iShares MSCI Turkey ETF (TUR) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

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

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

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

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2022

Date of reporting period: October 31, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2022

2022 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,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(5.50	)%		(14.61	)%
U.S. small cap equities (Russell 2000® Index)		(0.20	)		(18.54	)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70	)		(23.00	)
Emerging market equities (MSCI Emerging Markets Index)		(19.66	)		(31.03	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24	)		(17.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86	)		(15.68	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43	)		(11.98	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71	)		(11.76	)

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

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Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		15
Disclosure of Expenses		15
Schedules of Investments		16
Financial Statements:
Statements of Assets and Liabilities		66
Statements of Operations		68
Statements of Changes in Net Assets		70
Financial Highlights		73
Notes to Financial Statements		78
Report of Independent Registered Public Accounting Firm		88
Important Tax Information		89
Board Review and Approval of Investment Advisory Contract		90
Supplemental Information		95
Director and Officer Information		97
General Information		100
Glossary of Terms Used in this Report		101

Market Overview

iShares, Inc.

Global Bond Market Overview

Global investment-grade bonds experienced a sizable decline the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -20.79% in U.S. dollar terms for the reporting period.

The poor returns for fixed income reflected the backdrop of sharply rising inflation worldwide. Annualized consumer price inflation in the United States came in above 7.5% in each month of 2022, with a peak of 9.1% in June. Inflation was even more pronounced overseas, particularly in Europe. Inflation rose more than 10% year-over-year in September across the region as a whole, with many Eastern European nations posting increases north of 20%. The trend of rising inflation, which had already begun in 2021, was exacerbated by Russia’s invasion of Ukraine in February 2022. The conflict, together with the sanctions that followed, further snarled global supply chains and contributed to a spike in food and energy prices across the globe.

Developed-market central banks responded by tightening monetary policy in dramatic fashion. In the United States, for example, the U.S. Federal Reserve wound down its stimulative quantitative easing program and raised interest rates from a range of 0%-0.25% to 3.0% - 3.25%. Other central banks followed suit, but the Bank of Japan—which continued to provide stimulus to the nation’s economy—was a notable outlier.

These events fueled a spike in bond yields across the globe. In the United States, the yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year issue climbed from 1.55% to 4.05%. The overseas markets experienced a similar trend directionally, with the weakest performance occurring in the United Kingdom and Continental Europe. Japan held up better in relative terms due to the more accommodative policy of its central bank. Emerging-market bonds, which are highly sensitive to global growth trends, were particularly weak in the annual period.

Corporate bonds generally underperformed government debt. In addition to being hurt by rising prevailing yields, the category was pressured by rising yield spreads over government issues – a trend caused by concerns about economic growth as well as the broader “risk-off” environment.

Unfavorable currency translation weighed on the returns of foreign debt for U.S-based investors. The U.S. dollar surged against most major currencies due in part to expectations that the nation’s stronger relative growth would cause the Fed to raise interest rates more aggressively than its global peers. As a result, the value of non-U.S. investments suffered larger losses in U.S. dollar terms than they did in their local markets. The effect was especially pronounced with respect to emerging-market bonds.

One notable outcome of the downturn in bond prices is that negative-yielding debt—which had risen to be a fairly sizable portion of the overall fixed-income market by late 2021—largely disappeared as yields climbed into positive territory in most countries. However, the real (after-inflation) yields on a large swath of the market remained negative at the close of the period.

