iShares MSCI World ETF (URTH) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: October 31, 2020

Date of reporting period: October 31, 2020

Item 1. Reports to Stockholders.

Copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.

OCTOBER 31, 2020

2020 Annual Report

iShares, Inc.

· iShares International High Yield Bond ETF | HYXU | Cboe BZX

· iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX

· iShares J.P. Morgan EM High Yield Bond ETF | EMHY | Cboe BZX

· iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca

· iShares US & Intl High Yield Corp Bond ETF | GHYG | Cboe BZX

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 financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.29%	9.71%
U.S. small cap equities (Russell 2000® Index)	18.13	(0.14)
International equities (MSCI Europe, Australasia, Far East Index)	8.57	(6.86)
Emerging market equities (MSCI Emerging Markets Index)	20.96	8.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.92
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(1.63)	8.92
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.27	6.19
Tax-exempt municipal bonds (S&P Municipal Bond Index)	4.87	3.55
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	10.73	3.42
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		63
Statements of Operations		65
Statements of Changes in Net Assets		67
Financial Highlights		70
Notes to Financial Statements		75
Report of Independent Registered Public Accounting Firm		85
Important Tax Information (Unaudited)		86
Board Review and Approval of Investment Advisory Contract		87
Supplemental Information		91
Director and Officer Information		93
General Information		95
Glossary of Terms Used in this Report		96

Market Overview

iShares, Inc.

Global Bond Market Overview

Global investment-grade bonds advanced for the 12 months ended October 31, 2020 (“reporting period”). The Bloomberg Barclays Global Aggregate Index, a broad measure of global bond market performance, returned 5.63% in U.S. dollar terms for the reporting period.

Market disruption due to the coronavirus pandemic drove sharp volatility in bond prices, followed by a steady recovery after governments worldwide intervened to support fixed-income markets and economic activity. As the extent of the outbreak became evident in late February and early March 2020, uncertainty led investors to move out of stocks and into bonds, and global bond yields (which are inversely related to prices) declined. But the continued spread of the virus and related restrictions on economic activity led to a significant increase in yields, as investors became concerned that the pandemic-related downturn would restrict liquidity and limit the ability of sovereign and corporate borrowers to issue new bonds. However, the swift action of central banks helped stabilize credit markets and improve liquidity, and a gradual, but significant, recovery in bond prices followed.

U.S. bond prices followed the global pattern: an advance in the immediate aftermath of the pandemic, followed by a sharp decline and subsequent recovery, leading to a positive performance for the reporting period overall. In response to the economic downturn, the U.S. Federal Reserve (“Fed”) enacted two emergency decreases to short-term interest rates in March 2020. It further stabilized bond markets by implementing bond buying programs for U.S. Treasuries, mortgage-backed securities, and corporate bonds. Bond prices rose thereafter, driving Treasury yields to historic lows despite record issuance to fund government fiscal stimulus programs. Fed action, along with signs that defaults would be lower than anticipated, drove corporate bond prices higher beginning in late March 2020. In August 2020, the Fed revised its long-standing inflation policy, allowing it to exceed its 2% target in order to stimulate the economy.

European bonds also advanced, benefiting from efforts by the European Central Bank (“ECB”) to stabilize and provide liquidity for markets. In March 2020, the ECB instituted a €750 billion bond purchasing program that authorized purchases of government and corporate bonds. The ECB augmented this program with an additional €600 billion in June 2020, further bolstering the European bond market. To finance its recovery efforts, in October 2020 the E.U. issued its own large-scale bonds for the first time (previously most European debt was issued only by individual member states). Demand for the issuance was high, indicating significant investor appetite for E.U.-backed bonds.

Bonds in the Asia/Pacific region posted a modest return after a sharp decline in bond prices in March 2020 was followed by a relatively modest rebound. Japanese bond prices in particular declined amid a significant increase in issuance of government bonds to finance stimulus efforts. To support this influx of bond supply and improve market liquidity, the Bank of Japan increased its bond-buying program for both government and corporate bonds. Bonds in other parts of the Asia/Pacific region posted gains, however, as foreign investors in search of yield buoyed bond prices in South Korea, Malaysia, and Thailand. Emerging market bonds also advanced amid a strong economic recovery in China, which helped reassure yield-hungry investors that economic conditions were improving in the latter part of the reporting period.

4 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2020  iShares^® International High Yield Bond ETF

Investment Objective

The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.00	%		3.94	%		3.32	%		3.00	%		21.29	%		32.39	%
Fund Market		2.81			3.84			3.31			2.81			20.75			32.22
Index		3.54			4.32			3.54			3.54			23.54			34.72

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

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 redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,130.30	$	2.14		$	1,000.00	$	1,023.10	$	2.03		0.40	%

^(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 of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

FUND   SUMMARY 5

Fund Summary as of October 31, 2020  (continued) iShares^® International High Yield Bond ETF

Portfolio Management Commentary

International high-yield bonds recovered from a pandemic-driven decline to advance during the reporting period. Investor demand for higher-yield investments, notably in Europe, where government bonds traded at historically low interest rates, aided returns. The Fed further bolstered high-yield corporate bond gains as it included high-yield bonds in one of its bond-buying programs.

From a country perspective, euro-denominated high-yield corporate bonds in Italy contributed to the Index’s return. Although the country’s immediate response to the pandemic outbreak resulted in a 13.0% quarter-over-quarter decline in economic growth, the manufacturing sector rebounded rapidly. High-yield corporate bond issuers in the financials sector also advanced, benefiting from the Italian government’s move to guarantee up to €750 billion worth of loans extended to challenged companies.

High-yield U.S. corporate bonds, which represent U.S. multinational corporations with debt denominated in foreign currencies, recovered from March 2020 declines to further increase the Index’s return. The Fed’s bond-buying measures specifically supported fallen angels — previously high-quality issuers whose credit ratings were downgraded to high yield. Corporations also took advantage of broadly lower interest rates to issue record volumes of new high-yield bonds to pay off or refinance existing bonds and loans. However, uncertainties around the pandemic’s resurgence and the U.S. presidential election prompted a decline late in the reporting period. High-yield corporate bonds from France and the Netherlands also advanced, as wage subsidies and other relief programs helped buffer the impact of the early 2020 downturn.

From a bond quality perspective, bonds rated Ba, which represented more than half of the Index on average for the reporting period, contributed significantly to the Index’s return. Bonds holding lower-quality ratings also benefited the Index’s performance.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	4.7	%
Ba	57.7
B	19.1
Caa	7.6
Not Rated	10.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	20.0	%
Italy	17.1
United Kingdom	11.1
France	11.1
Germany	10.1
Spain	5.7
Luxembourg	4.9
Netherlands	4.1
Sweden	3.2
Israel	2.3

* Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)  Excludes money market funds.

6 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2020  iShares^® J.P. Morgan EM Corporate Bond ETF

Investment Objective

The iShares J.P. Morgan EM Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the J.P. Morgan CEMBI Broad Diversified Core Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.94	%		5.64	%		4.51	%		3.94	%		31.58	%		45.72	%
Fund Market		3.58			5.76			4.52			3.58			32.33			45.83
Index		4.69			6.27			5.11			4.69			35.54			53.04

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.

Index Performance through May 31, 2017 reflects the performance of the Morningstar^® Emerging Markets Corporate Bond Index^SM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core 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 redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,096.80	$	2.64		$	1,000.00	$	1,022.60	$	2.54		0.50	%

^(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 of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

FUND   SUMMARY 7

Fund Summary as of October 31, 2020  (continued) iShares^® J.P. Morgan EM Corporate Bond ETF

Portfolio Management Commentary

U.S. dollar-denominated emerging market corporate bonds advanced during the reporting period. In addition to offering a viable alternative to investors seeking higher-yield investments, weakness in the U.S. dollar heightened the appeal of emerging market bonds. Although emerging market debt denominated in U.S. dollars avoids direct currency impacts, moves in the value of the U.S. dollar can affect it indirectly, especially when companies conduct business in local currency terms while issuing debt denominated in U.S. dollars.

U.S. dollar-denominated corporate and government-related bonds from China contributed the most to the Index’s return amid International Monetary Fund projections that China would be the only major economy to grow in 2020. This comparatively solid growth outlook drove strong demand for China’s bonds. To bolster demand, which softened after reaching record highs in August 2020, the government structured a $6 billion offering to make it easier for U.S. investors to participate. However, rising default levels among corporate bond issuers tempered gains.

Israeli bonds contributed to the Index’s return, as the Bank of Israel included corporate debt in its bond-buying program. A 12-year high in the Israeli shekel relative to the U.S. dollar further enhanced the performance of U.S. dollar-denominated debt. Corporate debt in Mexico also advanced, as a rebound in the value of the Mexican peso and persistent inflationary pressures broadly kept interest rates at an elevated level.

On the downside, Argentinian government bonds detracted. Shortly after restructuring debt on which the country defaulted, government restrictions on the country’s U.S. dollar reserves prompted a downturn in the new bonds. From a quality standpoint, bonds rated BBB, which are on the low end of investment grade, contributed to the Index’s return, followed by bonds rated BB, which are at the top of the high-yield scale.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	4.6	%
A	18.6
Baa	32.7
Ba	14.5
B	8.9
Caa	3.1
Ca	0.1
Not Rated	17.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	8.8	%
Brazil	6.3
Hong Kong	5.5
Mexico	5.4
Russia	4.9
India	4.9
Saudi Arabia	4.6
United Arab Emirates	4.6
Singapore	4.4
South Korea	4.4

* Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)  Excludes money market funds.

8 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2020  iShares^® J.P. Morgan EM High Yield Bond ETF

Investment Objective

The iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) (formerly the iShares Emerging Markets High Yield Bond ETF) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the J.P. Morgan USD Emerging Markets High Yield 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.08	)%		4.54	%		4.28	%		(2.08	)%		24.84	%		43.25	%
Fund Market		(2.07	)		4.67			4.32			(2.07	)		25.64			43.72
Index(a)		(1.60	)		4.81			4.63			(1.60	)		26.46			47.45
J.P. Morgan USD Emerging Markets High Yield Bond Index (b)		(1.22	)		N/A			N/A			(1.22	)		N/A			N/A

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

^(a)  Index performance through March 01, 2020 reflects the performance of the Morningstar^® Emerging Markets High Yield Bond Index^SM which terminated on April 01, 2020. Index performance beginning on March 02, 2020 reflects the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index, which, effective as of March 02, 2020, replaced Morningstar^® Emerging Markets High Yield Bond Index^SM as the underlying index of the fund.

^(b)  The inception date of the J.P. Morgan USD Emerging Markets High Yield Bond Index was July 27, 2018. The cumulative total return for this index for the period July 27, 2018 through October 31, 2020 was 6.84%.

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 redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,133.90	$	2.52		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(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 of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

FUND   SUMMARY 9

Fund Summary as of October 31, 2020  (continued) iShares^® J.P. Morgan EM High Yield Bond ETF

Portfolio Management Commentary

Emerging market high-yield bonds declined for the reporting period as a retreat in high-yield government bonds outweighed gains in high-yield corporate bonds. Ripple effects from the pandemic were particularly challenging for already struggling emerging market countries, and five countries defaulted on or restructured distressed government debt in 2020. Alternatively, emerging market high-yield corporate bonds steadily advanced after decreasing sharply upon the onset of the pandemic.

Government bonds from Ecuador detracted the most from the Index’s return. Reduced oil prices, delayed fiscal reforms, and deferred interest payments on existing bonds contributed to a series of credit rating downgrades. When International Monetary Fund assistance was delayed by the pandemic, the cash-strapped government elected to make principal payments only and postpone interest payments. Additionally, a landslide that damaged two pipelines curtailed the country’s oil exports.

Lebanese government bonds further diminished the Index’s return. Political upheaval and an overwhelming debt load led to the country’s first-ever default on a bond payment in March 2020. The country defaulted again five months later following a large explosion in Beirut that prompted further civic unrest and led the government’s cabinet to resign.

Bonds from Brazil aided the Index’s return as both sovereign and corporate issues benefited from rising global demand for higher-yielding investments. Foreign investment flowed strongly to Brazilian corporations issuing U.S. dollar-denominated debt, as a sharp decline in the Brazilian real, which helped Brazil’s exporters, and relatively high yields increased the demand for Brazilian corporate debt. Similarly, U.S. dollar-denominated debt in Mexico contributed to the Index’s return. The Mexican government improved relations with business leaders, in part by announcing a large, privately funded infrastructure package.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	1.1	%
Ba	41.9
B	31.2
Caa	6.5
Ca	3.5
C	0.3
Not Rated	15.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	19.0	%
Turkey	11.0
Mexico	8.6
China	4.6
Argentina	4.2
South Africa	3.9
Egypt	3.1
Oman	2.9
Dominican Republic	2.9
Hong Kong	2.6

* Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)  Excludes money market funds.

10 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF

Investment Objective

The iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.20	)%		1.71	%		0.05	%		(4.20	)%		8.83	%		0.45	%
Fund Market		(4.52	)		1.75			0.04			(4.52	)		9.06			0.35
Index		(3.50	)		2.37			0.55			(3.50	)		12.41			5.12

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Index performance through May 31, 2017 reflects the performance of the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor 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 redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period (a)	Annualized Expense Ratio
$	1,000.00	$	1,074.80	$	1.56	$	1,000.00	$	1,023.60	$	1.53	0.30	%

^(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 of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

FUND   SUMMARY 11

Fund Summary as of October 31, 2020  (continued) iShares^® J.P. Morgan EM Local Currency Bond ETF

Portfolio Management Commentary

Emerging market sovereign bonds denominated in local currencies declined for the reporting period. High pandemic-related expenses, declining commodities prices, and sharp restrictions on tourism-related activity all weighed on the economies of emerging market countries, many of which also contended with rising local borrowing costs.

Bonds from Brazil, which entered 2020 with an already low economic growth rate and high government debt, were the largest detractors from the Index’s return. A steep decline in the Brazilian real relative to the U.S. dollar exacerbated the bonds’ drop as foreign investors pulled funds from the country. Political conflicts over whether to continue pre-pandemic budget reform measures raised questions among analysts about the government’s fiscal discipline.

Turkish bonds also detracted from the Index’s return, reflecting a steady decline in the Turkish lira relative to the U.S. dollar. As investors’ concerns about the independence of the central bank increased, the currency’s value waned, and foreign investors exited Turkish lira-denominated bonds. Russian bonds also weighed on the Index’s return, as persistently low oil prices contributed to a decline in the Russian ruble relative to the U.S. dollar, although precautions taken by the government helped support the country’s bonds.

On the upside, bonds from the Philippines advanced due to a robust central bank response to the economic slowdown. The Philippine central bank reduced its key lending rate from 4.0% to 2.25% and purchased nearly half of the government’s outstanding debt within the first seven months of 2020.

From a credit rating perspective, bonds with lower ratings declined significantly. This decline more than offset the contribution of Baa-rated bonds, which represented approximately 47% of the Index’s weight on average for the reporting period.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	4.5	%
A	30.0
Baa	45.4
Ba	15.1
B	4.4
Not Rated	0.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	12.1	%
Indonesia	7.7
Mexico	7.0
Brazil	6.1
Thailand	4.7
Chile	4.6
South Africa	4.5
Malaysia	4.5
Peru	4.5
Romania	4.5

* 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.

12 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF

Investment Objective

The iShares US & Intl High Yield Corp Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.04	%		5.02	%		4.57	%		2.04	%		27.77	%		46.74	%
Fund Market		2.06			4.91			4.57			2.06			27.10			46.70
Index		1.99			5.17			4.72			1.99			28.65			48.46

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

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 redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio	��
$	1,000.00	$	1,102.30	$	2.11		$	1,000.00	$	1,023.10	$	2.03		0.40	%

^(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 of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

FUND   SUMMARY 13

Fund Summary as of October 31, 2020  (continued) iShares^® US & Intl High Yield Corp Bond ETF

Portfolio Management Commentary

High-yield corporate bonds recovered from a pandemic-driven decline to advance for the reporting period. These bonds benefited from investors’ search for higher-yielding investments amid record-low interest rates on U.S. Treasury bonds. The Fed further bolstered high-yield corporate bond gains as it included high-yield bonds in one of its bond-buying programs while introducing sweeping programs to support the bond market.

Corporate bonds issued by U.S. companies led contributors to the Index’s return. The shift in market sentiment due to the Fed’s bond-buying measures especially benefited fallen angels — previously high-quality issuers whose credit ratings were downgraded to high yield — which contributed to increased demand for the broader high-yield bond universe.

U.S. corporations took advantage of broadly lower rates to issue record volumes of new high-yield bonds, and they used much of the proceeds to pay off or refinance existing bonds and loans. Robust demand allowed issuers to offer the new bonds at historically low yields. However, uncertainty around the pandemic’s resurgence prompted a decline in high-yield bond prices late in the reporting period.

High-yield bonds in Italy contributed modestly to the Index’s return. Although the country’s initial response to the pandemic resulted in a 13.0% quarter-over-quarter decline in economic growth, its manufacturing sector rebounded rapidly. High-yield corporate bond issuers in the financials sector gained, as they benefited from the Italian government’s move to guarantee up to €750 billion worth of loans extended to challenged companies.

High-yield corporate bonds from the Netherlands also advanced, as wage subsidies helped buffer the impact of the early 2020 economic downturn. From a bond quality perspective, bonds rated Ba, which represented approximately 48% of the Index on average for the reporting period, contributed the majority of the Index’s return.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	3.1	%
Ba	50.8
B	32.0
Caa	9.5
Ca	0.2
C	0.1
Not Rated	4.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	67.7	%
Italy	5.4
United Kingdom	4.4
Germany	4.2
France	3.6
Canada	3.1
Netherlands	1.9
Luxembourg	1.7
Spain	1.5
Israel	1.4

* 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.

14 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market 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 fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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) ongoing costs, 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 (or from 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 and cents) 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 fee waivers, 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 value divided 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 your Fund’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 your Fund 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 commissions and other fees paid 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 relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT   FUND   PERFORMANCE / SHAREHOLDER   EXPENSES 15

Schedule of Investments   October 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Austria — 0.3%
ams AG, 6.00%, 07/31/25 (Call 07/31/22)(a)	EUR		100	$	120,912
Belgium — 0.3%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a)	EUR		100		119,799
Canada — 1.1%
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 05/15/23 (Call 05/15/21)(a)	CAD		50		37,757
Parkland Corp. 5.63%, 05/09/25 (Call 05/09/21)	CAD		150		116,557
5.75%, 09/16/24 (Call 09/16/21)	CAD		100		77,155
Quebecor Media Inc., 6.63%, 01/15/23(b)	CAD		75		60,890
Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)	CAD		50		0	(d)
Videotron Ltd. 4.50%, 01/15/30 (Call 10/15/24)	CAD		150		119,436
5.63%, 06/15/25 (Call 03/15/25)	CAD		50		41,378
5.75%, 01/15/26 (Call 09/15/21)(a)	CAD		50		38,625
					491,798
Cayman Islands — 0.2%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(a)	EUR		100		116,343
Denmark — 0.8%
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/21)(a)	EUR		200		233,795
TDC AS, 5.00%, 03/02/22	EUR		100		121,426
					355,221
Finland — 1.4%
Nokia OYJ 2.00%, 03/15/24 (Call 12/15/23)(a)	EUR		100		119,093
2.00%, 03/11/26 (Call 12/11/25)(a)	EUR		150		177,838
2.38%, 05/15/25 (Call 02/15/25)(a)	EUR		100		120,635
Teollisuuden Voima OYJ 1.13%, 03/09/26 (Call 12/09/25)(a)	EUR		100		107,355
2.63%, 01/13/23(a)	EUR		100		119,202
					644,123
France — 10.7%
Altice France SA/France 2.13%, 02/15/25 (Call 01/29/22)(a)	EUR		150		162,431
3.38%, 01/15/28 (Call 09/15/22)(a)	EUR		100		109,969
4.13%, 01/15/29 (Call 09/15/23)(a)	EUR		100		113,698
5.88%, 02/01/27 (Call 02/01/22)(a)	EUR		150		182,295
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/01/22)(a)	EUR		100		113,770
Casino Guichard Perrachon SA 3.58%, 02/07/25 (Call 11/07/24)(a)	EUR		200		178,779
4.50%, 03/07/24 (Call 12/04/23)(a)	EUR		100		94,767
4.56%, 01/25/23(a)	EUR		100		109,692
CMA CGM SA 5.25%, 01/15/25 (Call 10/15/21)(a)	EUR		100		106,757
7.50%, 01/15/26 (Call 01/15/23)(a)	EUR		100		112,482
Elis SA 1.00%, 04/03/25 (Call 01/03/25)(a)	EUR		100		108,127
1.63%, 04/03/28 (Call 01/03/28)(a)	EUR		100		107,384
1.75%, 04/11/24 (Call 01/11/24)(a)	EUR		100		114,265
Faurecia SE 2.38%, 06/15/27 (Call 06/15/23)(a)	EUR		100		112,355
2.63%, 06/15/25 (Call 06/15/21)(a)	EUR		150		174,617
3.13%, 06/15/26 (Call 06/15/22)(a)	EUR		100		117,526
Getlink SE, 3.50%, 10/30/25 (Call 10/30/22)(a)	EUR		100		116,599

Security		Par (000)		Value
France (continued)
Kapla Holding SAS, 3.38%, 12/15/26 (Call 12/15/22)(a)	EUR		100	$	106,029
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/15/21)(a)	EUR		100		100,776
Loxam SAS 3.25%, 01/14/25 (Call 07/15/21)(a)	EUR		200		216,854
3.50%, 05/03/23 (Call 11/09/20)(a)	EUR		100		113,265
5.75%, 07/15/27 (Call 07/15/22)(a)	EUR		100		102,335
Orano SA 2.75%, 03/08/28 (Call 12/08/27)(a)	EUR		100		113,671
3.13%, 03/20/23 (Call 12/20/22)(a)	EUR		100		118,820
4.88%, 09/23/24	EUR		100		128,336
Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(a)	EUR		100		112,515
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(e)	EUR		100		112,049
Renault SA 1.00%, 03/08/23 (Call 12/08/22)(a)	EUR		100		113,865
1.00%, 04/18/24 (Call 01/18/24)(a)	EUR		100		110,615
1.00%, 11/28/25 (Call 08/28/25)(a)	EUR		100		109,310
1.13%, 10/04/27 (Call 07/04/27)(a)	EUR		100		101,394
1.25%, 06/24/25 (Call 03/24/25)(a)	EUR		100		108,129
2.00%, 09/28/26 (Call 06/28/26)(a)	EUR		100		109,806
Rexel SA 2.13%, 06/15/25 (Call 12/15/20)(a)	EUR		150		170,364
2.75%, 06/15/26 (Call 06/15/22)(a)	EUR		100		115,746
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(a)	EUR		100		116,081
SPIE SA 2.63%, 06/18/26 (Call 12/18/25)(a)	EUR		100		114,516
3.13%, 03/22/24 (Call 09/22/23)(a)	EUR		100		117,979
Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/29/22)(a)	EUR		100		115,541
Valeo SA, 3.25%, 01/22/24(a)	EUR		100		122,873
Vallourec SA 2.25%, 09/30/24(a)	EUR		100		67,852
6.63%, 10/15/22 (Call 10/15/21)(a)	EUR		100		68,689
					5,022,923
Germany — 9.8%
ADLER Real Estate AG 1.50%, 12/06/21 (Call 11/06/21)(a)	EUR		100		114,190
1.50%, 04/17/22 (Call 03/17/22)(a)	EUR		100		113,936
3.00%, 04/27/26 (Call 02/27/26)(a)	EUR		100		115,918
Bertelsmann SE & Co. KGaA 3.00%, 04/23/75 (Call 04/23/23)(a)(e)	EUR		100		116,354
3.50%, 04/23/75 (Call 04/23/27)(a)(e)	EUR		100		117,397
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)	EUR		150		173,069
Commerzbank AG 4.00%, 03/23/26(a)	EUR		150		184,866
4.00%, 03/30/27(a)	EUR		100		123,483
4.00%, 12/05/30 (Call 09/05/25)(a)(e)	EUR		100		118,847
Deutsche Bank AG 2.75%, 02/17/25(a)	EUR		125		145,716
4.50%, 05/19/26(a)	EUR		100		122,770
5.63%, 05/19/31 (Call 02/19/26)(a)(e)	EUR		200		250,305
Deutsche Lufthansa AG, 0.25%, 09/06/24	EUR		50		50,060
K+S AG 2.63%, 04/06/23 (Call 01/06/23)(a)	EUR		100		107,836
3.25%, 07/18/24 (Call 04/18/24)(a)	EUR		100		107,140
4.13%, 12/06/21(a)	EUR		100		118,034
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(a)(e)	EUR		75		92,037
METRO AG, 1.38%, 10/28/21(a)	EUR		100		117,367
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/21)(a)	EUR		100		112,907

16 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Germany (continued)
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/21)(a)	EUR		200	$	225,392
Schaeffler AG 2.75%, 10/12/25 (Call 07/12/25)(a)	EUR		200		231,284
3.38%, 10/12/28 (Call 07/12/28)(a)	EUR		100		116,174
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(a)	EUR		150		165,286
thyssenkrupp AG 1.38%, 03/03/22 (Call 12/03/21)(a)	EUR		150		170,430
1.88%, 03/06/23 (Call 02/06/23)(a)	EUR		150		162,206
2.88%, 02/22/24 (Call 11/22/23)(a)	EUR		200		215,861
Vertical Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a)	EUR		100		120,084
Vertical Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)	EUR		100		117,659
ZF Europe Finance BV 2.00%, 02/23/26 (Call 12/23/25)(a)	EUR		200		216,609
2.50%, 10/23/27 (Call 07/23/27)(a)	EUR		100		107,719
3.00%, 10/23/29 (Call 07/23/29)(a)	EUR		100		105,484
ZF Finance GmbH, 3.75%, 09/21/28 (Call 06/21/28)(a)	EUR		100		113,529
ZF North America Capital Inc., 2.75%, 04/27/23(a)	EUR		100		117,022
					4,586,971
Greece — 0.6%
Alpha Bank AE, 4.25%, 02/13/30 (Call 02/13/25)(a)(e)	EUR		100		96,169
National Bank Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(a)(e)	EUR		100		111,678
Piraeus Bank SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(e)	EUR		100		91,149
					298,996
Ireland — 1.9%
AIB Group PLC 1.88%, 11/19/29 (Call 11/19/24)(a)(e)	EUR		100		113,509
2.88%, 05/30/31 (Call 05/30/26)(a)(e)	EUR		100		117,145
eircom Finance DAC 1.75%, 11/01/24 (Call 11/01/21)(a)	EUR		100		111,350
3.50%, 05/15/26 (Call 05/15/22)(a)	EUR		100		116,130
Smurfit Kappa Acquisitions ULC 2.38%, 02/01/24 (Call 11/01/23)(a)	EUR		100		120,167
2.88%, 01/15/26 (Call 10/15/25)(a)	EUR		125		154,742
Smurfit Kappa Treasury ULC, 1.50%, 09/15/27 (Call 06/14/27)(a)	EUR		125		144,403
					877,446
Israel — 2.2%
Teva Pharmaceutical Finance Netherlands II BV 1.13%, 10/15/24(a)	EUR		200		203,675
1.25%, 03/31/23 (Call 12/31/22)(a)	EUR		100		108,285
1.63%, 10/15/28(a)	EUR		150		140,329
1.88%, 03/31/27 (Call 12/31/26)(a)	EUR		100		98,721
3.25%, 04/15/22 (Call 01/15/22)	EUR		100		116,244
4.50%, 03/01/25 (Call 12/01/24)	EUR		100		114,789
6.00%, 01/31/25 (Call 01/31/24)	EUR		200		241,583
					1,023,626
Italy — 16.5%
Atlantia SpA 1.63%, 02/03/25(a)	EUR		100		114,520
1.88%, 07/13/27 (Call 04/13/27)(a)	EUR		175		196,016
Autostrade per l’Italia SpA 1.13%, 11/04/21(a)	EUR		100		114,155
1.75%, 06/26/26(a)	EUR		100		113,218
1.88%, 09/26/29 (Call 06/26/29)(a)	EUR		200		226,496
4.38%, 09/16/25(a)	EUR		100		130,133
Banca IFIS SpA, 2.00%, 04/24/23(a)	EUR		100		113,786

Security		Par (000)		Value
Italy (continued)
Banca Monte dei Paschi di Siena SpA 3.63%, 09/24/24(a)	EUR		200	$	234,387
4.00%, 07/10/22(a)	EUR		100		117,431
5.38%, 01/18/28 (Call 01/18/23)(a)(e)	EUR		100		90,021
10.50%, 07/23/29(a)	EUR		100		115,903
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(a)	EUR		100		117,492
Banco BPM SpA 1.75%, 04/24/23(a)	EUR		209		248,762
1.75%, 01/28/25(a)	EUR		100		118,301
4.25%, 10/01/29 (Call 10/01/24)(a)(e)	EUR		100		117,172
4.38%, 09/21/27 (Call 09/21/22)(a)(e)	EUR		100		116,595
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)(a)(e)	EUR		100		118,536
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)(a)	EUR		100		116,100
Fiat Chrysler Finance Europe SENC, 4.75%, 07/15/22(a)	EUR		200		247,168
Iccrea Banca SpA, 4.13%, 11/28/29 (Call 11/28/24)(a)(e)	EUR		100		104,674
Infrastrutture Wireless Italiane SpA 1.63%, 10/21/28 (Call 07/21/28)(a)	EUR		100		116,861
1.88%, 07/08/26 (Call 04/08/26)(a)	EUR		150		181,264
Intesa Sanpaolo SpA 2.86%, 04/23/25(a)	EUR		100		119,942
2.93%, 10/14/30(a)	EUR		100		115,080
3.93%, 09/15/26(a)	EUR		175		219,404
6.63%, 09/13/23(a)	EUR		200		263,804
Leonardo SpA, 5.25%, 01/21/22	EUR		100		122,295
Mediobanca Banca di Credito Finanziario SpA 3.75%, 06/16/26	EUR		75		92,992
5.75%, 04/18/23	EUR		50		63,883
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(a)	EUR		100		121,254
Saipem Finance International BV 2.63%, 01/07/25(a)	EUR		100		111,045
3.75%, 09/08/23(a)	EUR		100		118,084
Telecom Italia SpA/Milano 2.38%, 10/12/27 (Call 07/12/27)(a)	EUR		200		234,030
2.50%, 07/19/23(a)	EUR		100		120,222
2.88%, 01/28/26 (Call 10/28/25)(a)	EUR		100		120,449
3.25%, 01/16/23(a)	EUR		150		182,970
3.63%, 01/19/24(a)	EUR		207		255,018
3.63%, 05/25/26(a)	EUR		100		124,908
4.00%, 04/11/24 (Call 01/11/24)(a)	EUR		125		155,390
5.25%, 02/10/22(a)	EUR		100		123,579
UniCredit SpA 2.00%, 09/23/29 (Call 09/23/24)(a)(e)	EUR		200		216,520
2.73%, 01/15/32 (Call 01/15/27)(a)(e)	EUR		200		215,715
4.38%, 01/03/27 (Call 01/03/22)(a)(e)	EUR		100		120,005
6.95%, 10/31/22(a)	EUR		150		193,902
Unione di Banche Italiane SpA 4.38%, 07/12/29 (Call 07/12/24)(a)(e)	EUR		150		183,316
4.45%, 09/15/27 (Call 09/15/22)(a)(e)	EUR		150		180,889
5.88%, 03/04/29 (Call 03/04/24)(a)(e)	EUR		150		190,566
Unipol Gruppo SpA 3.00%, 03/18/25(a)	EUR		175		210,546
3.25%, 09/23/30 (Call 06/23/30)(a)	EUR		100		117,512
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(a)	EUR		100		120,259
Webuild SpA, 1.75%, 10/26/24(a)	EUR		150		149,355
					7,731,925
Japan — 1.8%
SoftBank Group Corp. 3.13%, 09/19/25 (Call 06/21/25)(a)	EUR		250		289,846
4.00%, 07/30/22 (Call 04/30/22)(a)	EUR		100		120,088
4.00%, 09/19/29 (Call 06/21/29)(a)	EUR		100		116,045

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments  (continued) October 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Japan (continued)
4.50%, 04/20/25 (Call 01/20/25)(a)	EUR		100	$	121,884
5.00%, 04/15/28 (Call 01/16/28)(a)	EUR		150		184,394
					832,257
Luxembourg — 4.7%
Altice Financing SA, 3.00%, 01/15/28 (Call 01/15/23)(a)	EUR		200		211,390
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)	EUR		100		104,969
Altice France Holding SA 4.00%, 02/15/28 (Call 02/15/23)(a)	EUR		100		104,407
8.00%, 05/15/27 (Call 05/15/22)(a)	EUR		200		244,151
ArcelorMittal, 0.95%, 01/17/23 (Call 10/17/22)(a)	EUR		100		116,334
ArcelorMittal SA 1.00%, 05/19/23 (Call 02/19/23)(a)	EUR		100		115,899
1.75%, 11/19/25 (Call 08/19/25)(a)	EUR		100		116,074
2.25%, 01/17/24 (Call 10/17/23)(a)	EUR		100		119,672
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 11/01/20)(a)	GBP		100		129,090
INEOS Finance PLC 2.13%, 11/15/25 (Call 11/15/20)(a)	EUR		100		109,759
2.88%, 05/01/26 (Call 05/01/22)(a)	EUR		100		112,093
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 08/01/21)(a)	EUR		100		115,757
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)(a)	EUR		100		110,333
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25(a)	EUR		100		118,747
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(a)	EUR		90		99,271
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(a)	EUR		150		171,943
Vivion Investments Sarl, 3.00%, 08/08/24(a)	EUR		100		103,143
					2,203,032
Netherlands — 4.0%
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 10/01/21)(a)	EUR		200		221,297
Nouryon Holding BV, 6.50%, 10/01/26 (Call 10/01/21)(a)	EUR		100		118,523
OCI NV, 3.13%, 11/01/24 (Call 11/01/21)(a)	EUR		100		114,548
PPF Telecom Group BV 2.13%, 01/31/25 (Call 10/31/24)(a)	EUR		100		113,492
3.25%, 09/29/27 (Call 06/29/27)(a)	EUR		100		116,730
3.50%, 05/20/24 (Call 02/20/24)(a)	EUR		100		119,601
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(a)	EUR		100		99,305
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(a)	EUR		100		110,940
SNS Bank NV, 6.25%, 10/26/20(f)	EUR		50		0	(d)
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a)	EUR		100		114,929
United Group BV 3.63%, 02/15/28 (Call 02/15/23)(a)	EUR		100		108,651
4.88%, 07/01/24 (Call 07/01/21)(a)	EUR		100		116,629
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a)	EUR		100		112,284
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)	EUR		150		165,834
Ziggo BV, 4.25%, 01/15/27 (Call 01/15/22)(a)	EUR		180		215,288
					1,848,051
Portugal — 1.5%
Banco Comercial Portugues SA, 4.50%, 12/07/27 (Call 12/07/22)(a)(e)	EUR		100		110,153
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)(a)(e)	EUR		100		125,049
EDP - Energias de Portugal SA 1.70%, 07/20/80 (Call 04/20/25)(a)(e)	EUR		100		112,613
4.50%, 04/30/79 (Call 01/30/24)(a)(e)	EUR		200		250,988
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(a)(e)	EUR		100		98,430
					697,233
Spain — 5.5%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(e)	EUR		100		113,433

Security		Par (000)		Value
Spain (continued)
Banco de Sabadell SA 1.13%, 03/27/25(a)	EUR		100	$	111,275
1.75%, 05/10/24(a)	EUR		100		114,726
5.38%, 12/12/28 (Call 12/12/23)(a)(e)	EUR		100		119,127
Bankia SA 1.00%, 06/25/24(a)	EUR		100		118,073
1.13%, 11/12/26(a)	EUR		100		117,407
3.38%, 03/15/27 (Call 03/15/22)(a)(e)	EUR		100		118,492
3.75%, 02/15/29 (Call 02/15/24)(a)(e)	EUR		100		122,457
Cellnex Telecom SA 1.00%, 04/20/27 (Call 01/20/27)(a)	EUR		100		114,837
2.38%, 01/16/24 (Call 10/16/23)(a)	EUR		100		122,326
2.88%, 04/18/25 (Call 01/18/25)(a)	EUR		100		125,925
3.13%, 07/27/22(a)	EUR		100		122,304
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 06/20/21)(a)	EUR		100		103,217
ContourGlobal Power Holdings SA, 3.38%, 08/01/23 (Call 08/01/21)(a)	EUR		100		116,009
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/21)(a)	EUR		100		115,223
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 05/15/21)(a)	EUR		100		113,838
Grifols SA 1.63%, 02/15/25 (Call 02/15/22)(a)	EUR		150		171,280
2.25%, 11/15/27 (Call 11/15/22)(a)	EUR		100		114,572
3.20%, 05/01/25 (Call 05/01/21)(a)	EUR		100		115,839
Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 11/30/20)(c)	EUR		141		82
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(e)	EUR		100		105,680
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(e)	EUR		175		210,649
					2,586,771
Sweden — 3.1%
Akelius Residential Property AB, 2.25%, 05/17/81 (Call 02/17/26)(a)(e)	EUR		100		109,988
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(a)(e)	EUR		100		114,383
Intrum AB 3.00%, 09/15/27 (Call 09/15/22)(a)	EUR		100		101,027
3.13%, 07/15/24 (Call 07/15/21)(a)	EUR		100		109,517
3.50%, 07/15/26 (Call 07/15/22)(a)	EUR		175		181,393
4.88%, 08/15/25 (Call 08/15/22)(a)	EUR		100		113,273
Telefonaktiebolaget LM Ericsson, 1.88%, 03/01/24(a)	EUR		100		122,060
Verisure Holding AB, 3.50%, 05/15/23 (Call 05/08/21)(a)	EUR		100		116,458
Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/20)(a)	EUR		200		230,791
Volvo Car AB, 2.00%, 01/24/25 (Call 10/24/24)(a)	EUR		200		232,429
					1,431,319
Switzerland — 0.4%
Dufry One BV 2.00%, 02/15/27 (Call 02/15/22)(a)	EUR		100		101,503
2.50%, 10/15/24 (Call 10/15/21)(a)	EUR		100		104,909
					206,412
United Kingdom — 10.7%
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/21)(a)	EUR		100		112,757
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/21)(a)	GBP		150		198,869
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/21)(a)	GBP		100		130,581
eG Global Finance PLC, 4.38%, 02/07/25 (Call 05/15/21)(a)	EUR		125		132,837
FCE Bank PLC 1.13%, 02/10/22(a)	EUR		100		114,432

