iSHARES TRUST


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

Table of Contents


	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		24
Notes to Financial Statements		26
Report of Independent Registered Public Accounting Firm		32
Important Tax Information		33
Board Review and Approval of Investment Advisory Contract		34
Supplemental Information		36
Trustee and Officer Information		37
General Information		40
Glossary of Terms Used in this Report		41

Market Overview

iShares Trust

Global Bond Market Overview

Global investment-grade bonds 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 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

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.


F U N D S 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 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^® 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.

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)


F U N D S 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

^(a)

Excludes money market funds.


8		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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


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

Schedule of Investments

October 31, 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 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 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	$	—


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

Schedule of Investments (continued)

October 31, 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 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 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


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

Schedule of Investments (continued)

October 31, 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 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 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


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

Schedule of Investments (continued)

October 31, 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 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 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


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

Schedule of Investments (continued)

October 31, 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 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 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
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
1.13%, 10/22/73^(a)	GBP		440		247,906
1.25%, 07/22/27^(a)	GBP		315		324,215
1.25%, 10/22/41^(a)	GBP		1,081		809,394
1.25%, 07/31/51^(a)	GBP		856		567,400
1.50%, 07/22/26^(a)	GBP		1,384		1,477,084
1.50%, 07/22/47^(a)	GBP		905		666,510
1.50%, 07/31/53^(a)	GBP		230		161,318
1.63%, 10/22/28^(a)	GBP		322		330,201
1.63%, 10/22/54^(a)	GBP		770		559,226
1.63%, 10/22/71^(a)	GBP		555		390,222
1.75%, 09/07/37^(a)	GBP		746		652,072
1.75%, 01/22/49^(a)	GBP		630		489,844
1.75%, 07/22/57^(a)	GBP		258		195,277
2.50%, 07/22/65^(a)	GBP		917		847,802
2.75%, 09/07/24^(a)	GBP		1,010		1,145,527
3.25%, 01/22/44^(a)	GBP		1,084		1,137,629
3.50%, 01/22/45^(a)	GBP		873		951,899
3.50%, 07/22/68^(a)	GBP		801		944,031
3.75%, 07/22/52^(a)	GBP		545		637,895
4.00%, 01/22/60^(a)	GBP		587		749,472
4.25%, 12/07/27^(a)	GBP		534		627,660
4.25%, 06/07/32^(a)	GBP		945		1,146,910
4.25%, 03/07/36^(a)	GBP		780		936,545
4.25%, 09/07/39^(a)	GBP		638		762,241
4.25%, 12/07/40^(a)	GBP		804		963,795
4.25%, 12/07/46^(a)	GBP		357		437,575
4.25%, 12/07/49^(a)	GBP		991		1,238,079
4.25%, 12/07/55^(a)	GBP		1,153		1,501,204
4.50%, 09/07/34^(a)	GBP		745		921,050
4.50%, 12/07/42^(a)	GBP		848		1,060,353
4.75%, 12/07/30^(a)	GBP		640		797,187
4.75%, 12/07/38^(a)	GBP		603		763,369
5.00%, 03/07/25^(a)	GBP		676		801,578
6.00%, 12/07/28^(a)	GBP		528		680,351

					41,944,901


Total Long-Term Investments — 99.0% (Cost: $1,209,969,906)					907,133,195


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

Schedule of Investments (continued)

October 31, 2022

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		370	$	370,000


Total Short-Term Securities — 0.0% (Cost: $370,000)				370,000


Total Investments — 99.0% (Cost: $1,210,339,906)				907,503,195

Other Assets Less Liabilities — 1.0%				8,854,701


Net Assets — 100.0%			$	916,357,896

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

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

^(c)	Zero-coupon bond.

^(d)	Affiliate of the Fund.

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

Affiliates



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	$	460,000	$	—	$	(90,000	)^(a)	$	—	$	—	$	370,000		370	$	3,710	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Foreign Government Obligations	$	—	$	907,133,195	$	—	$	907,133,195
Money Market Funds		370,000		—		—		370,000

	$	370,000	$	907,133,195	$	—	$	907,503,195

See notes to financial statements.