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Fund Summary as of October 31, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(25.15	)%		(3.77	)%		(0.05	)%		(25.15	)%		(17.46	)%		(0.52	)%
Fund Market		(24.35	)		(3.63	)		0.02			(24.35	)		(16.88	)		0.18
Index		(24.97	)		(3.41	)		0.19			(24.97	)		(15.94	)		1.94

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning     Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses   Paid During   the Period(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses   Paid During   the Period(a)		Annualized Expense Ratio
$	1,000.00	$	877.50	$	1.89	$	1,000.00	$	1,023.20	$	2.04		0.40	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Management Commentary

International high yield bonds fell sharply in the annual period. The shift toward tighter monetary policy by the world’s central banks led to a sharp increase in prevailing yields across the global bond markets. High yield issues faced additional pressure from a widening of spreads over government debt. This trend reflected the combination of the broader “risk-off” market tone and concerns that rising interest rates would lead to a slowdown in global economic growth (and thus a deterioration of credit conditions). Bonds in Europe were further hurt by the negative sentiment associated with Russia’s invasion of Ukraine. In addition to fueling uncertainty, the conflict and resulting sanctions contributed to supply-chain disruptions, slower economic growth, and rising energy prices across the region. The significant decline in the value of non-U.S. currencies relative to the U.S. Dollar was a further headwind for non-U.S. securities.

In this environment, most countries in the Index posed losses in a range from 20% to 26%. Norway and Canada, while losing ground in absolute terms, nonetheless outpaced the Index thanks in part to the tailwind rising oil prices provided for energy-exporting nations. Consistent with the backdrop of heightened investor risk aversion, lower-quality bonds (those rated Caa and below or unrated) lagged the broader market.

F U N D   S U M M A R Y 5

Fund Summary as of October 31, 2022  (continued) iShares^® International High Yield Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of     Total Investments(a)
Baa		4.9%
Ba		45.3
B		29.6
Caa		4.1
Not Rated		16.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of     Total Investments(a)
Italy		14.8%
United States		14.4
France		13.4
United Kingdom		12.3
Germany		11.1
Spain		9.1
Netherlands		4.6
Luxembourg		3.7
Sweden		3.2
Portugal		2.1

* 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.

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Fund Summary as of October 31, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.42	)%		(0.79	)%		1.37	%		(18.42	)%		(3.91	)%		14.61	%
Fund Market		(19.10	)		(0.93	)		1.23			(19.10	)		(4.55	)		12.96
Index		(19.22	)		(0.46	)		1.81			(19.22	)		(2.30	)		19.70

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index Performance through May 31, 2017 reflects the performance of the Morningstar^® Emerging Markets Corporate Bond Index^SM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning     Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	912.20	$	2.41		$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of October 31, 2022  (continued) iShares^® J.P. Morgan EM Corporate Bond ETF

Portfolio Management Commentary

Emerging market corporate bonds suffered losses in the 12-month period, with the adverse effect of falling prices more than offsetting the contribution from the category’s above-average income. However, the asset class finished ahead of emerging market government issues.

As was the case across the rest of the bond market, the Index was hurt by the environment of sharply rising inflation and the aggressive interest rate hikes by the world’s major central banks. In addition, credit spreads widened amid the pronounced deterioration in investor sentiment and concerns about the trajectory of global growth.

Emerging markets were hurt by events specific occurring within the region. First, Russia’s invasion of Ukraine together with the sanctions that followed caused significant losses in Russian bonds contributing to underperformance across Eastern Europe. Second, China was a persistent source of concern. The government’s increased regulation of technology companies and continued lockdowns associated with its zero-COVID policy weighed on the nation’s financial assets, as did instability in the property market.

These factors caused emerging market bond funds to experience record outflows, which exacerbated the effect of falling prices. On the positive side, supply also fell considerably as higher yields dissuaded corporations from issuing new debt.

All countries represented in the Index finished with a negative total return. However, Latin America outperformed in relative terms due in part to its higher sensitivity to the rally in commodities. Similarly, markets in the Middle East generally posted narrower losses than the Index thanks to the strength in crude oil prices.

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	0.4	%
Aa	8.3
A	17.3
Baa	33.9
Ba	12.6
B	7.9
Caa	1.8
C	1.0
Not Rated	16.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	7.5	%
Brazil	5.4
Hong Kong	5.0
United Arab Emirates	5.0
South Korea	4.7
India	4.7
Saudi Arabia	4.6
Mexico	4.5
Qatar	4.2
Singapore	4.1

* 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.