18 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United Kingdom (continued)
1.62%, 05/11/23(a)	EUR		100	$	113,139
2.73%, 06/03/22(a)	GBP		100		127,594
Fiat Chrysler Automobiles NV 3.38%, 07/07/23 (Call 04/07/23)(a)	EUR		150		182,941
3.75%, 03/29/24(a)	EUR		200		249,585
3.88%, 01/05/26 (Call 10/05/25)(a)	EUR		150		191,016
4.50%, 07/07/28 (Call 04/07/28)(a)	EUR		150		202,637
Heathrow Finance PLC 3.88%, 03/01/27(a)	GBP		100		116,068
4.75%, 03/01/24 (Call 12/01/23)(a)	GBP		100		125,590
International Consolidated Airlines Group SA, 1.50%, 07/04/27
(Call 04/04/27)(a)	EUR		100		85,617
Jaguar Land Rover Automotive PLC 2.20%, 01/15/24(a)	EUR		100		98,083
4.50%, 01/15/26(a)	EUR		150		145,792
5.00%, 02/15/22(a)	GBP		100		126,766
5.88%, 11/15/24 (Call 08/15/24)(a)	EUR		100		106,989
Marks & Spencer PLC, 6.00%, 06/12/25(a)	GBP		100		139,874
Motion Bondco DAC, 4.50%, 11/15/27 (Call 11/15/22)(a)	EUR		100		95,154
Rolls-Royce PLC 0.88%, 05/09/24 (Call 02/09/24)(a)	EUR		100		105,045
1.63%, 05/09/28 (Call 02/09/28)(a)	EUR		100		98,443
5.75%, 10/15/27 (Call 07/15/27)(a)	GBP		100		129,429
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(a)	GBP		100		120,340
Thames Water Utilities Finance PLC, 5.75%, 09/13/30 (Call 09/13/22)(e)	GBP		100		136,380
Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a)	EUR		100		110,674
Virgin Media Secured Finance PLC 4.13%, 08/15/30 (Call 08/15/25)(a)	GBP		100		126,215
5.00%, 04/15/27 (Call 04/15/22)(a)	GBP		100		133,783
5.25%, 05/15/29 (Call 05/15/24)(a)	GBP		100		135,582
6.00%, 01/15/25 (Call 01/15/21)(a)(g)	GBP		85		115,833
Vmed O2 UK Financing I PLC 3.25%, 01/31/31 (Call 01/31/26)(a)	EUR		100		113,896
4.00%, 01/31/29 (Call 01/31/24)(a)	GBP		100		126,329
Vodafone Group PLC 3.10%, 01/03/79 (Call 01/03/24)(a)(e)	EUR		300		353,582
4.88%, 10/03/78(a)(e)	GBP		100		137,289
Series NC10, 3.00%, Series NC10, 08/27/80 (Call 05/27/30)(a)(e)	EUR		150		170,727
Series NC6, 2.63%, Series NC6, 08/27/80 (Call 05/27/26)(a)(e)	EUR		100		114,856
					5,024,724
United States — 19.4%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)	EUR		175		189,562
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/21)(a)	EUR		100		110,777
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 2.13%, 08/15/26 (Call 08/15/22)(a)	EUR		200		228,014
4.75%, 07/15/27 (Call 07/15/22)(a)	GBP		100		129,913
Avantor Inc., 4.75%, 10/01/24 (Call 10/01/21)(a)	EUR		100		120,439
Avis Budget Finance PLC 4.13%, 11/15/24 (Call 11/15/20)(a)	EUR		100		103,713
4.75%, 01/30/26 (Call 09/30/21)(a)	EUR		100		102,076
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/21)(a)	EUR		100		117,328
Ball Corp. 0.88%, 03/15/24 (Call 12/15/23)	EUR		100		114,295

Security		Par (000)		Value
United States (continued)
1.50%, 03/15/27 (Call 12/15/26)	EUR		100	$	114,307
4.38%, 12/15/23	EUR		100		127,205
Bausch Health Companies Inc., 4.50%, 05/15/23 (Call 11/30/20)(a)	EUR		200		230,293
Belden Inc., 3.88%, 03/15/28 (Call 03/06/23)(a)	EUR		150		173,903
Berry Global Inc., 1.00%, 01/15/25 (Call 10/15/24)(a)	EUR		100		111,642
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)(a)	EUR		100		121,035
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		100		65,086
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a)	EUR		150		166,638
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21)	EUR		100		110,758
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/22)(a)	EUR		125		145,722
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(a)	EUR		100		89,394
Crown European Holdings SA 0.75%, 02/15/23 (Call 01/16/23)(a)	EUR		100		113,265
2.25%, 02/01/23 (Call 11/01/22)(a)	EUR		100		117,193
2.63%, 09/30/24 (Call 03/30/24)(a)	EUR		125		148,889
2.88%, 02/01/26 (Call 08/01/25)(a)	EUR		100		121,412
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(a)	EUR		100		118,236
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(a)	EUR		100		119,005
Ford Motor Credit Co. LLC 1.36%, 02/07/25	EUR		100		107,174
1.51%, 02/17/23	EUR		100		112,123
1.74%, 07/19/24	EUR		100		109,646
2.39%, 02/17/26	EUR		125		137,019
3.02%, 03/06/24	EUR		100		115,065
3.25%, 09/15/25	EUR		100		114,555
4.54%, 03/06/25	GBP		100		129,288
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)	EUR		100		120,137
International Game Technology PLC 3.50%, 07/15/24 (Call 01/15/24)(a)	EUR		125		140,748
3.50%, 06/15/26 (Call 06/15/22)(a)	EUR		150		164,775
IQVIA Inc. 2.25%, 01/15/28 (Call 07/15/22)(a)	EUR		150		171,691
2.88%, 09/15/25 (Call 09/15/21)(a)	EUR		100		116,694
3.25%, 03/15/25 (Call 03/15/21)(a)	EUR		250		292,216
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(a)	GBP		100		129,911
Kraft Heinz Foods Co. 1.50%, 05/24/24 (Call 02/24/24)(a)	EUR		100		118,476
2.00%, 06/30/23 (Call 03/30/23)(a)	EUR		100		119,961
2.25%, 05/25/28 (Call 02/25/28)(a)	EUR		100		120,526
4.13%, 07/01/27 (Call 04/01/27)(a)	GBP		100		141,506
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)	EUR		100		118,415
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(e)	EUR		100		114,648
LKQ European Holdings BV 3.63%, 04/01/26 (Call 04/01/21)(a)	EUR		100		118,057
4.13%, 04/01/28 (Call 04/01/23)(a)	EUR		100		124,528
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(a)	EUR		100		123,301
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 04/15/21)(a)	EUR		100		114,388
MPT Operating Partnership LP/MPT Finance Corp. 3.33%, 03/24/25 (Call 12/24/24)	EUR		100		121,868
3.69%, 06/05/28 (Call 04/05/28)	GBP		100		130,750
4.00%, 08/19/22 (Call 05/19/22)	EUR		100		120,903
Netflix Inc. 3.00%, 06/15/25 (Call 03/15/25)(a)	EUR		100		120,874
3.63%, 05/15/27	EUR		150		188,537

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments  (continued) October 31, 2020 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par/ Shares (000)			Value
United States (continued)
3.63%, 06/15/30 (Call 03/15/30)(a)	EUR		150		$	190,311
3.88%, 11/15/29(a)	EUR		200			257,983
4.63%, 05/15/29	EUR		100			135,169
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a)	EUR		100			116,291
Refinitiv U.S. Holdings Inc., 4.50%, 05/15/26 (Call 11/15/21)(a)	EUR		150			182,454
Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/21)(a)	EUR		100			106,642
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a)	EUR		100			124,837
Silgan Holdings Inc. 2.25%, 06/01/28 (Call 03/01/23)	EUR		100			113,187
3.25%, 03/15/25 (Call 03/15/21)	EUR		100			117,046
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/21)(a)	EUR		100			118,303
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a)	EUR		100			114,554
Tenneco Inc., 5.00%, 07/15/24 (Call 07/15/21)(a)	EUR		100			108,647
WMG Acquisition Corp., 3.63%, 10/15/26 (Call 10/15/21)(a)	EUR		100			118,796
						9,072,100
Total Corporate Bonds & Notes — 96.9% (Cost: $46,054,512)						45,291,982
Common Stocks
South Africa — 0.0%
Sentry Holdings Ltd. Class A(f)(h)			0	(i)		0	(d)
United States — 0.0%
AMC Entertainment Inc.(f)(h)			0	(i)		632
Total Common Stocks — 0.0% (Cost: $159,437)						632
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(j)(k)			40			40,000
Total Short-Term Investments — 0.1% (Cost: $40,000)						40,000
Total Investments in Securities — 97.0% (Cost: $46,253,949)						45,332,614
Other Assets, Less Liabilities — 3.0%						1,417,572
Net Assets — 100.0%					$	46,750,186

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

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

^(c)  Issuer filed for bankruptcy and/or is in default.

^(d)  Rounds to less than $1.

^(e)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(f)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(g)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(h)  Non-income producing security.

⁽ⁱ⁾  Rounds to less than 1,000.

^(j)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	14,000	$	26,000	(a)	$	—	$	—	$	—	$	40,000		40	$	111	$	—

^(a)  Represents net amount purchased (sold).

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 valuation of financial instruments, refer to the Notes to Financial Statements.

20 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® International High Yield Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3			Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	45,291,982	$	0	(a)	$	45,291,982
Common Stocks		—		—		632			632
Money Market Funds		40,000		—		—			40,000
	$	40,000	$	45,291,982	$	632		$	45,332,614

^(a)  Rounds to less than $1.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments   October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes(a)
Argentina — 1.2%
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 02/01/21)(b)	$	150	$	67,758
Arcor SAIC, 6.00%, 07/06/23 (Call 11/30/20)(b)		225		208,898
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b)		300		156,938
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b)		300		208,500
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)(b)(c)		266		91,077
Tecpetrol SA, 4.88%, 12/12/22 (Call 12/12/20)(b)(d)		200		183,187
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b)(d)		300		245,531
YPF SA 6.95%, 07/21/27(b)		460		243,225
7.00%, 12/15/47 (Call 06/15/47)(b)		250		126,250
8.50%, 07/28/25(b)		800		461,500
8.50%, 06/27/29 (Call 03/27/29)(b)		200		112,063
8.75%, 04/04/24(b)		580		378,102
				2,483,029
Azerbaijan — 0.2%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b)		400		367,125
Bahrain — 0.2%
BBK BSC, 5.50%, 07/09/24(b)		400		402,875
Brazil — 6.2%
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)(b)		150		150,656
Banco BTG Pactual SA/Cayman Islands, 5.50%, 01/31/23(b)(d)		200		209,250
Banco do Brasil SA/Cayman 4.63%, 01/15/25(b)		200		212,500
4.75%, 03/20/24(b)		200		212,625
5.88%, 01/19/23(b)		200		213,562
6.25%, (Call 04/15/24)(b)(d)(e)(f)		200		192,000
9.00%, (Call 06/18/24)(b)(e)(f)		200		217,600
9.25%, (Call 04/15/23)(b)(e)(f)		200		217,500
Braskem Netherlands Finance BV 4.50%, 01/10/28 (Call 10/10/27)(b)		200		190,229
4.50%, 01/31/30(b)		200		185,298
5.88%, 01/31/50(b)		200		185,875
BRF SA, 4.88%, 01/24/30 (Call 10/24/29)(b)		200		200,304
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b)		200		211,812
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b)		200		225,000
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b)		200		202,500
Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(b)		200		206,625
CSN Islands XI Corp., 6.75%, 01/28/28 (Call 01/28/24)(b)		200		197,400
CSN Resources SA 7.63%, 02/13/23 (Call 02/13/21)(b)		200		207,500
7.63%, 04/17/26 (Call 04/17/22)(b)		200		204,688
Embraer Netherlands Finance BV 5.05%, 06/15/25		227		219,282
5.40%, 02/01/27		50		47,345
Fibria Overseas Finance Ltd., 5.50%, 01/17/27		100		113,063
Gerdau Trade Inc., 4.88%, 10/24/27(b)		200		220,304
Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/22)(b)		100		72,972
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)(b)		150		164,630
GUSAP III LP, 4.25%, 01/21/30 (Call 07/21/29)(b)		200		209,763
Itau Unibanco Holding SA/Cayman Island 4.50%, 11/21/29 (Call 11/21/24)(b)(f)		200		196,813

Security	Par (000)		Value
Brazil (continued)
4.63%, (Call 02/27/25)(b)(e)(f)	$	200	$	172,500
5.13%, 05/13/23(b)(d)		200		211,770
6.50%, (Call 03/19/23)(b)(d)(e)(f)		200		193,500
JBS Investments II GmbH 5.75%, 01/15/28 (Call 07/15/22)(b)		400		419,500
7.00%, 01/15/26 (Call 01/15/22)(b)		200		213,198
Klabin Austria GmbH, 5.75%, 04/03/29 (Call 01/03/29)(b)		200		220,502
MARB BondCo PLC, 6.88%, 01/19/25 (Call 01/19/21)(b)(d)		200		207,260
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(b)		200		208,000
NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 05/14/22)(b)		200		212,200
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(b)(g)		252		63,699
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(b)(g)		168		16,470
Oi SA, 10.00%, (4.00% PIK), 07/27/25(g)		150		146,766
Petrobras Global Finance BV 4.38%, 05/20/23		100		106,160
5.09%, 01/15/30		500		523,615
5.30%, 01/27/25		100		111,188
5.60%, 01/03/31 (Call 10/03/30)		100		107,560
5.63%, 05/20/43		100		102,219
5.75%, 02/01/29		250		278,165
6.00%, 01/27/28		200		224,070
6.25%, 03/17/24		100		112,750
6.75%, 01/27/41		100		111,031
6.75%, 06/03/50 (Call 12/03/49)		250		273,281
6.85%, 06/05/2115(d)		300		321,844
6.88%, 01/20/40		148		166,500
6.90%, 03/19/49		300		339,492
7.25%, 03/17/44		175		202,508
7.38%, 01/17/27(d)		250		301,672
8.75%, 05/23/26(d)		100		127,500
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(b)		200		205,750
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)(b)(d)		200		209,250
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(b)(d)		200		225,062
Suzano Austria GmbH 3.75%, 01/15/31 (Call 10/15/30)		100		102,210
5.00%, 01/15/30 (Call 10/15/29)		200		218,322
7.00%, 03/16/47 (Call 09/16/46)(b)		200		241,500
Ultrapar International SA, 5.25%, 06/06/29(b)(d)		200		209,090
Vale Overseas Ltd. 3.75%, 07/08/30 (Call 04/08/30)		200		209,098
6.25%, 08/10/26		200		237,419
6.88%, 11/21/36		300		403,594
6.88%, 11/10/39		250		341,664
				13,384,975
Chile — 3.8%
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(b)(f)		400		412,250
Banco de Credito e Inversiones SA 3.50%, 10/12/27(b)(d)		200		217,187
4.00%, 02/11/23(b)		200		211,250
Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)(b)		300		314,906
Celulosa Arauco y Constitucion SA 4.20%, 01/29/30 (Call 10/29/29)(b)(d)		200		213,125
4.25%, 04/30/29 (Call 01/30/29)(b)		400		427,500
4.50%, 08/01/24 (Call 05/01/24)		200		217,500
5.15%, 01/29/50 (Call 07/29/49)(b)		200		215,300
5.50%, 04/30/49 (Call 10/30/48)(b)(d)		200		223,500

22 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chile (continued)
Cencosud SA 4.38%, 07/17/27 (Call 04/17/27)(b)	$	400	$	432,500
5.15%, 02/12/25 (Call 11/12/24)(b)		200		220,062
Colbun SA 3.15%, 03/06/30 (Call 12/06/29)(b)		400		417,010
3.95%, 10/11/27 (Call 07/11/27)(b)		200		221,375
Corp. Group Banking SA, 6.75%, 03/15/23 (Call 03/15/21)(b)		250		68,672
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(b)		200		159,000
Empresa Nacional de Telecomunicaciones SA 4.75%, 08/01/26 (Call 05/03/26)(b)		400		441,250
4.88%, 10/30/24 (Call 07/30/24)(b)		400		429,750
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		200		215,775
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		500		584,375
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(b)		200		212,813
GNL Quintero SA, 4.63%, 07/31/29(b)		600		650,250
Inversiones CMPC SA 3.85%, 01/13/30 (Call 10/13/29)(b)		200		217,402
4.38%, 04/04/27(b)		200		222,625
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)(b)(d)		400		424,424
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/26/21)(b)		200		208,938
SACI Falabella, 3.75%, 04/30/23(b)		200		208,375
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b)		200		210,875
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(b)		200		213,188
				8,211,177
China — 8.7%
Agile Group Holdings Ltd., 8.38%, (Call 12/04/23)(b)(e)(f)		200		207,125
Alibaba Group Holding Ltd. 3.40%, 12/06/27 (Call 09/06/27)		300		333,489
3.60%, 11/28/24 (Call 08/28/24)		200		218,752
4.00%, 12/06/37 (Call 06/06/37)		200		231,562
4.20%, 12/06/47 (Call 06/06/47)		200		248,953
Amipeace Ltd., 2.50%, 12/05/24(b)		200		206,875
Baidu Inc., 4.13%, 06/30/25		200		222,437
Bank of China Ltd., 5.00%, 11/13/24(b)		200		222,000
Bank of China Ltd./Hong Kong 1.10%, 03/08/23, (3 mo. LIBOR US + 0.850%)(b)(f)		200		200,016
3.88%, 06/30/25(b)		200		221,750
Bank of Communications Co. Ltd./Hong Kong, 1.13%, 05/17/23, (3 mo. LIBOR US +     0.85%)(b)(f)		200		199,800
Bocom Leasing Management Hong Kong Co. Ltd., 1.32%, 12/10/24, (3 mo. LIBOR US + 1.075%)(b)(f)		200		195,375
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)(b)(e)(f)		200		199,313
CFLD Cayman Investment Ltd., 8.05%, 01/13/25(b)		200		176,197
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(b)		200		219,916
China Cinda Finance 2017 I Ltd. 3.88%, 02/08/23(b)		200		210,214
4.75%, 02/21/29(b)		200		230,625
China Construction Bank Corp. 1.25%, 08/04/25(b)		200		198,206
4.25%, 02/27/29 (Call 02/27/24)(b)(f)		200		213,312
China Evergrande Group 7.50%, 06/28/23 (Call 11/30/20)(b)		200		150,500
8.75%, 06/28/25 (Call 06/28/21)(b)		200		146,500
10.50%, 04/11/24 (Call 04/11/22)(b)		200		157,063
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(b)		200		199,903
China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24(b)		200		228,500

Security	Par (000)		Value
China (continued)
China Overseas Finance Cayman VII Ltd. 4.25%, 04/26/23(b)	$	200	$	213,004
4.75%, 04/26/28(b)		200		228,437
China Resources Land Ltd., 4.13%, 02/26/29(b)		200		221,125
China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)(b)(e)(f)		200		207,438
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)(b)		200		205,625
CITIC Ltd. 2.85%, 02/25/30(b)		200		205,188
3.88%, 02/28/27(b)		200		216,750
CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23(b)		200		214,331
CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 (Call 06/30/29)		200		212,850
CNOOC Finance 2014 ULC, 4.25%, 04/30/24		200		220,338
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28		200		233,108
CNOOC Petroleum North America ULC 6.40%, 05/15/37		275		399,094
7.50%, 07/30/39		200		327,312
CNPC General Capital Ltd., 3.40%, 04/16/23(b)		200		210,937
COSL Singapore Capital Ltd., 4.50%, 07/30/25(b)		200		222,812
Country Garden Holdings Co. Ltd., 7.25%, 04/08/26 (Call 04/08/23)(b)		400		446,125
CRCC Yuxiang Ltd., 3.50%, 05/16/23(b)		200		209,500
Franshion Brilliant Ltd., 4.00%, (Call 01/03/23)(b)(e)(f)		200		200,938
Huarong Finance 2017 Co. Ltd. 4.25%, 11/07/27(b)		200		213,812
4.75%, 04/27/27(b)		400		437,500
Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29(b)		200		215,812
Huarong Finance II Co. Ltd., 5.50%, 01/16/25(b)		200		222,826
ICBCIL Finance Co. Ltd., 3.75%, 03/05/24(b)		200		212,437
Industrial & Commercial Bank of China Ltd./London, 1.06%, 10/25/23, (3 mo. LIBOR US + 0.850%)(b)(f)		400		399,770
Industrial & Commercial Bank of China Ltd./Singapore, 1.04%, 04/25/24, (3 mo. LIBOR US + 0.830%)(b)(f)		200		199,520
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(b)(f)		200		204,102
JD.com Inc., 3.88%, 04/29/26(d)		200		221,125
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(b)		200		209,563
Kaisa Group Holdings Ltd. 9.38%, 06/30/24 (Call 06/30/21)(b)		200		180,969
10.50%, 01/15/25 (Call 01/15/23)(b)		200		186,438
Lenovo Group Ltd., 4.75%, 03/29/23(b)		200		210,313
Longfor Group Holdings Ltd., 3.95%, 09/16/29(b)		200		212,000
Poly Real Estate Finance Ltd., 3.88%, 03/25/24(b)		200		209,813
Prosus NV 4.85%, 07/06/27 (Call 04/06/27)(b)(d)		400		458,625
5.50%, 07/21/25 (Call 04/21/25)(b)		600		686,250
Proven Honour Capital Ltd. 4.13%, 05/19/25(b)		200		207,750
4.13%, 05/06/26(b)		200		207,750
Shimao Group Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)(b)		200		218,687
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(b)		200		217,333
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23(b)		400		418,625
State Elite Global Ltd., 0.99%, 10/24/24, (3 mo. LIBOR US + 0.770%)(b)(f)		200		198,500
Sunac China Holdings Ltd., 6.50%, 01/10/25 (Call 01/10/23)(b)		200		191,499

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
Tencent Holdings Ltd. 1.81%, 01/26/26 (Call 12/26/25)(b)	$	400	$	407,080
2.39%, 06/03/30 (Call 03/03/30)(b)(d)		200		202,414
3.60%, 01/19/28 (Call 10/19/27)(b)		300		327,801
3.93%, 01/19/38 (Call 07/19/37)(b)		200		229,008
3.98%, 04/11/29 (Call 01/11/29)(b)		200		225,522
4.53%, 04/11/49 (Call 10/11/48)(b)		200		247,750
Vanke Real Estate Hong Kong Co. Ltd. 4.15%, 04/18/23(b)		200		210,937
4.20%, 06/07/24(b)		200		213,875
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		200		200,625
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(e)(f)		200		201,218
Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)(b)		200		206,563
Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26 (Call 01/13/24)(b)		200		191,999
				18,639,106
Colombia — 4.2%
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(b)(d)		250		270,314
Banco de Bogota SA 4.38%, 08/03/27 (Call 05/03/27)(b)		350		369,600
5.38%, 02/19/23(b)		200		210,312
6.25%, 05/12/26(b)(d)		400		438,000
Bancolombia SA 3.00%, 01/29/25 (Call 12/29/24)		200		201,550
4.63%, 12/18/29 (Call 12/18/24)(f)		400		387,625
4.88%, 10/18/27 (Call 10/18/22)(f)		400		394,250
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b)		200		212,000
Ecopetrol SA 4.13%, 01/16/25		483		507,754
5.38%, 06/26/26 (Call 03/26/26)		535		589,837
5.88%, 09/18/23		800		884,000
5.88%, 05/28/45		800		868,290
6.88%, 04/29/30 (Call 01/29/30)		750		901,500
7.38%, 09/18/43		400		500,500
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(b)		400		388,500
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)(b)		200		225,500
Millicom International Cellular SA 5.13%, 01/15/28 (Call 09/15/22)(b)		200		209,875
6.25%, 03/25/29 (Call 03/25/24)(b)		200		221,100
6.63%, 10/15/26 (Call 10/15/21)(b)		200		216,000
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(h)		200		208,540
SURA Asset Management SA, 4.88%, 04/17/24(b)		200		218,480
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(b)		200		217,200
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(b)		400		459,625
				9,100,352
Congo — 0.2%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b)		400		418,363
Ghana — 0.2%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b)		400		343,500
Tullow Oil PLC, 7.00%, 03/01/25 (Call 03/01/21)(b)		200		103,188
				446,688

Security	Par (000)		Value
Guatemala — 0.1%
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(b)	$	100	$	104,438
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 11/18/20)(b)		200		204,500
				308,938
Hong Kong — 5.4%
AIA Group Ltd. 3.20%, 09/16/40 (Call 03/16/40)(b)		400		408,185
3.38%, 04/07/30 (Call 01/07/30)(b)		200		223,078
3.60%, 04/09/29 (Call 01/09/29)(b)		200		223,603
3.90%, 04/06/28 (Call 01/06/28)(b)		200		224,812
4.50%, 03/16/46 (Call 09/16/45)(b)		200		253,750
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)(b)(e)(f)		400		426,625
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(e)(f)		250		250,703
Bank of East Asia Ltd. (The) 4.00%, 11/03/26 (Call 11/03/21)(b)(f)		200		202,563
5.50%, (Call 12/02/20)(b)(e)(f)		150		149,484
5.88%, (Call 09/19/24)(b)(e)(f)		250		254,141
Celestial Dynasty Ltd., 4.25%, 06/27/29(b)		200		201,875
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(b)(e)(f)		200		207,437
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(b)(e)(f)		200		216,187
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(b)		200		214,625
CK Hutchison International 19 Ltd. 3.25%, 04/11/24 (Call 03/11/24)(b)(d)		200		213,752
3.38%, 09/06/49 (Call 03/06/49)(b)		200		216,625
3.63%, 04/11/29 (Call 01/11/29)(b)		200		224,250
CK Hutchison International 20 Ltd., 2.50%, 05/08/30 (Call 02/08/30)(b)		600		622,383
CLP Power Hong Kong Financing Ltd., 2.13%, 06/30/30(b)		200		200,161
FWD Group Ltd. 0.00%, (Call 06/15/22)(b)(e)(f)(i)		200		151,063
5.75%, 07/09/24(b)		200		205,063
HKT Capital No. 5 Ltd., 3.25%, 09/30/29(b)		200		213,250
Hongkong Electric Finance Ltd., 2.88%, 05/03/26(b)		200		213,762
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.88%, 05/27/30 (Call 02/27/30)(b)		200		210,703
HPHT Finance 19 Ltd., 2.88%, 11/05/24(b)		200		207,250
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(b)		400		437,250
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(b)		100		155,625
Hysan MTN Ltd., 2.82%, 09/04/29(b)		200		201,563
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(b)		200		217,562
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(b)(e)(f)		200		201,813
Li & Fung Ltd., 4.38%, 10/04/24 (Call 09/04/24)(b)		200		201,500
Link Finance Cayman 2009 Ltd. (The), 3.60%, 09/03/24(b)		200		213,812
MTR Corp. Ltd., 1.63%, 08/19/30(b)		200		195,181
Nan Fung Treasury II Ltd., 5.50%, (Call 05/29/21)(b)(e)		200		200,125
Nan Fung Treasury Ltd., 3.63%, 08/27/30(b)		200		198,822
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(b)(e)(f)		350		348,906
New World China Land Ltd., 4.75%, 01/23/27(b)		200		206,500
NWD Finance BVI Ltd. 5.25%, (Call 03/22/26)(b)(e)(f)		200		209,375
6.25%, (Call 03/07/24)(b)(e)		200		205,938
NWD MTN Ltd. 4.13%, 07/18/29(b)		200		201,938
4.50%, 05/19/30(b)		200		207,687
OVPH Ltd., 5.88%, (Call 03/01/21)(b)(e)		200		201,750
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23(b)		200		210,375

24 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hong Kong (continued)
Radiant Access Ltd., 4.60%, (Call 11/18/20)(b)(e)	$	400	$	400,375
Sun Hung Kai Properties Capital Market Ltd. 2.88%, 01/21/30(b)		200		209,375
3.63%, 01/16/23(b)		200		209,812
Swire Pacific Mtn Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(b)		200		206,938
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23(b)		200		216,500
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(b)		200		217,000
				11,611,052
India — 4.8%
ABJA Investment Co. Pte Ltd. 5.45%, 01/24/28(b)		400		388,112
5.95%, 07/31/24(b)		200		208,250
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(b)		400		394,250
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b)		200		216,062
Adani Ports & Special Economic Zone Ltd. 3.38%, 07/24/24(b)		400		405,900
4.00%, 07/30/27 (Call 06/30/27)(b)		200		201,070
4.20%, 08/04/27 (Call 02/04/27)(b)		200		201,850
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(b)		200		208,625
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(b)		400		433,250
Bharti Airtel Ltd., 4.38%, 06/10/25(b)		400		424,500
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(b)		200		208,500
Delhi International Airport Ltd., 6.13%, 10/31/26(b)		200		203,500
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(b)		200		137,000
Greenko Solar Mauritius Ltd. 5.55%, 01/29/25 (Call 01/29/21)(b)		200		205,063
5.95%, 07/29/26 (Call 07/29/22)(b)		200		210,312
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(b)		200		204,563
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(b)		450		477,141
Indian Oil Corp. Ltd., 4.75%, 01/16/24(b)		400		424,875
Network i2i Ltd., 5.65%, (Call 01/15/25)(b)(e)(f)		200		200,300
NTPC Ltd. 4.25%, 02/26/26(b)		200		213,000
4.38%, 11/26/24(b)		200		213,979
Oil India International Pte Ltd., 4.00%, 04/21/27(b)		200		204,688
Oil India Ltd., 5.38%, 04/17/24(b)		200		218,187
ONGC Videsh Ltd., 4.63%, 07/15/24(b)		200		214,125
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(b)		200		208,313
Power Finance Corp. Ltd., 4.50%, 06/18/29(b)		400		409,000
REC Ltd. 3.38%, 07/25/24(b)		200		203,625
5.25%, 11/13/23(b)		200		216,500
Reliance Industries Ltd. 3.67%, 11/30/27(b)		250		273,672
4.13%, 01/28/25(b)		250		274,453
4.88%, 02/10/45(b)		250		305,625
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 03/12/21)(b)		200		209,312
State Bank of India/London 4.38%, 01/24/24(b)		400		428,250
4.88%, 04/17/24(b)		200		218,062
Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(b)(d)		200		125,250
Vedanta Resources Ltd. 6.13%, 08/09/24 (Call 08/09/21)(b)		200		117,250
7.13%, 05/31/23(b)		200		122,150

Security	Par (000)		Value
India (continued)
Wynn Macau Ltd. 5.13%, 12/15/29 (Call 12/15/24)(b)	$	400	$	370,000
5.50%, 01/15/26 (Call 06/15/22)(b)		400		387,500
				10,286,064
Indonesia — 2.5%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b)		250		247,109
Bank Mandiri Persero Tbk PT 3.75%, 04/11/24(b)		200		210,375
4.75%, 05/13/25(b)		400		439,750
Bank Rakyat Indonesia Persero Tbk PT 3.95%, 03/28/24(b)		200		212,437
4.63%, 07/20/23(b)		200		214,000
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 09/14/21)(b)		200		204,688
Eterna Capital Pte Ltd., Series B, 8.00%, (8.00% PIK), 12/11/22 (Call 11/30/20)(g)		226		49,614
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(b)		250		234,453
LLPL Capital Pte Ltd., 6.88%, 02/04/39(b)		375		431,118
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(b)		200		175,500
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b)		400		387,375
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)(b)		200		194,125
Minejesa Capital BV 4.63%, 08/10/30(b)		400		411,844
5.63%, 08/10/37(b)		400		413,750
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(b)		600		657,000
Saka Energi Indonesia PT, 4.45%, 05/05/24(b)		400		366,625
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(h)		200		206,000
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(b)		363		398,400
				5,454,163
Israel — 3.3%
Bank Leumi Le-Israel BM, 3.28%, 01/29/31 (Call 01/29/26)(f)(h)		200		203,250
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(h)		250		320,938
Israel Electric Corp. Ltd. 4.25%, 08/14/28(h)		400		458,000
6.88%, 06/21/23(b)		200		227,813
Series 6, 5.00%, 11/12/24(h)		600		678,000
Leviathan Bond Ltd. 6.13%, 06/30/25 (Call 03/30/25)(h)		400		410,480
6.50%, 06/30/27 (Call 12/30/26)(h)		200		206,750
6.75%, 06/30/30 (Call 12/30/29)(h)		200		206,750
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36		300		300,000
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 07/21/23		1,186		1,124,826
3.15%, 10/01/26(d)		1,451		1,273,252
4.10%, 10/01/46		790		655,700
6.00%, 04/15/24 (Call 01/15/24)		500		500,086
6.75%, 03/01/28 (Call 12/01/27)		500		522,506
				7,088,351
Jamaica — 0.5%
Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 11/16/20)(g)		400		302,604
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd. 8.75%, 05/25/24 (Call 05/25/21)(b)(d)		200		199,500
8.75%, 05/25/24 (Call 05/25/21)(b)		300		301,500

SCHEDULE   OF   INVESTMENTS 25

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Jamaica (continued)
Digicel Ltd., 6.75%, 03/01/23 (Call 11/16/20)(b)(d)	$	400	$	248,000
				1,051,604
Jordan — 0.1%
Hikma Finance USA LLC, 3.25%, 07/09/25(b)		200		205,400
Kazakhstan — 0.6%
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 11/30/20)(b)		147		146,342
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/30 (Call 02/15/30)(b)		600		609,187
4.00%, 08/15/26(b)		500		530,938
				1,286,467
Kuwait — 1.7%
Boubyan Sukuk Ltd., 2.59%, 02/18/25(b)		200		204,540
Burgan Bank SAK, 5.75%, (Call 07/09/24)(b)(e)(f)		200		197,563
Equate Petrochemical BV, 4.25%, 11/03/26(b)		600		640,800
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(b)		200		212,687
Kuwait Projects Co. SPC Ltd. 4.23%, 10/29/26(b)		200		198,625
4.50%, 02/23/27(b)		200		198,688
5.00%, 03/15/23(b)		200		206,187
MEGlobal Canada ULC 5.00%, 05/18/25(b)		600		652,500
5.88%, 05/18/30(b)		200		237,062
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 11/27/25)(b)(e)(f)		400		396,250
NBK Tier 1 Financing Ltd., 5.75%, (Call 04/09/21)(b)(e)(f)		400		398,875
Warba Sukuk Ltd., 2.98%, 09/24/24(b)		200		208,250
				3,752,027
Luxembourg — 0.8%
Altice Financing SA 5.00%, 01/15/28 (Call 01/15/23)(b)		400		388,000
7.50%, 05/15/26 (Call 05/15/21)(b)		1,195		1,248,894
				1,636,894
Macau — 3.5%
Melco Resorts Finance Ltd. 4.88%, 06/06/25 (Call 11/30/20)(b)(d)		204		205,976
5.25%, 04/26/26 (Call 04/26/22)(b)		200		201,000
5.38%, 12/04/29 (Call 12/04/24)(b)		600		578,250
5.63%, 07/17/27 (Call 07/17/22)(b)(d)		200		202,750
5.75%, 07/21/28 (Call 07/21/23)(b)		600		599,094
MGM China Holdings Ltd. 5.25%, 06/18/25 (Call 06/18/22)(b)		200		200,313
5.38%, 05/15/24 (Call 05/15/21)(b)		400		408,825
5.88%, 05/15/26 (Call 05/15/22)(b)		400		404,500
Sands China Ltd. 3.80%, 01/08/26 (Call 12/08/25)(b)		400		407,000
4.38%, 06/18/30 (Call 03/18/30)(b)		400		411,708
4.60%, 08/08/23 (Call 07/08/23)		600		638,814
5.13%, 08/08/25 (Call 06/08/25)		1,000		1,079,152
5.40%, 08/08/28 (Call 05/08/28)		600		647,082
Studio City Finance Ltd. 6.00%, 07/15/25 (Call 07/15/22)(b)		200		200,250
6.50%, 01/15/28 (Call 07/15/23)(b)		200		197,040
7.25%, 02/11/24 (Call 02/11/21)(b)(d)		408		418,582
Wynn Macau Ltd. 4.88%, 10/01/24 (Call 11/30/20)(b)		400		390,000
5.50%, 10/01/27 (Call 10/01/22)(b)		200		187,190
5.63%, 08/26/28 (Call 08/26/23)(h)		200		191,250
				7,568,776

Security	Par (000)		Value
Malaysia — 1.5%
Axiata SPV2 Bhd 2.16%, 08/19/30 (Call 05/19/30)(b)	$	200	$	197,750
4.36%, 03/24/26(b)		200		226,813
Axiata Spv5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(b)		400		386,200
CIMB Bank Bhd, 1.01%, 10/09/24, (3 mo. LIBOR US + 0.780%)(b)(f)		200		198,875
Gohl Capital Ltd., 4.25%, 01/24/27(b)		800		791,088
Malayan Banking Bhd, 1.08%, 08/16/24, (3 mo. LIBOR US + 0.800%)(b)(f)		400		397,875
Parkway Pantai Ltd., 4.25%, (Call 07/27/22)(b)(e)(f)		200		200,875
TNB Global Ventures Capital Bhd 3.24%, 10/19/26(b)		400		429,875
4.85%, 11/01/28(b)		400		470,875
				3,300,226
Mexico — 5.3%
Alfa SAB de CV, 5.25%, 03/25/24 (Call 12/25/23)(b)		200		212,875
Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)(b)		200		204,558
America Movil SAB de CV 2.88%, 05/07/30 (Call 02/07/30)		400		429,064
3.63%, 04/22/29 (Call 01/22/29)		200		225,625
4.38%, 07/16/42		200		242,535
4.38%, 04/22/49 (Call 10/22/48)		200		244,948
6.13%, 03/30/40		300		427,031
6.38%, 03/01/35		100		143,969
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24(b)(d)		450		473,864
Banco Mercantil del Norte SA/Grand Cayman, 6.75%, (Call 09/27/24)(b)(e)(f)		200		199,250
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/25(b)		150		167,813
5.95%, 10/01/28 (Call 10/01/23)(b)(f)		200		212,438
BBVA Bancomer SA/Texas 4.38%, 04/10/24(b)		150		161,850
5.13%, 01/18/33 (Call 01/17/28)(b)(f)		200		197,000
5.88%, 09/13/34 (Call 09/13/29)(b)(f)		200		208,250
Becle SAB de CV, 3.75%, 05/13/25(b)		150		160,500
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(b)		200		189,104
Cemex SAB de CV 5.45%, 11/19/29 (Call 11/19/24)(b)		200		211,560
5.70%, 01/11/25 (Call 11/30/20)(b)		400		408,875
7.38%, 06/05/27 (Call 06/05/23)(b)		200		220,500
7.75%, 04/16/26 (Call 04/16/21)(b)		200		211,600
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43		300		404,156
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(b)		187		207,018
El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26(b)		200		206,750
Fomento Economico Mexicano SAB de CV 3.50%, 01/16/50 (Call 07/16/49)		450		467,325
4.38%, 05/10/43		150		176,953
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(h)		200		203,250
Grupo Bimbo SAB de CV 4.00%, 09/06/49(b)		200		211,184
4.88%, 06/27/44(b)		200		236,187
Grupo Televisa SAB 5.00%, 05/13/45 (Call 11/13/44)		200		224,625
5.25%, 05/24/49 (Call 11/24/48)		200		233,947
6.13%, 01/31/46 (Call 07/31/45)		200		258,107
6.63%, 03/18/25		100		120,469
6.63%, 01/15/40		120		157,200

26 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
Industrias Penoles SAB de CV 4.15%, 09/12/29 (Call 06/12/29)(b)	$	200	$	219,687
4.75%, 08/06/50 (Call 02/06/50)(h)		200		209,250
Infraestructura Energetica Nova SAB de CV, 4.88%, 01/14/48(b)(d)		200		190,688
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(b)		200		216,520
Nemak SAB de CV, 4.75%, 01/23/25 (Call 01/23/21)(b)		200		204,206
Orbia Advance Corp. SAB de CV, 5.50%, 01/15/48 (Call 07/15/47)(b)		200		224,137
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(b)		200		216,688
Southern Copper Corp. 3.88%, 04/23/25		100		110,344
5.25%, 11/08/42		200		253,750
5.88%, 04/23/45		300		410,850
6.75%, 04/16/40		100		143,813
7.50%, 07/27/35		200		293,562
Trust Fibra Uno 5.25%, 01/30/26 (Call 10/30/25)(b)		200		217,125
6.39%, 01/15/50 (Call 07/15/49)(b)		200		207,750
				11,378,750
Morocco — 0.7%
OCP SA 4.50%, 10/22/25(b)		600		636,656
5.63%, 04/25/24(b)		625		679,492
6.88%, 04/25/44(b)		200		250,500
				1,566,648
Nigeria — 0.2%
IHS Netherlands Holdco BV 7.13%, 03/18/25 (Call 09/18/21)(b)		200		201,937
8.00%, 09/18/27 (Call 09/18/22)(b)		300		305,625
				507,562
Oman — 0.5%
Bank Muscat SAOG, 4.88%, 03/14/23(b)		200		200,750
National Bank of Oman SAOG, 5.63%, 09/25/23(b)		400		399,375
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(b)		500		489,375
				1,089,500
Panama — 1.0%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(h)		600		633,095
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(b)		400		445,750
C&W Senior Financing DAC 6.88%, 09/15/27 (Call 09/15/22)(b)(d)		600		631,800
7.50%, 10/15/26 (Call 10/15/21)(b)(d)		200		211,260
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(b)		200		212,000
				2,133,905
Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(b)(d)(i)		298		217,609
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)(b)		200		211,187
				428,796
Peru — 2.0%
Banco de Credito del Peru 2.70%, 01/11/25 (Call 12/11/24)(b)		600		617,280
3.13%, 07/01/30 (Call 07/01/25)(b)(f)		400		404,000
4.25%, 04/01/23(b)		100		106,688
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(b)		200		204,250

