iShares MSCI World ETF NCSR 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, 2021

Date of reporting period: October 31, 2021

Item 1.

Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.


		OCTOBER 31, 2021

2021 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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, out-paced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. 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.

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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2021
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	10.91%	42.91%

U.S. small cap equities (Russell 2000^® Index)	1.85	50.80

International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18

Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2

Market Overview		4

Fund Summary		5

About Fund Performance		15

Shareholder Expenses		15

Schedules of Investments		16

Financial Statements

Statements of Assets and Liabilities		73

Statements of Operations		75

Statements of Changes in Net Assets		77

Financial Highlights		80

Notes to Financial Statements		85

Report of Independent Registered Public Accounting Firm		95

Important Tax Information (Unaudited)		96

Board Review and Approval of Investment Advisory Contract		97

Supplemental Information		102

Director and Officer Information		104

General Information		106

Glossary of Terms Used in this Report		107

Market Overview

iShares, Inc.

Global Bond Market Overview

Global investment-grade bonds declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -1.24% in U.S. dollar terms for the reporting period.

While the global economy continued its rebound from the impact of the coronavirus pandemic, the recovery was uneven and beset with challenges. The creation of multiple COVID-19 vaccines and the implementation of vaccination programs globally helped to mitigate the pandemic’s impact and led to the lifting of restrictions in many countries. However, while nearly half of the world’s population received at least one vaccine dose by the end of the reporting period, vaccine distribution varied substantially. The spread of the highly contagious Delta variant led to swift case increases in some areas, causing renewed restrictions and constraining global growth.

Bond performance differed by type, but in general corporate bonds gained more than government bonds, and lower-rated bonds gained more than higher-rated bonds. The improving economic environment and vaccination progress led to investor optimism about the lower-rated segments of the market. However, a notable rise in global inflation pressured bonds, which typically lose value in an inflationary environment.

Bonds in the U.S. established these global patterns, as corporate bonds, particularly high-yield bonds, posted solid returns, backed by strong investor demand for yield, while U.S. Treasuries declined, largely due to rising inflation. Bond issuance was high by historical standards, as corporations were eager to take advantage of low borrowing costs, while the federal government issued debt to finance stimulus and other spending. The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchase program. The Fed indicated that it would begin slowing its bond buying activities late in 2021, and their forecast showed that an interest rate increase is possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

European bond prices declined overall, as supply chain frictions and increasing commodities prices, particularly for energy commodities, led to the highest Eurozone inflation rate in 13 years. In response, the European Central Bank (“ECB”) slowed the pace of its bond purchases, while keeping its benchmark interest rate at 0%. The E.U. issued €20 billion in common European bonds to partially finance its pandemic recovery fund, attracting high investor interest. Bond prices also declined in the U.K. amid a relatively early vaccination push and robust economic recovery. While the Bank of England kept interest rates at record lows, it signaled that it would soon raise interest rates to counter growing inflation.

In contrast, bonds in the Asia/Pacific region posted a solid gain overall, although gains were mostly concentrated in corporate bonds, particularly the lower-rated segment of the market. Japanese government bonds were nearly flat, as inflation concerns were much less prominent in Japan compared to other regions, and the Bank of Japan showed no signs of tightening monetary policy. Emerging market bonds also advanced, benefiting from higher yields compared with developed economies, as investors sought income in a low interest rate environment. However, concerns late in the reporting period surrounding China’s highly indebted property companies weighed on returns of some emerging market bonds.


4		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		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		6.90	%		4.72	%		3.69	%		6.90	%		25.94	%		41.53	%
Fund Market		6.91			4.67			3.68			6.91			25.62			41.36
Index		7.34			5.12			3.93			7.34			28.35			44.62

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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 (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	967.30	$	1.98	$	1,000.00	$	1,023.20	$	2.04		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 (365 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.


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


Fund Summary as of October 31, 2021 (continued)		iShares^® International High Yield Bond ETF

Portfolio Management Commentary

International high-yield bonds advanced strongly during the reporting period, supported by accommodative monetary policies from many central banks. Investor demand for higher yielding debt was strong despite investment grade corporate yields (which move inversely to prices) declining to historically low levels. Toward the end of the reporting period, concerns about rising inflation and investors’ anticipation of tightening monetary policies eroded part of the Index’s advance.

From a country perspective, euro-denominated, high-yield corporate bonds contributed the most to the Index’s return. The ECB implemented a program purchasing higher quality corporate debt, leading investors to lower quality bonds, driving down yields, which in some cases were negative. In France, despite concerns about the effects of the Delta variant of COVID-19, the country’s economy grew robustly, as widespread COVID-19 vaccination led to rising consumer spending. High yield corporate bonds in the U.K. also benefited from a successful COVID-19 vaccine rollout, as well as rising demand as the economy reopened. Amid the economic recovery, companies that issued high yield bonds benefited from investor optimism that reduced restrictions, especially for travel, would help restore revenues.

In the U.S., corporate bond yields declined to record lows due to strong corporate balance sheets combined with robust investor demand. Bond issuance reached historically high levels as companies sought to capitalize on rising investor demand to shore up their balance sheets.

From a bond quality perspective, higher rated bonds contributed more to the Index’s performance than lower rated bonds. Bonds rated Ba and B, which represented approximately 52% and 22% of the Index on average, respectively, during the reporting period, contributed the most to the Index’s return.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Baa	5.0	%
Ba	52.5
B	22.4
Caa	6.7
Ba3u	0.2
Not Rated	13.2

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Italy	20.7	%
United States	15.3
France	11.7
United Kingdom	11.1
Germany	10.0
Spain	7.1
Luxembourg	3.9
Sweden	3.4
Netherlands	2.8
Canada	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 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		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		3.88	%		4.57	%		4.44	%		3.88	%		25.02	%		51.37	%
Fund Market		4.16			4.55			4.48			4.16			24.89			51.90
Index		4.64			5.20			5.06			4.64			28.86			60.15

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	1,007.60	$	2.53	$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)


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


Fund Summary as of October 31, 2021 (continued)		iShares^® J.P. Morgan EM Corporate Bond ETF

Portfolio Management Commentary

Emerging market high-yield bonds advanced for the reporting period, benefiting from investors’ search for yield in a low interest rate environment and rising energy prices. Brazilian bonds contributed the most to the Index’s return. High and rising inflation led to a series of interest rate increases by the Central Bank of Brazil, but annual inflation still registered 10.67% as of October 2021. Nevertheless, the bonds of a large, state-owned oil company posted gains, as rising oil and gas prices drove strong cash flows.

Turkish bonds also contributed to the Index’s return, as investors were enticed by extremely high yields despite the country’s high inflation rate and accommodative monetary policy. Bonds issued by Turkish banks generally benefited from the rebound in economic growth, as earnings rose substantially during the coronavirus pandemic due to a steep increase in lending within the country and continued demand for banking services.

Argentinian bonds were strong contributors to the Index’s return, as the country moved from a sharp economic contraction into expansion. In particular, bonds issued by a state-run oil company benefited from rising revenue due to higher oil and gas prices. Mexican corporate bonds also contributed to the Index’s return despite higher interest rates and rising inflation, as bonds issued by a wide variety of Mexican companies advanced due to investors’ increasing appetite for risk and the country’s economic rebound.

On the downside, Chinese bonds detracted from the Index’s performance, as investors became concerned about potential defaults on debt issued by two large, heavily indebted real estate developers. From a credit quality perspective, higher-yielding, lower-rated corporate bonds contributed the most to the Index’s return for the reporting period.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aa	5.2	%
A	16.3
Baa	39.2
Ba	11.9
B	7.4
Caa	1.9
C	0.1
Not Rated	18.0

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
China	7.7	%
Brazil	5.5
Mexico	5.2
Hong Kong	4.9
India	4.6
United Arab Emirates	4.5
Russia	4.5
Saudi Arabia	4.5
South Korea	4.2
Singapore	4.2

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® J.P. Morgan EM High Yield Bond ETF

Investment Objective

The iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) 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		7.16	%		3.25	%		4.57	%		7.16	%		17.33	%		53.50	%
Fund Market		6.90			3.25			4.58			6.90			17.31			53.64
Index		7.77			3.65			4.96			7.77			19.65			58.90

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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

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.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	992.30	$	2.51	$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of October 31, 2021 (continued)		iShares^® J.P. Morgan EM High Yield Bond ETF

Portfolio Management Commentary

Emerging market high-yield bonds posted solid gains for the reporting period, benefiting from investors’ search for yield in the low interest rate environment and rising energy prices. Despite higher interest rates and rising inflation, Mexican bonds were the largest contributors to the Index’s return, largely reflecting the performance of bonds issued by a large, state-owned oil company, which primarily benefited from rising oil and gas prices.

Turkish government bonds, which are rated below investment grade by Moody’s, also contributed to the Index’s performance, as investors were enticed by extremely high yields despite the country’s elevated inflation rate and uncertainty surrounding governance at the Central Bank of the Republic of Turkey. Annual inflation in Turkey rose to 19.89% in October 2021, but the country’s central bank lowered interest rates late in the reporting period, reflecting a divergence from conventional monetary policy. Despite high inflation, Turkey’s growth-oriented monetary policy drove the Turkish lira lower, but relatively high yields ultimately led to the positive performance of Turkish bonds.

Omani bonds were solid contributors to the Index’s return. The Omani government sought to lower its relatively large budget deficit by seeking spending cuts and tax increases amid stronger revenue from rising oil prices. The government also issued an additional $3.25 billion in debt, which was met with strong demand.

South African bonds also contributed to the Index’s return, as interest payments offset a modest increase in 10-year government bond yields (which move inversely to prices). Similarly, the South African rand benefited from record trade and rising demand for the country’s precious metals. On the downside, Chinese bonds detracted from the Index’s performance, as investors became concerned about potential defaults on debt issued by two large, heavily indebted real estate developers.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Baa	12.5	%
Ba	36.5
B	28.4
Caa	4.6
Ca	0.3
C	0.2
Not Rated	17.5

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Brazil	15.3	%
Turkey	10.6
Mexico	7.7
Colombia	6.7
China	3.9
Oman	3.7
South Africa	3.7
Argentina	3.5
Egypt	2.8
Dominican Republic	2.8

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		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			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.12	%		(0.02	)%		(0.20	)%		0.12	%		(0.09	)%		(1.95	)%
Fund Market		0.46			0.09			(0.16	)		0.46			0.44			(1.58	)
Index		0.48			0.56			0.29			0.48			2.82			2.92

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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 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.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	964.60	$	1.49	$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(a⁾


F U N D S U M M A R Y		11


Fund Summary as of October 31, 2021 (continued)		iShares^® J.P. Morgan EM Local Currency Bond ETF

Portfolio Management Commentary

As represented by the Index, local currency emerging market bonds posted a modest return for the reporting period. Emerging market bonds generally offer higher yields relative to bonds issued by developed market countries. However, gains from interest payments were mostly offset by higher bond yields (which are inversely related to prices), which generally rose amid growth-oriented monetary policy and rising inflation in many countries. The U.S. dollar advanced relative to many local emerging market currencies, as rising U.S. Treasury yields weighed on emerging markets. From a credit quality perspective, higher-rated bonds detracted from the Index’s performance while lower-rated bonds contributed, reflecting demand for higher-yielding investments.

Chinese bonds were the largest contributors to the Index’s return, as interest rates fell and the Chinese yuan strengthened relative to the U.S. dollar. The Chinese economy was one of the first to emerge from the global recession brought on by pandemic-related restrictions, which led to record foreign direct investment and capital flows into Chinese bonds. The comparatively higher yields of Chinese bonds also drove demand from investors. South African bonds also contributed to the Index’s return, as relatively high yields offset a modest increase in interest rates. The South African rand advanced relative to the U.S. dollar amid record trade and rising demand for the country’s precious metals. Indonesian bonds also benefited from high yields and a rising currency.

On the downside, Chilean bonds were the largest detractors from the Index’s return. Rising inflation drove local interest rates higher, while the Chilean peso declined relative to the U.S. dollar. Peruvian bonds also detracted from the Index’s performance. The election of a new president, rising inflation, and the highest COVID-19 mortality rate in the world weighed on the Peruvian sol.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aa	0.7	%
A	5.7
Baa	24.0
Ba	10.5
Not Rated	59.1

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
China	14.8	%
Peru	4.7
Malaysia	4.6
Philippines	4.6
Indonesia	4.6
Thailand	4.6
Russia	4.6
Dominican Republic	4.5
Poland	4.5
Hungary	4.5

^(a)

Excludes money market funds.


12		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		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		8.56	%		5.36	%		4.98	%		8.56	%		29.86	%		59.31	%
Fund Market		8.63			5.30			4.98			8.63			29.48			59.37
Index		8.72			5.46			5.13			8.72			30.46			61.42

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	1,001.80	$	2.02	$	1,000.00	$	1,023.20	$	2.04		0.40	%

^(a)


F U N D S U M M A R Y		13


Fund Summary as of October 31, 2021 (continued)		iShares^® US & Intl High Yield Corp Bond ETF

Portfolio Management Commentary

High-yield corporate bonds advanced during the reporting period amid a strong economic recovery from the disruptions of the coronavirus pandemic and elevated investor demand for higher-yield investments in a low interest rate environment. Corporate earnings recovered as economies reopened, pushing the ratio of debt to profits back to pre-pandemic levels, driving investor optimism of credit quality. On the supply side, high-yield bond issuance reached historically high levels as companies sought to capitalize on rising investor demand and lower interest rates to refinance existing, higher-cost debt. Bonds issued to finance mergers and acquisitions further bolstered supply.

Corporate bonds issued by companies in the U.S. led contribution to the Index’s return despite increasing concerns regarding ongoing inflation. High-yield credit spreads, the difference in yield between high-yield bonds and U.S. Treasuries, declined during the reporting period. While the Fed maintained interest rates at historically low levels, high-yield corporate bond yields (which move inversely to prices) declined to record lows due to strong corporate balance sheets combined with strong investor demand.

High-yield corporate bonds in the U.K. were also contributors to the Index’s return. The U.K. benefited from a successful coronavirus vaccine rollout and rising consumer demand as the economy reopened. Canadian corporate bonds similarly showed strength amid economic recovery and strong investor demand, bolstered by strengthening of the Canadian dollar relative to the U.S. dollar. In France, despite concerns about the effects of a new variant of the coronavirus, the country’s economy grew robustly, supported by rising consumer spending. From a bond quality perspective, bonds rated Ba, which represented approximately 49% of the Index on average for the reporting period, contributed the most to the Index’s return, though all bond rating categories were contributors.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Baa	3.8	%
Ba	50.0
B	32.1
Caa	9.5
Not Rated	4.6

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	65.0	%
Italy	7.2
United Kingdom	5.0
Germany	4.0
France	3.9
Canada	2.9
Spain	1.8
Netherlands	1.6
Luxembourg	1.6
Israel	1.2

^(a)

Excludes money market funds.


14		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		15

Schedule of Investments

October 31, 2021

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Corporate Bonds & Notes

Australia — 0.6%
Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)^(a)(b)		EUR	100	$	112,459
Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)^(a)(b)		EUR	100		111,761
Eurobank SA, 2.25%, 03/14/28 (Call 03/14/27)^(a)(b)		EUR	100		111,405
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)^(a)		EUR	100		114,412

					450,037

Austria — 0.2%
ams AG, 6.00%, 07/31/25 (Call 07/31/22)^(a)		EUR	100		122,037


Belgium — 0.2%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)^(a)		EUR	100		118,581


Canada — 2.2%
ADLER Group SA, 2.25%, 01/14/29 (Call 10/14/28)^(a)		EUR	200		197,589
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)^(c)		CAD	325		261,128
Brookfield Property Finance ULC, 3.93%, 08/24/25 (Call 07/24/25)		CAD	100		81,601
Iccrea Banca SpA, 2.25%, 10/20/25 (Call 10/20/24)^(a)(b)		EUR	100		117,975
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)^(a)		CAD	50		41,011
Parkland Corp./Canada
3.88%, 06/16/26 (Call 06/16/23)^(c)		CAD	100		80,973
4.38%, 03/26/29 (Call 03/26/24)		CAD	100		81,234
Parts Europe SA, 6.50%, 07/16/25 (Call 01/15/22)^(a)		EUR	100		120,090	��
Southern Pacific Resource Corp., 8.75%, 01/25/18^(c)(d)(e)(f)		CAD	50		—
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)		CAD	50		37,337
3.63%, 06/15/28 (Call 06/15/24)^(c)		CAD	150		119,880
4.50%, 01/15/30 (Call 10/15/24)		CAD	150		124,232
5.63%, 06/15/25 (Call 03/15/25)		CAD	50		43,633
5.75%, 01/15/26 (Call 09/15/22)^(a)		CAD	50		41,268
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)^(a)		EUR	200		225,546

					1,573,497

Cayman Islands — 0.2%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)^(a)		EUR	100		117,628


Cyprus — 0.2%
Bank of Cyprus PCL, 2.50%, 06/24/27 (Call 06/24/26)^(a)(b)		EUR	100		112,472


Denmark — 0.5%
DKT Finance ApS, 7.00%, 06/17/23 (Call 11/29/21)^(a)		EUR	200		235,035
TDC AS, 6.88%, 02/23/23^(a)		GBP	100		146,024

					381,059

Finland — 1.4%
Nokia OYJ
2.00%, 03/15/24 (Call 12/15/23)^(a)		EUR	100		119,485
2.00%, 03/11/26 (Call 12/11/25)^(a)		EUR	150		180,825
2.38%, 05/15/25 (Call 02/15/25)^(a)		EUR	200		243,367
Teollisuuden Voima Oyj, 1.38%, 06/23/28 (Call 03/23/28)^(a)		EUR	200		227,859
Teollisuuden Voima OYJ, 1.13%, 03/09/26 (Call 12/09/25)^(a)		EUR	200		230,854

					1,002,390

France — 11.4%
Accor SA
2.50%, 01/25/24^(a)		EUR	100		119,983
3.00%, 02/04/26 (Call 11/04/25)^(a)		EUR	200		241,997
Altice France SA/France
2.13%, 02/15/25 (Call 02/15/22)^(a)		EUR	150		168,050
3.38%, 01/15/28 (Call 09/15/22)^(a)		EUR	200		221,443


Security	Par (000)			Value
France (continued)
4.25%, 10/15/29 (Call 10/15/24)^(a)		EUR	100	$	114,463
5.88%, 02/01/27 (Call 02/01/22)^(a)		EUR	150		181,154
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/01/22)^(a)		EUR	200		230,886
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)^(a)		EUR	200		229,699
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)^(a)		EUR	200		213,466
4.50%, 03/07/24 (Call 12/07/23)^(a)		EUR	100		112,668
4.56%, 01/25/23^(a)		EUR	100		115,133
5.25%, 04/15/27 (Call 04/15/23)^(a)		EUR	100		109,518
Chrome Bidco SASU, Series OCT, 3.50%, 05/31/28 (Call 05/31/24)^(a)		EUR	100		115,590
Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)^(a)		EUR	100		115,455
Elis SA
1.00%, 04/03/25 (Call 01/03/25)^(a)		EUR	100		114,668
1.63%, 04/03/28 (Call 01/03/28)^(a)		EUR	100		114,492
1.75%, 04/11/24 (Call 01/11/24)^(a)		EUR	100		118,211
Elis Sa Co., 1.63%, 04/03/28 (Call 01/03/28)^(a)		EUR	100		114,492
Faurecia SE
2.63%, 06/15/25 (Call 11/29/21)^(a)		EUR	250		292,135
3.13%, 06/15/26 (Call 06/15/22)^(a)		EUR	100		117,678
3.75%, 06/15/28 (Call 06/15/23)^(a)		EUR	200		239,530
Iliad Holding SAS
5.13%, 10/15/26 (Call 10/15/23)^(a)		EUR	150		178,246
5.63%, 10/15/28 (Call 10/15/24)^(a)		EUR	100		119,302
Kapla Holding SAS, 3.38%, 12/15/26 (Call 12/15/22)^(a)		EUR	100		114,006
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 11/08/21)^(a)		EUR	200		227,214
Loxam SAS
2.88%, 04/15/26 (Call 04/15/22)^(a)		EUR	100		113,568
3.25%, 01/14/25 (Call 11/08/21)^(a)		EUR	100		115,541
3.50%, 05/03/23 (Call 11/08/21)^(a)		EUR	200		230,790
Orano SA
2.75%, 03/08/28 (Call 12/08/27)^(a)		EUR	100		119,047
3.13%, 03/20/23 (Call 12/20/22)^(a)		EUR	100		119,287
3.38%, 04/23/26 (Call 01/23/26)^(a)		EUR	100		124,078
4.88%, 09/23/24		EUR	100		129,043
Paprec Holding SA
3.50%, 07/01/28 (Call 07/01/24)^(a)		EUR	100		115,406
4.00%, 03/31/25 (Call 11/29/21)^(a)		EUR	100		116,943
Picard Bondco SA, 5.38%, 07/01/27 (Call 07/01/24)^(a)		EUR	100		113,972
Picard Groupe SA, 3.88%, 07/01/26 (Call 07/01/23)^(a)		EUR	100		115,855
Quatrim SASU, 5.88%, 01/15/24 (Call 11/29/21)^(a)		EUR	100		118,724
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)^(a)(b)		EUR	200		232,099
Renault SA
1.00%, 03/08/23 (Call 12/08/22)^(a)		EUR	100		116,456
1.00%, 04/18/24 (Call 01/18/24)^(a)		EUR	100		115,855
1.00%, 11/28/25 (Call 08/28/25)^(a)		EUR	100		115,076
1.13%, 10/04/27 (Call 07/04/27)^(a)		EUR	100		107,873
1.25%, 06/24/25 (Call 03/24/25)^(a)		EUR	100		114,073
2.00%, 09/28/26 (Call 06/28/26)^(a)		EUR	100		114,881
2.38%, 05/25/26 (Call 02/25/26)^(a)		EUR	200		234,395
2.50%, 04/01/28 (Call 01/01/28)^(a)		EUR	100		115,537
Rexel SA, 2.13%, 06/15/28 (Call 06/15/24)^(a)		EUR	100		116,992
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)^(a)		EUR	100		116,789
SPIE SA
2.63%, 06/18/26 (Call 12/18/25)^(a)		EUR	100		119,822
3.13%, 03/22/24 (Call 09/22/23)^(a)		EUR	100		120,720


16		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
France (continued)
Tereos Finance Groupe I SA
4.13%, 06/16/23 (Call 03/16/23)^(a)		EUR	100	$	117,339
7.50%, 10/30/25 (Call 10/30/22)^(a)		EUR	100		124,217
Valeo
0.63%, 01/11/23 (Call 10/11/22)^(a)		EUR	100		116,210
1.50%, 06/18/25 (Call 03/18/25)^(a)		EUR	200		236,551
3.25%, 01/22/24^(a)		EUR	100		123,180
Valeo SA, 1.00%, 08/03/28 (Call 05/03/28)^(a)		EUR	100		110,977

					8,140,775

Germany — 9.8%
ADLER Group SA
1.50%, 07/26/24 (Call 04/26/24)^(a)		EUR	100		106,063
1.88%, 01/14/26 (Call 10/14/25)^(a)		EUR	100		101,716
3.25%, 08/05/25 (Call 05/05/25)^(a)		EUR	100		106,778
ADLER Real Estate AG
1.88%, 04/27/23 (Call 03/27/23)^(a)		EUR	100		109,848
3.00%, 04/27/26 (Call 02/27/26)^(a)		EUR	100		108,979
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)^(a)(b)		EUR	200		230,868
3.13%, 11/12/79 (Call 08/12/27)^(a)(b)		EUR	100		117,637
3.75%, 07/01/74 (Call 07/01/24)^(a)(b)		EUR	200		241,144
Bertelsmann SE & Co. KGaA
3.00%, 04/23/75 (Call 04/23/23)^(a)(b)		EUR	100		118,898
3.50%, 04/23/75 (Call 04/23/27)^(a)(b)		EUR	100		124,631
Commerzbank AG
4.00%, 03/23/26^(a)		EUR	200		255,468
4.00%, 03/30/27^(a)		EUR	100		129,417
4.00%, 12/05/30 (Call 09/05/25)^(a)(b)		EUR	100		125,266
Deutsche Bank AG
2.75%, 02/17/25^(a)		EUR	125		152,227
4.50%, 05/19/26^(a)		EUR	200		264,469
5.63%, 05/19/31 (Call 02/19/26)^(a)(b)		EUR	200		271,273
Deutsche Lufthansa AG
0.25%, 09/06/24		EUR	50		56,212
3.00%, 05/29/26 (Call 02/28/26)^(a)		EUR	300		352,485
3.50%, 07/14/29 (Call 04/14/29)^(a)		EUR	100		116,892
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)^(a)(b)		EUR	100		115,447
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)^(a)		EUR	150		179,387
K+S AG, 2.63%, 04/06/23 (Call 01/06/23)^(a)		EUR	100		117,246
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)^(a)(b)		EUR	75		91,496
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 11/29/21)^(a)		EUR	200		227,854
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 11/08/21)^(a)		EUR	200		227,556
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)^(a)		EUR	100		118,144
2.75%, 10/12/25 (Call 07/12/25)^(a)		EUR	200		244,676
3.38%, 10/12/28 (Call 07/12/28)^(a)		EUR	100		127,737
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 11/08/21)^(a)		EUR	88		104,160
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)^(a)		EUR	150		169,879
thyssenkrupp AG
1.88%, 03/06/23 (Call 02/06/23)^(a) 2.88%, 02/22/24 (Call 11/22/23)^(a)		EUR EUR	250 300		289,582 351,763
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)^(a)		EUR	100		118,884
Vertical Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)^(a)		EUR	180		217,406
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)^(a)		EUR	200		231,586
2.50%, 10/23/27 (Call 07/23/27)^(a)		EUR	100		116,896


Security	Par (000)			Value
Germany (continued)
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)^(a)		EUR	100	$	115,514
2.25%, 05/03/28 (Call 02/03/28)^(a)		EUR	100		115,054
2.75%, 05/25/27 (Call 02/25/27)^(a)		EUR	100		118,104
3.00%, 09/21/25 (Call 06/21/25)^(a)		EUR	100		121,056
3.75%, 09/21/28 (Call 06/21/28)^(a)		EUR	100		124,745
ZF North America Capital Inc., 2.75%, 04/27/23^(a)		EUR	200		238,019

					6,972,462

Greece — 1.0%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)^(a)(b)		EUR	100		111,218
Eurobank SA, 2.00%, 05/05/27 (Call 05/05/26)^(a)(b)		EUR	100		111,533
Mytilineos SA, 2.25%, 10/30/26^(a)		EUR	100		116,327
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)^(a)(b)		EUR	100		125,828
Public Power Corp. SA
3.38%, 07/31/28 (Call 07/31/24)^(a)		EUR	100		117,477
3.88%, 03/30/26 (Call 03/30/23)^(a)		EUR	100		119,116

					701,499

Ireland — 1.2%
AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)^(a)(b)		EUR	200		235,558
2.88%, 05/30/31 (Call 05/30/26)^(a)(b)		EUR	100		121,937
Bank of Ireland Group PLC
1.38%, 08/11/31 (Call 05/11/26)^(a)(b)		EUR	100		114,144
2.38%, 10/14/29 (Call 10/14/24)^(a)(b)		EUR	100		119,363
eircom Finance DAC
1.75%, 11/01/24 (Call 11/29/21)^(a)		EUR	100		115,634
3.50%, 05/15/26 (Call 05/15/22)^(a)		EUR	100		117,293

					823,929

Israel — 1.5%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24^(a)		EUR	300		334,097
1.25%, 03/31/23 (Call 12/31/22)^(a)		EUR	200		230,074
1.63%, 10/15/28^(a)		EUR	150		155,116
3.25%, 04/15/22 (Call 01/15/22)		EUR	100		116,001
4.50%, 03/01/25 (Call 12/01/24)		EUR	200		237,623

					1,072,911

Italy — 20.3%
ADLER Group SA, 2.25%, 04/27/27 (Call 01/27/27)^(a)		EUR	100		100,176
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)^(a)(b)		EUR	100		113,737
Altice Financing SA, 2.25%, 01/15/25 (Call 01/15/22)^(a)		EUR	100		111,398
Altice France SA/France, 4.00%, 07/15/29 (Call 04/15/24)^(a)		EUR	100		112,759
Atlantia SpA
1.63%, 02/03/25^(a)		EUR	100		118,442
1.88%, 07/13/27 (Call 04/13/27)^(a)		EUR	275		329,565
1.88%, 02/12/28 (Call 11/12/27)^(a)		EUR	100		119,604
Autostrade per l’Italia SpA
1.75%, 06/26/26^(a)		EUR	100		119,494
1.75%, 02/01/27^(a)		EUR	100		119,544
1.88%, 09/26/29 (Call 06/26/29)^(a)		EUR	200		240,387
2.00%, 01/15/30 (Call 10/15/29)^(a)		EUR	400		485,380
4.38%, 09/16/25^(a)		EUR	100		131,283
Banca IFIS SpA, 2.00%, 04/24/23^(a)		EUR	100		117,177
Banca Monte dei Paschi di Siena SpA
2.63%, 04/28/25^(a)		EUR	100		116,683
3.63%, 09/24/24^(a)		EUR	300		355,604
4.00%, 07/10/22^(a)		EUR	100		116,131
5.38%, 01/18/28 (Call 01/18/23)^(a)(b)		EUR	100		83,738


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

Schedule of Investments (continued)

October 31, 2021

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Italy (continued)
10.50%, 07/23/29^(a)		EUR	100	$	104,708
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24^(a)		EUR	100		119,856
Banco BPM SpA
0.88%, 07/15/26^(a)		EUR	100		114,071
1.75%, 04/24/23^(a)		EUR	109		128,697
1.75%, 01/28/25^(a)		EUR	200		237,427
3.25%, 01/14/31 (Call 01/14/26)^(a)(b)		EUR	100		117,599
4.25%, 10/01/29 (Call 10/01/24)^(a)(b)		EUR	200		244,468
BPER Banca
1.38%, 03/31/27 (Call 03/31/26)^(a)(b)		EUR	100		115,057
1.88%, 07/07/25^(a)		EUR	100		119,181
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)^(a)		EUR	100		114,519
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)^(a)		EUR	150		173,195
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)^(a)		EUR	100		114,872
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)^(a)		EUR	150		178,117
Deutsche Lufthansa AG
2.00%, 07/14/24 (Call 06/14/24)^(a)		EUR	100		115,938
2.88%, 02/11/25 (Call 01/11/25)^(a)		EUR	200		235,461
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)^(a)		EUR	200		229,291
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)^(a)		EUR	100		111,869
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)^(a)		EUR	100		116,968
Faurecia SE, 2.38%, 06/15/27 (Call 06/15/23)^(a)		EUR	100		114,871
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)^(a)		EUR	200		233,014
Grifols SA, 2.25%, 11/15/27 (Call 11/15/22)^(a)		EUR	100		115,561
Iccrea Banca SpA, 4.13%, 11/28/29 (Call 11/28/24)^(a)(b)		EUR	100		116,657
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)^(a)		EUR	100		114,762
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)^(a)		EUR	100		115,194
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)^(a)		EUR	100		116,526
1.75%, 04/19/31 (Call 01/19/31)^(a)		EUR	100		114,388
1.88%, 07/08/26 (Call 04/08/26)^(a)		EUR	150		179,043
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)^(a)		EUR	100		115,156
Intesa Sanpaolo SpA
2.93%, 10/14/30^(a)		EUR	100		120,439
3.93%, 09/15/26^(a)		EUR	175		224,278
6.63%, 09/13/23^(a)		EUR	100		128,539
Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)^(a)		EUR	100		119,810
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)^(a)		EUR	200		224,094
Mediobanca Banca di Credito Finanziario SpA
3.75%, 06/16/26		EUR	75		94,809
5.75%, 04/18/23		EUR	50		62,276
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)^(a)(b)		EUR	200		232,736
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)^(a)		EUR	200		229,810
1.75%, 10/31/24 (Call 07/31/24)^(a)		EUR	100		117,405
2.13%, 04/30/29 (Call 01/30/29)^(a)		EUR	150		171,206
PPF Telecom Group BV, 3.50%, 05/20/24 (Call 02/20/24)^(a)		EUR	100		122,625
Rossini Sarl, 6.75%, 10/30/25 (Call 11/29/21)^(a)		EUR	100		119,482
Saipem Finance International BV
2.63%, 01/07/25^(a)		EUR	100		118,158
3.75%, 09/08/23^(a)		EUR	200		241,189
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)^(a)		EUR	100		109,778
2.38%, 10/12/27 (Call 07/12/27)^(a)		EUR	300		349,446


Security	Par (000)			Value
Italy (continued)
2.50%, 07/19/23^(a)		EUR	100	$	119,455
2.88%, 01/28/26 (Call 10/28/25)^(a)		EUR	418		505,095
3.25%, 01/16/23^(a)		EUR	150		179,096
3.63%, 01/19/24^(a)		EUR	307		375,871
3.63%, 05/25/26^(a)		EUR	100		126,246
4.00%, 04/11/24 (Call 01/11/24)^(a)		EUR	125		153,188
5.25%, 02/10/22^(a)		EUR	100		117,184
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24)		EUR	100		124,064
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)^(a)(b)		EUR	200		232,362
2.73%, 01/15/32 (Call 01/15/27)^(a)(b)		EUR	200		234,949
4.38%, 01/03/27 (Call 01/03/22)^(a)(b)		EUR	100		116,372
6.95%, 10/31/22^(a)		EUR	300		369,911
Unione di Banche Italiane SpA
4.38%, 07/12/29 (Call 07/12/24)^(a)(b)		EUR	150		187,750
5.88%, 03/04/29 (Call 03/04/24)^(a)(b)		EUR	150		192,433
Unipol Gruppo SpA
3.00%, 03/18/25^(a)		EUR	175		219,127
3.25%, 09/23/30 (Call 06/23/30)^(a)		EUR	200		265,974
Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)^(a)		EUR	100		117,728
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)^(a)(b)		EUR	200		236,677
3.00%, 08/27/80 (Call 05/27/30)^(a)(b)		EUR	250		294,135
Webuild SpA, 1.75%, 10/26/24^(a)		EUR	250		288,639
ZF Europe Finance BV, 3.00%, 10/23/29 (Call 07/23/29)^(a)		EUR	100		119,287
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)^(a)		EUR	150		170,595

					14,449,786

Japan — 2.0%
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)^(a)		EUR	175		200,308
2.88%, 01/06/27 (Call 10/06/26)^(a)		EUR	100		112,063
3.13%, 09/19/25 (Call 06/21/25)^(a)		EUR	250		289,730
3.38%, 07/06/29 (Call 04/06/29)^(a)		EUR	125		138,713
3.88%, 07/06/32 (Call 04/06/32)^(a)		EUR	100		110,628
4.00%, 04/20/23 (Call 01/20/23)^(a)		EUR	100		118,293
4.00%, 09/19/29 (Call 06/21/29)^(a)		EUR	100		115,533
5.00%, 04/15/28 (Call 01/16/28)^(a)		EUR	250		304,853

					1,390,121

Luxembourg — 3.8%
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)^(a)		EUR	100		116,069
Altice Financing SA
3.00%, 01/15/28 (Call 01/15/23)^(a)		EUR	200		219,127
4.25%, 08/15/29 (Call 08/15/24)^(a)		EUR	100		113,371
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)^(a)		EUR	100		109,841
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)^(a)		EUR	100		107,904
8.00%, 05/15/27 (Call 05/15/22)^(a)		EUR	200		245,158
Garfunkelux Holdco 3 SA
6.75%, 11/01/25 (Call 11/01/22)^(a)		EUR	100		119,748
7.75%, 11/01/25 (Call 11/01/22)^(a)		GBP	100		141,759
INEOS Finance PLC
2.13%, 11/15/25 (Call 11/08/21)^(a)		EUR	100		114,615
2.88%, 05/01/26 (Call 05/01/22)^(a)		EUR	300		350,059
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)^(a)		EUR	200		228,461
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)^(a)		EUR	100		118,394
PLT VII Finance Sarl, 4.63%, 01/05/26 (Call 07/15/22)^(a)		EUR	100		117,612


18		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Luxembourg (continued)
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)^(a)		EUR	100	$	120,808
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)^(a)		EUR	90		112,624
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)^(a)		EUR	150		180,766
Vivion Investments Sarl
3.00%, 08/08/24^(a)		EUR	100		110,619
3.50%, 11/01/25^(a)		EUR	100		111,110

					2,738,045

Netherlands — 2.7%
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 11/29/21)^(a)		EUR	200		232,284
OCI NV, 3.13%, 11/01/24 (Call 11/29/21)^(a)		EUR	200		234,206
PPF Telecom Group BV
2.13%, 01/31/25 (Call 10/31/24)^(a)		EUR	200		237,119
3.25%, 09/29/27 (Call 06/29/27)^(a)		EUR	100		124,816
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)^(a)		EUR	100		109,425
Sigma Holdco BV, 5.75%, 05/15/26 (Call 11/08/21)^(a)		EUR	100		106,760
SNS Bank NV, 6.25%, 10/26/20^(e)		EUR	50		—
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)^(a)		EUR	100		116,022
United Group BV
3.13%, 02/15/26 (Call 02/15/22)^(a)		EUR	100		111,112
3.63%, 02/15/28 (Call 02/15/23)^(a)		EUR	200		221,615
4.63%, 08/15/28 (Call 08/15/24)^(a)		EUR	100		114,458
4.88%, 07/01/24 (Call 11/29/21)^(a)		EUR	100		116,781
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)^(a)		EUR	100		117,510
Ziggo BV, 4.25%, 01/15/27 (Call 01/15/22)^(a)		EUR	80		94,565

					1,936,673

Norway — 0.3%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)^(a)		EUR	200		235,181


Portugal — 1.8%
Banco Comercial Portugues SA
1.13%, 02/12/27 (Call 02/12/26)^(a)(b)		EUR	100		111,884
4.50%, 12/07/27 (Call 12/07/22)^(a)(b)		EUR	100		118,795
Banco Commercial Portugues, 1.75%, 04/07/28 (Call 04/07/27)^(a)(b)		EUR	100		112,675
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)^(a)(b)		EUR	200		250,058
EDP - Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25)^(a)(b)		EUR	100		115,783
1.88%, 08/02/81 (Call 05/02/26)^(a)(b)		EUR	100		115,796
4.50%, 04/30/79 (Call 01/30/24)^(a)(b)		EUR	200		249,008
Energias De Portugal SA, 1.50%, 03/14/82 (Call 12/14/26)^(a)(b)		EUR	100		112,830
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)^(a)(b)		EUR	100		118,013

					1,304,842

Spain — 7.0%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)^(a)(b)		EUR	100		124,763
Banco de Sabadell SA
0.88%, 06/16/28 (Call 06/16/27)^(a)(b)		EUR	100		111,850
1.13%, 03/27/25^(a)		EUR	200		232,909
1.75%, 05/10/24^(a)		EUR	100		118,757
2.50%, 04/15/31 (Call 01/15/26)^(a)(b)		EUR	100		115,520
5.38%, 12/12/28 (Call 12/12/23)^(a)(b)		EUR	100		126,011
5.63%, 05/06/26^(a)		EUR	100		134,565
Banco do Brasil SA/Cayman
1.75%, 03/09/28 (Call 03/09/27)^(a)(b)		EUR	100		113,254
5.25%, 11/27/31 (Call 05/27/26)^(a)(b)		EUR	100		121,597


Security	Par (000)			Value
Spain (continued)
Cellenex Finance Co.
1.00%, 09/15/27 (Call 06/15/27)^(a)		EUR	100	$	111,781
2.00%, 09/15/32 (Call 06/15/32)^(a)		EUR	200		221,785
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)^(a)		EUR	100		113,121
1.25%, 01/15/29 (Call 10/15/28)^(a)		EUR	200		221,225
1.50%, 06/08/28 (Call 03/08/28)^(a)		EUR	100		113,638
2.00%, 02/15/33 (Call 11/15/32)^(a)		EUR	300		329,936
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)^(a)		EUR	100		112,742
1.88%, 06/26/29 (Call 03/26/29)		EUR	100		115,006
2.38%, 01/16/24 (Call 10/16/23)^(a)		EUR	100		120,361
2.88%, 04/18/25 (Call 01/18/25)^(a)		EUR	100		123,450
Cirsa Finance International, 4.50%, 03/15/27 (Call 09/15/23)^(a)		EUR	100		113,864
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 11/08/21)^(a)		EUR	85		99,351
ContourGlobal Power Holdings SA
2.75%, 01/01/26 (Call 01/01/23)^(a)		EUR	100		114,491
4.13%, 08/01/25 (Call 11/29/21)^(a)		EUR	100		117,136
El Corte Ingles SA
3.00%, 03/15/24 (Call 11/08/21)^(a)		EUR	100		116,165
3.63%, 03/15/24 (Call 03/15/22)^(a)		EUR	100		118,796
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)^(a)		EUR	250		289,300
Grifols SA
1.63%, 02/15/25 (Call 02/15/22)^(a)		EUR	150		172,804
3.20%, 05/01/25 (Call 11/29/21)^(a)		EUR	200		231,371
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)^(a)(b)		EUR	100		116,420
Lorca Telecom Bondco, 4.00%, 09/18/27 (Call 09/30/23)^(a)		EUR	200		232,446
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)^(a)		EUR	100		116,264
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)^(a)(b)		EUR	175		218,156
Unicaja Banco SA, 2.88%, 11/13/29 (Call 11/13/24)^(a)(b)		EUR	100		118,355

					4,957,190

Sweden — 3.3%
Akelius Residential Property AB
2.25%, 05/17/81 (Call 02/17/26)^(a)(b)		EUR	100		113,641
3.88%, 10/05/78 (Call 07/08/23)^(a)(b)		EUR	100		120,924
Dometic Group AB
2.00%, 09/29/28 (Call 06/29/28)^(a)		EUR	100		113,227
3.00%, 09/13/23 (Call 08/13/23)^(a)		EUR	100		120,371
Fastighets AB Balder
2.87%, 06/02/81 (Call 03/02/26)^(a)(b)		EUR	100		110,475
3.00%, 03/07/78 (Call 03/07/23)^(a)(b)		EUR	100		115,885
Intrum AB
3.00%, 09/15/27 (Call 09/15/22)^(a)		EUR	100		111,788
3.13%, 07/15/24 (Call 11/29/21)^(a)		EUR	100		115,627
3.50%, 07/15/26 (Call 07/15/22)^(a)		EUR	175		201,734
4.88%, 08/15/25 (Call 08/15/22)^(a)		EUR	200		238,875
Verisure Holding AB
3.25%, 02/15/27 (Call 02/15/23)^(a)		EUR	150		172,818
3.50%, 05/15/23 (Call 11/08/21)^(a)		EUR	100		116,314
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)^(a)		EUR	300		351,418
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)^(a)		EUR	200		239,407
2.13%, 04/02/24 (Call 01/02/24)^(a)		EUR	100		119,257

					2,361,761

Switzerland — 0.5%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/23)^(a)		EUR	100		108,940
2.50%, 10/15/24 (Call 11/29/21)^(a)		EUR	100		113,737


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

Schedule of Investments (continued)

October 31, 2021

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Switzerland (continued)
3.38%, 04/15/28 (Call 04/15/24)^(a)		EUR	100	$	113,542

					336,219

United Kingdom — 10.8%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 11/29/21)^(a)		GBP	150		208,384
BCP Modular Services, 4.75%, 11/30/28 (Call 11/30/24)^(a)		EUR	200		230,786
BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 (Call 11/30/24)^(a)		GBP	100		136,725
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)^(a)		GBP	300		392,764
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)^(a)		GBP	200		258,217
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)^(a)(b)		EUR	100		109,377
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)^(a)		EUR	100		113,417
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)^(a)		GBP	100		135,950
eG Global Finance PLC, 4.38%, 02/07/25 (Call 11/29/21)^(a)		EUR	225		256,233
GKN Holdings Ltd., 4.63%, 05/12/32^(a)		GBP	100		146,452
Heathrow Finance PLC
4.38%, 03/01/27^(a)(g)		GBP	100		138,354
4.75%, 03/01/24 (Call 12/01/23)^(a)(g)		GBP	100		142,095
Iceland Bondco PLC, 4.38%, 05/15/28 (Call 02/15/24)^(a)		GBP	100		119,209
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)^(a)		EUR	200		224,774
International Consolidated Airlines Group SA
1.50%, 07/04/27 (Call 04/04/27)^(a)		EUR	100		105,010
3.75%, 03/25/29 (Call 12/25/28)^(a)		EUR	100		114,685
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24^(a)		EUR	100		113,569
3.88%, 03/01/23^(a)		GBP	100		137,577
4.50%, 01/15/26 (Call 10/15/25)^(a)		EUR	150		176,116
4.50%, 07/15/28 (Call 07/15/24)^(a)		EUR	100		114,833
5.88%, 11/15/24 (Call 08/15/24)^(a)		EUR	100		123,521
Jerrold Finco PLC, 5.25%, 01/15/27 (Call 01/15/23)^(a)		GBP	100		139,324
Marks & Spencer PLC
3.75%, 05/19/26 (Call 02/19/26)^(a)		GBP	100		140,848
6.00%, 06/12/25^(a)		GBP	100		150,453
Modulaire Global Finance PLC, 6.50%, 02/15/23 (Call 11/08/21)^(a)		EUR	100		117,341
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)^(a)		EUR	100		120,652
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)^(a)(b)		EUR	100		116,305
2.13%, 09/05/82 (Call 06/05/27)^(a)(b)		EUR	100		116,094
5.63%, 06/18/73 (Call 06/18/25)^(a)(b)		GBP	200		297,305
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 11/29/21)^(a)		GBP	100		136,979
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 01/15/22)^(a)		EUR	100		117,530
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)^(a)		EUR	100		114,822
1.63%, 05/09/28 (Call 02/09/28)^(a)		EUR	100		111,369
4.63%, 02/16/26 (Call 11/16/25)^(a)		EUR	100		128,344
5.75%, 10/15/27 (Call 07/15/27)^(a)		GBP	100		152,108
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)^(a)		GBP	200		283,664
Thames Water Utilities Finance PLC, 2.88%, 05/03/27^(a)		GBP	200		278,923
Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)^(a)		EUR	100		114,664
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)^(a)		GBP	100		135,565
4.25%, 01/15/30 (Call 10/15/24)^(a)		GBP	100		136,125
5.00%, 04/15/27 (Call 04/15/22)^(a)		GBP	200		282,164
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)^(a)		EUR	100		115,776
4.00%, 01/31/29 (Call 01/31/24)^(a)		GBP	100		135,050


Security	Par (000)			Value
United Kingdom (continued)
4.50%, 07/15/31 (Call 07/15/26)^(a)		GBP	200	$	274,477
Vodafone Group PLC
3.10%, 01/03/79 (Call 10/03/23)^(a)(b)		EUR	300		358,112
4.88%, 10/03/78 (Call 07/03/25)^(a)(b)		GBP	100		144,504

					7,716,546

United States — 15.0%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)^(a)		EUR	175		204,576
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
3.63%, 06/01/28 (Call 06/01/24)^(a)		EUR	100		113,259
4.88%, 06/01/28 (Call 06/01/24)^(a)		GBP	100		133,485
Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)^(a)(b)		EUR	100		117,644
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28 (Call 05/15/24)^(a)		EUR	100		114,079
3.00%, 09/01/29 (Call 05/15/24)^(a)		EUR	100		113,138
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)^(a)		EUR	200		227,938
4.75%, 07/15/27 (Call 07/15/22)^(a)		GBP	100		138,227
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)^(a)		EUR	100		118,532
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/22)^(a)		EUR	200		236,186
Avis Budget Finance PLC
4.13%, 11/15/24 (Call 11/29/21)^(a)		EUR	100		116,719
4.75%, 01/30/26 (Call 11/29/21)^(a)		EUR	100		117,234
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 11/08/21)^(a)		EUR	100		116,759
Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)		EUR	100		115,697
1.50%, 03/15/27 (Call 12/15/26)		EUR	100		117,224
4.38%, 12/15/23		EUR	100		124,932
Banff Merger Sub Inc., 8.38%, 09/01/26 (Call 11/08/21)^(a)		EUR	100		120,172
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)^(a)		EUR	250		298,860
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)^(a)		EUR	100		120,976
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)		EUR	100		90,104
Chemours Co. (The), 4.00%, 05/15/26 (Call 11/29/21)		EUR	100		116,562
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/22)^(a)		EUR	125		148,022
Cogent Communications Group Inc., 4.38%, 06/30/24 (Call 11/08/21)^(a)		EUR	100		117,753
Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)^(a)		EUR	100		113,463
Coty Inc.
3.88%, 04/15/26 (Call 04/15/23)^(a)		EUR	100		117,592
4.75%, 04/15/26 (Call 11/29/21)^(a)		EUR	100		115,247
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/15/23)^(a)		EUR	100		115,631
2.25%, 02/01/23 (Call 11/01/22)^(a)		EUR	100		117,388
2.63%, 09/30/24 (Call 03/31/24)^(a)		EUR	125		149,748
2.88%, 02/01/26 (Call 08/01/25)^(a)		EUR	100		122,008
Darling Global Finance BV, 3.63%, 05/15/26 (Call 11/08/21)^(a)		EUR	100		117,272
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)^(a)		GBP	100		141,256
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)		CAD	100		78,844
Ford Credit Canada Co.
3.50%, 11/30/23		CAD	100		81,620
3.74%, 05/08/23		CAD	75		61,602
4.46%, 11/13/24		CAD	100		83,761
Ford Motor Credit Co. LLC
1.36%, 02/07/25		EUR	100		115,427
1.51%, 02/17/23		EUR	100		116,790
1.74%, 07/19/24		EUR	100		117,430


20		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® International High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
2.33%, 11/25/25	EUR		100	$	119,273
2.39%, 02/17/26	EUR		225		268,748
2.75%, 06/14/24	GBP		200		274,051
3.02%, 03/06/24	EUR		100		120,224
3.25%, 09/15/25	EUR		100		123,283
Goodyear Europe BV Co., 2.75%, 08/15/28 (Call 08/15/24)^(a)	EUR		100		116,457
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)^(a)	EUR		100		121,550
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)^(a)	EUR		225		273,036
3.50%, 06/15/26 (Call 06/15/22)^(a)	EUR		150		177,431
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)^(a)	EUR		100		115,869
2.25%, 01/15/28 (Call 07/15/22)^(a)	EUR		150		172,808
2.25%, 03/15/29 (Call 03/15/24)^(a)	EUR		200		228,623
2.88%, 09/15/25 (Call 11/08/21)^(a)	EUR		100		116,245
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/08/21)^(a)	GBP		100		137,535
Kraft Heinz Foods Co.
2.00%, 06/30/23 (Call 03/30/23)^(a)	EUR		200		237,372
2.25%, 05/25/28 (Call 02/25/28)^(a)	EUR		200		247,879
4.13%, 07/01/27 (Call 04/01/27)^(a)	GBP		100		150,893
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)	EUR		100		117,934
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)^(a)(b)	EUR		100		119,445
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 11/29/21)^(a)	EUR		100		114,360
MPT Operating Partnership LP/MPT Finance Corp.
0.99%, 10/15/26 (Call 09/15/26)	EUR		100		114,461
2.50%, 03/24/26 (Call 02/24/26)	GBP		100		137,966
3.33%, 03/24/25 (Call 12/24/24)	EUR		100		124,592
3.38%, 04/24/30 (Call 01/24/30)	GBP		100		140,869
3.69%, 06/05/28 (Call 04/06/28)	GBP		100		144,750
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)^(a)	EUR		100		117,742
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)^(a)	EUR		200		236,113
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 (Call 04/30/24)^(a)	EUR		200		233,102
Playtech PLC, 3.75%, 10/12/23 (Call 11/29/21)^(a)	EUR		100		116,803
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)^(a)	EUR		100		118,065
Scientific Games International Inc., 5.50%, 02/15/26 (Call 11/29/21)^(a)	EUR		100		119,274
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)^(a)	EUR		100		122,585
Silgan Holdings Inc.
2.25%, 06/01/28 (Call 03/01/23)	EUR		100		115,573
3.25%, 03/15/25 (Call 11/29/21)	EUR		100		116,153
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 11/29/21)^(a)	EUR		100		117,256


Security		Par/ Shares (000)			Value

United States (continued)
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)^(a)	EUR 100				$	111,789
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)^(a)	EUR 100					115,107


						10,658,373


Total Corporate Bonds & Notes — 97.9% (Cost: $69,738,973)						69,674,014


Common Stocks

South Africa — 0.0%
Sentry Holdings Ltd.Class A			0	^(h)		—


Total Common Stocks — 0.0% (Cost: $159,437)						—


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(i)(j)			20			20,000


Total Short-Term Investments — 0.0% (Cost: $20,000)						20,000


Total Investments in Securities — 97.9% (Cost: $69,918,410)						69,694,014

Other Assets, Less Liabilities — 2.1%						1,466,531


Net Assets — 100.0%					$	71,160,545

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

^(b)	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.

