24(a)

    EUR       946       951,189  

3.85%, 09/01/49(b)

    EUR       694       625,786  

4.00%, 02/01/37(b)

    EUR       1,318       1,255,089  

4.50%, 03/01/24(a)

    EUR       1,177       1,190,388  

4.50%, 03/01/26(b)

    EUR       1,336       1,373,853  

4.75%, 09/01/28(b)

    EUR       1,516       1,582,759  

4.75%, 09/01/44(b)

    EUR       1,221       1,254,798  

5.00%, 03/01/25(b)

    EUR       1,119       1,155,825  

5.00%, 08/01/34(b)

    EUR       1,271       1,331,417  

5.00%, 08/01/39(b)

    EUR       1,057       1,110,075  

5.00%, 09/01/40(b)

    EUR       956       1,004,382  

5.25%, 11/01/29(a)

    EUR       1,465       1,584,170  

5.75%, 02/01/33(a)

    EUR       1,232       1,365,635  

6.00%, 05/01/31(a)

    EUR       1,824       2,065,256  

6.50%, 11/01/27(a)

    EUR       1,368       1,540,439  

7.25%, 11/01/26(a)

    EUR       1,070       1,217,188  

9.00%, 11/01/23(a)

    EUR       622       651,890  
     

 

 

 
            71,907,542  

Japan — 17.6%

     

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

    JPY       90,950       612,468  

0.00%, 06/20/26(c)

    JPY       87,750       590,618  

0.00%, 09/20/26(c)

    JPY       118,950       800,144  

0.00%, 12/20/26(c)

    JPY       341,250       2,293,199  

0.00%, 06/20/27(c)

    JPY       445,450       2,989,349  

0.10%, 12/20/23

    JPY       231,500       1,560,085  

0.10%, 03/20/24

    JPY       77,350       521,342  

0.10%, 06/20/24

    JPY       73,700       496,845  

0.10%, 09/20/24

    JPY       22,950       154,769  

0.10%, 12/20/24

    JPY       80,000       539,628  

0.10%, 03/20/25

    JPY       142,400       960,873  

0.10%, 06/20/25

    JPY       69,450       468,913  

0.10%, 12/20/25

    JPY       83,600       564,704  

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

    JPY       103,750       504,994  

0.50%, 03/20/59

    JPY       126,050       621,523  

0.50%, 03/20/60

    JPY       181,950       889,517  

0.70%, 03/20/61

    JPY       187,700       979,797  

0.80%, 03/20/58

    JPY       98,150       541,777  

0.90%, 03/20/57

    JPY       108,400       621,138  

1.00%, 03/20/62

    JPY       165,600       946,892  

1.40%, 03/20/55

    JPY       54,400       362,158  

1.70%, 03/20/54

    JPY       60,750       436,671  

1.90%, 03/20/53

    JPY       63,450       476,779  

2.00%, 03/20/52

    JPY       76,600       590,643  
Security          Par
(000)
    Value  

Japan (continued)

     