Security	Par (000)		Value
Peru (continued)
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b)	$	200	$	200,125
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(b)(d)		200		207,625
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(b)		400		418,250
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/36(b)		200		219,750
5.88%, 07/05/34(b)		316		378,735
Nexa Resources SA 5.38%, 05/04/27 (Call 02/04/27)(b)		400		422,600
6.50%, 01/18/28 (Call 10/18/27)(b)		200		220,937
Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(b)(d)		200		206,375
Peru LNG Srl, 5.38%, 03/22/30(b)(d)		400		304,125
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(b)(d)		400		443,000
				4,353,740
Philippines — 1.9%
Bank of the Philippine Islands, 4.25%, 09/04/23(b)		200		215,687
BDO Unibank Inc. 2.13%, 01/13/26(b)		200		200,250
2.95%, 03/06/23(b)		400		415,000
JGSH Philippines Ltd. 4.13%, 07/09/30(b)		200		204,000
4.38%, 01/23/23(b)		200		211,108
Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(b)(e)(f)		400		364,250
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(b)		200		198,750
Metropolitan Bank & Trust Co., 2.13%, 01/15/26(b)		200		199,500
Petron Corp., 4.60%, (Call 07/19/23)(b)(e)(f)		200		186,313
Philippine National Bank, 3.28%, 09/27/24(b)		400		419,750
San Miguel Corp., 4.88%, 04/26/23 (Call 04/26/21)(b)		200		201,448
San Miguel Crop., 5.50%, (Call 07/29/25)(b)(e)(f)		400		397,000
SMC Global Power Holdings Corp. 5.70%, (Call 01/21/26)(b)(e)(f)		200		188,625
5.95%, (Call 05/05/25)(b)(e)(f)		400		384,500
6.50%, (Call 04/25/24)(b)(e)(f)		300		296,250
				4,082,431
Qatar — 3.2%
ABQ Finance Ltd., 3.13%, 09/24/24(b)		200		207,750
AKCB Finance Ltd., 4.75%, 10/09/23(b)		200		217,312
CBQ Finance Ltd., 5.00%, 05/24/23(b)		200		216,063
MAR Sukuk Ltd. 2.21%, 09/02/25(b)		200		200,750
3.03%, 11/13/24(b)		200		208,625
Nakilat Inc., 6.07%, 12/31/33(b)		350		446,469
Ooredoo International Finance Ltd. 3.25%, 02/21/23(b)		550		573,567
3.75%, 06/22/26(b)		400		443,500
3.88%, 01/31/28(b)		200		228,125
4.50%, 01/31/43(b)		200		256,125
5.00%, 10/19/25(b)		200		232,250
QIB Sukuk Ltd. 1.59%, 02/07/25, (3 mo. LIBOR US +     1.350%)(b)(f)		200		196,438
3.98%, 03/26/24(b)		400		427,750
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(b)		200		214,938
QNB Finance Ltd. 2.63%, 05/12/25(b)		600		623,437
2.75%, 02/12/27(b)		500		521,719
3.50%, 03/28/24(b)		400		424,625

SCHEDULE   OF   INVESTMENTS 27

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Qatar (continued)
Ras Laffan Liquefied Natural Gas Co. Ltd. III 5.84%, 09/30/27(b)	$	500	$	582,656
6.33%, 09/30/27(b)		513		602,775
				6,824,874
Russia — 4.9%
Alfa Bank AO Via Alfa Bond Issuance PLC 5.95%, 04/15/30 (Call 04/15/25)(b)(f)		200		197,313
6.95%, (Call 04/30/23)(b)(e)(f)		200		199,000
8.00%, (Call 02/03/22)(b)(e)(f)		200		202,188
ALROSA Finance SA, 4.65%, 04/09/24 (Call 01/09/24)(b)		200		213,062
Credit Bank of Moscow Via CBOM Finance PLC, 4.70%, 01/29/25(b)		400		401,500
Eurochem Finance DAC, 5.50%, 03/13/24(b)		200		218,500
Evraz PLC 5.25%, 04/02/24(b)		200		217,625
5.38%, 03/20/23(b)		200		213,500
Gazprom Neft OAO Via GPN Capital SA, 6.00%, 11/27/23(b)		600		666,375
Gazprom PJSC Via Gaz Capital SA 4.95%, 02/06/28(b)		800		892,500
7.29%, 08/16/37(b)		600		840,375
8.63%, 04/28/34(b)		250		372,891
Lukoil International Finance BV 4.56%, 04/24/23(b)		200		211,750
4.75%, 11/02/26(b)		600		668,437
Lukoil Securities BV, 3.88%, 05/06/30(b)		200		211,500
Metalloinvest Finance DAC, 4.85%, 05/02/24(b)		200		215,875
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23(b)		300		312,656
MMC Norilsk Nickel OJSC Via MMC Finance DAC 2.55%, 09/11/25 (Call 06/11/25)(h)		200		200,750
3.38%, 10/28/24 (Call 07/28/24)(b)		200		206,563
MMK International Capital DAC, 4.38%, 06/13/24(b)		200		213,375
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/23(b)		200		213,000
Novatek OAO Via Novatek Finance DAC, 4.42%, 12/13/22(b)		200		209,563
Novolipetsk Steel Via Steel Funding DAC 4.50%, 06/15/23(b)		200		212,187
4.70%, 05/30/26(b)		200		221,625
Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(b)		200		199,250
Phosagro OAO Via Phosagro Bond Funding DAC, 3.05%, 01/23/25 (Call 10/23/24)(b)		200		204,375
Polyus Finance PLC, 5.25%, 02/07/23(b)		200		212,812
Sberbank of Russia Via SB Capital SA, 5.25%, 05/23/23(b)		200		212,000
Severstal OAO Via Steel Capital SA, 3.15%, 09/16/24(b)		400		410,625
TMK OAO Via TMK Capital SA, 4.30%, 02/12/27(b)		200		195,625
VEON Holdings BV 4.00%, 04/09/25 (Call 01/09/25)(b)		400		417,625
4.95%, 06/16/24 (Call 03/16/24)(b)		200		215,625
7.25%, 04/26/23 (Call 01/26/23)(b)		200		220,500
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(e)(f)		400		430,625
				10,451,172
Saudi Arabia — 4.6%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(b)		400		458,000
Almarai Sukuk Ltd., 4.31%, 03/05/24(b)		200		213,563
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(b)		300		279,469
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 03/21/23(b)		400		392,750
Riyad Bank, 3.17%, 02/25/30 (Call 02/25/25)(b)(f)		400		401,500

Security	Par (000)		Value
Saudi Arabia (continued)
SABIC Capital II BV 4.00%, 10/10/23(b)	$	200	$	214,750
4.50%, 10/10/28(b)		600		706,312
Samba Funding Ltd., 2.75%, 10/02/24(b)		600		618,000
Saudi Arabian Oil Co. 3.50%, 04/16/29(b)		1,000		1,097,500
4.25%, 04/16/39(b)		1,200		1,357,500
4.38%, 04/16/49(b)		1,000		1,170,625
Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23(b)		400		419,875
5.06%, 04/08/43(b)		400		478,875
Saudi Electricity Global Sukuk Co. 3 4.00%, 04/08/24(b)		600		647,625
5.50%, 04/08/44(b)		200		249,875
Saudi Electricity Global Sukuk Co. 4 4.22%, 01/27/24(b)		200		215,875
4.72%, 09/27/28(b)		400		471,000
Saudi Telecom Co., 3.89%, 05/13/29(b)		400		454,080
				9,847,174
Singapore — 4.4%
BOC Aviation Ltd.
1.36%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)(b)(f)		400		393,375
3.00%, 09/11/29 (Call 06/11/29)(b)		300		302,437
3.25%, 04/29/25 (Call 03/29/25)(b)		400		417,375
3.50%, 10/10/24 (Call 09/10/24)(b)		400		420,250
3.50%, 09/18/27 (Call 06/18/27)(b)(d)		400		420,625
3.88%, 04/27/26 (Call 01/27/26)(b)		500		538,594
4.00%, 01/25/24 (Call 12/25/23)(b)		200		211,812
DBS Group Holdings Ltd. 3.30%, (Call 02/27/25)(b)(e)(f)		400		399,325
3.60%, (Call 09/07/21)(b)(e)(f)		200		201,563
4.52%, 12/11/28 (Call 12/11/23)(b)(f)		400		435,284
Flex Ltd. 3.75%, 02/01/26 (Call 01/01/26)		200		218,000
4.75%, 06/15/25 (Call 03/15/25)		510		572,156
4.88%, 06/15/29 (Call 03/15/29)		250		286,875
4.88%, 05/12/30 (Call 02/12/30)(d)		200		230,378
GLP Pte Ltd., 3.88%, 06/04/25(b)		425		437,352
Olam International Ltd., 5.35%, (Call 07/20/21)(b)(e)(f)		300		299,531
Oversea-Chinese Banking Corp. Ltd., 4.25%, 06/19/24(b)(d)		600		655,312
Singapore Telecommunications Ltd., 7.38%, 12/01/31(b)		200		301,312
SingTel Group Treasury Pte Ltd. 1.88%, 06/10/30 (Call 03/10/30)(b)		200		201,063
2.38%, 10/03/26(b)		200		212,875
2.38%, 08/28/29 (Call 05/28/29)(b)		200		208,938
3.25%, 06/30/25(b)		300		327,937
3.88%, 08/28/28 (Call 05/28/28)(b)		200		229,922
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(b)		400		406,333
United Overseas Bank Ltd. 3.50%, 09/16/26 (Call 09/16/21)(b)(f)		200		203,688
3.75%, 04/15/29 (Call 04/15/24)(b)(f)		400		426,375
3.88%, (Call 10/19/23)(b)(e)(f)		400		410,000
				9,368,687
South Africa — 1.2%
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(f)		200		205,000
Gold Fields Orogen Holdings BVI Ltd. 5.13%, 05/15/24 (Call 04/15/24)(b)		400		437,000
6.13%, 05/15/29 (Call 02/15/29)(b)		200		238,125

28 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Africa (continued)
MTN Mauritius Investments Ltd. 4.76%, 11/11/24(b)	$	250	$	256,328
6.50%, 10/13/26(b)		200		222,250
Sasol Financing USA LLC 5.88%, 03/27/24 (Call 02/27/24)		800		768,250
6.50%, 09/27/28 (Call 06/27/28)		400		383,000
				2,509,953
South Korea — 4.3%
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)(b)(e)(f)		200		205,625
Hyundai Capital Services Inc., 3.75%, 03/05/23(b)		400		424,250
Kia Motors Corp., 3.00%, 04/25/23(b)		200		208,750
Kookmin Bank 1.75%, 05/04/25(b)		200		205,450
2.88%, 03/25/23(b)		200		209,674
4.35%, (Call 07/02/24)(b)(e)(f)		200		209,625
Korea East-West Power Co. Ltd., 1.75%, 05/06/25(b)		400		412,220
Korea Electric Power Corp. 1.13%, 06/15/25(b)		200		199,813
2.50%, 06/24/24(b)		200		210,500
Korea Gas Corp. 2.88%, 07/16/29(b)		200		219,875
3.50%, 07/21/25(b)		200		222,812
3.50%, 07/02/26(b)		200		226,125
3.88%, 02/12/24(b)		200		218,812
6.25%, 01/20/42(b)		200		304,750
Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23(b)		200		216,250
Kyobo Life Insurance Co. Ltd., 3.95%, (Call 07/24/22)(b)(e)(f)		200		204,000
LG Chem Ltd. 3.25%, 10/15/24(b)		200		213,248
3.63%, 04/15/29(b)		200		219,375
NongHyup Bank 1.25%, 07/20/25(b)		400		403,008
3.88%, 07/30/23(b)		200		216,750
POSCO, 2.75%, 07/15/24(b)		400		418,125
Shinhan Bank Co. Ltd.
1.91%, 04/24/25, (3 mo. LIBOR US + 1.700%)(b)(f)		200		207,985
3.88%, 11/05/23(b)		200		217,892
3.88%, 03/24/26(b)		200		219,875
3.88%, 12/07/26 (Call 12/07/21)(b)(f)		400		409,250
Shinhan Financial Group Co. Ltd. 1.35%, 01/10/26(b)		200		199,841
3.34%, 02/05/30 (Call 02/05/25)(b)(f)		200		209,375
5.88%, (Call 08/13/23)(b)(e)(f)		200		215,687
SK Hynix Inc., 3.00%, 09/17/24(b)		400		419,875
SK Innovation Co. Ltd., 4.13%, 07/13/23(b)		200		212,074
SK Telecom Co. Ltd., 3.75%, 04/16/23(b)		200		213,796
Woori Bank 4.25%, (Call 10/04/24)(b)(e)(f)		600		616,875
4.50%, (Call 09/27/21)(b)(e)(f)		400		406,875
5.25%, (Call 05/16/22)(b)(e)(f)		200		207,500
				9,125,937
Taiwan — 1.0%
Competition Team Technologies Ltd., 3.75%, 03/12/24(b)		400		428,500
Formosa Group Cayman Ltd., 3.38%, 04/22/25(b)		400		426,375
TSMC Global Ltd. 0.75%, 09/28/25 (Call 08/28/25)(h)		400		396,260
1.00%, 09/28/27 (Call 07/28/27)(h)		400		393,924
1.38%, 09/28/30 (Call 06/28/30)(h)		400		390,488
				2,035,547

Security	Par (000)		Value
Thailand — 2.0%
Bangkok Bank PCL/Hong Kong 3.73%, 09/25/34 (Call 09/25/29)(b)(f)	$	600	$	588,750
4.05%, 03/19/24(b)		400		431,750
4.45%, 09/19/28(b)		200		228,875
5.00%, 10/03/23(b)		200		221,250
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(b)(f)		400		391,750
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(b)		400		379,375
PTTEP Treasury Center Co. Ltd. 2.59%, 06/10/27 (Call 04/10/27)(b)		400		412,000
3.90%, 12/06/59(b)		200		207,500
Siam Commercial Bank PCL/Cayman Islands 2.75%, 05/16/23(b)		200		207,313
3.90%, 02/11/24(b)		200		214,375
4.40%, 02/11/29(b)		200		230,250
Thaioil Treasury Center Co. Ltd. 3.50%, 10/17/49(b)		200		176,000
3.75%, 06/18/50(b)		400		367,375
5.38%, 11/20/48(b)		200		230,437
				4,287,000
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(b)		200		207,625
Turkey — 3.7%
Akbank T.A.S. 5.13%, 03/31/25(b)		400		368,500
6.80%, 02/06/26(b)		200		192,563
7.20%, 03/16/27 (Call 03/16/22)(b)(f)		200		181,375
Arcelik AS, 5.00%, 04/03/23(b)		200		199,000
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)(b)		200		201,937
KOC Holding AS 5.25%, 03/15/23 (Call 12/15/22)(b)		400		397,625
6.50%, 03/11/25 (Call 12/11/24)(b)		200		201,500
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(b)		300		303,094
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (Call 01/26/21)(b)		200		195,813
QNB Finansbank AS, 6.88%, 09/07/24(b)		200		202,937
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b)		400		365,500
Turk Telekomunikasyon AS 4.88%, 06/19/24(b)		200		192,563
6.88%, 02/28/25(b)		200		203,562
Turkcell Iletisim Hizmetleri AS 5.75%, 10/15/25(b)		200		198,625
5.80%, 04/11/28 (Call 01/11/28)(b)		200		192,375
Turkiye Garanti Bankasi AS 5.88%, 03/16/23(b)		200		196,938
6.13%, 05/24/27 (Call 05/24/22)(b)(f)		400		354,375
Turkiye Is Bankasi AS 6.13%, 04/25/24(b)		600		566,062
7.00%, 06/29/28 (Call 06/29/23)(b)(f)		200		179,125
7.75%, 01/22/30 (Call 01/22/25)(b)(f)		300		272,437
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b)		400		402,875
Turkiye Vakiflar Bankasi TAO 5.25%, 02/05/25(b)		400		359,750
5.75%, 01/30/23(b)		400		384,250
8.13%, 03/28/24(b)		200		199,875

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
Yapi ve Kredi Bankasi AS 5.50%, 12/06/22(b)	$	200	$	193,125
5.85%, 06/21/24(b)		200		188,438
6.10%, 03/16/23(b)		200		195,000
8.25%, 10/15/24(b)		400		405,000
8.50%, 03/09/26 (Call 03/09/21)(b)(f)		300		295,875
13.88%, (Call 01/15/24)(b)(e)(f)		200		208,000
				7,998,094
Ukraine — 0.5%
Metinvest BV 7.75%, 10/17/29(b)		200		190,625
8.50%, 04/23/26 (Call 01/23/26)(b)		400		402,375
MHP Lux SA, 6.95%, 04/03/26(b)		200		200,375
MHP SE, 7.75%, 05/10/24(b)		200		208,187
				1,001,562
United Arab Emirates — 4.5%
Abu Dhabi Commercial Bank PJSC, 4.00%, 03/13/23(b)		400		424,250
Abu Dhabi National Energy Co. PJSC 3.63%, 01/12/23(b)		400		422,250
3.88%, 05/06/24(b)		200		216,562
4.00%, 10/03/49(b)		200		232,312
4.38%, 04/23/25(b)		200		224,812
4.38%, 06/22/26(b)		200		229,187
4.88%, 04/23/30(b)		400		491,000
6.50%, 10/27/36(b)		300		435,469
ADCB Finance Cayman Ltd., 4.00%, 03/29/23(b)		200		212,290
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(b)(e)(f)		200		214,750
Aldar Sukuk Ltd., 4.75%, 09/29/25(b)		200		221,062
BOS Funding Ltd., 4.00%, 09/18/24(b)		200		205,188
DIB Sukuk Ltd. 2.95%, 02/20/25(b)		400		415,625
2.95%, 01/16/26(b)		400		414,875
3.63%, 02/06/23(b)		200		207,500
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(b)(e)(f)		200		209,000
Emaar Sukuk Ltd. 3.64%, 09/15/26(b)		200		193,688
3.88%, 09/17/29(b)		200		187,688
EMG Sukuk Ltd., 4.56%, 06/18/24(b)		200		207,313
Emirates NBD Bank PJSC 6.13%, (Call 03/20/25)(b)(e)(f)		400		411,875
6.13%, (Call 04/26/26)(b)(e)(f)		400		415,875
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(b)		200		218,312
Esic Sukuk Ltd., 3.94%, 07/30/24(b)		200		200,750
Fab Sukuk Co. Ltd. 2.50%, 01/21/25(b)		200		207,813
3.63%, 03/05/23(b)		200		211,187
3.88%, 01/22/24(b)		200		215,500
First Abu Dhabi Bank PJSC, 1.13%, 07/08/24, (3 mo. LIBOR US + 0.900%)(b)(f)		400		396,625
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(b)		200		198,063
MAF Global Securities Ltd. 4.75%, 05/07/24(b)		200		213,500
5.50%, (Call 09/07/22)(b)(e)(f)		200		195,188
MAF Sukuk Ltd. 3.93%, 02/28/30(b)		200		207,750
4.64%, 05/14/29(b)		200		218,187
Mashreqbank PSC, 4.25%, 02/26/24(b)		200		213,500
Rakfunding Cayman Ltd., 4.13%, 04/09/24(b)		200		212,625

Security	Par/ Shares (000)		Value
United Arab Emirates (continued)
Ruwais Power Co. PJSC, 6.00%, 08/31/36(b)	$	200	$	262,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(b)		200		64,000
SIB Sukuk Co. III Ltd., 4.23%, 04/18/23(b)		200		213,250
				9,640,821
United Kingdom — 0.1%
Huarong Finance 2019 Co. Ltd., 3.75%, 05/29/24(b)		200		208,750
United States — 0.1%
Trust Fibra Uno, 4.87%, 01/15/30 (Call 10/30/29)(b)		200		208,000
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(b)		250		254,766
Zambia — 1.3%
First Quantum Minerals Ltd. 6.50%, 03/01/24 (Call 11/30/20)(b)		400		397,000
6.88%, 03/01/26 (Call 03/01/21)(b)		400		397,625
6.88%, 10/15/27 (Call 10/15/23)(h)		600		599,250
7.25%, 04/01/23 (Call 11/30/20)(b)		800		804,250
7.50%, 04/01/25 (Call 11/30/20)(b)		600		600,150
				2,798,275
Total Corporate Bonds & Notes — 97.5% (Cost: $207,257,267)				209,313,221
Foreign Government Obligations(a)
Nigeria — 0.5%
Africa Finance Corp. 3.13%, 06/16/25(b)		400		410,125
3.75%, 10/30/29(b)		400		414,915
3.88%, 04/13/24(b)		200		210,063
4.38%, 04/17/26(b)		200		214,000
				1,249,103
South Korea — 0.1%
Industrial Bank of Korea, 1.04%, 06/22/25(b)		200		199,947
Supranational — 0.4%
African Export-Import Bank (The) 3.99%, 09/21/29 (Call 06/23/29)(b)		400		412,125
5.25%, 10/11/23(b)		400		432,125
				844,250
Total Foreign Government Obligations — 1.0% (Cost: $2,253,753)				2,293,300
Short-Term Investments
Money Market Funds — 6.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(j)(k)(l)		11,546		11,553,871

30 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(j)(k)	$	2,577	$	2,577,000
				14,130,871
Total Short-Term Investments — 6.6% (Cost: $14,122,412)				14,130,871
Total Investments in Securities — 105.1% (Cost: $223,633,432)				225,737,392
Other Assets, Less Liabilities — (5.1)%				(11,005,921	)
Net Assets — 100.0%			$	214,731,471

^(a)  U.S. dollar denominated security issued by foreign domiciled entity.

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

^(c)  Issuer filed for bankruptcy and/or is in default.

^(d)  All or a portion of this security is on loan.

^(e)  Perpetual security with no stated maturity date.

^(f)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(g)  Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

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

⁽ⁱ⁾  Zero-coupon bond.

^(j)  Affiliate of the Fund.

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

^(l)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,281,365	$	—		$	(5,725,069	)(a)	$	(8,124	)	$	5,699	$	11,553,871		11,546	$	107,560	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,688,000		889,000	(a)		—			—			—		2,577,000		2,577		9,024			—
									$	(8,124	)	$	5,699	$	14,130,871			$	116,584		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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 valuation of 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, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	209,313,221	$	—	$	209,313,221
Foreign Government Obligations		—		2,293,300		—		2,293,300
Money Market Funds		14,130,871		—		—		14,130,871
	$	14,130,871	$	211,606,521	$	—	$	225,737,392

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments   October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes(a)
Argentina — 0.8%
Arcor SAIC, 6.00%, 07/06/23 (Call 11/30/20)(b)	$	400	$	371,375
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b)		150		78,469
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b)		400		278,000
Tecpetrol SA, 4.88%, 12/12/22 (Call 12/12/20)(b)(c)		100		91,594
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b)(c)		300		245,531
YPF SA 6.95%, 07/21/27(b)		600		317,250
7.00%, 12/15/47 (Call 06/15/47)(b)		300		151,500
8.50%, 07/28/25(b)		650		374,969
8.50%, 06/27/29 (Call 03/27/29)(b)		250		140,078
8.75%, 04/04/24(b)		666		434,165
				2,482,931
Azerbaijan — 0.5%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b)		550		504,797
Southern Gas Corridor CJSC, 6.88%, 03/24/26 (b)		1,000		1,139,062
				1,643,859
Bahrain — 0.3%
BBK BSC, 5.50%, 07/09/24(b)		200		201,438
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(b)(c)		600		631,781
				833,219
Brazil — 13.1%
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25(b)		400		404,125
Banco BTG Pactual SA/Cayman Islands 4.50%, 01/10/25 (Call 12/10/24)(b)		400		408,375
5.50%, 01/31/23(b)(c)		300		313,875
7.75%, 02/15/29 (Call 02/15/24)(b)(c)(d)		200		204,750
Banco do Brasil SA/Cayman 4.63%, 01/15/25(b)		400		425,000
4.75%, 03/20/24(b)		400		425,250
4.88%, 04/19/23(b)		400		421,300
5.88%, 01/19/23(b)		400		427,125
6.25%, (Call 04/15/24)(b)(c)(d)(e)		800		768,000
9.00%, (Call 06/18/24)(b)(d)(e)		1,000		1,088,000
9.25%, (Call 04/15/23)(b)(d)(e)		600		652,500
Banco Votorantim SA, 4.38%, 07/29/25(f)		200		207,250
Braskem Finance Ltd., 6.45%, 02/03/24		800		851,875
Braskem Netherlands Finance BV 4.50%, 01/10/28 (Call 10/10/27)(b)		200		190,229
4.50%, 01/31/30(b)		800		741,192
5.88%, 01/31/50(b)		800		743,500
8.50%, 01/23/81 (Call 10/24/25)(b)(d)		200		203,375
BRF SA, 4.88%, 01/24/30 (Call 10/24/29)(b)		400		400,608
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b)		200		211,813
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b)		800		900,000
Centrais Eletricas Brasileiras SA 3.63%, 02/04/25(b)		400		400,125
4.63%, 02/04/30(b)		200		202,500
Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(b)		400		413,250
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(b)		600		639,187
CSN Islands XII Corp., 7.00%, (Call 12/23/20)(b)(c)(e)		600		534,562
CSN Resources SA 7.63%, 02/13/23 (Call 02/13/21)(b)		400		415,000
7.63%, 04/17/26 (Call 04/17/22)(b)		600		614,062
Embraer Netherlands Finance BV 5.05%, 06/15/25		600		579,600

Security	Par (000)		Value
Brazil (continued)
5.40%, 02/01/27	$	200	$	189,379
Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/22)(b)		300		218,916
Hidrovias International Finance SARL, 5.95%, 01/24/25 (Call 01/24/22)(b)		200		201,625
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/30/20)(b)		200		136,500
Itau Unibanco Holding SA/Cayman Island 4.50%, 11/21/29 (Call 11/21/24)(b)(d)		600		590,437
4.63%, (Call 02/27/25)(b)(d)(e)		400		345,000
5.13%, 05/13/23(b)		920		974,142
6.13%, (Call 12/12/22)(b)(d)(e)		600		572,325
JBS Investments II GmbH 5.75%, 01/15/28 (Call 07/15/22)(b)		400		419,500
7.00%, 01/15/26 (Call 01/15/22)(b)		400		426,396
JBS USA LUX SA/JBS USA Finance Inc. 5.75%, 06/15/25 (Call 11/30/20)(b)(c)		350		361,550
6.75%, 02/15/28 (Call 02/15/23)(b)(c)		500		547,894
JSL Europe SA, 7.75%, 07/26/24 (Call 07/26/21)(b)		400		406,650
JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)(f)		200		202,144
Klabin Austria GmbH 5.75%, 04/03/29 (Call 01/03/29)(b)		400		441,005
7.00%, 04/03/49 (Call 10/03/48)(b)		400		457,000
MARB BondCo PLC 6.88%, 01/19/25 (Call 01/19/21)(b)(c)		600		621,780
7.00%, 03/15/24 (Call 11/30/20)(b)		400		411,000
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(b)		500		520,000
Natura Cosmeticos SA, 5.38%, 02/01/23 (Call 02/01/21)(b)		400		411,375
NBM U.S. Holdings Inc. 6.63%, 08/06/29 (Call 08/06/24)(b)		200		215,750
7.00%, 05/14/26 (Call 05/14/22)(b)		400		424,400
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(b)(c)(g)		412		103,961
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(b)(g)		620		60,965
Oi SA, 10.00%, (4.00% PIK), 07/27/25(g)		800		782,750
Petrobras Global Finance BV 4.38%, 05/20/23		200		212,320
5.09%, 01/15/30		1,900		1,989,737
5.30%, 01/27/25		300		333,563
5.60%, 01/03/31 (Call 10/03/30)		700		752,920
5.63%, 05/20/43		300		306,656
5.75%, 02/01/29		792		881,227
6.00%, 01/27/28		1,068		1,196,534
6.25%, 03/17/24		300		338,250
6.75%, 01/27/41		500		555,156
6.75%, 06/03/50 (Call 12/03/49)		800		874,500
6.85%, 06/05/2115		1,133		1,215,497
6.88%, 01/20/40		500		562,500
6.90%, 03/19/49		1,000		1,131,640
7.25%, 03/17/44		686		793,831
7.38%, 01/17/27(c)		1,001		1,207,897
8.75%, 05/23/26(c)		779		993,225
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(b)		800		823,000
Rumo Luxembourg Sarl 5.88%, 01/18/25 (Call 01/18/22)(b)(c)		200		209,250
7.38%, 02/09/24 (Call 02/09/21)(b)(c)		400		417,625
Ultrapar International SA 5.25%, 10/06/26(b)		400		430,000
5.25%, 06/06/29(b)(c)		200		209,090

32 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(b)	$	400	$	415,125
				39,678,415
Canada — 0.1%
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25 (Call 07/20/23)(b)		400		412,000
Chile — 0.4%
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(b)(d)		400		412,250
Corp. Group Banking SA, 6.75%, 03/15/23 (Call 11/30/20)(b)		250		68,672
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/26/21)(b)		200		208,938
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b)		400		421,750
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(b)		200		213,187
				1,324,797
China — 4.5%
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24)(b)(d)(e)		800		815,250
Central Plaza Development Ltd., 5.75%, (Call 11/14/24)(b)(d)(e)		200		197,938
CFLD Cayman Investment Ltd., 8.60%, 04/08/24(b)		600		550,875
China Evergrande Group 7.50%, 06/28/23 (Call 11/30/20)(b)		500		376,250
8.75%, 06/28/25 (Call 06/28/21)(b)		2,000		1,465,000
10.50%, 04/11/24 (Call 04/11/22)(b)		400		314,125
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 04/09/22)(b)		400		409,125
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(b)		400		423,125
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24 (Call 11/07/22)(b)		400		420,125
Easy Tactic Ltd., 5.88%, 02/13/23 (Call 11/30/20)(b)		400		338,204
Greenland Global Investment Ltd., 5.88%, 07/03/24(b)		400		365,625
Kaisa Group Holdings Ltd., 9.38%, 06/30/24 (Call 06/30/21)(b)		1,600		1,447,750
KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 11/10/21)(b)		400		400,375
Lenovo Group Ltd. 4.75%, 03/29/23(b)		400		420,625
5.88%, 04/24/25(b)		400		455,260
Proven Honour Capital Ltd. 4.13%, 05/19/25(b)		600		623,250
4.13%, 05/06/26(b)		1,000		1,038,750
Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/06/21)(b)		300		253,500
Shui On Development Holding Ltd., 6.40%, (Call 06/20/22)(b)(d)(e)		200		196,813
Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)(b)(d)(e)		400		336,000
Sunac China Holdings Ltd., 8.35%, 04/19/23 (Call 04/19/21)(b)		400		409,750
Tsinghua Unic Ltd., 5.38%, 01/31/23(b)		400		140,000
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(b)		400		392,125
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(d)(e)		600		603,654
Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)(b)		200		206,562
Yuzhou Group Holdings Co. Ltd. 8.30%, 05/27/25 (Call 11/27/22)(b)		400		404,875
8.38%, 10/30/24 (Call 10/30/22)(b)		200		207,062
8.50%, 02/26/24 (Call 02/26/22)(b)		400		416,125
				13,628,118
Colombia — 1.2%
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(b)(c)		550		594,690

Security	Par (000)		Value
Colombia (continued)
Banco de Bogota SA 5.38%, 02/19/23(b)	$	200	$	210,313
6.25%, 05/12/26(b)		600		657,000
Bancolombia SA 4.63%, 12/18/29 (Call 12/18/24)(d)		400		387,625
4.88%, 10/18/27 (Call 10/18/22)(d)		400		394,250
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b)		200		212,000
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(b)		200		194,250
Millicom International Cellular SA 5.13%, 01/15/28 (Call 09/15/22)(b)		200		209,875
6.25%, 03/25/29 (Call 03/25/24)(b)		400		442,200
6.63%, 10/15/26 (Call 10/15/21)(b)		200		216,000
				3,518,203
Congo — 0.1%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b)		200		209,181
Costa Rica — 0.1%
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(b)		200		198,438
Egypt — 0.1%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)		400		399,783
Ghana — 0.1%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b)		200		171,750
Tullow Oil PLC, 7.00%, 03/01/25 (Call 03/01/21)(b)		400		206,375
				378,125
Guatemala — 0.2%
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 11/18/20)(b)		600		613,500
Hong Kong — 2.5%
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(d)(e)		250		250,703
Bank of East Asia Ltd. (The) 5.50%, (Call 12/02/20)(b)(d)(e)		650		647,766
5.88%, (Call 09/19/24)(b)(d)(e)		250		254,141
Celestial Dynasty Ltd., 4.25%, 06/27/29(b)		800		807,500
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(b)(d)(e)		400		432,375
FWD Group Ltd. 5.75%, 07/09/24(b)		200		205,062
6.38%, (Call 09/13/24)(b)(d)(e)		800		795,250
Henderson Land MTN Ltd., 2.38%, 05/27/25(b)		200		201,114
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(b)(d)(e)		600		605,437
Li & Fung Ltd., 5.25%, (Call 11/03/21)(b)(e)		200		146,500
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(b)(d)(e)		800		797,500
New World China Land Ltd., 4.75%, 01/23/27(b)		400		413,000
NWD Finance BVI Ltd. 5.25%, (Call 03/22/26)(b)(d)(e)		600		628,125
6.25%, (Call 03/07/24)(b)(e)		600		617,812
NWD MTN Ltd., 4.13%, 07/18/29(b)		800		807,750
				7,610,035
India — 1.8%
ABJA Investment Co. Pte Ltd. 5.45%, 01/24/28(b)		600		582,168
5.95%, 07/31/24(b)		425		442,531
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b)		400		432,125

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
India (continued)
Delhi International Airport Ltd. 6.13%, 10/31/26(b)	$	200	$	203,500
6.45%, 06/04/29(b)		200		201,125
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(b)		200		137,000
Greenko Dutch BV, 5.25%, 07/24/24 (Call 11/30/20)(b)(c)		400		409,750
Greenko Solar Mauritius Ltd. 5.55%, 01/29/25 (Call 01/29/21)(b)		400		410,125
5.95%, 07/29/26 (Call 07/29/22)(b)		200		210,312
JSW Steel Ltd., 5.95%, 04/18/24(b)		400		409,000
Network i2i Ltd., 5.65%, (Call 01/15/25)(b)(d)(e)		200		200,300
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 03/12/21)(b)		200		209,313
Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(b)		200		125,250
Vedanta Resources Ltd. 6.13%, 08/09/24 (Call 08/09/21)(b)		400		234,500
7.13%, 05/31/23(b)		300		183,225
Wynn Macau Ltd. 5.13%, 12/15/29 (Call 12/15/24)(b)		800		740,000
5.50%, 01/15/26 (Call 06/15/22)(b)		200		193,750
				5,323,974
Indonesia — 0.7%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b)		500		494,219
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(b)		400		375,125
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b)		800		774,750
Saka Energi Indonesia PT, 4.45%, 05/05/24(b)		400		366,625
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(b)		181		199,200
				2,209,919
Israel — 2.0%
Leviathan Bond Ltd. 6.13%, 06/30/25 (Call 03/30/25)(f)		200		205,240
6.50%, 06/30/27 (Call 12/30/26)(f)		400		413,500
6.75%, 06/30/30 (Call 12/30/29)(f)		200		206,750
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22(c)		350		338,406
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36		100		100,000
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 07/21/23		1,375		1,304,078
3.15%, 10/01/26		1,600		1,404,000
4.10%, 10/01/46(c)		1,050		871,500
6.00%, 04/15/24 (Call 01/15/24)		400		400,069
6.75%, 03/01/28 (Call 12/01/27)		800		836,010
				6,079,553
Jamaica — 0.3%
Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 11/16/20)(g)		652		493,394
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24 (Call 05/25/21)(b)(c)		200		199,500
Digicel Ltd., 6.75%, 03/01/23 (Call 11/16/20)(b)		400		248,000
				940,894
Jordan — 0.1%
Hikma Finance USA LLC, 3.25%, 07/09/25(b)		200		205,400
Kazakhstan — 0.0%
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 11/30/20)(b)		147		146,342
Kuwait — 0.3%
Burgan Bank SAK, 5.75%, (Call 07/09/24)(b)(d)(e)		200		197,563

Security	Par (000)		Value
Kuwait (continued)
Kuwait Projects Co. SPC Ltd. 4.23%, 10/29/26(b)	$	400	$	397,250
4.50%, 02/23/27(b)		200		198,687
				793,500
Luxembourg — 0.6%
Altice Financing SA 5.00%, 01/15/28 (Call 01/15/23)(b)		400		388,000
7.50%, 05/15/26 (Call 05/15/21)(b)		1,400		1,463,140
				1,851,140
Macau — 1.3%
Melco Resorts Finance Ltd. 5.25%, 04/26/26 (Call 04/26/22)(b)		800		804,000
5.38%, 12/04/29 (Call 12/04/24)(b)		600		578,250
5.75%, 07/21/28 (Call 07/21/23)(b)		200		199,698
MGM China Holdings Ltd. 5.25%, 06/18/25 (Call 06/18/22)(b)		200		200,312
5.38%, 05/15/24 (Call 05/15/21)(b)		800		817,650
Studio City Finance Ltd. 6.00%, 07/15/25 (Call 07/15/22)(b)		400		400,500
6.50%, 01/15/28 (Call 07/15/23)(b)		200		197,040
Wynn Macau Ltd. 4.88%, 10/01/24 (Call 11/30/20)(b)		400		390,000
5.50%, 10/01/27 (Call 10/01/22)(b)		200		187,190
5.63%, 08/26/28 (Call 08/26/23)(f)		200		191,250
				3,965,890
Mexico — 8.4%
Axtel SAB de CV, 6.38%, 11/14/24 (Call 11/30/20)(b)(c)		200		208,000
Banco Mercantil del Norte SA/Grand Cayman 6.75%, (Call 09/27/24)(b)(d)(e)		500		498,125
7.50%, (Call 06/27/29)(b)(d)(e)		200		199,320
BBVA Bancomer SA/Texas 5.13%, 01/18/33 (Call 01/17/28)(b)(d)		600		591,000
5.88%, 09/13/34 (Call 09/13/29)(b)(d)		350		364,437
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(b)		400		378,208
Cemex SAB de CV 5.20%, 09/17/30 (Call 09/17/25)(b)		400		422,060
5.45%, 11/19/29 (Call 11/19/24)(b)(c)		400		423,120
5.70%, 01/11/25 (Call 11/30/20)(b)		400		408,875
7.38%, 06/05/27 (Call 06/05/23)(b)		400		441,000
7.75%, 04/16/26 (Call 04/16/21)(b)		600		634,800
Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)(b)(d)(e)		200		212,438
Nemak SAB de CV, 4.75%, 01/23/25 (Call 01/23/21)(b)		200		204,206
Petroleos Mexicanos 4.50%, 01/23/26(c)		200		176,360
4.88%, 01/18/24(c)		1,000		976,919
5.35%, 02/12/28		200		170,838
5.95%, 01/28/31 (Call 10/28/30)		2,500		2,089,375
6.35%, 02/12/48		100		75,703
6.49%, 01/23/27 (Call 11/23/26)		200		186,050
6.50%, 03/13/27		3,500		3,230,937
6.50%, 01/23/29		200		178,420
6.63%, 06/15/35		400		329,424
6.75%, 09/21/47		3,850		2,981,825
6.84%, 01/23/30 (Call 10/23/29)		2,800		2,503,463
6.88%, 08/04/26		2,300		2,207,770
6.95%, 01/28/60 (Call 07/28/59)		2,300		1,798,600
7.69%, 01/23/50 (Call 07/23/49)		4,500		3,734,775
				25,626,048