^(c)	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.

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

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

^(f)	Non-income producing security.

^(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)	Rounds to less than 1,000.

⁽ⁱ⁾	Affiliate of the Fund.

^(j)	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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 10/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	40,000	$	—		$(20,000	)^(a)	$	—	$	—	$	20,000		20	$	5	$	—

^(a)

Represents net amount purchased (sold).


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (continued)

October 31, 2021

iShares^® International High Yield Bond ETF

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	69,674,014	$	—	$	69,674,014
Common Stocks		—		—		—		—
Money Market Funds		20,000		—		—		20,000

	$	20,000	$	69,674,014	$	—	$	69,694,014

See notes to financial statements.


22		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes^(a)

Argentina — 1.3%
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 11/08/21)^(b)	$	300	$	170,588
Arcor SAIC, 6.00%, 07/06/23 (Call 12/13/21)^(b)		525		509,631
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)^(b)		400		412,200
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)^(c)		200		187,760
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)^(b)		650		527,637
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)^(b)		600		530,925
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)^(b)(d)(e)		266		70,487
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)^(b)		450		418,866
YPF SA
6.95%, 07/21/27^(b)		660		475,736
7.00%, 12/15/47 (Call 06/15/47)^(b)		500		323,750
8.50%, 07/28/25^(b)		1,045		837,502
8.75%, 04/04/24^(b)		730		658,369
YPF Sociedad Anonima
1.50%, 09/30/33 (Call 03/30/33)^(b)(f)		550		305,250
2.50%, 06/30/29 (Call 12/30/28)^(b)(f)		725		483,620
4.00%, 02/12/26 (Call 11/12/25)^(b)(f)		700		602,350

				6,514,671

Azerbaijan — 0.2%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24^(b)		850		855,791


Bahrain — 0.3%
AUB Sukuk Ltd., 2.62%, 09/09/26^(b)		400		398,400
BBK BSC, 5.50%, 07/09/24^(b)		400		407,950
GFH Sukuk Ltd., 7.50%, 01/28/25^(b)		600		621,488

				1,427,838

Brazil — 5.4%
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)^(b)		150		155,419
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)^(b)		200		200,163
Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24)^(b)		150		159,075
Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)^(g)		200		185,413
B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)^(b)(c)		200		185,850
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25^(b)		400		404,000
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)^(b)		200		192,563
4.50%, 01/10/25 (Call 12/10/24)^(b)(c)		200		204,100
Banco do Brasil SA/Cayman
4.63%, 01/15/25^(b)		400		419,700
4.75%, 03/20/24^(b)		400		419,825
4.88%, 04/19/23^(b)		200		208,600
6.25%, (Call 04/15/24)^(b)(h)(i)		400		393,150
9.00%, (Call 06/18/24)^(b)(c)(h)(i)		400		433,200
9.25%, 10/29/49 (Call 04/15/23)^(b)(h)(i)		200		211,662
Banco Votorantim SA, 4.38%, 07/29/25^(b)		200		203,063
Braskem Finance Ltd., 6.45%, 02/03/24^(c)		200		218,537
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)^(b)		400		409,450
4.50%, 01/31/30^(b)		400		405,825
5.88%, 01/31/50^(b)		200		212,850
8.50%, 01/23/81 (Call 10/24/25)^(b)(i)		200		223,287
BRF SA
4.88%, 01/24/30 (Call 10/24/29)^(b)		200		198,452
5.75%, 09/21/50 (Call 03/21/50)^(b)		200		186,538


Security	Par (000)		Value

Brazil (continued)
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)^(b)	$	200	$	222,912
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30^(b)		400		390,700
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)^(b)		200		207,600
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)^(b)		200		209,038
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)^(b)		400		424,300
CSN Resources SA
4.63%, 06/10/31 (Call 06/10/26)^(b)		200		196,200
7.63%, 04/17/26 (Call 04/17/22)^(b)		200		210,600
Embraer Netherlands Finance BV
5.05%, 06/15/25		227		235,413
5.40%, 02/01/27		250		260,875
Fibria Overseas Finance Ltd., 5.50%, 01/17/27^(c)		200		223,260
FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)^(b)		200		219,875
Gerdau Trade Inc., 4.88%, 10/24/27^(b)		200		217,750
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30^(b)		200		193,000
Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/22)^(b)		150		135,591
GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)^(b)		200		265,537
Guara Norte Sarl, 5.20%, 06/15/34^(b)		196		192,566
Hidrovias International Finance SARL, 4.95%, 02/08/31 (Call 02/08/26)^(b)		200		187,725
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/29/21)^(b)		200		185,750
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25^(b)(c)		200		202,100
4.50%, 11/21/29 (Call 11/21/24)^(b)(c)(i)		400		398,325
4.63%, (Call 02/27/25)^(b)(h)(i)		200		187,163
5.13%, 05/13/23^(b)(c)		200		209,040
6.13%, (Call 12/12/22)^(b)(h)(i)		200		198,100
6.50%, (Call 03/19/23)^(b)(c)(h)(i)		200		199,913
JBS Finance Luxembourg Co., 3.63%, 01/15/32 (Call 01/15/27)^(b)		200		197,000
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 (Call 01/15/27)^(g)		200		197,000
JBS USA Food Co.
5.75%, 01/15/28 (Call 07/15/22)^(b)		200		207,750
7.00%, 01/15/26 (Call 01/15/22)^(b)		200		208,400
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.75%, 12/01/31 (Call 12/01/26)^(b)		100		102,375
JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)^(b)		200		190,225
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)^(b)		200		183,250
5.75%, 04/03/29 (Call 01/03/29)^(b)		200		216,560
7.00%, 04/03/49 (Call 10/03/48)^(b)		200		230,000
Light Servicos Energia Co., 4.38%, 06/18/26 (Call 06/18/24)^(b)		200		195,163
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)^(b)		400		378,500
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(g)		400		389,500
Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)^(b)		400		378,900
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)^(b)		200		188,500
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)^(b)		200		197,960
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)^(b)		200		217,600
7.00%, 05/14/26 (Call 05/14/22)^(b)		200		211,450
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)^(b)(c)		600		636,675
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 11/29/21)^(b)(j)		267		148,743
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/29/21)^(b)(k)		400		1,000
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)^(b)(c)(j)		283		68,614


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Brazil (continued)
OI Movel SA, 8.75%, 07/30/26 (Call 07/30/24)^(b)	$	200	$	206,100
Oi SA, 10.00%, (12.00% PIK), 07/27/25^(c)(j)		400		359,700
Petrobras Global Finance BV
5.09%, 01/15/30^(c)		450		458,212
5.30%, 01/27/25		250		271,094
5.50%, 06/10/51 (Call 12/10/50)^(c)		250		218,817
5.60%, 01/03/31 (Call 10/03/30)		600		626,100
5.75%, 02/01/29		250		270,031
6.00%, 01/27/28		400		435,000
6.75%, 01/27/41^(c)		300		321,056
6.75%, 06/03/50 (Call 12/03/49)		250		256,156
6.85%, 06/05/2115^(c)		450		436,444
6.88%, 01/20/40^(c)		248		269,669
6.90%, 03/19/49^(c)		300		314,506
7.25%, 03/17/44		300		327,056
7.38%, 01/17/27^(c)		350		410,375
8.75%, 05/23/26^(c)		100		122,850
Petrorio Luxembourg SARL, 6.13%, 06/09/26 (Call 06/09/24)^(b)		200		200,750
Raizen Fuels Finance SA, 5.30%, 01/20/27^(b)(c)		200		219,100
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)^(b)		400		410,575
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)^(b)		200		206,038
Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)^(b)		200		192,000
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)^(b)		200		225,412
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)^(b)		200		178,350
Suzano Austria GmbH
3.13%, 01/15/32 (Call 10/15/31)		350		329,875
3.75%, 01/15/31 (Call 10/15/30)		500		498,750
5.00%, 01/15/30 (Call 10/15/29)		400		428,120
6.00%, 01/15/29 (Call 10/15/28)		400		457,120
7.00%, 03/16/47 (Call 09/16/46)^(b)		200		250,460
Ultrapar International SA
5.25%, 10/06/26^(b)		200		212,975
5.25%, 06/06/29^(b)(c)		200		206,225
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)^(b)		200		212,600
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)^(b)		200		209,600
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		400		408,000
6.25%, 08/10/26		400		464,325
6.88%, 11/21/36		400		521,500
6.88%, 11/10/39^(c)		250		329,734
Vale SA, 5.63%, 09/11/42^(c)		200		237,280
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)^(b)		200		190,975


				28,042,150

Burkina Faso — 0.1%
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)^(g)		400		402,980


Chile — 4.1%
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24)^(b)(i)		600		625,800
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)^(g)		1,000		973,350
Antofagasta PLC, 2.38%, 10/14/30 (Call 07/14/30)^(b)		400		376,075
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (Call 07/14/31)^(g)		200		195,800
3.50%, 10/12/27^(b)(c)		800		849,400
4.00%, 02/11/23^(b)		200		207,413
Banco Santander Chile
2.70%, 01/10/25 (Call 12/10/24)^(b)(c)		600		616,260
3.18%, 10/26/31 (Call 07/28/31)^(g)		400		399,800


Security	Par (000)		Value

Chile (continued)
Celulosa Arauco y Constitucion SA
4.20%, 01/29/30 (Call 10/29/29)^(b)(c)	$	400	$	423,880
4.25%, 04/30/29 (Call 01/30/29)^(b)		600		636,187
4.50%, 08/01/24 (Call 05/01/24)		400		425,575
5.15%, 01/29/50 (Call 07/29/49)^(b)		400		444,130
5.50%, 04/30/49 (Call 10/30/48)^(b)		400		458,500
Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)^(b)		1,200		1,271,550
5.15%, 02/12/25 (Call 11/12/24)^(b)(c)		200		217,663
Colbun SA
3.15%, 03/06/30 (Call 12/06/29)^(b)		600		602,175
3.15%, 01/19/32 (Call 10/19/31)^(g)		400		394,000
3.95%, 10/11/27 (Call 07/11/27)^(b)		400		426,200
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)^(b)(c)		400		250,375
Empresa Nacional de Telecomunicaciones SA
3.05%, 09/14/32 (Call 06/14/32)^(g)		600		582,937
4.75%, 08/01/26 (Call 05/03/26)^(b)		600		648,000
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)^(c)		500		532,662
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		800		899,200
EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)^(b)		800		767,008
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)^(b)		400		399,700
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)^(g)		600		594,000
GNL Quintero SA, 4.63%, 07/31/29^(b)		941		1,007,790
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)^(g)		1,000		1,049,800
Inversiones CMPC SA
3.00%, 04/06/31 (Call 01/06/31)^(b)		400		388,250
3.85%, 01/13/30 (Call 10/13/29)^(b)		400		413,250
4.38%, 04/04/27^(b)		600		650,550
4.75%, 09/15/24 (Call 06/15/24)^(b)		400		427,188
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)^(b)(c)		400		412,700
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/29/21)^(b)		400		418,000
NagaCorp Ltd., 7.95%, 07/06/24 (Call 07/06/22)^(b)		400		399,575
Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)^(c)(g)		600		583,209
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)^(b)(c)		400		415,575
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)^(b)		600		638,250


				21,021,777

China — 7.5%
Agile Group Holdings Ltd., 8.38%, (Call 12/04/23)^(b)(h)(i)		200		116,000
Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24^(b)		200		198,176
Agricultural Bank of China Ltd./New York, 0.85%, 01/19/24^(b)		200		199,094
Alibaba Group Holding Ltd.
2.13%, 02/09/31 (Call 11/09/30)^(c)		200		191,748
2.70%, 02/09/41 (Call 08/09/40)		200		185,404
3.25%, 02/09/61 (Call 08/09/60)^(c)		400		380,320
3.40%, 12/06/27 (Call 09/06/27)		500		529,740
3.60%, 11/28/24 (Call 08/28/24)^(c)		400		425,200
4.00%, 12/06/37 (Call 06/06/37)		200		216,037
4.20%, 12/06/47 (Call 06/06/47)		400		443,662
Amipeace Ltd., 2.50%, 12/05/24^(b)		600		620,394
Baidu Inc.
2.38%, 08/23/31 (Call 05/23/31)^(c)		200		190,500
3.08%, 04/07/25 (Call 03/07/25)		400		415,352
4.13%, 06/30/25		200		216,037
Bank of China Ltd., 5.00%, 11/13/24^(b)		400		437,620


24		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

China (continued)
Bank of China Ltd./Hong Kong
0.96%, 03/08/23, (3 mo. LIBOR US + 0.850%)^(b)(i)	$	200	$	200,848
3.88%, 06/30/25^(b)		200		215,473
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)^(b)(h)(i)		600		621,937
Bank of Communications Co. Ltd./Hong Kong, 0.97%, 05/17/23, (3 mo. LIBOR US + 0.85%)^(b)(i)		200		200,788
Bluestar Finance Holdings Ltd., 3.88%, (Call 06/24/23)^(b)(h)(i)		200		202,160
Bocom International Blossom Ltd.Co., 1.75%, 06/28/26^(b)		200		197,028
Bocom Leasing Management Hong Kong Co. Ltd., 1.19%, 12/10/24, (3 mo. LIBOR US + 1.075%)^(b)(i)		400		398,700
CCBL Cayman 1 Corp. Ltd., 1.99%, 07/21/25^(b)		200		199,620
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)^(b)(h)(i)		200		202,563
CDBL Funding 2, 2.00%, 03/04/26^(b)		200		198,150
Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)^(b)		200		186,600
Chalco HK Investment Co., 2.10%, 07/28/26 (Call 06/28/26)^(b)		200		196,122
China Cinda 2020 I Management Ltd.
2.50%, 03/18/25 (Call 02/18/25)^(b)		200		198,538
3.00%, 01/20/31 (Call 10/20/30)^(b)		200		192,225
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25^(b)		600		631,237
China Cinda Finance 2017 I Ltd.
3.88%, 02/08/23^(b)		200		204,596
4.75%, 02/21/29^(b)		200		219,100
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)^(b)(i)		600		634,452
China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25^(b)		400		394,532
China Everbright Bank Co. Ltd./Hong Kong, 0.93%, 03/11/24^(b)		200		198,848
China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24^(b)		200		198,048
China Evergrande Group
7.50%, 06/28/23 (Call 11/29/21)^(b)(d)(e)		400		96,752
8.75%, 06/28/25 (Call 11/29/21)^(b)(d)(e)		400		96,000
10.50%, 04/11/24 (Call 04/11/22)^(b)(d)(e)		200		49,500
China Great Wall International Holdings V Ltd., 2.38%, 08/18/30^(b)		200		184,100
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)^(b)		200		198,874
China Minsheng Banking Corp. Ltd./Hong Kong, 1.17%, 03/09/23, (3 mo. LIBOR US + 1.050%)^(b)(i)		200		200,013
China Overseas Finance Cayman VI Ltd.
5.95%, 05/08/24^(b)		400		440,200
6.45%, 06/11/34^(b)		200		261,850
China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/23^(b)		200		207,408
China Overseas Finance Cayman VIII Ltd., 2.75%, 03/02/30^(b)		200		196,913
China Resources Land Ltd.
3.75%, (Call 12/09/24)^(b)(h)(i)		200		205,312
4.13%, 02/26/29^(b)		200		215,975
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 04/09/22)^(b)		200		173,500
China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)^(b)(h)(i)		200		200,725
CICC Hong Kong Finance 2016 MTN Ltd., 1.63%, 01/26/24^(b)		400		398,496
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)^(b)		400		387,125


Security	Par (000)		Value

China (continued)
CITIC Ltd.
2.85%, 02/25/30^(b)	$	200	$	203,100
3.88%, 02/28/27^(b)		200		214,100
CMB International Leasing Management Ltd., 1.88%, 08/12/25^(b)		400		394,450
CMHI Finance BVI Co. Ltd.
3.50%, (Call 10/09/23)^(b)(h)(i)		200		203,913
4.38%, 08/06/23^(b)		200		209,606
CNOOC Finance 2013 Ltd.
2.88%, 09/30/29 (Call 06/30/29)^(c)		200		205,162
3.00%, 05/09/23		200		205,412
CNOOC Finance 2014 ULC, 4.25%, 04/30/24		600		642,675
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25^(c)		200		211,100
4.38%, 05/02/28		200		223,162
CNOOC Petroleum North America ULC
5.88%, 03/10/35		100		123,394
6.40%, 05/15/37		375		499,172
7.50%, 07/30/39		250		374,012
CNPC General Capital Ltd., 3.40%, 04/16/23^(b)		200		206,975
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)^(b)		400		399,380
COSL Singapore Capital Ltd., 4.50%, 07/30/25^(b)		200		215,422
Country Garden Holdings Co. Ltd.
3.13%, 10/22/25 (Call 09/22/25)^(b)		200		185,500
3.30%, 01/12/31 (Call 10/12/30)^(b)		200		180,000
4.20%, 02/06/26 (Call 02/06/24)^(b)		400		378,000
5.40%, 05/27/25 (Call 05/27/23)^(b)		200		196,500
7.25%, 04/08/26 (Call 04/08/23)^(b)		400		409,000
CRCC Yuxiang Ltd., 3.50%, 05/16/23^(b)		200		206,224
CSCIF Asia Ltd., 1.13%, 06/10/24^(b)		200		199,063
Easy Tactic Ltd., 5.88%, 02/13/23 (Call 11/29/21)^(b)		200		118,000
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)^(b)		200		197,834
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)^(b)		200		196,975
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)^(b)		200		199,500
Franshion Brilliant Ltd.
4.00%, (Call 01/03/23)^(b)(h)(i)		200		195,913
6.00%, (Call 02/08/26)^(b)(h)(i)		200		200,063
GLP China Holdings Ltd., 2.95%, 03/29/26^(b)		200		198,472
Haidilao International Holding Ltd., 2.15%, 01/14/26^(b)		200		190,024
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27^(b)		200		189,563
4.50%, (Call 01/24/22)^(b)(h)(i)		200		195,500
4.75%, 04/27/27^(b)		400		390,125
Huarong Finance 2019 Co. Ltd.
3.38%, 02/24/30 (Call 11/28/29)^(b)		200		177,563
3.75%, 05/29/24^(b)		400		387,752
4.50%, 05/29/29^(b)		200		190,063
Huarong Finance II Co. Ltd., 5.50%, 01/16/25^(b)		400		402,125
ICBCIL Finance Co. Ltd., 3.75%, 03/05/24^(b)		400		420,200
Industrial & Commercial Bank of China Ltd./London, 0.97%, 10/25/23, (3 mo. LIBOR US + 0.850%)^(b)(i)		400		402,708
Industrial & Commercial Bank of China Ltd./Singapore
0.95%, 04/25/24, (3 mo. LIBOR US + 0.830%)^(b)(i)		600		604,482
1.20%, 09/09/25^(b)		200		196,532
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)^(b)(i)		600		616,987
Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24^(b)		400		396,580
Inventive Global Investments Ltd., 1.65%, 09/03/25^(b)		200		197,250


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
China (continued)
JD.com Inc., 3.88%, 04/29/26	$	200	$	214,412
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)^(b)		400		397,556
Kaisa Group Holdings Ltd.
9.38%, 06/30/24 (Call 11/29/21)^(b)		200		56,000
10.50%, 01/15/25 (Call 01/15/23)^(b)		200		58,000
10.88%, 07/23/23 (Call 11/29/21)^(b)		200		60,000
11.25%, 04/16/25 (Call 04/16/23)^(b)		200		63,000
11.70%, 11/11/25 (Call 11/11/23)^(b)		200		56,000
Legend Fortune Ltd., 1.38%, 06/02/24^(b)		200		198,878
Lenovo Group Ltd.
3.42%, 11/02/30 (Call 08/02/30)^(b)		200		206,475
4.75%, 03/29/23^(b)		200		208,725
Longfor Group Holdings Ltd., 3.95%, 09/16/29^(b)		200		205,412
MCC Holding Hong Kong Corp. Ltd., 2.95%, (Call 04/20/24)^(b)(h)(i)		200		201,563
Meituan
2.13%, 10/28/25 (Call 09/28/25)^(b)		200		192,920
3.05%, 10/28/30 (Call 07/28/30)^(b)		200		185,288
Pioneer Reward Ltd., 1.30%, 04/09/24^(b)		200		199,375
Poly Real Estate Finance Ltd., 3.88%, 03/25/24^(b)		200		206,475
Prosus NV, 4.85%, 07/06/27 (Call 04/06/27)^(b)		600		675,000
RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)^(b)		200		173,000
Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/29/21)^(b)(d)(e)		200		43,500
SF Holding Investment Ltd., 2.88%, 02/20/30^(b)		200		199,984
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)^(b)		400		395,928
Shimao Group Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)^(b)		600		552,300
Shui On Development Holding Ltd.
5.75%, 11/12/23 (Call 11/29/21)^(b)		200		193,063
6.15%, 08/24/24 (Call 08/24/22)^(b)		200		190,563
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27^(b)		200		198,600
Sino-Ocean Land Treasure IV Ltd., 4.75%, 08/05/29 (Call 05/05/29)^(b)		200		184,850
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23^(b)		400		411,580
State Elite Global Ltd., 0.89%, 10/24/24, (3 mo. LIBOR US + 0.770%)^(b)(i)		200		199,938
Sunac China Holdings Ltd.
5.95%, 04/26/24 (Call 01/26/23)^(b)		400		290,000
6.50%, 01/10/25 (Call 01/10/23)^(b)		400		280,000
Tencent Holdings Ltd.
1.81%, 01/26/26 (Call 12/26/25)^(b)(c)		400		400,450
2.39%, 06/03/30 (Call 03/03/30)^(b)(c)		400		389,320
2.88%, 04/22/31 (Call 01/22/31)^(b)		200		202,938
3.24%, 06/03/50 (Call 12/03/49)^(b)		200		190,910
3.58%, 04/11/26 (Call 02/11/26)^(b)		200		214,100
3.60%, 01/19/28 (Call 10/19/27)^(b)(c)		300		319,050
3.68%, 04/22/41 (Call 10/22/40)^(g)		200		207,600
3.68%, 04/22/41 (Call 10/22/40)^(b)		200		207,600
3.93%, 01/19/38 (Call 07/19/37)^(b)(c)		200		213,412
3.94%, 04/22/61 (Call 10/22/60)^(g)		200		213,162
3.98%, 04/11/29 (Call 01/11/29)^(b)		600		653,925
4.53%, 04/11/49 (Call 10/11/48)^(b)		200		235,162
Times China Holdings Ltd., 5.55%, 06/04/24 (Call 06/04/23)^(b)		200		157,000
Vanke Real Estate Hong Kong Co. Ltd. 4.15%, 04/18/23^(b)		200		205,787


Security	Par (000)		Value
China (continued)
4.20%, 06/07/24^(b)	$	400	$	419,700
Vigorous Champion International Ltd., 2.75%, 06/02/25^(b)		200		199,412
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		200		197,600
Well Hope Development Ltd., 3.88%, (Call 10/19/22)^(b)(h)(i)		200		203,000
West China Cement Ltd. Co., 4.95%, 07/08/26 (Call 07/08/24)^(b)		200		193,563
Westwood Group Holdings Ltd., 2.80%, 01/20/26^(b)		200		193,140
Xiaomi Best Time International Ltd., 3.38%, 04/29/30 (Call 01/29/30)^(b)		200		206,162
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23^(b)		200		201,163
Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26 (Call 01/13/24)^(b)		200		82,000

				39,123,666

Colombia — 4.1%
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)^(b)		650		630,500
Banco Davivienda SA, 6.65%, (Call 04/22/31)^(b)(h)(i)		400		417,325
Banco de Bogota SA
4.38%, 08/03/27 (Call 05/03/27)^(b)(c)		550		572,275
5.38%, 02/19/23^(b)(c)		400		413,760
6.25%, 05/12/26^(b)		1,000		1,090,000
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)^(c)		1,000		1,007,375
4.63%, 12/18/29 (Call 12/18/24)^(c)(i)		400		409,000
4.88%, 10/18/27 (Call 10/18/22)⁽ⁱ⁾		600		604,800
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)^(b)		400		410,075
Ecopetrol SA
4.13%, 01/16/25^(c)		1,183		1,223,813
5.38%, 06/26/26 (Call 03/26/26)		1,285		1,389,647
5.88%, 09/18/23		1,450		1,554,726
5.88%, 05/28/45^(c)		1,650		1,664,437
6.88%, 04/29/30 (Call 01/29/30)^(c)		1,900		2,189,750
7.38%, 09/18/43		925		1,074,330
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)^(b)		400		397,450
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)^(b)		1,000		974,375
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)^(b)		600		648,675
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)^(b)		400		409,625
6.25%, 03/25/29 (Call 03/25/24)^(b)		720		783,585
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)^(b)		600		613,238
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)^(b)(c)		400		398,125
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)^(b)		400		392,825
SURA Asset Management SA, 4.88%, 04/17/24^(b)		600		643,613
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)^(b)(c)		555		572,448
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)^(b)(c)		600		673,237

				21,159,009

Congo, The Democratic Republic — 0.2%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)^(b)		800		832,650


Ghana — 0.6%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)^(b)		600		594,000
Tullow Oil PLC
7.00%, 03/01/25 (Call 11/29/21)^(b)(c)		600		525,000
10.25%, 05/15/26 (Call 05/06/23)^(g)		1,200		1,258,500


26		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Ghana (continued)
10.25%, 05/15/26 (Call 05/06/23)^(b)(c)	$	600	$	629,250

				3,006,750

Guatemala — 0.3%
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)^(b)		700		723,756
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)^(b)		600		639,000

				1,362,756

Hong Kong — 4.9%
AIA Group Ltd.
2.70%, (Call 04/07/26)^(b)(h)(i)		400		399,625
3.20%, 03/11/25 (Call 12/11/24)^(b)		200		209,350
3.20%, 09/16/40 (Call 03/16/40)^(b)		600		611,362
3.38%, 04/07/30 (Call 01/07/30)^(b)		400		430,075
3.60%, 04/09/29 (Call 01/09/29)^(b)		400		435,825
3.90%, 04/06/28 (Call 01/06/28)^(b)(c)		200		219,600
4.50%, 03/16/46 (Call 09/16/45)^(b)		400		500,700
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)^(b)(h)(i)		1,000		1,065,312
Bank of Communication, 2.30%, 07/08/31 (Call 07/08/26)^(b)(i)		250		243,991
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)^(b)(h)(i)		250		255,391
Bank of East Asia Ltd. (The)
4.00%, 11/03/26 (Call 11/03/21)^(b)(i)		600		600,030
4.00%, 05/29/30 (Call 05/29/25)^(b)(i)		250		258,562
5.83%, (Call 10/21/25)^(b)(h)(i)		250		261,016
5.88%, (Call 09/19/24)^(b)(h)(i)		250		260,047
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)^(b)(h)(i)		400		401,125
Castle Peak Power Finance Co. Ltd., 3.25%, 07/25/27^(b)		200		213,475
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26^(b)		400		396,700
Celestial Dynasty Ltd., 4.25%, 06/27/29^(b)		400		403,950
Celestial Miles Ltd., 5.75%, (Call 01/31/24)^(b)(h)(i)		200		206,412
China Citic Bank, 3.25%, (Call 07/29/26)^(b)(h)(i)		250		251,016
China CITIC Bank International Ltd.
4.63%, 02/28/29 (Call 02/28/24)^(b)(i)		250		262,000
7.10%, (Call 11/06/23)^(b)(h)(i)		200		215,062
CK Hutchison International 16 Ltd., 2.75%, 10/03/26^(b)		200		209,516
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27^(b)		200		213,466
CK Hutchison International 17 Ltd., 3.50%, 04/05/27^(b)		200		215,225
CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)^(b)		200		206,250
CK Hutchison International 19 Ltd.
3.25%, 04/11/24 (Call 03/11/24)^(b)(c)		600		632,130
3.38%, 09/06/49 (Call 03/06/49)^(b)		200		217,100
3.63%, 04/11/29 (Call 01/11/29)^(b)(c)		400		437,736
CK Hutchison International 20 Ltd.
2.50%, 05/08/30 (Call 02/08/30)^(b)		800		807,224
3.38%, 05/08/50 (Call 11/08/49)^(b)		200		216,502
CK Hutchison International 21 Co.
1.50%, 04/15/26 (Call 03/15/26)^(b)(c)		200		198,406
2.50%, 04/15/31 (Call 01/15/31)^(b)(c)		400		402,440
3.13%, 04/15/41 (Call 10/15/40)^(b)		200		206,210
CLP Power HK Finance Ltd., 3.55%, (Call 02/06/25)^(b)(h)(i)		200		205,037
CLP Power Hong Kong Financing Ltd., 2.13%, 06/30/30^(b)		200		195,913
Elect Global Investments Ltd.
4.10%, (Call 06/03/25)^(b)(h)(i)		200		201,475
4.85%, (Call 08/25/23)^(b)(h)		200		201,563
FWD Group Ltd.
0.00%, (Call 06/15/22)^(b)(h)(i)(k)		200		190,788
5.75%, 07/09/24^(b)		400		408,575
6.38%, (Call 09/13/24)^(b)(h)(i)		200		201,538


Security	Par (000)		Value
Hong Kong (continued)
Henderson Land MTN Ltd., 2.38%, 05/27/25^(b)	$	200	$	197,850
HKT Capital No. 4 Ltd., 3.00%, 07/14/26^(b)		400		416,450
HKT Capital No. 5 Ltd., 3.25%, 09/30/29^(b)		200		209,787
Hong Kong Land Holding Co., 2.25%, 07/15/31 (Call 04/15/31)^(b)		200		195,446
Hongkong Electric Finance Ltd.
1.88%, 08/27/30 (Call 02/27/30)^(b)		200		191,663
2.25%, 06/09/30 (Call 12/09/29)^(b)		200		198,288
2.88%, 05/03/26^(b)		200		208,975
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.88%, 05/27/30 (Call 02/27/30)^(b)		400		412,575
HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)^(b)		200		199,700
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24^(b)		600		643,987
Hutchison Whampoa International Ltd., 7.45%, 11/24/33^(b)		100		148,106
Hysan MTN Ltd., 2.82%, 09/04/29^(b)		200		203,600
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29^(b)		200		214,662
JMH Co. Ltd., 2.50%, 04/09/31 (Call 01/09/31)^(b)		400		396,480
Li & Fung Ltd.
4.38%, 10/04/24 (Call 09/04/24)^(b)		200		203,163
4.50%, 08/18/25 (Call 07/18/25)^(b)		200		204,538
5.25%, (Call 05/03/22)^(b)(h)		200		137,725
Link Finance Cayman 2009 Ltd. (The), 3.60%, 09/03/24^(b)		200		211,350
MTR Corp. Ltd., 1.63%, 08/19/30^(b)		600		577,425
Nan Fung Treasury Ltd.
3.63%, 08/27/30^(b)		200		199,780
5.00%, 09/05/28^(b)		200		218,850
Nanyang Commercial Bank Ltd.
3.80%, 11/20/29 (Call 11/20/24)^(b)(i)		250		256,687
5.00%, (Call 06/02/22)^(b)(h)(i)		350		354,266
New World China Land Ltd., 4.75%, 01/23/27^(b)		200		208,412
NWD Finance BVI Ltd.
4.13%, (Call 03/10/28)^(b)(h)(i)		200		195,500
4.80%, (Call 09/09/23)^(b)(h)		200		194,725
5.25%, (Call 03/22/26)^(b)(h)(i)		400		414,575
6.25%, (Call 03/07/24)^(b)(h)		400		409,325
NWD MTN Ltd.
4.13%, 07/18/29^(b)		400		400,450
4.50%, 05/19/30^(b)		400		405,700
Panther Ventures Ltd., 3.50%, (Call 12/22/23)^(b)(h)		200		187,788
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23^(b)		200		206,975
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)^(b)		400		395,725
Phoenix Lead Ltd., 4.85%, (Call 08/23/22)^(b)(h)		200		199,913
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)^(b)		200		201,982
Sun Hung Kai Properties Capital Market Ltd.
2.75%, 05/13/30 (Call 02/13/30)^(b)		200		203,163
2.88%, 01/21/30^(b)		200		205,162
3.75%, 02/25/29^(b)		200		216,975
Swire Pacific MTN Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)^(b)		200		206,162
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23^(b)		200		212,725
Swire Properties MTN Financing Ltd.
3.50%, 01/10/28^(b)		200		214,037
3.63%, 01/13/26^(b)		200		213,287
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28^(b)		200		210,975
Wheelock MTN BVI Ltd., 2.38%, 01/25/26^(b)		200		196,913

				25,169,542

India — 4.5%
ABJA Investment Co. Pte Ltd. 5.45%, 01/24/28^(b)		600		663,000


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
India (continued)
5.95%, 07/31/24^(b)	$	400	$	436,000
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30^(b)		400		396,825
Adani Green Energy Ltd.
4.38%, 09/08/24^(g)		200		202,500
4.38%, 09/08/24^(b)		200		202,500
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24^(b)		200		214,287
Adani Ports & Special Economic Zone Ltd.
3.10%, 02/02/31^(b)		200		189,600
3.38%, 07/24/24^(b)		200		207,100
4.00%, 07/30/27 (Call 06/30/27)^(b)		400		411,968
4.20%, 08/04/27 (Call 02/04/27)^(b)		400		413,700
4.38%, 07/03/29^(b)		200		209,100
Adani Transmission Ltd., 4.00%, 08/03/26^(b)		400		421,575
Axis Bank Ltd./Gift City, 4.10%, (Call 09/08/26)^(g)(h)(i)		200		197,063
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25^(b)		200		209,537
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24^(b)		600		650,175
Bharti Airtel Ltd.
3.25%, 06/03/31 (Call 03/05/31)^(b)		400		398,060
4.38%, 06/10/25^(b)		600		639,862
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27^(b)		400		420,950
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)^(b)		397		406,057
Delhi International Airport Ltd., 6.13%, 10/31/26^(b)		400		402,200
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)^(b)		200		119,000
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)^(b)		394		396,462
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25 (Call 12/13/21)^(b)		400		407,500
5.95%, 07/29/26 (Call 07/29/22)^(b)		400		421,625
HCL America Inc., 1.38%, 03/10/26 (Call 02/10/26)^(b)		200		195,788
HDFC Bank Ltd., 3.70%, (Call 08/25/26)^(g)(h)(i)		400		397,000
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27^(b)		200		209,725
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26^(b)		450		481,162
Indian Oil Corp. Ltd., 4.75%, 01/16/24^(b)		600		639,675
Indian Railway Finance Corp. Ltd.
2.80%, 02/10/31^(b)(c)		400		385,392
3.25%, 02/13/30^(b)		200		202,400
3.73%, 03/29/24^(b)		200		209,850
3.84%, 12/13/27^(b)		200		213,350
JSW Hydro Energy Ltd.
4.13%, 05/18/31 (Call 05/18/26)^(g)		200		199,813
4.13%, 05/18/31 (Call 05/18/26)^(b)		200		199,813
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)^(g)		200		201,250
5.05%, 04/05/32 (Call 10/05/31)^(g)		200		201,500
Network i2i Ltd.
3.98%, (Call 03/03/26)^(b)(h)(i)		200		201,475
5.65%, (Call 01/15/25)^(b)(h)(i)		200		211,350
NTPC Ltd.
4.25%, 02/26/26^(b)		200		213,975
4.38%, 11/26/24^(b)		200		214,600
Oil India International Pte Ltd., 4.00%, 04/21/27^(b)		200		209,475
Oil India Ltd.
5.13%, 02/04/29^(b)		200		222,850
5.38%, 04/17/24^(b)		400		434,325
ONGC Videsh Ltd., 4.63%, 07/15/24^(b)		400		429,700
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26^(b)		400		419,200
Periama Holdings LLC/DE, 5.95%, 04/19/26^(b)		600		648,750
Power Finance Corp. Ltd. 3.35%, 05/16/31^(b)		200		197,274


Security	Par (000)		Value
India (continued)
3.95%, 04/23/30^(b)(c)	$	400	$	412,075
4.50%, 06/18/29^(b)		400		425,825
REC Ltd.
2.25%, 09/01/26^(b)		200		195,246
3.38%, 07/25/24^(b)		400		414,450
5.25%, 11/13/23^(b)		400		426,950
Reliance Industries Ltd.
3.67%, 11/30/27^(b)		500		535,875
4.13%, 01/28/25^(b)(c)		250		268,250
4.88%, 02/10/45^(b)		250		313,172
6.25%, 10/19/40^(b)(c)		250		354,109
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 11/29/21)^(b)		200		208,975
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)^(b)		200		203,312
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24^(b)		200		200,250
State Bank of India/London
1.80%, 07/13/26^(b)		400		392,604
4.38%, 01/24/24^(b)		400		425,325
4.88%, 04/17/24^(b)		400		431,700
Summit Digital Infrastructure, 2.88%, 08/12/31 (Call 08/12/30)^(b)		200		191,496
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)^(b)		600		606,000
9.25%, 04/23/26 (Call 04/23/23)^(b)(c)		200		191,000
13.88%, 01/21/24 (Call 12/21/22)^(b)		400		432,500
Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 11/29/21)^(b)		600		547,612
7.13%, 05/31/23^(b)		200		193,125
Wipro IT Services LLC
1.50%, 06/23/26 (Call 05/23/26)^(g)		200		196,938
1.50%, 06/23/26 (Call 05/23/26)^(b)		200		196,938

				23,540,065

Indonesia — 2.6%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)^(b)(c)		750		765,844
Bank Mandiri Persero Tbk PT
3.75%, 04/11/24^(b)		200		210,038
4.75%, 05/13/25^(b)		800		877,400
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(b)		400		405,169
Bank Rakyat Indonesia Persero Tbk PT
3.95%, 03/28/24^(b)		700		739,671
4.63%, 07/20/23^(b)		200		211,084
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 11/29/21)^(b)		400		408,950
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/29/21)^(b)		450		455,991
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/22)^(b)		750		795,000
Indofood CBP Sukses Makmur Tbk PT
3.40%, 06/09/31 (Call 12/09/30)^(b)		1,000		995,110
4.75%, 06/09/51 (Call 12/09/50)^(b)		600		607,566
LLPL Capital Pte Ltd., 6.88%, 02/04/39^(b)		538		617,143
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)^(b)		600		612,000
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)^(b)(c)		600		641,437
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)^(b)		400		416,575
Minejesa Capital BV
4.63%, 08/10/30^(b)		1,000		1,027,610
5.63%, 08/10/37^(b)		800		841,000
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24^(b)		1,400		1,528,887
Saka Energi Indonesia PT, 4.45%, 05/05/24^(b)		800		775,900


28		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Indonesia (continued)
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)^(b)	$	600	$	664,612

				13,596,987

Israel — 3.5%
Bank Hapoalim BM, 3.26%, 01/21/32 (Call 01/21/27)^(g)(i)		600		600,188
Bank Leumi Le-Israel BM, 3.28%, 01/29/31 (Call 01/29/26)^(g)(i)		600		604,500
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)^(g)		400		406,920
4.88%, 03/30/26 (Call 12/30/25)^(g)		500		507,500
5.38%, 03/30/28 (Call 09/30/27)^(g)		600		607,200
5.88%, 03/30/31 (Call 09/30/30)^(g)		400		405,000
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)^(g)		550		711,734
Israel Electric Corp. Ltd.
4.25%, 08/14/28^(g)		800		890,150
6.88%, 06/21/23^(b)		400		436,825
Series 6, 5.00%, 11/12/24^(g)		1,000		1,098,312
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)^(g)		300		309,713
6.13%, 06/30/25 (Call 03/30/25)^(g)		450		483,975
6.50%, 06/30/27 (Call 12/30/26)^(g)		500		544,156
6.75%, 06/30/30 (Call 12/30/29)^(g)		425		465,609
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26)^(g)(i)		400		398,600
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)^(b)		500		500,000
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36^(c)		650		695,734
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		2,286		2,295,544
3.15%, 10/01/26^(c)		2,601		2,444,940
4.10%, 10/01/46		1,540		1,264,294
6.00%, 04/15/24 (Call 01/15/24)		1,000		1,050,187
6.75%, 03/01/28 (Call 12/01/27)^(c)		900		985,950
7.13%, 01/31/25 (Call 10/31/24)		600		641,064