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Fund Summary as of October 31, 2022 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.35	)%		(3.03	)%		0.92	%		(21.35	)%		(14.24	)%		9.55	%
Fund Market		(21.85	)		(3.19	)		0.72			(21.85	)		(14.95	)		7.43
Index		(21.38	)		(2.73	)		1.22			(21.38	)		(12.93	)		12.87

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning     Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	882.80	$	2.37		$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of October 31, 2022  (continued) iShares^® J.P. Morgan EM High Yield Bond ETF

Portfolio Management Commentary

Emerging market high yield bonds suffered losses in the 12-month period, but the category finished ahead of emerging market sovereign bonds. A higher contribution from yield, together with relative strength for corporate bonds (particularly energy-related issues) versus government securities helped fuel the outperformance.

As was the case across the rest of the global fixed-income market, the Index was hurt by the environment of sharply rising inflation and the aggressive interest rate hikes by the world’s major central banks. In addition, credit spreads widened amid a pronounced deterioration in investor sentiment and concerns about the trajectory of global growth.

Emerging markets were hurt by events specific occurring within the region. First, Russia’s invasion of Ukraine together with the sanctions that followed caused significant losses in Russian bonds contributing to underperformance across Eastern Europe. Second, China was a persistent source of concern. The government’s increased regulation of technology companies and continued lockdowns associated with its zero-COVID policy weighed on the nation’s financial assets, as did instability in the property market.

All countries represented in the Index finished with a negative total return. However, Latin America outperformed in relative terms due in part to its higher sensitivity to the rally in commodities. Similarly, markets in the Middle East generally posted narrower losses than the Index thanks to the strength in crude oil prices.

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	0.4	%
A	0.3
Baa	11.6
Ba	34.8
B	32.3
Caa	4.7
Ca	2.8
C	0.7
Not Rated	12.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	15.0	%
Turkey	13.0
Mexico	8.5
Colombia	6.7
South Africa	4.3
Oman	4.1
Dominican Republic	3.4
Argentina	3.1
Hong Kong	3.1
Bahrain	2.9

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

^(a)  Excludes money market funds.

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Fund Summary as of October 31, 2022 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		(20.04	)%		(5.10	)%		(2.93	)%		(20.04	)%		(23.02	)%		(25.70	)%
Fund Market		(19.97	)		(5.02	)		(3.03	)		(19.97	)		(22.71	)		(26.45	)
Index		(19.90	)		(4.66	)		(2.44	)		(19.90	)		(21.22	)		(21.91	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning     Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	912.00	$	1.45		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of October 31, 2022  (continued) iShares^® J.P. Morgan EM Local Currency Bond ETF

Portfolio Management Commentary

Emerging market bonds suffered losses in the 12-month period, with the adverse effect of falling prices more than offsetting the contribution from the category’s above-average income. As was the case across the rest of the bond market, the Index was hurt by the environment of sharply rising inflation and the aggressive interest rate hikes by the world’s major central banks. In addition, credit spreads widened amid the pronounced deterioration in investor sentiment. These trends also led to losses for emerging market currencies relative to the U.S. Dollar, causing local-currency bonds to lag U.S. Dollar-denominated issues.

Russia was a key detractor from Index performance, as the sanctions that followed the country’s invasion of Ukraine caused challenging financial markets and resulted in a meaningful decline in asset prices. Other Eastern European nations, including Poland, Hungary, Romania, Serbia, and the Czech Republic, also lagged the Index. The region had above-average vulnerability to the economic impact of the war in Ukraine, particularly the reduction in energy supplies.