34 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Morocco — 0.5%
OCP SA 5.63%, 04/25/24(b)	$	800	$	869,750
6.88%, 04/25/44(b)		400		501,000
				1,370,750
Nigeria — 0.2%
IHS Netherlands Holdco BV 7.13%, 03/18/25 (Call 09/18/21)(b)		200		201,937
8.00%, 09/18/27 (Call 09/18/22)(b)		400		407,500
				609,437
Oman — 0.3%
National Bank of Oman SAOG, 5.63%, 09/25/23(b)		200		199,687
Oztel Holdings SPC Ltd. 5.63%, 10/24/23(b)		400		399,000
6.63%, 04/24/28(b)		300		293,625
				892,312
Panama — 0.4%
C&W Senior Financing DAC 6.88%, 09/15/27 (Call 09/15/22)(b)(c)		800		842,400
7.50%, 10/15/26 (Call 10/15/21)(b)		400		422,520
				1,264,920
Paraguay — 0.1%
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)(b)		200		211,188
Peru — 0.6%
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b)		400		400,250
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(b)(c)		200		207,625
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(b)		600		633,900
Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(b)		200		206,375
Peru LNG Srl, 5.38%, 03/22/30(b)		400		304,125
				1,752,275
Philippines — 0.8%
JGSH Philippines Ltd. 4.13%, 07/09/30(b)		200		204,000
4.38%, 01/23/23(b)		400		422,216
Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(b)(d)(e)		400		364,250
Petron Corp., 4.60%, (Call 07/19/23)(b)(d)(e)		200		186,312
San Miguel Crop., 5.50%, (Call 07/29/25)(b)(d)(e)		400		397,000
SMC Global Power Holdings Corp., 6.50%, (Call 04/25/24)(b)(d)(e)		1,000		987,500
				2,561,278
Russia — 2.0%
Alfa Bank AO Via Alfa Bond Issuance PLC 5.95%, 04/15/30 (Call 04/15/25)(b)(d)		600		591,937
6.95%, (Call 04/30/23)(b)(d)(e)		200		199,000
Credit Bank of Moscow Via CBOM Finance PLC, 8.88%, (Call 11/10/22)(b)(d)(e)		400		369,000
Eurochem Finance DAC, 5.50%, 03/13/24(b)		400		437,000
Evraz PLC 5.25%, 04/02/24(b)		400		435,250
5.38%, 03/20/23(b)		200		213,500
Metalloinvest Finance DAC, 4.85%, 05/02/24(b)		400		431,750
Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(b)		200		199,250
Polyus Finance PLC, 5.25%, 02/07/23(b)		400		425,625
Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24(b)		400		413,875
VEON Holdings BV
4.00%, 04/09/25 (Call 01/09/25)(b)		400		417,625

Security	Par (000)		Value
Russia (continued)
4.95%, 06/16/24 (Call 03/16/24)(b)	$	400	$	431,250
5.95%, 02/13/23(b)		400		432,375
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(d)(e)		1,050		1,130,391
				6,127,828
Saudi Arabia — 0.2%
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(b)		600		570,938
Singapore — 0.1%
Olam International Ltd., 5.35%, (Call 07/20/21)(b)(d)(e)		200		199,688
South Africa — 1.2%
Eskom Holdings SOC Ltd. 6.35%, 08/10/28(b)		400		412,375
6.75%, 08/06/23(b)		617		583,451
7.13%, 02/11/25(b)		460		430,675
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(d)		200		205,000
Gold Fields Orogen Holdings BVI Ltd. 5.13%, 05/15/24 (Call 04/15/24)(b)		200		218,500
6.13%, 05/15/29 (Call 02/15/29)(b)		200		238,125
MTN Mauritius Investments Ltd., 4.76%, 11/11/24(b)		600		615,187
Sasol Financing USA LLC 5.88%, 03/27/24 (Call 02/27/24)(c)		600		576,188
6.50%, 09/27/28 (Call 06/27/28)		400		383,000
				3,662,501
South Korea — 0.2%
Woori Bank 4.25%, (Call 10/04/24)(b)(d)(e)		400		411,250
5.25%, (Call 05/16/22)(b)(d)(e)		200		207,500
				618,750
Thailand — 0.3%
Bangkok Bank PCL/Hong Kong, 3.73%, 09/25/34 (Call 09/25/29)(b)(d)		600		588,750
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(b)(d)		400		391,750
				980,500
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(b)		200		207,625
Turkey — 2.7%
Akbank T.A.S. 5.13%, 03/31/25(b)		200		184,250
6.80%, 02/06/26(b)		200		192,563
7.20%, 03/16/27 (Call 03/16/22)(b)(d)		200		181,375
Arcelik AS, 5.00%, 04/03/23(b)		200		199,000
KOC Holding AS 5.25%, 03/15/23 (Call 12/15/22)(b)		400		397,625
6.50%, 03/11/25 (Call 12/11/24)(b)		400		403,000
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(b)		200		202,063
QNB Finansbank AS, 6.88%, 09/07/24(b)		400		405,875
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b)		400		365,500
Turk Telekomunikasyon AS 4.88%, 06/19/24(b)		200		192,563
6.88%, 02/28/25(b)		200		203,562
Turkcell Iletisim Hizmetleri AS 5.75%, 10/15/25(b)		400		397,250
5.80%, 04/11/28 (Call 01/11/28)(b)		200		192,375

SCHEDULE   OF   INVESTMENTS 35

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
Turkiye Garanti Bankasi AS 5.88%, 03/16/23(b)	$	300	$	295,406
6.13%, 05/24/27 (Call 05/24/22)(b)(d)		400		354,375
Turkiye Is Bankasi AS 6.13%, 04/25/24(b)		800		754,750
7.00%, 06/29/28 (Call 06/29/23)(b)(d)		200		179,125
7.75%, 01/22/30 (Call 01/22/25)(b)(d)		200		181,625
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b)		300		302,156
Turkiye Vakiflar Bankasi TAO 5.75%, 01/30/23(b)		300		288,187
8.13%, 03/28/24(b)		600		599,625
Yapi ve Kredi Bankasi AS 5.50%, 12/06/22(b)		600		579,375
5.85%, 06/21/24(b)		300		282,656
6.10%, 03/16/23(b)		200		195,000
8.25%, 10/15/24(b)		200		202,500
8.50%, 03/09/26 (Call 03/09/21)(b)(d)		200		197,250
13.88%, (Call 01/15/24)(b)(d)(e)		200		208,000
				8,137,031
Ukraine — 0.3%
Metinvest BV 7.75%, 10/17/29(b)		200		190,625
8.50%, 04/23/26 (Call 01/23/26)(b)		400		402,375
MHP SE, 7.75%, 05/10/24(b)		400		416,375
				1,009,375
United Arab Emirates — 1.3%
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(b)(d)(e)		400		429,500
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(b)(d)(e)		400		418,000
DP World Salaam, 6.00%, (Call 10/01/25)(b)(d)(e)		600		627,000
Emaar Sukuk Ltd. 3.64%, 09/15/26(b)		200		193,687
3.88%, 09/17/29(b)		200		187,688
EMG SUKUK Ltd., 4.56%, 06/18/24(b)		400		414,625
Emirates NBD Bank PJSC 6.13%, (Call 03/20/25)(b)(d)(e)		600		617,812
6.13%, (Call 04/26/26)(b)(d)(e)		400		415,875
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(b)		400		396,125
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(b)		500		160,000
				3,860,312
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(b)		250		254,766
Zambia — 0.9%
First Quantum Minerals Ltd. 6.88%, 03/01/26 (Call 03/01/21)(b)		1,000		994,062
6.88%, 10/15/27 (Call 10/15/23)(f)		600		599,250
7.25%, 04/01/23 (Call 11/30/20)(b)		1,200		1,206,375
				2,799,687
Total Corporate Bonds & Notes — 51.8% (Cost: $159,685,779)				157,164,425
Foreign Government Obligations(a)
Angola — 0.9%
Angolan Government International Bond 8.00%, 11/26/29(b)		1,200		922,500

Security	Par (000)		Value
Angola (continued)
9.13%, 11/26/49(b)	$	1,200	$	910,500
9.50%, 11/12/25(b)		1,200		1,024,500
				2,857,500
Argentina — 3.3%
Argentine Republic Government International Bond 0.13%, 07/09/30 (Call 11/30/20)(h)		7,133		2,585,647
0.13%, 07/09/35 (Call 11/30/20)(h)		9,096		2,978,726
0.13%, 01/09/38 (Call 11/30/20)(h)		5,106		1,892,508
0.13%, 07/09/41 (Call 11/30/20)(c)(h)		4,950		1,677,122
0.13%, 07/09/46 (Call 11/30/20)(h)		900		293,400
1.00%, 07/09/29 (Call 11/30/20)(c)		1,199		491,638
				9,919,041
Azerbaijan — 0.5%
Republic of Azerbaijan International Bond 3.50%, 09/01/32(b)		150		145,031
4.75%, 03/18/24(b)		800		844,000
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(b)		400		415,625
				1,404,656
Bahrain — 2.2%
Bahrain Government International Bond 5.45%, 09/16/32(b)		400		391,125
5.63%, 09/30/31(b)		400		395,500
6.00%, 09/19/44(b)		800		745,750
6.13%, 08/01/23(b)		1,000		1,064,687
6.75%, 09/20/29(b)		600		649,312
7.00%, 01/26/26(b)		600		677,437
7.00%, 10/12/28(b)		900		991,969
7.38%, 05/14/30(b)		200		221,438
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(b)		600		632,062
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(b)		200		225,563
CBB International Sukuk Programme Co. SPC 3.95%, 09/16/27(b)		500		496,250
4.50%, 03/30/27(b)		200		204,688
				6,695,781
Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28(b)(c)		400		346,875
Brazil — 5.5%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b)		600		661,875
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28(b)		480		505,350
Brazilian Government International Bond 2.63%, 01/05/23		1,100		1,137,469
2.88%, 06/06/25		200		202,263
3.88%, 06/12/30(c)		1,000		1,012,500
4.25%, 01/07/25(c)		1,948		2,109,319
4.50%, 05/30/29 (Call 02/28/29)		800		858,250
4.63%, 01/13/28 (Call 10/13/27)		1,400		1,515,500
4.75%, 01/14/50 (Call 07/14/49)		1,150		1,128,437
5.00%, 01/27/45(c)		1,526		1,569,396
5.63%, 01/07/41		917		1,004,688
5.63%, 02/21/47		1,300		1,425,125
6.00%, 04/07/26		1,014		1,176,874
7.13%, 01/20/37		760		952,850
8.25%, 01/20/34		650		879,937
8.88%, 04/15/24		520		642,525
				16,782,358

36 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Costa Rica — 0.6%
Costa Rica Government International Bond 4.25%, 01/26/23(b)	$	400	$	364,500
6.13%, 02/19/31(b)(c)		600		495,562
7.00%, 04/04/44(b)		462		359,494
7.16%, 03/12/45(b)		600		473,625
				1,693,181
Dominican Republic — 2.8%
Dominican Republic International Bond 4.50%, 01/30/30(b)		300		302,719
4.88%, 09/23/32(b)		402		409,663
5.50%, 01/27/25(b)		700		747,906
5.88%, 04/18/24(b)		540		571,050
5.88%, 01/30/60(b)		1,550		1,487,516
5.95%, 01/25/27(b)(c)		700		763,656
6.00%, 07/19/28(b)(c)		750		827,110
6.40%, 06/05/49(b)		600		610,500
6.50%, 02/15/48(b)		450		463,078
6.85%, 01/27/45(b)		890		955,081
6.88%, 01/29/26(b)		700		789,906
7.45%, 04/30/44(b)		600		685,500
				8,613,685
Ecuador — 1.4%
Ecuador Government International Bond 0.00%, 07/31/30(f)		441		198,757
0.50%, 07/31/30(f)(h)		1,652		1,090,386
0.50%, 07/31/35(f)(h)		3,900		2,145,000
0.50%, 07/31/40(f)(h)		1,500		742,969
				4,177,112
Egypt — 2.9%
Egypt Government International Bond 5.58%, 02/21/23(b)		600		616,688
5.75%, 05/29/24(b)		600		613,875
5.88%, 06/11/25(b)		800		820,750
6.59%, 02/21/28(b)		414		416,717
7.05%, 01/15/32(b)		400		391,000
7.50%, 01/31/27(b)		1,000		1,057,812
7.60%, 03/01/29(b)		600		624,000
7.63%, 05/29/32(b)		800		809,750
7.90%, 02/21/48(b)		800		758,750
8.50%, 01/31/47(b)		1,100		1,091,750
8.70%, 03/01/49(b)		800		803,750
8.88%, 05/29/50(b)		800		807,750
				8,812,592
El Salvador — 0.4%
El Salvador Government International Bond 7.12%, 01/20/50 (Call 07/20/49)(b)		550		414,734
7.65%, 06/15/35(b)		400		317,250
9.50%, 07/15/52 (Call 01/15/52)(b)		400		347,375
				1,079,359
Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24(b)		400		402,000
Gabon — 0.2%
CBB International Sukuk Programme Co. SPC, 6.25%, 11/14/24(b)		200		215,625
Gabon Government International Bond, 6.63%, 02/06/31(b)		400		356,875
				572,500

Security	Par (000)		Value
Ghana — 1.2%
Ghana Government International Bond 6.38%, 02/11/27(b)	$	400	$	370,750
7.63%, 05/16/29(b)		800		740,000
8.13%, 01/18/26(b)		470		471,909
8.13%, 03/26/32(b)		900		826,031
8.63%, 06/16/49(b)		400		350,000
8.95%, 03/26/51(b)		500		447,969
10.75%, 10/14/30(b)		400		489,250
				3,695,909
Guatemala — 0.3%
Guatemala Government Bond, 6.13%, 06/01/50(Call 12/01/49)(b)(c)		700		863,844
Iraq — 0.5%
Iraq International Bond, 5.80%, 01/15/28(Call 12/14/20)(b)		1,641		1,414,526
Ivory Coast — 0.5%
Ivory Coast Government International Bond 5.75%, 12/31/32 (Call 12/31/20)(b)(h)		332		323,493
6.13%, 06/15/33(b)		600		604,500
6.38%, 03/03/28(b)		500		523,906
				1,451,899
Jamaica — 0.8%
Jamaica Government International Bond 6.75%, 04/28/28(c)		600		690,188
7.88%, 07/28/45		900		1,166,906
8.00%, 03/15/39		500		663,281
				2,520,375
Jordan — 0.6%
Jordan Government International Bond 5.75%, 01/31/27(b)		600		617,625
5.85%, 07/07/30(b)		500		502,500
6.13%, 01/29/26(b)		400		420,375
7.38%, 10/10/47(b)		400		412,375
				1,952,875
Kenya — 0.8%
Kenya Government International Bond 6.88%, 06/24/24(b)		1,200		1,266,750
8.00%, 05/22/32(b)		600		629,437
8.25%, 02/28/48(b)		600		611,250
				2,507,437
Lebanon — 0.2%
Lebanon Government International Bond 6.00%, 01/27/23(b)(i)		500		68,906
6.10%, 10/04/22(b)(i)		700		96,010
6.60%, 11/27/26(b)(i)		700		96,469
6.65%, 02/26/30(b)(i)		640		86,600
6.75%, 11/29/27(b)(i)		500		68,906
6.85%, 03/23/27(b)(i)		650		89,578
7.00%, 03/23/32(b)(i)		500		66,084
				572,553
Malaysia — 0.6%
1MDB Global Investments Ltd., 4.40%, 03/09/23(b)		2,000		1,990,000
Mongolia — 0.1%
Mongolia Government International Bond, 5.13%, 12/05/22(b)		200		205,063
Nigeria — 1.3%
Nigeria Government International Bond 6.50%, 11/28/27(b)		800		774,000

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Nigeria (continued)
7.14%, 02/23/30(b)	$	514	$	496,492
7.63%, 11/21/25(b)		500		524,844
7.63%, 11/28/47(b)		600		546,375
7.70%, 02/23/38(b)		600		552,375
7.88%, 02/16/32(b)		600		581,438
8.75%, 01/21/31(b)		600		621,937
				4,097,461
Oman — 2.6%
Oman Government International Bond 4.75%, 06/15/26(b)		2,500		2,282,031
5.38%, 03/08/27(b)		200		182,875
5.63%, 01/17/28(b)		2,000		1,830,625
6.50%, 03/08/47(b)		800		647,000
6.75%, 01/17/48(b)		1,400		1,143,625
Oman Sovereign Sukuk Co. 4.40%, 06/01/24(b)		200		199,688
5.93%, 10/31/25(b)		1,400		1,473,500
				7,759,344
Pakistan — 0.5%
Pakistan Government International Bond 6.88%, 12/05/27(b)		800		777,250
8.25%, 04/15/24(b)		677		707,465
				1,484,715
Paraguay — 0.4%
Paraguay Government International Bond 4.95%, 04/28/31 (Call 01/28/31)(b)		400		466,525
6.10%, 08/11/44(b)		600		774,375
				1,240,900
Senegal — 0.3%
Senegal Government International Bond 6.25%, 05/23/33(b)		500		508,438
6.75%, 03/13/48(b)		400		390,000
				898,438
South Africa — 2.6%
Republic of South Africa Government International Bond 4.30%, 10/12/28		800		776,000
4.67%, 01/17/24(c)		600		623,625
4.85%, 09/27/27		600		609,000
4.85%, 09/30/29		900		891,562
4.88%, 04/14/26		500		518,594
5.00%, 10/12/46(c)		400		336,625
5.38%, 07/24/44		500		442,969
5.65%, 09/27/47		600		540,938
5.75%, 09/30/49		1,300		1,171,625
5.88%, 09/16/25		986		1,075,664
5.88%, 06/22/30		800		845,000
				7,831,602
Sri Lanka — 0.8%
Sri Lanka Government International Bond 5.75%, 04/18/23(b)		400		230,000
6.20%, 05/11/27(b)		800		430,000
6.75%, 04/18/28(b)		500		267,969
6.83%, 07/18/26(b)		400		217,125
6.85%, 03/14/24(b)		500		284,062
6.85%, 11/03/25(b)		700		388,937
7.55%, 03/28/30(b)		600		324,375
7.85%, 03/14/29(b)		700		378,219
				2,520,687

Security	Par (000)		Value
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(b)	$	400	$	418,000
Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(b)		400		336,625
Turkey — 8.1%
Hazine Mustesarligi Varlik Kiralama AS, 5.00%, 04/06/23(b)		1,000		976,250
Turkey Government International Bond 3.25%, 03/23/23		700		660,844
4.25%, 03/13/25(c)		1,000		912,188	��
4.25%, 04/14/26		600		533,438
4.88%, 10/09/26		1,310		1,181,456
4.88%, 04/16/43		1,379		1,008,394
5.13%, 02/17/28		800		711,250
5.25%, 03/13/30		800		698,000
5.60%, 11/14/24		1,100		1,056,687
5.75%, 03/22/24		1,050		1,018,828
5.75%, 05/11/47		1,626		1,264,215
6.00%, 03/25/27		1,521		1,434,018
6.00%, 01/14/41		1,303		1,055,430
6.13%, 10/24/28		800		747,750
6.35%, 08/10/24		950		936,641
6.38%, 10/14/25		1,200		1,170,000
6.63%, 02/17/45		1,279		1,103,537
6.75%, 05/30/40		875		775,195
6.88%, 03/17/36		1,291		1,189,334
7.25%, 12/23/23		1,000		1,021,562
7.25%, 03/05/38		450		425,391
7.38%, 02/05/25		1,470		1,504,453
7.63%, 04/26/29		1,400		1,411,812
8.00%, 02/14/34(c)		713		731,716
11.88%, 01/15/30(c)		800		1,033,000
				24,561,389
Ukraine — 2.0%
Ukraine Government International Bond 7.25%, 03/15/33(f)		900		846,000
7.38%, 09/25/32(b)		1,300		1,244,750
7.75%, 09/01/23(b)		675		700,987
7.75%, 09/01/24(b)		518		534,997
7.75%, 09/01/25(b)		636		650,310
7.75%, 09/01/26(b)		500		505,313
7.75%, 09/01/27(b)		600		604,125
9.75%, 11/01/28(b)		800		869,750
				5,956,232
Venezuela — 0.3%
Venezuela Government International Bond 7.65%, 04/21/25(b)(i)		658		57,575
9.00%, 05/07/23(b)(i)		1,037		90,738
9.25%, 09/15/27(i)		1,962		171,675
9.38%, 01/13/34(i)		730		63,875
11.75%, 10/21/26(b)(i)		1,435		125,562
11.95%, 08/05/31(b)(i)		2,030		177,625
12.75%, 08/23/22(b)(i)		1,430		125,125
				812,175
Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24(b)		600		669,578

38 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Zambia — 0.1%
Zambia Government International Bond 8.50%, 04/14/24(b)	$	400	$	172,500
8.97%, 07/30/27(b)		600		252,000
				424,500
Total Foreign Government Obligations — 45.9% (Cost: $160,550,797)				139,542,767
Short-Term Investments
Money Market Funds — 7.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(j)(k)(l)		17,248		17,259,777
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(j)(k)		4,109		4,109,000
				21,368,777
Total Short-Term Investments — 7.1% (Cost: $21,370,592)				21,368,777
Total Investments in Securities — 104.8% (Cost: $341,607,168)				318,075,969
Other Assets, Less Liabilities — (4.8)%				(14,491,942	)
Net Assets — 100.0%			$	303,584,027

^(a)  U.S. dollar denominated security issued by foreign domiciled entity.

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

^(c)  All or a portion of this security is on loan.

^(d)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(e)  Perpetual security with no stated maturity date.

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

^(g)  Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

^(h)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

⁽ⁱ⁾  Issuer filed for bankruptcy and/or is in default.

^(j)  Affiliate of the Fund.

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

^(l)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	17,267,883	(a)	$	—	$	(6,291	)	$	(1,815	)	$	17,259,777		17,248	$	23,294	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,849,000		260,000	(a)		—		—			—			4,109,000		4,109		35,632			—
								$	(6,291	)	$	(1,815	)	$	21,368,777			$	58,926		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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 valuation of 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, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	157,164,425	$	—	$	157,164,425
Foreign Government Obligations		—		139,542,767		—		139,542,767
Money Market Funds		21,368,777		—		—		21,368,777
	$	21,368,777	$	296,707,192	$	—	$	318,075,969

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments   October 31, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations
Brazil — 6.0%
Brazil Letras do Tesouro Nacional 0.00%, 01/01/22(a)	BRL		17,524	$	2,919,337
0.00%, 07/01/22(a)	BRL		13,000		2,096,704
0.00%, 07/01/23(a)	BRL		26,000		3,873,114
0.00%, 01/01/24(a)	BRL		41,000		5,848,731
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/23	BRL		26,557		5,042,667
Series F, 10.00%, 01/01/25	BRL		20,399		3,957,468
Series F, 10.00%, 01/01/27	BRL		17,193		3,356,808
Series F, 10.00%, 01/01/29	BRL		9,263		1,822,941
Series F, 10.00%, 01/01/31	BRL		2,000		395,623
Brazilian Government International Bond 8.50%, 01/05/24	BRL		500		95,170
10.25%, 01/10/28	BRL		1,420		291,447
12.50%, 01/05/22	BRL		707		136,294
					29,836,304
Chile — 4.5%
Bonos de la Tesoreria de la Republica en pesos 2.50%, 03/01/25	CLP		3,410,000		4,627,518
4.00%, 03/01/23(b)(c)	CLP		1,460,000		2,035,398
4.50%, 03/01/26	CLP		2,700,000		4,017,681
4.70%, 09/01/30(b)(c)	CLP		2,000,000		3,038,677
5.00%, 03/01/35	CLP		2,950,000		4,568,062
6.00%, 01/01/43	CLP		2,320,000		4,133,054
					22,420,390
China — 11.9%
China Government Bond 1.99%, 04/09/25	CNY		39,350		5,620,208
2.36%, 07/02/23	CNY		32,980		4,849,586
2.68%, 05/21/30	CNY		33,170		4,745,437
2.85%, 06/04/27	CNY		35,380		5,153,559
2.94%, 10/17/24	CNY		30,920		4,619,018
3.12%, 12/05/26	CNY		34,190		5,093,158
3.13%, 11/21/29	CNY		28,130		4,174,640
3.19%, 04/11/24	CNY		29,820		4,488,432
3.22%, 12/06/25	CNY		25,410		3,834,939
3.25%, 06/06/26	CNY		29,590		4,459,154
3.25%, 11/22/28	CNY		22,650		3,390,049
3.29%, 10/18/23	CNY		22,730		3,434,246
3.29%, 05/23/29	CNY		38,070		5,713,115
					59,575,541
Colombia — 4.3%
Colombia Government International Bond, 9.85%, 06/28/27	COP		745,000		249,035
Colombian TES 5.75%, 11/03/27	COP		4,281,800		1,144,872
6.00%, 04/28/28	COP		11,091,900		2,998,034
6.25%, 11/26/25	COP		5,636,100		1,588,867
7.00%, 05/04/22	COP		10,139,900		2,801,550
7.00%, 06/30/32	COP		6,515,700		1,795,002
7.25%, 10/18/34	COP		7,907,900		2,190,328
7.25%, 10/26/50	COP		2,696,500		713,509
7.50%, 08/26/26	COP		10,394,500		3,077,516
7.75%, 09/18/30	COP		6,827,500		2,024,015
10.00%, 07/24/24	COP		9,374,000		2,960,021
					21,542,749

Security		Par (000)		Value
Czech Republic — 4.4%
Czech Republic Government Bond 0.25%, 02/10/27	CZK		57,830	$	2,387,961
0.45%, 10/25/23(c)	CZK		45,540		1,949,091
0.95%, 05/15/30(c)	CZK		44,610		1,898,392
1.00%, 06/26/26(c)	CZK		53,700		2,334,768
1.20%, 03/13/31	CZK		28,510		1,237,403
2.00%, 10/13/33	CZK		51,320		2,433,099
2.40%, 09/17/25(c)	CZK		44,010		2,044,005
2.50%, 08/25/28(c)	CZK		48,990		2,353,841
2.75%, 07/23/29	CZK		41,980		2,072,271
4.70%, 09/12/22(c)	CZK		34,170		1,588,352
5.70%, 05/25/24(c)	CZK		32,390		1,647,722
					21,946,905
Dominican Republic — 4.4%
Dominican Republic International Bond 8.90%, 02/15/23(c)	DOP		474,150		8,128,170
9.75%, 06/05/26(c)	DOP		789,150		13,797,980
					21,926,150
Hungary — 4.3%
Hungary Government Bond 1.00%, 11/26/25	HUF		617,950		1,910,669
1.50%, 08/23/23	HUF		293,560		937,478
1.75%, 10/26/22	HUF		331,050		1,066,398
2.50%, 10/24/24	HUF		622,510		2,062,917
2.75%, 12/22/26	HUF		557,540		1,873,210
3.00%, 06/26/24	HUF		442,420		1,486,938
3.00%, 10/27/27	HUF		607,770		2,080,197
3.00%, 08/21/30	HUF		518,860		1,766,727
3.00%, 10/27/38	HUF		240,870		816,703
3.25%, 10/22/31	HUF		382,290		1,323,734
5.50%, 06/24/25	HUF		512,500		1,922,931
6.00%, 11/24/23	HUF		506,670		1,833,753
6.75%, 10/22/28	HUF		346,800		1,493,368
7.00%, 06/24/22	HUF		325,530		1,140,237
					21,715,260
Indonesia — 7.5%
Indonesia Treasury Bond 5.63%, 05/15/23	IDR		24,773,000		1,723,523
6.13%, 05/15/28	IDR		23,496,000		1,566,400
6.50%, 06/15/25	IDR		37,239,000		2,648,107
6.63%, 05/15/33	IDR		16,767,000		1,105,189
7.00%, 05/15/22	IDR		21,359,000		1,515,211
7.00%, 05/15/27	IDR		29,816,000		2,113,113
7.00%, 09/15/30	IDR		33,363,000		2,347,386
7.50%, 08/15/32	IDR		14,739,000		1,037,525
7.50%, 06/15/35	IDR		19,371,000		1,365,076
7.50%, 05/15/38	IDR		15,632,000		1,076,871
7.50%, 04/15/40	IDR		9,072,000		634,265
8.13%, 05/15/24	IDR		16,521,000		1,229,049
8.25%, 05/15/29	IDR		27,927,000		2,108,130
8.25%, 06/15/32	IDR		8,396,000		618,577
8.25%, 05/15/36	IDR		20,595,000		1,515,229
8.38%, 03/15/24	IDR		34,597,000		2,583,243
8.38%, 09/15/26	IDR		24,637,000		1,880,835
8.38%, 03/15/34	IDR		32,781,000		2,451,010
8.38%, 04/15/39	IDR		14,672,000		1,093,503
8.75%, 05/15/31	IDR		16,167,000		1,249,143
9.00%, 03/15/29	IDR		19,168,000		1,499,363
9.50%, 07/15/31	IDR		5,720,000		459,947

40 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Indonesia (continued)
10.50%, 08/15/30	IDR		6,985,000	$	600,591
11.00%, 09/15/25	IDR		8,194,000		682,133
Perusahaan Penerbit SBSN Indonesia 6.63%, 10/15/24	IDR		11,181,000		799,155
8.25%, 09/15/23	IDR		8,832,000		649,309
8.88%, 11/15/31	IDR		13,500,000		1,038,525
					37,590,408
Malaysia — 4.5%
Malaysia Government Bond 3.48%, 03/15/23	MYR		3,759		939,897
3.48%, 06/14/24	MYR		1,666		422,314
3.50%, 05/31/27	MYR		6,087		1,567,734
3.73%, 06/15/28	MYR		2,777		722,989
3.76%, 04/20/23	MYR		1,950		491,190
3.80%, 08/17/23	MYR		2,620		663,832
3.83%, 07/05/34	MYR		3,742		972,003
3.89%, 08/15/29	MYR		6,179		1,628,773
3.90%, 11/30/26	MYR		1,355		355,480
3.90%, 11/16/27	MYR		3,857		1,015,305
3.91%, 07/15/26	MYR		2,769		725,905
3.96%, 09/15/25	MYR		5,406		1,414,342
4.06%, 09/30/24	MYR		3,201		830,681
4.18%, 07/15/24	MYR		3,282		852,096
4.76%, 04/07/37	MYR		3,424		960,270
Malaysia Government Investment Issue 3.15%, 05/15/23	MYR		2,574		640,596
3.42%, 09/30/27	MYR		2,327		597,291
3.47%, 10/15/30	MYR		3,536		912,543
3.66%, 10/15/24	MYR		2,142		547,873
3.73%, 03/31/22	MYR		2,010		497,499
3.73%, 03/31/26	MYR		2,700		700,481
3.95%, 04/14/22	MYR		2,154		535,353
4.09%, 11/30/23	MYR		2,600		666,774
4.13%, 08/15/25	MYR		3,955		1,035,391
4.13%, 07/09/29	MYR		3,126		831,531
4.26%, 07/26/27	MYR		2,796		749,133
4.37%, 10/31/28	MYR		3,793		1,023,033
					22,300,309
Mexico — 6.9%
Mexican Bonos 6.75%, 03/09/23	MXN		43,700		2,152,498
7.25%, 12/09/21	MXN		43,480		2,106,055
7.50%, 06/03/27	MXN		55,285		2,854,058
8.50%, 05/31/29	MXN		69,800		3,824,812
8.50%, 11/18/38	MXN		35,106		1,895,825
10.00%, 12/05/24	MXN		56,923		3,160,143
10.00%, 11/20/36	MXN		14,423		885,438
Series M, 5.75%, 03/05/26	MXN		44,662		2,132,459
Series M, 6.50%, 06/09/22	MXN		71,123		3,444,998
Series M, 7.75%, 05/29/31	MXN		29,407		1,536,684
Series M, 7.75%, 11/23/34	MXN		19,000		982,258
Series M, 7.75%, 11/13/42	MXN		43,840		2,191,104
Series M, 8.00%, 12/07/23	MXN		58,115		2,982,252
Series M, 8.00%, 09/05/24	MXN		39,900		2,070,360
Series M, 8.00%, 11/07/47	MXN		41,750		2,130,816
					34,349,760
Peru — 4.4%
Peru Government Bond 5.35%, 08/12/40	PEN		5,955		1,602,974

Security		Par (000)		Value
Peru (continued)
5.40%, 08/12/34	PEN		6,870	$	1,999,463
5.70%, 08/12/24	PEN		5,037		1,635,788
5.94%, 02/12/29	PEN		9,762		3,219,606
6.15%, 08/12/32	PEN		8,205		2,613,430
6.35%, 08/12/28	PEN		8,181		2,761,085
6.90%, 08/12/37	PEN		8,542		2,786,433
6.95%, 08/12/31	PEN		8,398		2,859,879
8.20%, 08/12/26	PEN		7,419		2,758,443
					22,237,101
Philippines — 4.4%
Philippine Government International Bond 3.90%, 11/26/22	PHP		322,000		6,782,255
6.25%, 01/14/36	PHP		576,000		15,286,183
					22,068,438
Poland — 4.3%
Republic of Poland Government Bond 2.25%, 04/25/22	PLN		7,776		2,026,719
2.25%, 10/25/24	PLN		5,744		1,566,083
2.50%, 01/25/23	PLN		8,033		2,137,438
2.50%, 04/25/24	PLN		7,616		2,079,475
2.50%, 07/25/26	PLN		9,472		2,642,181
2.50%, 07/25/27	PLN		7,355		2,060,075
2.75%, 04/25/28	PLN		6,973		1,988,230
2.75%, 10/25/29	PLN		7,426		2,136,073
3.25%, 07/25/25	PLN		6,602		1,888,492
4.00%, 10/25/23	PLN		6,250		1,761,864
5.75%, 09/23/22	PLN		5,053		1,414,017
					21,700,647
Romania — 4.4%
Romania Government Bond 3.25%, 04/29/24	RON		7,190		1,738,342
3.40%, 03/08/22	RON		6,365		1,537,798
3.50%, 12/19/22	RON		6,225		1,510,936
3.65%, 07/28/25	RON		4,965		1,217,058
3.65%, 09/24/31	RON		5,415		1,311,035
4.25%, 06/28/23	RON		6,280		1,555,073
4.40%, 09/25/23	RON		6,295		1,570,908
4.50%, 06/17/24	RON		6,950		1,753,021
4.75%, 02/24/25	RON		8,000		2,036,068
4.85%, 04/22/26	RON		7,680		1,988,468
5.00%, 02/12/29	RON		6,635		1,785,928
5.80%, 07/26/27	RON		8,060		2,227,498
5.85%, 04/26/23	RON		7,260		1,860,320
					22,092,453
Russia — 4.3%
Russian Federal Bond - OFZ 6.00%, 10/06/27	RUB		98,797		1,258,810
6.50%, 02/28/24	RUB		76,344		1,002,233
6.90%, 05/23/29	RUB		82,175		1,096,097
7.00%, 12/15/21	RUB		61,167		791,302
7.00%, 01/25/23	RUB		45,284		597,045
7.00%, 08/16/23	RUB		56,605		751,434
7.05%, 01/19/28	RUB		80,770		1,091,329
7.10%, 10/16/24	RUB		81,631		1,098,156
7.15%, 11/12/25	RUB		99,818		1,350,367
7.25%, 05/10/34	RUB		85,094		1,150,994
7.40%, 12/07/22	RUB		76,477		1,014,754
7.40%, 07/17/24	RUB		88,961		1,203,669
7.60%, 07/20/22	RUB		88,509		1,168,725

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Russia (continued)
7.65%, 04/10/30	RUB		92,824	$	1,296,529
7.70%, 03/23/33	RUB		100,764		1,412,185
7.70%, 03/16/39	RUB		69,018		984,160
7.75%, 09/16/26	RUB		82,744		1,155,746
7.95%, 10/07/26	RUB		80,104		1,127,921
8.15%, 02/03/27	RUB		74,310		1,058,257
8.50%, 09/17/31	RUB		58,340		862,181
					21,471,894
South Africa — 4.5%
Republic of South Africa Government Bond 6.25%, 03/31/36	ZAR		19,688		794,552
6.50%, 02/28/41	ZAR		18,316		690,342
7.00%, 02/28/31	ZAR		22,759		1,147,233
7.75%, 02/28/23	ZAR		25,720		1,704,522
8.00%, 01/31/30	ZAR		51,124		2,893,500
8.25%, 03/31/32	ZAR		28,797		1,521,556
8.50%, 01/31/37	ZAR		35,841		1,727,859
8.75%, 01/31/44	ZAR		34,006		1,594,549
8.75%, 02/28/48	ZAR		58,214		2,717,160
8.88%, 02/28/35	ZAR		32,635		1,680,161
9.00%, 01/31/40	ZAR		25,584		1,258,213
10.50%, 12/21/26	ZAR		63,765		4,581,419
					22,311,066
Thailand — 4.6%
Thailand Government Bond 1.45%, 12/17/24	THB		46,586		1,531,767
1.60%, 12/17/29	THB		33,086		1,082,264
1.60%, 06/17/35	THB		20,877		668,027
1.88%, 06/17/22	THB		29,895		979,016
2.00%, 12/17/22	THB		20,290		669,834
2.13%, 12/17/26	THB		52,312		1,786,511
2.40%, 12/17/23	THB		43,848		1,481,004
2.88%, 12/17/28	THB		41,607		1,497,193
2.88%, 06/17/46	THB		33,526		1,243,486
3.30%, 06/17/38	THB		51,779		2,012,190
3.40%, 06/17/36	THB		24,572		966,579
3.63%, 06/16/23	THB		41,163		1,423,321
3.65%, 12/17/21	THB		39,604		1,314,067
3.65%, 06/20/31	THB		43,407		1,688,704
3.78%, 06/25/32	THB		48,754		1,936,273
3.85%, 12/12/25	THB		39,622		1,455,807
4.26%, 12/12/37(c)	THB		470		19,870
4.88%, 06/22/29	THB		33,473		1,383,275
					23,139,188
Turkey — 4.3%
Turkey Government Bond 7.10%, 03/08/23	TRY		14,917		1,515,189

Security		Par/ Shares (000)		Value
Turkey (continued)
8.00%, 03/12/25	TRY		11,797	$	1,124,399
8.50%, 09/14/22	TRY		14,462		1,559,543
9.00%, 07/24/24	TRY		22,923		2,329,762
9.50%, 01/12/22	TRY		9,129		1,026,876
10.40%, 03/20/24	TRY		4,792		511,040
10.50%, 08/11/27	TRY		17,375		1,761,750
10.60%, 02/11/26	TRY		22,262		2,338,267
10.70%, 08/17/22	TRY		13,459		1,506,772
11.00%, 03/02/22	TRY		14,286		1,624,068
11.00%, 02/24/27	TRY		14,173		1,477,657
12.20%, 01/18/23	TRY		18,098		2,059,584
12.40%, 03/08/28	TRY		10,598		1,166,880
16.20%, 06/14/23	TRY		11,119		1,367,492
					21,369,279
Uruguay — 4.3%
Uruguay Government International Bond 8.50%, 03/15/28(c)	UYU		425,051		10,351,191
9.88%, 06/20/22(c)	UYU		473,767		11,378,547
					21,729,738
Total Foreign Government Obligations — 98.2% (Cost: $512,300,598)					491,323,580
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(d)(e)			290		290,000
Total Short-Term Investments — 0.1% (Cost: $290,000)					290,000
Total Investments in Securities — 98.3% (Cost: $512,590,598)					491,613,580
Other Assets, Less Liabilities — 1.7%					8,486,871
Net Assets — 100.0%				$	500,100,451

^(a)  Zero-coupon bond.

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

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

^(d)  Affiliate of the Fund.

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

42 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® J.P. Morgan EM Local Currency Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/20		Shares Held at 10/31/20 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	6,933,000	$	—	$	(6,643,000	)(a)	$	—	$	—	$	290,000		290	$	21,977	$	—

^(a)  Represents net amount purchased (sold).

