2019 Annual Report - iShares · 2019-12-24 · iSharesTrust Global Bond MarketOverview Global investment-grade bonds advanced for the 12 months ended October 31, 2019 (“reporting

2019 Annual Report

iShares Trust

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

• iShares International Treasury Bond ETF | IGOV | NASDAQ

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of

each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your

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OCTOBER 31, 2019

Page

Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Trustee and Officer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Table of Contents

iShares Trust

Global Bond Market Overview

Global investment-grade bonds advanced for the 12 months ended October 31, 2019 (“reporting period”). The Bloomberg Barclays Global Aggregate Index, a broadmeasure of global bond market performance, returned 9.54% in U.S. dollar terms for the reporting period.

The performance of global bonds was driven primarily by lower interest rates, as concerns about the global economy led central banks around the world to implement aseries of interest rate reductions. Following a cycle of higher interest rates in 2018, slowing economic growth and the protracted trade dispute between the U.S. and Chinaprompted central banks to adopt or signal more accommodative monetary policies beginning January 2019. Low inflation and weak economic indicators led investors toanticipate continued stimulative policies from the world’s central banks. Consequently, global bond yields (which are inversely related to prices) declined to their lowest levelin 120 years, with more than $17 trillion in bonds worldwide offering a negative yield as of August 2019.

U.S. bond yields declined significantly as the delayed impact of higher interest rates early in the reporting period and the trade dispute between the U.S. and China weighedon economic growth, particularly in the manufacturing and industrial sectors. In response to deteriorating economic conditions, the U.S. Federal Reserve Bank (“Fed”)shifted to a more accommodative monetary policy starting in January 2019. After raising short-term interest rates in December 2018, the Fed reversed course and loweredthem three times in 2019. Long-term bond yields declined more than short-term yields, reflecting lower inflation expectations and solid demand for the relative stability ofU.S. Treasuries amid economic uncertainty. Consequently, the U.S. Treasury yield curve (a graphical representation of U.S. Treasury yields at different maturities) flattenedbefore briefly inverting in August 2019, as 10-year Treasury yields dipped below two-year Treasury yields.

European bonds also posted strong returns in an environment of tepid economic growth and softening exports. The Eurozone’s slowing economy prompted the EuropeanCentral Bank (“ECB”) to reinstate its monetary stimulus program and lower the interest rate on deposits made by commercial banks. The ECB also signaled its willingnessto decrease its headline short-term interest rate in the future, which further helped Eurozone bond yields. Investors generally viewed the nomination of a new president ofthe ECB late in the reporting period as a positive development, anticipating that she would continue policies that promote low interest rates and monetary stimulus. As yieldsfor many government bonds turned negative, investors seeking higher returns moved toward debt issued by countries that are considered higher risk. Italian bonds inparticular benefited from a shift toward higher-yielding debt, despite the fact that the country dipped into recession briefly in 2019 before returning to growth. U.K. bond yieldsalso declined, as uncertainty surrounding Brexit prompted investors to move away from equities, which are generally more exposed to trade risk.

A slowing Chinese economy and the trade dispute between the U.S. and China helped the performance of bonds in the Asia/Pacific region, as concerns about a possibleeconomic downturn prompted investors to move into bonds. Japanese bond prices increased due to strong demand from both domestic and foreign investors, while SouthKorean bonds benefited from the country’s high credit rating and trade surplus, which investors viewed as signs of stability. Emerging market bonds also posted solidreturns, driven by investors’ demand for yield as an increasing number of developed-market bonds offered negative interest rates.

Market Overview

M A R K E T O V E R V I E W 3

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 marketgovernment bonds with remaining maturities between one and three years, as represented by the S&P International Sovereign Ex-U.S. 1-3 Year Bond 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 representativesampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

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

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% (1.69)% (2.01)% 0.25% (8.16)% (18.34)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32 (1.68) (2.05) 0.32 (8.12) (18.74)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.42 (1.52) (1.71) 0.42 (7.39) (15.88)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

$8,166$8,412

7,500

8,000

8,500

9,000

9,500

10,000

10,500

$11,000

Oct 19Oct 18Oct 17Oct 16Oct 15Oct 14Oct 13Oct 12Oct 11Oct 10

Fund Index

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(05/01/19)

EndingAccount Value

(10/31/19)

ExpensesPaid Duringthe Period (a)


(05/01/19)

EndingAccount Value

(10/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,005.20 $ 0.61 $ 1,000.00 $ 1,024.60 $ 0.61 0.12%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

Fund Summary as of October 31, 2019 iShares� 1-3 Year International Treasury Bond ETF

4 2 0 1 9 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

Portfolio Management Commentary

The Index rose for the reporting period, as investors searched for relatively stable investments amid market volatility, driving demand for international treasury bonds andcurrencies. Short-term Japanese government bonds contributed the most to the Index's return, mainly due to the strength of the Japanese yen. Although short-term bondyields remained negative in Japan, they were even lower in some European countries, notably Germany. Lower yields in Europe made Japanese government bondscomparatively appealing. Additionally, increasing trade tensions between the U.S. and China contributed to the appreciation of the Japanese yen, which tends to benefitfrom economic uncertainty.

Short-term Italian government bonds also contributed notably to the Index’s performance. A new coalition government increased investor confidence late in the reportingperiod, lowering borrowing costs and raising bond prices. Short-term Canadian and U.K. government bonds made modest contributions to the Index’s return. Bond yieldsremained positive in these countries during the reporting period, which played a substantial role in their gains.

On the downside, short-term European government bonds in most countries detracted from the Index's return. The depreciation of the euro relative to the U.S. dollar andnegative interest rates worked against euro-area government bonds. More accommodative monetary policy from the ECB was a significant factor in the decline of the euro.French and German government bonds detracted the most, as they represented the largest weights on average in the Index’s European allocation for the reporting period.

Short-term Swedish and Norwegian government bonds were also noteworthy detractors, driven mainly by the depreciation of the Swedish krona and the Norwegian krone.Trade dispute concerns weighed heavily on the currencies of these small, export-driven economies.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody's Credit Rating*

Percent ofTotal Investments(a)

Aaa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5%Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.6Baa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.5Not Rated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9

TEN LARGEST COUNTRIES

CountryPercent of

Total Investments(a)

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2%Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9

* 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.

Fund Summary as of October 31, 2019 (continued) iShares� 1-3 Year International Treasury Bond ETF

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

Investment Objective

The iShares InternationalTreasury 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 S&P International Sovereign Ex-U.S. Bond Index (the "Index"). The Fund invests in a representative sample of securities included in the Index thatcollectively 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 includedin the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

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

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.31% 0.91% 0.82% 7.31% 4.64% 8.54%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 0.91 0.78 7.53 4.62 8.10Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.82 1.30 1.22 7.82 6.67 12.88

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

$10,854

$11,288

9,000

9,500

10,000

10,500

11,000

$11,500

Oct 19Oct 18Oct 17Oct 16Oct 15Oct 14Oct 13Oct 12Oct 11Oct 10

Fund Index

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual Hypothetical 5% Return


(05/01/19)

EndingAccount Value

(10/31/19)



(05/01/19)

EndingAccount Value

(10/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,044.20 $ 1.80 $ 1,000.00 $ 1,023.40 $ 1.79 0.35%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

Fund Summary as of October 31, 2019 iShares� International Treasury Bond ETF


Portfolio Management Commentary

The Index advanced during the reporting period, as central banks around the world lowered short-term interest rates amid slowing global growth, trade disputes, andconcerns about Brexit. Subdued inflation and investors seeking relatively stable, long-term investments led to lower long-term interest rates, which drove the Index’s positivereturn.

Japanese government bonds contributed the most to the Index’s return. Yields on long-term bonds declined slightly, with yields on some bonds trading below zero, whichnonetheless were in demand by investors. The Bank of Japan continued to purchase long-term government bonds for economic stimulus, although concerns about possiblereductions in future purchases limited the bond market’s advance.

In Europe, while the U.S. dollar strengthened slightly against the euro, Italian bonds contributed to the Index’s return. Italian long-term government bond yields declinedappreciably despite ongoing concerns about the country’s debt levels. In Italy, the perception of improving political stability following the formation of a new governmentincreased demand for Italian bonds. Investor confidence in Italian companies, many of which are multinational, benefited Italian corporate bonds. British bonds alsocontributed to the Index’s return. Yields reached record lows as trade tensions and concerns about Brexit drove investors to the relative stability of government bonds.

Portuguese government bonds also contributed to the Index’s performance, as bond yields declined, hitting historic lows. In addition, Portugal’s credit rating was upgradedamid political stability and solid economic growth relative to other European countries. From a maturity perspective, bonds with a maturity of greater than ten yearscontributed the most to the Index’s return, as investors sought longer-term bonds due to concerns about slowing global economic growth and declining inflation.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody's Credit Rating*

Percent ofTotal Investments(a)

Aaa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1%Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.8Baa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7Not Rated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1

TEN LARGEST COUNTRIES

CountryPercent of

Total Investments(a)

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1%France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9

* 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.

