iSHARES TRUST

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.

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.

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

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

Past performance is 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.

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.

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

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

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.

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.

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.


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


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.

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:

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

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


Security		Par (000)		Value

Foreign Government Obligations

Australia — 4.6%
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


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


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


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


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


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


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
5.90%, 07/30/26^(b)	EUR		1,653		1,837,578
6.00%, 01/31/29	EUR		1,251		1,468,067

					48,597,904

Sweden — 2.2%
Sweden Government Bond 0.13%, 05/12/31^(b)	SEK		2,070		156,746
0.75%, 05/12/28	SEK		3,765		312,782
0.75%, 11/12/29^(b)	SEK		39,415		3,209,117
1.00%, 11/12/26^(a)	SEK		63,360		5,434,366
1.50%, 11/13/23^(b)	SEK		39,660		3,563,337
2.25%, 06/01/32^(a)	SEK		34,620		3,149,545
2.50%, 05/12/25	SEK		28,160		2,554,094
3.50%, 03/30/39	SEK		18,445		1,987,667

					20,367,654

United Kingdom — 4.6%
United Kingdom Gilt 0.13%, 01/31/24^(a)	GBP		1,300		1,433,442
0.13%, 01/30/26^(a)	GBP		1,380		1,422,392
0.13%, 01/31/28^(a)	GBP		660		630,260


Security		Par (000)		Value

United Kingdom (continued)
0.25%, 01/31/25^(a)	GBP		400	$	426,334
0.25%, 07/31/31^(a)	GBP		716		617,309
0.38%, 10/22/26^(a)	GBP		1,230		1,243,412
0.38%, 10/22/30^(a)	GBP		910		814,729
0.50%, 01/31/29^(a)	GBP		2,174		2,053,102
0.50%, 10/22/61^(a)	GBP		834		376,355
0.63%, 06/07/25^(a)	GBP		600		641,497
0.63%, 07/31/35^(a)	GBP		1,255		986,451
0.63%, 10/22/50^(a)	GBP		699		382,930
0.88%, 10/22/29^(a)	GBP		635		606,824
0.88%, 07/31/33^(a)	GBP		1,278		1,102,432
0.88%, 01/31/46^(a)	GBP		538		342,485
1.00%, 04/22/24^(a)	GBP		1,165		1,292,341
1.00%, 01/31/32^(a)	GBP		1,050		959,699
1.13%, 01/31/39^(a)	GBP		898		690,086


	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


	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	)



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	%



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


	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	)


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


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


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


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



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


Fund Summary as of October 31, 2022		iShares^® International Treasury Bond ETF


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


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	$	—


	Level 1		Level 2		Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—		$54,552,134	$	—		$54,552,134