2.20%, 03/20/49

    JPY       59,100     $ 473,396  

2.20%, 03/20/50

    JPY       77,100       619,522  

2.20%, 03/20/51

    JPY       83,000       666,149  

2.40%, 03/20/48

    JPY       36,900       307,752  

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

    JPY       42,600       287,793  

0.10%, 06/20/26

    JPY       45,000       303,928  

0.10%, 09/20/26

    JPY       218,300       1,473,861  

0.10%, 12/20/26

    JPY       109,700       740,076  

0.10%, 03/20/27

    JPY       109,550       738,754  

0.10%, 06/20/27

    JPY       55,050       371,058  

0.10%, 09/20/27

    JPY       56,250       378,756  

0.10%, 12/20/27

    JPY       56,000       376,821  

0.10%, 03/20/28

    JPY       109,850       739,012  

0.10%, 12/20/28

    JPY       82,500       553,556  

0.10%, 06/20/29

    JPY       73,100       489,816  

0.10%, 09/20/29

    JPY       78,600       525,744  

0.10%, 12/20/29

    JPY       11,500       76,828  

0.10%, 03/20/30

    JPY       147,450       983,079  

0.10%, 06/20/30

    JPY       126,050       839,223  

0.10%, 09/20/30

    JPY       165,050       1,098,136  

0.10%, 12/20/30

    JPY       223,000       1,481,253  

0.10%, 03/20/31

    JPY       156,750       1,040,889  

0.10%, 06/20/31

    JPY       238,350       1,580,953  

0.10%, 09/20/31

    JPY       163,550       1,084,482  

0.10%, 12/20/31

    JPY       282,400       1,873,835  

0.20%, 06/20/32

    JPY       342,950           2,296,827  

0.30%, 12/20/24

    JPY       82,650       559,882  

0.30%, 12/20/25

    JPY       51,550       350,389  

0.40%, 06/20/25

    JPY       36,850       250,764  

0.40%, 09/20/25

    JPY       47,950       326,571  

0.50%, 09/20/24

    JPY       81,900       556,471  

0.50%, 12/20/24

    JPY       57,850       393,545  

0.60%, 12/20/23

    JPY       207,000       1,402,872  

0.60%, 03/20/24

    JPY       79,700       540,885  

0.60%, 06/20/24

    JPY       83,050       564,441  

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

    JPY       58,200       318,471  

0.40%, 06/20/49

    JPY       93,900       497,573  

0.40%, 09/20/49

    JPY       104,500       551,781  

0.40%, 12/20/49

    JPY       136,500       720,941  

0.40%, 03/20/50

    JPY       130,000       685,509  

0.50%, 09/20/46

    JPY       89,000       509,705  

0.50%, 03/20/49

    JPY       128,450       702,689  

0.60%, 12/20/46

    JPY       71,300       416,604  

0.60%, 06/20/50

    JPY       119,100       659,501  

0.60%, 09/20/50

    JPY       140,400       776,522  

0.70%, 06/20/48

    JPY       216,000       1,264,027  

0.70%, 12/20/48

    JPY       118,450       687,288  

0.70%, 12/20/50

    JPY       150,150       852,764  

0.70%, 03/20/51

    JPY       190,250       1,075,185  

0.70%, 06/20/51

    JPY       134,950       761,100  

0.70%, 09/20/51

    JPY       138,000       776,752  

0.70%, 12/20/51

    JPY       129,300       727,026  

0.80%, 03/20/46

    JPY       65,400       404,121  

0.80%, 03/20/47

    JPY       56,550       345,408  

0.80%, 06/20/47

    JPY       78,100       474,945  

0.80%, 09/20/47

    JPY       59,550       361,229  

0.80%, 12/20/47

    JPY       42,650       257,564  

0.80%, 03/20/48

    JPY       91,000       547,603  

 

 

16  

2 0 2 2    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, 2022

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Japan (continued)

     