Fund Summary as of October 31, 2019 (continued) iShares� International Treasury Bond ETF

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the mostrecent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deductionof 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 withchanges 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 mayreflect 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. The price used to calculatemarket return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fundare 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 reinvestedat 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 doesnot incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may bepayable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoingcosts, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (orfrom the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars andcents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary feewaivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account valuedivided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on yourFund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in yourFund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissionspaid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relativetotal costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance


SecurityPar

(000) Value

Foreign Government ObligationsAustralia — 4.7%Australia Government Bond

1.75%, 11/21/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 930 $ 646,4842.00%, 12/21/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1,345 949,4615.75%, 05/15/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1,355 1,002,7675.75%, 07/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 675 526,199

3,124,911Austria — 4.1%Republic of Austria Government Bond

3.50%, 09/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,330 1,596,8973.65%, 04/20/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 800 986,2353.90%, 07/15/20(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 142 163,316

2,746,448Belgium — 4.6%Kingdom of Belgium Government Bond

4.00%, 03/28/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 700 868,4304.25%, 09/28/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 880 1,073,4704.25%, 09/28/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 875 1,115,507

3,057,407Canada — 4.7%Canadian Government Bond

0.50%, 03/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 625 464,5020.75%, 03/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 793 596,7510.75%, 09/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 939 703,9701.00%, 09/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,080 809,9652.75%, 06/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 400 314,0723.25%, 06/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 300 234,054

3,123,314Denmark — 2.3%Denmark Government Bond, 3.00%, 11/15/21 . . . . . . . . . . . . DKK 9,800 1,576,056

Finland — 2.6%Finland Government Bond

0.00%, 04/15/22(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 450 509,6081.63%, 09/15/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 500 593,8553.50%, 04/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 530 626,690

1,730,153France — 8.5%French Republic Government Bond OAT

0.00%, 02/25/21(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 260 292,4770.00%, 05/25/21(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 630 706,8660.00%, 02/25/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 338,7450.00%, 05/25/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,475 1,667,6353.00%, 04/25/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 900 1,094,1523.25%, 10/25/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 770 921,9343.75%, 04/25/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 711,562

5,733,371Germany — 6.6%Bundesobligation

0.00%, 10/08/21(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 400 452,1330.00%, 04/08/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 340,228

Bundesrepublik Deutschland Bundesanleihe1.50%, 09/04/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 711,3681.75%, 07/04/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 356,7382.00%, 01/04/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 700 827,1722.25%, 09/04/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 352,6582.50%, 01/04/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 810 938,161

SecurityPar

(000) Value

Germany (continued)3.25%, 07/04/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 400 $ 475,410

4,453,868Ireland — 2.2%Ireland Government Bond

0.80%, 03/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 665 765,1295.00%, 10/18/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 610 716,548

1,481,677Italy — 9.6%Italy Buoni Poliennali Del Tesoro

0.20%, 10/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 100 112,0050.35%, 11/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 320 360,3040.45%, 06/01/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 360 405,4990.65%, 11/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 255 286,9691.00%, 07/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 343,9371.20%, 04/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 344,9421.35%, 04/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 346,0771.45%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 575 668,4482.15%, 12/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 350 409,1503.75%, 03/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 420 493,4633.75%, 05/01/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 210 248,1773.75%, 08/01/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 370 440,8104.00%, 09/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 302 348,6674.75%, 09/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 500 607,4285.00%, 03/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 850 1,060,749

6,476,625Japan — 22.6%Japan Government Five Year Bond

0.10%, 12/20/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 113,000 1,048,9180.10%, 03/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 240,850 2,237,8630.10%, 06/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 306,000 2,845,7530.10%, 09/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 69,550 647,4030.10%, 12/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 194,000 1,807,9210.10%, 03/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,000 942,1430.10%, 06/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 35,000 326,7250.10%, 09/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 175,000 1,635,260

Japan Government Ten Year Bond1.00%, 03/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 195,000 1,857,4291.10%, 03/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 2,350 22,1361.20%, 12/20/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 61,350 576,5781.30%, 03/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 49,900 471,319

Japan Government Twenty Year Bond, 2.50%, 12/21/20. . . JPY 78,000 743,772

15,163,220Netherlands — 4.6%Netherlands Government Bond

0.00%, 01/15/22(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 700 791,9672.25%, 07/15/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 975 1,174,6713.25%, 07/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 960 1,142,355

3,108,993Norway — 1.3%Norway Government Bond, 3.75%, 05/25/21(b). . . . . . . . . . . . NOK 7,500 848,092

Portugal — 2.1%Portugal Obrigacoes do Tesouro OT, 3.85%, 04/15/21(b) . . . EUR 1,200 1,424,155

South Korea — 0.1%Korea Treasury Bond, 1.88%, 03/10/22 . . . . . . . . . . . . . . . . . . . KRW 78,000 67,663

Spain — 4.6%Spain Government Bond

0.05%, 01/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 336,776

Schedule of InvestmentsOctober 31, 2019

iShares� 1-3 Year International Treasury Bond ETF(Percentages shown are based on Net Assets)

S C H E D U L E O F I N V E S T M E N T S 9

SecurityPar

(000) Value

Spain (continued)0.05%, 10/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 250 $ 281,5280.40%, 04/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 700 796,5810.75%, 07/30/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 440 501,1041.15%, 07/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 119 134,3405.50%, 04/30/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 440 534,4775.85%, 01/31/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 400 509,478

3,094,284Sweden — 2.9%Sweden Government Bond

3.50%, 06/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 10,100 1,154,9015.00%, 12/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 6,990 767,781

1,922,682Switzerland — 0.6%Swiss Confederation Government Bond, 2.00%,

04/28/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 360 379,883

United Kingdom — 4.6%United Kingdom Gilt

0.50%, 07/22/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 600 777,8751.50%, 01/22/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 50 65,3791.75%, 09/07/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 400 536,8033.75%, 09/07/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 658 902,2834.00%, 03/07/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 300 420,4208.00%, 06/07/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 272 393,782

3,096,542

Total Foreign Government Obligations — 93.3%(Cost: $63,374,680). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,609,344

SecurityShares

(000) Value

Short-Term InvestmentsMoney Market Funds — 4.6%BlackRock Cash Funds: Treasury, SL Agency Shares,

1.74%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,056 $ 3,056,000

Total Short-Term Investments — 4.6%(Cost: $3,056,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,056,000

Total Investments in Securities — 97.9%(Cost: $66,430,680). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,665,344

Other Assets, Less Liabilities — 2.1% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,424,450

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 67,089,794

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

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

(c) Zero-coupon bond.(d) Affiliate of the Fund.(e) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer

SharesHeld at

10/31/18(000)

Net Activity(000)

SharesHeld at

10/31/19(000)

Value at10/31/19 Income

Net RealizedGain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3,055 3,056 $3,056,000 $25,204 $ — $ —

(a) Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long Contracts3-Year Korea Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 12/17/19 $ 1,420 $ (9,087)

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty Settlement Date

UnrealizedAppreciation

(Depreciation)

KRW 2,160,069,697 USD 1,841,970 GS 11/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,638

KRW 3,007,409,262 USD 2,534,160 GS 12/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,604

54,242

Schedule of Investments (continued)

October 31, 2019

iShares� 1-3 Year International Treasury Bond ETF(Percentages shown are based on Net Assets)


Forward Foreign Currency Exchange Contracts (continued)



(Depreciation)

KRW 590,465,335 USD 513,457 GS 11/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (5,945)

USD 2,347,692 KRW 2,750,535,032 GS 11/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,428)

KRW 590,465,335 USD 514,025 GS 12/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,699)

(31,072)

Net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,170

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

ForeignCurrency

ExchangeContracts

InterestRate

Contracts Total

Assets — Derivative Financial InstrumentsForward foreign currency exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54,242 $ — $54,242

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 9,087 $ 9,087Forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,072 $ — $31,072

$ 31,072 $ 9,087 $40,159

(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variationmargin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the year ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

ForeignCurrency

ExchangeContracts

InterestRate

Contracts Total

Net Realized Gain (Loss) from:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 11,265 $ 11,265Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (155,646) — (155,646)

$ (155,646) $ 11,265 $ (144,381)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ (9,087) $ (9,087)Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,170 — 23,170

$ 23,170 $ (9,087) $ 14,083

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 565,185

Forward foreign currency exchange contracts:Average amounts purchased — in USD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,248,118Average amounts sold — in USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,770,692

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


October 31, 2019

iShares� 1-3 Year International Treasury Bond ETF


Derivative Financial Instruments - Offsetting as of Year End

The Fund's derivative assets and liabilities (by type) were as follows:

Assets Liabilities

Derivative Financial Instruments:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 9,087Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,242 31,072

Total derivative assets and liabilities in the Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $54,242 $40,159Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (9,087)

Total derivative assets and liabilities subject to an MNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $54,242 $31,072

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateralreceived and pledged by the Fund:

Counterparty

DerivativeAssets

Subject toan MNA by

Counterparty

DerivativesAvailablefor Offset(a)

Net Amountof Derivative

Assets(b)

Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54,242 $(31,072) $ 23,170

Counterparty

DerivativeLiabilities

Subject toan MNA by

Counterparty



Liabilities

Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,072 $(31,072) $ —

(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.(b) Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

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

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund's investmentsinto major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Foreign Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $62,609,344 $ — $62,609,344Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,056,000 — — 3,056,000

$ 3,056,000 $62,609,344 $ — $65,665,344

Derivative financial instruments(a)

AssetsForward Foreign Currency Exchange Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 54,242 $ — $ 54,242

LiabilitiesForward Foreign Currency Exchange Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (31,072) — (31,072)Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,087) — — (9,087)