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 valuation of 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, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—	$	491,323,580	$	—	$	491,323,580
Money Market Funds		290,000		—		—		290,000
	$	290,000	$	491,323,580	$	—	$	491,613,580

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments   October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 0.2%
FMG Resources August 2006 Pty Ltd. 4.50%, 09/15/27 (Call 06/15/27)(a)	USD		100	$	106,734
4.75%, 05/15/22 (Call 02/15/22)(a)(b)	USD		50		51,185
5.13%, 03/15/23 (Call 12/15/22)(a)	USD		65		67,722
5.13%, 05/15/24 (Call 02/15/24)(a)	USD		125		133,345
					358,986
Austria — 0.2%
ams AG, 6.00%, 07/31/25 (Call 07/31/22)(c)	EUR		100		120,912
Novomatic AG, 1.63%, 09/20/23	EUR		100		106,619
Wienerberger AG, 2.00%, 05/02/24(c)	EUR		50		60,248
					287,779
Belgium — 0.2%
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a)	USD		200		209,833
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(c)	EUR		100		119,799
					329,632
Brazil — 0.4%
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a)	USD		200		213,198
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(a)	USD		125		137,247
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. 5.50%, 01/15/30 (Call 01/15/25)(a)	USD		160		174,010
6.50%, 04/15/29 (Call 04/15/24)(a)	USD		155		173,923
					698,378
Canada — 3.0%
1011778 BC ULC/New Red Finance Inc. 3.50%, 02/15/29 (Call 02/15/24)(a)	USD		60		59,550
3.88%, 01/15/28 (Call 09/15/22)(a)(b)	USD		70		70,798
4.00%, 10/15/30 (Call 10/15/25)(a)	USD		302		299,357
4.25%, 05/15/24 (Call 11/30/20)(a)	USD		190		193,800
4.38%, 01/15/28 (Call 11/15/22)(a)	USD		95		96,188
5.00%, 10/15/25 (Call 11/13/20)(a)	USD		170		174,318
5.75%, 04/15/25 (Call 04/15/22)(a)	USD		15		15,988
Bombardier Inc. 5.75%, 03/15/22(a)	USD		65		61,945
6.00%, 10/15/22 (Call 11/30/20)(a)(b)	USD		175		156,187
6.13%, 01/15/23(a)	USD		155		132,186
7.50%, 12/01/24 (Call 12/01/20)(a)	USD		125		93,063
7.50%, 03/15/25 (Call 11/30/20)(a)	USD		160		116,000
7.88%, 04/15/27 (Call 04/15/22)(a)(b)	USD		220		160,600
8.75%, 12/01/21(a)	USD		130		129,324
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp. 4.88%, 02/15/30 (Call 02/15/25)(a)	USD		50		47,500
6.13%, 05/15/23 (Call 11/30/20)(a)	CAD		35		26,430
6.25%, 09/15/27 (Call 09/15/22)(a)	USD		82		83,948
Cenovus Energy Inc. 3.00%, 08/15/22 (Call 05/15/22)	USD		25		24,748
3.80%, 09/15/23 (Call 06/15/23)	USD		50		50,510
4.25%, 04/15/27 (Call 01/15/27)	USD		150		152,709
5.38%, 07/15/25 (Call 04/15/25)(b)	USD		70		73,763
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 11/30/20)	CAD		40		27,525
Crew Energy Inc., 6.50%, 03/14/24 (Call 11/30/20)(a)	CAD		40		19,687

Security		Par (000)		Value
Canada (continued)
Garda World Security Corp. 4.63%, 02/15/27 (Call 02/15/23)(a)	USD		100	$	97,926
9.50%, 11/01/27 (Call 11/01/22)(a)(b)	USD		75		80,143
GFL Environmental Inc. 3.75%, 08/01/25 (Call 08/01/22)(a)	USD		85		85,252
4.25%, 06/01/25 (Call 06/01/22)(a)	USD		15		15,344
5.13%, 12/15/26 (Call 12/15/22)(a)	USD		80		83,974
7.00%, 06/01/26 (Call 06/01/21)(a)(b)	USD		57		59,280
Mattamy Group Corp. 4.63%, 03/01/30 (Call 03/01/25)(a)	USD		70		71,179
5.25%, 12/15/27 (Call 12/15/22)(a)	USD		65		68,738
MEG Energy Corp. 6.50%, 01/15/25 (Call 11/30/20)(a)	USD		58		56,666
7.00%, 03/31/24 (Call 11/30/20)(a)	USD		75		70,906
7.13%, 02/01/27 (Call 02/01/23)(a)	USD		150		134,959
Methanex Corp. 5.13%, 10/15/27 (Call 04/15/27)	USD		50		50,790
5.25%, 12/15/29 (Call 09/15/29)	USD		100		101,323
NOVA Chemicals Corp. 4.88%, 06/01/24 (Call 03/03/24)(a)(b)	USD		155		153,326
5.00%, 05/01/25 (Call 01/31/25)(a)	USD		65		64,188
5.25%, 08/01/23 (Call 11/30/20)(a)	USD		65		64,534
5.25%, 06/01/27 (Call 03/03/27)(a)	USD		130		126,364
NuVista Energy Ltd., 6.50%, 03/02/23 (Call 11/30/20)	CAD		30		15,244
Open Text Corp. 3.88%, 02/15/28 (Call 02/15/23)(a)	USD		115		116,518
5.88%, 06/01/26 (Call 06/01/21)(a)	USD		100		104,097
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a)	USD		90		93,825
Parkland Corp. 5.63%, 05/09/25 (Call 11/30/20)	CAD		100		77,704
5.75%, 09/16/24 (Call 11/30/20)(a)	CAD		25		19,289
5.75%, 09/16/24 (Call 11/30/20)	CAD		25		19,289
5.88%, 07/15/27 (Call 07/15/22)(a)	USD		65		67,239
6.00%, 04/01/26 (Call 04/01/21)(a)	USD		65		67,356
Quebecor Media Inc. 5.75%, 01/15/23	USD		130		139,620
6.63%, 01/15/23(a)	CAD		75		60,890
Russel Metals Inc., 6.00%, 04/19/22 (Call 11/30/20)(a)	CAD		25		18,751
Seven Generations Energy Ltd., 5.38%, 09/30/25 (Call 11/30/20)(a)	USD		90		86,037
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)(a)	USD		175		184,306
Superior Plus LP 5.13%, 08/27/25 (Call 02/27/21)	CAD		50		38,554
5.25%, 02/27/24 (Call 11/30/20)	CAD		50		38,460
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/21)(a)	USD		80		80,100
Videotron Ltd. 4.50%, 01/15/30 (Call 10/15/24)	CAD		110		87,586
5.00%, 07/15/22	USD		100		104,501
5.13%, 04/15/27 (Call 04/15/22)(a)	USD		75		79,406
5.38%, 06/15/24 (Call 03/15/24)(a)	USD		75		81,458
5.63%, 06/15/25 (Call 03/15/25)	CAD		50		41,378
5.75%, 01/15/26 (Call 11/16/20)(c)	CAD		50		38,625
					5,311,249
Cayman Islands — 0.1%
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)(a)	USD		50		31,562

44 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security			Par (000)		Value
Cayman Islands (continued)		��
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(c)	EUR			150	$	174,515
						206,077
China — 0.0%
Moss Creek Resources Holdings Inc., 7.50%, 01/15/26 (Call 01/15/21)(a)	USD			90		45,000
Denmark — 0.1%
DKT Finance ApS, 7.00%, 06/17/23 (Call 11/30/20)(c)	EUR			100		116,898
TDC AS, 6.88%, 02/23/23(c)	GBP			100		139,458
						256,356
Finland — 0.5%
Nokia OYJ 2.00%, 03/11/26 (Call 12/11/25)(c)	EUR			200		237,118
2.38%, 05/15/25 (Call 02/15/25)(c)	EUR			100		120,635
3.38%, 06/12/22	USD			65		66,054
4.38%, 06/12/27	USD			65		69,876
Teollisuuden Voima OYJ 1.13%, 03/09/26 (Call 12/09/25)(c)	EUR			200		214,710
2.00%, 05/08/24 (Call 02/08/24)(c)	EUR			100		116,696
						825,089
France — 3.5%
Altice France SA/France 2.13%, 02/15/25 (Call 02/15/22)(c)	EUR			100		108,287
3.38%, 01/15/28 (Call 09/15/22)(c)	EUR			100		109,969
4.13%, 01/15/29 (Call 09/15/23)(c)	EUR			100		113,699
5.50%, 01/15/28 (Call 09/15/22)(a)	USD			200		202,750
5.88%, 02/01/27 (Call 02/01/22)(c)	EUR			200		243,061
7.38%, 05/01/26 (Call 05/01/21)(a)	USD			200		208,740
8.13%, 02/01/27 (Call 02/01/22)(a)	USD			200		217,125
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/22)(c)	EUR			100		112,816
Burger King France SAS, 6.00%, 05/01/24 (Call 11/09/20)(c)	EUR			100		109,690
Casino Guichard Perrachon SA 1.87%, 06/13/22 (Call 03/13/22)(c)	EUR			100		110,339
3.58%, 02/07/25 (Call 11/07/24)(c)	EUR			100		89,389
4.50%, 03/07/24 (Call 12/07/23)(c)	EUR			100		94,767
4.56%, 01/25/23(c)	EUR			100		109,692
CMA CGM SA 5.25%, 01/15/25 (Call 11/09/20)(c)	EUR			100		106,757
6.50%, 07/15/22 (Call 11/09/20)(c)	EUR			100		116,572
7.50%, 01/15/26 (Call 01/15/23)(c)	EUR			100		112,482
Electricite de France SA, 5.63%, (Call 01/22/24)(a)(d)(e)	USD			150		157,530
Elis SA 1.00%, 04/03/25 (Call 01/03/25)(c)	EUR			100		108,127
1.63%, 04/03/28 (Call 01/03/28)(c)	EUR			100		107,384
1.88%, 02/15/23 (Call 11/15/22)(c)	EUR			100		115,227
Faurecia SE 2.38%, 06/15/27 (Call 06/15/23)(c)	EUR			100		112,355
2.63%, 06/15/25 (Call 06/15/21)(c)	EUR			100		116,412
3.13%, 06/15/26 (Call 06/15/22)(c)	EUR			100		117,526
3.75%, 06/15/28 (Call 06/15/23)(c)	EUR			100		117,777
Fnac Darty SA, 2.63%, 05/30/26 (Call 05/30/22)(c)	EUR			100		115,408
Getlink SE, 3.50%, 10/30/25 (Call 10/30/22)(c)	EUR			100		116,599
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 11/09/20)(c)	EUR			100		100,776
Loxam SAS 2.88%, 04/15/26 (Call 04/15/22)(c)	EUR			125		133,037
3.25%, 01/14/25 (Call 07/15/21)(c)	EUR			125		135,534
3.75%, 07/15/26 (Call 07/15/22)(c)	EUR			100		109,086
Mobilux Finance SAS, 5.50%, 11/15/24 (Call 11/09/20)(c)	EUR			100		114,260

Security		Par (000)		Value
France (continued)
Orano SA 3.13%, 03/20/23 (Call 12/20/22)(c)	EUR		100	$	118,820
3.38%, 04/23/26 (Call 01/23/26)(c)	EUR		100		119,478
4.88%, 09/23/24	EUR		100		128,336
Paprec Holding SA, 4.00%, 03/31/25 (Call 03/31/21)(c)	EUR		100		109,193
Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(c)	EUR		100		112,515
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(c)(e)	EUR		100		112,049
Renault SA 1.00%, 03/08/23 (Call 12/08/22)(c)	EUR		100		113,865
1.00%, 11/28/25 (Call 08/28/25)(c)	EUR		100		109,310
1.13%, 10/04/27 (Call 07/04/27)(c)	EUR		100		101,394
1.25%, 06/24/25 (Call 03/24/25)(c)	EUR		100		108,129
2.00%, 09/28/26 (Call 06/28/26)(c)	EUR		100		109,806
Rexel SA, 2.75%, 06/15/26 (Call 03/15/22)(c)	EUR		125		144,683
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(c)	EUR		100		116,081
SPIE SA 2.63%, 06/18/26 (Call 12/18/25)(c)	EUR		100		114,516
3.13%, 03/22/24 (Call 09/22/23)(c)	EUR		100		117,979
Tereos Finance Groupe I SA 4.13%, 06/16/23 (Call 03/16/23)(c)	EUR		100		107,011
7.50%, 10/30/25 (Call 10/30/22)(c)	EUR		100		115,541
Valeo SA, 3.25%, 01/22/24(c)	EUR		100		122,873
Vallourec SA 2.25%, 09/30/24(c)	EUR		100		67,852
6.63%, 10/15/22 (Call 11/09/20)(c)	EUR		100		68,689
					6,161,293
Germany — 4.1%
ADLER Group SA, 3.25%, 08/05/25 (Call 05/05/25)(c)	EUR		100		114,741
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 11/09/20)(c)	EUR		100		96,950
ADLER Real Estate AG 1.50%, 12/06/21 (Call 11/06/21)(c)	EUR		100		114,190
1.50%, 04/17/22 (Call 03/17/22)(c)	EUR		100		113,936
3.00%, 04/27/26 (Call 02/27/26)(c)	EUR		100		115,918
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(c)(e)	EUR		100		117,397
CBR Fashion Finance BV, 5.13%, 10/01/22 (Call 11/09/20)(c)	EUR		100		102,872
CeramTec BondCo GmbH, 5.25%, 12/15/25 (Call 12/15/20)(c)	EUR		100		111,826
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(c)	EUR		100		115,380
Commerzbank AG 4.00%, 03/30/27(c)	EUR		130		160,528
4.00%, 12/05/30 (Call 09/05/25)(c)(e)	EUR		200		237,694
8.13%, 09/19/23(a)	USD		200		229,534
Consus Real Estate AG, 9.63%, 05/15/24 (Call 05/15/21)(c)	EUR		100		123,110
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)(c)	EUR		100		106,830
Deutsche Bank AG 2.75%, 02/17/25(c)	EUR		125		145,716
4.30%, 05/24/28 (Call 05/24/23)(e)	USD		200		193,587
4.50%, 05/19/26(c)	EUR		100		122,770
5.63%, 05/19/31 (Call 02/19/26)(c)(e)	EUR		200		250,305
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(e)	USD		200		192,917
Douglas GmbH, 6.25%, 07/15/22 (Call 11/09/20)(c)	EUR		100		97,032
HT Troplast GmbH, 9.25%, 07/15/25 (Call 07/15/22)(c)	EUR		100		123,904
K+S AG 2.63%, 04/06/23 (Call 01/06/23)(c)	EUR		100		107,836

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Germany (continued)
3.25%, 07/18/24 (Call 04/18/24)(c)	EUR		100	$	107,140
4.13%, 12/06/21(c)	EUR		100		118,034
KME SE, 6.75%, 02/01/23 (Call 11/30/20)(c)	EUR		100		79,210
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(c)(e)	EUR		100		122,716
METRO AG, 1.50%, 03/19/25(c)	EUR		100		118,014
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 11/30/20)(c)	EUR		100		112,907
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 11/09/20)(c)	EUR		200		225,392
Peach Property Finance GmbH, 3.50%, 02/15/23 (Call 11/15/22)(c)	EUR		100		114,284
Platin 1426 GmbH, 5.38%, 06/15/23 (Call 11/09/20)(c)	EUR		100		109,385
ProGroup AG, 3.00%, 03/31/26 (Call 03/31/21)(c)	EUR		100		114,221
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(c)(e)	EUR		50		62,304
Schaeffler AG 1.88%, 03/26/24 (Call 12/26/23)(c)	EUR		100		115,200
2.75%, 10/12/25 (Call 07/12/25)(c)	EUR		100		115,642
2.88%, 03/26/27 (Call 12/26/26)(c)	EUR		100		115,927
3.38%, 10/12/28 (Call 07/12/28)(c)	EUR		100		116,174
Summit Properties Ltd., 2.00%, 01/31/25 (Call 01/31/21)(c)	EUR		100		109,554
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/21)(c)	EUR		100		118,185
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(c)	EUR		100		110,191
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/02/21)(c)	EUR		100		109,140
thyssenkrupp AG 1.38%, 03/03/22 (Call 12/03/21)(c)	EUR		125		142,025
1.88%, 03/06/23 (Call 02/06/23)(c)	EUR		175		189,240
2.50%, 02/25/25(c)	EUR		100		105,762
2.88%, 02/22/24 (Call 11/22/23)(c)	EUR		150		161,896
Vertical Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(c)	EUR		100		120,084
Vertical Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(c)	EUR		100		117,659
Vertical U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)	USD		200		205,750
WEPA Hygieneprodukte GmbH, 2.88%, 12/15/27 (Call 12/15/22)(c)	EUR		100		113,943
ZF Europe Finance BV 2.00%, 02/23/26 (Call 12/23/25)(c)	EUR		300		324,914
3.00%, 10/23/29 (Call 07/23/29)(c)	EUR		100		105,484
ZF Finance GmbH, 3.75%, 09/21/28 (Call 06/21/28)(c)	EUR		100		113,528
ZF North America Capital Inc. 2.75%, 04/27/23(c)	EUR		100		117,022
4.75%, 04/29/25(a)	USD		150		154,947
					7,260,847
Greece — 0.4%
Alpha Bank AE, 4.25%, 02/13/30 (Call 02/13/25)(c)(e)	EUR		100		96,168
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 12/15/21)(c)	EUR		100		98,779
Intralot Capital Luxembourg SA, 5.25%, 09/15/24 (Call 11/09/20)(c)	EUR		100		35,771
National Bank Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(c)(e)	EUR		150		167,516
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 11/30/20)(a)	USD		75		35,563
Piraeus Bank SA, 9.75%, 06/26/29 (Call 06/26/24)(c)(e)	EUR		100		91,149
Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/16/24)(c)	EUR		100		115,772
					640,718
Ireland — 0.6%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(e)	USD		150		118,364
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(c)(e)	EUR		100		113,509

Security		Par (000)		Value
Ireland (continued)
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)(c)(e)	GBP		100	$	129,384
eircom Finance DAC, 3.50%, 05/15/26 (Call 05/15/22)(c)	EUR		225		261,292
Smurfit Kappa Acquisitions ULC 2.38%, 02/01/24 (Call 11/01/23)(c)	EUR		100		120,167
2.88%, 01/15/26 (Call 10/15/25)(c)	EUR		100		123,793
Smurfit Kappa Treasury ULC, 1.50%, 09/15/27 (Call 06/15/27)(c)	EUR		150		173,284
					1,039,793
Israel — 1.3%
Leviathan Bond Ltd. 5.75%, 06/30/23 (Call 03/30/23)(a)	USD		75		76,658
6.13%, 06/30/25 (Call 03/30/25)(a)	USD		45		46,451
6.50%, 06/30/27 (Call 12/30/26)(a)	USD		55		56,719
6.75%, 06/30/30 (Call 12/30/29)(a)	USD		90		92,390
Teva Pharmaceutical Finance Netherlands II BV 1.13%, 10/15/24(c)	EUR		200		203,675
1.25%, 03/31/23 (Call 12/31/22)(c)	EUR		100		108,285
1.63%, 10/15/28(c)	EUR		100		93,553
1.88%, 03/31/27 (Call 12/31/26)(c)	EUR		100		98,721
3.25%, 04/15/22 (Call 01/15/22)	EUR		100		116,244
4.50%, 03/01/25 (Call 12/01/24)	EUR		100		114,789
6.00%, 01/31/25 (Call 10/31/24)	EUR		100		120,791
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 07/21/23	USD		250		237,105
3.15%, 10/01/26	USD		400		351,716
6.00%, 04/15/24 (Call 01/15/24)	USD		200		201,600
6.75%, 03/01/28 (Call 12/01/27)	USD		200		209,940
7.13%, 01/31/25 (Call 10/31/24)	USD		200		207,250
					2,335,887
Italy — 5.2%
Atlantia SpA 1.63%, 02/03/25(c)	EUR		100		114,520
1.88%, 07/13/27 (Call 04/13/27)(c)	EUR		100		112,009
Autostrade per l’Italia SpA 1.13%, 11/04/21(c)	EUR		100		114,155
1.75%, 06/26/26(c)	EUR		100		113,218
1.75%, 02/01/27(c)	EUR		100		113,346
1.88%, 09/26/29 (Call 06/26/29)(c)	EUR		100		113,248
Banca IFIS SpA, 4.50%, 10/17/27 (Call 10/17/22)(c)(e)	EUR		100		101,000
Banca Monte dei Paschi di Siena SpA 2.63%, 04/28/25(c)	EUR		125		141,854
3.63%, 09/24/24(c)	EUR		100		117,194
5.38%, 01/18/28 (Call 01/18/23)(c)(e)	EUR		100		90,021
10.50%, 07/23/29(c)	EUR		100		115,903
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(c)	EUR		100		117,492
Banco BPM SpA 1.75%, 01/28/25(c)	EUR		200		236,603
2.00%, 03/08/22(c)	EUR		100		118,798
2.50%, 06/21/24(c)	EUR		100		121,447
4.38%, 09/21/27 (Call 09/21/22)(c)(e)	EUR		100		116,595
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)(c)(e)	EUR		100		118,536
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 09/30/22)(c)	EUR		100		112,891
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)(c)	EUR		100		116,100
Fiat Chrysler Finance Europe SENC, 4.75%, 07/15/22(c)	EUR		150		185,376
Iccrea Banca SpA, 1.50%, 10/11/22(c)	EUR		150		175,273
Infrastrutture Wireless Italiane SpA 1.63%, 10/21/28 (Call 07/21/28)(c)	EUR		200		233,722
1.88%, 07/08/26 (Call 04/08/26)(c)	EUR		100		120,843

46 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Italy (continued)
International Game Technology PLC, 4.75%, 02/15/23 (Call 08/15/22)(c)	EUR		100	$	115,917
Intesa Sanpaolo SpA 2.86%, 04/23/25(c)	EUR		100		119,942
3.93%, 09/15/26(c)	EUR		100		125,374
5.02%, 06/26/24(a)	USD		400		422,128
5.15%, 06/10/30(c)	GBP		100		140,462
6.63%, 09/13/23(c)	EUR		100		131,902
Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)(c)	EUR		100		116,231
Mediobanca Banca di Credito Finanziario SpA, 5.75%, 04/18/23	EUR		100		127,766
Nexi SpA, 1.75%, 10/31/24(c)	EUR		150		173,683
Rekeep SpA, 9.00%, 06/15/22 (Call 11/09/20)(c)	EUR		100		115,244
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(c)	EUR		100		121,254
Saipem Finance International BV 2.63%, 01/07/25(c)	EUR		100		111,045
2.75%, 04/05/22(c)	EUR		100		117,520
3.38%, 07/15/26 (Call 04/15/26)(c)	EUR		100		110,515
Sisal Group SpA, 7.00%, 07/31/23 (Call 11/09/20)(c)	EUR		69		78,682
Societa Cattolica di Assicurazioni SC, 4.25%, 12/14/47 (Call 12/14/27)(c)(e)	EUR		100		117,861
Telecom Italia SpA/Milano 2.38%, 10/12/27 (Call 07/12/27)(c)	EUR		100		117,015
2.50%, 07/19/23(c)	EUR		100		120,222
2.75%, 04/15/25 (Call 01/15/25)(c)	EUR		150		180,563
2.88%, 01/28/26 (Call 10/28/25)(c)	EUR		200		240,897
3.00%, 09/30/25(c)	EUR		100		121,581
3.25%, 01/16/23(c)	EUR		200		243,959
3.63%, 01/19/24(c)	EUR		100		123,197
3.63%, 05/25/26(c)	EUR		100		124,908
4.00%, 04/11/24 (Call 01/11/24)(c)	EUR		100		124,312
5.30%, 05/30/24(a)	USD		200		215,772
UniCredit SpA 2.00%, 09/23/29 (Call 09/23/24)(c)(e)	EUR		200		216,520
2.73%, 01/15/32 (Call 01/15/27)(c)(e)	EUR		200		215,715
4.38%, 01/03/27 (Call 01/03/22)(c)(e)	EUR		100		120,005
4.88%, 02/20/29 (Call 02/20/24)(c)(e)	EUR		200		245,292
5.46%, 06/30/35 (Call 06/30/30)(a)(e)	USD		200		202,881
5.86%, 06/19/32 (Call 06/19/27)(a)(e)	USD		200		210,385
6.95%, 10/31/22(c)	EUR		100		129,268
Unione di Banche Italiane SpA 2.63%, 06/20/24(c)	EUR		250		305,860
4.45%, 09/15/27 (Call 09/15/22)(c)(e)	EUR		100		120,593
Unipol Gruppo SpA 3.00%, 03/18/25(c)	EUR		100		120,312
3.25%, 09/23/30 (Call 06/23/30)(c)	EUR		100		117,512
3.50%, 11/29/27 (Call 08/29/27)(c)	EUR		100		121,099
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(c)	EUR		100		120,259
Webuild SpA, 1.75%, 10/26/24(c)	EUR		100		99,570
					9,223,367
Japan — 0.4%
SoftBank Group Corp. 3.13%, 09/19/25 (Call 06/21/25)(c)	EUR		150		173,908
4.00%, 04/20/23 (Call 01/20/23)(c)	EUR		100		119,410
4.00%, 09/19/29 (Call 06/21/29)(c)	EUR		125		145,056
4.50%, 04/20/25 (Call 01/20/25)(c)	EUR		100		121,884
5.00%, 04/15/28 (Call 01/16/28)(c)	EUR		100		122,929
					683,187

Security		Par (000)		Value
Luxembourg — 1.6%
Altice Financing SA 2.25%, 01/15/25 (Call 01/15/22)(c)	EUR		100	$	108,382
3.00%, 01/15/28 (Call 01/15/23)(c)	EUR		100		105,695
5.00%, 01/15/28 (Call 01/15/23)(a)	USD		200		194,000
7.50%, 05/15/26 (Call 05/15/21)(a)	USD		200		208,750
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(c)	EUR		100		104,969
Altice France Holding SA 4.00%, 02/15/28 (Call 02/15/23)(c)	EUR		100		104,407
6.00%, 02/15/28 (Call 02/15/23)(a)	USD		200		192,075
8.00%, 05/15/27 (Call 05/15/22)(c)	EUR		100		122,075
10.50%, 05/15/27 (Call 05/15/22)(a)	USD		200		220,500
ArcelorMittal, 0.95%, 01/17/23 (Call 10/17/22)(c)	EUR		100		116,334
ArcelorMittal SA 1.00%, 05/19/23 (Call 02/19/23)(c)	EUR		100		115,899
2.25%, 01/17/24 (Call 10/17/23)(c)	EUR		100		119,672
4.55%, 03/11/26	USD		100		107,422
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 11/09/20)(c)	GBP		100		129,090
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(c)	EUR		100		112,093
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 11/09/20)(c)	EUR		100		115,757
JBS USA LUX SA/JBS USA Finance Inc., 5.75%, 06/15/25 (Call 11/30/20)(a)	USD		75		77,179
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)(c)	EUR		100		113,616
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(c)	EUR		100		118,582
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25(c)	EUR		100		118,747
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(c)	EUR		90		99,271
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(c)	EUR		100		114,629
Swissport Investments SA, 6.75%, 12/15/21 (Call 11/09/20)(c)	EUR		100		291
Vivion Investments Sarl, 3.00%, 08/08/24(c)	EUR		100		103,143
					2,922,578
Macau — 0.5%
Melco Resorts Finance Ltd. 4.88%, 06/06/25 (Call 11/30/20)(a)	USD		200		199,250
5.38%, 12/04/29 (Call 12/04/24)(a)	USD		200		192,750
Studio City Finance Ltd., 6.50%, 01/15/28 (Call 07/15/23)(a)	USD		200		198,500
Wynn Macau Ltd. 4.88%, 10/01/24 (Call 11/30/20)(a)	USD		100		95,970
5.50%, 01/15/26 (Call 06/15/22)(a)(b)	USD		200		192,000
					878,470
Netherlands — 1.9%
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)(c)	EUR		100		116,520
IPD 3 BV, 4.50%, 07/15/22 (Call 11/09/20)(c)	EUR		100		106,365
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(e)	USD		200		208,121
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 11/30/20)(c)	EUR		125		138,311
Nouryon Holding BV, 6.50%, 10/01/26 (Call 10/01/21)(c)	EUR		100		118,523
OCI NV 3.13%, 11/01/24 (Call 11/01/21)(c)	EUR		100		114,548
5.25%, 11/01/24 (Call 11/01/21)(a)	USD		200		204,500
PPF Telecom Group BV 3.25%, 09/29/27 (Call 06/29/27)(c)	EUR		175		204,277
3.50%, 05/20/24 (Call 02/20/24)(c)	EUR		100		119,601
Promontoria Holding 264 BV, 6.75%, 08/15/23 (Call 11/30/20)(c)	EUR		100		94,015
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(c)	EUR		150		148,957

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Netherlands (continued)
Sensata Technologies BV 4.88%, 10/15/23(a)	USD		75	$	79,375
5.00%, 10/01/25(a)	USD		100		109,400
5.63%, 11/01/24(a)	USD		50		54,860
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(c)	EUR		100		110,940
Trivium Packaging Finance BV 3.75%, 08/15/26 (Call 08/15/22)(c)	EUR		100		114,929
8.50%, 08/15/27 (Call 08/15/22)(a)	USD		200		213,533
United Group BV 3.63%, 02/15/28 (Call 02/15/23)(c)	EUR		100		108,651
4.88%, 07/01/24 (Call 11/30/20)(c)	EUR		100		116,630
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(c)	EUR		100		112,284
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(c)	EUR		100		110,556
Ziggo BV 2.88%, 01/15/30 (Call 10/15/24)(c)	EUR		100		113,370
4.25%, 01/15/27 (Call 01/15/22)(c)	EUR		90		107,644
4.88%, 01/15/30 (Call 10/15/24)(a)	USD		200		207,375
5.50%, 01/15/27 (Call 01/15/22)(a)	USD		225		233,438
					3,366,723
Portugal — 0.3%
Banco Comercial Portugues SA, 3.87%, 03/27/30 (Call 03/27/25)(c)(e)	EUR		100		102,747
Caixa Geral de Depositos SA, 1.25%, 11/25/24(c)	EUR		100		116,957
EDP - Energias de Portugal SA 1.70%, 07/20/80 (Call 04/20/25)(c)(e)	EUR		100		112,613
4.50%, 04/30/79 (Call 01/30/24)(c)(e)	EUR		100		125,494
Transportes Aereos Portugueses SA, 5.63%, 12/02/24 (Call 06/02/24)(c)	EUR		100		66,397
					524,208
Singapore — 0.1%
Puma International Financing SA, 5.13%, 10/06/24 (Call 11/10/20)(a)	USD		200		168,619
Spain — 1.5%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(c)(e)	EUR		100		113,433
Banco de Sabadell SA 1.13%, 03/27/25(c)	EUR		100		111,275
1.75%, 05/10/24(c)	EUR		100		114,726
5.38%, 12/12/28 (Call 12/12/23)(c)(e)	EUR		100		119,127
Bankia SA 1.00%, 06/25/24(c)	EUR		100		118,073
1.13%, 11/12/26(c)	EUR		100		117,407
3.75%, 02/15/29 (Call 02/15/24)(c)(e)	EUR		100		122,457
Cellnex Telecom SA 1.75%, 10/23/30 (Call 07/23/30)(c)	EUR		100		114,664
1.88%, 06/26/29 (Call 03/26/29)	EUR		100		118,574
2.88%, 04/18/25 (Call 01/18/25)(c)	EUR		100		125,925
3.13%, 07/27/22(c)	EUR		100		122,304
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 11/09/20)(c)	EUR		100		103,217
ContourGlobal Power Holdings SA, 3.38%, 08/01/23 (Call 11/30/20)(c)	EUR		100		116,009
eDreams ODIGEO SA, 5.50%, 09/01/23 (Call 11/09/20)(c)	EUR		100		96,940
El Corte Ingles SA, 3.00%, 03/15/24 (Call 11/30/20)(c)	EUR		100		115,223
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 11/09/20)(c)	EUR		100		113,838
Grifols SA 1.63%, 02/15/25 (Call 02/15/22)(c)	EUR		100		114,186
2.25%, 11/15/27 (Call 11/15/22)(c)	EUR		100		114,572
3.20%, 05/01/25 (Call 11/30/20)(c)	EUR		100		115,839

Security		Par (000)		Value
Spain (continued)
Grupo Isolux Corsan SA
Series B, 6.00%, 12/30/21 (Call 11/30/20)(f)	EUR		28	$	16
Series C, 1.00%, 12/30/21 (Call 11/30/20)(f)	EUR		0		0	(g)
Grupo-Antolin Irausa SA, 3.25%, 04/30/24 (Call 11/09/20)(c)	EUR		100		102,500
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(c)(e)	EUR		100		105,680
NH Hotel Group SA, 3.75%, 10/01/23 (Call 11/09/20)(c)	EUR		90		96,735
Obrascon Huarte Lain SA, 4.75%, 03/15/22 (Call 11/30/20)(c)	EUR		100		57,078
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(c)(e)	EUR		100		120,371
					2,670,169
Sweden — 0.9%
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)(c)(e)	EUR		100		119,413
Dometic Group AB, 3.00%, 05/08/26 (Call 04/08/26)(c)	EUR		125		144,343
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(c)(e)	EUR		100		114,383
Intrum AB 2.75%, 07/15/22 (Call 11/30/20)(c)	EUR		10		11,566
3.13%, 07/15/24 (Call 11/30/20)(c)	EUR		100		109,517
3.50%, 07/15/26 (Call 07/15/22)(c)	EUR		200		207,306
4.88%, 08/15/25 (Call 08/15/22)(c)	EUR		100		113,273
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22	USD		225		232,493
Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)(c)	EUR		100		115,869
Verisure Midholding AB, 5.75%, 12/01/23 (Call 11/09/20)(c)	EUR		200		230,791
Volvo Car AB, 2.13%, 04/02/24 (Call 01/02/24)(c)	EUR		100		117,333
					1,516,287
Switzerland — 0.2%
Dufry One BV 2.00%, 02/15/27 (Call 02/15/23)(c)	EUR		100		101,503
2.50%, 10/15/24 (Call 11/30/20)(c)	EUR		100		104,909
Walnut Bidco PLC, 6.75%, 08/01/24 (Call 08/01/21)(c)	EUR		100		112,631
					319,043
United Kingdom — 4.3%
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 11/30/20)(c)	EUR		100		112,757
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 11/30/20)(c)	GBP		100		132,579
Avon International Capital PLC, 6.50%, 08/15/22 (Call 11/02/20)(a)	USD		50		50,908
B&M European Value Retail SA, 3.63%, 07/15/25 (Call 07/15/22)(c)	GBP		100		130,504
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(c)(e)	EUR		100		109,334
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 11/09/20)(c)	GBP		100		130,581
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a)	USD		200		201,750
eG Global Finance PLC 4.38%, 02/07/25 (Call 05/15/21)(c)	EUR		100		106,270
6.25%, 10/30/25 (Call 10/30/21)(c)	EUR		100		110,634
6.75%, 02/07/25 (Call 05/15/21)(a)	USD		200		196,000
FCE Bank PLC, 1.13%, 02/10/22(c)	EUR		100		114,432
Fiat Chrysler Automobiles NV 3.38%, 07/07/23 (Call 04/07/23)(c)	EUR		125		152,451
3.75%, 03/29/24(c)	EUR		200		249,585
3.88%, 01/05/26 (Call 10/05/25)(c)	EUR		150		191,016
4.50%, 07/07/28 (Call 04/07/28)(c)	EUR		100		135,092
5.25%, 04/15/23	USD		200		211,958

48 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United Kingdom (continued)
GKN Holdings Ltd., 5.38%, 09/19/22(c)	GBP		100	$	133,761
Heathrow Finance PLC, 3.88%, 03/01/27(c)	GBP		100		116,068
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 03/15/21)(c)	GBP		100		122,507
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(c)	EUR		100		108,608
International Consolidated Airlines Group SA, 1.50%, 07/04/27 (Call 04/04/27)(c)	EUR		100		85,616
Jaguar Land Rover Automotive PLC 2.20%, 01/15/24(c)	EUR		100		98,083
3.88%, 03/01/23(c)	GBP		100		119,174
4.50%, 01/15/26(c)	EUR		100		97,194
5.63%, 02/01/23 (Call 11/30/20)(a)	USD		150		145,273
5.88%, 11/15/24 (Call 08/15/24)(c)	EUR		100		106,989
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/22)(c)	GBP		100		118,471
Marks & Spencer PLC, 6.00%, 06/12/25(c)	GBP		100		139,874
Metro Bank PLC, 5.50%, 06/26/28 (Call 06/26/23)(c)(e)	GBP		100		46,979
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)(c)	EUR		100		113,454
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/21)(c)	GBP		100		127,928
Playtech PLC, 4.25%, 03/07/26 (Call 03/07/22)(c)	EUR		100		114,551
Rolls-Royce PLC 0.88%, 05/09/24 (Call 02/09/24)(c)	EUR		100		105,045
3.38%, 06/18/26	GBP		100		119,441
4.63%, 02/16/26 (Call 11/16/25)(c)	EUR		100		116,440
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(c)	GBP		100		120,340
Synthomer PLC, 3.88%, 07/01/25 (Call 07/01/22)(c)	EUR		100		118,551
Thames Water Utilities Finance PLC, 5.75%, 09/13/30 (Call 09/13/22)(e)	GBP		125		170,475
Very Group Funding Plc/The, 7.75%, 11/15/22 (Call 11/30/20)(c)	GBP		100		125,980
Victoria PLC, 5.25%, 07/15/24 (Call 07/15/21)(c)	EUR		100		118,519
Virgin Media Finance PLC 3.75%, 07/15/30 (Call 07/15/25)(c)	EUR		100		110,674
5.00%, 07/15/30 (Call 07/15/25)(a)	USD		200		199,000
Virgin Media Secured Finance PLC 4.25%, 01/15/30 (Call 10/15/24)(c)	GBP		150		189,338
5.00%, 04/15/27 (Call 04/15/22)(c)	GBP		100		133,783
5.50%, 05/15/29 (Call 05/15/24)(a)	USD		200		213,429
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(c)	GBP		100		128,730
Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.00%, 09/15/25 (Call 11/30/20)(c)	EUR		100		115,028
Vmed O2 UK Financing I PLC 3.25%, 01/31/31 (Call 01/31/26)(c)	EUR		150		170,844
4.00%, 01/31/29 (Call 01/31/24)(c)	GBP		100		126,329
Vodafone Group PLC 3.10%, 01/03/79 (Call 10/03/23)(c)(e)	EUR		200		235,722
4.20%, 10/03/78 (Call 07/03/28)(c)(e)	EUR		100		126,910
4.88%, 10/03/78	GBP		100		137,289
7.00%, 04/04/79 (Call 01/04/29)(e)	USD		275		325,449
Series NC10, 3.00%, Series NC10, 08/27/80 (Call 05/27/30)(c)(e)	EUR		100		113,818
Series NC6, 2.63%, Series NC6, 08/27/80 (Call 05/27/26)(c)(e)	EUR		100		114,856
					7,566,371
United States — 65.8%
Acadia Healthcare Co. Inc. 5.00%, 04/15/29 (Call 10/15/23)(a)	USD		20		20,656
5.50%, 07/01/28 (Call 07/01/23)(a)	USD		30		31,294
5.63%, 02/15/23 (Call 11/30/20)	USD		80		80,417