20		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

Statements of Assets and Liabilities

October 31, 2022


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

ASSETS
Investments, at value — unaffiliated^(a)	$	54,552,134		$	907,133,195
Investments, at value — affiliated^(b)		—			370,000
Cash		709			2,736
Foreign currency, at value^(c)		196,380			729,986
Receivables:
Investments sold		4,215,164			35,562,779
Capital shares sold		—			478,768
Dividends — affiliated		35			685
Interest — unaffiliated		314,937			6,263,322

Total assets		59,279,359			950,541,471


LIABILITIES
Payables:
Investments purchased		4,219,725			33,242,423
Capital shares redeemed		—			677,080
Investment advisory fees		16,284			264,072

Total liabilities		4,236,009			34,183,575


NET ASSETS	$	55,043,350		$	916,357,896


NET ASSETS CONSIST OF
Paid-in capital	$	72,698,430		$	1,247,022,253
Accumulated loss		(17,655,080	)		(330,664,357	)

NET ASSETS	$	55,043,350		$	916,357,896


NET ASSETVALUE
Shares outstanding		850,000			24,850,000

Net asset value	$	64.76		$	36.88

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Investments, at cost — unaffiliated	$	63,280,154		$	1,209,969,906
^(b)Investments, at cost — affiliated	$	—		$	370,000
^(c)Foreign currency, at cost	$	198,054		$	738,945

See notes to financial statements.


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

Statements of Operations

Year Ended October 31, 2022


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

INVESTMENT INCOME
Dividends — affiliated	$	74		$	3,710
Interest — unaffiliated		3,109			6,490,888
Foreign taxes withheld		—			(558	)

Total investment income		3,183			6,494,040


EXPENSES
Investment advisory		236,216			3,745,151
Professional		217			217

Total expenses		236,433			3,745,368

Net investment income (loss)		(233,250	)		2,748,672


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,901,205	)		(46,809,524	)
Foreign currency transactions		(93,355	)		(1,428,274	)
In-kind redemptions — unaffiliated^(a)		(728,305	)		(11,487,313	)

		(4,722,865	)		(59,725,111	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(8,328,107	)		(283,400,930	)
Foreign currency translations		(11,703	)		(140,567	)

		(8,339,810	)		(283,541,497	)

Net realized and unrealized loss		(13,062,675	)		(343,266,608	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,295,925	)	$	(340,517,936	)

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

See notes to financial statements.


22		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

Statements of Changes in Net Assets


	iShares 1-3 Year International Treasury Bond ETF						iShares International Treasury Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(233,250	)	$	(349,662	)	$	2,748,672		$	1,706,805
Net realized gain (loss)		(4,722,865	)		1,408,412			(59,725,111	)		10,657,620
Net change in unrealized appreciation (depreciation)		(8,339,810	)		(1,950,151	)		(283,541,497	)		(59,153,120	)

Net decrease in net assets resulting from operations		(13,295,925	)		(891,401	)		(340,517,936	)		(46,788,695	)


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


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(6,994,582	)		20,246,747			78,292,063			147,069,339


NET ASSETS
Total increase (decrease) in net assets		(21,248,579	)		19,355,346			(266,851,777	)		100,280,644
Beginning of year		76,291,929			56,936,583			1,183,209,673			1,082,929,029

End of year	$	55,043,350		$	76,291,929		$	916,357,896		$	1,183,209,673

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares 1-3 Year International Treasury Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of year	$	80.31		$	81.34		$	78.93		$	80.16		$	82.78

Net investment loss^(a)		(0.25	)		(0.49	)		(0.14	)		(0.00	)^(b)		(0.06	)
Net realized and unrealized gain (loss)^(c)		(14.29	)		(0.54	)		2.55			0.20			(2.17	)

Net increase (decrease) from investment operations		(14.54	)		(1.03	)		2.41			0.20			(2.23	)

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


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


Total Return^(e)
Based on net asset value		(18.32	)%		(1.27	)%		3.05	%		0.25	%		(2.71	)%


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

Total expenses after fees waived		0.35	%		0.35	%		0.17	%		0.09	%		0.01	%

Net investment loss		(0.35	)%		(0.59	)%		(0.18	)%		(0.01	)%		(0.07	)%


Supplemental Data
Net assets, end of year (000)	$	55,043		$	76,292		$	56,937		$	67,090		$	76,156

Portfolio turnover rate^(g)		69	%		60	%		71	%		56	%		47	%

^(a)	Based on average shares outstanding.

^(b)	Rounds to less than $0.01.

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

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

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

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

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

See notes to financial statements.