$ (9,087) $ 23,170 $ — $ 14,083

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


October 31, 2019

iShares� 1-3 Year International Treasury Bond ETF


SecurityPar

(000) Value

Foreign Government ObligationsAustralia — 4.5%Australia Government Bond

1.50%, 06/21/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 700 $ 498,0111.75%, 11/21/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 2,225 1,546,6952.00%, 12/21/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1,400 988,2862.25%, 11/21/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1,650 1,185,6942.25%, 05/21/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 3,100 2,332,4262.50%, 05/21/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 2,390 1,864,5172.75%, 04/21/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 3,050 2,274,7812.75%, 11/21/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 3,109 2,414,2302.75%, 11/21/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 2,820 2,213,1852.75%, 11/21/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 2,555 2,026,5612.75%, 06/21/35(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 831 683,4432.75%, 05/21/41(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 500 414,6313.00%, 03/21/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1,511 1,329,8513.25%, 04/21/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 3,128 2,422,0883.25%, 04/21/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 3,106 2,543,1183.25%, 06/21/39(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 974 863,9873.75%, 04/21/37(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1,171 1,091,6764.25%, 04/21/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 3,614 2,997,8984.50%, 04/21/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 1,555 1,499,9944.75%, 04/21/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 3,318 2,892,2815.50%, 04/21/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 2,785 2,223,8615.75%, 05/15/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 2,837 2,099,5205.75%, 07/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AUD 2,791 2,175,735

40,582,469Austria — 4.6%Republic of Austria Government Bond

0.00%, 09/20/22(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 940 1,065,8060.00%, 07/15/23(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,310 1,490,1480.00%, 07/15/24(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 500 570,1530.50%, 04/20/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,350 1,593,6340.50%, 02/20/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,250 1,479,3530.75%, 10/20/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,724 2,068,4820.75%, 02/20/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,450 1,749,2121.20%, 10/20/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,621 1,981,5401.50%, 02/20/47(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,092 1,558,3761.50%, 11/02/86(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 363 551,8271.65%, 10/21/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,585 1,953,0941.75%, 10/20/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,894 2,305,9632.10%, 09/20/2117(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 913 1,770,6132.40%, 05/23/34(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,260 1,872,5593.15%, 06/20/44(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,112 2,067,5903.40%, 11/22/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,626 2,035,5433.50%, 09/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,441 2,930,8463.65%, 04/20/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,290 1,590,3043.80%, 01/26/62(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 667 1,639,1154.15%, 03/15/37(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,366 4,437,5604.85%, 03/15/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,440 2,148,1006.25%, 07/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,486 2,503,612

41,363,430Belgium — 4.7%Kingdom of Belgium Government Bond

0.20%, 10/22/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 820 941,2720.50%, 10/22/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 900 1,051,3780.80%, 06/22/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,465 1,745,4060.80%, 06/22/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,220 1,470,6620.80%, 06/22/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,310 1,585,5980.90%, 06/22/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,715 3,321,289

SecurityPar

(000) Value

Belgium (continued)1.00%, 06/22/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,360 $ 1,651,8681.00%, 06/22/31(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 980 1,216,4471.45%, 06/22/37(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 395 522,3841.60%, 06/22/47(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 932 1,293,5991.70%, 06/22/50(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 585 826,2621.90%, 06/22/38(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 670 949,2322.15%, 06/22/66(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 521 843,3412.25%, 06/22/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,180 1,452,8542.25%, 06/22/57(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 450 725,1512.60%, 06/22/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,465 1,869,4593.00%, 06/22/34(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 700 1,101,4603.75%, 06/22/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 954 1,870,2424.00%, 03/28/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,222 1,516,0724.00%, 03/28/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 836 1,390,0724.25%, 09/28/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,366 1,666,3184.25%, 09/28/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,433 1,825,5734.25%, 03/28/41(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,509 2,968,2394.50%, 03/28/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,087 1,593,2615.00%, 03/28/35(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,678 3,223,8435.50%, 03/28/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,648 2,731,567Series 86, 1.25%, 04/22/33(a) . . . . . . . . . . . . . . . . . . . . . . EUR 684 878,486

42,231,335Canada — 4.5%Canadian Government Bond

0.50%, 03/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 2,388 1,774,7710.75%, 03/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 3,274 2,463,7640.75%, 09/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 2,281 1,710,0691.00%, 09/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 3,090 2,317,4001.00%, 06/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 2,038 1,504,4001.50%, 06/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,921 1,463,9851.50%, 06/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,725 1,318,6571.75%, 03/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 2,130 1,635,2232.00%, 09/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,669 1,295,7082.00%, 06/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,724 1,374,3862.00%, 12/01/51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,200 1,008,4532.25%, 03/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,500 1,180,7242.25%, 06/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,700 1,351,1662.25%, 06/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 3,600 2,942,8052.50%, 06/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,775 1,413,9772.75%, 06/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,588 1,246,8642.75%, 12/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,897 1,834,5492.75%, 12/01/64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 635 666,2253.25%, 06/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,471 1,147,6453.50%, 12/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 2,210 2,350,1994.00%, 06/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,992 2,172,4905.00%, 06/01/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,692 1,962,1205.75%, 06/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,480 1,555,4335.75%, 06/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 1,650 1,909,1728.00%, 06/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 520 580,7939.00%, 06/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 20 21,354

Canadian When Issued Government Bond, 1.50%,06/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CAD 406 303,282

40,505,614Denmark — 2.9%Denmark Government Bond

0.25%, 11/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 9,851 1,487,1540.50%, 11/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 25,610 4,145,4270.50%, 11/15/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 5,800 945,1201.50%, 11/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 16,046 2,611,688

Schedule of InvestmentsOctober 31, 2019

iShares� International Treasury Bond ETF(Percentages shown are based on Net Assets)


SecurityPar

(000) Value

Denmark (continued)1.75%, 11/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 19,612 $ 3,352,6343.00%, 11/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 18,245 2,934,1484.50%, 11/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DKK 37,674 11,035,253

26,511,424Finland — 3.1%Finland Government Bond

0.00%, 04/15/22(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,333 1,509,5740.00%, 09/15/23(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,485 1,692,3610.50%, 04/15/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,552 1,829,6820.50%, 09/15/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,350 1,600,0650.50%, 09/15/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,146 1,362,9960.50%, 09/15/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,000 1,189,3950.75%, 04/15/31(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,253 1,527,1470.88%, 09/15/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,063 1,277,1231.13%, 04/15/34(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,050 1,348,0501.38%, 04/15/47(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 790 1,120,4691.50%, 04/15/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,501 1,796,5521.63%, 09/15/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,310 1,555,9012.00%, 04/15/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,337 1,661,5802.63%, 07/04/42(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,271 2,166,9332.75%, 07/04/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,342 1,890,8783.50%, 04/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,619 1,914,3604.00%, 07/04/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,600 2,245,171

27,688,237France — 7.7%French Republic Government Bond OAT

0.00%, 02/25/21(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,050 1,181,1560.00%, 05/25/21(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,086 1,218,3350.00%, 02/25/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,000 1,129,1500.00%, 05/25/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,150 1,300,1900.00%, 03/25/23(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,150 1,298,5220.00%, 03/25/24(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,100 1,254,0920.00%, 03/25/25(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 750 856,7360.25%, 11/25/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 743 836,4250.25%, 11/25/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,230 1,426,5910.50%, 05/25/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,403 1,643,2080.50%, 05/25/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,246 1,467,9460.50%, 05/25/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,100 1,303,1800.75%, 05/25/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,201 1,449,9020.75%, 11/25/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,250 1,514,0771.00%, 11/25/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,200 1,448,6951.00%, 05/25/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,230 1,505,0841.25%, 05/25/34(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 900 1,161,4261.25%, 05/25/36(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,133 1,464,1291.50%, 05/25/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,737 2,279,3401.50%, 05/25/50(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 751 1,022,6841.75%, 05/25/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,415 1,704,1481.75%, 11/25/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,370 1,695,5071.75%, 06/25/39(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 700 983,1451.75%, 05/25/66(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 416 619,9132.00%, 05/25/48(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 982 1,484,0582.25%, 10/25/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,313 1,590,3072.25%, 05/25/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,456 1,827,7602.50%, 10/25/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,015 1,167,2712.50%, 05/25/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,508 2,145,0612.75%, 10/25/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,539 2,135,5513.00%, 04/25/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,730 2,102,9953.25%, 10/25/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,500 1,795,9743.25%, 05/25/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 912 1,672,319

SecurityPar

(000) Value

France (continued)3.50%, 04/25/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,354 $ 1,896,6113.75%, 04/25/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,420 1,684,0304.00%, 10/25/38(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,017 1,904,6814.00%, 04/25/55(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 733 1,641,2034.00%, 04/25/60(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 447 1,049,6174.25%, 10/25/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,715 2,262,3344.50%, 04/25/41(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,304 2,679,0304.75%, 04/25/35(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,207 2,288,1275.50%, 04/25/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,320 2,273,4915.75%, 10/25/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,168 2,271,7276.00%, 10/25/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,123 1,734,6068.50%, 04/25/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 435 640,006

70,010,340Germany — 4.6%Bundesobligation

0.00%, 10/08/21(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 730 825,1430.00%, 04/08/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 661 749,6350.00%, 10/07/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 655 745,6440.00%, 04/14/23(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 685,4220.00%, 10/13/23(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 687,7180.00%, 04/05/24(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 967 1,110,3790.00%, 10/18/24(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 345,315