Asian local currency bonds outperformed. The region was less affected by the conflict, and it continued to source energy supplies from Russia. China was a source of relative strength, which was notable given the country’s challenges. Indonesia, while losing ground in absolute terms, outpaced the broader market on optimism about the country’s fiscal picture. Latin American bonds strongly outperformed the larger category. Brazil was the top performer in the region and the Index as a whole, and both Mexico and Uruguay posted positive returns despite the weakness in the global fixed-income markets more broadly.

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	0.4	%
A	5.4
Baa	22.4
Ba	10.0
C	3.1
Not Rated	58.7

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	14.6	%
Brazil	4.8
Chile	4.7
Uruguay	4.6
Peru	4.6
Mexico	4.6
Czech Republic	4.6
Thailand	4.5
Hungary	4.5
Romania	4.5

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

^(a)  Excludes money market funds.

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Fund Summary as of October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF

Investment Objective

The iShares US & Intl HighYield 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			10 Years			1 Year			5 Years			10 Years
Fund NAV		(15.46	)%		0.04	%		2.37	%		(15.46	)%		0.18	%		26.42	%
Fund Market		(15.56	)		(0.03	)		2.32			(15.56	)		(0.15	)		25.75
Index		(15.23	)		0.16			2.51			(15.23	)		0.82			28.11

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning     Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	933.60	$	1.95		$	1,000.00	$	1,023.20	$	2.04		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of October 31, 2022  (continued) iShares^® US & Intl High Yield Corp Bond ETF

Portfolio Management Commentary

Global high yield bonds fell sharply in the annual period. The shift toward tighter monetary policy by the U.S. Federal Reserve and other central banks led to a sharp increase in prevailing yields across the global bond markets. High yield issues faced additional pressure from a widening of spreads over government debt. This trend reflected the combination of the broader “risk-off” market tone and concerns that rising interest rates would lead to a slowdown in global economic growth (and thus a deterioration of credit conditions). Bonds in Europe were further hurt by the negative sentiment associated with Russia’s invasion of Ukraine. In addition to fueling uncertainty, the conflict and resulting sanctions contributed to supply-chain disruptions, slower economic growth, and rising energy prices across the region. The significant decline in the value of non-U.S. currencies relative to the U.S. Dollar was a further headwind for non-U.S. securities.

In this environment, all countries represented in the Index lost ground. The United States, which makes up more than 60% or the Index, outperformed the international markets. The relative strength reflected the country’s more robust economic outlook and larger weighting in the energy sector, which benefited from the rally in the prices of crude oil and other related commodities. The European markets were among the worst performers in the Index, with the United Kingdom, Italy, France and Germany all posting losses in a range of 20% to 25%. Bonds rated B and Ba by Moody’s, which comprise the majority of the Index, outperformed. In contrast, the lowest rated credit tiers (those rated Caa and below or unrated) lagged.

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	0.2	%
A	0.2
Baa	3.0
Ba	44.7
B	38.9
Caa	8.5
Ca	0.1
Not Rated	4.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	66.8	%
United Kingdom	5.2
France	4.8
Italy	4.4
Canada	3.5
Germany	3.2
Spain	2.2
Netherlands	1.6
Israel	1.5
Luxembourg	1.4

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

^(a)  Excludes money market funds.

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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