				18,348,095

Jamaica — 0.6%
Digicel Group Holdings Ltd., 10.00%, (2.00% PIK), 04/01/24 (Call 11/15/21)^(c)(j)		784		786,945
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 11/15/21)^(b)		1,550		1,608,150
Digicel Ltd., 6.75%, 03/01/23 (Call 11/15/21)^(b)(c)		600		581,250

				2,976,345

Jordan — 0.1%
Hikma Finance USA LLC, 3.25%, 07/09/25^(b)		400		414,125


Kazakhstan — 0.4%
Tengizchevroil Finance Co. International Ltd.
2.63%, 08/15/25 (Call 05/15/25)^(b)		600		608,505
3.25%, 08/15/30 (Call 02/15/30)^(b)		600		600,900
4.00%, 08/15/26^(b)		900		962,606

				2,172,011

Kuwait — 1.8%
Boubyan Sukuk Ltd., 2.59%, 02/18/25^(b)		600		619,688
Burgan Bank SAK
2.75%, 12/15/31 (Call 09/15/26)^(b)(i)		400		365,500
5.75%, (Call 07/09/24)^(b)(h)(i)		400		405,825
Equate Petrochemical BV
2.63%, 04/28/28 (Call 01/28/28)^(b)		400		398,625
4.25%, 11/03/26^(b)		1,200		1,306,500
Equate Sukuk Spc Ltd., 3.94%, 02/21/24^(b)		600		633,187


Security	Par (000)		Value
Kuwait (continued)
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26^(b)	$	600	$	566,363
4.50%, 02/23/27^(b)		400		377,575
5.00%, 03/15/23^(b)		400		398,400
MEGlobal Canada ULC
5.00%, 05/18/25^(b)		1,000		1,093,937
5.88%, 05/18/30^(b)		600		728,625
NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26)^(g)(i)		800		785,760
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 08/27/25)^(b)(h)(i)		600		615,300
NBK Tier 1 Financing Ltd., 3.63%, (Call 08/24/26)^(b)(h)(i)		800		795,750
Warba Sukuk Ltd., 2.98%, 09/24/24^(b)		400		417,825

				9,508,860

Luxembourg — 0.4%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(b)		1,000		961,120
5.75%, 08/15/29 (Call 08/15/24)^(g)		1,400		1,373,750

				2,334,870

Macau — 3.8%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)^(b)		400		397,125
4.85%, 01/27/28 (Call 01/27/25)^(b)		400		393,450
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/29/21)^(b)(c)		1,004		988,501
5.25%, 04/26/26 (Call 04/26/22)^(b)		400		394,950
5.38%, 12/04/29 (Call 12/04/24)^(b)		1,000		982,062
5.63%, 07/17/27 (Call 07/17/22)^(b)(c)		600		599,925
5.75%, 07/21/28 (Call 07/21/23)^(b)(c)		800		792,000
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(b)		600		574,200
5.25%, 06/18/25 (Call 06/18/22)^(b)		400		393,825
5.38%, 05/15/24 (Call 11/08/21)^(b)		800		799,400
5.88%, 05/15/26 (Call 05/15/22)^(b)		800		798,650
Sands China Ltd.
2.30%, 03/08/27 (Call 02/08/27)^(c)(g)		400		379,520
2.85%, 03/08/29 (Call 01/08/29)^(g)		600		565,368
3.25%, 08/08/31 (Call 05/08/31)^(g)		500		470,665
3.80%, 01/08/26 (Call 12/08/25)^(l)		800		807,440
4.38%, 06/18/30 (Call 03/18/30)^(l)		600		611,208
5.13%, 08/08/25 (Call 06/08/25)		1,800		1,913,220
5.40%, 08/08/28 (Call 05/08/28)^(c)		1,800		1,955,700
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(b)		900		807,750
6.00%, 07/15/25 (Call 07/15/22)^(b)		400		388,100
6.50%, 01/15/28 (Call 07/15/23)^(b)		600		576,188
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/29/21)^(b)		400		378,075
5.13%, 12/15/29 (Call 12/15/24)^(b)		800		716,000
5.50%, 01/15/26 (Call 06/15/22)^(b)		1,000		941,750
5.50%, 10/01/27 (Call 10/01/22)^(b)		800		746,250
5.63%, 08/26/28 (Call 08/26/23)^(b)		1,200		1,109,556

				19,480,878

Malaysia — 1.5%
Axiata SPV2 Bhd
2.16%, 08/19/30 (Call 05/19/30)^(b)		600		584,175
4.36%, 03/24/26^(b)		400		439,575
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)^(b)		800		777,900
CIMB Bank Bhd, 0.90%, 10/09/24, (3 mo. LIBOR US + 0.780%)^(b)(i)		600		602,925
Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)^(g)		800		782,900


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Malaysia (continued)
Gohl Capital Ltd., 4.25%, 01/24/27^(b)	$	1,400	$	1,450,137
Malayan Banking Bhd, 0.92%, 08/16/24, (3 mo. LIBOR US + 0.800%)^(b)(i)		900		905,794
Parkway Pantai Ltd., 4.25%, (Call 07/27/22)^(b)(h)(i)		400		401,200
RBH Bank, 1.66%, 06/29/26^(b)		400		397,652
TNB Global Ventures Capital Bhd
3.24%, 10/19/26^(b)		600		627,488
4.85%, 11/01/28^(b)		800		923,650

				7,893,396

Mexico — 5.1%
Alfa SAB de CV
5.25%, 03/25/24 (Call 12/25/23)^(b)		200		213,225
6.88%, 03/25/44 (Call 09/25/43)^(b)(c)		200		261,750
Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)^(b)		400		421,900
America Movil SAB de CV
2.88%, 05/07/30 (Call 02/07/30)		400		414,700
3.63%, 04/22/29 (Call 01/22/29)		200		216,663
4.38%, 07/16/42		400		478,075
4.38%, 04/22/49 (Call 10/22/48)		400		494,700
6.13%, 03/30/40		600		847,237
6.38%, 03/01/35		650		905,978
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24^(b)		450		474,750
4.38%, 04/11/27 (Call 01/11/27)^(b)		150		158,888
Banco Mercantil del Norte SA/Grand Cayman
6.75%, (Call 09/27/24)^(b)(h)(i)		400		417,325
7.63%, (Call 01/10/28)^(b)(h)(i)		200		220,350
8.38%, (Call 10/14/30)^(b)(h)(i)		200		233,050
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/25^(b)		700		773,185
5.95%, 10/01/28 (Call 10/01/23)^(b)(i)		400		426,325
BBVA Bancomer SA/Texas
1.88%, 09/18/25^(b)		200		199,913
4.38%, 04/10/24^(b)		200		214,663
5.13%, 01/18/33 (Call 01/17/28)^(b)(i)		400		412,600
5.88%, 09/13/34 (Call 09/13/29)^(b)(i)		200		217,475
Becle SAB de CV, 2.50%, 10/14/31 (Call 07/14/31)^(g)		200		196,286
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)^(g)		200		220,350
Braskem Idesa SAPI
6.99%, 02/20/32 (Call 02/20/27)^(g)		200		204,560
7.45%, 11/15/29 (Call 11/15/24)^(b)(c)		400		422,120
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)^(b)		600		599,580
5.20%, 09/17/30 (Call 09/17/25)^(b)		600		648,105
5.45%, 11/19/29 (Call 11/19/24)^(b)		400		432,030
7.38%, 06/05/27 (Call 06/05/23)^(b)		200		220,792
Cemex SAB De CV, 5.13%, (Call 06/08/26)^(b)(h)(i)		400		412,810
Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)^(b)		200		216,475
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)^(g)		200		191,520
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		150		141,403
2.75%, 01/22/30 (Call 10/22/29)		150		154,125
5.25%, 11/26/43		300		395,775
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)^(b)(c)		359		406,685
Credito Real SAB de CV, 8.00%, 01/21/28 (Call 01/21/25)^(b)		200		167,538


Security	Par (000)		Value
Mexico (continued)
FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)^(b)	$	398	$	391,879
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)		1,050		1,111,687
4.38%, 05/10/43		150		177,797
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)^(b)		400		407,250
Grupo Bimbo SAB de CV
3.88%, 06/27/24^(b)		200		212,350
4.00%, 09/06/49^(b)		200		220,038
4.70%, 11/10/47 (Call 05/10/47)^(b)(c)		200		241,772
4.88%, 06/27/44^(b)		200		239,787
5.95%, (Call 04/17/23)^(b)(h)(i)		200		208,100
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		400		485,575
5.25%, 05/24/49 (Call 11/24/48)^(c)		200		257,525
6.13%, 06/30/45 (Call 07/31/45)		200		277,162
6.63%, 03/18/25		200		230,725
6.63%, 01/15/40		320		444,360
Industrias Penoles SAB de CV
4.15%, 09/12/29 (Call 06/12/29)^(b)		400		432,862
4.75%, 08/06/50 (Call 02/06/50)^(b)		200		216,850
5.65%, 09/12/49 (Call 03/12/49)^(b)		200		242,412
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)^(b)		400		407,350
4.88%, 01/14/48^(b)		200		204,350
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28^(b)		200		193,288
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)^(b)		400		435,550
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)^(g)		200		186,163
Orbia Advance Corp. SAB de CV
1.88%, 05/11/26 (Call 04/11/26)^(b)		100		99,001
2.88%, 05/11/31 (Call 02/11/31)^(b)		200		197,475
4.00%, 10/04/27 (Call 07/04/27)^(b)		200		215,788
5.50%, 01/15/48 (Call 07/15/47)^(b)		400		467,700
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)^(b)		600		643,237
Southern Copper Corp.
3.88%, 04/23/25		300		321,966
5.25%, 11/08/42		400		495,325
5.88%, 04/23/45		500		675,962
6.75%, 04/16/40		400		555,200
7.50%, 07/27/35		400		570,450
Total Play Telecomunicaciones SA de CV
6.38%, 09/20/28 (Call 09/30/25)^(g)		200		196,750
7.50%, 11/12/25 (Call 11/12/23)^(b)		200		207,350
Trust Fibra Uno
4.87%, 01/15/30 (Call 10/30/29)^(b)		600		640,612
5.25%, 01/30/26 (Call 10/30/25)^(b)		400		437,125
6.39%, 01/15/50 (Call 07/15/49)^(b)		200		233,162
6.95%, 01/30/44 (Call 07/30/43)^(b)		200		242,662
Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)^(b)(c)		200		185,000

				26,642,503

Moldova — 0.1%
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)^(b)		400		411,600


Morocco — 0.6%
OCP SA
4.50%, 10/22/25^(b)		400		422,450
5.13%, 06/23/51 (Call 12/23/50)^(b)		600		580,050
5.63%, 04/25/24^(b)		525		564,309


30		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Morocco (continued)
6.88%, 04/25/44^(b)	$	400	$	479,200
OCP Group, 3.75%, 06/23/31 (Call 03/23/31)^(b)		1,200		1,176,000

				3,222,009

Nigeria — 0.7%
Access Bank PLC
6.13%, 09/21/26^(g)		400		400,625
6.13%, 09/21/26^(b)		200		200,313
9.13%, (Call 10/07/26)^(g)(h)(i)		400		396,000
Africa Finance Corp., 2.88%, 04/28/28^(b)		800		794,250
IHS Netherlands Holdco BV
7.13%, 03/18/25 (Call 11/29/21)^(b)		600		619,612
8.00%, 09/18/27 (Call 09/18/22)^(b)		700		743,969
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)^(b)		600		614,580

				3,769,349

Oman — 0.5%
Bank Muscat SAOG
4.75%, 03/17/26^(b)		600		617,438
4.88%, 03/14/23^(b)		400		411,625
National Bank of Oman SAOG, 5.63%, 09/25/23^(b)		400		413,575
Oztel Holdings SPC Ltd.
5.63%, 10/24/23^(b)		600		621,487
6.63%, 04/24/28^(b)		700		767,725

				2,831,850

Panama — 0.8%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)^(b)		1,200		1,232,475
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)^(b)		600		640,800
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)^(b)(c)		1,200		1,261,500
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)^(b)		600		622,320
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)^(b)		300		311,250

				4,068,345

Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34^(b)(c)(k)		583		433,063
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)^(b)		600		622,987

				1,056,050

Peru — 1.8%
Banco de Credito del Peru
2.70%, 01/11/25 (Call 12/11/24)^(b)		1,100		1,127,720
3.13%, 07/01/30 (Call 07/01/25)^(b)(i)		750		741,787
3.25%, 09/30/31 (Call 09/30/26)^(b)(i)		400		394,900
4.25%, 04/01/23^(b)(c)		200		208,288
Cia de Minas Buenaventura SAA, 5.50%, 07/23/26 (Call 07/23/23)^(g)		400		395,325
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)^(b)		200		197,663
Consorcio Transmantaro SA, 4.70%, 04/16/34 (Call 01/16/34)^(b)		600		662,175
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)^(b)		400		406,575
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28^(b)		600		589,613
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)^(b)(c)		600		617,362
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)^(b)		600		587,738
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)^(b)		600		621,862
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/36^(b)		586		624,253
5.88%, 07/05/34^(b)		500		576,385
Nexa Resources SA, 6.50%, 01/18/28 (Call 10/18/27)^(b)		400		443,850


Security	Par (000)		Value

Peru (continued)
Peru LNG Srl, 5.38%, 03/22/30^(b)(c)	$	800	$	670,500
Transportadora de Gas del Peru SA, 4.25%, 04/30/28^(b)		600		642,487

				9,508,483

Philippines — 1.7%
Bank of the Philippine Islands, 4.25%, 09/04/23^(b)		400		421,325
BDO Unibank Inc.
2.13%, 01/13/26^(b)		800		810,250
2.95%, 03/06/23^(b)		200		204,413
HPHT Finance 19 Ltd., 2.88%, 11/05/24^(b)		200		207,600
JGSH Philippines Ltd., 4.13%, 07/09/30^(b)		600		636,487
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)^(b)		600		628,425
Metropolitan Bank & Trust Co., 2.13%, 01/15/26^(b)		400		404,625
Petron Corp.
4.60%, (Call 07/19/23)^(b)(h)(i)		400		398,575
5.95%, (Call 04/19/26)^(b)(h)(i)		600		619,688
Philippine National Bank, 3.28%, 09/27/24^(b)		800		815,650
San Miguel Crop., 5.50%, (Call 07/29/25)^(b)(h)(i)		400		411,625
SMC Global Power Holdings Corp.
5.45%, (Call 12/09/26)^(b)(h)(i)		600		586,980
5.70%, (Call 01/21/26)^(b)(h)(i)		600		592,050
5.95%, (Call 05/05/25)^(b)(h)(i)		400		398,860
6.50%, (Call 04/25/24)^(b)(h)(i)		700		708,890
7.00%, (Call 10/21/25)^(b)(h)(i)		800		827,900

				8,673,343

Poland — 0.1%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)^(g)		600		597,000


Qatar — 3.8%
ABQ Finance Co., 2.00%, 07/06/26^(b)		400		397,500
ABQ Finance Ltd.
1.88%, 09/08/25^(b)		600		596,438
3.13%, 09/24/24^(b)		400		416,625
AKCB Finance Ltd., 4.75%, 10/09/23^(b)		400		426,625
CBQ Finance Ltd.
2.00%, 09/15/25^(b)		400		400,125
2.00%, 05/12/26^(b)		800		796,500
5.00%, 05/24/23^(b)		400		423,575
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)^(b)(h)(i)		600		603,938
Doha Finance Ltd., 2.38%, 03/31/26^(b)		1,000		1,010,312
MAR Sukuk Ltd.
2.21%, 09/02/25^(b)		600		609,862
3.03%, 11/13/24^(b)		400		417,700
Nakilat Inc., 6.07%, 12/31/33^(b)		828		1,013,454
Ooredoo International Finance Ltd.
2.63%, 04/08/31^(b)		1,400		1,410,850
3.25%, 02/21/23^(b)		550		564,438
3.75%, 06/22/26^(b)		1,000		1,092,687
3.88%, 01/31/28^(b)		400		444,420
4.50%, 01/31/43^(b)		200		242,100
5.00%, 10/19/25^(b)		400		452,450
QIB Sukuk Ltd.
1.48%, 02/07/25, (3 mo. LIBOR US + 1.350%)^(b)(i)		600		605,362
1.95%, 10/27/25^(b)		800		802,250
3.98%, 03/26/24^(b)		800		851,900
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24^(b)		400		425,500
QNB Finance Ltd.
1.38%, 01/26/26^(b)		800		783,480
1.63%, 09/22/25^(b)		600		599,438
2.63%, 05/12/25^(b)		800		827,250


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Qatar (continued)
2.75%, 02/12/27^(b)	$	1,100	$	1,139,050
3.50%, 03/28/24^(b)		800		842,650
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27^(b)		688		776,670
6.33%, 09/30/27^(b)		763		862,810

				19,835,959

Russia — 4.5%
Alfa Bank AO Via Alfa Bond Issuance PLC
5.95%, 04/15/30 (Call 04/15/25)^(b)(i)		400		413,575
6.95%, (Call 04/30/23)^(b)(h)(i)		200		204,788
8.00%, (Call 02/03/22)^(b)(h)(i)		400		402,200
ALROSA Finance SA
3.10%, 06/25/27 (Call 03/25/27)^(b)		200		203,813
4.65%, 04/09/24 (Call 01/09/24)^(b)		400		423,325
Credit Bank of Moscow Via CBOM Finance PLC
4.70%, 01/29/25^(b)		400		409,825
8.88%, (Call 11/10/22)^(b)(h)(i)		400		406,075
Eurochem Finance DAC, 5.50%, 03/13/24 (Call 12/13/23)^(b)		400		429,669
Evraz PLC
5.25%, 04/02/24 (Call 01/02/24)^(b)		400		427,200
5.38%, 03/20/23^(b)		200		209,287
Gazprom Neft OAO Via GPN Capital SA, 6.00%, 11/27/23^(b)		800		871,650
Gazprom PJSC Via Gaz Capital SA
4.95%, 02/06/28^(b)		4,314		4,741,356
7.29%, 08/16/37^(b)		700		945,219
8.63%, 04/28/34^(b)		790		1,135,625
Lukoil Capital DAC
2.80%, 04/26/27 (Call 01/26/27)^(g)		400		399,600
3.60%, 10/26/31 (Call 07/26/31)^(g)		400		398,500
Lukoil International Finance BV
4.56%, 04/24/23^(b)		200		208,787
4.75%, 11/02/26^(b)		800		872,800
Lukoil Securities BV, 3.88%, 05/06/30^(b)		1,050		1,088,062
Metalloinvest Finance DAC, 4.85%, 05/02/24^(b)		400		429,575
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23 (Call 01/11/23)^(b)		500		513,062
MMC Norilsk Nickel OJSC Via MMC Finance DAC
2.55%, 09/11/25 (Call 06/11/25)^(b)		200		199,600
3.38%, 10/28/24 (Call 07/28/24)^(b)		600		617,550
MMK International Capital DAC, 4.38%, 06/13/24 (Call 03/13/24)^(b)		400		423,575
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/23^(b)		200		209,725
Novolipetsk Steel Via Steel Funding DAC, 4.70%, 05/30/26 (Call 02/28/26)^(b)		400		437,825
Phosagro OAO Via Phosagro Bond Funding DAC, 3.05%, 01/23/25 (Call 10/23/24)^(b)		600		619,050
Polyus Finance PLC, 3.25%, 10/14/28 (Call 07/14/28)^(g)		400		396,125
Sberbank of Russia Via SB Capital SA, 5.25%, 05/23/23^(b)		600		630,112
Severstal OAO Via Steel Capital SA, 3.15%, 09/16/24^(b)		400		414,075
Suek Securities DAC, 3.38%, 09/15/26^(g)		200		199,380
Tinkoff Bank JSC Via TCS Finance Ltd., 6.00%, (Call 12/20/26)^(g)(h)(i)		200		199,063
TMK OAO Via TMK Capital SA, 4.30%, 02/12/27^(b)		200		200,850
Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24^(b)		200		207,038
VEON Holdings BV
3.38%, 11/25/27 (Call 08/25/27)^(b)		800		800,400
4.00%, 04/09/25 (Call 01/09/25)^(b)		400		414,500
4.95%, 06/16/24 (Call 03/16/24)^(b)		200		212,475
5.95%, 02/13/23^(b)		200		211,037


Security	Par (000)		Value

Russia (continued)
7.25%, 04/26/23 (Call 01/26/23)^(b)	$	400	$	425,575
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)^(b)(h)(i)		1,200		1,278,600

				23,230,548

Saudi Arabia — 4.4%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39^(b)		400		477,489
Almarai Sukuk Ltd., 4.31%, 03/05/24^(b)		200		214,225
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25)^(b)(i)		400		407,125
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26^(b)		400		417,125
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24^(b)		300		312,338
Dar Al-Arkan Sukuk Co. Ltd.
6.75%, 02/15/25^(b)		400		420,700
6.88%, 03/21/23^(b)		200		206,850
Riyad Sukuk Ltd., 3.17%, 02/25/30 (Call 02/25/25)^(b)(i)		800		818,650
SA Global Sukuk Ltd.
0.95%, 06/17/24 (Call 05/17/24)^(g)		400		395,000
1.60%, 06/17/26 (Call 05/17/26)^(g)		800		788,500
1.60%, 06/17/26 (Call 05/17/26)^(b)		200		197,125
2.69%, 06/17/31 (Call 03/17/31)^(b)		600		599,625
2.69%, 06/17/31 (Call 03/17/31)^(g)		1,000		999,375
SABIC Capital I BV
2.15%, 09/14/30 (Call 06/14/30)^(b)		200		192,750
3.00%, 09/14/50 (Call 03/14/50)^(b)		200		188,063
SABIC Capital II BV
4.00%, 10/10/23^(b)		400		422,596
4.50%, 10/10/28^(b)		700		795,069
Samba Funding Ltd., 2.75%, 10/02/24^(b)		800		825,936
Saudi Arabian Oil Co.
1.25%, 11/24/23 (Call 10/24/23)^(b)		200		200,250
1.63%, 11/24/25 (Call 10/24/25)^(b)		600		596,700
2.25%, 11/24/30 (Call 08/24/30)^(b)		1,000		967,062
3.25%, 11/24/50 (Call 05/24/50)^(b)		1,200		1,152,375
3.50%, 04/16/29^(b)		1,600		1,702,800
3.50%, 11/24/70 (Call 05/24/70)^(b)		1,000		951,562
4.25%, 04/16/39^(b)		1,600		1,788,300
4.38%, 04/16/49^(b)		1,600		1,840,500
Saudi Electricity Global Sukuk Co. 2
3.47%, 04/08/23^(b)		400		413,450
5.06%, 04/08/43^(b)		400		484,325
Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24^(b)		600		639,187
5.50%, 04/08/44^(b)		600		765,112
Saudi Electricity Global Sukuk Co. 4
4.22%, 01/27/24^(b)		400		427,450
4.72%, 09/27/28^(b)		600		694,987
Saudi Electricity Global Sukuk Co. 5
1.74%, 09/17/25^(b)		600		599,438
2.41%, 09/17/30^(b)		400		401,450
Saudi Telecom Co., 3.89%, 05/13/29^(b)		600		663,675

				22,967,164

Singapore — 4.1%
BOC Aviation Ltd.
1.26%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)^(b)(i)		600		601,237
1.75%, 01/21/26 (Call 12/21/25)^(b)		400		392,200
2.63%, 09/17/30 (Call 06/17/30)^(b)		400		393,075
3.00%, 09/11/29 (Call 06/11/29)^(b)		700		708,225
3.25%, 04/29/25 (Call 03/29/25)^(b)(c)		800		831,900
3.50%, 10/10/24 (Call 09/10/24)^(b)		600		634,237


32		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Singapore (continued)
3.50%, 09/18/27 (Call 06/18/27)^(b)(c)	$	600	$	632,625
3.88%, 04/27/26 (Call 01/27/26)^(b)(c)		500		534,156
4.00%, 01/25/24 (Call 12/25/23)^(b)		400		420,950
BOC Aviation USA Corp., 1.63%, 04/29/24 (Call 03/29/24)^(b)		800		802,032
DBS Group Holdings Ltd.
1.19%, 03/15/27^(g)		400		392,152
1.82%, 03/10/31 (Call 03/10/26)^(b)(i)		400		394,844
3.30%, (Call 02/27/25)^(b)(h)(i)		800		815,250
4.52%, 12/11/28 (Call 12/11/23)^(b)(i)		800		851,480
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		673		723,181
4.75%, 06/15/25 (Call 03/15/25)		534		586,399
4.88%, 06/15/29 (Call 03/15/29)		499		567,393
4.88%, 05/12/30 (Call 02/12/30)		515		588,323
GLP Pte Ltd.
3.88%, 06/04/25^(b)		825		855,061
4.50%, (Call 05/17/26)^(b)(h)(i)		600		577,688
Oversea-Chinese Banking Corp. Ltd.
1.83%, 09/10/30 (Call 09/10/25)^(b)(c)(i)		1,000		989,880
4.25%, 06/19/24^(b)(c)		600		644,550
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)^(b)		400		406,300
Singapore Telecommunications Ltd., 7.38%, 12/01/31^(b)		300		432,150
SingTel Group Treasury Pte Ltd.
1.88%, 06/10/30 (Call 03/10/30)^(b)		800		782,650
2.38%, 10/03/26^(b)		400		413,825
2.38%, 08/28/29 (Call 05/28/29)^(b)		600		612,112
3.25%, 06/30/25^(b)		300		318,150
3.88%, 08/28/28 (Call 05/28/28)^(b)		400		447,132
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)^(b)		600		599,738
United Overseas Bank Ltd.
1.25%, 04/14/26^(b)		600		592,632
1.75%, 03/16/31 (Call 03/16/26)^(b)(i)		400		394,800
2.00%, 10/14/31 (Call 10/14/26)^(b)(i)		600		595,056
2.88%, 03/08/27 (Call 03/08/22)^(b)(i)		400		402,325
3.75%, 04/15/29 (Call 04/15/24)^(b)(i)		600		631,800
3.88%, (Call 10/19/23)^(b)(h)(i)		400		408,950
Vena Energy Capital Pte Ltd., 3.13%, 02/26/25^(b)		400		408,575

				21,383,033

South Africa — 1.8%
Absa Group Ltd., 6.38%, (Call 05/27/26)^(b)(h)(i)		400		414,125
AngloGold Ashanti Holdings PLC
3.38%, 11/01/28 (Call 09/01/28)		600		597,000
3.75%, 10/01/30 (Call 07/01/30)^(c)		800		806,000
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)^(g)		600		600,720
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)^(b)(i)		400		415,075
Gold Fields Orogen Holdings BVI Ltd.
5.13%, 05/15/24 (Call 04/15/24)^(b)		400		425,950
6.13%, 05/15/29 (Call 02/15/29)^(b)		600		692,175
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 03/04/23)^(b)		400		415,125
MTN Mauritius Investments Ltd.
4.76%, 11/11/24^(b)		850		885,063
6.50%, 10/13/26^(b)		400		451,825
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)^(c)		600		609,000
5.50%, 03/18/31 (Call 03/18/30)		900		922,500
5.88%, 03/27/24 (Call 02/27/24)		1,200		1,263,900
6.50%, 09/27/28 (Call 06/27/28)		600		664,500

				9,162,958


Security	Par (000)		Value

South Korea — 3.9%
Hana Bank, 1.25%, 12/16/26^(b)	$	400	$	392,044
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)^(b)(c)(h)(i)		600		617,925
Heungkuk Life Insurance Co. Ltd., 4.48%, (Call 11/09/22)^(b)(h)(i)		400		401,950
Hyundai Capital Services Inc.
1.25%, 02/08/26^(b)		200		195,250
3.75%, 03/05/23^(b)		400		414,200
Kia Corp., 3.00%, 04/25/23^(b)		400		412,314
Kookmin Bank
1.38%, 05/06/26^(b)		200		197,820
1.75%, 05/04/25^(b)(c)		600		605,382
2.50%, 11/04/30^(b)		400		394,340
2.88%, 03/25/23^(b)		200		205,542
4.35%, (Call 07/02/24)^(b)(h)(i)		200		210,100
Korea East-West Power Co. Ltd., 1.75%, 05/06/25^(b)		600		605,925
Korea Electric Power Corp.
1.13%, 06/15/25^(b)		400		395,700
2.50%, 06/24/24^(b)		400		416,200
Korea Gas Corp.
2.88%, 07/16/29^(b)		400		423,950
3.50%, 07/21/25^(b)		400		430,700
3.50%, 07/02/26^(b)		200		217,725
3.88%, 02/12/24^(b)		200		213,725
6.25%, 01/20/42^(b)		600		918,300
Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23^(b)		400		420,700
Kyobo Life Insurance Co. Ltd., 3.95%, (Call 07/24/22)^(b)(h)(i)		200		202,225
LG Chem Ltd.
1.38%, 07/07/26^(b)		200		196,054
2.38%, 07/07/31^(g)		400		392,480
3.25%, 10/15/24^(b)		600		635,628
3.63%, 04/15/29^(b)		200		218,662
NAVER Corp., 1.50%, 03/29/26^(b)		600		592,992
NongHyup Bank
1.25%, 07/20/25^(b)		400		396,304
3.88%, 07/30/23^(b)		200		210,662
POSCO, 2.75%, 07/15/24^(b)		800		832,650
Shinhan Bank Co. Ltd.
1.38%, 10/21/26^(b)		400		395,232
1.82%, 04/24/25, (3 mo. LIBOR US + 1.700%)^(b)(i)		200		208,038
3.88%, 11/05/23^(b)		400		423,688
3.88%, 03/24/26^(b)		200		215,378
3.88%, 12/07/26 (Call 12/07/21)^(b)(i)		600		602,175
Shinhan Financial Group Co. Ltd.
1.35%, 01/10/26^(b)		400		394,044
3.34%, 02/05/30 (Call 02/05/25)^(b)(c)(i)		600		618,487
5.88%, (Call 08/13/23)^(b)(h)(i)		200		212,600
Shinhan Financial Group Jr, 2.88%, (Call 05/12/26)^(b)(h)(i)		200		197,563
SK Battery America Inc., 2.13%, 01/26/26^(b)		600		586,596
SK Hynix Inc.
1.00%, 01/19/24^(b)		200		198,058
1.50%, 01/19/26^(g)		400		391,372
1.50%, 01/19/26^(b)		200		195,686
2.38%, 01/19/31^(b)		700		672,700
3.00%, 09/17/24^(b)		600		624,675
SK Innovation Co. Ltd., 4.13%, 07/13/23^(b)		200		208,204
SK Telecom Co. Ltd., 3.75%, 04/16/23^(b)		400		416,292
Woori Bank
0.75%, 02/01/26^(b)		400		385,988
4.25%, (Call 10/04/24)^(b)(h)(i)		600		617,925


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

South Korea (continued)
4.75%, 04/30/24^(b)	$	400	$	432,450
5.25%, (Call 05/16/22)^(b)(h)(i)		400		406,075

				20,170,675

Supranational — 0.3%
African Export-Import Bank (The), 2.63%, 05/17/26 (Call 04/17/26)^(b)		600		606,300
Eastern & Southern African Trade & Development Bank (The)
4.13%, 06/30/28^(b)		600		604,500
4.88%, 05/23/24^(b)		600		627,857

				1,838,657

Switzerland — 0.1%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)^(g)		400		396,440


Taiwan — 2.4%
Competition Team Technologies Ltd., 3.75%, 03/12/24^(b)		600		635,175
Formosa Group Cayman Ltd., 3.38%, 04/22/25^(b)		800		836,150
Foxconn Far East Ltd.
1.63%, 10/28/25^(b)		800		796,576
2.50%, 10/28/30^(b)		600		594,113
TSMC Arizona Corp.
1.75%, 10/25/26 (Call 09/25/26)		1,000		1,004,190
2.50%, 10/25/31 (Call 07/25/31)		1,000		1,011,040
3.13%, 10/25/41 (Call 04/25/41)		1,000		1,031,750
3.25%, 10/25/51 (Call 04/25/51)		800		841,048
TSMC Global Ltd.
0.75%, 09/28/25 (Call 08/28/25)^(b)		800		774,752
1.00%, 09/28/27 (Call 07/28/27)^(b)		800		758,968
1.25%, 04/23/26 (Call 03/23/26)^(b)		1,200		1,179,048
1.38%, 09/28/30 (Call 06/28/30)^(b)		1,200		1,112,388
1.75%, 04/23/28 (Call 02/23/28)^(b)		800		786,984
2.25%, 04/23/31 (Call 01/23/31)^(b)		1,200		1,189,932

				12,552,114

Thailand — 2.4%
Amipeace Ltd., 2.25%, 10/22/30^(b)		200		195,124
Bangkok Bank PCL/Hong Kong
3.47%, 09/23/36 (Call 09/23/31)^(g)(i)		900		893,295
3.73%, 09/25/34 (Call 09/25/29)^(b)(i)		1,000		1,015,500
4.05%, 03/19/24^(b)		600		639,112
4.45%, 09/19/28^(b)(c)		600		683,550
5.00%, 10/03/23^(b)		200		214,788
5.00%, (Call 09/23/25)^(b)(h)(i)		1,000		1,032,687
GC Treasury Center Co. Ltd.
2.98%, 03/18/31 (Call 12/18/30)^(g)		400		403,700
2.98%, 03/18/31 (Call 12/18/30)^(b)(c)		200		201,850
4.30%, 03/18/51 (Call 09/18/50)^(b)		600		665,430
Kasikornbank PCL/Hong Kong
3.34%, 10/02/31 (Call 10/02/26)^(b)(i)		800		801,650
5.28%, (Call 10/14/25)^(b)(h)(i)		400		415,700
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)^(b)(h)(i)		600		598,688
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)^(b)(c)		600		608,363
PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/27 (Call 04/10/27)^(b)		400		409,325
3.90%, 12/06/59^(b)(c)		600		627,204
Siam Commercial Bank PCL/Cayman Islands
2.75%, 05/16/23^(b)		200		205,600
3.90%, 02/11/24^(b)		600		636,112
4.40%, 02/11/29^(b)		400		454,950


Security	Par (000)		Value

Thailand (continued)
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49^(b)	$	600	$	534,488
3.75%, 06/18/50^(b)(c)		400		365,148
5.38%, 11/20/48^(b)(c)		600		683,628

				12,285,892

Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24^(b)		400		431,325


Turkey — 3.6%
Akbank TAS
5.13%, 03/31/25^(b)		600		595,050
6.80%, 02/06/26^(b)		600		617,738
6.80%, 06/22/31 (Call 06/22/26)^(g)(i)		400		387,625
7.20%, 03/16/27 (Call 03/16/22)^(b)(i)		200		200,663
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)^(g)		400		401,500
Arcelik AS, 5.00%, 04/03/23^(b)		400		410,075
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)^(g)		600		568,500
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)^(b)		600		622,050
KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)^(b)		600		608,925
6.50%, 03/11/25 (Call 12/11/24)^(b)		800		841,650
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)^(b)		500		514,781
QNB Finansbank AS, 6.88%, 09/07/24^(b)		600		640,988
Turk Telekomunikasyon AS
4.88%, 06/19/24^(b)		400		407,825
6.88%, 02/28/25^(b)		400		426,792
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25^(b)		400		416,450
5.80%, 04/11/28 (Call 01/11/28)^(b)		600		624,000
Turkiye Garanti Bankasi AS
5.88%, 03/16/23^(b)		400		412,575
6.13%, 05/24/27 (Call 05/24/22)^(b)(i)		800		797,400
Turkiye Is Bankasi AS
6.13%, 04/25/24^(b)		1,000		1,022,375
7.00%, 06/29/28 (Call 06/29/23)^(b)(i)		400		399,825
7.75%, 01/22/30 (Call 01/22/25)^(b)(i)		700		710,412
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)^(b)		600		594,675
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)^(b)		600		648,487
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25^(b)		600		587,175
5.50%, 10/01/26^(c)(g)		400		383,625
6.50%, 01/08/26^(b)		800		802,250
8.13%, 03/28/24^(b)		600		641,737
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25^(b)		600		629,363
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24^(b)		400		407,325
6.10%, 03/16/23^(b)		400		410,075
7.88%, 01/22/31 (Call 01/22/26)^(b)(i)		400		407,125
8.25%, 10/15/24^(b)		400		430,200
13.88%, (Call 01/15/24)^(b)(h)(i)		800		908,250

				18,477,486

Ukraine — 0.5%
DTEK Finance PLC, 5.00%, (5.00% PIK), 12/31/27 (Call 11/29/21)^(b)(j)		1,366		830,796
Metinvest BV
7.75%, 10/17/29^(b)		600		653,250


34		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Ukraine (continued)
8.50%, 04/23/26 (Call 01/23/26)^(b)	$	400	$	449,950
MHP Lux SA, 6.95%, 04/03/26^(b)		400		424,950
MHP SE, 7.75%, 05/10/24^(b)		400		431,950

				2,790,896

United Arab Emirates — 4.5%
Abu Dhabi Commercial Bank PJSC, 4.00%, 03/13/23^(b)		400		416,700
Abu Dhabi National Energy Co. PJSC
2.00%, 04/29/28 (Call 01/29/28)^(b)		600		597,187
3.88%, 05/06/24^(b)		200		213,100
4.00%, 10/03/49^(b)		200		227,287
4.38%, 04/23/25^(b)		400		440,325
4.38%, 06/22/26^(b)		400		450,450
4.88%, 04/23/30^(b)		600		712,050
6.50%, 10/27/36^(b)		300		424,181
Abu Dhabi National Energy Company PJSC, 3.40%, 04/29/51 (Call 10/29/50)^(b)		400		414,125
ADCB Finance Cayman Ltd., 4.00%, 03/29/23^(b)		400		416,075
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)^(b)(h)(i)		400		425,325
AHB Sukuk Co. Ltd., 4.38%, 09/19/23^(b)		200		211,740
Aldar Sukuk Ltd., 4.75%, 09/29/25^(b)		200		220,037
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29^(b)		200		216,912
BOS Funding Ltd., 4.00%, 09/18/24^(b)		400		408,575
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)^(b)(h)(i)		400		422,125
DIB Sukuk Ltd.
1.96%, 06/22/26^(b)		400		397,625
2.95%, 02/20/25^(b)		400		414,325
2.95%, 01/16/26^(b)		600		620,925
3.63%, 02/06/23^(b)		400		412,125
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)^(b)(h)(i)		400		422,625
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)^(b)(h)(i)		400		406,125
EI Sukuk Co. Ltd., 1.83%, 09/23/25^(b)		200		199,313
Emaar Sukuk Ltd.
3.64%, 09/15/26^(b)		400		415,575
3.70%, 07/06/31^(b)		200		204,313
3.88%, 09/17/29^(b)		200		207,350
EMG Sukuk Ltd., 4.56%, 06/18/24 ^(b)		400		422,950
Emirates NBD Bank PJSC
1.64%, 01/13/26^(b)		800		797,000
4.25%, (Call 02/27/27)^(b)(h)(i)		200		202,563
6.13%, (Call 03/20/25)^(b)(h)(i)		600		633,937
6.13%, (Call 04/09/26)^(b)(h)(i)		400		433,575
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24^(b)		200		213,225
Esic Sukuk Ltd., 3.94%, 07/30/24^(b)		200		206,100
Fab Sukuk Co. Ltd.
1.41%, 01/14/26^(b)		400		397,125
2.50%, 01/21/25^(b)		200		206,913
3.63%, 03/05/23^(b)		200		207,850
3.88%, 01/22/24^(b)		400		424,000
First Abu Dhabi Bank PJSC
1.02%, 07/08/24, (3 mo. LIBOR US + 0.900%)^(b)(i)		600		603,187
4.50%, (Call 04/05/26)^(b)(h)(i)		400		419,625
Galaxy Pipeline Assets Bidco Ltd.
1.75%, 09/30/27^(b)		391		393,540
2.16%, 03/31/34^(b)		800		779,000
2.63%, 03/31/36^(b)		800		780,250
2.94%, 09/30/40^(b)		1,200		1,182,375
3.25%, 09/30/40^(b)		600		597,840


Security	Par (000)		Value
United Arab Emirates (continued)
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)^(b)	$	600	$	621,000
MAF Global Securities Ltd.
4.75%, 05/07/24^(b)		400		430,125
5.50%, (Call 09/07/22)^(b)(h)(i)		400		404,325
MAF Sukuk Ltd.
3.93%, 02/28/30^(b)		200		216,500
4.64%, 05/14/29^(b)		200		224,850
Mashreqbank PSC, 4.25%, 02/26/24^(b)		400		423,575
National Central Cooling Co. PJSC, 2.50%, 10/21/27^(b)		200		198,063
Noor Sukuk Co. Ltd., 4.47%, 04/24/23^(b)		200		209,725
Rakfunding Cayman Ltd., 4.13%, 04/09/24^(b)		200		211,600
Ruwais Power Co. PJSC, 6.00%, 08/31/36^(b)		400		534,125
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 12/13/21)^(b)		400		308,880
SIB Sukuk Co. III Ltd.
2.85%, 06/23/25^(b)		200		206,288
4.23%, 04/18/23^(b)		200		208,788
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25^(b)		200		226,500

				23,241,894

Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)^(b)		500		496,969

Zambia — 1.1%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 11/08/21)^(b)		800		812,000
6.88%, 03/01/26 (Call 11/08/21)^(b)		1,050		1,091,344
6.88%, 10/15/27 (Call 10/15/23)^(b)		1,400		1,500,887
7.25%, 04/01/23 (Call 11/08/21)^(b)		1,200		1,222,200
7.50%, 04/01/25 (Call 11/08/21)^(b)		1,200		1,237,500

				5,863,931


Total Corporate Bonds & Notes — 97.4% (Cost: $506,277,770)				505,091,685


Foreign Government Obligations^(a)
Nigeria — 0.4%
Africa Finance Corp.
3.13%, 06/16/25^(b)		600		622,688
3.75%, 10/30/29^(b)		400		415,125
3.88%, 04/13/24^(b)		400		424,375
4.38%, 04/17/26^(b)		600		654,750

				2,116,938

South Korea — 0.3%
Industrial Bank of Korea
0.63%, 09/17/24^(g)		200		198,320
1.04%, 06/22/25^(b)		400		394,536
Korea Expressway Corp., 1.13%, 05/17/26^(b)		400		392,804
Korea Hydro & Nuclear Power Co. Ltd., 1.25%, 04/27/26^(b)		400		393,340

				1,379,000

Supranational — 0.5%
African Export-Import Bank (The)
3.80%, 05/17/31 (Call 02/17/31)^(g)		400		409,125
3.99%, 09/21/29 (Call 06/23/29)^(b)		800		833,280
4.13%, 06/20/24^(b)		600		632,363


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Supranational (continued)
5.25%, 10/11/23^(b)	$	600	$	641,437


				2,516,205


Total Foreign Government Obligations — 1.2% (Cost: $5,964,536)			6,012,143


Short-Term Investments

Money Market Funds — 9.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(m)(n)(o)		41,878		41,898,642
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(m)(n)		6,007		6,007,000


				47,905,642


Total Short-Term Investments — 9.2% (Cost: $47,899,085)			47,905,642


Total Investments in Securities — 107.8% (Cost: $560,141,391)			559,009,470

Other Assets, Less Liabilities — (7.8)%				(40,646,526	)


Net Assets — 100.0%			$518,362,944

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

^(e)	Non-income producing security.

^(f)	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.

^(g)	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.

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

⁽ⁱ⁾	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.

^(j)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(k)	Zero-coupon bond.

^(l)	When-issued security.

^(m)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,553,871	$	30,350,016	^(a)	$	—	$	(3,343	)	$	(1,902	)	$	41,898,642		41,878	$	84,486	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,577,000		3,430,000	^(a)		—		—			—			6,007,000		6,007		378			—

								$	(3,343	)	$	(1,902	)	$	47,905,642			$	84,864		$	—

^(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 Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Corporate Bonds & Notes	$	—	$	505,091,685	$	—	$	505,091,685
Foreign Government Obligations		—		6,012,143		—		6,012,143
Money Market Funds		47,905,642		—		—		47,905,642

	$	47,905,642	$	511,103,828	$	—	$	559,009,470

See notes to financial statements.