0.90%, 09/20/48

    JPY       87,350     $ 535,120  

1.00%, 03/20/52

    JPY       137,750       838,886  

1.10%, 03/20/33

    JPY       29,000       210,094  

1.30%, 06/20/52

    JPY       142,150       932,333  

1.40%, 09/20/45

    JPY       37,500       263,613  

1.40%, 12/20/45

    JPY       55,450       389,282  

1.40%, 09/20/52

    JPY       92,000       616,427  

1.50%, 12/20/44

    JPY       50,150       360,475  

1.50%, 03/20/45

    JPY       75,000       538,520  

1.60%, 06/20/45

    JPY       30,950       226,144  

1.70%, 06/20/33

    JPY       61,300       469,000  

1.70%, 12/20/43

    JPY       96,400       721,708  

1.70%, 03/20/44

    JPY       86,400       646,436  

1.70%, 06/20/44

    JPY       55,450       413,879  

1.70%, 09/20/44

    JPY       64,150       478,492  

1.80%, 11/22/32

    JPY       26,000       200,539  

1.80%, 03/20/43

    JPY       185,400           1,411,407  

1.80%, 09/20/43

    JPY       29,650       225,533  

1.90%, 09/20/42

    JPY       188,350       1,458,831  

1.90%, 06/20/43

    JPY       77,250       597,697  

2.00%, 12/20/33

    JPY       14,550       114,556  

2.00%, 09/20/40

    JPY       121,600       956,256  

2.00%, 09/20/41

    JPY       198,300       1,558,101  

2.00%, 03/20/42

    JPY       160,900       1,264,292  

2.10%, 09/20/33

    JPY       38,950       309,292  

2.20%, 09/20/39

    JPY       108,400       876,597  

2.20%, 03/20/41

    JPY       161,950       1,310,391  

2.30%, 05/20/32

    JPY       24,800       198,577  

2.30%, 03/20/35

    JPY       47,600       387,340  

2.30%, 06/20/35

    JPY       45,550       371,164  

2.30%, 12/20/35

    JPY       45,650       372,912  

2.30%, 12/20/36

    JPY       43,100       353,916  

2.30%, 03/20/39

    JPY       131,050       1,075,334  

2.30%, 03/20/40

    JPY       158,950       1,303,348  

2.40%, 03/20/34

    JPY       43,200       353,209  

2.40%, 12/20/34

    JPY       42,600       349,435  

2.40%, 03/20/37

    JPY       111,400       925,370  

2.40%, 09/20/38

    JPY       141,950       1,180,821  

2.50%, 06/20/34

    JPY       50,950       421,183  

2.50%, 09/20/34

    JPY       39,700       328,485  

2.50%, 09/20/35

    JPY       36,550       304,528  

2.50%, 03/20/36

    JPY       52,000       434,489  

2.50%, 06/20/36

    JPY       43,950       367,726  

2.50%, 09/20/36

    JPY       36,900       309,114  

2.50%, 09/20/37

    JPY       85,800       721,731  

2.50%, 03/20/38

    JPY       161,500       1,358,427  

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

    JPY       75,000       476,551  

0.30%, 06/20/39

    JPY       180,000       1,102,564  

0.30%, 09/20/39

    JPY       192,850       1,173,857  

0.30%, 12/20/39

    JPY       97,150       589,277  

0.40%, 03/20/36

    JPY       22,350       146,150  

0.40%, 03/20/39

    JPY       240,100       1,502,944  

0.40%, 03/20/40

    JPY       141,450       869,105  

0.40%, 06/20/40

    JPY       166,600       1,020,204  

0.40%, 09/20/40

    JPY       222,850       1,358,022  

0.40%, 06/20/41

    JPY       185,150       1,116,503  

0.50%, 09/20/36

    JPY       144,100       950,966  

0.50%, 03/20/38

    JPY       63,300       409,025  

0.50%, 06/20/38

    JPY       203,700       1,312,793  
Security          Par
(000)
    Value  

Japan (continued)

     