Bundesrepublik Deutschland Bundesanleihe0.00%, 08/15/26(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 904 1,049,2430.00%, 08/15/29(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 450 522,7370.25%, 02/15/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 945 1,118,0320.25%, 08/15/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 800 951,1230.25%, 02/15/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 800 951,4360.50%, 02/15/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 854 1,010,8460.50%, 02/15/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,010 1,206,2470.50%, 08/15/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 950 1,147,9540.50%, 02/15/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 825 999,5401.00%, 08/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 685 825,5261.00%, 08/15/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 850 1,038,7141.25%, 08/15/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 650 969,1281.50%, 09/04/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 655 776,5771.50%, 02/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 655 783,9131.50%, 05/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 641 771,1051.50%, 05/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 641 786,1801.75%, 07/04/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 875 1,040,4861.75%, 02/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 625 770,4122.00%, 01/04/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 755 892,1642.00%, 08/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 689 847,7502.25%, 09/04/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 578 679,5752.50%, 07/04/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,031 1,858,8952.50%, 08/15/46(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,146 2,116,8843.25%, 07/04/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 725 861,6813.25%, 07/04/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 560 1,095,0404.00%, 01/04/37(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 836 1,614,2484.25%, 07/04/39(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 554 1,156,3974.75%, 07/04/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 464 757,7994.75%, 07/04/34(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 790 1,545,8644.75%, 07/04/40(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 618 1,389,1325.50%, 01/04/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 667 1,246,4705.63%, 01/04/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 565 953,2486.25%, 01/04/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 285 410,6406.25%, 01/04/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 375 708,8896.50%, 07/04/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 450 778,302


October 31, 2019



SecurityPar

(000) Value

Germany (continued)Bundesschatzanweisungen, 0.00% 06/11/21(a)(c). . . . . . . EUR 500 $ 563,794

41,345,227Ireland — 4.2%Ireland Government Bond

0.00%, 10/18/22(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,250 1,414,5610.80%, 03/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,880 2,163,0720.90%, 05/15/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,250 2,720,8211.00%, 05/15/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3,100 3,735,1981.10%, 05/15/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,900 2,341,4611.30%, 05/15/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,245 1,572,3311.35%, 03/18/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 847 1,073,1871.50%, 05/15/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,104 1,446,7291.70%, 05/15/37(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,560 2,086,7572.00%, 02/18/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,438 3,547,6392.40%, 05/15/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,754 3,823,7283.40%, 03/18/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,258 2,941,3473.90%, 03/20/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,933 2,476,9235.00%, 10/18/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,762 2,070,1315.40%, 03/13/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3,303 4,817,628

38,231,513Italy — 7.3%Italy Buoni Poliennali Del Tesoro

0.05%, 04/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 671,8250.20%, 10/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 582 651,8700.35%, 11/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 615 692,4600.45%, 06/01/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 695 782,8380.65%, 11/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 746 839,5240.65%, 10/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 566 644,5040.90%, 08/01/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 686,4470.95%, 03/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 490 562,1570.95%, 03/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 630 722,9831.00%, 07/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 343,9371.20%, 04/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 700 804,8641.25%, 12/01/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 750 873,6681.35%, 04/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 743 857,1161.45%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 790 918,3901.45%, 11/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 550 647,4611.45%, 05/15/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 705,7401.50%, 06/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 800 943,9301.60%, 06/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 770 916,6571.65%, 03/01/32(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 985 1,157,9521.75%, 07/01/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 713,7211.85%, 05/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 650 776,6462.00%, 12/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 750 911,3262.00%, 02/01/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 650 797,8602.05%, 08/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 930 1,141,0632.10%, 07/15/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 367,3552.15%, 12/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 746 872,0742.20%, 06/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 740 916,7592.30%, 10/15/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 700,7762.45%, 10/01/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 300 364,0292.45%, 09/01/33(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 600 764,4152.50%, 12/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 835 1,031,4372.50%, 11/15/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 650 810,1212.70%, 03/01/47(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 699 919,5092.80%, 12/01/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 750 979,8852.80%, 03/01/67(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 371 477,9212.95%, 09/01/38(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 727 980,4003.00%, 08/01/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 400 532,340

SecurityPar

(000) Value

Italy (continued)3.10%, 03/01/40(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 200 $ 273,8513.25%, 09/01/46(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 575 823,7053.35%, 03/01/35(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 500 700,8573.45%, 03/01/48(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 687 1,019,6983.50%, 03/01/30(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,043 1,446,0743.75%, 03/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 883 1,037,4473.75%, 05/01/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 203 239,9053.75%, 08/01/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,001 1,192,5703.75%, 09/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 747 968,5503.85%, 09/01/49(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 400 630,5954.00%, 09/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,035 1,194,9354.00%, 02/01/37(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 998 1,514,1274.50%, 05/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 747 960,2304.50%, 03/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,097 1,446,1874.50%, 03/01/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 925 1,286,5164.75%, 09/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 874 1,061,7854.75%, 08/01/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 970 1,267,3594.75%, 09/01/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,056 1,574,4894.75%, 09/01/44(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 649 1,130,9725.00%, 03/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 739 922,2285.00%, 03/01/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 929 1,286,7095.00%, 08/01/34(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 947 1,557,8065.00%, 08/01/39(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 789 1,365,4415.00%, 09/01/40(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 952 1,650,0485.25%, 11/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,109 1,742,6975.50%, 09/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 738 951,9385.50%, 11/01/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,007 1,306,9835.75%, 02/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 901 1,547,8076.00%, 05/01/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,271 2,164,0416.50%, 11/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 959 1,545,5787.25%, 11/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 536 867,3009.00%, 11/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 697 1,050,717

66,211,105Japan — 22.5%Japan Government Five Year Bond

0.10%, 12/20/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 66,000 612,6420.10%, 03/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,750 341,4630.10%, 06/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 70,950 659,8240.10%, 09/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 92,850 864,2900.10%, 12/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 69,300 645,8190.10%, 03/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 69,400 647,3740.10%, 06/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 69,000 644,1150.10%, 09/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 74,200 693,3500.10%, 12/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 68,000 636,2140.10%, 03/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 103,000 964,5540.10%, 06/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,000 496,7850.10%, 09/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 75,000 703,3720.10%, 12/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 137,000 1,286,0550.10%, 03/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 119,000 1,118,6910.10%, 06/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 144,250 1,356,875

Japan Government Forty Year Bond0.40%, 03/20/56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 88,750 817,3980.50%, 03/20/59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 37,450 355,9180.80%, 03/20/58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 84,000 881,7490.90%, 03/20/57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 96,450 1,041,6121.40%, 03/20/55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,400 656,1471.70%, 03/20/54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 52,950 694,4361.90%, 03/20/53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,800 731,8252.00%, 03/20/52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 90,100 1,240,5892.20%, 03/20/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 61,100 851,167


October 31, 2019



SecurityPar

(000) Value

Japan (continued)2.20%, 03/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 56,150 $ 790,1412.20%, 03/20/51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 83,450 1,185,2052.40%, 03/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 38,900 557,259

Japan Government Ten Year Bond0.10%, 03/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 42,600 403,3690.10%, 06/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 45,000 426,4560.10%, 09/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 70,450 668,6640.10%, 12/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 78,500 745,6430.10%, 03/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 52,000 494,2610.10%, 06/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 58,050 552,5770.10%, 09/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 57,250 544,8980.10%, 12/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 45,000 428,3420.10%, 03/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 54,000 514,2000.10%, 06/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 74,400 708,0960.10%, 09/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,000 960,6980.10%, 12/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 80,000 759,8830.10%, 03/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 211,400 2,007,2100.10%, 06/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 408,350 3,871,8180.30%, 12/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 48,550 462,5290.30%, 12/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 41,550 398,1430.40%, 03/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 48,200 462,2930.40%, 06/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 85,250 819,0480.40%, 09/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 47,950 461,4790.50%, 09/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 120,350 1,155,2840.50%, 12/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 43,850 421,9790.60%, 03/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 220,200 2,096,1010.60%, 09/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 30,250 289,1830.60%, 12/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 187,000 1,791,5540.60%, 03/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 79,700 765,2470.60%, 06/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 83,050 799,2100.70%, 12/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 94,050 896,1480.80%, 06/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 175,700 1,670,3080.80%, 09/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 290,450 2,768,7120.80%, 12/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 206,850 1,977,0000.80%, 06/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 207,100 1,989,6580.80%, 09/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,800 980,5680.90%, 03/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 153,500 1,458,7220.90%, 06/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,100 963,5951.00%, 09/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 179,050 1,694,9011.00%, 12/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 174,650 1,658,4361.00%, 03/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 198,800 1,893,6251.10%, 03/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 37,350 351,8231.10%, 06/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 82,450 779,2731.10%, 09/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 77,750 737,3471.10%, 12/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 102,550 975,8211.20%, 12/20/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 163,850 1,539,8911.20%, 06/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 123,400 1,168,1821.30%, 03/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 180,050 1,700,619

Japan Government Thirty Year Bond0.30%, 06/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 71,900 658,0310.40%, 06/20/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 69,400 645,1720.50%, 09/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 83,500 803,3390.50%, 03/20/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,400 968,4140.60%, 12/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 69,200 681,2200.70%, 06/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 112,000 1,128,8170.70%, 12/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 103,000 1,037,2980.80%, 03/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 59,700 616,7920.80%, 03/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 66,000 681,6490.80%, 06/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 74,300 767,2680.80%, 09/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 78,400 809,499