36		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2021

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 — 0.9%
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 11/08/21)^(b)	$	150	$	85,294
Arcor SAIC, 6.00%, 07/06/23^(b)		300		291,217
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)^(b)		300		309,150
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)^(c)		400		375,520
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)^(b)		300		243,525
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)^(b)(c)		400		353,950
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)^(b)		300		279,244
YPF SA
6.95%, 07/21/27^(b)		450		324,366
7.00%, 12/15/47 (Call 06/15/47)^(b)		300		194,250
8.50%, 07/28/25^(b)		700		561,006
8.75%, 04/04/24^(b)		491		442,820
YPF Sociedad Anonima
1.50%, 09/30/33^(b)		300		166,500
2.50%, 06/30/29^(b)		475		316,855
4.00%, 02/12/26^(b)		400		344,200


				4,287,897

Azerbaijan — 0.9%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24^(b)		550		553,747
Petroleos Mexicanos
4.88%, 01/18/24^(c)		600		619,800
6.38%, 01/23/45^(c)		895		763,524
6.50%, 06/02/41^(c)		900		811,035
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(b)		1,200		1,404,225


				4,152,331

Bahrain — 0.3%
AUB Sukuk Ltd., 2.62%, 09/09/26^(b)		200		199,200
BBK BSC, 5.50%, 07/09/24^(b)		400		407,950
GFH Sukuk Ltd., 7.50%, 01/28/25^(b)		200		207,163
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27^(b)		600		657,487


				1,471,800

Brazil — 10.7%
Adecoagro SA, 6.00%, 09/21/27^(b)(c)		200		207,225
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28^(b)		400		400,325
Atento Luxco 1 SA, 8.00%, 02/10/26^(b)		300		318,150
Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)^(d)		400		370,825
B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)^(b)(c)		400		371,700
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31^(d)		200		191,740
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25^(b)		400		404,000
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)^(b)		400		385,125
4.50%, 01/10/25 (Call 12/10/24)^(b)		600		612,300
7.75%, 02/15/29 (Call 02/15/24)^(b)(e)		200		209,100
Banco do Brasil SA/Cayman
3.25%, 09/30/26^(c)(d)		400		394,400
4.63%, 01/15/25^(b)		600		629,550
4.75%, 03/20/24^(b)		400		419,825
4.88%, 04/19/23^(b)		400		417,200
6.25%, (Call 04/15/24)^(b)(e)(f)		1,000		982,875
9.00%, (Call 06/18/24)^(b)(e)(f)		1,200		1,299,600
9.25%, 10/29/49^(b)(f)		800		846,650
Banco Safra SA/Cayman Islands, 4.13%, 02/08/23^(b)(c)		200		205,725
Banco Votorantim SA, 4.38%, 07/29/25^(b)		400		406,125


Security	Par (000)		Value
Brazil (continued)
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)^(b)(c)	$	400	$	485,200
Braskem Finance Ltd., 6.45%, 02/03/24		400		437,075
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)^(b)		800		818,900
4.50%, 01/31/30^(b)		800		811,650
5.88%, 01/31/50^(b)		400		425,700
8.50%, 01/23/81 (Call 10/24/25)^(b)(e)		200		223,288
BRF SA
4.88%, 01/24/30 (Call 10/24/29)^(b)		400		396,904
5.75%, 09/21/50 (Call 03/21/50)^(b)		400		373,075
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)^(b)		600		668,737
Centrais Eletricas Brasileiras SA
3.63%, 02/04/25^(b)		400		400,575
4.63%, 02/04/30^(b)		400		390,700
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)^(b)		600		622,800
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)^(b)(c)		400		418,075
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)^(b)		800		848,600
CSN Resources SA
4.63%, 06/10/31 (Call 06/10/26)^(b)		600		588,600
7.63%, 04/17/26 (Call 04/17/22)^(b)(c)		200		210,600
Embraer Netherlands Finance BV
5.05%, 06/15/25		600		622,237
5.40%, 02/01/27^(c)		300		313,050
FS Luxembourg Sarl, 10.00%, 12/15/25^(b)		400		439,750
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30^(b)		400		386,000
Gol Finance SA
7.00%, 01/31/25^(b)		300		271,181
8.00%, 06/30/26 (Call 12/24/22)^(b)		400		387,825
Guara Norte Sarl, 5.20%, 06/15/34^(b)		589		577,697
Hidrovias International Finance SARL, 4.95%, 02/08/31 (Call 02/08/26)^(b)		400		375,450
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/29/21)^(b)		400		371,500
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25^(b)(c)		600		606,300
3.88%, 04/15/31 (Call 01/15/26)^(b)(e)		400		384,500
4.50%, 11/21/29 (Call 11/21/24)^(b)(e)		400		398,325
4.63%, (Call 02/27/25)^(b)(e)(f)		400		374,325
5.13%, 05/13/23^(b)(c)		920		961,584
6.13%, (Call 12/12/22)^(b)(e)(f)		600		594,300
6.50%, (Call 03/19/23)^(b)(c)(e)(f)		400		399,825
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 (Call 01/15/27)^(d)		600		591,000
JBS USA Food Co.
5.75%, 01/15/28^(b)		600		623,250
7.00%, 01/15/26^(b)		400		416,800
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)^(b)		500		538,219
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.75%, 12/01/31 (Call 12/01/26)^(d)		200		204,750
JSM Global Sarl, 4.75%, 10/20/30^(b)		200		190,225
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)^(b)		400		366,500
5.75%, 04/03/29 (Call 01/03/29)^(b)		400		433,120
7.00%, 04/03/49 (Call 10/03/48)^(b)		400		460,000
Klabin Finance SA, 4.88%, 09/19/27^(b)		200		214,538
Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)^(d)		400		390,325
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)^(b)		800		757,000


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Brazil (continued)
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(d)	$	1,000	$	973,750
Minerva Luxembourg SA
4.38%, 03/18/31 (Call 03/18/26)^(d)		200		189,450
4.38%, 03/18/31^(b)		600		568,350
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)^(b)		400		377,000
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)^(b)		600		593,880
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)^(b)		400		435,200
7.00%, 05/14/26 (Call 05/14/22)^(b)		400		422,900
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)^(b)(c)		400		424,450
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 11/29/21)^(b)(c)(g)		487		271,044
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/29/21)^(b)(h)		850		2,125
Odebrecht Offshore Drilling Finance Ltd., 7.72%,
(7.72% PIK), 12/01/26 (Call 12/01/21)^(b)(g)		870		211,259
OI Movel SA, 8.75%, 07/30/26 (Call 07/30/24)^(b)		400		412,200
Oi SA, 10.00%, (12.00% PIK), 07/27/25^(c)(g)		925		831,806
Petrobras Global Finance BV
5.09%, 01/15/30^(c)		1,015		1,033,524
5.30%, 01/27/25		500		542,188
5.50%, 06/10/51 (Call 12/10/50)^(c)		800		700,216
5.60%, 01/03/31 (Call 10/03/30)		1,200		1,252,200
5.75%, 02/01/29		400		432,050
6.00%, 01/27/28		918		998,325
6.25%, 03/17/24		300		326,400
6.75%, 01/27/41^(c)		600		642,112
6.75%, 06/03/50 (Call 12/03/49)		500		512,313
6.85%, 06/05/2115		1,100		1,066,862
6.88%, 01/20/40		500		543,688
6.90%, 03/19/49^(c)		700		733,848
7.25%, 03/17/44^(c)		686		747,869
7.38%, 01/17/27		651		763,297
8.75%, 05/23/26^(c)		379		465,602
Petrorio Luxembourg SARL, 6.13%, 06/09/26 (Call 06/09/24)^(b)		400		401,500
Rede D’or Finance Sarl
4.50%, 01/22/30 (Call 10/22/29)^(b)		100		97,925
4.95%, 01/17/28 (Call 10/17/27)^(b)		800		821,150
Rumo Luxembourg Sarl
5.25%, 01/10/28 (Call 01/10/24)^(b)		400		417,300
5.88%, 01/18/25 (Call 01/18/22)^(b)		200		206,038
Simpar Europe SA, 5.20%, 01/26/31^(b)		400		384,000
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)^(d)		300		267,525
Ultrapar International SA
5.25%, 10/06/26^(b)		400		425,950
5.25%, 06/06/29^(b)(c)		400		412,450
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)^(b)		200		212,600
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)^(b)		400		419,200
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)^(b)(c)		400		381,950


				50,763,991

Burkina Faso — 0.0%
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)^(d)		200		201,490


Chile — 0.4%
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24) ^(b)(e)		400		417,200
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)^(b)		200		125,188
EnfraGen Energia Sur SA, 5.38%, 12/30/30^(b)		400		383,504
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/29/21)^(b)		200		209,000


Security	Par (000)		Value

Chile (continued)
NagaCorp Ltd., 7.95%, 07/06/24 (Call 07/06/22)^(b)	$	200	$	199,787
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)^(b)(c)		400		415,575
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23) ^(b)		200		212,750


				1,963,004

China — 3.8%
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24) ^(b)(e)(f)		1,000		560,000
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)^(b)(e)(f)		1,700		1,762,156
Beijing Enterprises Water Capital Management Holdings Ltd., 4.95%, 05/02/23^(b)		200		205,562
Central Plaza Development Ltd., 5.75%, (Call 11/14/24)^(b)(e)(f)		200		171,250
China Evergrande Group
7.50%, 06/28/23 (Call 11/29/21)^(b)(i)(j)		900		217,692
8.75%, 06/28/25 (Call 11/29/21)^(b)(i)(j)		2,400		576,000
10.50%, 04/11/24 (Call 04/11/22)^(b)(i)(j)		400		99,000
China Hongqiao Group Ltd., 6.25%, 06/08/24^(b)		200		195,062
China SCE Group Holdings Ltd.
7.00%, 05/02/25 (Call 05/02/23)^(b)		200		158,000
7.38%, 04/09/24 (Call 04/09/22)^(b)		400		347,000
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25^(b)		400		412,672
CIFI Holdings Group Co. Ltd.
5.95%, 10/20/25 (Call 07/20/23)^(b)		400		384,125
6.00%, 07/16/25 (Call 01/16/23)^(b)		200		193,563
6.45%, 11/07/24 (Call 11/07/22)^(b)		400		388,000
Easy Tactic Ltd.
5.88%, 02/13/23 (Call 11/29/21)^(b)		400		236,000
11.75%, 08/02/23^(b)		200		120,000
Easy Trade Global Co.Ltd., 4.00%, 11/10/25^(b)		200		200,037
ENN Clean Energy International Investment Ltd.
3.38%, 05/12/26 (Call 05/12/24)^(d)		200		197,834
3.38%, 05/12/26 (Call 05/12/24)^(b)		200		197,834
Fortune Star BVI Ltd.
5.00%, 05/18/26 (Call 05/18/24)^(b)		400		380,125
5.05%, 01/27/27 (Call 01/27/25)^(b)		200		185,063
5.95%, 10/19/25 (Call 10/19/23)^(b)		400		399,000
Franshion Brilliant Ltd.
5.75%, (Call 01/17/22)^(b)(e)(f)		200		188,063
6.00%, (Call 02/08/26)^(b)(e)(f)		400		400,125
Greenland Global Investment Ltd., 5.88%, 07/03/24^(b)		400		256,125
Huarong Finance 2017 Co. Ltd.
4.00%, (Call 11/07/22)^(b)(e)(f)		400		381,125
4.50%, (Call 01/24/22)^(b)(e)(f)		700		684,250
Kaisa Group Holdings Ltd.
9.38%, 06/30/24 (Call 11/29/21)^(b)		1,350		378,000
9.75%, 09/28/23 (Call 09/28/22)^(b)		400		124,000
9.95%, 07/23/25 (Call 01/23/23)^(b)		400		116,000
10.50%, 01/15/25 (Call 01/15/23)^(b)		200		58,000
10.88%, 07/23/23 (Call 11/29/21)^(b)		400		120,000
11.25%, 04/16/25 (Call 04/16/23)^(b)		400		126,000
11.70%, 11/11/25 (Call 11/11/23)^(b)		450		126,000
11.95%, 11/12/23 (Call 11/29/21)^(b)		400		114,200
KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 11/16/21)^(b)		400		302,000
Lenovo Group Ltd.
4.75%, 03/29/23^(b)		400		417,450
5.88%, 04/24/25^(b)		600		671,586
RKPF Overseas 2020 A Ltd.
5.13%, 07/26/26 (Call 07/26/24)^(b)		400		340,000
5.20%, 01/12/26 (Call 01/12/24)^(b)		200		173,000


38		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

China (continued)
Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/29/21)^(b)(i)(j)	$	300	$	65,250
Shui On Development Holding Ltd.
5.75%, 11/12/23 (Call 11/29/21)^(b)		600		579,187
6.15%, 08/24/24 (Call 08/24/22)^(b)		200		190,563
6.40%, (Call 06/20/22)^(b)(e)(f)		200		192,063
Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)^(b)(e)(f)		400		326,000
Sunac China Holdings Ltd.
5.95%, 04/26/24 (Call 01/26/23)^(b)		600		435,000
6.50%, 07/09/23 (Call 07/09/22)^(b)		200		155,000
6.50%, 01/10/25 (Call 01/10/23)^(b)		400		280,000
7.00%, 07/09/25 (Call 07/09/23)^(b)		400		280,000
8.35%, 04/19/23 (Call 11/29/21)^(b)		400		306,125
Times China Holdings Ltd.
5.55%, 06/04/24 (Call 06/04/23)^(b)		200		157,000
6.75%, 07/08/25 (Call 07/08/23)^(b)		400		306,000
Wanda Properties International Co. Ltd., 7.25%, 01/29/24^(b)		400		376,125
Well Hope Development Ltd., 3.88%, (Call 10/19/22)^(b)(e)(f)		600		609,000
West China Cement Ltd. Co., 4.95%, 07/08/26 (Call 07/08/24)^(b)		400		387,125
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23^(b)		400		402,325
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)^(b)		400		388,000
Yuzhou Group Holdings Co. Ltd.
6.35%, 01/13/27 (Call 01/13/25)^(b)		200		80,000
7.38%, 01/13/26 (Call 01/13/24)^(b)		400		164,000


				18,240,662

Colombia — 2.5%
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)^(b)		400		388,000
Banco Davivienda SA, 6.65%, (Call 04/22/31) ^(b)(e)(f)		200		208,662
Banco de Bogota SA
4.38%, 08/03/27 (Call 05/03/27)^(b)(c)		200		208,100
5.38%, 02/19/23^(b)(c)		200		206,880
6.25%, 05/12/26^(b)(c)		800		872,000
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)^(c)		400		402,950
4.63%, 12/18/29 (Call 12/18/24)^(c)(e)		400		409,000
4.88%, 10/18/27 (Call 10/18/22)^(e)		400		403,200
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)^(b)		200		205,038
Ecopetrol SA
4.13%, 01/16/25		800		827,600
5.38%, 06/26/26 (Call 03/26/26)		350		378,503
5.88%, 09/18/23		1,200		1,286,670
5.88%, 05/28/45^(c)		1,500		1,513,125
6.88%, 04/29/30 (Call 01/29/30)		1,400		1,613,500
7.38%, 09/18/43		100		116,144
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)^(b)(c)		200		198,725
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)^(b)		600		584,625
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26^(b)(c)		400		432,450
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)^(b)		400		409,625
6.25%, 03/25/29 (Call 03/25/24)^(b)		360		391,792
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)^(b)		200		204,413
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)^(b)(c)		400		392,825
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)^(b)(c)		370		381,632


				12,035,459


Security	Par (000)		Value

Congo, The Democratic Republic — 0.1%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)^(b)	$	400	$	416,325


Ghana — 0.5%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)^(b)		400		396,000
Sunac China Holdings Ltd., 6.65%, 08/03/24 (Call 08/03/22)^(b)		600		429,187
Tullow Oil PLC
7.00%, 03/01/25 (Call 11/29/21)^(b)(c)		400		350,000
10.25%, 05/15/26 (Call 05/06/23)^(d)		1,000		1,048,750


				2,223,937

Guatemala — 0.2%
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)^(b)(c)		400		413,575
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)^(b)		400		426,000


				839,575

Hong Kong — 2.7%
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)^(b)(e)(f)		250		255,391
Bank of East Asia Ltd. (The)
5.63%, (Call 05/18/22)^(b)(e)(f)		400		403,700
5.83%, (Call 10/21/25)^(b)(e)(f)		500		522,031
5.88%, (Call 09/19/24)^(b)(e)(f)		250		260,047
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)^(b)(e)(f)		400		401,125
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26^(b)		400		396,700
Celestial Dynasty Ltd., 4.25%, 06/27/29^(b)		800		807,900
Celestial Miles Ltd., 5.75%, (Call 01/31/24)^(b)(e)(f)		200		206,413
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)^(b)(e)(f)		400		430,125
FWD Group Ltd.
0.00%, (Call 06/15/22)^(b)(e)(f)(h)		400		381,575
5.75%, 07/09/24^(b)		200		204,288
6.38%, (Call 09/13/24)^(b)(e)(f)		800		806,150
Henderson Land MTN Ltd., 2.38%, 05/27/25^(b)		400		395,700
Li & Fung Ltd., 5.25%, (Call 05/03/22)^(b)(f)		400		275,450
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)^(b)(e)(f).		600		607,312
New World China Land Ltd., 4.75%, 01/23/27^(b)		400		416,825
NWD Finance BVI Ltd.
4.13%, (Call 03/10/28)^(b)(e)(f)		600		586,500
4.80%, (Call 09/09/23)^(b)(f)		200		194,725
5.25%, (Call 03/22/26)^(b)(e)(f)		600		621,862
6.25%, (Call 03/07/24)^(b)(f)		800		818,650
NWD MTN Ltd.
4.13%, 07/18/29^(b)		800		800,900
4.50%, 05/19/30^(b)		200		202,850
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24) ^(b)		600		593,587
Petroleos Mexicanos, 6.49%, 01/23/27 (Call 11/23/26)		1,350		1,433,565
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)^(b)		400		403,964
Wheelock MTN BVI Ltd., 2.38%, 01/25/26^(b)		200		196,913


				12,624,248

India — 2.2%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24^(b)		425		463,250
Adani Green Energy Ltd., 4.38%, 09/08/24^(d)		400		405,000
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24^(b)		200		214,287
Axis Bank Ltd./Gift City, 4.10%, (Call 09/08/26)^(d)(e)(f)		200		197,063
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)^(b)		397		406,057
Delhi International Airport Ltd.
6.13%, 10/31/26^(b)		200		201,100


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

India (continued)
6.45%, 06/04/29^(b)	$	400	$	395,625
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23) ^(b)		200		119,000
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23) ^(b)		591		594,694
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25^(b)		400		407,500
5.95%, 07/29/26 (Call 07/29/22)^(b)		200		210,812
HDFC Bank Ltd., 3.70%, (Call 08/25/26)^(d)(e)(f)		600		595,500
JSW Hydro Energy Ltd.
4.13%, 05/18/31 (Call 05/18/26)^(d)		200		199,813
4.13%, 05/18/31 (Call 05/18/26)^(b)		200		199,813
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)^(d)		400		402,500
5.05%, 04/05/32 (Call 10/05/31)^(d)		200		201,500
5.95%, 04/18/24^(b)		400		423,500
Network i2i Ltd.
3.98%, ^(b)(f)		200		201,475
5.65%, (Call 01/15/25)^(b)(e)(f)		600		634,050
Periama Holdings LLC/DE, 5.95%, 04/19/26^(b)		400		432,500
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 11/29/21)^(b)		200		208,975
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)^(b)		400		406,625
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24^(b)(c)		400		400,500
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)^(b)		800		808,000
9.25%, 04/23/26 (Call 04/23/23)^(b)		200		191,000
13.88%, 01/21/24 (Call 12/21/22)^(b)		600		648,750
Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 11/29/21)^(b)		600		547,612
7.13%, 05/31/23^(b)		300		289,687


				10,406,188

Indonesia — 0.6%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)^(b)(c)		500		510,562
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(b)		200		202,585
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/29/21)^(b)		800		810,650
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)^(b)		200		204,000
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)^(b)(c)		800		855,250
Saka Energi Indonesia PT, 4.45%, 05/05/24^(b)		400		387,950


				2,970,997

Israel — 2.2%
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)^(d)		300		305,190
4.88%, 03/30/26 (Call 12/30/25)^(d)		300		304,500
5.38%, 03/30/28 (Call 09/30/27)^(d)		400		404,800
5.88%, 03/30/31 (Call 09/30/30)^(d)		400		405,000
Greenko Investment Co., 4.88%, 08/16/23 (Call 11/29/21)^(b)		200		202,100
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)^(d)		300		309,713
6.13%, 06/30/25 (Call 03/30/25)^(d)		300		322,650
6.50%, 06/30/27 (Call 12/30/26)^(d)		400		435,325
6.75%, 06/30/30 (Call 12/30/29)^(d)		300		328,665
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)^(b)		300		300,000
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36^(c)		500		535,180
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		1,675		1,681,993
3.15%, 10/01/26^(c)		2,000		1,880,000
4.10%, 10/01/46		1,050		862,018
6.00%, 04/15/24 (Call 01/15/24)		600		630,113
6.75%, 03/01/28 (Call 12/01/27)^(c)		800		876,400


Security	Par (000)		Value

Israel (continued)
7.13%, 01/31/25 (Call 10/31/24)	$	600	$	641,064


				10,424,711

Jamaica — 0.4%
Digicel Group Holdings Ltd., 10.00%, (2.00% PIK), 04/01/24 (Call 11/15/21)^(c)(g)		675		677,031
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 11/15/21)^(b)		750		778,141
Digicel Ltd., 6.75%, 03/01/23 (Call 11/15/21)^(b)(c)		400		387,500


				1,842,672

Kuwait — 0.2%
Burgan Bank SAK, 5.75%, (Call 07/09/24)^(b)(e)(f)		400		405,825
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26^(b)		400		377,575
4.50%, 02/23/27^(b)		200		188,788


				972,188

Luxembourg — 0.4%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(b)		600		576,672
5.75%, 08/15/29 (Call 08/15/24)^(d)		1,200		1,177,500


				1,754,172

Macau — 1.8%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)^(b)		200		198,562
4.85%, 01/27/28 (Call 01/27/25)^(b)		400		393,450
Embraer Netherlands Finance BV, 6.95%, 01/17/28^(b)		400		443,200
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/29/21)^(b)		200		196,913
5.25%, 04/26/26 (Call 04/26/22)^(b)		800		789,900
5.38%, 12/04/29 (Call 12/04/24)^(b)(c)		600		589,237
5.63%, 07/17/27 (Call 07/17/22)^(b)		200		199,975
5.75%, 07/21/28 (Call 07/21/23)^(b)(c)		400		396,000
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(b)		400		382,800
5.25%, 06/18/25 (Call 06/18/22)^(b)		400		393,825
5.38%, 05/15/24 (Call 11/08/21)^(b)		800		799,400
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(b)		600		538,500
6.00%, 07/15/25 (Call 07/15/22)^(b)		400		388,100
6.50%, 01/15/28 (Call 07/15/23)^(b)		400		384,125
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/29/21)^(b)		400		378,075
5.13%, 12/15/29 (Call 12/15/24)^(b)		600		537,000
5.50%, 01/15/26 (Call 06/15/22)^(b)		400		376,700
5.50%, 10/01/27 (Call 10/01/22)^(b)		400		373,125
5.63%, 08/26/28 (Call 08/26/23)^(b)		800		739,704


				8,498,591

Mexico — 7.5%
Banco Mercantil del Norte SA/Grand Cayman
6.75%, (Call 09/27/24)^(b)(e)(f)		300		312,994
7.50%, (Call 06/27/29)^(b)(e)(f)		400		438,200
7.63%, ^(b)(c)(f)		400		440,700
8.38%, ^(b)(f)		200		233,050
BBVA Bancomer SA/Texas
5.13%, 01/18/33 (Call 01/17/28)^(b)(e)		600		618,900
5.88%, 09/13/34 (Call 09/13/29)^(b)(e)		350		380,581
Braskem Idesa SAPI
6.99%, 02/20/32 (Call 02/20/27)^(d)		500		511,400
7.45%, 11/15/29 (Call 11/15/24)^(b)(c)		600		633,180


40		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Mexico (continued)
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)^(b)	$	1,000	$	999,300
5.20%, 09/17/30 (Call 09/17/25)^(b)		800		864,140
5.45%, 11/19/29 (Call 11/19/24)^(b)		600		648,045
7.38%, 06/05/27 (Call 06/05/23)^(b)		400		441,583
Cemex SAB De CV, 5.13%, (Call 06/08/26)^(b)(e)(f)		500		516,012
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)^(d)		400		383,040
Credito Real SAB de CV, 8.00%, 01/21/28^(b)		400		335,075
Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)^(b)(e)(f)		200		208,100
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28^(b)		200		193,288
Nemak SAB de CV
3.63%, 06/28/31 (Call 03/28/31)^(d)		200		186,163
3.63%, 06/28/31 (Call 03/28/31)^(b)		200		186,163
Petroleos Mexicanos
4.50%, 01/23/26		800		805,112
5.35%, 02/12/28		1,400		1,395,310
5.95%, 01/28/31 (Call 10/28/30)		2,133		2,093,539
6.35%, 02/12/48^(c)		1,650		1,400,437
6.50%, 03/13/27		3,100		3,292,975
6.50%, 01/23/29		1,100		1,142,653
6.63%, 06/15/35^(c)		1,500		1,446,037
6.75%, 09/21/47^(c)		3,400		2,996,250
6.84%, 01/23/30 (Call 10/23/29)		2,550		2,660,287
6.88%, 10/16/25^(b)		850		926,670
6.88%, 08/04/26		1,730		1,883,970
6.95%, 01/28/60 (Call 07/28/59)		2,150		1,900,600
7.69%, 01/23/50 (Call 07/23/49)^(c)		4,500		4,297,500
Total Play Telecomunicaciones SA de CV
6.38%, 09/20/28 (Call 09/30/25)^(c)(d)		200		196,750
7.50%, 11/12/25^(b)(c)		400		414,700
Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)^(b)		400		370,000

				35,752,704

Moldova — 0.0%
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)^(b)		200		205,800

Morocco — 0.4%
OCP SA
4.50%, 10/22/25^(b)		200		211,225
5.13%, 06/23/51 (Call 12/23/50)^(b)		400		386,700
5.63%, 04/25/24^(b)		300		322,462
6.88%, 04/25/44^(b)		400		479,200
OCP Group, 3.75%, 06/23/31 (Call 03/23/31)^(b)		400		392,000

				1,791,587

Nigeria — 0.3%
Access Bank PLC
6.13%, 09/21/26^(d)		200		200,313
9.13%, (Call 10/07/26)^(d)(e)(f)		200		198,000
IHS Netherlands Holdco BV
7.13%, 03/18/25 (Call 11/29/21)^(b)		200		206,537
8.00%, 09/18/27 (Call 09/18/22)^(b)		600		637,687
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)^(b)		400		409,720

				1,652,257

Oman — 0.4%
Axis Bank., 4.10%, ^(b)		200		197,063
Bank Muscat SAOG, 4.75%, 03/17/26^(b)		600		617,437
National Bank of Oman SAOG, 5.63%, 09/25/23^(b)		200		206,787


Security	Par (000)		Value
Oman (continued)
Oztel Holdings SPC Ltd.
5.63%, 10/24/23^(b)	$	400	$	414,325
6.63%, 04/24/28^(b)		500		548,375

				1,983,987

Panama — 0.3%
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)^(b)(c)		800		841,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)^(b)		400		414,880
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)^(b)		200		207,500

				1,463,380

Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34^(b)(h)		486		360,886
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27^(b)		400		415,325

				776,211

Peru — 0.4%
Cia de Minas Buenaventura SAA, 5.50%, 07/23/26 (Call 07/23/23)^(d)		400		395,325
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28^(b)		400		393,075
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)^(b)		400		411,575
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)^(b)		400		391,825
Nexa Resources SA, 6.50%, 01/18/28 (Call 10/18/27)^(b)		200		221,925
Peru LNG Srl, 5.38%, 03/22/30^(b)		400		335,250

				2,148,975

Philippines — 0.7%
JGSH Philippines Ltd., 4.13%, 07/09/30^(b)		400		424,325
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)^(b)		200		209,475
Petron Corp.
4.60%, (Call 07/19/23)^(b)(e)(f)		200		199,288
5.95%, (Call 04/19/26)^(b)(e)(f)		400		413,125
San Miguel Crop., 5.50%, (Call 07/29/25)^(b)(e)(f)		200		205,812
SMC Global Power Holdings Corp.
5.45%, (Call 12/09/26)^(b)(e)(f)		400		391,320
5.70%, (Call 01/21/26)^(b)(e)(f)		200		197,350
5.95%, (Call 05/05/25)^(b)(e)(f)		200		199,430
6.50%, (Call 04/25/24)^(b)(e)(f)		800		810,160
7.00%, (Call 10/21/25)^(b)(e)(f)		400		413,950

				3,464,235

Poland — 0.1%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)^(d)		400		398,000

Qatar — 0.1%
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)^(b)(e)(f)		400		402,625

Russia — 2.0%
Alfa Bank AO Via Alfa Bond Issuance PLC
5.95%, 04/15/30 (Call 04/15/25)^(b)(e)		600		620,362
6.95%, (Call 04/30/23)^(b)(e)(f)		400		409,575
8.00%, (Call 02/03/22)^(b)(e)(f)		400		402,200
Credit Bank of Moscow Via CBOM Finance PLC
3.88%, 09/21/26^(d)		200		194,520
4.70%, 01/29/25^(b)		200		204,913
8.88%, (Call 11/10/22)^(b)(e)(f)		400		406,075
Eurochem Finance DAC, 5.50%, 03/13/24 (Call 12/13/23)^(b)		400		429,669
Evraz PLC
5.25%, 04/02/24 (Call 01/02/24)^(b)		400		427,200
5.38%, 03/20/23^(b)		600		627,862
Polyus Finance PLC, 3.25%, 10/14/28 (Call 07/14/28)^(d)		400		396,125


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Russia (continued)
Suek Securities DAC, 3.38%, 09/15/26^(d)	$	200	$	199,380
Tinkoff Bank JSC Via TCS Finance Ltd., 6.00%, (Call 12/20/26)^(d)(e)(f)		400		398,125
TMK OAO Via TMK Capital SA, 4.30%, 02/12/27^(b)		400		401,700
Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24^(b)		400		414,075
VEON Holdings BV
3.38%, 11/25/27 (Call 08/25/27)^(b)		800		800,400
4.00%, 04/09/25 (Call 01/09/25)^(b)		800		829,000
4.95%, 06/16/24 (Call 03/16/24)^(b)		400		424,950
5.95%, 02/13/23^(b)		400		422,075
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)^(b)(e)(f)		1,250		1,331,875

				9,340,081

Saudi Arabia — 0.3%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26^(b)		600		625,688
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24^(b)		200		208,225
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25^(b)		600		631,050

				1,464,963

Singapore — 0.2%
GLP Pte Ltd., 4.50%, (Call 05/17/26)^(b)(e)(f)		400		385,125
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)^(b)		400		406,300

				791,425

South Africa — 1.5%
Absa Group Ltd., 6.38%, (Call 05/27/26)^(b)(e)(f)		400		414,125
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)^(d)		400		400,480
Eskom Holdings SOC Ltd.
6.35%, 08/10/28^(b)		600		645,000
6.75%, 08/06/23^(b)		617		636,397
7.13%, 02/11/25^(b)		660		684,585
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)^(b)(e)		200		207,538
Gold Fields Orogen Holdings BVI Ltd.
5.13%, 05/15/24 (Call 04/15/24)^(b)		400		425,950
6.13%, 05/15/29 (Call 02/15/29)^(b)		200		230,725
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 03/04/23)^(b)		400		415,125
MTN Mauritius Investments Ltd.
4.76%, 11/11/24^(b)		600		624,750
6.50%, 10/13/26^(b)		200		225,912
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)^(c)		400		406,000
5.50%, 03/18/31 (Call 03/18/30)		400		410,000
5.88%, 03/27/24 (Call 02/27/24)		800		842,600
6.50%, 09/27/28 (Call 06/27/28)		400		443,000

				7,012,187

South Korea — 0.2%
SK Innovation Co. Ltd., 4.13%, 07/13/23^(b)		200		208,204
Woori Bank
4.25%, (Call 10/04/24)^(b)(e)(f)		400		411,950
5.25%, (Call 05/16/22)^(b)(e)(f)		200		203,038

				823,192

Supranational — 0.2%
Eastern & Southern African Trade & Development Bank (The)
4.13%, 06/30/28^(b)		400		403,000
4.88%, 05/23/24^(b)		400		418,572

				821,572

Switzerland — 0.0%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)^(d)		200		198,220


Security	Par (000)		Value

Thailand — 0.5%
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29)^(b)(e)	$	600	$	609,300
5.00%, ^(b)		400		413,075
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)^(b)(e)		800		801,650
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)^(b)(e)(f)		400		399,125

				2,223,150

Togo — 0.0%
Ecobank Transnational Inc., 9.50%, 04/18/24^(b)		200		215,663


Turkey — 2.4%
Akbank TAS
5.13%, 03/31/25^(b)		400		396,700
6.80%, 02/06/26^(b)		400		411,825
6.80%, 06/22/31 (Call 06/22/26)^(d)(e)		200		193,813
7.20%, 03/16/27 (Call 03/16/22)^(b)(e)		200		200,663
Arcelik AS, 5.00%, 04/03/23^(b)		200		205,037
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)^(d)		400		379,000
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)^(b)		200		207,350
KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)^(b)		600		608,925
6.50%, 03/11/25 (Call 12/11/24)^(b)		400		420,825
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)^(b)		200		205,912
QNB Finansbank AS, 6.88%, 09/07/24^(b)		400		427,325
Sunac China Holdings Ltd., 6.50%, 01/26/26 (Call 01/26/24)^(b)		200		140,000
Turk Telekomunikasyon AS
4.88%, 06/19/24^(b)		200		203,912
6.88%, 02/28/25^(b)		400		426,792
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25^(b)		200		208,225
5.80%, 04/11/28 (Call 01/11/28)^(b)		400		416,000
Turkiye Garanti Bankasi AS
5.88%, 03/16/23^(b)		300		309,431
6.13%, 05/24/27 (Call 05/24/22)^(b)(e)		400		398,700
Turkiye Is Bankasi AS
6.13%, 04/25/24^(b)		800		817,900
7.00%, 06/29/28 (Call 06/29/23)^(b)(e)		200		199,913
7.75%, 01/22/30 (Call 01/22/25)^(b)(e)		400		405,950
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)^(b)		400		396,450
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)^(b)		300		324,244
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25^(b)		200		195,725
5.50%, 10/01/26^(c)(d)		200		191,813
6.50%, 01/08/26^(b)		400		401,125
8.13%, 03/28/24^(b)		600		641,737
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25^(b)		400		419,575
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24^(b)		300		305,494
6.10%, 03/16/23^(b)		200		205,037
7.88%, 01/22/31 (Call 01/22/26)^(b)(e)		200		203,563
8.25%, 10/15/24^(b)		400		430,200
13.88%, (Call 01/15/24)^(b)(e)(f)		400		454,125

				11,353,286


42		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ukraine — 0.4%
DTEK Finance PLC, 5.00%, (5.00% PIK), 12/31/27 (Call 11/29/21)^(b)(g)	$	937	$	569,498
Metinvest BV
7.75%, 10/17/29^(b)		200		217,750
8.50%, 04/23/26 (Call 01/23/26)^(b)		400		449,950
MHP Lux SA, 6.95%, 04/03/26^(b)		200		212,475
MHP SE, 7.75%, 05/10/24^(b)		400		431,950

				1,881,623

United Arab Emirates — 1.5%
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)^(b)(e)(f)		400		425,325
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)^(b)(e)(f)		400		422,125
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)^(b)(e)(f)		400		422,625
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)^(b)(e)(f)		600		609,188
DP World Salaam, 6.00%, (Call 10/01/25)^(b)(e)(f)		1,000		1,095,937
Emaar Sukuk Ltd.
3.64%, 09/15/26^(b)		400		415,575
3.70%, 07/06/31^(b)		400		408,625
3.88%, 09/17/29^(b)		200		207,350
EMG Sukuk Ltd., 4.56%, 06/18/24^(b)		600		634,425
Emirates NBD Bank PJSC
4.25%, (Call 02/27/27)^(b)(e)(f)		400		405,125
6.13%, (Call 03/20/25)^(b)(e)(f)		600		633,937
6.13%, (Call 04/09/26)^(b)(e)(f)		400		433,575
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)^(b)		600		621,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25^(b)		500		386,100

				7,120,912

Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(b)		250		248,484


Zambia — 0.7%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 11/08/21)^(b)		400		406,000
6.88%, 03/01/26 (Call 11/08/21)^(b)		600		623,625
6.88%, 10/15/27 (Call 10/15/23)^(b)		800		857,650
7.25%, 04/01/23 (Call 11/08/21)^(b)		800		814,800
7.50%, 04/01/25 (Call 11/08/21)^(b)		800		825,000

				3,527,075


Total Corporate Bonds & Notes — 51.2% (Cost: $248,044,375)				243,151,832

Foreign Government Obligations^(a)

Angola — 0.9%
Angolan Government International Bond
8.00%, 11/26/29^(b)		1,000		990,500
8.25%, 05/09/28^(b)		800		803,400
9.13%, 11/26/49^(b)		1,000		972,687
9.38%, 05/08/48^(b)		800		791,400
9.50%, 11/12/25^(b)		800		863,400

				4,421,387

Argentina — 2.5%
Argentine Republic Government International Bond
0.50%, 07/09/30 (Call 11/29/21)^(k)		9,083		3,110,866
1.00%, 07/09/29 (Call 11/29/21)^(c)		1,649		596,980
1.13%, 07/09/35 (Call 11/29/21)^(k)		11,596		3,559,771
1.13%, 07/09/46 (Call 11/29/21)^(k)		1,190		374,850
2.00%, 01/09/38 (Call 11/29/21)^(c)(k)		6,456		2,359,764


Security	Par (000)		Value

Argentina (continued)
2.50%, 07/09/41 (Call 11/29/21)^(c)(k)	$	5,800	$	1,986,500

				11,988,731

Azerbaijan — 0.4%
Republic of Azerbaijan International Bond
3.50%, 09/01/32^(b)		450		459,506
4.75%, 03/18/24^(b)		800		854,150
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23^(b)		600		621,675

				1,935,331

Bahrain — 1.9%
Bahrain Government International Bond
5.25%, 01/25/33^(b)		600		573,188
5.45%, 09/16/32^(b)		400		390,625
5.63%, 09/30/31^(b)		600		595,988
6.00%, 09/19/44^(b)		800		737,650
6.13%, 08/01/23^(b)		800		846,650
6.75%, 09/20/29^(b)		800		862,900
7.00%, 01/26/26^(b)		600		665,362
7.00%, 10/12/28^(b)		900		984,656
7.38%, 05/14/30^(b)		600		667,425
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24^(b)		600		633,675
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(b)		600		682,500
CBB International Sukuk Programme Co WLL
3.95%, 09/16/27^(b)		500		511,406
6.25%, 11/14/24^(b)		600		649,425
CBB International Sukuk Programme Co WLL., 4.50%, 03/30/27^(b)		400		419,825

				9,221,275

Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28^(b)(c)		600		535,613


Brazil — 4.3%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23^(b)		800		868,400
Brazilian Government International Bond
2.88%, 06/06/25		1,000		999,000
3.75%, 09/12/31^(c)		900		822,150
3.88%, 06/12/30^(c)		1,900		1,772,700
4.25%, 01/07/25^(c)		2,348		2,482,717
4.50%, 05/30/29 (Call 02/28/29)		1,000		999,875
4.63%, 01/13/28 (Call 10/13/27)^(c)		1,600		1,643,800
4.75%, 01/14/50 (Call 07/14/49)		2,250		1,921,359
5.00%, 01/27/45^(c)		1,926		1,730,150
5.63%, 01/07/41^(c)		1,317		1,289,672
5.63%, 02/21/47		1,500		1,448,719
6.00%, 04/07/26		1,214		1,362,184
7.13%, 01/20/37		860		1,004,480
8.25%, 01/20/34		900		1,162,575
8.88%, 04/15/24		720		876,060

				20,383,841

Colombia — 4.0%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		1,200		1,217,400
3.00%, 01/30/30 (Call 10/30/29)		200		189,350
3.13%, 04/15/31 (Call 01/15/31)		2,200		2,064,287
3.25%, 04/22/32 (Call 01/22/32)		600		560,100
3.88%, 04/25/27 (Call 01/25/27)		1,600		1,661,800
3.88%, 02/15/61 (Call 08/15/60)		1,200		982,725
4.00%, 02/26/24 (Call 11/26/23)^(c)		1,200		1,250,850
4.13%, 02/22/42 (Call 08/22/41)		400		361,600


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Colombia (continued)
4.13%, 05/15/51 (Call 11/15/50)^(c)	$	600	$	524,363
4.50%, 03/15/29 (Call 12/15/28)		1,800		1,903,275
5.00%, 06/15/45 (Call 12/15/44)		3,000		2,954,625
5.20%, 05/15/49 (Call 11/15/48)		1,400		1,408,575
5.63%, 02/26/44 (Call 08/26/43)		1,400		1,476,387
6.13%, 01/18/41		1,800		1,992,150
7.38%, 09/18/37		200		247,038
8.13%, 05/21/24		100		115,300

				18,909,825

Costa Rica — 0.3%
Costa Rica Government International Bond
6.13%, 02/19/31^(b)		800		820,150
7.16%, 03/12/45^(b)(c)		600		605,175

				1,425,325

Dominican Republic — 2.7%
Dominican Republic International Bond
4.50%, 01/30/30^(b)		1,200		1,212,600
4.88%, 09/23/32^(b)		1,750		1,777,672
5.30%, 01/21/41^(b)		850		845,113
5.50%, 01/27/25^(b)		725		787,214
5.88%, 01/30/60^(b)		1,700		1,657,819
5.95%, 01/25/27^(b)		950		1,058,359
6.00%, 07/19/28^(b)		800		897,000
6.40%, 06/05/49^(b)		750		794,906
6.50%, 02/15/48^(b)(c)		600		637,500
6.85%, 01/27/45^(b)		1,190		1,321,867
6.88%, 01/29/26^(b)		800		914,900
7.45%, 04/30/44^(b)		900		1,070,606

				12,975,556

Ecuador — 1.3%
Ecuador Government International Bond
0.00%, 07/31/30^(b)(h)		628		334,410
0.50%, 07/31/40^(b)(k)		1,825		1,090,437
1.00%, 07/31/35^(b)(k)		4,800		3,162,000
5.00%, 07/31/30^(b)(k)		2,100		1,735,125

				6,321,972

Egypt — 2.8%
Egypt Government International Bond
5.58%, 02/21/23^(b)		600		614,250
5.75%, 05/29/24^(b)		600		617,250
5.80%, 09/30/27^(c)(d)		600		580,500
5.88%, 06/11/25^(b)		800		818,250
5.88%, 02/16/31^(b)		1,000		898,750
6.59%, 02/21/28^(b)		814		795,685
7.05%, 01/15/32^(b)		600		560,250
7.30%, 09/30/33^(d)		600		561,000
7.50%, 01/31/27^(b)		1,000		1,035,312
7.50%, 02/16/61^(b)		800		676,000
7.60%, 03/01/29^(b)		1,000		1,001,250
7.63%, 05/29/32^(b)		1,200		1,158,000
7.90%, 02/21/48^(b)		800		700,000
8.50%, 01/31/47^(b)		1,500		1,380,000
8.70%, 03/01/49^(b)		800		742,000
8.88%, 05/29/50^(b)		1,000		940,000

				13,078,497


Security	Par (000)		Value

El Salvador — 0.2%
El Salvador Government International Bond
7.12%, 01/20/50 (Call 07/20/49)^(b)	$	550	$	390,947
9.50%, 07/15/52^(b)		550		450,759

				841,706

Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24^(b)		600		487,238


Gabon — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31^(b)		600		596,363


Ghana — 1.2%
Ghana Government International Bond
6.38%, 02/11/27^(b)		1,000		890,000
7.63%, 05/16/29^(b)		400		350,000
7.75%, 04/07/29^(b)		600		531,000
7.88%, 02/11/35^(b)		600		506,250
8.13%, 01/18/26^(b)		470		449,437
8.13%, 03/26/32^(b)		700		609,875
8.63%, 04/07/34^(b)		600		525,000
8.63%, 06/16/49^(b)		600		504,000
8.95%, 03/26/51^(b)		500		423,750
10.75%, 10/14/30^(b)		600		693,000

				5,482,312

Guatemala — 0.2%
Guatemala Government Bond, 6.13%, 06/01/50 (Call 12/01/49)^(b)(c)		700		819,788


Iraq — 0.4%
Iraq International Bond
5.80%, 01/15/28 (Call 12/13/21)^(b)		1,219		1,186,605
6.75%, 03/09/23^(b)		600		612,675

				1,799,280

Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.13%, 06/15/33^(b)		800		840,400


Jamaica — 0.2%
Jamaica Government International Bond, 6.75%, 04/28/28		800		931,650


Jordan — 0.5%
Jordan Government International Bond
5.75%, 01/31/27^(b)		400		426,325
5.85%, 07/07/30^(b)		700		720,125
6.13%, 01/29/26^(b)		600		648,112
7.38%, 10/10/47^(b)		600		619,238

				2,413,800

Kenya — 0.8%
Republic of Kenya Government International Bond
6.30%, 01/23/34^(d)		400		388,000
6.88%, 06/24/24^(b)		1,200		1,290,000
7.25%, 02/28/28^(b)		600		643,500
8.00%, 05/22/32^(b)		800		864,000
8.25%, 02/28/48^(b)		600		622,500

				3,808,000

Lebanon — 0.2%
Lebanon Government International Bond
6.00%, 01/27/23^(b)(i)(j)		500		73,750
6.10%, 10/04/22^(b)(i)(j)		900		132,750
6.60%, 11/27/26^(b)(i)(j)		900		135,279
6.65%, 02/26/30^(b)(i)(j)		740		111,925
6.75%, 11/29/27^(b)(i)(j)		800		120,376


44		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lebanon (continued)
6.85%, 03/23/27^(b)(i)(j)	$	650	$	97,838
7.00%, 03/23/32^(b)(i)(j)		500		75,100


				747,018

Macau — 0.1%
El Salvador Government International Bond, 7.65%, 06/15/35^(b)		650		484,778


Malaysia — 0.4%
1MDB Global Investments Ltd., 4.40%, 03/09/23^(b)		2,000		2,006,420


Morocco — 0.3%
Morocco Government International Bond
3.00%, 12/15/32^(b)		800		758,250
4.00%, 12/15/50^(b)		600		539,438


				1,297,688

Nigeria — 1.6%
Nigeria Government International Bond
6.13%, 09/28/28^(d)		800		793,000
6.50%, 11/28/27^(b)		1,000		1,015,500
7.14%, 02/23/30^(b)		714		719,043
7.38%, 09/28/33^(d)		800		792,000
7.63%, 11/21/25^(b)		700		760,506
7.63%, 11/28/47^(b)		800		743,400
7.70%, 02/23/38^(b)		800		766,650
7.88%, 02/16/32^(b)		800		811,900
8.25%, 09/28/51^(d)		800		786,000
8.75%, 01/21/31^(b)		400		428,825


				7,616,824

Oman — 3.2%
Oman Government International Bond
4.75%, 06/15/26^(b)		1,900		1,948,450
4.88%, 02/01/25^(b)		200		208,663
5.38%, 03/08/27^(b)		800		838,150
5.63%, 01/17/28^(b)		1,800		1,896,750
6.00%, 08/01/29^(b)		1,200		1,284,975
6.25%, 01/25/31^(b)		1,000		1,080,312
6.50%, 03/08/47^(b)		1,000		989,875
6.75%, 10/28/27^(b)		800		896,000
6.75%, 01/17/48^(b)		1,600		1,628,300
7.00%, 01/25/51^(b)		400		417,625
7.38%, 10/28/32^(b)		800		924,000
Oman Sovereign Sukuk Co.
4.40%, 06/01/24^(b)		1,000		1,040,412
4.88%, 06/15/30^(d)		800		855,750
5.93%, 10/31/25^(b)		1,200		1,326,375


				15,335,637

Pakistan — 0.6%
Pakistan Government International Bond
6.00%, 04/08/26^(b)		600		601,566
6.88%, 12/05/27^(b)		800		816,650
7.38%, 04/08/31^(b)		800		809,088
8.25%, 04/15/24^(b)		677		722,401


				2,949,705

Paraguay — 0.4%
Paraguay Government International Bond
4.95%, 04/28/31 (Call 01/28/31)^(b)		600		671,925
5.40%, 03/30/50 (Call 09/30/49)^(b)		600		677,175
6.10%, 08/11/44^(b)		600		721,050


				2,070,150


Security	Par (000)		Value

Russia — 0.1%
Costa Rica Government International Bond, 7.00%, 04/04/44^(b)	$	662	$	659,021


Senegal — 0.2%
Senegal Government International Bond
6.25%, 05/23/33^(b)		500		515,094
6.75%, 03/13/48^(b)		600		595,050


				1,110,144

Serbia — 0.2%
Serbia International Bond, 2.13%, 12/01/30^(b)		735		684,147


South Africa — 2.2%
Republic of South Africa Government International Bond
4.30%, 10/12/28		1,200		1,208,850
4.67%, 01/17/24		800		849,150
4.85%, 09/27/27		600		629,925
4.85%, 09/30/29		1,300		1,331,525
4.88%, 04/14/26		804		855,406
5.00%, 10/12/46^(c)		600		531,750
5.38%, 07/24/44		500		471,187
5.65%, 09/27/47		800		757,150
5.75%, 09/30/49		1,700		1,620,100
5.88%, 09/16/25		986		1,102,964
5.88%, 06/22/30		800		876,650


				10,234,657

South Korea — 0.5%
Jamaica Government International Bond
7.88%, 07/28/45		1,100		1,553,613
8.00%, 03/15/39		700		989,756


				2,543,369

Sri Lanka — 0.8%
Sri Lanka Government International Bond
5.75%, 04/18/23^(b)		600		412,238
6.20%, 05/11/27^(b)		800		501,150
6.75%, 04/18/28^(b)		700		438,287
6.83%, 07/18/26^(b)		800		503,150
6.85%, 03/14/24^(b)		500		326,500
6.85%, 11/03/25^(b)		900		577,856
7.55%, 03/28/30^(b)		800		500,900
7.85%, 03/14/29^(b)		700		440,694


				3,700,775

Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26^(b)		600		622,238


Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25^(b)		600		480,750


Turkey — 8.0%
Hazine Mustesarligi Varlik Kiralama AS
4.49%, 11/25/24^(b)		600		597,488
5.00%, 04/06/23^(b)		800		813,900
5.13%, 06/22/26^(d)		1,200		1,175,850
5.13%, 06/22/26^(b)		200		195,975
Turkey Government International Bond
3.25%, 03/23/23		900		893,138
4.25%, 03/13/25		1,200		1,157,100
4.25%, 04/14/26		800		749,400
4.75%, 01/26/26		1,000		957,812
4.88%, 10/09/26		1,710		1,617,339


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Turkey (continued)
4.88%, 04/16/43	$	1,779	$	1,383,506
5.13%, 02/17/28		1,200		1,127,850
5.25%, 03/13/30		1,200		1,089,600
5.60%, 11/14/24		1,500		1,511,531
5.75%, 03/22/24		1,450		1,472,022
5.75%, 05/11/47		2,026		1,664,865
5.88%, 06/26/31^(c)		900		836,156
5.95%, 01/15/31		1,200		1,122,375
6.00%, 03/25/27		1,721		1,700,886
6.00%, 01/14/41		1,703		1,460,642
6.13%, 10/24/28		1,200		1,176,225
6.35%, 08/10/24		1,250		1,283,828
6.38%, 10/14/25		1,600		1,623,800
6.50%, 09/20/33		900		855,000
6.63%, 02/17/45		1,800		1,635,525
6.75%, 05/30/40		1,075		1,005,327
6.88%, 03/17/36		1,561		1,510,560
7.25%, 12/23/23		1,200		1,267,725
7.25%, 03/05/38^(c)		650		647,075
7.38%, 02/05/25		1,770		1,867,129
7.63%, 04/26/29		1,600		1,679,300
8.00%, 02/14/34^(c)		813		872,857
11.88%, 01/15/30^(c)		800		1,056,650


				38,008,436

Ukraine — 2.0%
Ukraine Government International Bond
6.88%, 05/21/29^(b)		1,000		1,016,500
7.25%, 03/15/33^(b)		1,500		1,524,656
7.38%, 09/25/32^(b)		1,700		1,749,725
7.75%, 09/01/23^(b)		775		826,489
7.75%, 09/01/24^(b)		768		826,704
7.75%, 09/01/25^(b)		736		794,328
7.75%, 09/01/26^(b)		700		753,288
7.75%, 09/01/27^(b)		750		807,563
9.75%, 11/01/28^(b)		1,000		1,158,312


				9,457,565

United Arab Emirates — 0.3%
Emirate of Dubai Government International Bonds
3.90%, 09/09/50^(b)		800		754,000
5.25%, 01/30/43^(b)		400		460,125


				1,214,125

Vietnam — 0.1%
Vietnam Government International Bond, 4.80%, 11/19/24^(b)		600		658,425


Zambia — 0.2%
Zambia Government International Bond
8.50%, 04/14/24^(b)(i)(j)		800		638,000
8.97%, 07/30/27^(b)(i)(j)		600		472,500


				1,110,500


Total Foreign Government Obligations — 46.7% (Cost: $237,034,723)				222,210,262


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 7.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(l)(m)(n)		33,386	$	33,402,228
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(l)(m)		2,999		2,999,000


				36,401,228


Total Short-Term Investments — 7.7% (Cost: $36,401,227)				36,401,228


Total Investments in Securities — 105.6% (Cost: $521,480,325)				501,763,322

Other Assets, Less Liabilities — (5.6)%				(26,408,211	)


Net Assets — 100.0%			$	475,355,111

^(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)	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.