24		2 0 2 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Treasury Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


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

Net investment income^(a)		0.11			0.08			0.21			0.30			0.33
Net realized and unrealized gain (loss)^(b)		(14.03	)		(2.03	)		2.10			3.16			(1.58	)

Net increase (decrease) from investment operations		(13.92	)		(1.95	)		2.31			3.46			(1.25	)

Distributions from net investment income^(c)		(0.20	)		—			(0.12	)		(0.15	)		(0.02	)


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


Total Return^(d)
Based on net asset value		(27.42	)%		(3.68	)%		4.57	%		7.31	%		(2.57	)%


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

Net investment income		0.26	%		0.14	%		0.41	%		0.62	%		0.66	%


Supplemental Data
Net assets, end of year (000)	$	916,358		$	1,183,210		$	1,082,929		$	903,457		$	851,684

Portfolio turnover rate^(f)		24	%		21	%		41	%		9	%		10	%

^(a)	Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.


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

Notes to Financial Statements

1. ORGANIZATION

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

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


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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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


26		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

Notes to Financial Statements (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

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

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

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

•

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

•

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

•

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

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

4. SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.


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

Notes to Financial Statements (continued)

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


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

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Funds.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6. PURCHASES AND SALES

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
1-3 Year International Treasury Bond	$	46,137,453	$	46,520,460
International Treasury Bond		306,315,668		255,263,460

For the year ended October 31, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
1-3 Year International Treasury Bond	$	—	$	6,592,124
International Treasury Bond		162,677,051		124,477,206

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to net operating loss, distributions paid in excess of taxable income, and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
1-3 Year International Treasury Bond	$	(4,258,808	)	$	4,258,808
International Treasury Bond		(38,176,874	)		38,176,874


28		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

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 10/31/22		Year Ended 10/31/21
1-3 Year International Treasury Bond Ordinary income	$	958,072	$	—

International Treasury Bond Ordinary income	$	4,625,904	$	—

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF	Non-expiring Capital Loss Carryforwards^(a)	Net Unrealized Gains (Losses)^(b)	Qualified Late-Year Losses^(c)	Total
1-3 Year International Treasury Bond	$ (8,404,881)	$ (9,036,506)	$ (213,693)	$	(17,655,080	)
International Treasury Bond	(20,331,032)	(310,333,325)	—		(330,664,357	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

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

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
1-3 Year International Treasury Bond	$	63,571,383	$	26,211	$	(9,046,537	)	$	(9,020,326	)
International Treasury Bond		1,217,559,223		55,483		(310,159,515	)		(310,104,032	)

8. PRINCIPAL RISKS

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

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

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.


N O T E S T O F I N A N C I A L S T A T E M E N T S		29

Notes to Financial Statements (continued)

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

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

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


	Year Ended 10/31/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount
1-3 Year International Treasury Bond
Shares sold		—		$	—			250,000		$	20,246,747
Shares redeemed		(100,000	)		(6,994,582	)		—			—

		(100,000	)	$	(6,994,582	)		250,000		$	20,246,747

International Treasury Bond
Shares sold		5,050,000		$	224,304,765			6,100,000		$	324,357,341
Shares redeemed		(3,400,000	)		(146,012,702	)		(3,350,000	)		(177,288,002	)

		1,650,000		$	78,292,063			2,750,000		$	147,069,339

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.


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Notes to Financial Statements (continued)

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

10.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		31

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares 1-3 Year International Treasury Bond ETF

iShares International Treasury Bond ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

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


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Important Tax Information (unaudited)

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2022:


iShares ETF	Foreign Source Income Earned
1-3 Year International Treasury Bond	$	3,109
International Treasury Bond		6,490,887

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:


iShares ETF	Interest Dividends
International Treasury Bond	$	1,666,512


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

Board Review and Approval of Investment Advisory Contract

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares


34		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

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFAand/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

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


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

Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2022


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

^(a)

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

Premium/Discount Information

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


36		2 0 2 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

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

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

Robert S. Kapito^(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

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

		Independent Trustees

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

John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


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

Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

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

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (58)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (52)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


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

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Currency Abbreviations

AUD		Australian Dollar

CAD		Canadian Dollar

DKK		Danish Krone

EUR		Euro

GBP		British Pound

ILS		Israeli Shekel

JPY		Japanese Yen

NOK		Norwegian Krone

NZD		New Zealand Dollar

SEK		Swedish Krona

SGD		Singapore Dollar


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		41

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-AR-1003-1022