SecurityPar

(000) Value

Japan (continued)0.80%, 12/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 83,550 $ 862,5190.80%, 03/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 107,300 1,107,4520.90%, 09/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 87,000 921,0311.10%, 03/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 29,000 307,4071.40%, 09/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 37,500 439,4271.40%, 12/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 49,950 585,8531.50%, 12/20/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 51,950 619,7241.50%, 03/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 66,250 790,2511.60%, 06/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 40,650 495,0161.70%, 06/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 32,550 369,9331.70%, 12/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 71,350 876,0791.70%, 03/20/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 76,600 940,8261.70%, 06/20/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 60,500 745,9121.70%, 09/20/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 65,200 805,0411.80%, 11/22/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 26,000 297,2791.80%, 03/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 82,500 1,024,0291.80%, 09/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 70,950 885,6201.90%, 09/20/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 168,500 2,118,1541.90%, 06/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 84,750 1,072,3952.00%, 12/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 39,750 468,9582.00%, 09/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 145,300 1,824,6602.00%, 09/20/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 143,650 1,819,6332.00%, 03/20/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 134,550 1,711,3572.10%, 09/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 25,550 304,0102.20%, 09/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 108,400 1,387,7172.20%, 03/20/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 127,000 1,649,7492.30%, 05/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 70,000 837,3582.30%, 03/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 58,200 721,1032.30%, 06/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 39,050 485,2562.30%, 12/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 45,650 570,5012.30%, 12/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,550 676,3982.30%, 03/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 116,050 1,499,7782.30%, 03/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 124,950 1,633,0012.40%, 11/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 22,600 270,8282.40%, 03/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 48,900 604,8572.40%, 12/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 42,600 532,1962.40%, 03/20/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 82,150 1,053,1432.40%, 09/20/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,200 1,319,3962.50%, 06/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 54,500 684,3442.50%, 09/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 39,700 499,9512.50%, 09/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,550 466,1042.50%, 03/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 52,000 667,1132.50%, 06/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,500 688,4162.50%, 09/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,900 476,1932.50%, 09/20/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 75,800 989,0572.50%, 03/20/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,800 1,337,596

Japan Government Twenty Year Bond0.20%, 06/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 80,600 754,4290.30%, 06/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 400,000 3,757,9020.40%, 03/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 62,000 599,3530.40%, 03/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 130,050 1,245,6310.50%, 09/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 63,000 617,9020.50%, 03/20/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 103,700 1,013,9200.50%, 06/20/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 142,000 1,387,5290.50%, 12/20/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 138,800 1,354,4120.60%, 12/20/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 98,100 976,9350.60%, 06/20/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 87,050 866,4090.60%, 09/20/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 111,100 1,105,3990.60%, 12/20/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 90,500 900,1360.70%, 03/20/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 85,500 866,080


October 31, 2019



SecurityPar

(000) Value

Japan (continued)0.70%, 09/20/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 121,000 $ 1,222,3230.80%, 06/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 31,950 306,9511.00%, 03/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 39,500 380,9871.00%, 12/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 101,250 1,070,0821.20%, 12/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 87,450 945,5331.20%, 03/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 95,250 1,031,0931.20%, 09/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 78,850 855,5671.30%, 06/20/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 77,300 848,8091.40%, 12/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 27,000 262,7921.40%, 09/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 127,000 1,406,4161.50%, 06/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 50,900 561,8001.50%, 03/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 59,400 659,0351.50%, 03/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 93,350 1,043,5721.50%, 06/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 96,000 1,074,7421.60%, 06/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 60,800 665,2711.60%, 03/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 46,700 519,8321.60%, 06/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 50,100 558,8421.60%, 03/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 79,100 887,3861.60%, 12/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 87,850 990,7491.70%, 12/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,000 353,5461.70%, 09/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 50,400 563,5541.70%, 12/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 66,600 747,3331.70%, 03/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 38,300 430,7331.70%, 06/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 40,750 459,3231.70%, 09/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 129,450 1,462,2741.70%, 12/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 102,050 1,155,2171.70%, 06/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 103,350 1,174,5791.70%, 09/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 92,600 1,054,4351.80%, 06/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 33,000 328,1101.80%, 12/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 25,000 251,0011.80%, 06/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 72,100 803,2541.80%, 09/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 48,850 545,7931.80%, 06/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 45,800 515,8551.80%, 09/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 88,950 1,004,4471.80%, 12/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 80,100 907,8591.80%, 03/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 85,550 971,9651.80%, 12/20/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 55,950 640,1551.90%, 03/22/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 31,950 304,2681.90%, 06/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 31,000 303,0631.90%, 09/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 25,900 254,5491.90%, 09/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 13,000 130,3601.90%, 12/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 35,000 352,7551.90%, 03/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 24,050 243,7321.90%, 03/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 31,500 325,8131.90%, 06/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 40,200 417,9011.90%, 12/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 63,050 695,8101.90%, 03/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 60,350 668,2351.90%, 09/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 66,200 746,3781.90%, 03/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 50,950 577,7441.90%, 06/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 89,400 1,016,6152.00%, 06/21/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 25,650 245,9442.00%, 03/21/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,100 351,8772.00%, 06/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 28,750 281,7722.00%, 12/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,100 549,0762.00%, 03/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 50 5202.00%, 09/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 42,650 447,9622.00%, 12/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 56,050 591,7122.00%, 03/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 38,350 414,9482.00%, 06/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 51,700 586,2632.00%, 12/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 55,450 632,768

SecurityPar

(000) Value

Japan (continued)2.00%, 03/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 57,550 $ 658,6912.10%, 12/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 32,850 319,1042.10%, 03/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 57,300 585,3982.10%, 09/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 70,600 729,0602.10%, 03/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 29,900 312,2842.10%, 06/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 29,150 306,1152.10%, 09/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 18,850 199,0282.10%, 12/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 30,000 318,4382.10%, 03/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 44,600 475,5522.10%, 12/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 83,350 903,2222.10%, 03/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 58,400 635,9582.10%, 06/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 27,500 300,9622.10%, 09/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 46,300 509,2212.10%, 12/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 104,850 1,158,1272.10%, 06/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 35,450 394,4542.10%, 09/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 66,750 745,3982.10%, 12/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 35,000 392,2672.10%, 03/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 70,500 793,0522.10%, 06/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 75,700 853,8862.10%, 09/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 76,500 866,0382.10%, 12/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 77,950 885,5602.10%, 03/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 100,200 1,142,2362.10%, 12/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 100,550 1,157,8712.20%, 12/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 28,800 280,3352.20%, 03/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 18,950 194,3772.20%, 06/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 30,750 317,1092.20%, 03/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,700 393,5172.20%, 06/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 17,050 183,8132.20%, 09/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 66,000 715,8812.20%, 09/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 49,750 550,8652.20%, 03/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 81,400 908,8372.20%, 09/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 37,600 423,0242.20%, 06/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 39,450 448,5562.20%, 12/20/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 44,800 513,2122.20%, 03/20/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 55,700 640,3662.20%, 03/20/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 60,600 706,4592.30%, 03/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,000 388,1732.30%, 06/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 49,300 534,5722.30%, 09/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 26,900 293,5202.30%, 06/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 37,150 411,9202.30%, 06/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 37,950 428,4432.40%, 06/20/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 55,800 580,2732.40%, 03/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 36,500 413,2922.40%, 06/20/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,000 602,6622.50%, 12/21/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 28,700 273,670Series 49, 2.10%, 03/22/21 . . . . . . . . . . . . . . . . . . . . . . . . JPY 23,000 219,626

Japan Government Two Year Bond0.10%, 01/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 83,000 770,5280.10%, 02/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 59,000 547,8830.10%, 04/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 53,400 496,2220.10%, 05/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 85,000 790,1020.10%, 06/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 62,000 576,4820.10%, 07/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 110,000 1,023,0950.10%, 08/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JPY 110,000 1,023,411

203,467,247Netherlands — 4.6%Netherlands Government Bond

0.00%, 01/15/22(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,649 1,865,6480.00%, 01/15/24(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,750 2,001,7840.25%, 07/15/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,827 2,128,940


October 31, 2019



SecurityPar

(000) Value

Netherlands (continued)0.25%, 07/15/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,000 $ 1,173,2180.50%, 07/15/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,680 1,997,0590.50%, 01/15/40(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 773 933,7180.75%, 07/15/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,765 2,142,9970.75%, 07/15/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,500 1,835,4681.75%, 07/15/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,159 2,624,9902.00%, 07/15/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,961 2,455,3352.25%, 07/15/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,828 2,202,3582.50%, 01/15/33(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,601 2,412,8832.75%, 01/15/47(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,711 3,255,2093.25%, 07/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,067 2,459,6333.75%, 01/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 477 607,7493.75%, 01/15/42(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,851 3,755,3104.00%, 01/15/37(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,875 3,546,1885.50%, 01/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,545 2,566,5607.50%, 01/15/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 829 1,169,504

41,134,551Norway — 1.3%Norway Government Bond

1.50%, 02/19/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 9,466 1,044,0011.75%, 03/13/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 11,730 1,309,5511.75%, 02/17/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 10,300 1,155,4011.75%, 09/06/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 7,200 811,8162.00%, 05/24/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 19,654 2,195,9082.00%, 04/26/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 13,400 1,536,1283.00%, 03/14/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 13,110 1,534,5833.75%, 05/25/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOK 16,956 1,917,366

11,504,754Portugal — 4.7%Portugal Obrigacoes do Tesouro OT

1.95%, 06/15/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,213 2,887,6272.13%, 10/17/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,816 3,702,4602.20%, 10/17/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,695 3,239,0952.25%, 04/18/34(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,311 1,810,1362.88%, 10/15/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3,173 4,165,1162.88%, 07/21/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,323 3,097,5483.85%, 04/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,573 3,053,3893.88%, 02/15/30(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,917 2,930,2364.10%, 04/15/37(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,475 4,279,2364.10%, 02/15/45(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 800 1,490,0634.13%, 04/14/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2,204 3,206,8894.95%, 10/25/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3,162 4,262,6645.65%, 02/15/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3,126 4,366,872

42,491,331South Korea — 0.5%Korea Treasury Bond

1.88%, 06/10/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 1,500,000 1,307,2952.00%, 03/10/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 2,000,000 1,843,5003.00%, 12/10/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KRW 1,000,000 1,078,263