^(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)	Perpetual security with no stated maturity date.

^(g)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(h)	Zero-coupon bond.

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

^(j)	Non-income producing security.

^(k)	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.

^(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 the cash collateral from loaned securities.


46		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM High Yield Bond ETF

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,259,777	$	16,147,940	^(a)	$	—		$	(7,305	)	$	1,816	$	33,402,228		33,386	$	109,534	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,109,000		—			(1,110,000	)^(a)		—			—		2,999,000		2,999		543			—


									$	(7,305	)	$	1,816	$	36,401,228			$	110,077		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	243,151,832	$	—	$	243,151,832
Foreign Government Obligations		—		222,210,262		—		222,210,262
Money Market Funds		36,401,228		—		—		36,401,228


	$	36,401,228	$	465,362,094	$	—	$	501,763,322

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments

October 31, 2021

iShares^® J.P. Morgan EM Local Currency Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Foreign Government Obligations

Brazil — 4.3%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/22^(a)	BRL		11,000	$	1,816,263
0.00%, 07/01/23^(a)	BRL		25,000		3,647,531
0.00%, 01/01/24^(a)	BRL		35,697		4,917,683
0.00%, 07/01/24^(a)	BRL		14,000		1,802,725
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/23	BRL		16,557		2,867,912
Series F, 10.00%, 01/01/25	BRL		12,399		2,077,659
Series F, 10.00%, 01/01/27	BRL		14,193		2,318,548
Series F, 10.00%, 01/01/29	BRL		9,263		1,477,287
Series F, 10.00%, 01/01/31	BRL		5,000		786,339
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		84,468
10.25%, 01/10/28	BRL		1,420		246,807

					22,043,222

Chile — 4.3%
Bonos de la Tesoreria de la Republica en pesos
2.30%, 10/01/28^(b)(c)	CLP		610,000		594,158
2.50%, 03/01/25	CLP		4,290,000		4,788,839
4.00%, 03/01/23^(b)(c)	CLP		1,180,000		1,430,007
4.50%, 03/01/26	CLP		3,115,000		3,649,489
4.70%, 09/01/30^(b)(c)	CLP		2,800,000		3,146,107
5.00%, 10/01/28^(b)(c)	CLP		1,290,000		1,499,981
5.00%, 03/01/35	CLP		3,595,000		3,925,360
6.00%, 01/01/43	CLP		2,775,000		3,234,368

					22,268,309

China — 14.4%
China Government Bond
1.99%, 04/09/25	CNY		28,540		4,342,727
2.36%, 07/02/23	CNY		19,810		3,084,675
2.68%, 05/21/30	CNY		29,450		4,457,473
2.84%, 04/08/24	CNY		9,550		1,499,723
2.85%, 06/04/27	CNY		29,490		4,589,809
2.88%, 11/05/23	CNY		22,620		3,554,728
2.94%, 10/17/24	CNY		16,630		2,617,110
3.01%, 05/13/28	CNY		5,140		805,017
3.02%, 10/22/25	CNY		28,590		4,501,580
3.02%, 05/27/31	CNY		5,460		856,245
3.03%, 03/11/26	CNY		8,790		1,384,769
3.12%, 12/05/26	CNY		24,520		3,877,817
3.13%, 11/21/29	CNY		28,340		4,455,794
3.19%, 04/11/24	CNY		22,610		3,583,116
3.22%, 12/06/25	CNY		19,120		3,034,757
3.25%, 06/06/26	CNY		24,290		3,864,316
3.25%, 11/22/28	CNY		24,250		3,859,693
3.27%, 11/19/30	CNY		30,670		4,886,815
3.28%, 12/03/27	CNY		26,500		4,231,277
3.29%, 10/18/23	CNY		12,620		2,002,337
3.29%, 05/23/29	CNY		27,950		4,463,232
3.72%, 04/12/51	CNY		7,470		1,208,721
3.81%, 09/14/50	CNY		20,930		3,416,900

					74,578,631

Colombia — 4.3%
Colombia Government International Bond, 9.85%, 06/28/27	COP		745,000		224,297
Colombian TES
Series B, 5.75%, 11/03/27	COP		6,705,500		1,629,305
Series B, 6.00%, 04/28/28	COP		11,810,200		2,867,327


Security		Par (000)		Value

Colombia (continued)
Series B, 6.25%, 11/26/25	COP		8,324,800	$	2,158,101
Series B, 6.25%, 07/09/36	COP		5,060,000		1,104,931
Series B, 7.00%, 06/30/32	COP		11,377,100		2,770,909
Series B, 7.25%, 10/18/34	COP		10,119,600		2,465,986
Series B, 7.25%, 10/26/50	COP		4,503,300		1,024,785
Series B, 7.50%, 08/26/26	COP		10,511,900		2,821,720
Series B, 7.75%, 09/18/30	COP		7,124,300		1,876,872
Series B, 10.00%, 07/24/24	COP		9,467,500		2,749,363
Titulos De Tesoreria Bonds, Series B 7.00%, 03/26/31	COP		2,873,700		709,908

					22,403,504

Czech Republic — 4.4%
Czech Republic Government Bond
0.05%, 11/29/29	CZK		13,580		493,997
0.25%, 02/10/27	CZK		51,150		2,016,241
0.45%, 10/25/23^(c)	CZK		37,560		1,611,952
0.95%, 05/15/30^(c)	CZK		44,610		1,740,344
1.00%, 06/26/26^(c)	CZK		47,400		1,964,275
1.20%, 03/13/31	CZK		35,210		1,390,310
1.25%, 02/14/25	CZK		18,780		803,608
1.50%, 04/24/40	CZK		13,730		512,736
1.75%, 06/23/32	CZK		19,480		806,531
2.00%, 10/13/33	CZK		49,240		2,067,203
2.40%, 09/17/25^(c)	CZK		40,920		1,814,739
2.50%, 08/25/28^(c)	CZK		46,550		2,061,255
2.75%, 07/23/29	CZK		41,940		1,886,457
4.20%, 12/04/36^(c)	CZK		20,390		1,091,859
4.70%, 09/12/22^(c)	CZK		26,620		1,220,563
5.70%, 05/25/24^(c)	CZK		24,720		1,190,971

					22,673,041

Dominican Republic — 4.4%
Dominican Republic International Bond
8.90%, 02/15/23^(c)	DOP		423,150		7,935,235
9.75%, 06/05/26^(c)	DOP		715,500		14,841,216

					22,776,451

Hungary — 4.4%
Hungary Government Bond
1.00%, 11/26/25	HUF		501,630		1,493,999
1.50%, 08/23/23	HUF		293,560		939,832
1.50%, 04/22/26	HUF		447,850		1,337,251
1.50%, 08/26/26	HUF		232,470		688,048
1.75%, 10/26/22	HUF		260,890		838,935
2.00%, 05/23/29	HUF		398,420		1,139,520
2.25%, 04/20/33	HUF		500,730		1,359,588
2.50%, 10/24/24	HUF		421,210		1,346,866
2.75%, 12/22/26	HUF		460,210		1,436,489
3.00%, 06/26/24	HUF		388,310		1,261,076
3.00%, 10/27/27	HUF		545,910		1,704,886
3.00%, 08/21/30	HUF		518,860		1,575,703
3.00%, 10/27/38	HUF		313,800		851,892
3.25%, 10/22/31	HUF		590,410		1,803,953
5.50%, 06/24/25	HUF		491,850		1,718,621
6.00%, 11/24/23	HUF		368,890		1,280,810
6.75%, 10/22/28	HUF		293,660		1,123,975
7.00%, 06/24/22	HUF		244,730		812,711

					22,714,155

Indonesia — 4.5%
Indonesia Treasury Bond
5.50%, 04/15/26	IDR		16,486,000		1,179,940


48		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Local Currency Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Indonesia (continued)
5.63%, 05/15/23	IDR		6,893,000	$	498,456
6.13%, 05/15/28	IDR		9,215,000		665,067
6.25%, 06/15/36	IDR		5,099,000		357,209
6.38%, 04/15/32	IDR		3,578,000		258,359
6.50%, 06/15/25	IDR		13,233,000		982,142
6.50%, 02/15/31	IDR		21,130,000		1,519,779
6.63%, 05/15/33	IDR		6,152,000		435,102
7.00%, 05/15/27	IDR		15,733,000		1,188,234
7.00%, 09/15/30	IDR		14,496,000		1,075,369
7.50%, 08/15/32	IDR		8,278,000		624,611
7.50%, 06/15/35	IDR		8,675,000		647,693
7.50%, 05/15/38	IDR		12,212,000		898,607
7.50%, 04/15/40	IDR		10,561,000		780,847
8.13%, 05/15/24	IDR		6,779,000		521,554
8.25%, 05/15/29	IDR		8,969,000		710,936
8.25%, 06/15/32	IDR		8,396,000		667,295
8.25%, 05/15/36	IDR		10,734,000		849,704
8.38%, 03/15/24	IDR		18,660,000		1,435,638
8.38%, 09/15/26	IDR		10,796,000		861,089
8.38%, 03/15/34	IDR		12,247,000		973,363
8.38%, 04/15/39	IDR		10,957,000		869,677
8.75%, 05/15/31	IDR		10,916,000		898,783
9.00%, 03/15/29	IDR		11,916,000		981,961
9.50%, 07/15/31	IDR		5,720,000		490,343
10.50%, 08/15/30	IDR		3,789,000		341,926
11.00%, 09/15/25	IDR		2,856,000		242,914
Perusahaan Penerbit SBSN Indonesia
6.63%, 10/15/24	IDR		11,181,000		829,838
8.25%, 09/15/23	IDR		8,832,000		666,054
8.88%, 11/15/31	IDR		8,608,000		709,198

					23,161,688

Malaysia — 4.5%
Malaysia Government Bond
2.63%, 04/15/31	MYR		1,450		323,090
3.48%, 03/15/23	MYR		3,901		957,069
3.48%, 06/14/24	MYR		2,256		555,120
3.50%, 05/31/27	MYR		4,190		1,018,584
3.73%, 06/15/28	MYR		4,532		1,110,297
3.76%, 04/20/23	MYR		1,950		480,813
3.76%, 05/22/40	MYR		4,270		969,154
3.80%, 08/17/23	MYR		1,841		455,537
3.83%, 07/05/34	MYR		4,509		1,054,674
3.89%, 08/15/29	MYR		5,123		1,257,344
3.90%, 11/30/26	MYR		2,291		570,371
3.90%, 11/16/27	MYR		3,857		955,721
3.91%, 07/15/26	MYR		2,769		689,270
3.96%, 09/15/25	MYR		5,632		1,407,490
4.06%, 09/30/24	MYR		1,945		486,837
4.07%, 06/15/50	MYR		3,527		806,159
4.18%, 07/15/24	MYR		2,543		636,871
4.25%, 05/31/35	MYR		2,056		505,648
4.76%, 04/07/37	MYR		3,424		873,061
Malaysia Government Investment Issue
3.15%, 05/15/23	MYR		2,423		592,102
3.42%, 09/30/27	MYR		2,814		677,387
3.45%, 07/15/36	MYR		2,694		598,617
3.47%, 10/15/30	MYR		4,653		1,101,450
3.66%, 10/15/24	MYR		2,709		670,970
3.73%, 03/31/26	MYR		2,700		666,422
4.09%, 11/30/23	MYR		2,600		648,305


Security		Par (000)		Value

Malaysia (continued)
4.13%, 08/15/25	MYR		2,835	$	710,928
4.13%, 07/09/29	MYR		3,126		774,401
4.26%, 07/26/27	MYR		2,796		701,626
4.37%, 10/31/28	MYR		2,392		607,870
Malaysia Investment Issue Bond, 4.42%, 09/30/41	MYR		2,188		534,583

					23,397,771

Mexico — 4.4%
Mexican Bonos
Series M, 5.75%, 03/05/26	MXN		53,162		2,440,952
Series M, 6.50%, 06/09/22	MXN		34,823		1,696,698
Series M, 6.75%, 03/09/23	MXN		30,700		1,495,932
Series M, 7.75%, 05/29/31	MXN		34,336		1,693,851
Series M, 7.75%, 11/23/34	MXN		16,000		785,652
Series M, 7.75%, 11/13/42	MXN		26,640		1,268,488
Series M, 8.00%, 12/07/23	MXN		42,815		2,129,337
Series M, 8.00%, 09/05/24	MXN		28,904		1,437,721
Series M, 8.00%, 11/07/47	MXN		29,618		1,442,187
Series M 20, 7.50%, 06/03/27	MXN		45,551		2,222,869
Series M 20, 8.50%, 05/31/29	MXN		34,041		1,752,103
Series M 20, 10.00%, 12/05/24	MXN		41,083		2,158,224
Series M 30, 8.50%, 11/18/38	MXN		35,105		1,797,328
Series M 30, 10.00%, 11/20/36	MXN		5,223		305,375

					22,626,717

Peru — 4.5%
Peru Government Bond
5.35%, 08/12/40	PEN		7,623		1,612,409
5.40%, 08/12/34	PEN		9,885		2,254,453
5.70%, 08/12/24	PEN		5,377		1,385,932
5.94%, 02/12/29	PEN		12,743		3,291,957
6.15%, 08/12/32	PEN		12,380		3,133,889
6.35%, 08/12/28	PEN		12,268		3,252,511
6.90%, 08/12/37	PEN		11,156		2,821,676
6.95%, 08/12/31	PEN		11,687		3,160,996
8.20%, 08/12/26	PEN		9,104		2,590,825

					23,504,648

Philippines — 4.5%
Philippine Government International Bond
3.90%, 11/26/22	PHP		377,000		7,493,397
6.25%, 01/14/36	PHP		683,000		15,750,595

					23,243,992

Poland — 4.4%
Republic of Poland Government Bond
0.25%, 10/25/26	PLN		6,490		1,464,900
0.75%, 04/25/25	PLN		5,675		1,356,657
1.25%, 10/25/30	PLN		8,163		1,809,153
2.25%, 10/25/24	PLN		5,569		1,402,073
2.50%, 01/25/23	PLN		6,866		1,736,218
2.50%, 04/25/24	PLN		6,787		1,719,456
2.50%, 07/25/26	PLN		8,412		2,127,115
2.50%, 07/25/27	PLN		5,720		1,440,262
2.75%, 04/25/28	PLN		7,455		1,898,165
2.75%, 10/25/29	PLN		10,680		2,699,547
3.25%, 07/25/25	PLN		8,853		2,301,671
4.00%, 10/25/23	PLN		5,596		1,457,332
5.75%, 09/23/22	PLN		5,053		1,314,073

					22,726,622

Romania — 4.3%
Romania Government Bond
3.25%, 04/29/24	RON		6,335		1,453,619


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Local Currency Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Romania (continued)
3.25%, 06/24/26	RON		4,055	$	897,510
3.50%, 12/19/22	RON		5,135		1,198,828
3.65%, 07/28/25	RON		5,715		1,302,531
3.65%, 09/24/31	RON		5,690		1,201,048
3.70%, 11/25/24	RON		4,785		1,102,094
4.00%, 10/25/23	RON		6,105		1,429,665
4.15%, 01/26/28	RON		5,735		1,292,420
4.15%, 10/24/30	RON		4,010		887,606
4.25%, 06/28/23	RON		4,670		1,097,283
4.40%, 09/25/23	RON		5,735		1,353,628
4.50%, 06/17/24	RON		5,675		1,338,459
4.75%, 02/24/25	RON		5,420		1,282,077
4.75%, 10/11/34	RON		2,620		594,186
4.85%, 04/22/26	RON		6,040		1,430,400
5.00%, 02/12/29	RON		5,810		1,365,400
5.80%, 07/26/27	RON		6,480		1,592,546
5.85%, 04/26/23	RON		5,780		1,388,998

					22,208,298

Russia — 4.4%
Russian Federal Bond - OFZ
4.50%, 07/16/25	RUB		93,143		1,158,404
5.70%, 05/17/28	RUB		115,657		1,429,858
6.00%, 10/06/27	RUB		98,797		1,252,551
6.10%, 07/18/35	RUB		79,734		949,014
6.50%, 02/28/24	RUB		79,588		1,081,312
6.90%, 05/23/29	RUB		82,175		1,082,500
7.00%, 01/25/23	RUB		31,480		437,690
7.00%, 08/16/23	RUB		56,605		782,079
7.05%, 01/19/28	RUB		77,696		1,037,634
7.10%, 10/16/24	RUB		63,146		863,000
7.15%, 11/12/25	RUB		99,818		1,354,672
7.25%, 05/10/34	RUB		91,831		1,221,227
7.40%, 12/07/22	RUB		66,524		930,712
7.40%, 07/17/24	RUB		91,456		1,263,879
7.60%, 07/20/22	RUB		29,628		417,084
7.65%, 04/10/30	RUB		92,124		1,266,834
7.70%, 03/23/33	RUB		95,629		1,318,945
7.70%, 03/16/39	RUB		73,804		1,014,804
7.75%, 09/16/26	RUB		81,116		1,122,003
7.95%, 10/07/26	RUB		80,104		1,117,247
8.15%, 02/03/27	RUB		74,310		1,046,393
8.50%, 09/17/31	RUB		58,340		850,831

					22,998,673

Serbia — 4.3%
Serbia Treasury Bonds
4.50%, 01/11/26	RSD		769,830		7,899,198
4.50%, 08/20/32	RSD		779,930		7,907,125
5.88%, 02/08/28	RSD		574,780		6,372,880

					22,179,203

South Africa — 4.3%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		23,292		1,047,188
6.50%, 02/28/41	ZAR		18,335		778,440
7.00%, 02/28/31	ZAR		20,060		1,078,860
7.75%, 02/28/23	ZAR		18,939		1,273,189
8.00%, 01/31/30	ZAR		45,015		2,674,635
8.25%, 03/31/32	ZAR		37,125		2,129,251
8.50%, 01/31/37	ZAR		32,135		1,749,850
8.75%, 01/31/44	ZAR		33,226		1,789,600


Security		Par (000)		Value

South Africa (continued)
8.75%, 02/28/48	ZAR		53,092	$	2,849,558
8.88%, 02/28/35	ZAR		31,876		1,839,585
9.00%, 01/31/40	ZAR		27,355		1,526,690
10.50%, 12/21/26	ZAR		51,954		3,723,466

					22,460,312

Thailand — 4.5%
Thailand Government Bond
0.75%, 06/17/24	THB		47,831		1,431,238
0.95%, 06/17/25	THB		32,523		974,340
1.45%, 12/17/24	THB		48,040		1,463,050
1.59%, 12/17/35	THB		27,727		747,877
1.60%, 12/17/29	THB		33,086		984,544
1.60%, 06/17/35	THB		20,877		566,772
1.88%, 06/17/22	THB		26,961		815,330
2.00%, 12/17/22	THB		27,311		831,915
2.00%, 12/17/31	THB		12,584		379,931
2.00%, 06/17/42	THB		20,662		550,978
2.13%, 12/17/26	THB		43,802		1,373,046
2.40%, 12/17/23	THB		38,890		1,207,445
2.88%, 12/17/28	THB		33,657		1,101,276
2.88%, 06/17/46	THB		33,526		1,018,658
3.30%, 06/17/38	THB		49,077		1,612,638
3.40%, 06/17/36	THB		38,294		1,274,783
3.63%, 06/16/23	THB		32,884		1,033,991
3.65%, 06/20/31	THB		35,311		1,219,435
3.78%, 06/25/32	THB		43,213		1,505,505
3.85%, 12/12/25	THB		39,622		1,320,371
4.26%, 12/12/37^(c)	THB		470		17,184
4.88%, 06/22/29	THB		45,311		1,667,302

					23,097,609

Turkey — 3.9%
Turkey Government Bond
7.10%, 03/08/23	TRY		13,374		1,222,426
8.00%, 03/12/25	TRY		13,329		1,034,270
8.50%, 09/14/22	TRY		8,938		869,667
9.00%, 07/24/24	TRY		16,494		1,382,397
10.40%, 03/20/24	TRY		6,649		589,239
10.50%, 08/11/27	TRY		17,375		1,273,215
10.60%, 02/11/26	TRY		22,991		1,833,014
10.70%, 08/17/22	TRY		11,293		1,122,663
11.00%, 02/24/27	TRY		14,953		1,143,908
11.70%, 11/13/30	TRY		32,661		2,332,201
12.20%, 01/18/23	TRY		19,757		1,939,943
12.40%, 03/08/28	TRY		9,151		720,544
12.60%, 10/01/25	TRY		34,917		3,028,997
16.20%, 06/14/23	TRY		18,886		1,929,067

					20,421,551

Uruguay — 4.3%
Uruguay Government International Bond
8.25%, 05/21/31	UYU		590,102		13,152,895
8.50%, 03/15/28^(c)	UYU		391,489		9,039,139

					22,192,034


Total Foreign Government Obligations — 97.3% (Cost: $545,121,864)					503,676,431


50		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® J.P. Morgan EM Local Currency Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		1,000	$	1,000,000


Total Short-Term Investments — 0.2% (Cost: $1,000,000)				1,000,000


Total Investments in Securities — 97.5% (Cost: $546,121,864)				504,676,431

Other Assets, Less Liabilities — 2.5%				12,750,909


Net Assets — 100.0%			$	517,427,340

^(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.

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	290,000	$	710,000	^(a)	$	—	$	—	$	—	$	1,000,000		1,000	$	213	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Foreign Government Obligations	$	—	$	503,676,431	$	—	$	503,676,431
Money Market Funds		1,000,000		—		—		1,000,000


	$	1,000,000	$	503,676,431	$	—	$	504,676,431

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Corporate Bonds & Notes

Australia — 0.3%
Almirall SA Co., 2.13%, 09/30/26			0	$	—
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(a)(b)	USD		150		152,631
4.50%, 09/15/27 (Call 06/15/27)^(a)	USD		125		131,059
5.13%, 05/15/24 (Call 02/15/24)^(a)(b)	USD		100		106,589
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)^(c)	EUR		100		114,412

					504,691

Austria — 0.2%
ams AG, 6.00%, 07/31/25 (Call 07/31/22)^(c)	EUR		100		122,037
Novomatic AG, 1.63%, 09/20/23	EUR		100		113,759
Signa Development Finance, 5.50%, 07/23/26 (Call 07/23/23)^(c)	EUR		100		100,023
Wienerberger AG, 2.00%, 05/02/24^(c)	EUR		50		60,179

					395,998

Belgium — 0.3%
Ideal Standard International SA, 6.38%, 07/30/26 (Call 01/30/24)^(c)	EUR		100		108,181
Ontex Group NV, 3.50%, 07/15/26 (Call 07/15/23)^(c)	EUR		100		110,167
Telenet Finance Luxembourg Notes Sarl
3.50%, 03/01/28 (Call 12/01/22)^(c)	EUR		100		118,581
5.50%, 03/01/28 (Call 12/01/22)^(a)	USD		200		208,440

					545,369

Brazil — 0.5%
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 (Call 01/15/27)^(a)	USD		200		197,500
JBS USA Food Co., 7.00%, 01/15/26 (Call 01/15/22)^(a)	USD		200		208,556
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)^(a)	USD		125		134,979
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.75%, 12/01/31 (Call 12/01/26)^(a)	USD		50		51,111
5.50%, 01/15/30 (Call 01/15/25)^(a)	USD		110		120,301
6.50%, 04/15/29 (Call 04/15/24)^(a)	USD		155		171,962

					884,409

Canada — 2.8%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)^(a)	USD		110		106,538
3.88%, 01/15/28 (Call 09/15/22)^(a)	USD		170		169,589
4.00%, 10/15/30 (Call 10/15/25)^(a)	USD		300		289,875
4.38%, 01/15/28 (Call 11/15/22)^(a)	USD		95		95,499
5.75%, 04/15/25 (Call 04/15/22)^(a)	USD		65		67,756
Air Canada
3.88%, 08/15/26 (Call 02/15/26)^(a)	USD		155		157,072
4.63%, 08/15/29 (Call 02/15/26)^(a)	CAD		213		171,139
Bausch Health Companies Inc.
5.00%, 02/15/29 (Call 02/15/24)^(a)	USD		85		77,988
5.25%, 02/15/31 (Call 02/15/26)^(a)	USD		130		116,959
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(a)	USD		80		80,619
7.13%, 06/15/26 (Call 06/15/23)^(a)	USD		140		146,825
7.50%, 12/01/24 (Call 11/29/21)^(a)	USD		75		78,094
7.50%, 03/15/25 (Call 11/29/21)^(a)	USD		160		164,200
7.88%, 04/15/27 (Call 04/15/22)^(a)	USD		220		228,717
Brookfield Property Finance ULC, 4.00%, 09/30/26 (Call 08/30/26)	CAD		50		40,466


Security		Par (000)		Value
Canada (continued)
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)	USD		50	$	49,980
6.25%, 09/15/27 (Call 09/15/22)^(a)(b)	USD		82		85,618
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 11/29/21)	CAD		40		33,298
Crew Energy Inc., 6.50%, 03/14/24 (Call 11/29/21)^(a)	CAD		40		32,206
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)^(d)	USD		150		176,082
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)	USD		75		74,438
6.00%, 06/01/29 (Call 06/01/24)^(a)	USD		50		49,010
9.50%, 11/01/27 (Call 11/01/22)^(a)	USD		75		80,912
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)(b)	USD		100		99,599
3.75%, 08/01/25 (Call 08/01/22)^(a)	USD		85		87,461
4.00%, 08/01/28 (Call 08/01/23)^(a)(b)	USD		85		83,027
4.25%, 06/01/25 (Call 06/01/22)^(a)(b)	USD		15		15,466
4.38%, 08/15/29 (Call 08/15/24)^(a)	USD		55		54,522
4.75%, 06/15/29 (Call 06/15/24)^(a)	USD		85		85,691
5.13%, 12/15/26 (Call 12/15/22)^(a)	USD		59		61,773
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)^(a)(b)	USD		10		9,912
7.00%, 12/31/27 (Call 12/31/23)^(a)(b)	USD		70		67,271
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)	USD		70		70,959
5.25%, 12/15/27 (Call 12/15/22)^(a)	USD		65		67,728
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)^(a)	USD		75		77,156
6.50%, 01/15/25 (Call 11/29/21)^(a)	USD		46		47,093
7.13%, 02/01/27 (Call 02/01/23)^(a)	USD		100		105,150
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)	USD		50		52,625
5.25%, 12/15/29 (Call 09/15/29)	USD		125		132,656
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)^(a)(b)	USD		57		56,291
4.88%, 06/01/24 (Call 03/03/24)^(a)	USD		105		109,475
5.00%, 05/01/25 (Call 01/31/25)^(a)	USD		65		68,740
5.25%, 06/01/27 (Call 03/03/27)^(a)	USD		115		120,606
NuVista Energy Ltd., 7.88%, 07/23/26 (Call 07/23/23)^(a)	CAD		25		20,806
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(a)	USD		115		115,920
5.88%, 06/01/26 (Call 11/29/21)^(a)(b)	USD		100		103,455
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)^(a)	USD		90		91,207
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)^(a)	USD		85		85,531
5.88%, 07/15/27 (Call 07/15/22)^(a)(b)	USD		65		68,617
Parkland Corp./Canada, 3.88%, 06/16/26 (Call 06/16/23)^(a)	CAD		125		101,217
Quebecor Media Inc., 5.75%, 01/15/23	USD		80		84,200
Superior Plus LP, 4.25%, 05/18/28 (Call 05/18/24)^(a)	CAD		50		40,876
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)^(a)	USD		10		10,188
Telesat Canada/Telesat LLC
5.63%, 12/06/26 (Call 12/06/23)^(a)	USD		60		56,076
6.50%, 10/15/27 (Call 10/15/22)^(a)(b)	USD		75		60,750
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 11/29/21)^(a)	USD		80		81,457


52		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Canada (continued)
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)	CAD		25	$	18,669
3.63%, 06/15/28 (Call 06/15/24)^(a)	CAD		150		119,880
3.63%, 06/15/29 (Call 06/15/24)^(a)	USD		50		50,175
4.50%, 01/15/30 (Call 10/15/24)	CAD		110		91,104
5.13%, 04/15/27 (Call 04/15/22)^(a)(b)	USD		75		77,578
5.38%, 06/15/24 (Call 03/15/24)^(a)	USD		75		80,804
5.63%, 06/15/25 (Call 03/15/25)	CAD		50		43,633
5.75%, 01/15/26 (Call 11/15/21)^(c)	CAD		50		41,268

					5,489,492

Cayman Islands — 0.1%
Seagate HDD Cayman, 4.13%, 01/15/31 (Call 10/15/30)	USD		75		76,161
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)^(c)	EUR		150		176,443

					252,604

Denmark — 0.1%
DKT Finance ApS, 7.00%, 06/17/23 (Call 11/29/21)^(c)	EUR		100		117,517

Finland — 0.4%
Nokia OYJ
2.00%, 03/11/26 (Call 12/11/25)^(c)	EUR		200		241,101
4.38%, 06/12/27	USD		115		123,867
Teollisuuden Voima Oyj, 1.38%, 06/23/28 (Call 03/23/28)^(c)	EUR		100		113,929
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)^(c)	EUR		100		115,427
2.00%, 05/08/24 (Call 02/08/24)^(c)	EUR		100		119,369

					713,693

France — 3.9%
Accor SA
3.00%, 02/04/26 (Call 11/04/25)^(c)	EUR		100		120,998
3.63%, 09/17/23^(c)	EUR		100		122,604
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)	USD		50		49,034
Altice France SA/France
2.13%, 02/15/25 (Call 02/15/22)^(c)	EUR		100		112,033
4.13%, 01/15/29 (Call 09/15/23)^(c)	EUR		100		113,806
5.13%, 01/15/29 (Call 09/15/23)^(a)	USD		75		72,954
5.13%, 07/15/29 (Call 04/15/24)^(a)	USD		300		290,775
5.50%, 01/15/28 (Call 09/15/22)^(a)	USD		100		100,375
5.88%, 02/01/27 (Call 02/01/22)^(c)	EUR		200		241,538
8.13%, 02/01/27 (Call 02/01/22)^(a)	USD		200		215,000
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/22)^(c)	EUR		100		119,123
Burger King France SAS, 6.00%, 05/01/24 (Call 11/02/21)^(c)	EUR		100		117,119
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)^(c)	EUR		100		114,850
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)^(c)	EUR		100		106,733
4.50%, 03/07/24 (Call 12/07/23)^(c)	EUR		100		112,668
4.56%, 01/25/23^(c)	EUR		100		115,133
Chrome Bidco SASU
3.50%, 05/31/28 (Call 05/31/24)^(c)	EUR		100		115,574
Series OCT, 3.50%, 05/31/28 (Call 05/31/24)^(c)	EUR		100		115,590
CMA CGM SA, 7.50%, 01/15/26 (Call 01/15/23)^(c)	EUR		100		126,925
Electricite de France SA, 5.63%, (Call 01/22/24)^(a)(b)(d)(e)	USD		200		212,820
Elior Group SA, 3.75%, 07/15/26 (Call 07/15/23)^(c)	EUR		100		118,176
Elis SA
1.00%, 04/03/25 (Call 01/03/25)^(c)	EUR		100		114,668
1.63%, 04/03/28 (Call 01/03/28)^(c)	EUR		100		114,492
1.88%, 02/15/23 (Call 11/15/22)^(c)	EUR		100		116,916
Elis Sa Co., 1.63%, 04/03/28 (Call 01/03/28)^(c)	EUR		100		114,492


Security		Par (000)		Value
France (continued)
Faurecia SE
2.63%, 06/15/25 (Call 11/29/21)^(c)	EUR		100	$	116,854
3.13%, 06/15/26 (Call 06/15/22)^(c)	EUR		100		117,678
3.75%, 06/15/28 (Call 06/15/23)^(c)	EUR		100		119,765
Fnac Darty SA, 2.63%, 05/30/26 (Call 05/30/22)^(c)	EUR		100		117,652
Foncia Management SASU, 3.38%, 03/31/28 (Call 03/31/24)^(c)	EUR		100		113,456
Getlink SE, 3.50%, 10/30/25 (Call 10/30/22)^(c)	EUR		100		118,487
Iliad Holding SAS
5.13%, 10/15/26 (Call 10/15/23)^(c)	EUR		100		118,830
5.63%, 10/15/28 (Call 10/15/24)^(c)	EUR		100		119,302
7.00%, 10/15/28 (Call 10/15/24)^(a)	USD		200		205,854
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 11/08/21)^(c)	EUR		100		113,607
Loxam SAS
3.25%, 01/14/25 (Call 11/08/21)^(c)	EUR		125		144,426
3.75%, 07/15/26 (Call 07/15/22)^(c)	EUR		100		116,522
Orano SA
3.38%, 04/23/26 (Call 01/23/26)^(c)	EUR		100		124,078
4.88%, 09/23/24	EUR		150		193,565
Paprec Holding SA, 4.00%, 03/31/25 (Call 11/29/21)^(c)	EUR		100		116,943
Picard Bondco SA, 5.38%, 07/01/27 (Call 07/01/24)^(c)	EUR		100		113,972
Picard Groupe SA, 3.88%, 07/01/26 (Call 07/01/23)^(c)	EUR		100		115,855
Quatrim SASU, 5.88%, 01/15/24 (Call 11/29/21)^(c)	EUR		100		118,724
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)^(c)(d)	EUR		100		116,049
Renault SA
1.00%, 03/08/23 (Call 12/08/22)^(c)	EUR		100		116,456
1.00%, 11/28/25 (Call 08/28/25)^(c)	EUR		100		115,076
1.13%, 10/04/27 (Call 07/04/27)^(c)	EUR		100		107,873
1.25%, 06/24/25 (Call 03/24/25)^(c)	EUR		200		228,146
2.00%, 09/28/26 (Call 06/28/26)^(c)	EUR		100		114,881
2.38%, 05/25/26 (Call 02/25/26)^(c)	EUR		100		117,197
Rexel SA, 2.75%, 06/15/26 (Call 03/15/22)^(c)	EUR		125		146,881
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)^(c)	EUR		100		116,789
SPIE SA, 2.63%, 06/18/26 (Call 12/18/25)^(c)	EUR		100		119,822
Tereos Finance Groupe I SA, 4.13%, 06/16/23 (Call 03/16/23)^(c)	EUR		100		117,339
Valeo
0.63%, 01/11/23 (Call 10/11/22)^(c)	EUR		100		116,210
3.25%, 01/22/24^(c)	EUR		100		123,180
Valeo SA, 1.63%, 03/18/26 (Call 12/18/25)^(c)	EUR		100		118,926
Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)^(c)	EUR		100		118,073

					7,472,864

Germany — 3.9%
ADLER Group SA
1.88%, 01/14/26 (Call 10/14/25)^(c)	EUR		100		101,716
2.75%, 11/13/26 (Call 08/13/26)^(c)	EUR		100		103,380
3.25%, 08/05/25 (Call 05/05/25)^(c)	EUR		100		106,778
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 11/08/21)^(c)	EUR		100		106,125
ADLER Real Estate AG, 3.00%, 04/27/26 (Call 02/27/26)^(c)	EUR		100		108,979
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)^(c)(d)	EUR		100		115,434
3.13%, 11/12/79 (Call 08/12/27)^(c)(d)	EUR		100		117,637
3.75%, 07/01/74 (Call 07/01/24)^(c)(d)	EUR		100		120,572
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)^(c)(d)	EUR		100		124,631
CeramTec BondCo GmbH, 5.25%, 12/15/25 (Call 11/29/21)^(c)	EUR		100		117,182


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Germany (continued)
Commerzbank AG
4.00%, 03/30/27^(c)	EUR		130	$	168,242
4.00%, 12/05/30 (Call 09/05/25)^(c)(d)	EUR		200		250,533
8.13%, 09/19/23^(a)(b)	USD		100		111,960
CT Investment GmbH, 5.50%, 04/15/26 (Call 04/15/23)^(c)	EUR		100		117,331
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)^(c)	EUR		100		109,042
Deutsche Bank AG
2.75%, 02/17/25^(c)	EUR		125		152,227
4.30%, 05/24/28 (Call 05/24/23),
(5 year USD Swap + 2.248%)^(d)	USD		200		207,263
5.63%, 05/19/31 (Call 02/19/26)^(c)(d)	EUR		200		271,273
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 01/14/31)^(d)	USD		200		205,120
4.88%, 12/01/32 (Call 12/01/27)^(d)	USD		200		217,146
Deutsche Lufthansa AG
3.00%, 05/29/26 (Call 02/28/26)^(c)	EUR		100		117,495
3.50%, 07/14/29 (Call 04/14/29)^(c)	EUR		100		116,892
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)^(c)(d)	EUR		100		115,447
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)^(c)	EUR		100		119,591
HT Troplast GmbH, 9.25%, 07/15/25 (Call 07/15/22)^(c)	EUR		100		124,529
K+S AG, 2.63%, 04/06/23 (Call 01/06/23)^(c)	EUR		100		117,246
KME SE, 6.75%, 02/01/23 (Call 11/29/21)^(c)	EUR		100		106,005
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)^(c)(d)	EUR		100		121,995
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 11/29/21)^(c)	EUR		100		113,927
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 11/08/21)^(c)	EUR		100		113,778
PCF GmbH, 4.75%, 04/15/26 (Call 04/15/23)^(c)	EUR		100		117,515
Peach Property Finance GmbH, 3.50%, 02/15/23 (Call 11/15/22)^(c)	EUR		100		115,473
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25 (Call 05/05/25)^(c)	EUR		100		118,466
ProGroup AG, 3.00%, 03/31/26 (Call 11/29/21)^(c)	EUR		100		115,851
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)^(c)(d)	EUR		50		61,582
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)^(c)	EUR		100		118,144
2.88%, 03/26/27 (Call 12/26/26)^(c)	EUR		100		124,384
3.38%, 10/12/28 (Call 07/12/28)^(c)	EUR		100		127,737
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23 (Call 11/08/21)^(c)	EUR		100		115,545
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 11/08/21)^(c)	EUR		88		104,160
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)^(c)	EUR		100		113,253
Tele Columbus AG, 3.88%, 05/02/25 (Call 11/29/21)^(c)	EUR		100		114,686
thyssenkrupp AG
1.88%, 03/06/23 (Call 02/06/23)^(c)	EUR		175		202,707
2.88%, 02/22/24 (Call 11/22/23)^(c)	EUR		250		293,136
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)^(c)	EUR		100		118,884
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)	USD		150		152,670
TUI Cruises GmbH, 6.50%, 05/15/26 (Call 05/15/23)^(c)	EUR		100		118,414
Vertical Holdco GmbH
6.63%, 07/15/28 (Call 07/15/23)^(c)	EUR		90		108,703
7.63%, 07/15/28 (Call 07/15/23)^(a)	USD		50		52,969
WEPA Hygieneprodukte GmbH, 2.88%, 12/15/27 (Call 12/15/22)^(c)	EUR		100		109,922
ZF Europe Finance BV, 2.00%, 02/23/26 (Call 12/23/25)^(c)	EUR		300		347,379


Security		Par (000)		Value
Germany (continued)
ZF Finance GmbH
2.25%, 05/03/28 (Call 02/03/28)^(c)	EUR		100	$	115,054
2.75%, 05/25/27 (Call 02/25/27)^(c)	EUR		100		118,104
3.75%, 09/21/28 (Call 06/21/28)^(c)	EUR		100		124,744
ZF North America Capital Inc.
2.75%, 04/27/23^(c)	EUR		100		119,010
4.75%, 04/29/25^(a)	USD		100		107,210

					7,535,178

Greece — 0.5%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)^(c)(d)	EUR		100		111,218
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 12/15/21)^(c)	EUR		100		111,756
Eurobank SA, 2.00%, 05/05/27 (Call 05/05/26)^(c)(d)	EUR		200		223,066
Intralot Capital Luxembourg SA, 5.25%, 09/15/24 (Call 11/08/21)^(c)	EUR		100		94,503
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)^(c)(d)	EUR		100		125,828
Public Power Corp. SA
3.38%, 07/31/28 (Call 07/31/24)^(c)	EUR		100		117,477
3.88%, 03/30/26 (Call 03/30/23)^(c)	EUR		100		119,116
Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/16/24)^(c)	EUR		100		117,937