Security		Par (000)		Value
United States (continued)
Acrisure LLC/Acrisure Finance Inc. 7.00%, 11/15/25 (Call 11/30/20)(a)	USD		115	$	115,086
8.13%, 02/15/24 (Call 02/15/21)(a)	USD		120		125,269
10.13%, 08/01/26 (Call 08/01/22)(a)	USD		30	��	33,225
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(c)	EUR		100		108,321
Adient U.S. LLC 7.00%, 05/15/26 (Call 05/15/22)(a)	USD		200		213,292
9.00%, 04/15/25 (Call 04/15/22)(a)	USD		60		66,057
ADT Security Corp. (The) 3.50%, 07/15/22	USD		125		127,106
4.13%, 06/15/23	USD		90		93,622
AECOM 5.13%, 03/15/27 (Call 12/15/26)	USD		125		137,062
5.88%, 10/15/24 (Call 07/15/24)	USD		100		109,850
AES Corp. (The) 5.13%, 09/01/27 (Call 09/01/22)	USD		70		75,068
5.50%, 04/15/25 (Call 11/30/20)	USD		70		71,905
6.00%, 05/15/26 (Call 05/15/21)	USD		65		68,108
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC 3.25%, 03/15/26 (Call 09/15/22)(a)	USD		55		54,021
3.50%, 02/15/23 (Call 12/15/22)(a)	USD		60		61,014
3.50%, 03/15/29 (Call 09/15/23)(a)	USD		70		67,837
4.63%, 01/15/27 (Call 01/15/23)(a)	USD		170		175,474
4.88%, 02/15/30 (Call 02/15/25)(a)	USD		100		106,210
5.75%, 03/15/25 (Call 11/30/20)	USD		120		123,900
5.88%, 02/15/28 (Call 08/15/22)(a)	USD		125		133,185
7.50%, 03/15/26 (Call 03/15/22)(a)	USD		75		82,752
Alcoa Nederland Holding BV 6.13%, 05/15/28 (Call 05/15/23)(a)	USD		200		213,856
7.00%, 09/30/26 (Call 09/30/21)(a)	USD		200		210,500
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)	USD		65		65,440
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 4.25%, 10/15/27 (Call 10/15/23)(a)	USD		70		69,742
6.75%, 10/15/27 (Call 10/15/22)(a)	USD		89		93,450
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.63%, 07/15/26 (Call 07/15/22)(a)	USD		170		177,975
9.75%, 07/15/27 (Call 07/15/22)(a)	USD		140		150,046
Allison Transmission Inc. 4.75%, 10/01/27 (Call 10/01/22)(a)	USD		50		51,592
5.00%, 10/01/24 (Call 11/10/20)(a)	USD		75		75,718
5.88%, 06/01/29 (Call 06/01/24)(a)	USD		70		76,454
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)	USD		130		147,753
AMC Entertainment Holdings Inc. 10.50%, 04/15/25 (Call 04/15/22)(a)	USD		50		27,000
10.50%, 04/24/26 (Call 06/15/22)(a)	USD		92		46,920
AMC Networks Inc. 4.75%, 12/15/22 (Call 11/30/20)	USD		33		32,933
4.75%, 08/01/25 (Call 08/01/21)	USD		100		100,007
5.00%, 04/01/24 (Call 11/30/20)	USD		125		125,664
American Airlines Group Inc. 3.75%, 03/01/25(a)(b)	USD		65		30,810
5.00%, 06/01/22(a)	USD		95		61,988
American Airlines Inc., 11.75%, 07/15/25(a)	USD		300		291,915
American Axle & Manufacturing Inc. 6.25%, 04/01/25 (Call 11/30/20)(b)	USD		90		90,815
6.25%, 03/15/26 (Call 03/15/21)	USD		50		50,130

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.50%, 04/01/27 (Call 04/01/22)	USD		60	$	60,280
6.88%, 07/01/28 (Call 07/01/23)	USD		50		50,938
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)(a)	USD		100		101,446
AmeriGas Partners LP/AmeriGas Finance Corp. 5.50%, 05/20/25 (Call 02/20/25)	USD		90		96,075
5.63%, 05/20/24 (Call 03/20/24)	USD		85		90,631
5.75%, 05/20/27 (Call 02/20/27)	USD		75		82,519
5.88%, 08/20/26 (Call 05/20/26)	USD		75		82,125
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.38%, 09/15/24 (Call 11/16/20)	USD		80		74,816
5.75%, 03/01/27 (Call 03/01/22)(a)	USD		85		76,500
5.75%, 01/15/28 (Call 01/15/23)(a)	USD		80		71,091
Antero Resources Corp. 5.00%, 03/01/25 (Call 11/30/20)(b)	USD		75		55,669
5.13%, 12/01/22 (Call 11/30/20)	USD		65		60,288
5.38%, 11/01/21 (Call 11/30/20)	USD		170		170,340
5.63%, 06/01/23 (Call 11/30/20)(b)	USD		95		80,107
Apache Corp. 4.25%, 01/15/30 (Call 10/15/29)	USD		75		66,422
4.38%, 10/15/28 (Call 07/15/28)	USD		100		91,625
4.63%, 11/15/25 (Call 08/15/25)	USD		15		14,213
4.88%, 11/15/27 (Call 05/15/27)	USD		95		89,676
APX Group Inc. 6.75%, 02/15/27 (Call 02/15/23)(a)	USD		80		83,376
7.88%, 12/01/22 (Call 11/30/20)	USD		94		93,857
Aramark Services Inc. 4.75%, 06/01/26 (Call 06/01/21)	USD		50		49,688
5.00%, 04/01/25 (Call 11/30/20)(a)(b)	USD		75		76,130
5.00%, 02/01/28 (Call 02/01/23)(a)(b)	USD		145		146,466
6.38%, 05/01/25 (Call 05/01/22)(a)(b)	USD		195		204,653
Archrock Partners LP/Archrock Partners Finance Corp. 6.25%, 04/01/28 (Call 04/01/23)(a)	USD		40		38,600
6.88%, 04/01/27 (Call 04/01/22)(a)	USD		65		63,863
Arconic Corp. 6.00%, 05/15/25 (Call 05/15/22)(a)	USD		70		74,113
6.13%, 02/15/28 (Call 02/15/23)(a)	USD		75		79,163
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 2.13%, 08/15/26 (Call 08/15/22)(c)	EUR		225		256,515
5.25%, 08/15/27 (Call 08/15/22)(a)	USD		400		410,624
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/26 (Call 11/01/21)(a)	USD		75		66,563
9.00%, 11/01/27 (Call 11/01/26)(a)	USD		45		43,650
Avantor Funding Inc., 4.63%, 07/15/28 (Call 07/15/23)(a)(b)	USD		180		186,516
Avantor Inc. 4.75%, 10/01/24 (Call 11/30/20)(c)	EUR		100		120,439
6.00%, 10/01/24 (Call 11/06/20)(a)	USD		190		198,531
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)	USD		100		103,000
Avient Corp., 5.75%, 05/15/25 (Call 05/15/22)(a)	USD		95		100,344
Avis Budget Car Rental LLC/Avis Budget Finance Inc. 5.75%, 07/15/27 (Call 07/15/22)(a)	USD		55		51,459
10.50%, 05/15/25 (Call 05/15/22)(a)	USD		65		74,913
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(c)	EUR		100		102,076
Avon International Operations Inc., 7.88%, 08/15/22 (Call 11/02/20)(a)	USD		65		66,212
Avon Products Inc., 7.00%, 03/15/23	USD		50		54,000

Security		Par (000)		Value
United States (continued)
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 11/30/20)(c)	EUR		125	$	146,659
B&G Foods Inc. 5.25%, 04/01/25 (Call 11/30/20)	USD		115		118,450
5.25%, 09/15/27 (Call 03/01/22)(b)	USD		70		71,968
Ball Corp. 1.50%, 03/15/27 (Call 12/15/26)	EUR		100		114,307
2.88%, 08/15/30 (Call 05/15/30)	USD		125		123,331
4.00%, 11/15/23	USD		125		131,939
4.38%, 12/15/23	EUR		200		254,411
4.88%, 03/15/26 (Call 12/15/25)	USD		95		105,970
5.00%, 03/15/22	USD		50		52,063
5.25%, 07/01/25	USD		125		141,456
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a)	USD		185		194,134
Bausch Health Americas Inc. 8.50%, 01/31/27 (Call 07/31/22)(a)	USD		220		240,350
9.25%, 04/01/26 (Call 04/01/22)(a)	USD		190		209,475
Bausch Health Companies Inc. 4.50%, 05/15/23 (Call 11/30/20)(c)	EUR		225		259,079
5.00%, 01/30/28 (Call 01/30/23)(a)	USD		180		177,908
5.25%, 01/30/30 (Call 01/30/25)(a)	USD		130		128,348
5.50%, 11/01/25 (Call 11/30/20)(a)(b)	USD		220		225,896
5.75%, 08/15/27 (Call 08/15/22)(a)	USD		65		69,713
6.13%, 04/15/25 (Call 11/30/20)(a)	USD		360		369,450
6.25%, 02/15/29 (Call 02/15/24)(a)	USD		160		164,997
7.00%, 03/15/24 (Call 11/30/20)(a)	USD		100		103,625
7.00%, 01/15/28 (Call 01/15/23)(a)	USD		95		100,506
7.25%, 05/30/29 (Call 05/30/24)(a)	USD		95		102,410
9.00%, 12/15/25 (Call 12/15/21)(a)	USD		140		152,494
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/30/20)(a)	USD		165		161,865
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(c)	EUR		150		173,903
Berry Global Inc. 1.00%, 01/15/25 (Call 10/15/24)(c)	EUR		100		111,642
4.50%, 02/15/26 (Call 02/15/21)(a)(b)	USD		65		65,868
4.88%, 07/15/26 (Call 07/15/22)(a)(b)	USD		180		188,460
5.63%, 07/15/27 (Call 07/15/22)(a)(b)	USD		65		68,121
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)	USD		100		100,747
Blue Cube Spinco LLC, 10.00%, 10/15/25 (Call 11/30/20)	USD		65		68,592
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 11/30/20)(a)	USD		105		102,375
Boxer Parent Co. Inc. 6.50%, 10/02/25 (Call 06/01/22)(c)	EUR		100		121,035
7.13%, 10/02/25 (Call 06/01/22)(a)	USD		65		69,577
Boyd Gaming Corp. 4.75%, 12/01/27 (Call 12/01/22)	USD		125		121,445
6.00%, 08/15/26 (Call 08/15/21)	USD		90		92,839
6.38%, 04/01/26 (Call 04/01/21)	USD		95		98,570
8.63%, 06/01/25 (Call 06/01/22)(a)	USD		60		65,682
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 11/30/20)(a)(b)	USD		125		116,875
Brink’s Co. (The), 5.50%, 07/15/25 (Call 07/15/22)(a)	USD		215		223,062
Buckeye Partners LP 3.95%, 12/01/26 (Call 09/01/26)	USD		75		69,750
4.13%, 03/01/25 (Call 02/01/25)(a)	USD		50		47,250
4.13%, 12/01/27 (Call 09/01/27)	USD		75		69,625
4.15%, 07/01/23 (Call 04/01/23)	USD		50		49,438
4.50%, 03/01/28 (Call 12/01/27)(a)	USD		50		47,500
6.38%, 01/22/78 (Call 01/22/23)(e)	USD		50		32,300

50 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Builders FirstSource Inc. 5.00%, 03/01/30 (Call 03/01/25)(a)	USD		75	$	78,938
6.75%, 06/01/27 (Call 06/01/22)(a)	USD		50		53,625
Caesars Entertainment Inc. 6.25%, 07/01/25 (Call 07/01/22)(a)	USD		455		466,943
8.13%, 07/01/27 (Call 07/01/23)(a)(b)	USD		160		166,811
Caesars Resort Collection LLC / CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(a)	USD		110		112,957
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 11/10/20)(a)	USD		240		227,748
Callon Petroleum Co. 6.13%, 10/01/24 (Call 11/30/20)	USD		75		25,250
6.25%, 04/15/23 (Call 11/30/20)	USD		35		13,291
6.38%, 07/01/26 (Call 07/01/21)	USD		50		11,607
Calpine Corp. 4.50%, 02/15/28 (Call 02/15/23)(a)	USD		155		157,274
4.63%, 02/01/29 (Call 02/01/24)(a)	USD		65		65,605
5.00%, 02/01/31 (Call 02/01/26)(a)	USD		65		66,487
5.13%, 03/15/28 (Call 03/15/23)(a)	USD		150		154,727
5.25%, 06/01/26 (Call 06/01/21)(a)	USD		175		180,008
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/15/21)(a)(b)	USD		70		67,827
Carnival Corp. 9.88%, 08/01/27 (Call 02/01/24)(a)	USD		75		77,953
10.50%, 02/01/26 (Call 08/01/23)(a)(b)	USD		80		86,563
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		100		65,086
Carvana Co. 5.63%, 10/01/25 (Call 10/01/22)(a)	USD		55		54,244
5.88%, 10/01/28 (Call 10/01/23)(a)	USD		65		63,965
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(c)	EUR		100		111,092
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 03/01/23 (Call 11/16/20)(a)	USD		65		65,650
4.25%, 02/01/31 (Call 07/01/25)(a)	USD		350		358,861
4.50%, 08/15/30 (Call 02/15/25)(a)	USD		360		374,040
4.50%, 05/01/32 (Call 05/01/26)(a)	USD		310		320,462
4.75%, 03/01/30 (Call 09/01/24)(a)	USD		335		352,287
5.00%, 02/01/28 (Call 08/01/22)(a)	USD		265		278,581
5.13%, 05/01/27 (Call 05/01/22)(a)	USD		405		425,250
5.38%, 05/01/25 (Call 11/06/20)(a)	USD		95		97,508
5.38%, 06/01/29 (Call 06/01/24)(a)	USD		190		204,618
5.50%, 05/01/26 (Call 05/01/21)(a)	USD		190		197,404
5.75%, 02/15/26 (Call 02/15/21)(a)	USD		265		275,046
5.88%, 05/01/27 (Call 05/01/21)(a)	USD		100		104,438
CDK Global Inc. 4.88%, 06/01/27 (Call 06/01/22)	USD		75		77,678
5.00%, 10/15/24 (Call 07/15/24)	USD		65		70,624
5.25%, 05/15/29 (Call 05/15/24)(a)	USD		65		69,624
5.88%, 06/15/26 (Call 06/15/21)	USD		65		67,633
CDW LLC/CDW Finance Corp. 3.25%, 02/15/29 (Call 02/15/23)	USD		40		39,852
4.13%, 05/01/25 (Call 05/01/22)	USD		75		77,884
4.25%, 04/01/28 (Call 10/01/22)	USD		75		77,589
5.50%, 12/01/24 (Call 06/01/24)	USD		70		77,179
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b)	USD		70		63,306
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.38%, 04/15/27 (Call 04/15/22)	USD		85		78,944
5.50%, 05/01/25 (Call 05/01/22)(a)	USD		150		151,875
Centene Corp. 3.00%, 10/15/30 (Call 07/15/30)	USD		155		161,217

Security		Par (000)			Value
United States (continued)
3.38%, 02/15/30 (Call 02/15/25)(b)	USD		300		$	311,165
4.25%, 12/15/27 (Call 12/15/22)	USD		315			330,826
4.63%, 12/15/29 (Call 12/15/24)(b)	USD		365			397,861
4.75%, 01/15/25 (Call 11/30/20)	USD		250			257,112
5.38%, 06/01/26 (Call 06/01/21)(a)	USD		300			315,663
5.38%, 08/15/26 (Call 08/15/21)(a)(b)	USD		95			99,790
CenturyLink Inc. 4.00%, 02/15/27 (Call 02/15/23)(a)	USD		130			133,087
5.13%, 12/15/26 (Call 12/15/22)(a)(b)	USD		155			158,112
5.63%, 04/01/25 (Call 01/01/25)(b)	USD		65			68,250
Series T, 5.80%, 03/15/22	USD		75			78,000
Series W, 6.75%, 12/01/23	USD		75			81,576
Series Y, 7.50%, 04/01/24 (Call 01/01/24)	USD		125			137,854
CF Industries Inc., 3.45%, 06/01/23	USD		95			97,256
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 11/10/20)(a)	USD		125			124,790
Charles River Laboratories International Inc. 4.25%, 05/01/28 (Call 05/01/23)(a)	USD		65			67,855
5.50%, 04/01/26 (Call 04/01/21)(a)	USD		65			67,925
Chemours Co. (The) 5.38%, 05/15/27 (Call 02/15/27)(b)	USD		65			63,456
6.63%, 05/15/23 (Call 11/30/20)	USD		115			114,443
7.00%, 05/15/25 (Call 11/30/20)(b)	USD		95			95,761
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)(a)	USD		260			267,837
Cheniere Energy Partners LP 5.25%, 10/01/25 (Call 11/30/20)	USD		136			138,339
5.63%, 10/01/26 (Call 10/01/21)	USD		240			245,700
Series WI, 4.50%, 10/01/29 (Call 10/01/24)	USD		190			193,562
CHS/Community Health Systems Inc. 6.25%, 03/31/23 (Call 11/30/20)	USD		290			288,129
6.63%, 02/15/25 (Call 02/15/22)(a)	USD		205			200,644
6.88%, 04/01/28 (Call 04/01/23)(a)	USD		185			93,517
8.00%, 03/15/26 (Call 03/15/22)(a)	USD		285			286,510
8.00%, 12/15/27 (Call 12/15/22)(a)	USD		89			87,665
8.13%, 06/30/24 (Call 06/30/21)(a)	USD		170			131,563
8.63%, 01/15/24 (Call 01/15/21)(a)	USD		130			132,007
9.88%, 06/30/23 (Call 11/16/20)(a)(h)	USD		195			161,780
Churchill Downs Inc. 4.75%, 01/15/28 (Call 01/15/23)(a)	USD		50			50,521
5.50%, 04/01/27 (Call 04/01/22)(a)	USD		80			82,400
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 11/30/20)(a)	USD		80			82,614
Cinemark USA Inc. 4.88%, 06/01/23 (Call 11/30/20)	USD		95			79,291
5.13%, 12/15/22 (Call 11/30/20)	USD		50			43,063
CIT Group Inc. 3.93%, 06/19/24 (Call 06/19/23)(e)	USD		110			114,476
4.75%, 02/16/24 (Call 11/16/23)	USD		65			69,794
5.00%, 08/15/22	USD		95			100,581
5.00%, 08/01/23	USD		100			107,625
5.25%, 03/07/25 (Call 12/07/24)	USD		65			72,583
6.13%, 03/09/28	USD		50			60,890
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/21)(a)	USD		175			146,562
CITGO Petroleum Corp., 7.00%, 06/15/25 (Call 06/15/22)(a)	USD		100			92,760
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)(a)	USD		30			31,728
Clarios Global LP/Clarios US Finance Co. 4.38%, 05/15/26 (Call 05/15/22)(c)	EUR		100	��		116,578
6.25%, 05/15/26 (Call 05/15/22)(a)	USD		175			182,385
8.50%, 05/15/27 (Call 05/15/22)(a)	USD		245			255,823

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Clear Channel Worldwide Holdings Inc. 5.13%, 08/15/27 (Call 08/15/22)(a)	USD		130	$	126,457
9.25%, 02/15/24 (Call 02/15/21)	USD		214		185,377
Clearway Energy Operating LLC 4.75%, 03/15/28 (Call 03/15/23)(a)	USD		85		89,356
5.75%, 10/15/25 (Call 10/15/21)	USD		75		78,525
Cleveland-Cliffs Inc. 4.88%, 01/15/24 (Call 01/15/21)(a)	USD		50		49,946
5.88%, 06/01/27 (Call 06/01/22)	USD		50		48,413
6.75%, 03/15/26 (Call 03/15/22)(a)	USD		95		99,869
9.88%, 10/17/25 (Call 10/17/22)(a)	USD		129		147,544
Colfax Corp. 3.25%, 05/15/25 (Call 11/30/20)(c)	EUR		100		115,466
6.00%, 02/15/24 (Call 02/15/21)(a)	USD		175		182,037
6.38%, 02/15/26 (Call 02/15/22)(a)	USD		50		52,875
CommScope Inc. 5.50%, 03/01/24 (Call 03/01/21)(a)	USD		155		158,552
6.00%, 03/01/26 (Call 03/01/22)(a)	USD		90		93,160
7.13%, 07/01/28 (Call 07/01/23)(a)	USD		265		265,178
8.25%, 03/01/27 (Call 03/01/22)(a)(b)	USD		125		129,687
CommScope Technologies LLC 5.00%, 03/15/27 (Call 03/15/22)(a)(b)	USD		90		84,095
6.00%, 06/15/25 (Call 11/10/20)(a)	USD		131		130,048
Comstock Resources Inc. 7.50%, 05/15/25 (Call 11/30/20)(a)	USD		80		79,413
9.75%, 08/15/26 (Call 08/15/21)	USD		100		105,437
9.75%, 08/15/26 (Call 08/15/21)	USD		70		73,806
Consolidated Communications Inc., 6.50%, 10/01/28 (Call 10/01/23)(a)(b)	USD		20		20,550
Constellium SE, 6.63%, 03/01/25 (Call 11/30/20)(a)	USD		250		254,111
Continental Resources Inc./OK 3.80%, 06/01/24 (Call 03/01/24)	USD		150		139,687
4.38%, 01/15/28 (Call 10/15/27)(b)	USD		125		112,205
4.50%, 04/15/23 (Call 01/15/23)	USD		175		166,775
Core & Main LP, 6.13%, 08/15/25 (Call 11/30/20)(a)	USD		95		96,722
Cornerstone Building Brands Inc. 6.13%, 01/15/29 (Call 09/15/23)(a)	USD		20		20,456
8.00%, 04/15/26 (Call 04/15/21)(a)	USD		75		77,839
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(c)	EUR		100		89,394
Covanta Holding Corp. 5.00%, 09/01/30 (Call 09/01/25)(b)	USD		35		35,406
5.88%, 07/01/25 (Call 11/30/20)	USD		50		51,938
6.00%, 01/01/27 (Call 01/01/22)(b)	USD		50		52,094
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.63%, 05/01/27 (Call 05/01/22)(a)	USD		75		65,537
5.75%, 04/01/25 (Call 11/30/20)	USD		65		58,933
6.25%, 04/01/23 (Call 11/16/20)	USD		90		87,069
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23	USD		125		129,945
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)	USD		50		53,275
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)	USD		100		103,469
Crown European Holdings SA 0.75%, 02/15/23 (Call 01/15/23)(c)	EUR		100		113,265
2.25%, 02/01/23 (Call 11/01/22)(c)	EUR		100		117,193
2.88%, 02/01/26 (Call 08/01/25)(c)	EUR		100		121,412
4.00%, 07/15/22 (Call 04/15/22)(c)	EUR		100		120,221
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 11/30/20)(a)	USD		150		147,375

Security		Par (000)		Value
United States (continued)
CSC Holdings LLC 4.13%, 12/01/30 (Call 12/01/25)(a)	USD		200	$	202,499
4.63%, 12/01/30 (Call 12/01/25)(a)	USD		200		199,510
5.25%, 06/01/24	USD		250		266,566
5.38%, 02/01/28 (Call 02/01/23)(a)(b)	USD		200		212,500
5.50%, 05/15/26 (Call 05/15/21)(a)	USD		200		208,100
5.50%, 04/15/27 (Call 04/15/22)(a)	USD		200		210,750
5.75%, 01/15/30 (Call 01/15/25)(a)	USD		200		213,162
6.50%, 02/01/29 (Call 02/01/24)(a)	USD		300		332,856
6.75%, 11/15/21	USD		100		104,492
7.50%, 04/01/28 (Call 04/01/23)(a)	USD		200		218,819
CVR Energy Inc. 5.25%, 02/15/25 (Call 02/15/22)(a)	USD		75		54,563
5.75%, 02/15/28 (Call 02/15/23)(a)	USD		50		34,229
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 11/30/20)(a)	USD		50		51,625
Dana Inc. 5.38%, 11/15/27 (Call 11/15/22)	USD		15		15,509
5.50%, 12/15/24 (Call 11/30/20)(b)	USD		55		55,951
5.63%, 06/15/28 (Call 06/15/23)	USD		85		89,143
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(c)	EUR		100		118,236
DaVita Inc. 3.75%, 02/15/31 (Call 02/15/26)(a)	USD		155		148,994
4.63%, 06/01/30 (Call 06/01/25)(a)	USD		225		229,151
DCP Midstream Operating LP 3.88%, 03/15/23 (Call 12/15/22)	USD		65		65,068
4.75%, 09/30/21 (Call 06/30/21)(a)	USD		65		65,228
5.13%, 05/15/29 (Call 02/15/29)	USD		100		99,400
5.38%, 07/15/25 (Call 04/15/25)	USD		105		110,250
5.63%, 07/15/27 (Call 04/15/27)	USD		25		26,000
5.85%, 05/21/43 (Call 05/21/23)(a)(e)	USD		65		47,860
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 11/16/20)(a)	USD		205		212,513
Delta Air Lines Inc. 2.90%, 10/28/24 (Call 09/28/24)	USD		100		87,180
3.75%, 10/28/29 (Call 07/28/29)	USD		100		82,666
3.80%, 04/19/23 (Call 03/19/23)	USD		100		95,457
4.38%, 04/19/28 (Call 01/19/28)	USD		25		21,563
7.38%, 01/15/26 (Call 12/15/25)	USD		175		181,125
Diamond Resorts International Inc. 7.75%, 09/01/23 (Call 11/30/20)(a)	USD		65		61,556
10.75%, 09/01/24 (Call 11/30/20)(a)	USD		75		68,063
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.38%, 08/15/26 (Call 08/15/22)(a)	USD		330		192,637
6.63%, 08/15/27 (Call 08/15/22)(a)(b)	USD		200		81,250
Diebold Nixdorf Inc. 8.50%, 04/15/24 (Call 11/30/20)(b)	USD		50		45,500
9.38%, 07/15/25 (Call 07/15/22)(a)	USD		95		100,700
DISH DBS Corp. 5.00%, 03/15/23	USD		190		190,990
5.88%, 07/15/22	USD		225		231,268
5.88%, 11/15/24	USD		300		302,062
7.38%, 07/01/28 (Call 07/01/23)	USD		80		80,400
7.75%, 07/01/26(b)	USD		250		265,625
Diversified Healthcare Trust 4.75%, 02/15/28 (Call 08/15/27)(b)	USD		65		57,688
9.75%, 06/15/25 (Call 06/15/22)	USD		135		148,669

52 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
DPL Inc. 4.13%, 07/01/25 (Call 04/01/25)(a)	USD		50	$	52,214
4.35%, 04/15/29 (Call 01/15/29)(b)	USD		50		54,250
Edgewell Personal Care Co. 4.70%, 05/24/22	USD		65		66,857
5.50%, 06/01/28 (Call 06/01/23)(a)	USD		80		84,200
Elanco Animal Health Inc. 5.27%, 08/28/23 (Call 07/28/23)	USD		100		108,122
5.90%, 08/28/28 (Call 05/28/28)	USD		75		87,296
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)	USD		125		127,444
Encompass Health Corp, 4.63%, 04/01/31 (Call 04/01/26)	USD		15		15,431
Encompass Health Corp. 4.50%, 02/01/28 (Call 02/01/23)	USD		80		82,100
4.75%, 02/01/30 (Call 02/01/25)	USD		80		82,800
5.75%, 11/01/24 (Call 11/01/20)(b)	USD		87		87,000
Endeavor Energy Resources LP/EER Finance Inc. 5.50%, 01/30/26 (Call 01/30/21)(a)	USD		90		90,800
5.75%, 01/30/28 (Call 01/30/23)(a)	USD		125		129,740
6.63%, 07/15/25 (Call 07/15/22)(a)	USD		60		62,475
Endo Dac/Endo Finance LLC/Endo Finco Inc. 6.00%, 06/30/28 (Call 06/30/23)(a)	USD		91		69,115
9.50%, 07/31/27 (Call 07/31/23)(a)(b)	USD		122		130,871
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(c)	EUR		100		119,005
Energizer Holdings Inc. 4.38%, 03/31/29 (Call 09/30/23)(a)	USD		55		55,550
4.75%, 06/15/28 (Call 06/15/23)(a)	USD		75		77,192
7.75%, 01/15/27 (Call 01/15/22)(a)	USD		115		124,430
EnLink Midstream Partners LP 4.15%, 06/01/25 (Call 03/01/25)	USD		90		77,318
4.40%, 04/01/24 (Call 01/01/24)	USD		50		45,273
4.85%, 07/15/26 (Call 04/15/26)(b)	USD		65		55,556
EQM Midstream Partners LP 4.00%, 08/01/24 (Call 05/01/24)	USD		100		97,018
4.13%, 12/01/26 (Call 09/01/26)	USD		50		47,485
4.75%, 07/15/23 (Call 06/15/23)	USD		125		124,270
6.00%, 07/01/25 (Call 04/01/25)(a)	USD		85		86,700
6.50%, 07/01/27 (Call 01/01/27)(a)	USD		125		131,276
Series 10Y, 5.50%, 07/15/28 (Call 04/15/28)	USD		100		101,488
EQT Corp. 3.90%, 10/01/27 (Call 07/01/27)	USD		175		168,056
7.88%, 02/01/25 (Call 01/01/25)	USD		150		166,875
8.75%, 02/01/30 (Call 11/01/29)	USD		100		124,375
ESH Hospitality Inc. 4.63%, 10/01/27 (Call 10/01/22)(a)	USD		195		190,950
5.25%, 05/01/25 (Call 11/30/20)(a)	USD		140		140,024
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 11/30/20)(a)	USD		125		36,860
Ferrellgas LP/Ferrellgas Finance Corp. 6.75%, 01/15/22 (Call 11/30/20)	USD		60		55,000
6.75%, 06/15/23 (Call 11/16/20)	USD		60		53,950
10.00%, 04/15/25 (Call 04/15/22)(a)	USD		25		27,281
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)(d)(e)	USD		100		94,313
Flex Acquisition Co. Inc. 6.88%, 01/15/25 (Call 11/30/20)(a)(b)	USD		80		78,331
7.88%, 07/15/26 (Call 07/15/21)(a)(b)	USD		65		65,839
Fluor Corp. 1.75%, 03/21/23 (Call 12/21/22)	EUR		100		100,944
3.50%, 12/15/24 (Call 09/15/24)	USD		50		45,250
4.25%, 09/15/28 (Call 06/15/28)	USD		75		66,386

Security		Par (000)		Value
United States (continued)
Ford Credit Canada Co. 3.74%, 05/08/23	CAD		100	$	73,782
4.46%, 11/13/24	CAD		50		37,031
Ford Motor Co. 4.35%, 12/08/26 (Call 09/08/26)(b)	USD		200		203,006
8.50%, 04/21/23	USD		345		380,794
9.00%, 04/22/25 (Call 03/22/25)	USD		630		742,797
9.63%, 04/22/30 (Call 01/22/30)	USD		125		167,120
Ford Motor Credit Co. LLC 1.36%, 02/07/25	EUR		100		107,174
1.51%, 02/17/23	EUR		200		224,245
1.74%, 07/19/24	EUR		100		109,646
2.33%, 11/25/25	EUR		100		110,372
2.39%, 02/17/26	EUR		100		110,049
3.25%, 09/15/25	EUR		100		114,555
3.35%, 11/01/22	USD		200		199,250
3.37%, 11/17/23	USD		200		197,793
3.81%, 01/09/24 (Call 11/09/23)	USD		200		199,762
4.06%, 11/01/24 (Call 10/01/24)	USD		200		200,560
4.27%, 01/09/27 (Call 11/09/26)	USD		200		198,981
4.38%, 08/06/23(b)	USD		400		408,040
4.39%, 01/08/26	USD		200		200,984
4.54%, 03/06/25	GBP		100		129,288
5.11%, 05/03/29 (Call 02/03/29)	USD		200		207,750
5.13%, 06/16/25 (Call 05/16/25)	USD		415		432,032
Fortress Transportation & Infrastructure Investors LLC 6.50%, 10/01/25 (Call 10/01/21)(a)	USD		55		53,845
6.75%, 03/15/22 (Call 11/30/20)(a)	USD		165		163,421
9.75%, 08/01/27 (Call 08/01/23)(a)	USD		40		42,550
Freedom Mortgage Corp. 7.63%, 05/01/26 (Call 05/01/23)(a)	USD		45		44,860
8.13%, 11/15/24 (Call 11/30/20)(a)	USD		80		80,641
8.25%, 04/15/25 (Call 04/15/21)(a)	USD		90		91,179
Freeport-McMoRan Inc. 3.55%, 03/01/22 (Call 12/01/21)	USD		40		40,517
3.88%, 03/15/23 (Call 12/15/22)	USD		115		118,737
4.13%, 03/01/28 (Call 03/01/23)	USD		75		76,688
4.25%, 03/01/30 (Call 03/01/25)	USD		75		78,375
4.38%, 08/01/28 (Call 08/01/23)	USD		20		20,875
4.55%, 11/14/24 (Call 08/14/24)	USD		105		112,794
4.63%, 08/01/30 (Call 08/01/25)	USD		115		123,481
5.00%, 09/01/27 (Call 09/01/22)	USD		80		83,416
5.25%, 09/01/29 (Call 09/01/24)	USD		85		91,834
Frontier Communications Corp. 5.88%, 10/15/27 (Call 10/15/23)(a)	USD		10		10,232
8.50%, 04/01/26 (Call 04/01/21)(a)	USD		200		201,250
FXI Holdings Inc. 7.88%, 11/01/24 (Call 11/30/20)(a)	USD		64		59,878
12.25%, 11/15/26 (Call 11/15/22)(a)	USD		99		103,455
Gap Inc. (The) 8.38%, 05/15/23(a)	USD		35		39,116
8.63%, 05/15/25 (Call 05/15/22)(a)	USD		90		99,018
8.88%, 05/15/27 (Call 05/15/23)(a)	USD		125		143,087
Gartner Inc. 3.75%, 10/01/30 (Call 10/01/25)(a)	USD		80		81,808
4.50%, 07/01/28 (Call 07/01/23)(a)	USD		175		182,801
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/26 (Call 02/15/21)	USD		50		40,219
6.50%, 10/01/25 (Call 11/30/20)	USD		70		58,316
7.75%, 02/01/28 (Call 02/01/23)	USD		95		78,850

SCHEDULE  OF  INVESTMENTS 53

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Genworth Mortgage Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a)	USD		80	$	83,400
Golden Nugget Inc. 6.75%, 10/15/24 (Call 11/30/20)(a)	USD		165		139,923
8.75%, 10/01/25 (Call 11/30/20)(a)(b)	USD		85		69,647
Goodyear Tire & Rubber Co. (The) 4.88%, 03/15/27 (Call 12/15/26)	USD		90		87,525
5.00%, 05/31/26 (Call 05/31/21)	USD		115		113,528
5.13%, 11/15/23 (Call 11/30/20)	USD		75		74,506
9.50%, 05/31/25 (Call 05/31/22)	USD		105		115,292
Graphic Packaging International LLC, 3.50%, 03/15/28(a)	USD		100		99,906
Gray Television Inc. 4.75%, 10/15/30 (Call 10/15/25)(a)	USD		100		98,187
5.88%, 07/15/26 (Call 07/15/21)(a)	USD		115		119,533
7.00%, 05/15/27 (Call 05/15/22)(a)	USD		90		96,989
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)	USD		130		136,337
Gulfport Energy Corp. 6.00%, 10/15/24 (Call 11/30/20)	USD		80		44,067
6.38%, 05/15/25 (Call 11/30/20)	USD		50		27,493
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(c)	EUR		100		120,137
Hanesbrands Inc. 4.63%, 05/15/24 (Call 02/15/24)(a)	USD		115		119,778
4.88%, 05/15/26 (Call 02/15/26)(a)(b)	USD		115		123,165
5.38%, 05/15/25 (Call 05/15/22)(a)	USD		30		31,538
HCA Inc. 3.50%, 09/01/30 (Call 03/01/30)	USD		315		321,694
5.38%, 02/01/25	USD		275		304,989
5.38%, 09/01/26 (Call 03/01/26)(b)	USD		125		140,469
5.63%, 09/01/28 (Call 03/01/28)	USD		215		250,475
5.88%, 05/01/23	USD		100		108,596
5.88%, 02/15/26 (Call 08/15/25)	USD		215		242,950
5.88%, 02/01/29 (Call 08/01/28)	USD		125		146,862
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a)	USD		155		164,346
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(a)	USD		150		154,050
Hess Midstream Operations LP 5.13%, 06/15/28 (Call 06/15/23)(a)	USD		70		69,405
5.63%, 02/15/26 (Call 02/15/21)(a)	USD		100		100,000
Hilcorp Energy I LP/Hilcorp Finance Co. 5.00%, 12/01/24 (Call 11/30/20)(a)	USD		65		59,658
5.75%, 10/01/25 (Call 11/30/20)(a)	USD		65		59,881
6.25%, 11/01/28 (Call 11/01/23)(a)	USD		75		68,589
Hilton Domestic Operating Co. Inc. 4.25%, 09/01/24 (Call 11/16/20)	USD		125		124,625
4.88%, 01/15/30 (Call 01/15/25)	USD		180		185,625
5.13%, 05/01/26 (Call 05/01/21)	USD		165		168,027
5.38%, 05/01/25 (Call 05/01/22)(a)	USD		10		10,339
5.75%, 05/01/28 (Call 05/01/23)(a)	USD		65		68,255
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.63%, 04/01/25 (Call 11/16/20)	USD		100		100,926
4.88%, 04/01/27 (Call 04/01/22)	USD		75		75,749
Hologic Inc. 3.25%, 02/15/29 (Call 09/28/23)(a)	USD		75		75,473
4.63%, 02/01/28 (Call 02/01/23)(a)	USD		50		52,250
Howard Hughes Corp. (The) 5.38%, 03/15/25 (Call 11/30/20)(a)	USD		125		125,391
5.38%, 08/01/28 (Call 08/01/23)(a)	USD		90		90,900

Security		Par (000)		Value
United States (continued)
Howmet Aerospace Inc. 5.13%, 10/01/24 (Call 07/01/24)	USD		155	$	163,106
6.88%, 05/01/25 (Call 04/01/25)	USD		180		200,250
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a)	USD		175		179,375
Hughes Satellite Systems Corp. 5.25%, 08/01/26	USD		95		102,115
6.63%, 08/01/26	USD		100		108,750
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.75%, 09/15/24 (Call 06/15/24)	USD		125		127,187
5.25%, 05/15/27 (Call 11/15/26)	USD		122		126,246
6.25%, 05/15/26 (Call 05/15/22)	USD		130		134,875
6.38%, 12/15/25 (Call 12/15/20)	USD		95		97,375
6.75%, 02/01/24 (Call 11/30/20)(b)	USD		65		66,482
iHeartCommunications Inc. 4.75%, 01/15/28 (Call 01/15/23)(a)(b)	USD		65		62,180
5.25%, 08/15/27 (Call 08/15/22)(a)	USD		95		93,975
6.38%, 05/01/26 (Call 05/01/22)(b)	USD		100		104,125
8.38%, 05/01/27 (Call 05/01/22)	USD		180		175,545
International Game Technology PLC 2.38%, 04/15/28 (Call 04/15/23)(c)	EUR		100		101,965
3.50%, 06/15/26 (Call 06/15/22)(c)	EUR		150		164,775
6.25%, 01/15/27 (Call 07/15/26)(a)	USD		100		106,250
6.50%, 02/15/25 (Call 08/15/24)(a)	USD		200		213,091
Intrado Corp., 8.50%, 10/15/25 (Call 11/30/20)(a)	USD		145		130,549
IQVIA Inc. 2.25%, 01/15/28 (Call 07/15/22)(c)	EUR		100		114,461
2.88%, 06/15/28 (Call 06/15/23)(c)	EUR		100		117,514
3.25%, 03/15/25 (Call 11/30/20)(c)	EUR		200		233,773
5.00%, 05/15/27 (Call 05/15/22)(a)	USD		200		209,614
IRB Holding Corp. 6.75%, 02/15/26 (Call 02/15/21)(a)	USD		50		50,205
7.00%, 06/15/25 (Call 06/15/22)(a)	USD		100		106,501
Iron Mountain Inc. 4.50%, 02/15/31 (Call 02/15/26)(a)	USD		60		59,601
4.88%, 09/15/27 (Call 09/15/22)(a)	USD		125		127,121
4.88%, 09/15/29 (Call 09/15/24)(a)	USD		125		125,671
5.00%, 07/15/28 (Call 07/15/23)(a)(b)	USD		80		81,381
5.25%, 03/15/28 (Call 12/27/22)(a)	USD		105		107,530
5.25%, 07/15/30 (Call 07/15/25)(a)	USD		165		169,125
5.63%, 07/15/32 (Call 07/15/26)(a)	USD		75		77,625
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(c)	GBP		100		129,911
iStar Inc. 4.25%, 08/01/25 (Call 05/01/25)	USD		70		64,384
4.75%, 10/01/24 (Call 07/01/24)	USD		100		95,583
5.50%, 02/15/26 (Call 08/15/22)	USD		50		47,151
Jaguar Holding Co. II/PPD Development LP 4.63%, 06/15/25 (Call 06/15/22)(a)	USD		20		20,675
5.00%, 06/15/28 (Call 06/15/23)(a)	USD		100		103,981
Jeld-Wen Inc. 4.63%, 12/15/25 (Call 12/15/20)(a)	USD		50		50,567
4.88%, 12/15/27 (Call 12/15/22)(a)	USD		50		51,490
KB Home, 7.00%, 12/15/21 (Call 09/15/21)	USD		55		57,229
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 11/30/20)	USD		150		146,550
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 06/01/27 (Call 06/01/22)(a)	USD		100		103,674
5.25%, 06/01/26 (Call 06/01/21)(a)	USD		80		82,700
Kraft Heinz Foods Co. 2.00%, 06/30/23 (Call 03/30/23)(c)	EUR		100		119,961
2.25%, 05/25/28 (Call 02/25/28)(c)	EUR		150		180,788