4,229,058Spain — 4.6%Spain Government Bond

0.05%, 01/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 850 954,1980.05%, 10/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 810 912,1510.25%, 07/30/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 450 512,9640.35%, 07/30/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 850 970,4020.40%, 04/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,000 1,137,9730.45%, 10/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 800 914,6860.60%, 10/31/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 380 439,061

SecurityPar

(000) Value

Spain (continued)0.75%, 07/30/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 647 $ 736,8501.30%, 10/31/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,075 1,307,3301.40%, 04/30/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 850 1,051,0801.40%, 07/30/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 900 1,113,1801.45%, 10/31/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,050 1,298,9201.45%, 04/30/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 500 622,7221.50%, 04/30/27(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 750 927,0921.60%, 04/30/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 874 1,068,3851.85%, 07/30/35(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 400 526,3771.95%, 04/30/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 858 1,080,8641.95%, 07/30/30(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 965 1,264,6132.15%, 10/31/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 946 1,196,7762.35%, 07/30/33(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 776 1,076,3642.70%, 10/31/48(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 550 853,3302.75%, 10/31/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1,147 1,468,5812.90%, 10/31/46(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 668 1,064,2493.45%, 07/30/66(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 408 758,4013.80%, 04/30/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 903 1,189,8274.20%, 01/31/37(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 797 1,400,7044.40%, 10/31/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 877 1,161,1494.65%, 07/30/25(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 945 1,341,8974.70%, 07/30/41(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 558 1,090,9104.80%, 01/31/24(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 747 1,012,0614.90%, 07/30/40(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 760 1,503,0035.15%, 10/31/28(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 780 1,257,1785.15%, 10/31/44(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 545 1,167,4255.40%, 01/31/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 759 1,005,2115.50%, 04/30/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 966 1,173,4215.75%, 07/30/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 745 1,385,4225.85%, 01/31/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 756 962,9125.90%, 07/30/26(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 922 1,438,7686.00%, 01/31/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 951 1,627,463

41,973,900Sweden — 1.8%Sweden Government Bond

0.75%, 05/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 13,535 1,521,4810.75%, 11/12/29(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 12,650 1,429,3771.00%, 11/12/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 18,035 2,041,4261.50%, 11/13/23(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 24,050 2,687,4052.50%, 05/12/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 17,230 2,073,0443.50%, 06/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 27,625 3,158,8263.50%, 03/30/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 11,995 2,018,2455.00%, 12/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SEK 11,600 1,274,142

16,203,946Switzerland — 0.5%Swiss Confederation Government Bond

2.00%, 04/28/21(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 1,036 1,093,2204.00%, 02/11/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 1,280 1,502,4424.00%, 04/08/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 1,582 2,240,131

4,835,793United Kingdom — 4.7%United Kingdom Gilt

0.63%, 06/07/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 1,350 1,764,3680.75%, 07/22/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 1,080 1,413,8700.88%, 10/22/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 250 331,2961.00%, 04/22/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 1,060 1,406,2051.25%, 07/22/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 804 1,103,3181.50%, 07/22/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 730 1,013,3691.50%, 07/22/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 905 1,273,772


October 31, 2019



SecurityPar

(000) Value

United Kingdom (continued)1.63%, 10/22/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 1,211 $ 1,716,6851.63%, 10/22/54(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 200 298,7841.63%, 10/22/71(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 350 567,3931.75%, 09/07/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 872 1,170,2301.75%, 09/07/37(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 850 1,230,7871.75%, 01/22/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 415 618,5281.75%, 07/22/57(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 610 961,4942.00%, 09/07/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 238 336,9212.25%, 09/07/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 538 744,6252.50%, 07/22/65(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 712 1,414,8272.75%, 09/07/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 460 661,7283.25%, 01/22/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 873 1,638,9773.50%, 01/22/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 868 1,708,5993.50%, 07/22/68(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 639 1,605,4423.75%, 07/22/52(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 668 1,496,3014.00%, 01/22/60(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 557 1,421,5144.25%, 12/07/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 424 714,7844.25%, 06/07/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 590 1,084,8364.25%, 03/07/36(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 775 1,505,8794.25%, 09/07/39(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 525 1,071,3344.25%, 12/07/40(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 602 1,247,1594.25%, 12/07/46(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 713 1,595,6744.25%, 12/07/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 550 1,279,2094.25%, 12/07/55(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 687 1,736,7904.50%, 09/07/34(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 581 1,133,9414.50%, 12/07/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 678 1,488,2074.75%, 12/07/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 496 924,9954.75%, 12/07/38(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 529 1,129,725

Security

Par/Shares

(000) Value

United Kingdom (continued)5.00%, 03/07/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 583 $ 936,9776.00%, 12/07/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 405 779,763

42,528,306

Total Foreign Government Obligations — 93.3%(Cost: $828,960,172) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 843,049,580

Short-Term InvestmentsMoney Market Funds — 4.2%BlackRock Cash Funds: Treasury, SL Agency Shares,

1.74%(d)(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,577 37,577,000

Total Short-Term Investments — 4.2%(Cost: $37,577,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,577,000

Total Investments in Securities — 97.5%(Cost: $866,537,172) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880,626,580

Other Assets, Less Liabilities — 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,830,657

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 903,457,237

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

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

(c) Zero-coupon bond.(d) Affiliate of the Fund.(e) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer

SharesHeld at

10/31/18(000)

Net Activity(000)

SharesHeld at

10/31/19(000)

Value at10/31/19 Income

Net RealizedGain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . 156 37,421 37,577 $37,577,000 $287,624 $ — $ —

(a) Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long Contracts10-Year Korea Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301 12/17/19 $33,578 $ (829,148)3-Year Korea Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 12/17/19 7,194 (46,053)

$ (875,201)

Forward Foreign Currency Exchange Contracts



(Depreciation)

KRW 23,317,025,040 USD 19,882,514 GS 11/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 158,764


October 31, 2019



Forward Foreign Currency Exchange Contracts (continued)



(Depreciation)

KRW 34,959,956,355 USD 29,437,818 GS 12/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 481,193

639,957

KRW 6,198,500,450 USD 5,393,283 GS 11/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (65,594)

USD 25,192,681 KRW 29,515,525,490 GS 11/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (176,286)

KRW 9,939,630,621 USD 8,656,220 GS 12/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (149,805)

(391,685)

Net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 248,272

Derivative Financial Instruments Categorized by Risk Exposure

As of October 31, 2019, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

ForeignCurrency

ExchangeContracts

InterestRate

Contracts Total

Assets — Derivative Financial InstrumentsForward foreign currency exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 639,957 $ — $ 639,957

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $875,201 $ 875,201Forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 391,685 $ — $ 391,685

$ 391,685 $875,201 $1,266,886

(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variationmargin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the year ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

ForeignCurrency

ExchangeContracts

InterestRate

Contracts Total

Net Realized Gain (Loss) from:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 946,847 $ 946,847Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,934,917) — (1,934,917)

$ (1,934,917) $ 946,847 $ (988,070)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ (875,201) $ (875,201)Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,272 — 248,272

$ 248,272 $ (875,201) $ (626,929)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,373,726

Forward foreign currency exchange contracts:Average amounts purchased — in USD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,217,239Average amounts sold — in USD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,074,810

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


October 31, 2019

iShares� International Treasury Bond ETF


Derivative Financial Instruments - Offsetting as of Year End

The Fund's derivative assets and liabilities (by type) were as follows:

Assets Liabilities

Derivative Financial Instruments:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 875,201Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639,957 391,685

Total derivative assets and liabilities in the Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 639,957 $1,266,886Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (875,201)

Total derivative assets and liabilities subject to an MNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 639,957 $ 391,685

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateralreceived and pledged by the Fund:

Counterparty

DerivativeAssets

Subject toan MNA by

Counterparty



Assets(b)

Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 639,957 $(391,685) $ 248,272

Counterparty

DerivativeLiabilities

Subject toan MNA by

Counterparty



Liabilities

Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 391,685 $(391,685) $ —

(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.(b) Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

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

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund's investmentsinto major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Foreign Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $843,049,580 $ — $843,049,580Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,577,000 — — 37,577,000

$ 37,577,000 $843,049,580 $ — $880,626,580

Derivative financial instruments(a)

AssetsForward Foreign Currency Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 639,957 $ — $ 639,957

LiabilitiesForward Foreign Currency Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (391,685) — (391,685)Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (875,201) — — (875,201)

$ (875,201) $ 248,272 $ — $ (626,929)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.