					1,020,901

Ireland — 0.5%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(b)(d)	USD		200		208,332
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)^(c)(d)	EUR		200		235,557
Bank of Ireland Group PLC, 1.38%, 08/11/31 (Call 05/11/26)^(c)(d)	EUR		100		114,144
eircom Finance DAC, 3.50%, 05/15/26 (Call 05/15/22)^(c)	EUR		125		146,616
Permanent TSB Group Holdings PLC, 3.00%, 08/19/31 (Call 05/19/26)^(c)(d)	EUR		200		237,101

					941,750

Israel — 1.2%
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)^(a)	USD		75		76,485
4.88%, 03/30/26 (Call 12/30/25)^(a)	USD		45		45,731
5.38%, 03/30/28 (Call 09/30/27)^(a)	USD		70		70,665
5.88%, 03/30/31 (Call 09/30/30)^(a)	USD		75		76,050
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)^(a)	USD		75		77,842
6.13%, 06/30/25 (Call 03/30/25)^(a)	USD		45		48,573
6.50%, 06/30/27 (Call 12/30/26)^(a)	USD		55		60,124
6.75%, 06/30/30 (Call 12/30/29)^(a)	USD		65		71,942
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24^(c)	EUR		200		222,731
1.25%, 03/31/23 (Call 12/31/22)^(c)	EUR		100		115,037
1.63%, 10/15/28^(c)	EUR		100		103,411
1.88%, 03/31/27 (Call 12/31/26)^(c)	EUR		100		106,241
4.50%, 03/01/25 (Call 12/01/24)	EUR		100		118,812
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23	USD		250		251,825
3.15%, 10/01/26^(b)	USD		375		353,333
6.00%, 04/15/24 (Call 01/15/24)^(b)	USD		200		210,530
6.75%, 03/01/28 (Call 12/01/27)^(b)	USD		200		219,771
7.13%, 01/31/25 (Call 10/31/24)	USD		100		107,344

					2,336,447

Italy — 7.0%
ADLER Group SA, 2.25%, 04/27/27 (Call 01/27/27)^(c)	EUR		100		100,176
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)^(c)(d)	EUR		100		113,737
Altice Financing SA, 2.25%, 01/15/25 (Call 01/15/22)^(c)	EUR		100		111,398


54		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Italy (continued)
Altice France SA/France, 4.00%, 07/15/29 (Call 04/15/24)^(c)	EUR		200	$	225,517
Atlantia SpA
1.63%, 02/03/25^(c)	EUR		100		118,442
1.88%, 07/13/27 (Call 04/13/27)^(c)	EUR		100		119,842
1.88%, 02/12/28 (Call 11/12/27)^(c)	EUR		100		119,604
Autostrade per l’Italia SpA
1.13%, 11/04/21^(c)	EUR		100		115,544
1.75%, 02/01/27^(c)	EUR		100		119,544
1.88%, 09/26/29 (Call 06/26/29)^(c)	EUR		100		120,193
2.00%, 12/04/28 (Call 09/04/28)^(c)	EUR		100		121,382
2.00%, 01/15/30 (Call 10/15/29)^(c)	EUR		200		242,690
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (Call 02/28/27)^(c)	EUR		100		119,024
Banca Monte dei Paschi di Siena SpA
1.88%, 01/09/26^(c)	EUR		150		171,204
3.63%, 09/24/24^(c)	EUR		100		118,535
5.38%, 01/18/28 (Call 01/18/23)^(c)(d)	EUR		100		83,738
10.50%, 07/23/29^(c)	EUR		100		104,708
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24^(c)	EUR		100		119,856
Banco BPM SpA
0.88%, 07/15/26^(c)	EUR		100		114,071
1.75%, 01/28/25^(c)	EUR		100		118,714
2.50%, 06/21/24^(c)	EUR		100		121,236
3.25%, 01/14/31 (Call 01/14/26)^(c)(d)	EUR		100		117,599
Banco Comercial Portugues SA, 3.87%, 03/27/30 (Call 03/27/25)^(c)(d)	EUR		100		117,987
Banco de Sabadell SA, 1.13%, 03/27/25^(c)	EUR		100		116,455
BPER Banca, 1.38%, 03/31/27 (Call 03/31/26)^(c)(d)	EUR		200		230,115
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)^(c)	EUR		100		114,519
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)^(c)	EUR		100		115,463
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 09/30/22)^(c)	EUR		100		119,843
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)^(c)	EUR		100		114,872
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)^(c)	EUR		100		118,745
Deutsche Lufthansa AG
2.00%, 07/14/24 (Call 06/14/24)^(c)	EUR		100		115,938
2.88%, 02/11/25 (Call 01/11/25)^(c)	EUR		100		117,731
3.75%, 02/11/28 (Call 11/11/27)^(c)	EUR		100		119,218
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)^(c)	EUR		100		114,645
doValue SpA, 3.38%, 07/31/26 (Call 07/31/23)^(c)	EUR		100		116,095
eG Global Finance PLC, 6.25%, 10/30/25 (Call 11/29/21)^(c)	EUR		100		117,001
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)^(c)	EUR		100		111,869
Esselunga SpA, 1.88%, 10/25/27 (Call 07/25/27)^(c)	EUR		100		121,077
Faurecia SE, 2.38%, 06/15/27 (Call 06/15/23)^(c)	EUR		100		114,871
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)^(c)	EUR		100		116,507
Grifols SA
1.63%, 02/15/25 (Call 02/15/22)^(c)	EUR		100		115,203
2.25%, 11/15/27 (Call 11/15/22)^(c)	EUR		100		115,561
Guala Closures SpA, 3.25%, 06/15/28 (Call 06/15/24)^(c)	EUR		100		113,906
Iccrea Banca SpA, 4.75%, 01/18/32 (Call 10/18/26)^(c)(d)	EUR		100		117,030
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)^(c)	EUR		100		114,762
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)^(c)	EUR		100		115,194
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)^(c)	EUR		100		116,526
1.88%, 07/08/26 (Call 04/08/26)^(c)	EUR		100		119,362


Security		Par (000)		Value
Italy (continued)
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)^(c)	EUR		100	$	115,156
Intesa Sanpaolo SpA
2.86%, 04/23/25^(c)	EUR		100		122,580
3.93%, 09/15/26^(c)	EUR		100		128,159
4.20%, 06/01/32 (Call 06/01/31)^(a)	USD		100		100,822
5.02%, 06/26/24^(a)	USD		250		269,365
5.15%, 06/10/30^(c)	GBP		100		152,838
6.63%, 09/13/23^(c)	EUR		100		128,539
Kleopatra Holdings 2 SCA, 6.50%, 09/01/26 (Call 03/01/23)^(c)	EUR		100		104,781
Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)^(c)	EUR		100		117,608
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)^(c)	EUR		100		112,047
Mediobanca Banca di Credito Finanziario SpA, 5.75%, 04/18/23	EUR		115		143,234
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)^(c)(d)	EUR		150		174,552
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)^(c)	EUR		100		114,905
1.75%, 10/31/24 (Call 07/31/24)^(c)	EUR		150		176,107
2.13%, 04/30/29 (Call 01/30/29)^(c)	EUR		100		114,137
Piaggio & C SpA, 3.63%, 04/30/25 (Call 11/29/21)^(c)	EUR		100		117,598
PPF Telecom Group BV, 3.50%, 05/20/24 (Call 02/20/24)^(c)	EUR		100		122,625
Rekeep SpA, 7.25%, 02/01/26 (Call 02/01/23)^(c)	EUR		100		123,300
Rossini Sarl, 6.75%, 10/30/25 (Call 11/29/21)^(c)	EUR		100		119,482
Saipem Finance International BV, 3.38%, 07/15/26 (Call 04/15/26)^(c)	EUR		100		117,448
Sisal Group SpA, 7.00%, 07/31/23 (Call 11/08/21)^(c)	EUR		69		79,467
Societa Cattolica Di Assicurazione SPA, 4.25%, 12/14/47 (Call 12/14/27)^(c)(d)	EUR		100		129,882
SoftBank Group Corp., 4.00%, 09/19/29 (Call 06/21/29)^(c)	EUR		125		144,416
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)^(c)	EUR		100		109,778
2.38%, 10/12/27 (Call 07/12/27)^(c)	EUR		100		116,482
2.50%, 07/19/23^(c)	EUR		100		119,455
2.75%, 04/15/25 (Call 01/15/25)^(c)	EUR		150		180,431
2.88%, 01/28/26 (Call 10/28/25)^(c)	EUR		100		120,836
3.00%, 09/30/25^(c)	EUR		100		121,353
3.25%, 01/16/23^(c)	EUR		100		119,398
3.63%, 01/19/24^(c)	EUR		100		122,434
3.63%, 05/25/26^(c)	EUR		200		252,492
4.00%, 04/11/24 (Call 01/11/24)^(c)	EUR		100		122,551
5.30%, 05/30/24^(a)	USD		150		159,750
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24)	EUR		100		124,064
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)^(c)(d)	EUR		200		232,362
2.73%, 01/15/32 (Call 01/15/27)^(c)(d)	EUR		200		234,949
4.88%, 02/20/29 (Call 02/20/24)^(c)(d)	EUR		200		248,460
5.46%, 06/30/35 (Call 06/30/30)^(a)(d)	USD		200		218,774
5.86%, 06/19/32 (Call 06/19/27)^(a)(d)	USD		150		165,300
7.30%, 04/02/34 (Call 04/02/29)^(a)(d)	USD		100		120,110
Unione di Banche Italiane SpA, 5.88%, 03/04/29 (Call 03/04/24)^(c)(d)	EUR		100		128,288
Unipol Gruppo SpA
3.00%, 03/18/25^(c)	EUR		100		125,215
3.25%, 09/23/30 (Call 06/23/30)^(c)	EUR		100		132,987
3.50%, 11/29/27 (Call 08/29/27)^(c)	EUR		100		131,546
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28^(c)	EUR		100		125,674
Verde Bidco SpA, 4.63%, 10/01/26 (Call 10/01/23)^(c)	EUR		100		116,972


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Italy (continued)
Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)^(c)	EUR		100	$	117,728
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)^(c)(d)	EUR		100		118,338
3.00%, 08/27/80 (Call 05/27/30)^(c)(d)	EUR		100		117,654
Webuild SpA, 1.75%, 10/26/24^(c)	EUR		200		230,911
ZF Europe Finance BV, 3.00%, 10/23/29 (Call 07/23/29)^(c)	EUR		100		119,287
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)^(c)	EUR		100		113,730
Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)^(c)	EUR		100		115,321


					13,568,927

Japan — 0.5%
Rakuten Group Inc.
5.13%, (Call 04/22/26)^(a)(d)(e)	USD		150		150,598
6.25%, (Call 04/22/31)^(a)(d)(e)	USD		100		105,310
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)^(c)	EUR		100		114,462
2.88%, 01/06/27 (Call 10/06/26)^(c)	EUR		100		112,063
3.13%, 09/19/25 (Call 06/21/25)^(c)	EUR		150		173,838
3.88%, 07/06/32 (Call 04/06/32)^(c)	EUR		100		110,628
4.00%, 04/20/23 (Call 01/20/23)^(c)	EUR		100		118,293
5.00%, 04/15/28 (Call 01/16/28)^(c)	EUR		100		121,941


					1,007,133

Jersey — 0.1%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)	USD		150		164,186


Luxembourg — 1.6%
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)^(a)	USD		200		201,876
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)^(c)	EUR		100		116,069
Altice Financing SA
4.25%, 08/15/29 (Call 08/15/24)^(c)	EUR		100		113,371
5.00%, 01/15/28 (Call 01/15/23)^(a)	USD		200		192,875
5.75%, 08/15/29 (Call 08/15/24)^(a)	USD		200		196,635
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)^(c)	EUR		100		109,841
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)^(c)	EUR		100		107,904
6.00%, 02/15/28 (Call 02/15/23)^(a)	USD		200		190,000
8.00%, 05/15/27 (Call 05/15/22)^(c)	EUR		100		122,579
10.50%, 05/15/27 (Call 05/15/22)^(a)	USD		150		162,562
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28 (Call 05/15/24)^(a)(b)	USD		200		195,733
Garfunkelux Holdco 3 SA
6.75%, 11/01/25 (Call 11/01/22)^(c)	EUR		100		119,748
7.75%, 11/01/25 (Call 11/01/22)^(c)	GBP		100		141,759
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)^(c)	EUR		100		116,686
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 11/08/21)^(c)	EUR		100		115,526
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)^(c)	EUR		100		117,139
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)^(c)	EUR		100		118,394
Sani/Ikos Financial Holdings 1 Sarl, 5.63%, 12/15/26 (Call 07/15/23)^(c)	EUR		100		117,600
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)^(c)	EUR		100		120,808
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)^(c)	EUR		90		112,624
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)^(c)	EUR		100		120,511


Security		Par (000)		Value

Luxembourg (continued)
Swissport Investments SA, 6.75%, 12/15/21 (Call 11/08/21)^(c)(f)(g)	EUR		100	$	289
Vivion Investments Sarl, 3.00%, 08/08/24^(c)	EUR		100		110,619


					3,021,148

Macau — 0.6%
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/29/21)^(a)(b)	USD		200		198,279
5.38%, 12/04/29 (Call 12/04/24)^(a)	USD		200		197,425
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)^(a)	USD		50		48,048
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(a)	USD		125		113,125
6.50%, 01/15/28 (Call 07/15/23)^(a)	USD		200		192,755
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/09/21)^(a)	USD		100		94,811
5.13%, 12/15/29 (Call 12/15/24)^(a)	USD		125		112,638
5.50%, 01/15/26 (Call 06/15/22)^(a)(b)	USD		100		94,211
5.63%, 08/26/28 (Call 08/26/23)^(a)(b)	USD		200		186,676


					1,237,968

Malaysia — 0.0%
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)^(a)	USD		100		101,122


Netherlands — 1.6%
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)^(c)	EUR		100		116,314
IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/22)^(c)	EUR		100		118,567
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)^(a)(d)	USD		100		105,877
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 11/29/21)^(c)	EUR		125		145,178
Nobel Bidco BV, 3.13%, 06/15/28 (Call 06/15/24)^(c)	EUR		100		111,007
Nobian Finance BV, 3.63%, 07/15/26 (Call 07/15/23)^(c)	EUR		100		111,765
OCI NV, 3.13%, 11/01/24 (Call 11/29/21)^(c)	EUR		200		234,206
PPF Telecom Group BV, 3.25%, 09/29/27 (Call 06/29/27)^(c)	EUR		175		218,428
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)^(c)	EUR		150		164,138
Sensata Technologies BV
4.88%, 10/15/23^(a)	USD		50		53,091
5.00%, 10/01/25^(a)	USD		50		54,682
5.63%, 11/01/24^(a)	USD		50		55,125
Sigma Holdco BV, 5.75%, 05/15/26 (Call 11/08/21)^(c)	EUR		100		106,760
Titan Holdings II BV, 5.13%, 07/15/29 (Call 07/15/24)^(c)	EUR		100		114,072
Trivium Packaging Finance BV
3.75%, 08/15/26 (Call 08/15/22)^(c)	EUR		100		116,023
8.50%, 08/15/27 (Call 08/15/22)^(a)	USD		250		263,747
United Group BV
3.63%, 02/15/28 (Call 02/15/23)^(c)	EUR		100		110,807
4.63%, 08/15/28 (Call 08/15/24)^(c)	EUR		100		114,458
4.88%, 07/01/24 (Call 11/29/21)^(c)	EUR		100		116,781
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)	USD		125		127,087
Ziggo BV
4.25%, 01/15/27 (Call 01/15/22)^(c)	EUR		80		94,565
4.88%, 01/15/30 (Call 10/15/24)^(a)	USD		200		203,125
5.50%, 01/15/27 (Call 01/15/22)^(a)	USD		198		204,057


					3,059,860

Norway — 0.1%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)^(c)	EUR		100		117,590


Portugal — 0.5%
Banco Commercial Portugues, 1.75%, 04/07/28 (Call 04/07/27)^(c)(d)	EUR		100		112,675
Caixa Geral de Depositos SA, 1.25%, 11/25/24^(c)	EUR		100		118,345


56		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Portugal (continued)
EDP - Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25)^(c)(d)	EUR		100	$	115,783
1.88%, 08/02/81 (Call 05/02/26)^(c)(d)	EUR		100		115,796
4.50%, 04/30/79 (Call 01/30/24)^(c)(d)	EUR		100		124,504
Energias De Portugal SA, 1.50%, 03/14/82 (Call 12/14/26)^(c)(d)	EUR		100		112,830
Novo Banco SA, 3.50%, 07/23/24 (Call 07/23/23)^(c)(d)	EUR		100		114,147
Saipem Finance International BV, 3.13%, 03/31/28 (Call 12/31/27)^(c)	EUR		100		115,313
Transportes Aereos Portugueses SA, 5.63%, 12/02/24 (Call 06/02/24)^(c)	EUR		100		94,320


					1,023,713

Singapore — 0.1%
Puma International Financing SA, 5.13%, 10/06/24 (Call 11/09/21)^(a)	USD		200		201,222


Spain — 1.7%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)^(c)(d)	EUR		100		124,763
Banco de Sabadell SA
1.75%, 05/10/24^(c)	EUR		200		237,514
5.38%, 12/12/28 (Call 12/12/23)^(c)(d)	EUR		100		126,011
Banco do Brasil SA/Cayman, 1.75%, 03/09/28 (Call 03/09/27)^(c)(d)	EUR		100		113,254
Cellenex Finance Co.
1.00%, 09/15/27 (Call 06/15/27)^(c)	EUR		100		111,781
2.00%, 09/15/32 (Call 06/15/32)^(c)	EUR		100		110,893
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)^(c)	EUR		100		113,121
1.25%, 01/15/29 (Call 10/15/28)^(c)	EUR		100		110,612
1.50%, 06/08/28 (Call 03/08/28)^(c)	EUR		200		227,276
2.00%, 02/15/33 (Call 11/15/32)^(c)	EUR		100		109,979
Cellnex Telecom SA
1.75%, 10/23/30 (Call 07/23/30)^(c)	EUR		100		111,506
1.88%, 06/26/29 (Call 03/26/29)	EUR		100		115,006
2.88%, 04/18/25 (Call 01/18/25)^(c)	EUR		100		123,450
Cirsa Finance International, 4.50%, 03/15/27 (Call 09/15/23)^(c)	EUR		100		113,864
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 11/08/21)^(c)	EUR		85		99,351
ContourGlobal Power Holdings SA, 2.75%, 01/01/26 (Call 01/01/23)^(c)	EUR		100		114,491
eDreams ODIGEO SA, 5.50%, 09/01/23 (Call 11/08/21)^(c)	EUR		100		114,721
El Corte Ingles SA, 3.00%, 03/15/24 (Call 11/08/21)^(c)	EUR		100		116,165
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)^(c)	EUR		250		289,300
Grifols SA, 3.20%, 05/01/25 (Call 11/29/21)^(c)	EUR		100		115,686
Grupo Antolin Irausa, 3.50%, 04/30/28 (Call 04/30/24)^(c)	EUR		100		107,742
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)^(c)(d)	EUR		100		116,420
Lorca Telecom Bondco, 4.00%, 09/18/27 (Call 09/30/23)^(c)	EUR		150		174,334
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)^(c)	EUR		100		116,264
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)^(c)(d)	EUR		100		124,660


					3,338,164

Sweden — 0.8%
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)^(c)(d)	EUR		100		120,924
Dometic Group AB, 2.00%, 09/29/28 (Call 06/29/28)^(c)	EUR		100		113,227


Security		Par (000)		Value

Sweden (continued)
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)^(c)(d)	EUR		100	$	115,885
Heimstaden AB, 4.25%, 03/09/26 (Call 12/09/25)^(c)	EUR		100		115,772
Intrum AB
3.13%, 07/15/24 (Call 11/29/21)^(c)	EUR		100		115,627
3.50%, 07/15/26 (Call 07/15/22)^(c)	EUR		200		230,553
4.88%, 08/15/25 (Call 08/15/22)^(c)	EUR		100		119,437
Verisure Holding AB, 3.25%, 02/15/27 (Call 02/15/23)^(c)	EUR		100		115,212
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)^(c)	EUR		200		234,278
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)^(c)	EUR		100		119,703
2.13%, 04/02/24 (Call 01/02/24)^(c)	EUR		100		119,257


					1,519,875

Switzerland — 0.1%
Dufry One BV
2.50%, 10/15/24 (Call 11/29/21)^(c)	EUR		100		113,737
3.38%, 04/15/28 (Call 04/15/24)^(c)	EUR		100		113,542


					227,279

United Kingdom — 4.9%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 11/29/21)^(c)	GBP		100		138,922
B&M European Value Retail SA, 3.63%, 07/15/25 (Call 07/15/22)^(c)	GBP		100		139,726
BCP Modular Services, 4.75%, 11/30/28 (Call 11/30/24)^(c)	EUR		150		173,090
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)^(c)	GBP		175		229,112
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)^(c)	GBP		100		129,109
Centrica PLC, 5.25%, 04/10/75 (Call 04/10/25)^(c)(d)	GBP		100		145,123
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)^(c)	EUR		100		113,417
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)^(a)	USD		250		259,375
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 07/15/23)^(c)	GBP		100		131,695
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)^(c)	GBP		100		135,950
EC Finance PLC, 3.00%, 10/15/26 (Call 10/15/23)^(c)	EUR		100		116,655
eG Global Finance PLC
4.38%, 02/07/25 (Call 11/29/21)^(c)	EUR		100		113,881
6.75%, 02/07/25 (Call 11/09/21)^(a)	USD		200		204,822
Gatwick Airport Finance PLC, 4.38%, 04/07/26 (Call 04/07/23)^(c)	GBP		100		138,426
Heathrow Finance PLC, 4.38%, 03/01/27^(c)(h)	GBP		100		138,354
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 03/15/22)^(c)	GBP		100		125,638
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)^(c)	EUR		100		112,387
International Consolidated Airlines Group SA, 3.75%, 03/25/29 (Call 12/25/28)^(c)	EUR		100		114,685
International Personal Finance PLC, 9.75%, 11/12/25 (Call 11/12/22)	EUR		100		124,432
Jaguar Land Rover Automotive PLC
3.88%, 03/01/23^(c)	GBP		100		137,577
4.50%, 01/15/26 (Call 10/15/25)^(c)	EUR		100		117,411
4.50%, 07/15/28 (Call 07/15/24)^(c)	EUR		100		114,833
5.63%, 02/01/23 (Call 11/29/21)^(a)	USD		150		150,604
5.88%, 01/15/28 (Call 01/15/24)^(a)	USD		150		149,625
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/22)^(c)	GBP		100		138,518
Maison Finco PLC, 6.00%, 10/31/27 (Call 10/31/23)^(c)	GBP		100		139,043
Marks & Spencer PLC
3.75%, 05/19/26 (Call 02/19/26)^(c)	GBP		100		140,848
6.00%, 06/12/25^(c)	GBP		100		150,453
Metro Bank PLC, 5.50%, 06/26/28 (Call 06/26/23)^(c)(d)	GBP		100		85,709


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom (continued)
Modulaire Global Finance PLC, 6.50%, 02/15/23 (Call 11/08/21)^(c)	EUR		100	$	117,341
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)^(c)	EUR		100		120,652
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)^(c)(d)	EUR		100		116,305
2.13%, 09/05/82 (Call 06/05/27)^(c)(d)	EUR		100		116,094
5.63%, 06/18/73 (Call 06/18/25)^(c)(d)	GBP		100		148,653
Nomad Foods Bondco PLC, 2.50%, 06/24/28 (Call 06/24/24)^(c)	EUR		100		114,779
Ocado Group PLC, 3.88%, 10/08/26 (Call 10/08/23)^(c)	GBP		100		133,495
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/26 (Call 09/15/23)^(c)	EUR		100		118,990
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 11/29/21)^(c)	GBP		100		136,979
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 01/15/22)^(c)	EUR		100		117,531
Playtech PLC, 4.25%, 03/07/26 (Call 03/07/22)^(c)	EUR		100		118,545
Punch Finance PLC, 6.13%, 06/30/26 (Call 06/30/23)^(c)	GBP		100		137,013
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)^(c)	EUR		100		114,822
1.63%, 05/09/28 (Call 02/09/28)^(c)	EUR		100		111,369
3.38%, 06/18/26	GBP		100		137,303
4.63%, 02/16/26 (Call 11/16/25)^(c)	EUR		100		128,344
5.75%, 10/15/27 (Call 07/15/27)^(a)	USD		200		221,950
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)^(c)	EUR		100		115,022
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)^(c)	GBP		100		141,832
Synthomer PLC, 3.88%, 07/01/25 (Call 07/01/22)^(c)	EUR		100		118,698
Thames Water Utilities Finance PLC, 5.75%, 09/13/30 (Call 09/13/22)^(d)	GBP		125		176,911
TI Automotive Finance PLC, 3.75%, 04/15/29 (Call 04/15/24)^(c)	EUR		100		115,607
Very Group Funding PLC (The), 6.50%, 08/01/26 (Call 08/01/23)^(c)	GBP		100		136,018
Victoria PLC, 3.63%, 08/24/26 (Call 02/28/23)^(c)	EUR		100		116,626
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)^(a)	USD		100		99,559
Virgin Media Secured Finance PLC
4.25%, 01/15/30 (Call 10/15/24)^(c)	GBP		150		204,187
5.00%, 04/15/27 (Call 04/15/22)^(c)	GBP		100		141,082
5.50%, 05/15/29 (Call 05/15/24)^(a)	USD		200		210,622
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)^(c)	GBP		100		137,112
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)^(c)	EUR		150		173,664
4.00%, 01/31/29 (Call 01/31/24)^(c)	GBP		100		135,050
4.25%, 01/31/31 (Call 01/31/26)^(a)	USD		200		194,760
4.75%, 07/15/31 (Call 07/15/26)^(a)	USD		150		150,762
Vodafone Group PLC
3.10%, 01/03/79 (Call 10/03/23)^(c)(d)	EUR		200		238,741
3.25%, 06/04/81 (Call 06/04/26)^(d)	USD		50		49,925
4.13%, 06/04/81 (Call 03/04/31)^(d)	USD		125		124,384
4.88%, 10/03/78 (Call 07/03/25)^(c)(d)	GBP		100		144,504
7.00%, 04/04/79 (Call 01/04/29)^(d)	USD		250		301,250

					9,545,901

United States — 63.6%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)	USD		70		67,644
6.00%, 08/01/29 (Call 08/01/24)^(a)	USD		60		58,951
7.00%, 11/15/25 (Call 11/29/21)^(a)	USD		115		116,284
10.13%, 08/01/26 (Call 08/01/22)^(a)	USD		30		33,280


Security		Par (000)		Value

United States (continued)
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)^(a)	USD		50	$	49,511
5.13%, 03/01/30 (Call 03/01/25)^(a)	USD		85		85,396
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)^(c)	EUR		100		116,901
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)^(a)	USD		60		64,243
ADT Security Corp. (The)
4.13%, 06/15/23	USD		90		93,609
4.13%, 08/01/29 (Call 08/01/28)^(a)	USD		125		123,505
Albertsons Companies Inc./ Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)^(a)	USD		55		55,941
3.50%, 02/15/23 (Call 12/15/22)^(a)	USD		60		61,051
3.50%, 03/15/29 (Call 09/15/23)^(a)(b)	USD		150		147,985
4.63%, 01/15/27 (Call 01/15/23)^(a)	USD		170		177,437
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)	USD		100		107,216
5.88%, 02/15/28 (Call 08/15/22)^(a)	USD		125		132,916
7.50%, 03/15/26 (Call 03/15/22)^(a)	USD		75		80,719
Alcoa Nederland Holding BV, 6.13%, 05/15/28 (Call 05/15/23)^(a)	USD		200		214,660
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)	USD		115		115,122
5.88%, 11/01/29 (Call 11/01/24)^(a)	USD		30		30,152
6.75%, 10/15/27 (Call 10/15/22)^(a)	USD		130		134,471
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)	USD		200		197,252
6.63%, 07/15/26 (Call 07/15/22)^(a)	USD		170		178,819
9.75%, 07/15/27 (Call 07/15/22)^(a)	USD		115		124,103
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)^(a)	USD		150		148,975
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)^(c)	EUR		100		113,259
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(a)	USD		110		105,737
4.75%, 10/01/27 (Call 10/01/22)^(a)	USD		50		52,009
5.88%, 06/01/29 (Call 06/01/24)^(a)(b)	USD		45		48,530
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)	USD		155		175,863
AMC Entertainment Holdings Inc.
10.50%, 04/15/25 (Call 04/15/22)^(a)(b)	USD		50		53,750
10.50%, 04/24/26 (Call 06/15/22)^(a)	USD		92		98,769
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)	USD		125		123,125
4.75%, 08/01/25 (Call 11/29/21)^(b)	USD		50		51,250
5.00%, 04/01/24 (Call 11/29/21)	USD		71		71,858
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)	USD		65		59,303
American Airlines Inc., 11.75%, 07/15/25^(a)	USD		300		371,625
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(a)	USD		380		398,382
5.75%, 04/20/29^(a)	USD		335		360,544
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)	USD		75		71,523
6.25%, 03/15/26 (Call 11/09/21)^(b)	USD		50		51,438
6.50%, 04/01/27 (Call 04/01/22)	USD		60		62,625
6.88%, 07/01/28 (Call 07/01/23)^(b)	USD		50		53,105
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)^(a)	USD		50		49,172
4.00%, 01/15/28 (Call 01/15/23)^(a)	USD		75		76,201


58		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)	USD		65	$	70,562
5.63%, 05/20/24 (Call 03/20/24)	USD		60		64,881
5.75%, 05/20/27 (Call 02/20/27)	USD		50		55,813
5.88%, 08/20/26 (Call 05/20/26)^(b)	USD		75		83,766
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)^(a)	USD		95		99,037
5.75%, 03/01/27 (Call 03/01/22)^(a)	USD		60		62,055
5.75%, 01/15/28 (Call 01/15/23)^(a)	USD		80		83,700
7.88%, 05/15/26 (Call 05/15/23)^(a)	USD		50		54,563
Antero Resources Corp.
5.00%, 03/01/25 (Call 11/29/21)	USD		75		76,088
5.38%, 03/01/30 (Call 03/01/25)^(a)	USD		60		63,549
7.63%, 02/01/29 (Call 02/01/24)^(a)	USD		85		94,138
8.38%, 07/15/26 (Call 01/15/24)^(a)	USD		42		47,198
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)^(b)	USD		75		79,776
4.38%, 10/15/28 (Call 07/15/28)^(b)	USD		75		80,311
4.63%, 11/15/25 (Call 08/15/25)	USD		15		16,170
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)(b)	USD		90		89,093
6.75%, 02/15/27 (Call 02/15/23)^(a)	USD		55		58,095
Aramark Services Inc.
5.00%, 04/01/25 (Call 11/29/21)^(a)(b)	USD		75		76,781
5.00%, 02/01/28 (Call 02/01/23)^(a)	USD		120		123,339
6.38%, 05/01/25 (Call 05/01/22)^(a)	USD		145		152,623
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)	USD		80		80,605
6.13%, 12/01/28 (Call 12/01/23)^(a)	USD		50		50,438
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)^(a)	USD		90		93,438
6.88%, 04/01/27 (Call 04/01/22)^(a)	USD		65		67,748
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/22)^(a)	USD		70		73,370
6.13%, 02/15/28 (Call 02/15/23)^(a)	USD		90		94,950
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28 (Call 05/15/24)^(c)	EUR		100		114,079
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)^(c)	EUR		225		256,434
5.25%, 08/15/27 (Call 08/15/22)^(a)	USD		350		349,125
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)^(a)	USD		50		50,603
7.00%, 11/01/26 (Call 11/29/21)^(a)	USD		50		51,633
AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)^(a)(b)	USD		75		74,541
Avantor Funding Inc.
2.63%, 11/01/25 (Call 11/01/22)^(c)	EUR		100		118,093
3.88%, 11/01/29 (Call 11/01/24)^(a)	USD		85		85,125
4.63%, 07/15/28 (Call 07/15/23)^(a)	USD		180		186,741
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)^(a)(b)	USD		100		104,246
Avient Corp., 5.75%, 05/15/25 (Call 05/15/22)^(a)	USD		95		99,465
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(a)	USD		50		51,837
5.38%, 03/01/29 (Call 03/01/24)^(a)(b)	USD		40		42,197
5.75%, 07/15/27 (Call 07/15/22)^(a)(b)	USD		55		57,496
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 11/29/21)^(c)	EUR		100		117,234


Security		Par (000)		Value

United States (continued)
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)(b)	USD		150	$	142,869
B&G Foods Inc.
5.25%, 04/01/25 (Call 11/29/21)	USD		65		66,414
5.25%, 09/15/27 (Call 03/01/22)	USD		70		71,825
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)	USD		125		120,312
3.13%, 09/15/31 (Call 06/15/31)	USD		95		92,388
4.00%, 11/15/23	USD		100		105,127
4.38%, 12/15/23	EUR		200		249,864
4.88%, 03/15/26 (Call 12/15/25)^(b)	USD		95		104,151
5.25%, 07/01/25	USD		125		139,352
Bath & Body Works Inc.
5.25%, 02/01/28	USD		65		69,908
6.63%, 10/01/30 (Call 10/01/25)^(a)	USD		85		95,094
7.50%, 06/15/29 (Call 06/15/24)	USD		65		73,255
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)^(a)	USD		195		207,339
9.25%, 04/01/26 (Call 04/01/22)^(a)	USD		165		175,504
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)^(a)(b)	USD		175		180,215
5.00%, 01/30/28 (Call 01/30/23)^(a)(b)	USD		155		143,173
5.25%, 01/30/30 (Call 01/30/25)^(a)(b)	USD		130		117,487
5.50%, 11/01/25 (Call 11/29/21)^(a)	USD		195		198,207
5.75%, 08/15/27 (Call 08/15/22)^(a)	USD		65		68,013
6.13%, 04/15/25 (Call 11/29/21)^(a)	USD		293		298,609
6.25%, 02/15/29 (Call 02/15/24)^(a)	USD		185		179,206
7.00%, 01/15/28 (Call 01/15/23)^(a)(b)	USD		95		96,009
7.25%, 05/30/29 (Call 05/30/24)^(a)(b)	USD		95		96,135
9.00%, 12/15/25 (Call 12/15/21)^(a)	USD		140		147,194
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)^(c)	EUR		150		179,316
Berry Global Inc., 5.63%, 07/15/27 (Call 07/15/22)^(a)	USD		30		31,424
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)	USD		100		99,500
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)^(a)	USD		75		75,795
4.00%, 07/01/29 (Call 07/01/24)^(a)	USD		55		55,656
Boxer Parent Co. Inc.
6.50%, 10/02/25 (Call 06/01/22)^(c)	EUR		100		120,976
7.13%, 10/02/25 (Call 06/01/22)^(a)	USD		65		68,925
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)	USD		125		128,787
4.75%, 06/15/31 (Call 06/15/26)^(a)	USD		90		92,702
8.63%, 06/01/25 (Call 06/01/22)^(a)	USD		60		64,743
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 11/29/21)^(a)	USD		110		110,242
Brink’s Co. (The), 5.50%, 07/15/25 (Call 07/15/22)^(a)	USD		115		120,117
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)^(a)	USD		95		92,625
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)^(b)	USD		100		102,142
4.13%, 03/01/25 (Call 02/01/25)^(a)	USD		75		76,791
4.13%, 12/01/27 (Call 09/01/27)	USD		50		50,433
4.15%, 07/01/23 (Call 04/01/23)	USD		50		51,608
4.50%, 03/01/28 (Call 12/01/27)^(a)	USD		50		49,783
6.38%, 01/22/78 (Call 01/22/23)^(d)	USD		50		45,537
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)^(a)	USD		100		100,719
5.00%, 03/01/30 (Call 03/01/25)^(a)	USD		75		79,492
6.75%, 06/01/27 (Call 06/01/22)^(a)	USD		45		47,491


S C H E D U L E O F I N V E S T M E N T S		59

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)^(a)	USD		145	$	145,872
6.25%, 07/01/25 (Call 07/01/22)^(a)	USD		380		399,515
8.13%, 07/01/27 (Call 07/01/23)^(a)(b)	USD		160		179,208
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)^(a)	USD		110		115,582
Callon Petroleum Co.
6.13%, 10/01/24 (Call 11/29/21)	USD		60		59,008
8.00%, 08/01/28 (Call 08/01/24)^(a)(b)	USD		75		75,563
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(a)	USD		125		119,673
4.50%, 02/15/28 (Call 02/15/23)^(a)	USD		105		106,287
4.63%, 02/01/29 (Call 02/01/24)^(a)	USD		65		63,176
5.00%, 02/01/31 (Call 02/01/26)^(a)(b)	USD		115		112,612
5.13%, 03/15/28 (Call 03/15/23)^(a)(b)	USD		150		149,604
5.25%, 06/01/26 (Call 11/29/21)^(a)	USD		125		128,574
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 11/29/21)^(a)	USD		70		76,038
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		100		90,104
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)^(a)(b)	USD		75		72,563
5.50%, 04/15/27 (Call 04/15/24)^(a)	USD		75		75,469
5.63%, 10/01/25 (Call 10/01/22)^(a)	USD		55		56,100
5.88%, 10/01/28 (Call 10/01/23)^(a)	USD		65		66,193
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(a)(b)	USD		65		63,492
3.50%, 04/01/30 (Call 04/01/25)^(a)	USD		85		84,363
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/15/21)^(a)	USD		65		65,110
4.25%, 02/01/31 (Call 07/01/25)^(a)	USD		325		323,189
4.25%, 01/15/34 (Call 01/15/28)^(a)	USD		235		227,656
4.50%, 08/15/30 (Call 02/15/25)^(a)	USD		310		315,543
4.50%, 05/01/32 (Call 05/01/26)^(b)	USD		335		337,712
4.50%, 06/01/33 (Call 06/01/27)^(a)	USD		205		204,487
4.75%, 03/01/30 (Call 09/01/24)^(a)	USD		335		345,887
5.00%, 02/01/28 (Call 08/01/22)^(a)	USD		290		301,600
5.13%, 05/01/27 (Call 05/01/22)^(a)	USD		355		368,312
5.38%, 06/01/29 (Call 06/01/24)^(a)	USD		165		177,292
5.50%, 05/01/26 (Call 11/29/21)^(a)	USD		95		98,135
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)	USD		50		52,048
5.00%, 10/15/24 (Call 07/15/24)	USD		65		71,878
5.25%, 05/15/29 (Call 05/15/24)^(a)	USD		65		69,710
CDW LLC/CDW Finance Corp.
3.25%, 02/15/29 (Call 08/15/23)^(b)	USD		40		40,560
4.13%, 05/01/25 (Call 05/01/22)	USD		75		77,385
4.25%, 04/01/28 (Call 10/01/22)^(b)	USD		100		103,875
5.50%, 12/01/24 (Call 06/01/24)	USD		70		76,673
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(b)	USD		70		73,098
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/22)	USD		60		61,889
5.50%, 05/01/25 (Call 05/01/22)^(a)	USD		100		103,916
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)	USD		250		249,386
2.50%, 03/01/31 (Call 12/01/30)	USD		240		234,344
2.63%, 08/01/31 (Call 05/01/31)	USD		135		132,960
3.00%, 10/15/30 (Call 07/15/30)	USD		225		228,912
3.38%, 02/15/30 (Call 02/15/25)	USD		225		231,248
4.25%, 12/15/27 (Call 12/15/22)	USD		365		382,319


Security		Par (000)		Value

United States (continued)
4.63%, 12/15/29 (Call 12/15/24)	USD		365	$	394,200
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)	USD		50		50,250
4.13%, 04/30/31 (Call 04/30/26)^(a)	USD		45		45,204
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)^(a)	USD		50		49,871
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 11/09/21)^(a)	USD		125		126,021
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)^(a)	USD		50		50,500
4.00%, 03/15/31 (Call 03/15/26)^(a)	USD		65		67,145
4.25%, 05/01/28 (Call 05/01/23)^(a)	USD		65		67,118
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)	USD		70		67,375
5.38%, 05/15/27 (Call 02/15/27)^(b)	USD		65		68,983
5.75%, 11/15/28 (Call 11/15/23)^(a)	USD		85		87,557
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)^(b)	USD		185		194,241
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)^(a)	USD		140		138,533
4.00%, 03/01/31 (Call 03/01/26)^(a)	USD		175		182,233
4.50%, 10/01/29 (Call 10/01/24)	USD		165		175,755
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)^(a)	USD		55		57,459
5.88%, 02/01/29 (Call 02/05/24)^(a)	USD		57		60,704
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)^(a)	USD		135		135,000
5.63%, 03/15/27 (Call 12/15/23)^(a)	USD		80		83,710
6.00%, 01/15/29 (Call 01/15/24)^(a)	USD		70		73,889
6.13%, 04/01/30 (Call 04/01/25)^(a)	USD		175		172,065
6.63%, 02/15/25 (Call 02/15/22)^(a)	USD		155		161,809
6.88%, 04/01/28 (Call 04/01/23)^(a)(b)	USD		135		128,398
6.88%, 04/15/29 (Call 04/15/24)^(a)	USD		195		200,606
8.00%, 03/15/26 (Call 03/15/22)^(a)	USD		235		248,219
8.00%, 12/15/27 (Call 12/15/22)^(a)	USD		89		96,856
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)	USD		65		67,547
5.50%, 04/01/27 (Call 04/01/22)^(a)	USD		80		82,900
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 11/29/21)^(a)	USD		80		81,477
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)^(a)(b)	USD		90		87,750
5.88%, 03/15/26 (Call 03/15/23)^(a)(b)	USD		85		85,447
CIT Group Inc.
3.93%, 06/19/24 (Call 06/19/23)^(d)	USD		60		62,403
4.75%, 02/16/24 (Call 11/16/23)	USD		65		69,191
5.00%, 08/01/23	USD		75		79,740
5.25%, 03/07/25 (Call 12/07/24)	USD		40		44,030
6.13%, 03/09/28^(b)	USD		75		89,250
Citgo Holding Inc., 9.25%, 08/01/24 (Call 11/29/21)^(a)	USD		175		178,642
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)^(a)	USD		70		72,100
7.00%, 06/15/25 (Call 06/15/22)^(a)	USD		100		102,997
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)^(a)	USD		27		28,456
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26 (Call 05/15/22)^(c)	EUR		100		118,417
6.25%, 05/15/26 (Call 05/15/22)^(a)	USD		125		130,781
8.50%, 05/15/27 (Call 05/15/22)^(a)	USD		195		207,480
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)^(a)	USD		110		108,762
4.88%, 07/01/29 (Call 06/30/24)^(a)	USD		85		84,703


60		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Clear Channel Outdoor Holdings Inc.
7.50%, 06/01/29 (Call 06/01/24)^(a)	USD		125	$	128,125
7.75%, 04/15/28 (Call 04/15/24)^(a)	USD		115		119,017
Clear Channel Worldwide Holdings Inc., 5.13%, 08/15/27 (Call 08/15/22)^(a)(b)	USD		130		133,458
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(a)	USD		120		119,535
4.75%, 03/15/28 (Call 03/15/23)^(a)	USD		85		89,930
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)^(a)	USD		55		56,925
4.88%, 03/01/31 (Call 03/01/26)^(a)(b)	USD		70		72,984
5.88%, 06/01/27 (Call 06/01/22)^(b)	USD		50		51,997
6.75%, 03/15/26 (Call 03/15/22)^(a)	USD		95		101,021
9.88%, 10/17/25 (Call 10/17/22)^(a)	USD		60		68,645
CNX Resources Corp., 6.00%, 01/15/29 (Call 01/15/24)^(a)(b)	USD		80		84,400
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(a)	USD		105		101,107
3.63%, 10/01/31 (Call 10/01/26)^(a)	USD		120		114,255
Colfax Corp., 3.25%, 05/15/25 (Call 11/29/21)^(c)	EUR		100		116,227
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)^(a)	USD		140		137,374
6.00%, 03/01/26 (Call 03/01/22)^(a)	USD		165		170,633
7.13%, 07/01/28 (Call 07/01/23)^(a)(b)	USD		90		88,701
8.25%, 03/01/27 (Call 03/01/22)^(a)	USD		100		101,894
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)^(a)(b)	USD		90		83,574
6.00%, 06/15/25 (Call 11/09/21)^(a)	USD		131		129,668
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)	USD		125		130,000
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)^(a)	USD		125		129,975
6.75%, 03/01/29 (Call 03/01/24)^(a)	USD		130		139,714
7.50%, 05/15/25 (Call 11/29/21)^(a)	USD		28		29,038
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)	USD		60		60,741
6.50%, 10/01/28 (Call 10/01/23)^(a)(b)	USD		70		74,464
Constellium SE
3.13%, 07/15/29 (Call 07/15/24)^(c)	EUR		100		113,463
3.75%, 04/15/29 (Call 04/15/24)^(a)(b)	USD		50		48,306
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)^(b)	USD		125		131,250
4.38%, 01/15/28 (Call 10/15/27)^(b)	USD		100		108,750
4.50%, 04/15/23 (Call 01/15/23)	USD		66		68,652
5.75%, 01/15/31 (Call 07/15/30)^(a)	USD		155		185,031
Coty Inc.
3.88%, 04/15/26 (Call 04/15/23)^(c)	EUR		100		117,592
4.75%, 04/15/26 (Call 11/29/21)^(c)	EUR		100		115,247
5.00%, 04/15/26 (Call 04/15/23)^(a)	USD		120		123,208
6.50%, 04/15/26 (Call 11/29/21)^(a)	USD		50		51,438
Covanta Holding Corp.
5.00%, 09/01/30 (Call 09/01/25)	USD		60		59,718
5.88%, 07/01/25 (Call 11/29/21)	USD		50		51,594
6.00%, 01/01/27 (Call 01/01/22)	USD		50		51,730
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)^(a)	USD		150		156,579
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/22)^(a)(b)	USD		50		51,283
5.75%, 04/01/25 (Call 11/29/21)	USD		65		66,612
6.00%, 02/01/29 (Call 02/01/24)^(a)	USD		85		87,883