0.50%, 12/20/38

    JPY       140,200     $ 894,896  

0.50%, 12/20/40

    JPY       172,600       1,067,498  

0.50%, 03/20/41

    JPY       365,250       2,251,706  

0.50%, 09/20/41

    JPY       220,200       1,348,507  

0.50%, 12/20/41

    JPY       157,850       964,903  

0.60%, 12/20/36

    JPY       107,100       714,396  

0.60%, 06/20/37

    JPY       89,200       591,505  

0.60%, 09/20/37

    JPY       110,000       726,690  

0.60%, 12/20/37

    JPY       89,350       588,564  

0.70%, 03/20/37

    JPY       73,500       495,650  

0.70%, 09/20/38

    JPY       63,850       422,489  

0.80%, 03/20/42

    JPY       150,350       969,148  

0.90%, 06/20/42

    JPY       173,950       1,140,774  

1.00%, 12/20/35

    JPY       120,500       852,143  

1.20%, 12/20/34

    JPY       105,650       767,129  

1.20%, 03/20/35

    JPY       74,250       538,273  

1.20%, 09/20/35

    JPY       102,900       746,019  

1.30%, 06/20/35

    JPY       37,700       276,472  

1.40%, 09/20/34

    JPY       120,000       890,822  

1.50%, 06/20/32

    JPY       65,950       495,023  

1.50%, 03/20/33

    JPY       59,400       446,366  

1.50%, 03/20/34

    JPY       56,400       423,117  

1.50%, 06/20/34

    JPY       85,050       638,297  

1.60%, 06/20/30

    JPY       59,800       443,713  

1.60%, 03/20/32

    JPY       46,700       353,032  

1.60%, 06/20/32

    JPY       36,700       277,789  

1.60%, 03/20/33

    JPY       89,100       675,565  

1.60%, 12/20/33

    JPY       121,150       918,123  

1.70%, 09/20/31

    JPY       50,400       381,616  

1.70%, 12/20/31

    JPY       66,600       505,917  

1.70%, 03/20/32

    JPY       45,450       346,385  

1.70%, 06/20/32

    JPY       44,550       340,021  

1.70%, 12/20/32

    JPY       102,050       780,493  

1.70%, 06/20/33

    JPY       141,600           1,083,367  

1.70%, 09/20/33

    JPY       119,050       910,895  

1.80%, 06/20/30

    JPY       18,100       136,128  

1.80%, 09/20/30

    JPY       48,850       368,526  

1.80%, 06/20/31

    JPY       47,800       363,800  

1.80%, 09/20/31

    JPY       88,950       678,711  

1.80%, 12/20/31

    JPY       80,100       613,278  

1.80%, 03/20/32

    JPY       101,700       781,352  

1.80%, 12/20/32

    JPY       55,950       431,612  

1.90%, 12/20/23

    JPY       35,000       240,675  

1.90%, 03/20/24

    JPY       24,250       167,502  

1.90%, 03/20/25

    JPY       31,500       221,639  

1.90%, 06/20/25

    JPY       40,200       284,251  

1.90%, 12/20/28

    JPY       63,050       469,766  

1.90%, 03/20/29

    JPY       25,150       187,946  

1.90%, 09/20/30

    JPY       75,200       571,231  

1.90%, 03/20/31

    JPY       55,950       427,466  

1.90%, 06/20/31

    JPY       135,800       1,041,275  

2.00%, 12/20/24

    JPY       53,100       372,673  

2.00%, 09/20/25

    JPY       39,650       282,364  

2.00%, 12/20/25

    JPY       56,050       401,086  

2.00%, 03/20/27

    JPY       38,350       280,047  

2.00%, 06/20/30

    JPY       51,700       394,049  

2.00%, 12/20/30

    JPY       60,550       464,593  

2.00%, 03/20/31

    JPY       72,550       558,298  

2.10%, 03/20/24

    JPY       7,300       50,559  

2.10%, 09/20/24

    JPY       70,600       494,022  

 

 

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, 2022

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security          Par
(000)
    Value  

Japan (continued)

     

2.10%, 03/20/25

    JPY       29,900     $ 211,340  

2.10%, 09/20/25

    JPY       28,850       206,014  

2.10%, 12/20/25

    JPY       30,000       215,309  

2.10%, 03/20/26

    JPY       54,600       393,721  

2.10%, 12/20/26

    JPY       93,350       681,635  

2.10%, 03/20/27

    JPY       213,950       1,568,650  

2.10%, 06/20/27

    JPY       37,500       276,077  

2.10%, 09/20/27

    JPY       31,300       231,249  

2.10%, 12/20/27

    JPY       60,000       445,209  

2.10%, 12/20/28

    JPY       35,000       263,639  

2.10%, 03/20/29

    JPY       70,500       532,845  

2.10%, 06/20/29

    JPY       92,550       702,327  

2.10%, 09/20/29

    JPY       33,250       252,992  

2.10%, 12/20/29

    JPY       87,950       671,282  

2.10%, 03/20/30

    JPY       100,200       767,058  

2.10%, 12/20/30

    JPY       104,000       803,562  

2.20%, 03/20/24

    JPY       41,600       288,504  

2.20%, 03/20/26

    JPY       42,700       308,880  

2.20%, 06/20/26

    JPY       29,550       214,750  

2.20%, 09/20/26

    JPY       247,400       1,806,081  

2.20%, 09/20/27

    JPY       226,400       1,680,075  

2.20%, 03/20/28

    JPY       81,400       609,163  

2.20%, 09/20/28

    JPY       96,450       727,356  

2.20%, 06/20/29

    JPY       39,450       301,114  

2.20%, 12/20/29

    JPY       82,800       635,894  

2.20%, 03/20/30

    JPY       64,000       493,071  

2.20%, 03/20/31

    JPY       70,600       551,093  

2.30%, 03/20/26

    JPY       36,000       261,235  

2.30%, 06/20/26

    JPY       61,300       446,986  

2.30%, 06/20/27

    JPY       40,000       296,968  

2.40%, 06/20/24

    JPY       55,800       390,275  

2.40%, 03/20/28

    JPY       36,500       275,777  

Japan Government Two Year Bond
0.00%, 01/01/24(c)