Schedule of Investments October 31, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Austria — 0.3%
ams-OSRAM AG, 6.00%, 07/31/25(a)	EUR		100	$	86,505
Belgium — 0.3%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a)	EUR		100		84,824
Canada — 1.5%
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(b)	CAD		225		136,932
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)(a)	CAD		50		29,838
Parkland Corp.
3.88%, 06/16/26 (Call 06/16/23)(b)	CAD		100		65,787
4.38%, 03/26/29 (Call 03/26/24)	CAD		75		45,325
Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)(d)(e)	CAD		50		—
Tamarack Valley Energy Ltd., 7.25%, 05/10/27 (Call 05/10/24)(b)	CAD		25		17,153
Videotron Ltd.
3.63%, 06/15/28 (Call 06/15/24)(b)	CAD		150		92,900
4.50%, 01/15/30 (Call 10/15/24)	CAD		150		92,785
					480,720
Finland — 1.8%
Nokia OYJ
2.00%, 03/15/24 (Call 12/15/23)(a)	EUR		100		96,784
2.00%, 03/11/26 (Call 12/11/25)(a)	EUR		150		136,867
2.38%, 05/15/25(a)	EUR		100		94,929
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)(a)	EUR		200		175,308
1.38%, 06/23/28 (Call 03/23/28)(a)	EUR		100		81,393
					585,281
France — 13.0%
Accor SA
2.38%, 11/29/28 (Call 08/29/28)(a)	EUR		100		80,385
3.00%, 02/04/26 (Call 11/04/25)(a)	EUR		100		92,800
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)(a)	EUR		100		90,953
Altice France SA/France
2.13%, 02/15/25 (Call 11/30/22)(a)	EUR		150		130,076
4.00%, 07/15/29 (Call 04/15/24)(a)	EUR		100		75,088
4.25%, 10/15/29 (Call 10/15/24)(a)	EUR		100		75,096
5.88%, 02/01/27(a)	EUR		150		127,926
Atos SE
1.00%, 11/12/29 (Call 08/12/29)(a)	EUR		100		54,887
1.75%, 05/07/25 (Call 02/07/25)(a)	EUR		100		72,837
Banijay Entertainment SASU, 3.50%, 03/01/25(a)	EUR		200		185,405
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(a)	EUR		200		153,633
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(a)	EUR		200		107,756
5.25%, 04/15/27 (Call 04/15/23)(a)	EUR		100		43,334
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)	EUR		100		86,075
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a)	EUR		100		79,508
Elis SA
1.63%, 04/03/28 (Call 01/03/28)(a)	EUR		100		81,844
1.75%, 04/11/24 (Call 01/11/24)(a)	EUR		100		96,402
4.13%, 05/24/27 (Call 02/24/27)(a)	EUR		100		95,079
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(a)	EUR		100		80,665
2.63%, 06/15/25(a)	EUR		100		92,758
2.75%, 02/15/27 (Call 02/15/24)(a)	EUR		125		105,311
3.13%, 06/15/26(a)	EUR		100		91,535
3.75%, 06/15/28 (Call 06/15/23)(a)	EUR		100		83,201