Security		Par (000)		Value
United States (continued)
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)^(b)	USD		50	$	53,375
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 11/29/21)	USD		75		77,333
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/15/23)^(c)	EUR		100		115,631
2.25%, 02/01/23 (Call 11/01/22)^(c)	EUR		100		117,388
2.88%, 02/01/26 (Call 08/01/25)^(c)	EUR		100		122,008
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)^(a)	USD		60		61,935
5.63%, 10/15/25 (Call 11/29/21)^(a)	USD		125		128,036
CSC Holdings LLC
4.13%, 12/01/30 (Call 12/01/25)^(a)	USD		200		191,541
4.50%, 11/15/31 (Call 11/15/26)^(a)	USD		200		193,810
4.63%, 12/01/30 (Call 12/01/25)^(a)(b)	USD		300		275,356
5.00%, 11/15/31 (Call 11/15/26)^(a)	USD		50		46,401
5.25%, 06/01/24	USD		75		78,842
5.38%, 02/01/28 (Call 02/01/23)^(a)	USD		200		206,250
5.75%, 01/15/30 (Call 01/15/25)^(a)	USD		250		246,542
6.50%, 02/01/29 (Call 02/01/24)^(a)	USD		200		214,500
7.50%, 04/01/28 (Call 04/01/23)^(a)	USD		225		240,277
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/22)^(a)	USD		95		94,025
5.75%, 02/15/28 (Call 02/15/23)^(a)(b)	USD		60		59,202
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 11/29/21)^(a)	USD		50		51,500
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)	USD		40		40,428
5.38%, 11/15/27 (Call 11/15/22)	USD		15		15,729
5.63%, 06/15/28 (Call 06/15/23)	USD		35		37,056
Darling Global Finance BV, 3.63%, 05/15/26 (Call 11/08/21)^(c)	EUR		100		117,272
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)	USD		155		146,766
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)	USD		315		315,787
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)	USD		65		66,950
5.13%, 05/15/29 (Call 02/15/29)	USD		75		84,938
5.38%, 07/15/25 (Call 04/15/25)	USD		55		60,944
5.63%, 07/15/27 (Call 04/15/27)^(b)	USD		75		85,528
5.85%, 05/21/43 (Call 05/21/23)^(a)(d)	USD		75		70,600
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 11/02/21)^(a)	USD		205		209,152
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)	USD		100		102,036
3.75%, 10/28/29 (Call 07/28/29)^(b)	USD		100		101,500
3.80%, 04/19/23 (Call 03/19/23)	USD		50		51,778
4.38%, 04/19/28 (Call 01/19/28)^(b)	USD		50		53,250
7.38%, 01/15/26 (Call 12/15/25)	USD		120		140,940
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)^(a)	USD		330		186,450
6.63%, 08/15/27 (Call 08/15/22)^(a)(b)	USD		200		59,507
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 11/29/21)^(b)	USD		50		49,930
9.38%, 07/15/25 (Call 07/15/22)^(a)	USD		70		75,123
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., 5.88%, 08/15/27
(Call 08/15/23)^(a)(b)	USD		290		300,991
DISH DBS Corp.
5.00%, 03/15/23	USD		165		170,796
5.88%, 11/15/24^(b)	USD		225		239,467
7.38%, 07/01/28 (Call 07/01/23)^(b)	USD		105		110,512


S C H E D U L E O F I N V E S T M E N T S		61

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
7.75%, 07/01/26^(b)	USD		225	$	250,300
5.13%, 06/01/29	USD		190		182,780
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)^(b)	USD		65		63,051
4.75%, 02/15/28 (Call 08/15/27)^(b)	USD		65		64,773
9.75%, 06/15/25 (Call 06/15/22)	USD		110		119,838
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)	USD		50		52,882
4.35%, 04/15/29 (Call 01/15/29)	USD		50		54,125
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)^(a)	USD		125		125,839
4.38%, 06/15/31 (Call 06/15/26)^(a)	USD		115		116,671
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(a)	USD		55		54,184
5.50%, 06/01/28 (Call 06/01/23)^(a)(b)	USD		80		83,692
Elanco Animal Health Inc.
5.27%, 08/28/23 (Call 07/28/23)	USD		100		106,925
5.90%, 08/28/28 (Call 05/28/28)	USD		75		87,368
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)^(a)	USD		100		109,838
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)	USD		105		106,965
4.63%, 04/01/31 (Call 04/01/26)	USD		40		40,984
4.75%, 02/01/30 (Call 02/01/25)	USD		80		82,068
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)^(c)	GBP		100		141,256
Endeavor Energy Resources LP/EER Finance Inc.
5.75%, 01/30/28 (Call 01/30/23)^(a)	USD		100		105,000
6.63%, 07/15/25 (Call 07/15/22)^(a)	USD		60		63,272
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)^(a)	USD		91		63,473
9.50%, 07/31/27 (Call 07/31/23)^(a)(b)	USD		122		121,085
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29
(Call 04/01/24)^(a)	USD		175		172,375
Endure Digital Inc., 6.00%, 02/15/29 (Call 02/15/24)^(a)	USD		35		32,363
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)^(a)	USD		80		76,400
4.75%, 06/15/28 (Call 06/15/23)^(a)	USD		75		74,535
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)	USD		65		67,420
4.40%, 04/01/24 (Call 01/01/24)	USD		50		52,188
4.85%, 07/15/26 (Call 04/15/26)	USD		65		67,554
Entercom Media Corp.
6.50%, 05/01/27 (Call 05/01/22)^(a)	USD		50		50,273
6.75%, 03/31/29 (Call 03/31/24)^(a)	USD		25		24,781
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)	USD		50		51,750
4.13%, 12/01/26 (Call 09/01/26)	USD		50		51,444
4.50%, 01/15/29 (Call 07/15/28)^(a)	USD		95		97,731
4.75%, 07/15/23 (Call 06/15/23)	USD		75		78,946
4.75%, 01/15/31 (Call 07/15/30)^(a)	USD		125		129,358
5.50%, 07/15/28 (Call 04/15/28)	USD		100		110,425
6.00%, 07/01/25 (Call 04/01/25)^(a)	USD		85		92,452
6.50%, 07/01/27 (Call 01/01/27)^(a)	USD		100		111,250
EQT Corp.
3.13%, 05/15/26 (Call 05/15/23)^(a)	USD		50		50,403
3.63%, 05/15/31 (Call 05/15/30)^(a)(b)	USD		55		56,199
3.90%, 10/01/27 (Call 07/01/27)	USD		125		133,270
6.63%, 02/01/25 (Call 01/01/25)	USD		125		140,496
7.50%, 02/01/30 (Call 11/01/29)	USD		125		160,071


Security		Par (000)		Value

United States (continued)
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 11/29/21)^(a)	USD		125	$	104,687
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)^(a)	USD		65		63,253
5.88%, 04/01/29 (Call 04/01/24)^(a)	USD		110		106,975
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)^(d)(e)	USD		75		76,712
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)	USD		75		74,299
Series B, 2.25%, 09/01/30 (Call 06/01/30)	USD		50		48,106
Series B, 4.40%, 07/15/27 (Call 04/15/27)	USD		275		298,375
FirstEnergy Transmission LLC, 2.87%, 09/15/28 (Call 07/15/28)^(a)	USD		75		77,367
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 11/29/21)^(a)	USD		80		80,400
7.88%, 07/15/26 (Call 11/29/21)^(a)	USD		65		67,939
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)	CAD		75		59,133
Ford Credit Canada Co.
3.50%, 11/30/23	CAD		100		81,620
3.74%, 05/08/23	CAD		100		82,135
4.46%, 11/13/24	CAD		50		41,881
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)^(b)	USD		300		320,692
8.50%, 04/21/23	USD		445		487,798
9.00%, 04/22/25 (Call 03/22/25)	USD		580		697,450
9.63%, 04/22/30 (Call 01/22/30)^(b)	USD		125		180,250
Ford Motor Credit Co. LLC
1.51%, 02/17/23	EUR		200		233,579
1.74%, 07/19/24	EUR		200		234,861
2.39%, 02/17/26	EUR		100		119,443
2.70%, 08/10/26 (Call 07/10/26)	USD		125		124,687
2.75%, 06/14/24	GBP		100		137,026
3.10%, 05/04/23	USD		50		50,885
3.25%, 09/15/25	EUR		100		123,283
3.35%, 11/01/22	USD		200		203,000
3.37%, 11/17/23	USD		150		153,937
3.38%, 11/13/25 (Call 10/13/25)	USD		200		205,500
3.63%, 06/17/31 (Call 03/17/31)^(b)	USD		150		151,687
3.81%, 01/09/24 (Call 11/09/23)	USD		150		155,250
3.82%, 11/02/27 (Call 08/02/27)	USD		100		103,850
4.00%, 11/13/30 (Call 08/13/30)	USD		125		130,156
4.06%, 11/01/24 (Call 10/01/24)	USD		200		209,490
4.27%, 01/09/27 (Call 11/09/26)	USD		150		159,388
4.38%, 08/06/23	USD		450		468,562
4.39%, 01/08/26	USD		150		160,520
4.54%, 03/06/25	GBP		100		144,342
5.11%, 05/03/29 (Call 02/03/29)	USD		200		222,611
5.13%, 06/16/25 (Call 05/16/25)	USD		365		396,824
5.58%, 03/18/24 (Call 02/18/24)	USD		50		53,875
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)^(a)(b)	USD		110		110,275
6.50%, 10/01/25 (Call 11/29/21)^(a)	USD		85		87,491
9.75%, 08/01/27 (Call 08/01/23)^(a)	USD		40		44,999
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)^(a)	USD		110		104,514
7.63%, 05/01/26 (Call 05/01/23)^(a)(b)	USD		45		44,019
8.13%, 11/15/24 (Call 11/29/21)^(a)	USD		55		55,610
8.25%, 04/15/25 (Call 11/29/21)^(a)	USD		70		70,925
Freeport-McMoRan Inc.
3.88%, 03/15/23 (Call 12/15/22)	USD		215		221,450
4.13%, 03/01/28 (Call 03/01/23)	USD		75		77,625


62		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
4.25%, 03/01/30 (Call 03/01/25)^(b)	USD		50	$	52,688
4.38%, 08/01/28 (Call 08/01/23)	USD		20		20,824
4.55%, 11/14/24 (Call 08/14/24)	USD		80		86,502
4.63%, 08/01/30 (Call 08/01/25)^(b)	USD		115		123,912
5.00%, 09/01/27 (Call 09/01/22)	USD		80		83,540
5.25%, 09/01/29 (Call 09/01/24)	USD		60		65,670
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)^(a)	USD		190		193,524
5.88%, 10/15/27 (Call 10/15/23)^(a)	USD		110		115,523
5.88%, 11/01/29 (Call 11/01/24)	USD		100		99,750
6.00%, 01/15/30 (Call 10/15/24)^(a)(b)	USD		105		105,431
6.75%, 05/01/29 (Call 05/01/24)^(a)	USD		135		139,791
FXI Holdings Inc.
7.88%, 11/01/24 (Call 11/29/21)^(a)	USD		64		65,200
12.25%, 11/15/26 (Call 11/15/22)^(a)	USD		99		110,089
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)^(a)	USD		75		73,631
3.88%, 10/01/31 (Call 10/01/26)^(a)	USD		75		73,500
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(a)	USD		115		115,575
3.75%, 10/01/30 (Call 10/01/25)^(a)	USD		80		81,471
4.50%, 07/01/28 (Call 07/01/23)^(a)	USD		100		104,155
Genesis Energy LP/Genesis Energy Finance Corp.
6.25%, 05/15/26 (Call 11/29/21)	USD		50		48,491
6.50%, 10/01/25 (Call 11/29/21)^(b)	USD		70		68,999
7.75%, 02/01/28 (Call 02/01/23)	USD		80		79,200
8.00%, 01/15/27 (Call 01/15/24)	USD		70		70,329
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)^(a)(b)(d)	USD		100		103,088
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(a)	USD		100		96,750
5.25%, 12/01/27 (Call 06/01/22)^(a)	USD		75		77,828
Golden Nugget Inc.
6.75%, 10/15/24 (Call 11/29/21)^(a)(b)	USD		165		165,619
8.75%, 10/01/25 (Call 11/29/21)^(a)	USD		85		88,501
Goodyear Europe BV Co., 2.75%, 08/15/28 (Call 08/15/24)^(c)	EUR		100		116,457
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)	USD		90		95,715
5.00%, 05/31/26 (Call 11/29/21)	USD		90		92,123
5.00%, 07/15/29 (Call 04/15/29)^(a)	USD		95		100,225
5.25%, 04/30/31 (Call 01/30/31)	USD		50		53,514
5.25%, 07/15/31 (Call 04/15/31)^(a)(b)	USD		70		74,456
5.63%, 04/30/33 (Call 01/30/33)	USD		60		64,457
9.50%, 05/31/25 (Call 05/31/22)	USD		105		114,444
Graphic Packaging International LLC, 3.50%, 03/15/28^(a)	USD		50		50,320
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(a)	USD		70		70,879
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(a)	USD		100		98,672
5.88%, 07/15/26 (Call 11/29/21)^(a)	USD		90		92,888
7.00%, 05/15/27 (Call 05/15/22)^(a)(b)	USD		40		42,866
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)	USD		130		135,850
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/22)^(a)	USD		50		52,604
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)	USD		150		149,327
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)^(c)	EUR		100		121,550
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)	USD		90		94,058
4.88%, 05/15/26 (Call 02/15/26)^(a)	USD		90		96,188


Security		Par (000)		Value

United States (continued)
5.38%, 05/15/25 (Call 05/15/22)^(a)	USD		80	$	83,368
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)^(a)	USD		120		119,625
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)(b)	USD		125		131,250
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)	USD		290		305,491
5.38%, 02/01/25	USD		375		417,187
5.38%, 09/01/26 (Call 03/01/26)^(b)	USD		125		142,236
5.63%, 09/01/28 (Call 03/01/28)	USD		165		194,026
5.88%, 05/01/23	USD		100		107,002
5.88%, 02/15/26 (Call 08/15/25)	USD		165		187,998
5.88%, 02/01/29 (Call 08/01/28)	USD		125		148,919
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)^(a)	USD		55		59,123
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)^(a)	USD		150		156,558
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)^(a)	USD		95		94,786
5.13%, 06/15/28 (Call 06/15/23)^(a)(b)	USD		70		72,709
5.63%, 02/15/26 (Call 11/29/21)^(a)	USD		50		51,738
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 10/01/25 (Call 11/15/21)^(a)	USD		65		66,303
5.75%, 02/01/29 (Call 02/01/24)^(a)	USD		70		71,259
6.00%, 02/01/31 (Call 02/01/26)^(a)(b)	USD		70		71,687
6.25%, 11/01/28 (Call 11/01/23)^(a)	USD		75		76,973
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(a)(b)	USD		180		175,448
3.75%, 05/01/29 (Call 05/01/24)^(a)	USD		100		100,319
4.00%, 05/01/31 (Call 05/01/26)^(a)	USD		125		125,906
4.88%, 01/15/30 (Call 01/15/25)^(b)	USD		105		112,085
5.38%, 05/01/25 (Call 05/01/22)^(a)	USD		10		10,427
5.75%, 05/01/28 (Call 05/01/23)^(a)	USD		65		69,875
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)^(a)	USD		80		79,700
5.00%, 06/01/29 (Call 06/01/24)^(a)	USD		100		101,579
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22)	USD		60		62,100
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)	USD		75		75,482
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(a)	USD		100		99,270
4.63%, 02/01/28 (Call 02/01/23)^(a)	USD		100		104,232
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(a)	USD		65		65,191
4.38%, 02/01/31 (Call 02/01/26)^(a)	USD		65		65,014
5.38%, 08/01/28 (Call 08/01/23)^(a)	USD		90		94,568
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)	USD		75		73,875
5.13%, 10/01/24 (Call 07/01/24)^(b)	USD		105		115,878
6.88%, 05/01/25 (Call 04/01/25)	USD		130		150,797
HUB International Ltd., 7.00%, 05/01/26 (Call 11/09/21)^(a)	USD		175		180,872
Hughes Satellite Systems Corp.
5.25%, 08/01/26	USD		70		78,228
6.63%, 08/01/26^(b)	USD		75		84,956
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)	USD		85		85,332
4.75%, 09/15/24 (Call 06/15/24)	USD		125		129,556
5.25%, 05/15/27 (Call 11/15/26)	USD		117		121,696
6.25%, 05/15/26 (Call 05/15/22)	USD		130		136,245
6.38%, 12/15/25 (Call 11/29/21)	USD		45		45,933


S C H E D U L E O F I N V E S T M E N T S		63

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
6.75%, 02/01/24 (Call 11/29/21)	USD		65	$	65,882
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)	USD		65		65,313
5.25%, 08/15/27 (Call 08/15/22)^(a)	USD		95		97,135
6.38%, 05/01/26 (Call 05/01/22)	USD		100		104,750
8.38%, 05/01/27 (Call 05/01/22)	USD		130		138,450
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)	USD		225		231,176
International Game Technology PLC
2.38%, 04/15/28 (Call 04/15/23)^(c)	EUR		100		113,713
3.50%, 06/15/26 (Call 06/15/22)^(c)	EUR		150		177,431
4.13%, 04/15/26 (Call 04/15/23)^(a)	USD		50		51,564
6.25%, 01/15/27 (Call 07/15/26)^(a)	USD		110		123,911
6.50%, 02/15/25 (Call 08/15/24)^(a)	USD		200		222,190
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)^(c)	EUR		100		115,868
2.25%, 03/15/29 (Call 03/15/24)^(c)	EUR		100		114,312
2.88%, 06/15/28 (Call 06/15/23)^(c)	EUR		100		117,961
5.00%, 05/15/27 (Call 05/15/22)^(a)(b)	USD		200		207,314
IRB Holding Corp.
6.75%, 02/15/26 (Call 11/29/21)^(a)(b)	USD		50		51,203
7.00%, 06/15/25 (Call 06/15/22)^(a)	USD		100		105,864
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(a)(b)	USD		135		136,117
4.88%, 09/15/27 (Call 09/15/22)^(a)(b)	USD		125		128,986
4.88%, 09/15/29 (Call 09/15/24)^(a)	USD		110		113,851
5.00%, 07/15/28 (Call 07/15/23)^(a)	USD		80		82,775
5.25%, 03/15/28 (Call 12/27/22)^(a)	USD		105		109,633
5.25%, 07/15/30 (Call 07/15/25)^(a)	USD		125		130,605
5.63%, 07/15/32 (Call 07/15/26)^(a)	USD		85		90,759
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/08/21)^(c)	GBP		100		137,535
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)	USD		70		71,867
4.75%, 10/01/24 (Call 07/01/24)	USD		75		79,050
5.50%, 02/15/26 (Call 08/15/22)	USD		50		52,101
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)	USD		140		140,350
Jaguar Holding Co. II/PPD Development LP
4.63%, 06/15/25 (Call 06/15/22)^(a)	USD		20		20,810
5.00%, 06/15/28 (Call 06/15/23)^(a)	USD		100		107,500
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)	USD		160		164,409
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)	USD		100		101,481
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 11/29/21)^(a)	USD		50		50,613
4.88%, 12/15/27 (Call 12/15/22)^(a)	USD		50		51,696
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)^(a)(b)	USD		60		58,764
4.63%, 03/01/28 (Call 03/01/23)^(a)	USD		75		75,815
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)	USD		55		56,100
4.75%, 02/01/30 (Call 09/01/24)	USD		75		75,791
5.00%, 03/01/31 (Call 03/01/26)	USD		61		62,373
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)^(a)	USD		200		207,024
Kraft Heinz Foods Co.
2.00%, 06/30/23 (Call 03/30/23)^(c)	EUR		100		118,686
2.25%, 05/25/28 (Call 02/25/28)^(c)	EUR		250		309,849
3.00%, 06/01/26 (Call 03/01/26)	USD		241		251,693
3.75%, 04/01/30 (Call 01/01/30)	USD		75		81,418
3.88%, 05/15/27 (Call 02/15/27)	USD		130		141,042
4.25%, 03/01/31 (Call 12/01/30)	USD		165		185,643


Security		Par (000)		Value

United States (continued)
4.63%, 01/30/29 (Call 10/30/28)	USD		125	$	142,083
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)^(a)(b)	USD		70		70,592
6.75%, 07/15/26 (Call 07/15/22)^(a)	USD		90		93,197
8.25%, 11/01/29 (Call 11/01/24)^(a)	USD		70		68,600
10.50%, 07/15/27 (Call 07/15/22)^(a)	USD		85		89,898
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)^(a)	USD		60		60,335
4.75%, 06/15/29 (Call 06/15/24)^(a)	USD		95		95,713
5.25%, 10/01/25 (Call 11/15/21)^(a)	USD		4		4,046
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)	USD		70		68,533
3.75%, 02/15/28 (Call 02/15/23)	USD		75		75,904
4.00%, 02/15/30 (Call 02/15/25)	USD		60		60,768
4.88%, 01/15/29 (Call 01/15/24)^(b)	USD		40		41,880
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(a)	USD		100		100,095
4.38%, 01/31/32 (Call 01/31/27)^(a)	USD		100		100,148
4.63%, 11/01/24 (Call 11/18/21)^(a)	USD		100		102,358
4.88%, 11/01/26 (Call 11/18/21)^(a)	USD		100		102,581
4.88%, 05/15/28 (Call 11/15/27)^(a)(b)	USD		60		64,312
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)^(a)	USD		50		49,389
9.50%, 01/15/25 (Call 01/15/22)	USD		50		51,492
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)^(a)	USD		75		72,833
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)^(a)	USD		87		89,333
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)^(a)	USD		100		101,270
6.75%, 10/15/27 (Call 10/15/22)^(a)	USD		100		105,501
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)^(a)	USD		65		59,607
6.50%, 11/01/25 (Call 11/01/22)^(a)	USD		50		49,122
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 02/15/22)^(a)	USD		60		59,618
6.75%, 04/15/25 (Call 04/15/22)^(a)	USD		35		36,800
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)^(a)(b)	USD		105		99,352
3.75%, 07/15/29 (Call 01/15/24)^(a)	USD		115		108,675
4.25%, 07/01/28 (Call 07/01/23)^(a)	USD		100		98,879
4.63%, 09/15/27 (Call 09/15/22)^(a)(b)	USD		100		102,500
5.25%, 03/15/26 (Call 11/29/21)	USD		100		103,070
5.38%, 05/01/25 (Call 11/29/21)	USD		95		97,198
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)	EUR		100		117,934
Liberty Mutual Group Inc.
3.63%, 05/23/59 (Call 05/23/24)^(c)(d)	EUR		100		119,445
4.13%, 12/15/51 (Call 12/15/26)^(a)(b)(d)	USD		175		179,635
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)^(a)	USD		93		95,592
8.00%, 04/15/26 (Call 02/01/23)^(a)(b)	USD		70		73,500
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)(b)	USD		70		68,980
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)^(a)	USD		115		117,730
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)^(a)	USD		100		103,625
4.38%, 01/15/31 (Call 10/15/25)^(a)	USD		65		69,323
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)^(a)(b)	USD		35		34,606
4.75%, 10/15/27 (Call 10/15/22)^(a)(b)	USD		100		102,000


64		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
6.50%, 05/15/27 (Call 05/15/23)^(a)(b)	USD		160	$	174,955
Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA, 3.88%, 04/01/24 (Call 01/01/24)^(c)	EUR		100		123,602
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(a)	USD		60		61,290
4.38%, 05/15/31 (Call 05/15/26)^(a)	USD		60		61,399
4.63%, 11/15/27 (Call 11/15/22)^(a)	USD		50		51,587
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)^(a)	USD		130		130,490
4.50%, 01/15/29 (Call 01/15/24)^(a)	USD		110		106,287
5.13%, 12/15/26 (Call 12/15/22)^(a)	USD		105		107,570
5.38%, 06/15/29 (Call 06/15/24)^(a)	USD		115		115,287
5.63%, 04/01/25 (Call 01/01/25)	USD		65		69,880
Series W, 6.75%, 12/01/23^(b)	USD		75		82,349
Series Y, 7.50%, 04/01/24 (Call 01/01/24)	USD		225		247,461
Macy’s Retail Holdings LLC
3.63%, 06/01/24 (Call 03/01/24)	USD		24		24,773
5.88%, 04/01/29 (Call 04/01/24)^(a)	USD		60		63,980
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)^(a)(b)	USD		75		74,595
5.88%, 06/30/29 (Call 06/30/24)^(a)	USD		130		129,025
Marriott Ownership Resorts Inc.
4.50%, 06/15/29 (Call 06/15/24)^(a)	USD		60		60,016
6.13%, 09/15/25 (Call 05/15/22)^(a)	USD		7		7,346
Matador Resources Co., 5.88%, 09/15/26 (Call 11/15/21)^(b)	USD		130		134,213
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)^(a)	USD		60		58,263
4.13%, 08/01/30 (Call 05/01/25)^(a)	USD		90		92,959
4.63%, 06/01/28 (Call 06/01/23)^(a)	USD		10		10,385
5.00%, 12/15/27 (Call 12/15/22)^(a)	USD		75		78,378
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)^(a)	USD		65		66,991
3.75%, 04/01/29 (Call 04/01/24)^(a)	USD		65		67,527
5.88%, 12/15/27 (Call 12/15/22)^(a)(b)	USD		60		64,655
Mauser Packaging Solutions Holding Co.
4.75%, 04/15/24 (Call 11/29/21)^(c)	EUR		100		114,360
5.50%, 04/15/24 (Call 11/29/21)^(a)	USD		160		160,240
7.25%, 04/15/25 (Call 11/29/21)^(a)(b)	USD		160		155,029
Mav Acquisition Corp.
5.75%, 08/01/28 (Call 08/01/24)^(a)	USD		100		98,300
8.00%, 08/01/29 (Call 08/01/24)^(a)	USD		100		97,443
MEDNAX Inc., 6.25%, 01/15/27 (Call 01/15/22)^(a)	USD		125		131,227
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)	USD		85		84,901
Meredith Corp., 6.88%, 02/01/26 (Call 12/01/21)	USD		122		126,624
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(a)	USD		40		41,486
6.00%, 06/01/25 (Call 03/01/25)	USD		50		56,119
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
3.88%, 02/15/29 (Call 11/15/28)^(a)	USD		90		95,199
4.50%, 09/01/26 (Call 06/01/26)	USD		65		70,346
4.63%, 06/15/25 (Call 03/15/25)^(a)	USD		145		155,914
5.63%, 05/01/24 (Call 02/01/24)	USD		130		140,705
5.75%, 02/01/27 (Call 11/01/26)	USD		120		136,860
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)	USD		162		169,497
4.75%, 10/15/28 (Call 07/15/28)	USD		90		93,521
5.50%, 04/15/27 (Call 01/15/27)	USD		111		119,602
5.75%, 06/15/25 (Call 03/15/25)	USD		115		124,771


Security		Par (000)		Value

United States (continued)
6.00%, 03/15/23	USD		155	$	163,753
6.75%, 05/01/25 (Call 05/01/22)	USD		50		52,775
Michaels Companies Inc (The)
5.25%, 05/01/28 (Call 11/01/23)^(a)	USD		90		91,017
7.88%, 05/01/29 (Call 05/01/24)^(a)(b)	USD		140		141,911
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)	USD		155		161,063
Midas OpCo Holdings LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)	USD		125		127,487
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)^(a)	USD		150		155,525
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)	USD		60		61,040
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)^(a)	USD		135		139,371
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)^(a)	USD		65		67,194
4.38%, 06/15/28 (Call 06/15/23)^(a)	USD		80		83,039
5.38%, 11/15/22 (Call 08/15/22)	USD		90		92,700
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 11/29/21)^(a)	USD		65		59,150
10.50%, 05/15/27 (Call 05/15/22)^(a)(b)	USD		65		64,409
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(a)	USD		505		502,475
5.25%, 10/01/29 (Call 10/01/24)^(a)(b)	USD		240		243,600
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)	USD		150		148,955
5.75%, 11/01/28 (Call 11/01/23)^(a)(b)	USD		140		127,596
MPT Operating Partnership LP/MPT Finance Corp.
0.99%, 10/15/26 (Call 09/15/26)	EUR		200		228,923
3.33%, 03/24/25 (Call 12/24/24)	EUR		100		124,592
3.38%, 04/24/30 (Call 01/24/30)	GBP		125		176,086
3.50%, 03/15/31 (Call 03/15/26)	USD		135		135,884
4.63%, 08/01/29 (Call 08/01/24)	USD		90		95,288
5.00%, 10/15/27 (Call 10/15/22)	USD		150		157,936
5.25%, 08/01/26 (Call 11/29/21)	USD		65		67,024
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)^(a)	USD		70		70,350
3.63%, 09/01/30 (Call 03/01/25)^(a)	USD		60		61,377
3.63%, 11/01/31 (Call 11/01/26)^(a)	USD		75		77,250
3.88%, 02/15/31 (Call 06/01/25)^(a)(b)	USD		100		103,288
4.00%, 11/15/29 (Call 11/15/24)^(a)	USD		125		130,704
Murphy Oil Corp.
5.75%, 08/15/25 (Call 11/29/21)^(b)	USD		50		51,242
5.88%, 12/01/27 (Call 12/01/22)	USD		55		57,253
6.38%, 07/15/28 (Call 07/15/24)	USD		50		52,880
6.88%, 08/15/24 (Call 11/29/21)^(b)	USD		36		36,723
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)	USD		60		59,038
4.75%, 09/15/29 (Call 09/15/24)	USD		50		52,675
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)	USD		75		71,250
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)^(a)	USD		50		48,463
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)	USD		80		80,536
5.50%, 08/15/28 (Call 08/15/23)^(a)	USD		75		76,925
6.00%, 01/15/27 (Call 01/15/23)^(a)	USD		60		62,855
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)	USD		70		70,253
5.00%, 03/15/27 (Call 09/15/26)	USD		65		66,300
5.50%, 01/25/23	USD		100		104,431
5.88%, 10/25/24	USD		65		69,388


S C H E D U L E O F I N V E S T M E N T S		65

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
6.13%, 03/25/24	USD		55	$	58,845
6.75%, 06/25/25^(b)	USD		65		71,253
6.75%, 06/15/26	USD		65		71,771
7.25%, 09/25/23	USD		65		70,781
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 12/15/21)^(a)(b)	USD		50		47,375
5.88%, 03/15/26 (Call 12/15/25)^(a)	USD		155		155,918
10.25%, 02/01/26 (Call 08/01/23)^(a)	USD		85		97,250
12.25%, 05/15/24 (Call 02/15/24)^(a)	USD		65		76,771
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)(b)	USD		65		65,855
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)^(a)	USD		70		71,274
5.13%, 04/15/29 (Call 04/15/24)^(a)	USD		135		138,217
5.25%, 10/01/30 (Call 10/01/25)^(a)(b)	USD		70		72,233
5.75%, 09/01/27 (Call 09/01/22)^(a)	USD		65		68,291
6.13%, 09/01/29 (Call 09/01/24)^(a)	USD		75		80,579
Netflix Inc.
3.63%, 06/15/25^(a)			0		—
4.88%, 06/15/30^(a)(b)			0		—
5.38%, 11/15/29^(a)			0		—
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)^(a)	USD		175		170,187
6.75%, 09/15/25 (Call 09/15/22)^(a)	USD		125		121,915
Newell Brands Inc.
4.35%, 04/01/23 (Call 02/01/23)	USD		100		104,331
4.70%, 04/01/26 (Call 01/01/26)	USD		300		328,714
4.88%, 06/01/25 (Call 05/01/25)^(b)	USD		65		71,197
News Corp., 3.88%, 05/15/29 (Call 05/15/24)^(a)	USD		110		111,658
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)^(a)(b)	USD		125		127,706
5.63%, 07/15/27 (Call 07/15/22)^(a)	USD		200		211,000
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)	USD		65		69,106
4.25%, 07/15/24 (Call 04/15/24)^(a)	USD		45		47,642
4.50%, 09/15/27 (Call 06/15/27)^(a)	USD		65		69,373
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)^(a)	USD		10		10,150
6.88%, 08/15/28 (Call 08/15/23)^(a)	USD		205		208,071
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)^(a)	USD		215		218,102
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 11/29/21)	USD		65		62,543
7.50%, 04/15/26 (Call 04/15/22)	USD		58		49,634
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 11/29/21)^(a)(b)	USD		65		66,097
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 07/15/29 (Call 07/15/24)^(a)	USD		80		78,220
4.75%, 07/15/31 (Call 07/15/26)^(a)(b)	USD		65		63,430
5.63%, 10/01/28 (Call 10/01/23)^(a)	USD		95		98,834
5.88%, 10/01/30 (Call 10/01/25)^(a)	USD		95		99,565
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)^(a)	USD		160		168,233
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)^(b)	USD		50		50,000
4.38%, 04/01/30 (Call 01/01/30)^(b)	USD		50		50,875
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 11/09/21)^(a)	USD		140		141,878
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)^(a)	USD		80		79,700
3.88%, 08/15/31 (Call 08/15/26)^(a)	USD		75		72,941
4.75%, 01/30/30 (Call 01/30/25)^(a)	USD		170		176,851


Security		Par (000)		Value

United States (continued)
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)	USD		35	$	34,234
3.63%, 02/15/31 (Call 02/15/26)^(a)	USD		120		116,947
3.88%, 02/15/32 (Call 02/15/27)^(a)	USD		125		122,500
5.25%, 06/15/29 (Call 06/15/24)^(a)	USD		90		95,678
5.75%, 01/15/28 (Call 01/15/23)	USD		80		84,874
6.63%, 01/15/27 (Call 11/15/21)^(b)	USD		47		48,763
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)	USD		50		52,550
5.75%, 10/01/25 (Call 07/01/25)	USD		85		90,950
6.00%, 06/01/26 (Call 03/01/26)	USD		115		122,331
6.38%, 10/01/30 (Call 04/01/30)^(b)	USD		55		60,294
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)	USD		25		25,303
2.90%, 08/15/24 (Call 07/15/24)	USD		175		178,272
3.00%, 02/15/27 (Call 11/15/26)	USD		125		124,910
3.20%, 08/15/26 (Call 06/15/26)	USD		125		126,791
3.40%, 04/15/26 (Call 01/15/26)	USD		125		127,410
3.50%, 06/15/25 (Call 03/15/25)	USD		50		51,699
3.50%, 08/15/29 (Call 05/15/29)^(b)	USD		150		152,250
5.50%, 12/01/25 (Call 09/01/25)	USD		95		104,452
5.55%, 03/15/26 (Call 12/15/25)	USD		145		160,044
5.88%, 09/01/25 (Call 06/01/25)	USD		85		94,350
6.13%, 01/01/31 (Call 07/01/30)^(b)	USD		100		119,750
6.38%, 09/01/28 (Call 03/01/28)^(b)	USD		65		75,868
6.63%, 09/01/30 (Call 03/01/30)^(b)	USD		140		171,404
6.95%, 07/01/24	USD		50		56,188
7.50%, 05/01/31	USD		100		130,103
7.88%, 09/15/31	USD		75		99,758
8.00%, 07/15/25 (Call 04/15/25)^(b)	USD		55		65,094
8.50%, 07/15/27 (Call 01/15/27)	USD		65		81,114
8.88%, 07/15/30 (Call 01/15/30)	USD		100		135,562
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)^(c)	EUR		100		118,056
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)	USD		65		68,956
5.13%, 09/15/27 (Call 03/15/22)	USD		40		41,394
5.63%, 08/01/29 (Call 08/01/24)	USD		95		103,722
9.50%, 06/01/25 (Call 03/01/25)^(a)	USD		65		80,115
Olympus Water U.S. Holding Corp.
3.88%, 10/01/28 (Call 10/01/24)^(c)	EUR		100		115,065
4.25%, 10/01/28 (Call 10/01/24)^(a)	USD		200		196,531
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)	USD		90		88,149
3.88%, 09/15/28 (Call 09/15/24)^(b)	USD		125		121,719
4.00%, 09/15/30 (Call 09/15/25)^(b)	USD		90		87,413
5.38%, 11/15/29 (Call 05/15/29)	USD		100		107,039
5.63%, 03/15/23	USD		200		210,344
6.13%, 03/15/24 (Call 09/15/23)	USD		140		148,925
6.63%, 01/15/28 (Call 07/15/27)	USD		50		56,369
6.88%, 03/15/25	USD		105		117,141
7.13%, 03/15/26	USD		175		198,844
8.88%, 06/01/25 (Call 06/01/22)	USD		75		81,049
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)^(a)	USD		250		252,437
5.13%, 04/30/31 (Call 04/30/26)^(a)(b)	USD		225		232,072
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 (Call 04/30/24)^(c)	EUR		150		174,826
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(a)(b)	USD		65		63,700


66		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
4.63%, 03/15/30 (Call 03/15/25)^(a)	USD		65	$	64,981
5.00%, 08/15/27 (Call 08/15/22)^(a)	USD		30		30,600
6.25%, 06/15/25 (Call 06/15/22)^(a)	USD		55		57,773
Ovintiv Exploration Inc.
5.38%, 01/01/26 (Call 10/01/25)	USD		75		83,394
5.63%, 07/01/24	USD		75		82,551
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23^(a)(b)	USD		65		68,250
6.63%, 05/13/27 (Call 05/15/23)^(a)(b)	USD		90		96,028
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)	USD		65		64,025
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)^(a)	USD		211		212,846
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)^(a)	USD		85		86,217
5.88%, 10/01/28 (Call 10/01/23)^(a)	USD		80		83,944
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)	USD		110		79,750
7.25%, 06/15/25 (Call 11/29/21)	USD		75		58,350
9.25%, 05/15/25 (Call 05/15/22)^(a)	USD		125		120,937
PDC Energy Inc.
5.75%, 05/15/26 (Call 11/29/21)^(b)	USD		75		77,156
6.13%, 09/15/24 (Call 11/29/21)	USD		50		50,793
Pearl Merger Sub Inc., 6.75%, 10/01/28 (Call 10/01/24)^(a)	USD		36		35,914
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)	USD		40		37,873
5.38%, 10/15/25 (Call 10/15/22)^(a)	USD		75		77,243
5.75%, 09/15/31 (Call 09/15/26)^(a)	USD		75		73,917
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)^(b)	USD		70		71,925
3.75%, 06/15/29 (Call 06/15/24)	USD		100		99,451
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)^(a)	USD		110		110,066
5.50%, 10/15/27 (Call 10/15/22)^(a)	USD		135		140,853
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)	USD		50		52,759
4.38%, 03/15/26 (Call 12/15/25)	USD		200		213,024
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)^(a)	USD		200		205,500
7.75%, 02/15/29 (Call 02/15/24)^(a)	USD		75		80,960
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)^(b)	USD		150		156,000
5.25%, 07/01/30 (Call 07/01/25)^(b)	USD		120		125,370
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)^(a)(b)	USD		125		131,437
Picasso Finance Sub Inc., 6.13%, 06/15/25
(Call 06/15/22)^(a)	USD		45		47,291
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)^(a)	USD		100		100,447
4.25%, 04/15/31 (Call 04/15/26)^(a)	USD		115		121,316
5.88%, 09/30/27 (Call 09/30/22)^(a)(b)	USD		80		84,300
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(a)	USD		205		201,156
4.63%, 04/15/30 (Call 04/15/25)^(a)(b)	USD		180		180,931
5.50%, 12/15/29 (Call 12/15/24)^(a)	USD		95		101,056
5.63%, 01/15/28 (Call 12/01/22)^(a)	USD		70		73,059
5.75%, 03/01/27 (Call 03/01/22)^(a)	USD		140		145,275


Security		Par (000)		Value

United States (continued)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)^(a)	USD		90	$	91,699
5.88%, 09/01/31 (Call 09/01/26)^(a)(b)	USD		85		86,700
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)^(a)	USD		70		67,725
5.13%, 01/15/28 (Call 01/15/23)^(a)	USD		50		52,292
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(a)	USD		95		90,969
5.25%, 04/15/24^(a)	USD		95		101,015
5.75%, 04/15/26^(a)	USD		135		144,258
6.25%, 01/15/28 (Call 01/15/23)^(a)(b)	USD		135		138,375
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)^(c)	EUR		100		118,065
PTC Inc.
3.63%, 02/15/25 (Call 02/15/22)^(a)	USD		65		66,124
4.00%, 02/15/28 (Call 02/15/23)^(a)	USD		65		65,978
Quicken Loans LLC/Quicken Loans Co-Issuer Inc.
3.63%, 03/01/29 (Call 03/01/24)^(a)(b)	USD		45		44,716
3.88%, 03/01/31 (Call 03/01/26)^(a)	USD		180		178,020
QVC Inc.
4.38%, 03/15/23	USD		170		177,041
4.38%, 09/01/28 (Call 06/01/28)	USD		15		15,338
4.45%, 02/15/25 (Call 11/15/24)	USD		50		53,398
4.75%, 02/15/27 (Call 11/15/26)^(b)	USD		70		73,203
4.85%, 04/01/24	USD		75		80,447
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)	USD		70		66,649
5.38%, 12/01/28 (Call 12/01/23)^(a)	USD		50		48,251
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)^(b)	USD		50		53,051
4.88%, 03/15/27 (Call 09/15/26)	USD		50		54,563
6.63%, 03/15/25 (Call 09/15/24)	USD		45		50,223
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)^(a)	USD		90		91,444
6.50%, 09/15/28 (Call 09/15/23)^(a)	USD		105		105,000
Radiology Partners Inc., 9.25%, 02/01/28
(Call 02/01/23)^(a)(b)	USD		75		79,403
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)	USD		95		99,101
5.00%, 03/15/23 (Call 12/15/22)	USD		40		41,021
8.25%, 01/15/29 (Call 01/15/24)^(a)	USD		80		89,991
9.25%, 02/01/26 (Call 02/01/22)	USD		85		92,076
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)	USD		50		51,500
5.75%, 01/15/29 (Call 01/15/24)^(a)	USD		80		82,744
7.63%, 06/15/25 (Call 06/15/22)^(a)	USD		165		176,294
9.38%, 04/01/27 (Call 04/01/22)^(a)	USD		65		71,134
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)^(a)	USD		155		163,525
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, 10/15/27 (Call 10/15/23)^(a)	USD		100		97,850
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)^(a)(b)	USD		65		64,651
4.75%, 10/15/27 (Call 10/15/22)	USD		80		81,933
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)^(a)	USD		52		52,260
8.00%, 11/15/26 (Call 01/15/23)^(a)	USD		89		89,821
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)^(a)(b)	USD		70		69,801


S C H E D U L E O F I N V E S T M E N T S		67

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)	USD		115	$	114,569
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)^(a)	USD		118		117,189
4.00%, 10/15/33 (Call 10/15/27)^(a)	USD		120		118,415
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)^(a)	USD		50		53,392
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)^(a)	USD		95		95,000
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)^(a)	USD		80		85,203
9.25%, 04/15/25 (Call 03/16/25)^(a)	USD		90		104,009
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)^(a)	USD		165		157,987
3.88%, 02/15/27 (Call 02/15/23)	USD		175		180,474
4.88%, 09/01/24 (Call 11/08/21)	USD		140		141,617
Scientific Games International Inc.
3.38%, 02/15/26 (Call 11/29/21)^(c)	EUR		100		116,599
5.00%, 10/15/25 (Call 11/29/21)^(a)	USD		155		159,658
7.00%, 05/15/28 (Call 05/15/23)^(a)	USD		85		91,838
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)	USD		65		73,455
8.25%, 03/15/26 (Call 03/15/22)^(a)	USD		135		143,269
8.63%, 07/01/25 (Call 07/01/22)^(a)	USD		60		64,853
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(a)(b)	USD		125		122,187
6.63%, 05/01/29 (Call 05/01/24)^(a)(b)	USD		75		70,532
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)^(a)(b)	USD		45		44,633
4.38%, 02/01/32 (Call 08/01/26)^(a)	USD		55		55,176
4.50%, 10/15/29 (Call 10/15/24)	USD		50		52,021
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)^(a)	USD		70		69,843
5.38%, 01/15/31 (Call 01/15/26)^(a)(b)	USD		70		68,687
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)^(a)	USD		50		51,063
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)^(a)	USD		50		48,010
3.38%, 07/15/31 (Call 01/15/26)^(a)	USD		55		52,613
4.09%, 06/01/29 (Call 03/01/29)^(b)	USD		75		77,548
4.88%, 03/01/24 (Call 01/01/24)	USD		75		79,879
4.88%, 06/01/27 (Call 03/01/27)	USD		125		137,862
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)	USD		55		57,621
5.13%, 12/01/24 (Call 09/01/24)^(a)	USD		30		32,319
5.25%, 04/01/23 (Call 01/01/23)^(a)(b)	USD		50		52,275
5.50%, 09/15/25 (Call 06/15/25)^(a)	USD		50		55,203
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)(b)	USD		155		162,222
Sensata Technologies BV, 4.00%, 04/15/29 (Call 04/15/24)^(a)	USD		125		126,957
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)	USD		80		79,006
4.38%, 02/15/30 (Call 11/15/29)^(a)	USD		55		58,135
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)	USD		125		123,125
4.00%, 05/15/31 (Call 05/15/26)	USD		75		76,688
4.63%, 12/15/27 (Call 12/15/22)^(b)	USD		75		79,001
5.13%, 06/01/29 (Call 06/01/24)^(b)	USD		75		80,913
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)^(b)	USD		75		69,907
4.35%, 10/01/24 (Call 09/01/24)	USD		100		101,043
4.38%, 02/15/30 (Call 08/15/29)	USD		35		32,900
4.75%, 10/01/26 (Call 08/01/26)	USD		50		49,513