    JPY       70,500       474,594  

0.00%, 02/01/24(c)

    JPY       118,650       798,748  

0.00%, 03/01/24(c)

    JPY       299,200       2,013,963  

0.00%, 05/01/24(c)

    JPY       50,000       336,558  

0.00%, 06/01/24(c)

    JPY       203,800       1,371,783  

0.00%, 07/01/24(c)

    JPY       45,750       307,938  

0.00%, 08/01/24(c)

    JPY       239,050       1,609,261  
     

 

 

 
            161,288,552  

Netherlands — 4.5%

     

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

    EUR       1,575       1,520,071  

0.00%, 01/15/26(c)

    EUR       980       905,717  

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

    EUR       1,875       1,695,837  

0.00%, 01/15/29(c)

    EUR       1,274       1,094,097  

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

    EUR       2,294       1,905,451  

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

    EUR       2,119       1,716,954  

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

    EUR       1,138       762,835  

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

    EUR       1,933       967,369  

0.25%, 07/15/25(b)

    EUR       3,172       2,989,246  

0.25%, 07/15/29(b)

    EUR       1,863       1,612,259  

0.50%, 07/15/26(b)

    EUR       2,748       2,564,445  

0.50%, 07/15/32

    EUR       1,378       1,135,203  

0.50%, 01/15/40(b)

    EUR       2,681       1,889,622  

0.75%, 07/15/27(b)

    EUR       2,392       2,216,906  

0.75%, 07/15/28(b)

    EUR       2,192       1,998,070  

2.00%, 07/15/24(b)

    EUR       2,564       2,535,226  

2.00%, 01/15/54(b)

    EUR       655       587,040  
Security          Par
(000)
    Value  

Netherlands (continued)

     

2.50%, 01/15/33(b)

    EUR       2,385     $ 2,360,607  

2.75%, 01/15/47(b)

    EUR       2,818       2,903,524  

3.75%, 01/15/42(b)

    EUR       2,479       2,874,160  

4.00%, 01/15/37(b)

    EUR       2,228       2,554,769  

5.50%, 01/15/28(b)

    EUR       2,390       2,741,355  
     

 

 

 
        41,530,763  

New Zealand — 1.8%

     

New Zealand Government Bond
1.75%, 05/15/41

    NZD       1,847       705,156  

2.00%, 05/15/32

    NZD       6,389       3,081,187  

2.75%, 04/15/25(a)

    NZD       7,700       4,305,857  

2.75%, 04/15/37(a)

    NZD       2,734       1,311,786  

2.75%, 05/15/51

    NZD       1,921       812,727  

3.00%, 04/20/29

    NZD       5,310       2,879,401  

4.50%, 04/15/27(a)

    NZD       5,489       3,221,894  
     

 

 

 
        16,318,008  

Norway — 1.8%

     

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

    NOK       9,818       782,340  

1.38%, 08/19/30(b)

    NOK       5,994       492,134  

1.50%, 02/19/26(b)

    NOK       6,974       628,282  

1.75%, 03/13/25(b)

    NOK       69,380       6,403,343  

1.75%, 02/17/27(b)

    NOK       7,241       647,404  

1.75%, 09/06/29(b)

    NOK       32,655       2,801,203  

2.00%, 04/26/28(b)

    NOK       26,722       2,371,171  

2.13%, 05/18/32(b)

    NOK       24,134       2,060,344  
     

 

 

 
        16,186,221  

Singapore — 4.0%

     

Singapore Government Bond
0.50%, 11/01/25

    SGD       1,618       1,057,678  

1.25%, 11/01/26

    SGD       2,100       1,375,785  

1.63%, 07/01/31

    SGD       2,112       1,290,728  

1.88%, 03/01/50

    SGD       2,934       1,596,228  

1.88%, 10/01/51

    SGD       1,703       926,196  

2.00%, 02/01/24

    SGD       2,307       1,605,382  

2.13%, 06/01/26

    SGD       2,835       1,932,590  

2.25%, 08/01/36

    SGD       4,020       2,487,567  

2.38%, 06/01/25

    SGD       4,823       3,343,358  

2.38%, 07/01/39

    SGD       832       515,457  

2.63%, 05/01/28

    SGD       3,487       2,374,860  

2.75%, 04/01/42

    SGD       2,443       1,601,135  

2.75%, 03/01/46

    SGD       3,292       2,166,102  

2.88%, 07/01/29

    SGD       2,203       1,507,910  

2.88%, 09/01/30

    SGD       4,459       3,034,142  

3.00%, 09/01/24

    SGD       4,860       3,426,478  

3.00%, 08/01/72(a)