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ASSETSInvestments in securities, at value:

Unaffiliated(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,609,344 $843,049,580Affiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,056,000 37,577,000

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 734Foreign currency, at value(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,384,276 14,642,937Cash pledged:

Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000 961,000Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,098,842 —Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,734 794,599Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,649 56,524Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483,455 6,396,771

Unrealized appreciation on:Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,242 639,957

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,714,723 904,119,102

LIABILITIESPayables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,586,891 29Investment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,966 270,151

Unrealized depreciation on:Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,072 391,685

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,624,929 661,865

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $67,089,794 $903,457,237

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $76,207,920 $898,925,945Accumulated earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,118,126) 4,531,292

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $67,089,794 $903,457,237

Shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,000 17,800,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 78.93 $ 50.76

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None

(a) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $63,374,680 $828,960,172(b) Investments, at cost — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,056,000 $ 37,577,000(c) Foreign currency, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,374,980 $ 14,510,386


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INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,204 $ 287,624Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,596 8,616,472Foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66) (4,445)

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,734 8,899,651

EXPENSESInvestment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,136 3,225,458

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,136 3,225,458

Less:Investment advisory fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (188,754) —

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,382 3,225,458

Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,648) 5,674,193

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,008,603) (2,412,421)In-kind redemptions — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (104,122) 12,785,152Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,265 946,847Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (155,646) (1,934,917)Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (71,295) (627,610)

Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,328,401) 8,757,051

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,444,115 49,777,709Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,087) (875,201)Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,170 248,272Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,497 551,816

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532,695 49,702,596

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204,294 58,459,647

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,646 $64,133,840


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Year Ended10/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (3,648) $ (54,608) $ 5,674,193 $ 6,131,875Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,328,401) 1,749,150 8,757,051 349,858Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532,695 (4,437,124) 49,702,596 (38,679,911)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,646 (2,742,582) 64,133,840 (32,198,178)

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,360,805) (350,329) (2,800,772) (364,402)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,906,349) 607,933 (9,559,875) 72,999,629

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,066,508) (2,484,978) 51,773,193 40,437,049Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,156,302 78,641,280 851,684,044 811,246,995

End of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $67,089,794 $76,156,302 $903,457,237 $851,684,044

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


Statements of Changes in Net Assets


iShares 1-3 Year International Treasury Bond ETF

Year Ended10/31/19

Year Ended10/31/18

Year Ended10/31/17

Year Ended10/31/16

Year Ended10/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 80.16 $ 82.78 $ 80.72 $ 78.95 $ 88.12

Net investment income (loss)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.00)(b) (0.06) (0.04) 0.00(b) 0.15Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20 (2.17) 2.10 1.77 (9.12)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20 (2.23) 2.06 1.77 (8.97)

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.43) (0.39) — — (0.20)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (0.00)(b)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.43) (0.39) — — (0.20)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 78.93 $ 80.16 $ 82.78 $ 80.72 $ 78.95

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% (2.71)% 2.55% 2.24% (10.19)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% 0.35% 0.35% 0.35% 0.35%

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.09% 0.01% 0.01% 0.20% 0.35%

Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.01)% (0.07)% (0.04)% 0.01% 0.19%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $67,090 $76,156 $78,641 $84,758 $126,323

Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56% 47% 48% 53% 53%

(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) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights(For a share outstanding throughout each period)

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

iShares International Treasury Bond ETF

Year Ended10/31/19

Year Ended10/31/18

Year Ended10/31/17(a)



Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47.45 $ 48.72 $ 48.06 $ 45.51 $ 49.24

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30 0.33 0.37 0.45 0.64Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.16 (1.58) 0.62 2.17 (4.24)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.46 (1.25) 0.99 2.62 (3.60)

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.15) (0.02) (0.33) (0.07) —Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (0.13)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.15) (0.02) (0.33) (0.07) (0.13)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50.76 $ 47.45 $ 48.72 $ 48.06 $ 45.51

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.31% (2.57)% 2.13% 5.73% (7.33)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% 0.35% 0.35% 0.35% 0.35%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.62% 0.66% 0.78% 0.93% 1.38%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $903,457 $851,684 $811,247 $773,704 $482,424

Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9% 10% 9% 9% 10%

(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on August 30, 2017.(b) Based on average shares outstanding.(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) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights (continued)

(For a share outstanding throughout each period)


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. TheTrust 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 ETFDiversificationClassification

1-3 Year International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedInternational Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principlesgenerally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to makecertain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financialstatements 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.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions aredetermined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, andpayment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividenddate, net of any foreign taxes withheld at source.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assetsand liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchasesand sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations arereflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currencygain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generallytreated 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 certainforeign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in whicheach Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source arepresented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividendsare 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 theirrespective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2019, if any, are disclosed in the statement of assets and liabilities.

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 netrealized 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 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 netinvestment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvestedin additional shares of the Funds.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on PurchaseCallable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchasedcallable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be appliedon a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate theimpact of this guidance to the Funds.

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

Notes to 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 27

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 theFund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is notopen. 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 atthe measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by theBoard of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed bymanagement to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated

prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of aninstitutional 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, credit qualityinformation, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices ofsecurities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are

derived when the settlement date of the contract is an interim date for which quotations are not available.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event thatapplication 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 priceis not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair ValuedInvestments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach.Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principalmarket for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, ifreasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities,prepayment speeds, loss severities, credit risks and/or default rates.

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 resultin 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 valuehierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, 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 considered tobe active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, lossseverities, 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 GlobalValuation 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 tounobservable inputs (Level 3 measurements). Accordingly, the degree of judgement 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 classificationis determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is includedin its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is notnecessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contractsin order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futurescontracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the termsof a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on thesettlement date.

Notes to Financial Statements (continued)


Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. governmentsecurities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securitiesdeposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statementof assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variationmargin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in thestatement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notionalamount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreasesdue to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under thecontract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

Forward Foreign Currency Exchange Contracts: Each Fund use forward foreign currency exchange contracts to offset the Fund’s exposure to the component currenciesof the non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell acurrency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. Whenthe contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the valueat the time it was closed. Non-deliverable forward foreign currency exchange contracts ("NDFs") are settled with the counterparty in cash without the delivery of foreigncurrency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of thereferenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against anycollateral held by the fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an InternationalSwaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA MasterAgreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral postingterms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in theevent of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions onor prohibitions against the right of offset in bankruptcy, insolvency, or other events.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement,and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contractsheld by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives onthe statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds'investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cashreceived as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fundbears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that itbelieves have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement ofassets and liabilities.

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’sassets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantiallyall 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 theindependent trustees).

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

iShares ETF Investment Advisory Fee

1-3 Year International Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35%International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35

Expense Waivers: For the year ended October 31, 2019, BFA has voluntarily waived a portion of its investment advisory fees for the iShares 1-3 Year International TreasuryBond ETF in the amount of $188,754.

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 theSub-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 orexpenses 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 investmentsis shown as dividends – affiliated in the statement 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’sunderlying index.

6. PURCHASES AND SALES

For the year ended October 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

U.S. Government Securities Other Securities

iShares ETF Purchases Sales Purchases Sales

1-3 Year International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,002,189 $ 1,004,530 $ 38,005,833 $ 40,086,438International Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,020,629 — 119,257,289 80,932,765

For the year ended October 31, 2019, in-kind transactions were as follows:

iShares ETFIn-kind

PurchasesIn-kindSales

1-3 Year International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 7,437,810International Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,427,047 354,753,564

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 the policy of each Fund to qualify as a regulated investmentcompany by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, asamended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieveit from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2019, inclusive of the open tax return years, and does not believethat 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 haveno effect on net assets or NAV per share. As of October 31, 2019, the following permanent differences attributable to net investment loss and realized gains (losses) fromin-kind redemptions, were reclassified to the following accounts:

iShares ETF Paid-in CapitalAccumulated

Earnings (Loss)

1-3 Year International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,322,544) $ 1,322,544International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,328,547 (12,328,547)

The tax character of distributions paid was as follows:

iShares ETFYear Ended

10/31/19Year Ended

10/31/18

1-3 Year International Treasury BondOrdinary income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,360,805 $ 350,329

International Treasury BondOrdinary income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,800,772 $ 364,402



As of October 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

iShares ETFUndistributed

Ordinary Income

Non-expiringCapital Loss

Carryforwards(a)Net UnrealizedGains (Losses)(b)

QualifiedLate-Year Losses(c) Total

1-3 Year International Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ (8,138,300) $ (915,672) $ (64,154) $ (9,118,126)International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,388,661 (9,046,070) 12,188,701 — 4,531,292

(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, amortization methods for premiums

and discounts on fixed income securities and the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts.(c) The Funds elected to defer certain qualified late-year losses and recognize such losses in the year ending next taxable year.

For the year ended October 31, 2019, the Funds utilized the following amounts of their capital loss carryforwards as follows:

iShares ETF Utilized

1-3 Year International Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,013International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 934,448

As of October 31, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federalincome tax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

1-3 Year International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 66,580,480 $ 451,414 $ (1,375,637) $ (924,223)International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867,687,544 30,496,892 (18,433,057) 12,063,835

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 variousrisks, 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 mayalso 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 socialinstability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus providesdetails 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 wellas 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 compositionof the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It representsthe potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixedincome and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general marketconditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instabilityor to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown inthe fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but arenot limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates,greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition ofwithholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened forinvestments in issuers from countries with less developed capital markets.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bondsand other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interestrate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund maybe subject to a greater risk of price losses if interest rates rise.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchaseagreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliatesmanage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by



monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally offinancial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets isapproximated by their value recorded in its statement of assets and liabilities.

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 particularinvestment 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.

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 whenaggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

Year Ended10/31/19

Year Ended10/31/18

iShares ETF Shares Amount Shares Amount

1-3 Year International Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ — 150,000 $ 13,005,438Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,000) (7,906,349) (150,000) (12,397,505)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,000) $ (7,906,349) — $ 607,933

International Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,350,000 $ 415,125,105 7,000,000 $ 353,753,364Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,500,000) (424,684,980) (5,700,000) (280,753,735)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (150,000) $ (9,559,875) 1,300,000 $ 72,999,629

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 specifiedamount 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 Unitsmay 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 othertransaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may alsopay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, andbrokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactionsare reflected as a receivable or a payable in the statement of assets and liabilities.

10. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iSharesMorningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust,BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuitalleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-lossorders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that thePlaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs haveappealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

11. 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 determinedthat there were no subsequent events requiring adjustment or additional disclosure in the financial statements.



To the Board of Trustees of iShares Trust andShareholders of iShares 1-3 Year International Treasury Bond ETF andiShares International Treasury Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares 1-3 Year International Treasury Bond ETF andiShares International Treasury Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of October 31, 2019, the relatedstatements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019,including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (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, 2019, the results of each of theiroperations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlightsfor each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

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 ouraudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent withrespect 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 thePCAOB.