Security		Par (000)		Value

United States (continued)
4.95%, 02/15/27 (Call 08/15/26)	USD		25	$	24,625
4.95%, 10/01/29 (Call 07/01/29)	USD		75		72,319
5.50%, 12/15/27 (Call 09/15/27)^(b)	USD		65		68,088
7.50%, 09/15/25 (Call 06/15/25)	USD		90		99,468
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 11/29/21)	EUR		200		232,305
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)^(a)	USD		80		76,282
5.13%, 02/15/27 (Call 11/15/21)^(a)(b)	USD		75		72,410
5.50%, 03/01/30 (Call 12/01/24)^(a)	USD		65		62,206
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)^(a)(b)	USD		105		105,262
3.88%, 09/01/31 (Call 09/01/26)^(a)	USD		170		163,412
4.00%, 07/15/28 (Call 07/15/24)^(a)	USD		220		221,584
4.13%, 07/01/30 (Call 07/01/25)^(a)	USD		170		169,242
5.00%, 08/01/27 (Call 08/01/22)^(a)	USD		165		172,425
5.50%, 07/01/29 (Call 07/01/24)^(a)(b)	USD		155		167,012
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 11/29/21)^(a)	USD		125		126,416
5.50%, 04/15/27 (Call 04/15/22)^(a)	USD		65		67,356
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)	USD		35		37,188
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)	USD		50		49,625
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)^(b)	USD		45		47,250
6.63%, 01/15/27 (Call 01/15/22)	USD		50		51,656
10.00%, 01/15/25 (Call 06/17/22)^(a)	USD		105		117,008
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)^(a)	USD		65		65,163
4.88%, 11/15/31 (Call 11/15/26)^(a)(b)	USD		57		57,000
Southwestern Energy Co.
5.38%, 02/01/29 (Call 02/01/24)^(a)	USD		75		79,097
5.38%, 03/15/30 (Call 03/15/25)	USD		140		147,697
6.45%, 01/23/25 (Call 10/23/24)	USD		90		98,213
7.75%, 10/01/27 (Call 10/01/22)^(b)	USD		65		69,744
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)^(a)	USD		55		54,108
4.00%, 10/01/26 (Call 11/29/21)^(c)	EUR		100		117,256
5.75%, 07/15/25 (Call 11/29/21)	USD		66		67,715
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)^(b)	USD		75		74,036
5.50%, 01/15/25 (Call 10/15/22)^(a)	USD		15		15,646
7.50%, 04/15/25 (Call 04/15/22)^(a)	USD		125		131,656
Sprint Communications Inc., 6.00%, 11/15/22	USD		235		246,510
Sprint Corp.
7.13%, 06/15/24	USD		240		271,200
7.63%, 02/15/25 (Call 11/15/24)	USD		165		192,019
7.63%, 03/01/26 (Call 11/01/25)	USD		265		317,669
7.88%, 09/15/23	USD		460		510,473
Square Inc.
2.75%, 06/01/26 (Call 05/01/26)^(a)	USD		125		126,578
3.50%, 06/01/31 (Call 03/01/31)^(a)	USD		105		107,595
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)	USD		110		114,628
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)^(a)	USD		80		81,839
6.13%, 07/01/29 (Call 07/01/24)^(a)(b)	USD		50		51,438
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)^(a)	USD		225		236,812
Standard Industries Inc./NJ
2.25%, 11/21/26 (Call 08/21/26)^(c)	EUR		100		111,789


68		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
3.38%, 01/15/31 (Call 07/15/25)^(a)	USD		110	$	102,025
4.38%, 07/15/30 (Call 07/15/25)^(a)	USD		160		160,163
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)	USD		100		102,962
5.00%, 02/15/27 (Call 02/15/22)^(a)	USD		85		87,231
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)^(a)	USD		225		226,687
10.75%, 04/15/27 (Call 04/15/22)^(a)(b)	USD		100		95,500
Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)^(a)	USD		40		39,992
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)^(a)	USD		35		34,475
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)^(a)	USD		75		76,875
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)	USD		65		68,338
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)	USD		85		86,147
4.50%, 04/30/30 (Call 04/30/25)^(a)	USD		98		98,864
5.88%, 03/15/28 (Call 03/15/23)	USD		50		52,866
6.00%, 04/15/27 (Call 04/15/22)	USD		75		78,600
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)^(a)	USD		75		74,719
4.13%, 06/15/29 (Call 06/15/24)^(a)	USD		55		55,322
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 11/29/21)	USD		70		42,175
6.63%, 01/15/28 (Call 01/15/23)^(a)	USD		60		56,578
7.25%, 05/15/27 (Call 05/15/22)^(a)	USD		70		67,025
7.63%, 06/01/28 (Call 06/01/23)^(a)	USD		15		14,328
10.50%, 01/15/26 (Call 01/15/22)^(a)	USD		75		48,938
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)^(a)(b)	USD		95		95,157
6.00%, 03/01/27 (Call 03/01/23)^(a)	USD		55		57,251
6.00%, 12/31/30 (Call 12/31/25)^(a)	USD		65		65,067
6.00%, 09/01/31 (Call 09/01/26)^(a)	USD		100		98,794
7.50%, 10/01/25 (Call 10/01/22)^(a)	USD		50		54,063
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)^(a)(b)	USD		110		113,511
4.88%, 02/01/31 (Call 02/01/26)	USD		100		107,948
5.00%, 01/15/28 (Call 01/15/23)	USD		90		94,828
5.38%, 02/01/27 (Call 02/01/22)	USD		40		41,350
5.50%, 03/01/30 (Call 03/01/25)^(b)	USD		100		109,904
5.88%, 04/15/26 (Call 11/29/21)^(b)	USD		125		130,613
6.50%, 07/15/27 (Call 07/15/22)	USD		95		101,981
6.88%, 01/15/29 (Call 01/15/24)^(b)	USD		50		56,006
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(a)	USD		50		53,125
5.75%, 01/15/28 (Call 10/15/27)^(a)	USD		55		60,517
5.88%, 06/15/27 (Call 03/15/27)^(a)	USD		65		72,889
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(b)	USD		100		100,962
4.75%, 03/15/26 (Call 03/15/23)^(a)	USD		80		83,204
5.00%, 09/15/29 (Call 09/15/24)	USD		120		121,714
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)^(a)	USD		110		113,025
Tempur Sealy International Inc., 3.88%, 10/15/31 (Call 10/15/26)^(a)	USD		155		153,452
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)^(a)	USD		175		177,368
4.63%, 07/15/24 (Call 11/29/21)	USD		97		98,572
4.63%, 09/01/24 (Call 11/15/21)^(a)	USD		50		50,681
4.63%, 06/15/28 (Call 06/15/23)^(a)	USD		65		67,402


Security		Par (000)		Value

United States (continued)
4.88%, 01/01/26 (Call 03/01/22)^(a)	USD		215	$	220,644
5.13%, 11/01/27 (Call 11/01/22)^(a)	USD		185		193,259
6.13%, 10/01/28 (Call 10/01/23)^(a)	USD		300		315,052
6.25%, 02/01/27 (Call 02/01/22)^(a)(b)	USD		160		166,200
6.75%, 06/15/23	USD		185		198,782
7.50%, 04/01/25 (Call 04/01/22)^(a)	USD		75		79,594
Tenneco Inc.
5.00%, 07/15/26 (Call 11/29/21)^(b)	USD		60		58,290
5.13%, 04/15/29 (Call 04/15/24)^(a)	USD		80		79,340
7.88%, 01/15/29 (Call 01/15/24)^(a)	USD		60		65,408
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)^(a)	USD		65		66,570
4.75%, 01/15/30 (Call 01/15/25)^(a)	USD		85		88,081
5.00%, 01/31/28 (Call 07/31/27)^(a)	USD		75		80,061
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)	USD		105		111,045
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)^(a)	USD		70		71,925
10.50%, 05/15/29 (Call 05/15/24)^(a)	USD		65		70,175
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)^(b)	USD		100		100,625
2.25%, 02/15/26 (Call 02/15/23)^(a)	USD		60		60,375
2.63%, 04/15/26 (Call 04/15/23)	USD		130		132,199
2.63%, 02/15/29 (Call 02/15/24)	USD		120		118,928
2.88%, 02/15/31 (Call 02/15/26)^(b)	USD		100		99,590
3.38%, 04/15/29 (Call 04/15/24)	USD		145		149,125
3.38%, 04/15/29 (Call 04/15/24)^(a)	USD		107		110,044
3.50%, 04/15/31 (Call 04/15/26)	USD		142		147,190
3.50%, 04/15/31 (Call 04/15/26)^(a)	USD		105		108,664
4.75%, 02/01/28 (Call 02/01/23)	USD		165		174,281
5.38%, 04/15/27 (Call 04/15/22)	USD		65		67,868
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)^(b)	USD		50		53,596
4.35%, 02/15/28 (Call 11/15/27)^(b)	USD		50		54,584
4.38%, 04/15/23 (Call 01/15/23)	USD		25		25,897
4.88%, 03/15/27 (Call 12/15/26)	USD		55		61,122
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)	USD		165		163,969
4.88%, 05/01/29 (Call 05/01/24)	USD		110		110,185
5.50%, 11/15/27 (Call 11/15/22)	USD		285		292,125
6.25%, 03/15/26 (Call 03/15/22)^(a)	USD		480		501,600
6.38%, 06/15/26 (Call 11/29/21)	USD		95		98,088
7.50%, 03/15/27 (Call 03/15/22)	USD		75		78,724
8.00%, 12/15/25 (Call 04/08/22)^(a)	USD		105		111,662
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 11/29/21)^(a)	USD		67		65,761
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)^(a)	USD		75		77,224
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 11/29/21)^(a)	USD		117		117,622
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)^(a)	USD		70		69,637
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 11/29/21)^(a)	USD		41		41,583
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 11/29/21)^(a)	USD		46		45,259
Travel + Leisure Co.
3.90%, 03/01/23 (Call 12/01/22)	USD		63		64,827
6.00%, 04/01/27 (Call 01/01/27)	USD		75		81,850
6.63%, 07/31/26 (Call 04/30/26)^(a)	USD		85		94,802
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(b)	USD		50		55,298


S C H E D U L E O F I N V E S T M E N T S		69

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Triumph Group Inc.
6.25%, 09/15/24 (Call 11/29/21)^(a)(b)	USD		50	$	49,986
7.75%, 08/15/25 (Call 11/29/21)^(b)	USD		42		42,683
8.88%, 06/01/24 (Call 02/01/23)^(a)	USD		82		90,405
Tronox Inc.
4.63%, 03/15/29 (Call 03/15/24)^(a)	USD		105		102,868
6.50%, 05/01/25 (Call 05/01/22)^(a)	USD		60		63,000
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)	USD		65		65,450
3.88%, 03/15/31 (Call 03/15/26)	USD		45		45,308
U.S. Foods Inc.
4.75%, 02/15/29 (Call 02/15/24)^(a)	USD		105		106,367
6.25%, 04/15/25 (Call 04/15/22)^(a)	USD		85		89,113
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)^(a)(b)	USD		185		186,022
6.25%, 01/15/28 (Call 09/15/23)^(a)(b)	USD		50		53,686
7.50%, 05/15/25 (Call 05/15/22)^(a)	USD		115		122,526
7.50%, 09/15/27 (Call 09/15/22)^(a)	USD		100		109,416
8.00%, 11/01/26 (Call 11/29/21)^(a)	USD		165		175,832
UGI International LLC, 3.25%, 11/01/25 (Call 11/29/21)^(c)	EUR		100		117,024
Unifrax Escrow Issuer Corp.
5.25%, 09/30/28 (Call 09/30/24)^(a)	USD		85		84,900
7.50%, 09/30/29 (Call 09/30/24)^(a)	USD		65		64,664
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(a)	USD		240		248,243
4.63%, 04/15/29 (Call 10/15/28)^(a)	USD		215		221,857
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)	USD		95		94,725
3.88%, 02/15/31 (Call 08/15/25)	USD		125		125,925
4.00%, 07/15/30 (Call 07/15/25)	USD		70		71,450
4.88%, 01/15/28 (Call 01/15/23)	USD		185		195,277
5.25%, 01/15/30 (Call 01/15/25)^(b)	USD		75		81,188
5.50%, 05/15/27 (Call 05/15/22)	USD		125		130,961
United States Steel Corp.
6.25%, 03/15/26 (Call 10/31/21)^(b)	USD		80		82,541
6.88%, 03/01/29 (Call 03/01/24)^(b)	USD		90		96,300
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/22)^(a)	USD		75		74,733
5.50%, 04/15/29 (Call 04/15/24)^(a)(b)	USD		90		88,110
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)^(a)	USD		75		74,006
7.13%, 12/15/24 (Call 12/15/21)^(a)	USD		100		102,502
7.88%, 02/15/25 (Call 02/15/22)^(a)	USD		235		247,149
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(a)	USD		80		80,400
6.50%, 02/15/29 (Call 02/15/24)^(a)	USD		120		121,579
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)^(a)	USD		130		131,521
5.13%, 02/15/25 (Call 11/09/21)^(a)	USD		135		137,376
6.63%, 06/01/27 (Call 06/01/23)^(a)	USD		165		178,386
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 11/29/21)	USD		65		67,215
6.88%, 09/01/27 (Call 09/01/22)	USD		120		124,574
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(a)	USD		65		63,527
4.25%, 02/15/30 (Call 02/15/25)^(a)	USD		60		60,900
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(a)	USD		85		84,830
10.50%, 11/01/26 (Call 11/29/21)^(a)	USD		70		73,938


Security		Par (000)		Value

United States (continued)
Venture Global Calcasieu Pass LLC
3.88%, 08/15/29 (Call 02/15/29)^(a)	USD		140	$	142,625
4.13%, 08/15/31 (Call 02/15/31)^(a)	USD		140		144,893
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)^(a)	USD		141		147,345
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 11/29/21)^(a)	USD		290		300,512
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 11/29/21)^(a)	USD		140		148,303
ViacomCBS Inc., 6.25%, 02/28/57 (Call 02/28/27)^(d)	USD		80		91,318
ViaSat Inc.
5.63%, 09/15/25 (Call 11/09/21)^(a)	USD		90		91,294
5.63%, 04/15/27 (Call 04/15/22)^(a)(b)	USD		75		77,973
6.50%, 07/15/28 (Call 07/15/23)^(a)	USD		30		31,425
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 02/15/22)^(a)(b)	USD		100		101,945
3.75%, 02/15/27 (Call 02/15/23)^(a)(b)	USD		70		72,006
4.13%, 08/15/30 (Call 02/15/25)^(a)	USD		100		104,958
4.25%, 12/01/26 (Call 12/01/22)^(a)	USD		125		129,635
4.63%, 12/01/29 (Call 12/01/24)^(a)(b)	USD		100		106,625
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)^(a)	USD		80		77,570
7.00%, 02/15/29 (Call 02/15/24)^(a)	USD		75		75,377
13.00%, 05/15/25 (Call 05/15/22)^(a)	USD		90		103,307
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)^(a)	USD		150		148,245
5.00%, 07/31/27 (Call 07/31/22)^(a)	USD		155		158,771
5.50%, 09/01/26 (Call 11/09/21)^(a)	USD		100		102,970
5.63%, 02/15/27 (Call 02/15/22)^(a)	USD		145		149,930
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)	USD		85		84,429
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)^(a)(b)	USD		60		63,375
8.63%, 04/30/30 (Call 10/30/24)^(a)	USD		190		195,462
11.00%, 12/01/24 (Call 12/01/21)^(a)	USD		29		30,233
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)^(a)	USD		80		85,023
7.25%, 06/15/28 (Call 06/15/23)^(a)	USD		205		225,986
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(b)	USD		240		263,700
Western Midstream Operating LP
3.95%, 06/01/25 (Call 03/01/25)	USD		50		52,496
4.35%, 02/01/25 (Call 01/01/25)	USD		100		104,992
4.50%, 03/01/28 (Call 12/01/27)	USD		50		54,212
4.65%, 07/01/26 (Call 04/01/26)	USD		75		81,229
4.75%, 08/15/28 (Call 05/15/28)	USD		50		55,010
5.30%, 02/01/30 (Call 11/01/29)^(b)	USD		125		137,187
William Carter Co. (The)
5.50%, 05/15/25 (Call 05/15/22)^(a)	USD		65		68,039
5.63%, 03/15/27 (Call 03/15/22)^(a)	USD		50		51,750
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)	USD		55		56,856
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)	USD		155		164,142
WMG Acquisition Corp.
2.75%, 07/15/28 (Call 07/15/23)^(c)	EUR		100		119,173
3.00%, 02/15/31 (Call 02/15/26)^(a)	USD		40		38,874
3.88%, 07/15/30 (Call 07/15/25)^(a)	USD		100		103,934
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 11/29/21)^(a)(b)	USD		74		68,635
9.00%, 11/15/26 (Call 11/15/22)^(a)(b)	USD		114		104,880
13.13%, 11/15/27 (Call 11/15/22)^(a)	USD		65		43,037


70		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

(Percentages shown are based on Net Assets)


Security		Par/ Shares (000)		Value

United States (continued)
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)^(a)	USD		70	$	71,146
5.63%, 08/15/29 (Call 08/15/24)^(a)	USD		145		146,269
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)	USD		65		65,621
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)	USD		115		115,920
5.50%, 03/01/25 (Call 12/01/24)^(a)	USD		200		203,500
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)	USD		100		100,427
7.75%, 04/15/25 (Call 04/15/22)^(a)	USD		50		52,671
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)	USD		200		206,584
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(a)	USD		75		78,000
5.50%, 08/15/28 (Call 07/15/28)^(a)	USD		65		65,854
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)^(a)(b)	USD		60		61,557
XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/01/22)^(a)	USD		125		131,681
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)	USD		110		108,625
4.63%, 01/31/32 (Call 10/01/26)	USD		120		125,057
4.75%, 01/15/30 (Call 10/15/29)^(a)	USD		50		53,615
7.75%, 04/01/25 (Call 04/01/22)^(a)	USD		60		63,750
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 11/29/21)^(a)	USD		155		150,389
6.13%, 03/01/28 (Call 03/01/23)^(a)	USD		115		112,234

					123,010,625


Total Corporate Bonds & Notes — 97.9% (Cost: $186,441,785)					189,355,626

Short-Term Investments

Money Market Funds — 11.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(i)(j)(k)			20,924		20,934,089


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(i)(j)		1,290	$	1,290,000

				22,224,089


Total Short-Term Investments — 11.5% (Cost: $22,220,391)				22,224,089


Total Investments in Securities — 109.4% (Cost: $208,662,176)				211,579,715

Other Assets, Less Liabilities — (9.4)%				(18,115,414	)


Net Assets — 100.0%			$ 193,464,301

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

^(g)	Non-income producing security.

^(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⁾	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,552,610	$	9,384,519	$	—		$	(2,365	)	$	(675	)	$	20,934,089		20,924	$	45,234	^(a)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,600,000		—		(1,310,000	)		—			—			1,290,000		1,290		323			—

								$	(2,365	)	$	(675	)	$	22,224,089			$	45,557		$	—

^(a)	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 Hierarchy as of Period End


S C H E D U L E O F I N V E S T M E N T S		71

Schedule of Investments (continued)

October 31, 2021

iShares^® US & Intl High Yield Corp Bond ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	189,355,626	$	—	$	189,355,626
Money Market Funds		22,224,089		—		—		22,224,089

	$	22,224,089	$	189,355,626	$	—	$	211,579,715

See notes to financial statements.


72		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities

October 31, 2021


	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)	$	69,674,014		$	511,103,828		$	465,362,094		$	503,676,431
Affiliated^(c)		20,000			47,905,642			36,401,228			1,000,000
Cash		7,473			—			5,992			6,701
Foreign currency, at value^(d)		577,956			—			—			4,010,136
Receivables:
Investments sold		1,736,143			4,525,235			2,960,188			5,208,051
Securities lending income — Affiliated		—			12,151			9,827			—
Capital shares sold		—			2,625,326			303,567			502,578
Dividends		—			19			10			—
Interest		830,519			5,243,454			6,695,877			9,148,929

Total assets		72,846,105			571,415,655			511,738,783			523,552,826


LIABILITIES
Bank overdraft		—			7,903			—			—
Collateral on securities loaned, at value		—			41,902,718			33,415,823			—
Deferred foreign capital gain tax		—			—			—			109,574
Payables:
Investments purchased		1,661,292			10,927,969			2,766,500			5,882,796
Investment advisory fees		24,268			214,121			201,349			133,116

Total liabilities		1,685,560			53,052,711			36,383,672			6,125,486


NET ASSETS	$	71,160,545		$	518,362,944		$	475,355,111		$	517,427,340


NET ASSETS CONSIST OF:
Paid-in capital	$	74,762,312		$	520,917,465		$	553,989,182		$	580,718,033
Accumulated loss		(3,601,767	)		(2,554,521	)		(78,634,071	)		(63,290,693	)

NET ASSETS	$	71,160,545		$	518,362,944		$	475,355,111		$	517,427,340


Shares outstanding		1,300,000			10,100,000			10,900,000			12,400,000

Net asset value	$	54.74		$	51.32		$	43.61		$	41.73

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	$	—		$	39,384,122		$	31,210,875		$	—
^(b)Investments, at cost — Unaffiliated	$	69,898,410		$	512,242,306		$	485,079,098		$	545,121,864
^(c)Investments, at cost — Affiliated	$	20,000		$	47,899,085		$	36,401,227		$	1,000,000
^(d)Foreign currency, at cost	$	571,396		$	—		$	—		$	4,052,615

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		73

Statements of Assets and Liabilities (continued)

October 31, 2021


	iShares US & Intl High Yield Corp Bond ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	189,355,626
Affiliated^(c)		22,224,089
Cash		146,850
Foreign currency, at value^(d)		921,301
Receivables:
Investments sold		2,171,326
Securities lending income — Affiliated		4,628
Dividends		4
Interest		2,444,474

Total assets		217,268,298


LIABILITIES
Collateral on securities loaned, at value		20,929,717
Payables:
Investments purchased		2,699,298
Capital shares redeemed		1,880
Investment advisory fees		67,740
Other liabilities		105,362

Total liabilities		23,803,997


NET ASSETS	$	193,464,301


NET ASSETS CONSIST OF:
Paid-in capital	$	197,965,092
Accumulated loss		(4,500,791	)

NET ASSETS	$	193,464,301


Shares outstanding		3,900,000

Net asset value	$	49.61

Shares authorized		500 million

Par value	$	0.001


^(a) Securities loaned, at value	$	20,078,358
^(b) Investments, at cost — Unaffiliated	$	186,441,785
^(c) Investments, at cost — Affiliated	$	22,220,391
^(d) Foreign currency, at cost	$	915,318

See notes to financial statements.


74		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations

Year Ended October 31, 2021


	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	$	5		$	378		$	543		$	213
Interest — Unaffiliated		1,882,967			14,073,224			23,545,625			26,083,457
Securities lending income — Affiliated — net		—			84,486			109,534			—
Other income — Unaffiliated		13,687			16,812			25,375			—
Foreign taxes withheld		—			(30	)		—			(404,336	)


Total investment income		1,896,659			14,174,870			23,681,077			25,679,334


EXPENSES
Investment advisory fees		255,881			1,836,596			2,011,168			1,532,882
Commitment fees		—			—			—			9,863
Miscellaneous		173			173			173			6,521


Total expenses		256,054			1,836,769			2,011,341			1,549,266
Less:
Investment advisory fees waived		—			—			(32,907	)		—


Total expenses after fees waived		256,054			1,836,769			1,978,434			1,549,266

Net investment income		1,640,605			12,338,101			21,702,643			24,130,068


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		213,364			(333,735	)		(6,335,165	)		(8,746,463	)
Investments — Affiliated		—			(3,343	)		(7,305	)		—
In-kind redemptions — Unaffiliated		—			—			587,751			5,018,146
Foreign currency transactions		33,301			—			—			(96,013	)


Net realized gain (loss)		246,665			(337,078	)		(5,754,719	)		(3,824,330	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		696,939			(3,233,979	)		3,812,380			(20,135,147	)
Investments — Affiliated		—			(1,902	)		1,816			—
Foreign currency translations		(16,095	)		—			—			(96,662	)


Net change in unrealized appreciation (depreciation)		680,844			(3,235,881	)		3,814,196			(20,231,809	)


Net realized and unrealized gain (loss)		927,509			(3,572,959	)		(1,940,523	)		(24,056,139	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,568,114		$	8,765,142		$	19,762,120		$	73,929


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	281,667
^(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	—		$	333,268

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		75

Statements of Operations (continued)

Year Ended October 31, 2021


	iShares US & Intl High Yield Corp Bond ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	48
Dividends — Affiliated		323
Interest — Unaffiliated		8,662,072
Securities lending income — Affiliated — net		45,234
Other income — Unaffiliated		12,873


Total investment income		8,720,550


EXPENSES
Investment advisory fees		764,827
Miscellaneous		173


Total expenses		765,000


Net investment income		7,955,550


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		2,097,520
Investments — Affiliated		(2,365	)
In-kind redemptions — Unaffiliated		646,673
Foreign currency transactions		35,178


Net realized gain		2,777,006

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		4,314,543
Investments — Affiliated		(675	)
Foreign currency translations		(6,548	)


Net change in unrealized appreciation (depreciation)		4,307,320


Net realized and unrealized gain		7,084,326


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,039,876

See notes to financial statements.


76		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


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


		Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income			$1 ,640,605			$1,257,138			$ 12,338,101			$ 7,551,999
Net realized gain (loss)			246,665			(1,331,686	)		(337,078	)		(4,735,907	)
Net change in unrealized appreciation (depreciation)			680,844			1,384,418			(3,235,881	)		(1,354,795	)


Net increase in net assets resulting from operations			2,568,114			1,309,870			8,765,142			1,461,297


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(736,269	)		(495,118	)		(11,947,480	)		(7,540,091	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			22,578,514			5,097,119			306,813,811			54,125,456


NET ASSETS
Total increase in net assets			24,410,359			5,911,871			303,631,473			48,046,662
Beginning of year			46,750,186			40,838,315			214,731,471			166,684,809


End of year			$71,160,545		$	46,750,186			$518,362,944			$214,731,471
	��

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		77

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 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	21,702,643		$	19,523,615		$	24,130,068		$	24,939,525
Net realized loss		(5,754,719	)		(40,926,249	)		(3,824,330	)		(56,186,070	)
Net change in unrealized appreciation (depreciation)		3,814,196			(7,708,895	)		(20,231,809	)		5,560,533


Net increase (decrease) in net assets resulting from operations		19,762,120			(29,111,529	)		73,929			(25,686,012	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(22,290,589	)		(19,949,771	)		—			(24,281,359	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		174,299,553			19,267,173			17,252,960			13,989,851


NET ASSETS
Total increase (decrease) in net assets		171,771,084			(29,794,127	)		17,326,889			(35,977,520	)
Beginning of year		303,584,027			333,378,154			500,100,451			536,077,971


End of year	$	475,355,111		$	303,584,027		$	517,427,340		$	500,100,451

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

See notes to financial statements.


78		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares US & Intl High Yield Corp Bond ETF


	Year Ended 10/31/21			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,955,550		$	7,844,089
Net realized gain (loss)		2,777,006			(7,432,624	)
Net change in unrealized appreciation (depreciation)		4,307,320			(56,278	)


Net increase in net assets resulting from operations		15,039,876			355,187


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,596,496	)		(7,407,517	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		10,169,888			7,603,062


NET ASSETS
Total increase in net assets		16,613,268			550,732
Beginning of year		176,851,033			176,300,301


End of year	$	193,464,301		$	176,851,033

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		79

Financial Highlights

(For a share outstanding throughout each period)


	iShares International High Yield Bond ETF


	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	51.94		$	51.05		$	50.66		$	53.04		$	46.91

Net investment income^(a)		1.44			1.42			1.51			1.54			1.77
Net realized and unrealized gain (loss)^(b)		2.18			0.09			0.82			(3.92	)		4.85


Net increase (decrease) from investment operations		3.62			1.51			2.33			(2.38	)		6.62


Distributions^(c)
From net investment income		(0.82	)		(0.62	)		(1.94	)		—			(0.40	)
Return of capital		—			—			—			—			(0.09	)


Total distributions		(0.82	)		(0.62	)		(1.94	)		—			(0.49	)


Net asset value, end of year	$	54.74		$	51.94		$	51.05		$	50.66		$	53.04


Total Return^(d)
Based on net asset value		6.90	%		3.00	%		4.85	%		(4.49	)%		14.21	%


Ratios to Average Net Assets
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%


Total expenses after fees waived		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%


Net investment income		2.56	%		2.85	%		3.03	%		2.87	%		3.62	%


Supplemental Data
Net assets, end of year (000)	$	71,161		$	46,750		$	40,838		$	65,858		$	90,160


Portfolio turnover rate^(e)		33	%		46	%		34	%		31	%		49	%

^(a)	Based on average shares outstanding.

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

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

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

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

See notes to financial statements.


80		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares J.P. Morgan EM Corporate Bond ETF


	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	51.13		$	51.29		$	47.68		$	51.33		$	50.40

Net investment income^(a)		1.75			2.06			2.25			2.16			2.10
Net realized and unrealized gain (loss)^(b)		0.23			(0.13	)		3.61			(3.70	)		0.90


Net increase (decrease) from investment operations		1.98			1.93			5.86			(1.54	)		3.00


Distributions^(c)
From net investment income		(1.79	)		(2.09	)		(2.25	)		(2.11	)		(2.07	)


Total distributions		(1.79	)		(2.09	)		(2.25	)		(2.11	)		(2.07	)


Net asset value, end of year	$	51.32		$	51.13		$	51.29		$	47.68		$	51.33


Total Return^(d)
Based on net asset value		3.88	%		3.94	%		12.57	%		(3.09	)%		6.14	%


Ratios to Average Net Assets
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%


Net investment income		3.36	%		4.08	%		4.51	%		4.37	%		4.16	%


Supplemental Data
Net assets, end of year (000)	$	518,363		$	214,731		$	166,685		$	71,515		$	87,269


Portfolio turnover rate^(e)		16	%		25	%		21	%		16	%		62	%

^(a)	Based on average shares outstanding.

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

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

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

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

See notes to financial statements.-


F I N A N C I A L H I G H L I G H T S		81

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares J.P. Morgan EM High Yield Bond ETF


	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	43.06		$	46.63		$	45.29		$	50.60		$	49.97

Net investment income^(a)		2.43			2.52			2.66			2.44			2.87
Net realized and unrealized gain (loss)^(b)		0.68			(3.54	)		1.93			(5.40	)		0.77


Net increase (decrease) from investment operations		3.11			(1.02	)		4.59			(2.96	)		3.64


Distributions^(c)
From net investment income		(2.56	)		(2.55	)		(3.25	)		(2.35	)		(3.01	)


Total distributions		(2.56	)		(2.55	)		(3.25	)		(2.35	)		(3.01	)


Net asset value, end of year	$	43.61		$	43.06		$	46.63		$	45.29		$	50.60


Total Return^(d)
Based on net asset value		7.16	%		(2.08	)%		10.51	%		(5.96	)%^(e)		7.60	%


Ratios to Average Net Assets
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%


Total expenses after fees waived		0.49	%		0.48	%		0.50	%		0.50	%		0.50	%


Net investment income		5.40	%		5.75	%		5.75	%		5.11	%		5.73	%


Supplemental Data
Net assets, end of year (000)	$	475,355		$	303,584		$	333,378		$	398,541		$	624,867


Portfolio turnover rate^(f)		23	%		65	%		32	%		19	%		25	%

^(a)	Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.


82		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares J.P. Morgan EM Local Currency Bond ETF


	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	41.68		$	45.43		$	43.24		$	46.85		$	45.14

Net investment income^(a)		2.06			2.29			3.09			2.87			2.29
Net realized and unrealized gain (loss)^(b)		(2.01	)		(4.11	)		0.59			(6.48	)		(0.58	)


Net increase (decrease) from investment operations		0.05			(1.82	)		3.68			(3.61	)		1.71


Distributions^(c)
From net investment income		—			(1.93	)		(1.49	)		—			—


Total distributions		—			(1.93	)		(1.49	)		—			—


Net asset value, end of year	$	41.73		$	41.68		$	45.43		$	43.24		$	46.85


Total Return^(d)
Based on net asset value		0.12	%		(4.20	)%		8.75	%		(7.71	)%		3.79	%


Ratios to Average Net Assets
Total expenses		0.30	%		0.30	%		0.30	%		0.42	%		0.50	%


Total expenses after fees waived		0.30	%		0.30	%		0.30	%		0.41	%		0.50	%


Net investment income		4.72	%		5.46	%		6.95	%		6.19	%		5.04	%


Supplemental Data
Net assets, end of year (000)	$	517,427		$	500,100		$	536,078		$	423,732		$	309,217


Portfolio turnover rate^(e)		29	%		43	%		44	%		51	%		97	%

^(a)	Based on average shares outstanding.

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

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

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

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		83

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares US & Intl High Yield Corp Bond ETF


	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	47.80		$	48.97		$	48.03		$	50.98		$	48.77

Net investment income^(a)		2.09			2.21			2.42			2.46			2.45
Net realized and unrealized gain (loss)^(b)		1.99			(1.27	)		1.17			(2.80	)		2.08


Net increase (decrease) from investment operations		4.08			0.94			3.59			(0.34	)		4.53


Distributions^(c)
From net investment income		(2.27	)		(2.11	)		(2.65	)		(2.61	)		(2.32	)


Total distributions		(2.27	)		(2.11	)		(2.65	)		(2.61	)		(2.32	)


Net asset value, end of year	$	49.61		$	47.80		$	48.97		$	48.03		$	50.98


Total Return^(d)
Based on net asset value		8.56	%		2.04	%		7.74	%		(0.71	)%		9.58	%


Ratios to Average Net Assets
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%


Total expenses after fees waived		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%


Net investment income		4.16	%		4.65	%		5.02	%		4.95	%		4.93	%


Supplemental Data
Net assets, end of year (000)	$	193,464		$	176,851		$	176,300		$	211,353		$	214,103


Portfolio turnover rate^(e)		31	%		33	%		24	%		20	%		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)	Where applicable, assumes the reinvestment of distributions.

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

See notes to financial statements.


84		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

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		Non-diversified
J.P. Morgan EM Local Currency Bond		Non-diversified
US & Intl High Yield Corp Bond		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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. 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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		85

Notes to Financial Statements (continued)

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. Each Fund determines the fair values 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. 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., 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 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).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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.


86		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

4.	SECURITIES AND OTHER INVESTMENTS

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

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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds 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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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:


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	$	1,861,011	$	1,861,011		$	—	$	—
Barclays Capital, Inc.		6,468,546		6,468,546			—		—
BNP Paribas SA		496,469		496,469			—		—
BofA Securities, Inc.		2,565,450		2,565,450			—		—
Citigroup Global Markets, Inc.		3,151,071		3,151,071			—		—
Credit Suisse Securities (USA) LLC		3,902,608		3,902,608			—		—
HSBC Securities (USA), Inc.		1,395,414		1,395,414			—		—
J.P. Morgan Securities LLC		3,519,209		3,519,209			—		—
Jefferies LLC		3,950,374		3,950,374			—		—
Morgan Stanley		4,662,882		4,662,882			—		—
Nomura Securities International, Inc.		1,186,258		1,186,258			—		—
Pershing LLC		4,268		4,268			—		—
Scotia Capital (USA), Inc.		1,029,074		1,029,074			—		—
Wells Fargo Securities LLC		5,191,488		5,191,488			—		—

	$	39,384,122	$	39,384,122		$	—	$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		87

Notes to Financial Statements (continued)


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
J.P. Morgan EM High Yield Bond
Barclays Bank PLC	$	1,861,670	$	1,861,670	$	—	$	—
BNP Paribas SA		4,000,427		4,000,427		—		—
BofA Securities, Inc.		6,777,178		6,777,178		—		—
Citigroup Global Markets, Inc.		856,660		856,660		—		—
Credit Suisse Securities (USA) LLC		5,180,174		5,180,174		—		—
Goldman Sachs & Co. LLC		2,477,423		2,477,423		—		—
Jefferies LLC		4,303,683		4,303,683		—		—
Morgan Stanley		1,995,130		1,995,130		—		—
Nomura Securities International, Inc.		2,383,011		2,383,011		—		—
RBC Capital Markets LLC		107,036		107,036		—		—
UBS AG		1,797		1,797		—		—
Wells Fargo Securities LLC		1,266,686		1,266,686		—		—

	$	31,210,875	$	31,210,875	$	—	$	—


US & Intl High Yield Corp Bond
Barclays Bank PLC	$	1,207,000	$	1,207,000	$	—	$	—
Barclays Capital, Inc.		573,568		573,568		—		—
BMO Capital Markets Corp.		16,848		16,848		—		—
BNP Paribas SA		4,759,797		4,759,797		—		—
BofA Securities, Inc.		269,797		269,797		—		—
Citadel Clearing LLC		65,196		65,196		—		—
Citigroup Global Markets, Inc.		1,031,369		1,031,369		—		—
Credit Suisse Securities (USA) LLC		1,000,658		1,000,658		—		—
Deutsche Bank Securities, Inc.		475		475		—		—
Goldman Sachs & Co. LLC		3,365,475		3,365,475		—		—
J.P. Morgan Securities LLC		3,532,022		3,532,022		—		—
Morgan Stanley		1,263,918		1,263,918		—		—
RBC Capital Markets LLC		1,755,962		1,755,962		—		—
Scotia Capital (USA), Inc.		142,385		142,385		—		—
State Street Bank & Trust Co.		512,759		512,759		—		—
Wells Fargo Securities LLC		581,129		581,129		—		—

	$	20,078,358	$	20,078,358	$	—	$	—

^(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 the 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).

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


88		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares J.P. Morgan EM High Yield Bond ETF, BFA had elected to implement a voluntary fee waiver at an annual rate of 0.03% through March 1, 2021. The voluntary waiver was discontinued after March 1, 2021.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

J.P. Morgan EM High Yield Bond	$	32,907

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 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. 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 Statements of Operations. For the year ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

J.P. Morgan EM Corporate Bond	$	29,360
J.P. Morgan EM High Yield Bond		34,980
US & Intl High Yield Corp Bond		16,807

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, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

J.P. Morgan EM Corporate Bond	$	654,483	$	215,333	$	(1,794)
J.P. Morgan EM High Yield Bond		14,344,010		5,248,431		(526,277)
US & Intl High Yield Corp Bond		113,488		2,585,222		167,401


N O T E S T O F I N A N C I A L S T A T E M E N T S		89

Notes to Financial Statements (continued)

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

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

6.	PURCHASES AND SALES

For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

International High Yield Bond	$	22,509,164	$	20,748,379
J.P. Morgan EM Corporate Bond		65,990,573		55,852,711
J.P. Morgan EM High Yield Bond		90,718,340		89,285,513
J.P. Morgan EM Local Currency Bond		196,769,482		143,914,519
US & Intl High Yield Corp Bond		58,731,122		58,080,516

For the year ended October 31, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

International High Yield Bond	$	21,906,725	$	—
J.P. Morgan EM Corporate Bond		294,902,029		—
J.P. Morgan EM High Yield Bond		185,788,957		17,399,131
J.P. Morgan EM Local Currency Bond		42,019,606		57,513,095
US & Intl High Yield Corp Bond		29,439,830		19,316,213

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, 2021, 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, 2021, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Loss

J.P. Morgan EM High Yield Bond	$	588,532	$	(588,532)
J.P. Morgan EM Local Currency Bond		4,345,570		(4,345,570)
US & Intl High Yield Corp Bond		645,437		(645,437)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 10/31/21		Year Ended 10/31/20

International High Yield Bond
Ordinary income	$	736,269	$	495,118


J.P. Morgan EM Corporate Bond
Ordinary income	$	11,947,480	$	7,540,091


J.P. Morgan EM High Yield Bond
Ordinary income	$	22,290,589	$	19,949,771


J.P. Morgan EM Local Currency Bond
Ordinary income	$	—	$	24,281,359


US & Intl High Yield Corp Bond
Ordinary income	$	8,596,496	$	7,407,517


90		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

As of October 31, 2021, 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	$	1,797,502	$	(5,076,573	)	$	(322,696	)	$	(3,601,767)
J.P. Morgan EM Corporate Bond		1,989,589		(2,807,271	)		(1,736,839	)		(2,554,521)
J.P. Morgan EM High Yield Bond		2,207,630		(60,420,371	)		(20,421,330	)		(78,634,071)
J.P. Morgan EM Local Currency Bond		15,433,840		(30,944,097	)		(47,780,436	)		(63,290,693)
US & Intl High Yield Corp Bond		947,155		(8,141,623	)		2,693,677			(4,500,791)

^(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 and amortization methods for premiums and discounts on fixed income securities.

For the year ended October 31, 2021, the iShares US & Intl High Yield Corp Bond ETF utilized $1,410,210 of its capital loss carryforwards.

As of October 31, 2021, 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	$	70,006,093	$	1,562,115	$	(1,874,194	)	$	(312,079)
J.P. Morgan EM Corporate Bond		560,746,309		6,923,148		(8,659,987	)		(1,736,839)
J.P. Morgan EM High Yield Bond		522,184,652		8,957,190		(29,378,520	)		(20,421,330)
J.P. Morgan EM Local Currency Bond		552,152,326		8,205,037		(55,680,932	)		(47,475,895)
US & Intl High Yield Corp Bond		208,879,768		5,312,829		(2,612,882	)		2,699,947

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 October 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. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares J.P. Morgan EM Local Currency Bond ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% 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 Syndicated Credit Agreement.

During the year ended October 31, 2021, the Fund did not borrow under the Credit Agreement or Syndicated 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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		91

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; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) 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 Statements 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.


92		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will 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”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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 10/31/21						Year Ended 10/31/20

iShares ETF	Shares			Amount			Shares			Amount

International High Yield Bond
Shares sold		400,000		$	22,578,514			100,000		$	5,097,119

J.P. Morgan EM Corporate Bond
Shares sold		5,900,000		$	306,813,811			1,900,000		$	98,149,834
Shares redeemed		—			—			(950,000	)		(44,024,378	)

Net increase		5,900,000		$	306,813,811			950,000		$	54,125,456

J.P. Morgan EM High Yield Bond
Shares sold		4,250,000		$	192,187,348			3,450,000		$	163,260,074
Shares redeemed		(400,000	)		(17,887,795	)		(3,550,000	)		(143,992,901	)

Net increase (decrease)		3,850,000		$	174,299,553			(100,000	)	$	19,267,173

J.P. Morgan EM Local Currency Bond
Shares sold		2,800,000		$	123,271,919			4,400,000		$	185,174,171
Shares redeemed		(2,400,000	)		(106,018,959	)		(4,200,000	)		(171,184,320	)

Net increase		400,000		$	17,252,960			200,000		$	13,989,851

US & Intl High Yield Corp Bond
Shares sold		600,000		$	30,073,163			900,000		$	43,664,313
Shares redeemed		(400,000	)		(19,903,275	)		(800,000	)		(36,061,251	)

Net increase		200,000		$	10,169,888			100,000		$	7,603,062

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 Statements of Assets and Liabilities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		93

Notes to Financial Statements (continued)

11.

SUBSEQUENT EVENTS

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


94		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

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


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		95

Important Tax Information (unaudited)

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2021:



iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

International High Yield Bond	$	1,691,341	$	—
J.P. Morgan EM Corporate Bond		13,910,794		—
J.P. Morgan EM High Yield Bond		23,435,141		—
J.P. Morgan EM Local Currency Bond		26,083,457		783,479

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:



iShares ETF	Interest Dividends

International High Yield Bond	$	1,727,219
J.P. Morgan EM Corporate Bond		12,627,739
J.P. Morgan EM High Yield Bond		21,894,768
J.P. Morgan EM Local Currency Bond		23,279,055
US & Intl High Yield Corp Bond		8,139,636

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:



iShares ETF	Interest-Related Dividends

International High Yield Bond	$	228,864
J.P. Morgan EM Corporate Bond		341,673
J.P. Morgan EM High Yield Bond		377,997
US & Intl High Yield Corp Bond		4,995,504


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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 High Yield Bond ETF, iShares US & Intl High Yield Corp Bond ETF (each, 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 May 7, 2021 and May 14, 2021, 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 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (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 investment advisory fee rate and 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. The Board further noted that BFA pays BlackRock International Limited (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(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, 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 BlackRock International Limited (BIL) 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 the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above


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Board Review and Approval of Investment Advisory Contract (continued)

considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares 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 Agreements 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

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

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

The Board 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 Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

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


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Board Review and Approval of Investment Advisory Contract (continued)

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

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 (BSL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, 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 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL); (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 investment advisory fee rate and 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 BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL) 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(s).

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 BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL) 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 the Sub-Advisor(s), as well as the resources available to them in


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Board Review and Approval of Investment Advisory Contract (continued)

managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.


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Board Review and Approval of Investment Advisory Contract (continued)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		101

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, 2021


	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	$	0.818077	$	—	$	—	$	0.818077		100	%		—	%		—	%		100	%
J.P. Morgan EM Corporate Bond		1.787409		—		—		1.787409		100			—			—			100
J.P. Morgan EM High Yield Bond^(a)		2.552561		—		0.007334		2.559895		100			—			0	^(b)		100
US & Intl High Yield Corp Bond^(a)		2.199854		—		0.065807		2.265661		97			—			3			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%.

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.

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.


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Supplemental Information (unaudited) (continued)

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 31 December 2020 is USD 25.27 thousand. This figure is comprised of fixed remuneration of USD 11.77 thousand and variable remuneration of USD 13.5 thousand. There were a total of 490 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 31 December 2020, to its senior management was USD 4.12 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.33 thousand.


S U P P L E M E N T A L I N F O R M A T I O N		103

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 and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each 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 375 funds as of October 31, 2021. 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., Park Avenue 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)(64)	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) (51)	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 (72)	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; Director of the Senior Center of Jackson Hole (since 2020).	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 (65)	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), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (66)	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).


104		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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 (66)	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 (62)	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 (60)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (57)	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); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	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 (50)	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 (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	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 (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (58)	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).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		105

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 and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the 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.


106		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

JSC		Joint Stock Company


Portfolio Abbreviations - Fixed Income

CAB		Capital Appreciation Bonds

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

RSD		Serbian Dinar

RUB		Russian Ruble

THB		Thai Baht

TRY		Turkish Lira

UYU		Uruguayan Peso

ZAR		South African Rand


Portfolio Abbreviations - Fixed Income (continued)

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust


Counterparty Abbreviations

CGM		Citibank N.A.


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		107

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by 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.

iS-AR-1002-1021

(b) Not Applicable

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, 2021 (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, 2020 and $78,000 for the fiscal year ended October 31, 2021.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2020 and October 31, 2021 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, 2020 and $48,500 for the fiscal year ended October 31, 2021. 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, 2020 and October 31, 2021 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, 2021 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, 2020 and $48,500 for the fiscal year ended October 31, 2021.

(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) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

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

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – 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 05, 2022

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 05, 2022


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

Date: January 05, 2022

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