    SGD       1,109       767,009  

3.38%, 09/01/33

    SGD       3,511       2,470,101  

3.50%, 03/01/27

    SGD       4,456       3,179,889  
     

 

 

 
            36,658,595  

Spain — 5.3%

     

Spain Government Bond
0.00%, 05/31/24(c)

    EUR       1,535       1,465,311  

0.00%, 01/31/25(c)

    EUR       29       27,262  

0.00%, 01/31/26(c)

    EUR       1,570       1,434,193  

0.00%, 01/31/27(c)

    EUR       674       596,974  

0.00%, 01/31/28(c)

    EUR       669       573,419  

0.10%, 04/30/31(b)

    EUR       1,240       959,058  

0.25%, 07/30/24(b)

    EUR       780       745,621  

0.50%, 04/30/30(b)

    EUR       663       550,134  

 

 

18  

2 0 2 2    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, 2022

  

iShares® International Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

<
Security          Par
(000)
    Value  

Spain (continued)

     

0.50%, 10/31/31(b)

    EUR       1,034     $ 816,111  

0.60%, 10/31/29(b)

    EUR       1,152       977,269  

0.70%, 04/30/32(b)

    EUR       1,320       1,045,066  

0.80%, 07/30/27(b)

    EUR       944       857,501  

0.80%, 07/30/29

    EUR       360       310,402  

0.85%, 07/30/37(b)

    EUR       608       414,975  

1.00%, 07/30/42(b)

    EUR       351       222,548  

1.00%, 10/31/50(b)

    EUR       1,244       666,067  

1.20%, 10/31/40(b)

    EUR       1,092       736,770  

1.25%, 10/31/30(b)

    EUR       1,397       1,212,940  

1.30%, 10/31/26(b)

    EUR       1,265       1,195,517  

1.40%, 04/30/28(b)

    EUR       1,022       941,322  

1.40%, 07/30/28(b)

    EUR       1,250       1,146,938  

1.45%, 10/31/27(b)

    EUR       1,157       1,079,214  

1.45%, 04/30/29(b)

    EUR       1,828       1,661,764  

1.45%, 10/31/71(b)

    EUR       326       156,487  

1.50%, 04/30/27(b)

    EUR       2,107       1,987,375  

1.60%, 04/30/25(b)

    EUR       1,227       1,192,369  

1.85%, 07/30/35(b)

    EUR       1,019       848,933  

1.90%, 10/31/52(b)

    EUR       490       325,091  

1.95%, 04/30/26(b)

    EUR       1,215       1,181,932  

1.95%, 07/30/30(b)

    EUR       1,461       1,344,887  

2.15%, 10/31/25(b)

    EUR       972       956,141  

2.35%, 07/30/33(b)

    EUR       922       838,847  

2.55%, 10/31/32(b)

    EUR       760       707,470  

2.70%, 10/31/48(b)

    EUR       780       651,764  

2.75%, 10/31/24(b)

    EUR       1,284       1,281,957  

2.90%, 10/31/46(b)

    EUR       972       854,781  

3.45%, 07/30/43(b)

    EUR       188       181,665  

3.45%, 07/30/66(b)

    EUR       856       785,389  

3.80%, 04/30/24(b)

    EUR       988       998,037  

4.20%, 01/31/37(b)

    EUR       1,190       1,277,519  

4.40%, 10/31/23(b)

    EUR       443       446,739  

4.65%, 07/30/25(b)

    EUR       1,583       1,662,143  

4.70%, 07/30/41(b)

    EUR       1,070       1,224,448  

4.80%, 01/31/24(b)

    EUR       1,607       1,636,078  

4.90%, 07/30/40(b)

    EUR       1,113       1,300,273  

5.15%, 10/31/28(b)

    EUR       975       1,086,309  

5.15%, 10/31/44(b)

    EUR       775       944,714  

5.75%, 07/30/32

    EUR       1,474       1,784,535