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 obtainreasonable 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 performingprocedures 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 thefinancial statements. Our procedures included confirmation of securities owned as of October 31, 2019 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 LLPPhiladelphia, PennsylvaniaDecember 19, 2019

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

Report of Independent Registered Public Accounting Firm

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 33

For the fiscal year ended October 31, 2019, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:

iShares ETFForeign SourceIncome Earned

ForeignTaxes Paid

1-3 Year International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,633 $ —International Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,609,117 1,007

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2019:

iShares ETFFederal Obligation

Interest

International Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 190,141

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

Important Tax Information (unaudited)


I. iShares 1-3 Year International Treasury Bond ETF and iShares International Treasury Bond ETF (the “Funds”)

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 Trustees who are not“interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment AdvisoryContract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (“BIL”) (the“Sub-Advisory Agreement”), on behalf of the Funds. The Advisory Contract and the Sub-Advisory Agreement are referred to hereafter as the “Advisory Agreements”. TheBoard’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to theFunds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management andoversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, suchinformation as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6,2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewedand discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information,which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information providedby management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentTrustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature,extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (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 materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Funds: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which eachFund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable,funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each Fund’s applicable peer group pursuant to Broadridge’s proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine theapplicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information providedin Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median ofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. TheBoard also noted that BFA pays BIL for its sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under theSub-Advisory Agreement.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridgealso provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and forthe quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlyingindex and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Suchperiodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fundgenerally performed in line with its respective 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 rateand expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, 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 underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered 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 complianceprogram and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing

Board Review and Approval of Investment Advisory Contract

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

the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment andrisk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

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 theFunds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFAand its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profitmargin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds andBFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 scaleare 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe Advisory Contract for the Funds did not provide for breakpoints in the Funds' investment advisory fee rate as the assets of the Funds increase. However, the Board notedthat 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, supportedthe Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Funds and that track the same index. The Board further notedthat BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services andgenerally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional 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 overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that theinvestment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (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 servicesprovided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which wasincluded 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 Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’sincreased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a serviceprovider 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 notedthat 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 forportfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from anunderwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable,under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion withrespect to the appropriateness of approving the continuance of the Advisory Contract 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 theIndependent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as

Board Review and Approval of Investment Advisory Contract (continued)


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 continuanceof the Advisory Contract for the coming year.

Board Review and Approval of Investment Advisory Contract (continued)

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 37

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 reportingpurposes. 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 changesbased 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 taxpurposes.

Total Cumulative Distributionsfor the Fiscal Year

% Breakdown of the Total CumulativeDistributions for the Fiscal Year

iShares ETF

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

1-3 Year International Treasury Bond(a) . . . . . . . . . . . . $ 0.569158 $ — $0.863268 $1.432426 40% —% 60% 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 returnof 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 theFund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce theFund's net asset value per share.

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of afund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fundshares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest ask on the primary securities exchange on whichshares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund willfluctuate with changes in the value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply anddemand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV iscalculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is tradingbelow the reported NAV, expressed as a percentage of the NAV.

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (orsince the Fund began trading, if shorter) is publicly accessible, free of charge, at iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the datea Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the numberof trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of tradingdays in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented hererepresents past performance, which cannot be used to predict future results.

iShares 1-3 Year International Treasury Bond ETFPeriod Covered: January 01, 2014 through September 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14%Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1.52Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 654 45.23At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 2.97Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 698 48.27Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 1.73Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,446 100.00%

Supplemental Information (unaudited)


iShares International Treasury Bond ETFPeriod Covered: January 01, 2014 through September 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.21Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1.87Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 792 54.77At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 2.97Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 38.38Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1.52Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,446 100.00%

Supplemental Information (unaudited) (continued)

S U P P L E M E N T A L I N F O R M A T I O N 39

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 otherservice 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 successoris 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 toas independent trustees (“Independent Trustees”).

The registered investment companies advised by BFAor its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, indexand money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the "BlackRockFixed-Income Complex") and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRockFund Complex referred to as 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 352 funds as of October 31, 2019. With the exception of Robert S. Kapito,Salim Ramji, Charles Park and Neal J. Andrews, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The addressof Mr. Kapito, Mr. Ramji, Mr. Park and Mr. Andrews is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated CeciliaH. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of AdditionalInformation, 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 the Past 5 Years Other Directorships Held by Trustee

Robert S.Kapito(a) (62)

Trustee (since2009).

President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Headof BlackRock’s Portfolio Management Group (since its formation in 1998) andBlackRock, Inc.’s predecessor entities (since 1988); Trustee, University ofPennsylvania (since 2009); President of Board of Directors, Hope & HeroesChildren’s Cancer Fund (since 2002).

Director of BlackRock, Inc. (since 2006); Directorof iShares, Inc. (since 2009); Trustee of iSharesU.S. ETF Trust (since 2011).

Salim Ramji(b)

(49)Trustee (since2019).

Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’sETF and Index Investments Business (since 2019); Head of BlackRock’sU.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 ofiShares 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


Cecilia H.Herbert (70)

Trustee (since2005);IndependentBoard Chair(since 2016).

Chair of the Finance Committee (since 2019) and Trustee and Member of theFinance, Technology and Quality Committees of Stanford Health Care (since 2016);Member of the Audit Committee (since 2018) and Trustee and Member of theInvestment Committee, WNET, a New York public media company (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 CharitiesCYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee(2006-2010) of the Thacher School.

Director of iShares, Inc. (since 2005); Trustee ofiShares U.S. ETF Trust (since 2011);Independent Board Chair of iShares, Inc. andiShares U.S. ETF Trust (since 2016); Trustee ofThrivent Church Loan and Income Fund (since2019).

Jane D.Carlin (63)

Trustee (since2015); RiskCommittee Chair(since 2016).

Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of theNominating and Governance Committee (2017-2018) and Director of PHHCorporation (mortgage solutions) (2012-2018); Managing Director and Global Headof Financial Holding Company Governance & Assurance and the Global Head ofOperational Risk Management of Morgan Stanley (2006-2012).

Director of iShares, Inc. (since 2015); Trustee ofiShares U.S. ETF Trust (since 2015); Member ofthe Audit Committee (since 2016) and Director ofThe Hanover Insurance Group, Inc. (since 2016).

Richard L.Fagnani (64)

Trustee (since2017); AuditCommittee Chair(since 2019).

Partner, KPMG LLP (2002-2016). Director of iShares, Inc. (since 2017); Trustee ofiShares U.S. ETF Trust (since 2017).

Trustee and Officer Information


Independent Trustees (continued)


John E.Kerrigan (64)

Trustee (since2005); Nominatingand Governanceand Equity PlusCommittee Chairs(since 2019).

Chief Investment Officer, Santa Clara University (since 2002). Director of iShares, Inc. (since 2005); Trustee ofiShares U.S. ETF Trust (since 2011).

Drew E.Lawton (60)

Trustee (since2017); 15(c)Committee Chair(since 2017).

Senior Managing Director of New York Life Insurance Company (2010-2015). Director of iShares, Inc. (since 2017); Trustee ofiShares U.S. ETF Trust (since 2017).

John E.Martinez (58)

Trustee (since2003); SecuritiesLendingCommittee Chair(since 2019).

Director of Real Estate Equity Exchange, Inc. (since 2005). Director of iShares, Inc. (since 2003); Trustee ofiShares U.S. ETF Trust (since 2011); Director ofCloudera Foundation (since 2017); and Directorof Reading Partners (2012-2016).

Madhav V.Rajan (55)

Trustee (since2011); FixedIncome PlusCommittee Chair(since 2019).

Dean, and George Pratt Shultz Professor of Accounting, University of Chicago BoothSchool of Business (since 2017); Robert K. Jaedicke Professor of Accounting,Stanford University Graduate School of Business (2001-2017); Professor of Law (bycourtesy), Stanford Law School (2005-2017); Senior Associate Dean for AcademicAffairs and Head of MBA Program, Stanford University Graduate School of Business(2010-2016).

Director of iShares, Inc. (since 2011); Trustee ofiShares U.S. ETF Trust (since 2011).

Officers

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

ArmandoSenra (48)

President (since2019).

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

Neal J.Andrews (53)

Treasurer andChief FinancialOfficer (since2019).

Managing Director, BlackRock, Inc. (since 2006); Chief Financial Officer of the BlackRock-advised Funds in the BlackRock Multi-AssetComplex and the BlackRock Fixed-Income Complex (since 2007).

CharlesPark (52)

Chief ComplianceOfficer (since2006).

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

DeepaDamre (44)

Secretary (since2019).

Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

ScottRadell (50)

Executive VicePresident (since2012).

Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

AlanMason (58)


Managing Director, BlackRock, Inc. (since 2009).

MarybethLeithead (56)


Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, MunicipalInstitutional & Wealth Management (2009-2016).

Trustee and Officer Information (continued)

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 41

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once youhave 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 copyof certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contactyour 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 currentlyenrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s websiteat sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

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 theiShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) bycalling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

General Information


Counterparty Abbreviations

GS Goldman Sachs & Co.

Currency Abbreviations

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

JPY Japanese Yen

KRW South Korean Won

NOK Norwegian Krone

SEK Swedish Krona

USD United States Dollar

Glossary of Terms Used in this Report

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 43

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Want to know more?iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is

preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this

company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated

with the company listed above.

©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its

subsidiaries. All other marks are the property of their respective owners.

iS-AR-1003-1019

Documents

2019 Annual Report - iShares · 2019-12-24 · iSharesTrust Global Bond MarketOverview Global investment-grade bonds advanced for the 12 months ended October 31, 2019 (“reporting