54 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
3.00%, 06/01/26 (Call 03/01/26)	USD		250	$	254,752
3.75%, 04/01/30 (Call 01/01/30)(a)	USD		150		157,687
3.88%, 05/15/27 (Call 02/15/27)(a)	USD		155		163,672
3.95%, 07/15/25 (Call 04/15/25)	USD		175		189,168
4.13%, 07/01/27 (Call 04/01/27)(c)	GBP		100		141,506
4.25%, 03/01/31 (Call 12/01/30)(a)	USD		165		178,363
4.63%, 01/30/29 (Call 10/30/28)	USD		150		166,822
L Brands Inc. 5.25%, 02/01/28	USD		115		113,012
6.63%, 10/01/30 (Call 10/01/25)(a)	USD		110		115,500
6.88%, 07/01/25 (Call 07/01/22)(a)	USD		10		10,725
7.50%, 06/15/29 (Call 06/15/24)	USD		65		69,713
9.38%, 07/01/25(a)	USD		10		11,600
LABL Escrow Issuer LLC 6.75%, 07/15/26 (Call 07/15/22)(a)	USD		90		94,353
10.50%, 07/15/27 (Call 07/15/22)(a)(b)	USD		85		90,525
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25%, 02/01/27 (Call 02/01/23)(a)	USD		110		94,737
5.25%, 03/15/22 (Call 09/15/21)(a)	USD		65		63,136
5.25%, 10/01/25 (Call 11/16/20)(a)	USD		60		54,750
Lamar Media Corp. 3.75%, 02/15/28 (Call 02/15/23)	USD		75		74,672
4.00%, 02/15/30 (Call 02/15/25)	USD		60		60,600
4.88%, 01/15/29 (Call 01/15/24)	USD		115		119,600
5.75%, 02/01/26 (Call 02/01/21)	USD		80		82,776
Lamb Weston Holdings Inc. 4.63%, 11/01/24 (Call 11/01/21)(a)	USD		100		103,625
4.88%, 11/01/26 (Call 11/01/21)(a)	USD		100		103,750
4.88%, 05/15/28 (Call 11/15/27)(a)	USD		60		65,085
Laredo Petroleum Inc. 9.50%, 01/15/25 (Call 01/15/22)	USD		75		34,781
10.13%, 01/15/28 (Call 01/15/23)	USD		50		21,375
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/22)(a)	USD		200		212,520
Legacy LifePoint Health LLC 4.38%, 02/15/27 (Call 02/15/22)(a)	USD		135		133,611
6.75%, 04/15/25 (Call 04/15/22)(a)	USD		35		37,100
Lennar Corp. 4.13%, 01/15/22 (Call 10/15/21)	USD		75		76,781
4.50%, 04/30/24 (Call 01/31/24)	USD		80		86,210
4.75%, 11/15/22 (Call 08/15/22)	USD		25		26,304
4.75%, 05/30/25 (Call 02/28/25)	USD		65		71,436
4.75%, 11/29/27 (Call 05/29/27)	USD		90		102,805
4.88%, 12/15/23 (Call 09/15/23)	USD		55		59,579
5.88%, 11/15/24 (Call 05/15/24)	USD		105		118,041
Level 3 Financing Inc. 3.63%, 01/15/29 (Call 01/15/24)(a)	USD		105		101,955
4.25%, 07/01/28 (Call 07/01/23)(a)	USD		125		125,967
4.63%, 09/15/27 (Call 09/15/22)(a)	USD		125		127,546
5.25%, 03/15/26 (Call 03/15/21)	USD		100		103,365
5.38%, 01/15/24 (Call 11/30/20)	USD		115		115,829
5.38%, 05/01/25 (Call 11/30/20)	USD		75		77,090
Levi Strauss & Co. 3.38%, 03/15/27 (Call 03/15/22)	EUR		100		118,415
5.00%, 05/01/25 (Call 11/30/20)	USD		45		46,097
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(c)(e)	EUR		100		114,648
Lions Gate Capital Holdings LLC 5.88%, 11/01/24 (Call 11/30/20)(a)	USD		60		56,625

Security		Par (000)		Value
United States (continued)
6.38%, 02/01/24 (Call 02/01/21)(a)	USD		65	$	62,210
Lithia Motors Inc., 4.38%, 01/15/31 (Call 10/15/25)(a)	USD		15		15,510
Live Nation Entertainment Inc. 4.75%, 10/15/27 (Call 10/15/22)(a)	USD		175		161,219
6.50%, 05/15/27 (Call 05/15/23)(a)	USD		160		172,116
LKQ European Holdings BV, 4.13%, 04/01/28 (Call 04/01/23)(c)	EUR		100		124,528
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(c)	EUR		100		123,300
LPL Holdings Inc. 4.63%, 11/15/27 (Call 11/15/22)(a)	USD		50		51,250
5.75%, 09/15/25 (Call 11/10/20)(a)	USD		115		119,065
Macy’s Inc., 8.38%, 06/15/25 (Call 06/15/22)(a)	USD		175		182,656
Macy’s Retail Holdings LLC, 3.63%, 06/01/24 (Call 03/01/24)(b)	USD		100		76,553
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.63%, 10/15/23 (Call 11/30/20)(a)(f)	USD		65		21,125
5.75%, 08/01/22 (Call 11/30/20)(a)(f)	USD		75		25,092
Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 05/15/22)(a)	USD		15		15,638
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21)	USD		100		103,000
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)	USD		130		105,137
Match Group Holdings II LLC 4.13%, 08/01/30 (Call 05/01/25)(a)	USD		115		117,678
4.63%, 06/01/28 (Call 06/01/23)(a)	USD		10		10,354
5.00%, 12/15/27 (Call 12/15/22)(a)	USD		75		77,903
Mattel Inc. 5.88%, 12/15/27 (Call 12/15/22)(a)	USD		110		119,371
6.75%, 12/31/25 (Call 12/31/20)(a)	USD		190		199,500
Mauser Packaging Solutions Holding Co. 4.75%, 04/15/24 (Call 11/30/20)(c)	EUR		100		114,388
5.50%, 04/15/24 (Call 11/30/20)(a)	USD		185		184,910
7.25%, 04/15/25 (Call 11/30/20)(a)(b)	USD		170		163,466
MEDNAX Inc. 5.25%, 12/01/23 (Call 11/30/20)(a)	USD		100		101,020
6.25%, 01/15/27 (Call 01/15/22)(a)(b)	USD		125		129,025
Mercer International Inc., 7.38%, 01/15/25 (Call 01/15/21)	USD		75		76,313
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)(b)	USD		160		132,400
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)	USD		50		56,310
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. 4.50%, 09/01/26 (Call 06/01/26)	USD		65		66,352
4.63%, 06/15/25 (Call 03/15/25)(a)	USD		145		147,460
5.63%, 05/01/24 (Call 02/01/24)	USD		130		136,727
5.75%, 02/01/27 (Call 11/01/26)	USD		95		102,362
MGM Resorts International 4.63%, 09/01/26 (Call 06/01/26)	USD		62		61,012
4.75%, 10/15/28 (Call 07/15/28)	USD		90		87,975
5.50%, 04/15/27 (Call 01/15/27)	USD		111		112,240
5.75%, 06/15/25 (Call 03/15/25)	USD		165		171,757
6.00%, 03/15/23	USD		155		160,592
6.75%, 05/01/25 (Call 05/01/22)	USD		50		52,595
7.75%, 03/15/22	USD		125		131,447
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(a)	USD		155		160,231
Molina Healthcare Inc. 4.38%, 06/15/28 (Call 06/15/23)(a)	USD		80		82,000
5.38%, 11/15/22 (Call 08/15/22)	USD		90		93,735

SCHEDULE  OF  INVESTMENTS 55

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27 (Call 05/15/22)(a)	USD		65	$	33,479
MPH Acquisition Holdings LLC, 5.75%, 11/01/28 (Call 11/01/23)(a)	USD		130		127,725
MPT Operating Partnership LP/MPT Finance Corp. 3.69%, 06/05/28 (Call 04/06/28)	GBP		100		130,750
4.00%, 08/19/22 (Call 05/19/22)	EUR		100		120,903
4.63%, 08/01/29 (Call 08/01/24)(b)	USD		90		94,762
5.00%, 10/15/27 (Call 10/15/22)	USD		175		182,709
5.25%, 08/01/26 (Call 08/01/21)	USD		65		67,002
6.38%, 03/01/24 (Call 11/30/20)	USD		65		66,401
MSCI Inc. 3.63%, 09/01/30 (Call 03/01/25)(a)	USD		40		41,070
3.88%, 02/15/31 (Call 06/01/25)(a)	USD		150		156,750
4.00%, 11/15/29 (Call 11/15/24)(a)	USD		100		104,285
4.75%, 08/01/26 (Call 08/01/21)(a)	USD		65		67,301
5.38%, 05/15/27 (Call 05/15/22)(a)	USD		65		69,296
Murphy Oil Corp. 5.75%, 08/15/25 (Call 11/30/20)	USD		75		61,604
5.88%, 12/01/27 (Call 12/01/22)	USD		55		43,451
6.88%, 08/15/24 (Call 11/30/20)	USD		50		44,085
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)	USD		100		27,500
Nabors Industries Ltd. 7.25%, 01/15/26 (Call 07/15/22)(a)	USD		50		19,650
7.50%, 01/15/28 (Call 01/15/23)(a)	USD		50		20,000
Nationstar Mortgage Holdings Inc. 5.50%, 08/15/28 (Call 08/15/23)(a)	USD		75		74,641
6.00%, 01/15/27 (Call 01/15/23)(a)	USD		110		110,000
9.13%, 07/15/26 (Call 07/15/21)(a)	USD		120		128,206
Navient Corp. 5.00%, 03/15/27 (Call 09/15/26)	USD		65		60,635
5.50%, 01/25/23	USD		150		149,344
5.88%, 10/25/24	USD		65		64,449
6.13%, 03/25/24	USD		105		106,126
6.50%, 06/15/22	USD		100		102,615
6.75%, 06/25/25	USD		65		65,802
6.75%, 06/15/26	USD		65		65,343
7.25%, 01/25/22	USD		45		46,381
7.25%, 09/25/23	USD		65		68,331
Navistar International Corp. 6.63%, 11/01/25 (Call 11/10/20)(a)(b)	USD		140		144,753
9.50%, 05/01/25 (Call 05/01/22)(a)	USD		80		88,650
NCL Corp. Ltd. 10.25%, 02/01/26 (Call 08/01/23)(a)	USD		85		87,077
12.25%, 05/15/24 (Call 02/15/24)(a)(b)	USD		115		126,911
NCR Corp. 5.00%, 10/01/28 (Call 10/01/23)(a)	USD		95		94,129
5.25%, 10/01/30 (Call 10/01/25)(a)	USD		20		19,882
5.75%, 09/01/27 (Call 09/01/22)(a)	USD		65		66,788
6.13%, 09/01/29 (Call 09/01/24)(a)(b)	USD		65		68,331
8.13%, 04/15/25 (Call 04/15/22)(a)	USD		25		27,226
Netflix Inc. 3.00%, 06/15/25 (Call 03/15/25)(c)	EUR		100		120,874
3.63%, 06/15/25 (Call 03/15/25)(a)	USD		25		26,181
3.63%, 05/15/27	EUR		100		125,691
3.63%, 06/15/30 (Call 03/15/30)(c)	EUR		200		253,748
3.88%, 11/15/29(c)	EUR		100		128,992
4.38%, 11/15/26(b)	USD		125		135,920
4.63%, 05/15/29	EUR		100		135,169
4.88%, 04/15/28	USD		175		196,822

Security		Par (000)		Value
United States (continued)
4.88%, 06/15/30 (Call 03/15/30)(a)	USD		125	$	142,969
5.38%, 11/15/29(a)	USD		90		105,345
5.50%, 02/15/22	USD		75		78,802
5.75%, 03/01/24(b)	USD		50		55,375
5.88%, 02/15/25	USD		100		112,726
5.88%, 11/15/28	USD		190		227,350
6.38%, 05/15/29	USD		100		123,000
New Fortress Energy Inc., 6.75%, 09/15/25 (Call 09/15/22)(a)	USD		100		102,729
Newell Brands Inc. 4.35%, 04/01/23 (Call 02/01/23)	USD		100		104,497
4.70%, 04/01/26 (Call 01/01/26)	USD		250		266,250
4.88%, 06/01/25 (Call 05/01/25)	USD		90		97,200
Nexstar Broadcasting Inc. 4.75%, 11/01/28 (Call 11/01/23)(a)	USD		50		50,417
5.63%, 07/15/27 (Call 07/15/22)(a)	USD		250		260,625
NextEra Energy Operating Partners LP 3.88%, 10/15/26 (Call 07/15/26)(a)	USD		65		67,419
4.25%, 07/15/24 (Call 04/15/24)(a)	USD		45		46,952
4.25%, 09/15/24 (Call 07/15/24)(a)	USD		95		98,824
4.50%, 09/15/27 (Call 06/15/27)(a)(b)	USD		65		70,999
NFP Corp., 6.88%, 08/15/28 (Call 08/15/23)(a)	USD		180		175,086
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/23 (Call 11/30/20)	USD		80		43,200
7.50%, 04/15/26 (Call 04/15/22)	USD		70		34,650
Nielsen Co Luxembourg Sarl (The), 5.00%, 02/01/25 (Call 11/30/20)(a)(b)	USD		65		66,768
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 04/15/22 (Call 11/30/20)(a)	USD		86		86,107
5.63%, 10/01/28 (Call 10/01/23)(a)	USD		120		124,050
5.88%, 10/01/30 (Call 10/01/25)(a)	USD		70		73,409
NortonLifeLock Inc. 3.95%, 06/15/22 (Call 03/15/22)	USD		50		50,995
5.00%, 04/15/25 (Call 11/10/20)(a)	USD		140		142,584
Novelis Corp. 4.75%, 01/30/30 (Call 01/30/25)(a)	USD		220		223,380
5.88%, 09/30/26 (Call 09/30/21)(a)	USD		190		196,057
NRG Energy Inc. 5.25%, 06/15/29 (Call 06/15/24)(a)	USD		90		97,537
5.75%, 01/15/28 (Call 01/15/23)	USD		105		112,867
6.63%, 01/15/27 (Call 07/15/21)	USD		155		163,137
7.25%, 05/15/26 (Call 05/15/21)	USD		125		131,874
NuStar Logistics LP 5.63%, 04/28/27 (Call 01/28/27)	USD		65		63,355
5.75%, 10/01/25 (Call 07/01/25)	USD		85		85,349
6.00%, 06/01/26 (Call 03/01/26)	USD		90		89,212
6.38%, 10/01/30 (Call 04/01/30)	USD		30		30,162
Occidental Petroleum Corp. 2.70%, 02/15/23 (Call 11/15/22)	USD		25		22,375
2.90%, 08/15/24 (Call 07/15/24)	USD		275		229,020
3.20%, 08/15/26 (Call 06/15/26)	USD		150		116,062
3.40%, 04/15/26 (Call 01/15/26)	USD		150		117,327
3.50%, 06/15/25 (Call 03/15/25)	USD		100		80,470
3.50%, 08/15/29 (Call 05/15/29)	USD		200		144,292
5.55%, 03/15/26 (Call 12/15/25)	USD		200		174,400
5.88%, 09/01/25 (Call 06/01/25)(b)	USD		85		74,800
6.38%, 09/01/28 (Call 03/01/28)(b)	USD		90		78,236
6.63%, 09/01/30 (Call 03/01/30)	USD		140		122,927
7.50%, 05/01/31	USD		100		91,250
7.88%, 09/15/31	USD		50		45,865

56 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
8.00%, 07/15/25 (Call 04/15/25)(b)	USD		155	$	151,125
8.50%, 07/15/27 (Call 01/15/27)	USD		190		181,962
8.88%, 07/15/30 (Call 01/15/30)	USD		100		98,000
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(c)	EUR		100		116,291
Olin Corp. 5.00%, 02/01/30 (Call 02/01/24)(b)	USD		65		65,406
5.13%, 09/15/27 (Call 03/15/22)	USD		90		91,842
5.63%, 08/01/29 (Call 08/01/24)	USD		95		97,858
9.50%, 06/01/25 (Call 03/01/25)(a)	USD		40		47,292
OneMain Finance Corp. 5.38%, 11/15/29 (Call 05/15/29)	USD		100		102,910
5.63%, 03/15/23	USD		100		104,125
6.13%, 05/15/22	USD		75		78,409
6.13%, 03/15/24 (Call 09/15/23)	USD		165		173,655
6.63%, 01/15/28 (Call 07/15/27)	USD		100		109,375
6.88%, 03/15/25	USD		155		170,407
7.13%, 03/15/26	USD		175		194,103
8.88%, 06/01/25 (Call 06/01/22)	USD		75		82,250
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA 7.25%, 02/01/28 (Call 02/01/23)(a)	USD		125		130,562
7.38%, 06/01/25 (Call 06/01/22)(a)	USD		45		47,144
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.63%, 03/15/30 (Call 03/15/25)(a)(b)	USD		65		59,800
5.00%, 08/15/27 (Call 08/15/22)(a)	USD		80		76,000
5.63%, 02/15/24 (Call 11/30/20)	USD		50		50,797
6.25%, 06/15/25 (Call 06/15/22)(a)	USD		80		81,550
Owens-Brockway Glass Container Inc. 5.88%, 08/15/23(a)	USD		90		94,635
6.63%, 05/13/27 (Call 05/15/23)(a)	USD		90		96,525
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a)	USD		351		372,060
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 (Call 10/01/23)(a)	USD		80		78,560
Parsley Energy LLC/Parsley Finance Corp. 4.13%, 02/15/28 (Call 02/15/23)(a)	USD		50		52,153
5.25%, 08/15/25 (Call 11/30/20)(a)	USD		55		56,581
5.38%, 01/15/25 (Call 11/30/20)(a)	USD		85		86,759
5.63%, 10/15/27 (Call 10/15/22)(a)	USD		65		69,144
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/28 (Call 02/15/23)(a)	USD		110		41,731
7.25%, 06/15/25 (Call 11/30/20)	USD		75		31,125
9.25%, 05/15/25 (Call 05/15/22)(a)	USD		115		101,898
PDC Energy Inc. 5.75%, 05/15/26 (Call 05/15/21)	USD		125		117,812
6.13%, 09/15/24 (Call 11/30/20)	USD		50		47,800
Penske Automotive Group Inc. 3.50%, 09/01/25 (Call 09/01/22)	USD		70		70,175
5.50%, 05/15/26 (Call 05/15/21)	USD		60		61,845
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)(a)	USD		135		138,337
PetSmart Inc. 5.88%, 06/01/25 (Call 11/30/20)(a)	USD		167		169,897
7.13%, 03/15/23 (Call 11/30/20)(a)	USD		190		189,050
8.88%, 06/01/25 (Call 11/10/20)(a)	USD		80		80,776
PG&E Corp. 5.00%, 07/01/28 (Call 07/01/23)	USD		100		100,135
5.25%, 07/01/30 (Call 07/01/25)	USD		145		145,000

Security		Par (000)		Value
United States (continued)
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)	USD		100	$	92,689
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a)	USD		45		47,363
Pilgrim’s Pride Corp. 5.75%, 03/15/25 (Call 11/30/20)(a)	USD		125		127,969
5.88%, 09/30/27 (Call 09/30/22)(a)	USD		80		84,610
Post Holdings Inc. 4.63%, 04/15/30 (Call 04/15/25)(a)	USD		205		210,637
5.00%, 08/15/26 (Call 08/15/21)(a)(b)	USD		115		118,963
5.50%, 12/15/29 (Call 12/15/24)(a)	USD		95		102,719
5.63%, 01/15/28 (Call 12/01/22)(a)	USD		120		126,200
5.75%, 03/01/27 (Call 03/01/22)(a)	USD		165		172,165
Prestige Brands Inc. 5.13%, 01/15/28 (Call 01/15/23)(a)	USD		50		52,063
6.38%, 03/01/24 (Call 11/30/20)(a)	USD		75		76,500
Prime Security Services Borrower LLC/Prime Finance Inc. 3.38%, 08/31/27 (Call 08/31/26)(a)	USD		95		91,443
5.25%, 04/15/24(a)(b)	USD		95		99,263
5.75%, 04/15/26(a)	USD		160		170,400
6.25%, 01/15/28 (Call 01/15/23)(a)	USD		135		136,179
Primo Water Corp., 3.88%, 10/31/28 (Call 10/31/23)(c)	EUR		100		114,687
PTC Inc. 3.63%, 02/15/25 (Call 02/15/22)(a)	USD		90		91,258
4.00%, 02/15/28 (Call 02/15/23)(a)	USD		65		67,113
PulteGroup Inc. 5.00%, 01/15/27 (Call 10/15/26)	USD		75		85,768
5.50%, 03/01/26 (Call 12/01/25)	USD		40		46,100
QEP Resources Inc. 5.25%, 05/01/23 (Call 02/01/23)	USD		75		58,875
5.38%, 10/01/22 (Call 07/01/22)	USD		65		55,819
5.63%, 03/01/26 (Call 12/01/25)	USD		65		41,275
Qorvo Inc. 3.38%, 04/01/31 (Call 04/01/26)(a)	USD		35		35,263
4.38%, 10/15/29 (Call 10/15/24)	USD		150		160,513
Quicken Loans LLC, 5.25%, 01/15/28 (Call 01/15/23)(a)	USD		125		130,970
Quicken Loans LLC/Quicken Loans Co-Issuer Inc. 3.63%, 03/01/29 (Call 03/01/24)(a)	USD		45		44,274
3.88%, 03/01/31 (Call 03/01/26)(a)	USD		180		177,079
QVC Inc. 4.38%, 03/15/23	USD		70		72,538
4.38%, 09/01/28 (Call 06/01/28)	USD		65		65,130
4.45%, 02/15/25 (Call 11/15/24)	USD		75		77,580
4.75%, 02/15/27 (Call 11/15/26)	USD		70		71,553
4.85%, 04/01/24(b)	USD		75		77,780
Qwest Corp., 6.75%, 12/01/21	USD		120		126,000
Radian Group Inc. 4.50%, 10/01/24 (Call 07/01/24)	USD		75		76,125
4.88%, 03/15/27 (Call 09/15/26)	USD		50		51,114
6.63%, 03/15/25 (Call 09/15/24)	USD		95		103,283
Radiate Holdco LLC/Radiate Finance Inc. 4.50%, 09/15/26 (Call 09/15/23)(a)	USD		90		90,328
6.50%, 09/15/28 (Call 09/15/23)(a)(b)	USD		80		82,500
Range Resources Corp. 4.88%, 05/15/25 (Call 02/15/25)(b)	USD		95		88,350
5.00%, 08/15/22 (Call 05/15/22)	USD		40		40,000
5.00%, 03/15/23 (Call 12/15/22)(b)	USD		90		87,320
9.25%, 02/01/26 (Call 02/01/22)(a)	USD		85		90,100
Realogy Group LLC/Realogy Co-Issuer Corp. 4.88%, 06/01/23 (Call 03/01/23)(a)	USD		50		49,875

SCHEDULE  OF  INVESTMENTS 57

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security			Par (000)		Value
United States (continued)
7.63%, 06/15/25 (Call 06/15/22)(a)		USD		90	$	95,062
9.38%, 04/01/27 (Call 04/01/22)(a)		USD		65		68,981
Refinitiv U.S. Holdings Inc. 4.50%, 05/15/26 (Call 11/15/21)(c)		EUR		200		243,272
6.25%, 05/15/26 (Call 11/15/21)(a)		USD		155		165,560
8.25%, 11/15/26 (Call 11/15/21)(a)		USD		200		217,700
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)		USD		180		193,950
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 4.00%, 10/15/27 (Call 10/15/23)(a)		USD		125		126,427
5.13%, 07/15/23 (Call 11/30/20)(a)(b)		USD		8		8,100
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 (Call 10/15/22)		USD		105		96,075
Rite Aid Corp. 7.50%, 07/01/25 (Call 07/01/22)(a)		USD		77		77,000
8.00%, 11/15/26 (Call 01/15/23)(a)		USD		114		114,285
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)(a)		USD		50		49,326
Royal Caribbean Cruises Ltd., 9.13%, 06/15/23 (Call 03/15/23)(a)		USD		115		120,031
Sabre GLBL Inc. 5.25%, 11/15/23 (Call 11/30/20)(a)		USD		100		98,375
7.38%, 09/01/25 (Call 09/01/22)(a)		USD		80		81,744
9.25%, 04/15/25 (Call 03/16/25)(a)(b)		USD		90		99,675
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/20)(b)		USD		50		49,550
SBA Communications Corp. 3.88%, 02/15/27 (Call 02/15/23)(a)		USD		200		203,500
4.00%, 10/01/22 (Call 11/30/20)		USD		95		95,745
4.88%, 09/01/24 (Call 11/30/20)		USD		140		143,451
Scientific Games International Inc. 3.38%, 02/15/26 (Call 02/15/21)(c)		EUR		100		109,350
5.00%, 10/15/25 (Call 11/30/20)(a)		USD		155		155,581
7.00%, 05/15/28 (Call 05/15/23)(a)		USD		85		84,469
7.25%, 11/15/29 (Call 11/15/24)(a)		USD		65		64,532
8.25%, 03/15/26 (Call 03/15/22)(a)		USD		135		137,065
8.63%, 07/01/25 (Call 07/01/22)(a)		USD		60		62,096
Sealed Air Corp. 4.00%, 12/01/27 (Call 09/01/27)(a)		USD		55		57,613
4.88%, 12/01/22 (Call 09/01/22)(a)		USD		55		57,570
5.13%, 12/01/24 (Call 09/01/24)(a)		USD		30		32,738
5.25%, 04/01/23 (Call 01/01/23)(a)		USD		50		52,813
5.50%, 09/15/25 (Call 06/15/25)(a)		USD		50		55,719
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b)		USD		205		216,086
Sensata Technologies Inc. 3.75%, 02/15/31 (Call 02/15/26)(a)		USD		30		29,700
4.38%, 02/15/30 (Call 11/15/29)(a)		USD		55		57,750
Service Corp. International/U.S. 3.38%, 08/15/30 (Call 08/15/25)		USD		75		75,938
4.63%, 12/15/27 (Call 12/15/22)	��	USD		75		79,313
5.13%, 06/01/29 (Call 06/01/24)		USD		100		109,250
Service Properties Trust 3.95%, 01/15/28 (Call 07/15/27)		USD		50		39,100
4.35%, 10/01/24 (Call 09/01/24)		USD		100		88,343
4.38%, 02/15/30 (Call 08/15/29)(b)		USD		50		40,906
4.75%, 10/01/26 (Call 08/01/26)		USD		50		42,925
4.95%, 02/15/27 (Call 08/15/26)(b)		USD		25		21,151
4.95%, 10/01/29 (Call 07/01/29)		USD		50		40,972
7.50%, 09/15/25 (Call 06/15/25)		USD		90		94,117

Security		Par (000)		Value
United States (continued)
Signature Aviation U.S. Holdings Inc. 4.00%, 03/01/28 (Call 03/01/23)(a)	USD		80	$	77,500
5.38%, 05/01/26 (Call 05/01/21)(a)	USD		65		65,894
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 11/30/20)	EUR		100		117,046
Sinclair Television Group Inc. 5.13%, 02/15/27 (Call 08/15/21)(a)(b)	USD		75		70,688
5.50%, 03/01/30 (Call 12/01/24)(a)	USD		65		61,116
5.63%, 08/01/24 (Call 11/16/20)(a)	USD		70		69,814
Sirius XM Radio Inc. 4.13%, 07/01/30 (Call 07/01/25)(a)	USD		170		174,916
4.63%, 07/15/24 (Call 07/15/21)(a)	USD		190		195,928
5.00%, 08/01/27 (Call 08/01/22)(a)	USD		190		199,122
5.38%, 07/15/26 (Call 07/15/21)(a)(b)	USD		225		234,328
5.50%, 07/01/29 (Call 07/01/24)(a)	USD		155		168,741
Six Flags Entertainment Corp. 4.88%, 07/31/24 (Call 11/30/20)(a)	USD		125		116,198
5.50%, 04/15/27 (Call 04/15/22)(a)(b)	USD		65		60,470
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a)	USD		35		37,056
SM Energy Co., 10.00%, 01/15/25 (Call 06/17/22)(a)	USD		205		195,711
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 11/30/20)(a)	USD		230		238,912
Southwestern Energy Co. 6.45%, 01/23/25 (Call 10/23/24)(b)	USD		115		115,431
7.50%, 04/01/26 (Call 04/01/21)	USD		80		81,400
7.75%, 10/01/27 (Call 10/01/22)(b)	USD		40		41,350
Spectrum Brands Inc. 4.00%, 10/01/26 (Call 10/01/21)(c)	EUR		100		118,303
5.75%, 07/15/25 (Call 11/30/20)	USD		125		128,750
Spirit AeroSystems Inc. 4.60%, 06/15/28 (Call 03/15/28)	USD		75		62,423
5.50%, 01/15/25 (Call 10/15/22)(a)(b)	USD		15		15,249
7.50%, 04/15/25 (Call 04/15/22)(a)	USD		150		151,500
Sprint Communications Inc. 6.00%, 11/15/22	USD		285		305,055
11.50%, 11/15/21	USD		50		54,447
Sprint Corp. 7.13%, 06/15/24	USD		290		333,061
7.63%, 02/15/25 (Call 11/15/24)	USD		190		224,200
7.63%, 03/01/26 (Call 11/01/25)	USD		165		200,681
7.88%, 09/15/23	USD		485		553,506
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a)	USD		275		292,187
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)(a)	USD		125		138,750
Standard Industries Inc./NJ 2.25%, 11/21/26 (Call 08/21/26)(c)	EUR		100		114,554
3.38%, 01/15/31 (Call 07/15/25)(a)	USD		60		58,475
4.38%, 07/15/30 (Call 07/15/25)(a)	USD		160		164,890
4.75%, 01/15/28 (Call 01/15/23)(a)	USD		175		182,875
5.00%, 02/15/27 (Call 02/15/22)(a)(b)	USD		85		87,869
Staples Inc. 7.50%, 04/15/26 (Call 04/15/22)(a)	USD		250		233,750
10.75%, 04/15/27 (Call 04/15/22)(a)	USD		125		99,320
Starwood Property Trust Inc. 4.75%, 03/15/25 (Call 09/15/24)	USD		65		63,214
5.00%, 12/15/21 (Call 09/15/21)	USD		90		89,775
Station Casinos LLC, 4.50%, 02/15/28 (Call 02/15/23)(a)	USD		125		117,891
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 11/30/20)	USD		75		75,821
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)	USD		65		66,950

58 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Sunoco LP/Sunoco Finance Corp. 4.88%, 01/15/23 (Call 11/30/20)	USD		125	$	125,594
5.50%, 02/15/26 (Call 02/15/21)	USD		100		100,230
5.88%, 03/15/28 (Call 03/15/23)	USD		50		51,875
6.00%, 04/15/27 (Call 04/15/22)	USD		75		77,622
Talen Energy Supply LLC 6.50%, 06/01/25 (Call 11/30/20)	USD		70		41,941
6.63%, 01/15/28 (Call 01/15/23)(a)	USD		85		81,246
7.25%, 05/15/27 (Call 05/15/22)(a)	USD		95		94,881
7.63%, 06/01/28 (Call 06/01/23)(a)	USD		15		14,738
10.50%, 01/15/26 (Call 01/15/22)(a)	USD		75		50,805
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 4.75%, 10/01/23 (Call 11/30/20)(a)	USD		65		62,075
5.50%, 09/15/24 (Call 11/30/20)(a)	USD		90		86,196
5.50%, 01/15/28 (Call 01/15/23)(a)	USD		95		87,381
6.00%, 03/01/27 (Call 03/01/23)(a)	USD		55		51,810
7.50%, 10/01/25 (Call 10/01/22)(a)	USD		50		50,500
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.25%, 11/15/23 (Call 11/30/20)	USD		75		75,094
4.88%, 02/01/31 (Call 02/01/26)(a)	USD		100		97,552
5.00%, 01/15/28 (Call 01/15/23)	USD		90		88,687
5.13%, 02/01/25 (Call 11/30/20)	USD		50		50,125
5.25%, 05/01/23 (Call 11/02/20)	USD		25		25,000
5.38%, 02/01/27 (Call 02/01/22)	USD		65		65,325
5.50%, 03/01/30 (Call 03/01/25)(a)	USD		100		100,325
5.88%, 04/15/26 (Call 04/15/21)	USD		125		127,812
6.50%, 07/15/27 (Call 07/15/22)	USD		95		100,139
6.88%, 01/15/29 (Call 01/15/24)	USD		50		53,592
Taylor Morrison Communities Inc. 5.13%, 08/01/30 (Call 02/01/30)(a)	USD		75		81,379
5.75%, 01/15/28 (Call 10/15/27)(a)	USD		55		60,924
5.88%, 06/15/27 (Call 03/15/27)(a)	USD		65		72,136
TEGNA Inc. 4.63%, 03/15/28 (Call 03/15/23)(a)	USD		100		98,733
4.75%, 03/15/26 (Call 03/15/23)(a)(b)	USD		30		30,818
5.00%, 09/15/29 (Call 09/15/24)	USD		145		146,812
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(a)	USD		110		115,034
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25 (Call 11/10/20)(a)	USD		125		127,000
Tempur Sealy International Inc. 5.50%, 06/15/26 (Call 06/15/21)	USD		75		77,999
5.63%, 10/15/23 (Call 11/30/20)	USD		55		55,679
Tenet Healthcare Corp. 4.63%, 07/15/24 (Call 11/30/20)(b)	USD		235		239,060
4.63%, 09/01/24 (Call 09/01/21)(a)	USD		75		76,665
4.63%, 06/15/28 (Call 06/15/23)(a)	USD		65		65,813
4.88%, 01/01/26 (Call 03/01/22)(a)	USD		265		269,153
5.13%, 05/01/25 (Call 11/30/20)	USD		175		173,416
5.13%, 11/01/27 (Call 11/01/22)(a)	USD		285		293,464
6.13%, 10/01/28 (Call 10/01/23)(a)	USD		225		217,650
6.25%, 02/01/27 (Call 02/01/22)(a)	USD		210		218,074
6.75%, 06/15/23(b)	USD		185		194,446
7.00%, 08/01/25 (Call 11/30/20)(b)	USD		60		61,300
7.50%, 04/01/25 (Call 04/01/22)(a)	USD		25		26,930
Tenneco Inc., 5.00%, 07/15/24 (Call 11/30/20)(c)	EUR		100		108,647
TerraForm Power Operating LLC 4.25%, 01/31/23 (Call 10/31/22)(a)	USD		65		66,300
4.75%, 01/15/30 (Call 01/15/25)(a)	USD		85		91,179

Security		Par (000)		Value
United States (continued)
5.00%, 01/31/28 (Call 07/31/27)(a)	USD		75	$	82,478
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a)	USD		105		107,533
Tesla Inc., 5.30%, 08/15/25 (Call 11/30/20)(a)	USD		225		232,932
T-Mobile USA Inc. 4.00%, 04/15/22 (Call 03/16/22)	USD		65		67,246
4.50%, 02/01/26 (Call 02/01/21)	USD		225		230,231
4.75%, 02/01/28 (Call 02/01/23)	USD		190		203,205
5.13%, 04/15/25 (Call 11/10/20)	USD		65		66,503
5.38%, 04/15/27 (Call 04/15/22)	USD		65		69,388
6.00%, 04/15/24 (Call 11/10/20)	USD		125		127,212
6.50%, 01/15/26 (Call 01/15/21)	USD		100		103,875
Toll Brothers Finance Corp. 3.80%, 11/01/29 (Call 08/01/29)	USD		50		53,305
4.35%, 02/15/28 (Call 11/15/27)(b)	USD		50		54,766
4.38%, 04/15/23 (Call 01/15/23)	USD		25		26,241
4.88%, 03/15/27 (Call 12/15/26)	USD		55		61,785
5.88%, 02/15/22 (Call 11/15/21)	USD		50		51,938
TransDigm Inc. 5.50%, 11/15/27 (Call 11/15/22)	USD		335		326,346
6.25%, 03/15/26 (Call 03/15/22)(a)	USD		505		525,200
6.38%, 06/15/26 (Call 06/15/21)	USD		145		144,594
6.50%, 07/15/24 (Call 11/30/20)	USD		150		150,021
6.50%, 05/15/25 (Call 11/30/20)	USD		95		95,000
7.50%, 03/15/27 (Call 03/15/22)	USD		75		77,430
8.00%, 12/15/25 (Call 04/08/22)(a)	USD		105		113,694
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a)	USD		78		47,580
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)(a)	USD		50		16,530
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(a)	USD		136		120,177
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)	USD		70		52,763
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a)	USD		49		43,144
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)	USD		70		69,947
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24	USD		50		54,250
Triumph Group Inc. 6.25%, 09/15/24 (Call 11/30/20)(a)	USD		50		43,250
7.75%, 08/15/25 (Call 11/30/20)(b)	USD		67		43,617
8.88%, 06/01/24 (Call 02/01/23)(a)	USD		43		45,630
Tronox Finance PLC, 5.75%, 10/01/25 (Call 11/30/20)(a)	USD		80		79,886
Tronox Inc. 6.50%, 05/01/25 (Call 05/01/22)(a)	USD		60		63,223
6.50%, 04/15/26 (Call 04/15/21)(a)	USD		75		76,163
U.S. Foods Inc., 6.25%, 04/15/25 (Call 04/15/22)(a)	USD		135		140,625
U.S. Steel Corp. 6.25%, 03/15/26 (Call 03/15/21)	USD		80		60,400
6.88%, 08/15/25 (Call 11/30/20)(b)	USD		95		75,430
Uber Technologies Inc. 6.25%, 01/15/28 (Call 09/15/23)(a)	USD		50		50,651
7.50%, 05/15/25 (Call 05/15/22)(a)	USD		115		120,606
7.50%, 09/15/27 (Call 09/15/22)(a)	USD		150		156,787
8.00%, 11/01/26 (Call 11/01/21)(a)	USD		165		173,869
UGI International LLC, 3.25%, 11/01/25 (Call 11/01/21)(c)	EUR		100		118,494
United Airlines Holdings Inc., 4.25%, 10/01/22(b)	USD		50		45,447
United Rentals North America Inc. 3.88%, 11/15/27 (Call 11/15/22)	USD		108		112,172
3.88%, 02/15/31 (Call 08/15/25)	USD		125		126,230
4.00%, 07/15/30 (Call 07/15/25)	USD		95		96,909

SCHEDULE  OF  INVESTMENTS 59

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
4.88%, 01/15/28 (Call 01/15/23)	USD		135	$	141,750
5.25%, 01/15/30 (Call 01/15/25)	USD		75		81,281
5.50%, 05/15/27 (Call 05/15/22)	USD		125		132,969
5.88%, 09/15/26 (Call 09/15/21)	USD		125		131,530
United States Steel Corp., 12.00%, 06/01/25 (Call 06/01/22)(a)	USD		120		133,200
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC 7.13%, 12/15/24 (Call 11/30/20)(a)	USD		100		95,614
7.88%, 02/15/25 (Call 02/15/22)(a)	USD		235		249,103
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 6.00%, 04/15/23 (Call 11/30/20)(a)	USD		70		70,963
8.25%, 10/15/23 (Call 11/30/20)	USD		140		137,789
Univision Communications Inc. 5.13%, 02/15/25 (Call 11/10/20)(a)	USD		185		181,925
6.63%, 06/01/27 (Call 06/01/23)(a)	USD		190		191,561
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26 (Call 04/01/21)	USD		115		114,230
6.88%, 09/01/27 (Call 09/01/22)	USD		70		70,365
Valvoline Inc., 4.25%, 02/15/30 (Call 02/15/25)(a)	USD		85		86,507
Vector Group Ltd. 6.13%, 02/01/25 (Call 11/30/20)(a)	USD		105		104,974
10.50%, 11/01/26 (Call 11/01/21)(a)	USD		70		72,100
Vericast Corp. 8.38%, 08/15/22 (Call 11/30/20)(a)	USD		100		98,500
9.25%, 03/01/21 (Call 11/27/20)(a)	USD		33		33,062
VeriSign Inc. 4.63%, 05/01/23 (Call 11/30/20)	USD		100		101,037
4.75%, 07/15/27 (Call 07/15/22)	USD		70		73,940
5.25%, 04/01/25 (Call 01/01/25)	USD		65		72,868
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 09/01/21)(a)	USD		240		243,365
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)	USD		140		150,310
ViacomCBS Inc. 5.88%, 02/28/57 (Call 02/28/22)(b)(e)	USD		105		105,940
6.25%, 02/28/57 (Call 02/28/27)(e)	USD		80		87,094
ViaSat Inc. 5.63%, 09/15/25 (Call 11/10/20)(a)	USD		90		90,535
5.63%, 04/15/27 (Call 04/15/22)(a)	USD		75		78,563
6.50%, 07/15/28 (Call 07/15/23)(a)	USD		30		30,788
VICI Properties LP/VICI Note Co. Inc. 3.50%, 02/15/25 (Call 02/15/22)(a)	USD		100		100,059
3.75%, 02/15/27 (Call 02/15/23)(a)	USD		145		145,362
4.13%, 08/15/30 (Call 02/15/25)(a)	USD		125		126,562
4.25%, 12/01/26 (Call 12/01/22)(a)	USD		125		127,344
4.63%, 12/01/29 (Call 12/01/24)(a)	USD		125		130,087
Viking Cruises Ltd. 5.88%, 09/15/27 (Call 09/15/22)(a)	USD		105		81,239
13.00%, 05/15/25 (Call 05/15/22)(a)	USD		90		101,475
Vistra Operations Co. LLC 5.00%, 07/31/27 (Call 07/31/22)(a)	USD		155		161,975
5.50%, 09/01/26 (Call 09/01/21)(a)	USD		150		155,467
5.63%, 02/15/27 (Call 02/15/22)(a)	USD		195		203,681
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)	USD		85		73,844
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)(a)	USD		240		141,900
WESCO Distribution Inc. 7.13%, 06/15/25 (Call 06/15/22)(a)	USD		80		86,354
7.25%, 06/15/28 (Call 06/15/23)(a)	USD		205		224,475
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b)	USD		240		258,042

Security		Par (000)		Value
United States (continued)
Western Midstream Operating LP 3.95%, 06/01/25 (Call 03/01/25)	USD		50	$	45,984
4.10%, 02/01/25 (Call 01/01/25)	USD		125		118,480
4.50%, 03/01/28 (Call 12/01/27)	USD		50		46,519
4.65%, 07/01/26 (Call 04/01/26)	USD		50		47,996
4.75%, 08/15/28 (Call 05/15/28)	USD		50		46,170
5.05%, 02/01/30 (Call 11/01/29)	USD		150		143,053
William Carter Co. (The) 5.50%, 05/15/25 (Call 05/15/22)(a)	USD		90		94,756
5.63%, 03/15/27 (Call 03/15/22)(a)	USD		75		78,891
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)	USD		55		55,481
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)	USD		155		149,575
WMG Acquisition Corp. 2.75%, 07/15/28 (Call 07/15/23)(c)	EUR		100		116,275
3.00%, 02/15/31 (Call 02/15/26)(a)	USD		40		38,200
Wolverine Escrow LLC 8.50%, 11/15/24 (Call 11/15/21)(a)	USD		75		58,123
9.00%, 11/15/26 (Call 11/15/22)(a)	USD		115		87,940
13.13%, 11/15/27 (Call 11/15/22)(a)(b)	USD		40		27,450
WPX Energy Inc. 4.50%, 01/15/30 (Call 01/15/25)	USD		100		96,000
5.25%, 09/15/24 (Call 06/15/24)	USD		80		83,100
5.25%, 10/15/27 (Call 10/15/22)	USD		90		90,007
5.75%, 06/01/26 (Call 06/01/21)	USD		65		66,788
5.88%, 06/15/28 (Call 06/15/23)	USD		12		12,302
WR Grace & Co-Conn, 4.88%, 06/15/27 (Call 06/15/23)(a)	USD		120		125,161
Wyndham Destinations Inc. 3.90%, 03/01/23 (Call 12/01/22)	USD		238		232,280
4.25%, 03/01/22 (Call 12/01/21)	USD		81		81,203
6.00%, 04/01/27 (Call 01/01/27)	USD		50		51,655
6.63%, 07/31/26 (Call 04/30/26)(a)	USD		35		37,282
Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 08/15/23)(a)	USD		70		69,574
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/23 (Call 02/28/23)(a)	USD		65		61,994
5.25%, 05/15/27 (Call 02/15/27)(a)(b)	USD		130		120,900
5.50%, 03/01/25 (Call 12/01/24)(a)	USD		225		215,437
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.13%, 10/01/29 (Call 07/01/29)(a)(b)	USD		100		95,687
7.75%, 04/15/25 (Call 04/15/22)(a)(b)	USD		100		104,705
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)	USD		175		182,346
Xerox Holdings Corp. 5.00%, 08/15/25 (Call 07/15/25)(a)(b)	USD		75		73,766
5.50%, 08/15/28 (Call 07/15/28)(a)	USD		65		63,878
XPO Logistics Inc. 6.13%, 09/01/23 (Call 11/30/20)(a)	USD		65		65,975
6.25%, 05/01/25 (Call 05/01/22)(a)	USD		200		212,564
6.50%, 06/15/22 (Call 11/30/20)(a)	USD		150		150,553
6.75%, 08/15/24 (Call 08/15/21)(a)	USD		125		132,275
Yum! Brands Inc. 3.63%, 03/15/31 (Call 12/15/30)	USD		110		107,937
4.75%, 01/15/30 (Call 10/15/29)(a)	USD		125		133,969
7.75%, 04/01/25 (Call 04/01/22)(a)	USD		60		65,838

60 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par/ Shares (000)			Value
United States (continued)
Zayo Group Holdings Inc. 4.00%, 03/01/27 (Call 03/01/21)(a)(b)	USD		205		$	201,002
6.13%, 03/01/28 (Call 03/01/23)(a)	USD		140			141,342
						116,448,948
Total Corporate Bonds & Notes — 97.3% (Cost: $173,331,924)						172,045,054
Floating Rate Loan Interests
United States — 0.1%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 2020 2nd Lien Term Loan, 1.00%, 11/01/25		$	84			88,305
Total Floating Rate Loan Interests — 0.1% (Cost: $84,000)						88,305
Common Stocks
Germany — 0.0%
Whiting Petroleum Corp.(i)			2			31,054
United States — 0.0%
AMC Entertainment Inc.(i)(j)			1			1,834
Total Common Stocks — 0.0% (Cost: $137,790)						32,888
Warrants
United States — 0.0%
Sable Permian Resources Land LLC, (Expires 10/16/24)(i)(j)			0	(k)		0	(g)
SM Energy Co., (Expires 6/30/23)(i)			5			7,872
						7,872
Total Warrants — 0.0% (Cost: $21,107)						7,872
Short-Term Investments
Money Market Funds — 8.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(l)(m)(n)			11,545			11,552,610

Security	Shares (000)		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(l)(m)		2,600	$	2,600,000
				14,152,610
Total Short-Term Investments — 8.0% (Cost: $14,148,237)				14,152,610
Total Investments in Securities — 105.4% (Cost: $187,723,058)				186,326,729
Other Assets, Less Liabilities — (5.4)%				(9,475,696	)
Net Assets — 100.0%			$	176,851,033

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

^(b)  All or a portion of this security is on loan.

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

^(d)  Perpetual security with no stated maturity date.

^(e)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(f)  Issuer filed for bankruptcy and/or is in default.

^(g)  Rounds to less than $1.

^(h)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

⁽ⁱ⁾  Non-income producing security.

^(j)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(k)  Rounds to less than 1,000.

^(l)  Affiliate of the Fund.

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

⁽ⁿ⁾  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/20		Shares Held at 10/31/20 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,908,212	$	—	$	(9,352,713	)(a)	$	2,614	$	(5,503	)	$	11,552,610		11,545	$	84,786	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,846,000		—		(246,000	)(a)		—		—			2,600,000		2,600		7,407			—
								$	2,614	$	(5,503	)	$	14,152,610			$	92,193		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

SCHEDULE   OF   INVESTMENTS 61

Schedule of Investments  (continued) October 31, 2020 iShares^® US & Intl High Yield Corp Bond ETF

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 valuation of 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, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3			Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	172,045,054	$	—		$	172,045,054
Floating Rate Loan Interests		—		88,305		—			88,305
Common Stocks		31,054		—		1,834			32,888
Warrants		—		7,872		0	(a)		7,872
Money Market Funds		14,152,610		—		—			14,152,610
	$	14,183,664	$	172,141,231	$	1,834		$	186,326,729

^(a)  Rounds to less than $1.

See notes to financial statements.

62 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities

October 31, 2020

	iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF		iShares J.P. Morgan EM High Yield Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	45,292,614		$	211,606,521	$	296,707,192		$	491,323,580
Affiliated(c)		40,000			14,130,871		21,368,777			290,000
Cash		3,714			26,062		1,640			8,168
Foreign currency, at value(d)		739,977			—		—			2,784,753
Receivables:
Investments sold		1,796,026			3,328,427		5,288,229			8,755,909
Securities lending income — Affiliated		—			3,813		6,812			—
Capital shares sold		—			1,447,838		—			1,342,763
Dividends		—			93		182			973
Interest		584,165			2,341,716		4,467,445			8,460,111
Total assets		48,456,496			232,885,341		327,840,277			512,966,257
LIABILITIES
Collateral on securities loaned, at value		—			11,552,663		17,267,882			—
Deferred foreign capital gain tax		—			—		—			442,842
Payables:
Investments purchased		1,690,213			6,512,403		6,866,400			12,301,231
Investment advisory fees		16,097			88,804		121,968			121,733
Total liabilities		1,706,310			18,153,870		24,256,250			12,865,806
NET ASSETS	$	46,750,186		$	214,731,471	$	303,584,027		$	500,100,451
NET ASSETS CONSIST OF:
Paid-in capital	$	52,183,798		$	214,103,654	$	379,101,097		$	559,119,503
Accumulated earnings (loss)		(5,433,612	)		627,817		(75,517,070	)		(59,019,052	)
NET ASSETS	$	46,750,186		$	214,731,471	$	303,584,027		$	500,100,451
Shares outstanding		900,000			4,200,000		7,050,000			12,000,000
Net asset value	$	51.94		$	51.13	$	43.06		$	41.68
Shares authorized		500 million			500 million		500 million			500 million
Par value	$	0.001		$	0.001	$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	10,910,473	$	16,556,663		$	—
(b) Investments, at cost — Unaffiliated	$	46,213,949		$	209,511,020	$	320,236,576		$	512,300,598
(c)  Investments, at cost — Affiliated	$	40,000		$	14,122,412	$	21,370,592		$	290,000
(d) Foreign currency, at cost	$	740,805		$	—	$	—		$	2,818,325

See notes to financial statements.

FINANCIAL   STATEMENTS 63

Statements of Assets and Liabilities (continued)

October 31, 2020

	iShares US & Intl High Yield Corp Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	172,174,119
Affiliated(c)		14,152,610
Cash		8,724
Foreign currency, at value(d)		647,474
Receivables:
Investments sold		920,847
Securities lending income — Affiliated		2,930
Dividends		141
Interest		2,507,168
Total assets		190,414,013
LIABILITIES
Collateral on securities loaned, at value		11,545,198
Payables:
Investments purchased		1,957,731
Investment advisory fees		60,051
Total liabilities		13,562,980
NET ASSETS	$	176,851,033
NET ASSETS CONSIST OF:
Paid-in capital	$	187,149,767
Accumulated loss		(10,298,734	)
NET ASSETS	$	176,851,033
Shares outstanding		3,700,000
Netasset value	$	47.80
Sharesauthorized		500 million
Parvalue	$	0.001
(a) Securities loaned, at value	$	10,900,847
(b) Investments, at cost — Unaffiliated	$	173,574,821
(c)  Investments, at cost — Affiliated	$	14,148,237
(d) Foreign currency, at cost	$	650,967

See notes to financial statements.

64 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations  

Year Ended October 31, 2020

	iShares International High Yield Bond ETF			iShares J.P. Morgan EM Corporate Bond ETF			iShares J.P. Morgan EM High Yield Bond ETF			iShares J.P. Morgan EM Local Currency Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	111		$	9,024		$	35,632		$	21,977
Interest — Unaffiliated		1,431,213			8,356,205			20,420,382			26,909,860
Payment-in-kind interest — Unaffiliated		—			—			665,615			—
Securities lending income — Affiliated — net		—			107,560			23,294			—
Other income — Unaffiliated		2,365			5,582			13,110			—
Foreign taxes withheld		—			—			—			(617,002	)
Total investment income		1,433,689			8,478,371			21,158,033			26,314,835
EXPENSES
Investment advisory fees		176,287			926,108			1,698,445			1,371,080
Miscellaneous		264			264			264			4,230
Total expenses		176,551			926,372			1,698,709			1,375,310
Less:
Investment advisory fees waived		—			—			(64,291	)		—
Total expenses after fees waived		176,551			926,372			1,634,418			1,375,310
Net investment income		1,257,138			7,551,999			19,523,615			24,939,525
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(1,387,191	)		(1,423,878	)		(23,990,453	)		(51,818,041	)
Investments — Affiliated		—			(8,124	)		(6,291	)		—
In-kind redemptions — Unaffiliated		—			(3,303,905	)		(16,929,505	)		(3,093,373	)
Foreign currency transactions		55,505			—			—			(1,274,656	)
Net realized loss		(1,331,686	)		(4,735,907	)		(40,926,249	)		(56,186,070	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		1,392,220			(1,360,494	)		(7,707,080	)		5,628,054
Investments — Affiliated		—			5,699			(1,815	)		—
Foreign currency translations		(7,802	)		—			—			(67,521	)
Net change in unrealized appreciation (depreciation)		1,384,418			(1,354,795	)		(7,708,895	)		5,560,533
Net realized and unrealized gain (loss)		52,732			(6,090,702	)		(48,635,144	)		(50,625,537	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,309,870		$	1,461,297		$	(29,111,529	)	$	(25,686,012	)
(a) Net of foreign capital gain tax of	$	—		$	—		$	—		$	242,735
(b) Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	35,565

See notes to financial statements.

FINANCIAL   STATEMENTS 65

Statements of Operations  (continued)

Year Ended October 31, 2020

	iShares US & Intl High Yield Corp Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	7,407
Interest — Unaffiliated		8,401,022
Securities lending income — Affiliated — net		84,786
Other income — Unaffiliated		25,359
Total investment income		8,518,574
EXPENSES
Investment advisory fees		674,221
Miscellaneous		264
Total expenses		674,485
Net investment income		7,844,089
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,820,317	)
Investments — Affiliated		2,614
In-kind redemptions — Unaffiliated		(2,661,123	)
Foreign currency transactions		46,202
Net realized loss		(7,432,624	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(38,990	)
Investments — Affiliated		(5,503	)
Foreign currency translations		(11,785	)
Net change in unrealized appreciation (depreciation)		(56,278	)
Net realized and unrealized loss		(7,488,902	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	355,187

See notes to financial statements.

66 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets   

	iShares   International High Yield Bond ETF						iShares   J.P. Morgan EM Corporate Bond ETF
	Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/20			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,257,138		$	1,452,281		$	7,551,999		$	4,814,973
Net realized loss		(1,331,686	)		(3,415,656	)		(4,735,907	)		(93,270	)
Net change in unrealized appreciation (depreciation)		1,384,418			3,647,392			(1,354,795	)		7,349,578
Net increase in net assets resulting from operations		1,309,870			1,684,017			1,461,297			12,071,281
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(495,118	)		(1,938,517	)		(7,540,091	)		(4,625,003	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		5,097,119			(24,764,950	)		54,125,456			87,723,168
NET ASSETS
Total increase (decrease) in net assets		5,911,871			(25,019,450	)		48,046,662			95,169,446
Beginning of year		40,838,315			65,857,765			166,684,809			71,515,363
End of year	$	46,750,186		$	40,838,315		$	214,731,471		$	166,684,809

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

See notes to financial statements.

FINANCIAL   STATEMENTS 67

Statements of Changes in Net Assets (continued)

	iShares   J.P. Morgan EM High Yield Bond ETF						iShares   J.P. Morgan EM Local Currency Bond   ETF
	Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/20			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	19,523,615		$	18,676,790		$	24,939,525		$	36,964,541
Net realized loss		(40,926,249	)		(16,048,982	)		(56,186,070	)		(24,363,579	)
Net change in unrealized appreciation (depreciation)		(7,708,895	)		26,046,919			5,560,533			19,622,567
Net increase (decrease) in net assets resulting from operations		(29,111,529	)		28,674,727			(25,686,012	)		32,223,529
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(19,949,771	)		(22,615,509	)		(24,281,359	)		(14,295,840	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		19,267,173			(71,222,529	)		13,989,851			94,418,220
NET ASSETS
Total increase (decrease) in net assets		(29,794,127	)		(65,163,311	)		(35,977,520	)		112,345,909
Beginning of year		333,378,154			398,541,465			536,077,971			423,732,062
End of year	$	303,584,027		$	333,378,154		$	500,100,451		$	536,077,971

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

See notes to financial statements.

68 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares   US & Intl High Yield Corp Bond ETF
	Year Ended 10/31/20			Year Ended 10/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,844,089		$	8,719,180
Net realized loss		(7,432,624	)		(5,246,295	)
Net change in unrealized appreciation (depreciation)		(56,278	)		7,466,935
Net increase in net assets resulting from operations		355,187			10,939,820
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,407,517	)		(9,914,724	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		7,603,062			(36,077,886	)
NET ASSETS
Total increase (decrease) in net assets		550,732			(35,052,790	)
Beginning of year		176,300,301			211,353,091
End of year	$	176,851,033		$	176,300,301

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

See notes to financial statements.

FINANCIAL   STATEMENTS 69

Financial Highlights  

(For a share outstanding throughout each period)

	iShares International High Yield Bond ETF
	Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17				Year Ended 10/31/16
Net asset value, beginning of year		$	51.05			$	50.66			$	53.04			$	46.91			$	46.44
Net investment income(a)			1.42				1.51				1.54				1.77				1.82
Net realized and unrealized gain (loss)(b)			0.09				0.82				(3.92	)			4.85				(0.47	)
Net increase (decrease) from investment operations			1.51				2.33				(2.38	)			6.62				1.35
Distributions(c)
From net investment income			(0.62	)			(1.94	)			—				(0.40	)			(0.26	)
Return of capital			—				—				—				(0.09	)			(0.62	)
Total distributions			(0.62	)			(1.94	)			—				(0.49	)			(0.88	)
Net asset value, end of year		$	51.94			$	51.05			$	50.66			$	53.04			$	46.91
Total Return
Based on net asset value			3.00	%			4.85	%			(4.49	)%			14.21	%			2.95	%
Ratios to Average Net Assets
Total expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.51	%
Total expenses after fees waived			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			2.85	%			3.03	%			2.87	%			3.62	%			3.93	%
Supplemental Data
Net assets, end of year (000)		$	46,750			$	40,838			$	65,858			$	90,160			$	154,796
Portfolio turnover rate(d)			46	%			34	%			31	%			49	%			24	%

^(a)  Based on average shares outstanding.

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

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

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

See notes to financial statements.

70 2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Corporate Bond ETF
	Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17				Year Ended 10/31/16
Net asset value, beginning of year		$	51.29			$	47.68			$	51.33			$	50.40			$	48.21
Net investment income(a)			2.06				2.25				2.16				2.10				2.19
Net realized and unrealized gain (loss)(b)			(0.13	)			3.61				(3.70	)			0.90				2.18
Net increase (decrease) from investment operations			1.93				5.86				(1.54	)			3.00				4.37
Distributions(c)
From net investment income			(2.09	)			(2.25	)			(2.11	)			(2.07	)			(2.18	)
Total distributions			(2.09	)			(2.25	)			(2.11	)			(2.07	)			(2.18	)
Net asset value, end of year		$	51.13			$	51.29			$	47.68			$	51.33			$	50.40
Total Return
Based on net asset value			3.94	%			12.57	%			(3.09	)%			6.14	%			9.33	%
Ratios to Average Net Assets
Total expenses			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			4.08	%			4.51	%			4.37	%			4.16	%			4.51	%
Supplemental Data
Net assets, end of year (000)		$	214,731			$	166,685			$	71,515			$	87,269			$	32,758
Portfolio turnover rate(d)			25	%			21	%			16	%			62	%			22	%

^(a)  Based on average shares outstanding.

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

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

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM High Yield Bond ETF
	Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17				Year Ended 10/31/16
Net asset value, beginning of year		$	46.63			$	45.29			$	50.60			$	49.97			$	46.82
Net investment income(a)			2.52				2.66				2.44				2.87				3.03
Net realized and unrealized gain (loss)(b)			(3.54	)			1.93				(5.40	)			0.77				3.25
Net increase (decrease) from investment operations			(1.02	)			4.59				(2.96	)			3.64				6.28
Distributions(c)
From net investment income			(2.55	)			(3.25	)			(2.35	)			(3.01	)			(3.13	)
Total distributions			(2.55	)			(3.25	)			(2.35	)			(3.01	)			(3.13	)
Net asset value, end of year		$	43.06			$	46.63			$	45.29			$	50.60			$	49.97
Total Return
Based on net asset value			(2.08	)%			10.51	%			(5.96	)%(d)			7.60	%			14.02	%
Ratios to Average Net Assets
Total expenses			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Total expenses after fees waived			0.48	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			5.75	%			5.75	%			5.11	%			5.73	%			6.35	%
Supplemental Data
Net assets, end of year (000)		$	303,584			$	333,378			$	398,541			$	624,867			$	107,431
Portfolio turnover rate(e)			65	%			32	%			19	%			25	%			29	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

See notes to financial statements.

72 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Local Currency Bond ETF
	Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17				Year Ended 10/31/16
Net asset value, beginning of year		$	45.43			$	43.24			$	46.85			$	45.14			$	41.31
Net investment income(a)			2.29				3.09				2.87				2.29				1.94
Net realized and unrealized gain (loss)(b)			(4.11	)			0.59				(6.48	)			(0.58	)			1.89
Net increase (decrease) from investment operations			(1.82	)			3.68				(3.61	)			1.71				3.83
Distributions(c)
From net investment income			(1.93	)			(1.49	)			—				—				—
Total distributions			(1.93	)			(1.49	)			—				—				—
Net asset value, end of year		$	41.68			$	45.43			$	43.24			$	46.85			$	45.14
Total Return
Based on net asset value			(4.20	)%			8.75	%			(7.71	)%			3.79	%			9.06	%(d)
Ratios to Average Net Assets
Total expenses			0.30	%			0.30	%			0.42	%			0.50	%			0.50	%
Total expenses after fees waived			0.30	%			0.30	%			0.41	%			0.50	%			0.50	%
Net investment income			5.46	%			6.95	%			6.19	%			5.04	%			4.56	%
Supplemental Data
Net assets, end of year (000)		$	500,100			$	536,078			$	423,732			$	309,217			$	451,410
Portfolio turnover rate(e)			43	%			44	%			51	%			97	%			59	%

^(a)  Based on average shares outstanding.

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

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

^(d)  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the year ended October 31, 2016 was 9.27%.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares US & Intl High Yield Corp Bond ETF
	Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17				Year Ended 10/31/16
Net asset value, beginning of year		$	48.97			$	48.03			$	50.98			$	48.77			$	47.57
Net investment income(a)			2.21				2.42				2.46				2.45				2.55
Net realized and unrealized gain (loss)(b)			(1.27	)			1.17				(2.80	)			2.08				0.57
Net increase (decrease) from investment operations			0.94				3.59				(0.34	)			4.53				3.12
Distributions(c)
From net investment income			(2.11	)			(2.65	)			(2.61	)			(2.32	)			(1.92	)
Total distributions			(2.11	)			(2.65	)			(2.61	)			(2.32	)			(1.92	)
Net asset value, end of year		$	47.80			$	48.97			$	48.03			$	50.98			$	48.77
Total Return
Based on net asset value			2.04	%			7.74	%			(0.71	)%			9.58	%			6.82	%
Ratios to Average Net Assets
Total expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.51	%
Total expenses after fees waived			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			4.65	%			5.02	%			4.95	%			4.93	%			5.44	%
Supplemental Data
Net assets, end of year (000)		$	176,851			$	176,300			$	211,353			$	214,103			$	97,547
Portfolio turnover rate(d)			33	%			24	%			20	%			22	%			24	%

^(a)  Based on average shares outstanding.

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

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

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

See notes to financial statements.

74 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
International High Yield Bond		Diversified
J.P. Morgan EM Corporate Bond		Diversified
J.P. Morgan EM High Yield Bond(a)		Non-diversified
J.P. Morgan EM Local Currency Bond		Non-diversified
US & Intl High Yield Corp Bond		Diversified

^(a)  Formerly the iShares Emerging Markets High Yield Bond ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2020, 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 net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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

Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended October 31, 2020. The adjusted cost basis of securities at October 31, 2019 are

NOTES  TO  FINANCIAL  STATEMENTS 75

Notes to Financial Statements  (continued)

as follows:

iShares ETF
International High Yield Bond	$	42,987,808
J.P. Morgan EM Corporate Bond		178,658,233
J.P. Morgan EM High Yield Bond		346,208,998
US & Intl High Yield Corp Bond		197,472,449

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management 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:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

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

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

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

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

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

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

76 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

NOTES  TO  FINANCIAL  STATEMENTS 77

Notes to Financial Statements  (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA as of October 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
J.P. Morgan EM Corporate Bond
Barclays Bank PLC	$	119,631	$	119,631	$	—	$	—
Barclays Capital Inc.		1,277,558		1,277,558		—		—
BofA Securities, Inc.		474,441		474,441		—		—
Citigroup Global Markets Inc.		816,593		816,593		—		—
Jefferies LLC		2,829,441		2,829,441		—		—
JPMorgan Securities LLC		925,402		925,402		—		—
Morgan Stanley & Co. LLC		1,897,702		1,897,702		—		—
Nomura Securities International Inc.		751,480		751,480		—		—
Pershing LLC		551,591		551,591		—		—
Scotia Capital (USA) Inc.		185,738		185,738		—		—
UBS AG		705,745		705,745		—		—
Wells Fargo Securities LLC		375,151		375,151		—		—
		10,910,473		10,910,473		—		—
J.P. Morgan EM High Yield Bond
BofA Securities, Inc.	$	5,246,152	$	5,246,152	$	—	$	—
Citigroup Global Markets Inc.		221,443		221,443		—		—
Credit Suisse Securities (USA) LLC		840,960		840,960		—		—
Goldman Sachs & Co.		2,167,547		2,167,547		—		—
Jefferies LLC		3,962,454		3,962,454		—		—
Morgan Stanley & Co. LLC		1,006,086		1,006,086		—		—
Nomura Securities International Inc.		1,887,770		1,887,770		—		—
Pershing LLC		1,222,194		1,222,194		—		—
UBS AG		2,057		2,057		—		—
		16,556,663		16,556,663		—		—
US & Intl High Yield Corp Bond
Barclays Bank PLC	$	1,179,937	$	1,179,937	$	—	$	—
Barclays Capital Inc.		1,366,256		1,366,256		—		—
BNP Paribas Prime Brokerage International Ltd.		406,055		406,055		—		—
BofA Securities, Inc.		223,428		223,428		—		—
Citadel Clearing LLC		191,362		191,362		—		—
Citigroup Global Markets Inc.		533,713		533,713		—		—
Credit Suisse Securities (USA) LLC		405,904		405,904		—		—
Goldman Sachs & Co.		2,615,847		2,615,847		—		—
JPMorgan Securities LLC		2,184,363		2,184,363		—		—
Morgan Stanley & Co. LLC		193,490		193,490		—		—
RBC Capital Markets LLC		1,246,028		1,246,028		—		—
Scotia Capital (USA) Inc.		173,225		173,225		—		—
State Street Bank & Trust Company		115,583		115,583		—		—
Wells Fargo Bank, National Association		65,656		65,656		—		—
		10,900,847		10,900,847		—		—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

78 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

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 average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
International High Yield Bond		0.40	%
J.P. Morgan EM Corporate Bond		0.50
J.P. Morgan EM High Yield Bond		0.50
J.P. Morgan EM Local Currency Bond		0.30
US & Intl High Yield Corp Bond		0.40

Expense Waivers: For the year ended October 31, 2020, BFA has voluntarily waived a portion of its investment advisory fees for the iShares J.P. Morgan EM High Yield Bond ETF in the amount of $64,291.

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of BFA, under which BFA pays BIL for services it provides to the iShares International High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF and effective February 28, 2020, to the iShares J.P. Morgan EM Corporate Bond ETF and the iShares J.P. Morgan EM High Yield Bond ETF. Effective February 28, 2020, BFA has entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”, together with BlackRock International Limited, the “Sub-Advisers”), both affiliates of BFA, under which BFA pays BRS for services it provides to the iShares J.P. Morgan EM Local Currency Bond ETF.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year ended October 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
J.P. Morgan EM Corporate Bond	$	29,900
J.P. Morgan EM High Yield Bond		6,977
US & Intl High Yield Corp Bond		23,729

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

NOTES  TO  FINANCIAL  STATEMENTS 79

Notes to Financial Statements  (continued)

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
International High Yield Bond	$	130,184	$	—	$	—
J.P. Morgan EM Corporate Bond		195,835		1,937,309		15,612
J.P. Morgan EM High Yield Bond		15,923,101		5,084,914		(394,846	)
US & Intl High Yield Corp Bond		120,067		—		—

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

6. PURCHASES AND SALES

For the year ended October 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International High Yield Bond	$	20,098,145	$	20,200,442
J.P. Morgan EM Corporate Bond		57,379,080		45,365,740
J.P. Morgan EM High Yield Bond		315,765,939		212,412,134
J.P. Morgan EM Local Currency Bond		209,227,983		192,341,389
US & Intl High Yield Corp Bond		56,450,432		54,063,491

For the year ended October 31, 2020, purchases and sales related to in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
International High Yield Bond	$	4,906,344	$	—
J.P. Morgan EM Corporate Bond		82,668,528		39,587,897
J.P. Morgan EM High Yield Bond		52,466,889		137,250,310
J.P. Morgan EM Local Currency Bond		87,949,943		85,787,881
US & Intl High Yield Corp Bond		39,766,819		34,243,031

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2020, the following permanent differences attributable to realized gains (losses) from in-kind redemptions and net investment loss, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated     Earnings (Loss)
J.P. Morgan EM Corporate Bond	$	(3,322,669	)	$	3,322,669
J.P. Morgan EM High Yield Bond		(17,381,400	)		17,381,400
J.P. Morgan EM Local Currency Bond		(29,272,079	)		29,272,079
US & Intl High Yield Corp Bond		(2,671,049	)		2,671,049

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/20		Year Ended 10/31/19
International High Yield Bond
Ordinary income	$	495,118	$	1,938,517

80 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

iShares ETF	Year Ended 10/31/20	Year Ended 10/31/19
J.P. Morgan EM Corporate Bond
Ordinary income	$  7,540,091	$  4,625,003
J.P. Morgan EM High Yield Bond
Ordinary income	$19,949,771	$22,615,509
J.P. Morgan EM Local Currency Bond
Ordinary income	$24,281,359	$14,295,840
US & Intl High Yield Corp Bond
Ordinary income	$  7,407,517	$  9,914,724

As of October 31, 2020, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
International High Yield Bond	$	505,926	$	(4,965,224	)	$	(974,314	)	$	(5,433,612	)
J.P. Morgan EM Corporate Bond		712,296		(1,922,780	)		1,838,301			627,817
J.P. Morgan EM High Yield Bond		2,348,993		(52,370,224	)		(25,495,839	)		(75,517,070	)
J.P. Morgan EM Local Currency Bond		—		(29,257,942	)		(29,761,110	)		(59,019,052	)
US & Intl High Yield Corp Bond		855,447		(9,551,833	)		(1,602,348	)		(10,298,734	)

^(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, the accrual of income on securities in default and the classification of investments.

As of October 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
International High Yield Bond	$	46,312,406	$	1,114,791	$	(2,094,583	)	$	(979,792	)
J.P. Morgan EM Corporate Bond		223,899,091		5,816,274		(3,977,973	)		1,838,301
J.P. Morgan EM High Yield Bond		343,571,808		4,212,682		(29,708,521	)		(25,495,839	)
J.P. Morgan EM Local Currency Bond		520,833,543		10,713,199		(39,933,162	)		(29,219,963	)
US & Intl High Yield Corp Bond		187,929,355		4,022,573		(5,625,199	)		(1,602,626	)

8. LINE OF CREDIT

The iShares J.P. Morgan EM Local Currency Bond ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the year ended October 31, 2020, the Fund did not borrow under the credit agreement.

9. PRINCIPAL RISKS

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

NOTES  TO  FINANCIAL  STATEMENTS 81

Notes to Financial Statements  (continued)

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; and (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

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

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

82 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 10/31/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
International High Yield Bond
Shares sold		100,000		$	5,097,119			—		$	—
Shares redeemed		—			—			(500,000	)		(24,764,950	)
Net increase (decrease)		100,000			5,097,119			(500,000	)		(24,764,950	)
J.P. Morgan EM Corporate Bond
Shares sold		1,900,000			98,149,834			1,800,000			90,269,497
Shares redeemed		(950,000	)		(44,024,378	)		(50,000	)		(2,546,329	)
Net increase		950,000			54,125,456			1,750,000			87,723,168
J.P. Morgan EM High Yield Bond
Shares sold		3,450,000			163,260,074			1,800,000			83,994,813
Shares redeemed		(3,550,000	)		(143,992,901	)		(3,450,000	)		(155,217,342	)
Net increase (decrease)		(100,000	)		19,267,173			(1,650,000	)		(71,222,529	)
J.P. Morgan EM Local Currency Bond
Shares sold		4,400,000			185,174,171			8,400,000			376,361,928
Shares redeemed		(4,200,000	)		(171,184,320	)		(6,400,000	)		(281,943,708	)
Net increase		200,000			13,989,851			2,000,000			94,418,220
US & Intl High Yield Corp Bond
Shares sold		900,000			43,664,313			600,000			29,090,655
Shares redeemed		(800,000	)		(36,061,251	)		(1,400,000	)		(65,168,541	)
Net increase (decrease)		100,000			7,603,062			(800,000	)		(36,077,886	)

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

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

NOTES  TO  FINANCIAL  STATEMENTS 83

Notes to Financial Statements  (continued)

11. 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 Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar 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 lawsuit alleges 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-loss orders 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 the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

12. SUBSEQUENT EVENTS

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

84 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares International High Yield Bond ETF,

iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF,

iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares International High Yield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the five years in the period ended October 31, 2020 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 our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, issuer, transfer agent, agent bank and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2020

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

REPORT  OF  INDEPENDENT  REGISTERED  PUBLIC  ACCOUNTING  FIRM 85

Important Tax Information (unaudited)

For the fiscal year ended October 31, 2020, the Funds earned foreign source income which they intend to pass through to their shareholders:

iShares ETF	Foreign Source   Income Earned
International High Yield Bond	$	1,269,290
J.P. Morgan EM Corporate Bond		8,194,787
J.P. Morgan EM High Yield Bond		20,907,840
J.P. Morgan EM Local Currency Bond		26,910,842

For the fiscal year ended October 31, 2020, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

iShares ETF	Interest-Related   Dividends
US & Intl High Yield Corp Bond	$	5,114,209

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2020:

iShares ETF	Federal Obligation   Interest
International High Yield Bond	$	45
J.P. Morgan EM Corporate Bond		3,705
J.P. Morgan EM High Yield Bond		15,144
J.P. Morgan EM Local Currency Bond		9,108
US & Intl High Yield Corp Bond		3,146

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 are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

86 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares International HighYield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM HighYield Bond ETF, iShares US & Intl HighYield Corp Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. BFA pays BIL for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-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 the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and under the Advisory Agreements 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 Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA(and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of BIL, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BIL, which were provided at the June 8-10, 2020 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 87

Board Review and Approval of Investment Advisory Contract  (continued)

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

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

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

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

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

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

88 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BRS), (the “Sub-Advisory Agreements”), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and under the Advisory Agreements 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 Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA(and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of BIL and BRS, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BIL and BRS, which were provided at the June 8-10, 2020 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 89

Board Review and Approval of Investment Advisory Contract  (continued)

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

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

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

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

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

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

90 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2020

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International High Yield Bond	$	0.618898	$	—	$	—	$	0.618898		100	%		—	%		—	%		100	%
J.P. Morgan EM Corporate Bond(a)		2.085092		—		0.005410		2.090502		100			—			0	(b)		100
J.P. Morgan EM High Yield Bond		2.553293		—		—		2.553293		100			—			—			100
J.P. Morgan EM Local Currency Bond(a)		1.778911		—		0.148181		1.927092		92			—			8			100
US & Intl High Yield Corp Bond		2.107109		—		—		2.107109		100			—			—			100

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

^(b)  Rounds to less than 1%.

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive (the “Directive”) imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside of the EU, such as BFA (the “Company”). Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

The Company has registered the iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

SUPPLEMENTAL  INFORMATION 91

Supplemental Information (unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019 was USD 29.44 thousand. This figure is comprised of fixed remuneration of USD 13.61 thousand and variable remuneration of USD 15.83 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 3.75 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.44 thousand.

92 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Director and Officer Information  

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust 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 374 funds as of October 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., ParkAvenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company 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 Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

DIRECTOR  AND  OFFICER  INFORMATION 93

Director and Officer Information  (continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).

94 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

General Information  

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 you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The 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 Form N-PORT. The iShares Funds’ Forms N-PORT are available on the SEC’s website at 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 the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

GENERAL  INFORMATION 95

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
LIBOR	London Interbank Offered Rate
PIK	Payment-in-kind
Currency Abbreviations
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peru Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	New Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

96 2 0 2 0  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

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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 JPMorgan Chase & Co., Markit Indices Limited or Morningstar, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2020 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-1002-1020

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the five series of the registrant for which the fiscal year-end is October 31, 2020 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $78,000 for the fiscal year ended October 31, 2019 and $78,000 for the fiscal year ended October 31, 2020.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2019 and October 31, 2020 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $18,905 for the fiscal year ended October 31, 2019 and $18,905 for the fiscal year ended October 31, 2020. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2019 and October 31, 2020 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended October 31, 2020 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $18,905 for the fiscal year ended October 31, 2019 and $18,905 for the fiscal year ended October 31, 2020.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a)  (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: January 06, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: January 06, 2021

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: January 06, 2021