Security		Par (000)		Value
France (continued)
Iliad Holding SASU
5.13%, 10/15/26 (Call 10/15/23)(a)	EUR		150	$	137,342
5.63%, 10/15/28 (Call 10/15/24)(a)	EUR		100		88,501
iliad SA, 1.88%, 04/25/25 (Call 01/25/25)(a)	EUR		300		275,366
Loxam SAS
2.88%, 04/15/26(a)	EUR		100		84,845
4.50%, 02/15/27 (Call 02/15/24)(a)	EUR		175		152,912
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(a)	EUR		100		84,707
Quatrim SASU, 5.88%, 01/15/24(a)	EUR		100		95,613
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(f)	EUR		200		171,493
Renault SA
1.00%, 11/28/25 (Call 08/28/25)(a)	EUR		70		63,336
1.25%, 06/24/25 (Call 03/24/25)(a)	EUR		100		89,642
2.00%, 09/28/26 (Call 06/28/26)(a)	EUR		100		83,475
2.50%, 06/02/27 (Call 03/02/27)(a)	EUR		100		83,402
2.50%, 04/01/28 (Call 01/01/28)(a)	EUR		100		82,647
SPIE SA, 3.13%, 03/22/24 (Call 09/22/23)(a)	EUR		100		97,728
Tereos Finance Groupe I SA, 7.50%, 10/30/25(a)	EUR		100		97,431
Valeo
1.00%, 08/03/28 (Call 05/03/28)(a)	EUR		100		74,849
1.50%, 06/18/25 (Call 03/18/25)(a)	EUR		100		90,834
3.25%, 01/22/24(a)	EUR		100		97,555
					4,134,232
Germany — 10.8%
ADLER Group SA
1.50%, 07/26/24 (Call 04/26/24)(a)	EUR		100		47,109
1.88%, 01/14/26 (Call 10/14/25)(a)	EUR		100		42,510
2.25%, 01/14/29 (Call 10/14/28)(a)	EUR		200		81,901
ADLER Real Estate AG, 1.88%, 04/27/23 (Call 03/27/23)(a)	EUR		100		78,167
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)(a)(f)	EUR		100		88,606
3.75%, 07/01/74 (Call 07/01/24)(a)(f)	EUR		200		189,246
5.38%, 03/25/82 (Call 06/25/30)(a)(f)	EUR		100		85,269
Series N5.5, 4.50%, Series N5.5, 03/25/82 (Call 06/25/27)(a)(f)	EUR		100		89,195
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(a)(f)	EUR		100		85,116
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)	EUR		150		124,756
Commerzbank AG
4.00%, 03/23/26(a)	EUR		100		93,780
4.00%, 03/30/27(a)	EUR		75		69,197
4.00%, 12/05/30 (Call 09/05/25)(a)(f)	EUR		100		90,609
6.50%, 12/06/32 (Call 09/06/27)(a)(f)	EUR		100		93,972
Deutsche Lufthansa AG
2.00%, 07/14/24 (Call 06/14/24)(a)	EUR		100		93,387
2.88%, 02/11/25 (Call 01/11/25)(a)	EUR		200		183,496
3.00%, 05/29/26(a)	EUR		300		259,659
3.50%, 07/14/29 (Call 04/14/29)(a)	EUR		100		78,055
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)(a)	EUR		100		75,516
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 11/30/22)(a)	EUR		100		79,598
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 11/10/22)(a)	EUR		100		92,467
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)(a)	EUR		100		95,465
2.75%, 10/12/25 (Call 07/12/25)(a)	EUR		100		91,456
2.88%, 03/26/27 (Call 12/26/26)(a)	EUR		75		65,121
3.38%, 10/12/28 (Call 07/12/28)(a)	EUR		100		83,386
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25(a)	EUR		150		136,233
thyssenkrupp AG, 2.88%, 02/22/24 (Call 11/22/23)(a)	EUR		200		192,387

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Schedule of Investments  (continued) October 31, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Germany (continued)
TK Elevator Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a) .		EUR	90	$	69,573
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)		EUR	100		83,424
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(a)		EUR	100		85,948
2.50%, 10/23/27 (Call 07/23/27)(a)		EUR	100		79,242
3.00%, 10/23/29 (Call 07/23/29)(a)		EUR	100		76,790
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)(a)		EUR	100		79,891
3.00%, 09/21/25 (Call 06/21/25)(a)		EUR	100		90,550
3.75%, 09/21/28 (Call 06/21/28)(a)		EUR	100		81,089
					3,432,166
Greece — 1.6%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)(a)(f)		EUR	100		77,445
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(a)(f)		EUR	100		80,193
Eurobank SA, 2.25%, 03/14/28 (Call 03/14/27)(a)(f)		EUR	100		77,960
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(a)(f)		EUR	100		85,200
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(f)		EUR	100		94,333
Public Power Corp. SA, 3.88%, 03/30/26 (Call 03/30/23)(a)		EUR	100		89,392
					504,523
Ireland — 1.4%
AIB Group PLC, 2.88%, 05/30/31 (Call 05/30/26)(a)(f)		EUR	100		85,001
Bank of Ireland Group PLC
1.38%, 08/11/31 (Call 05/11/26)(a)(f)		EUR	100		80,362
7.59%, 12/06/32 (Call 09/06/27)(a)(f)		GBP	100		109,957
eircom Finance DAC
1.75%, 11/01/24 (Call 11/30/22)(a)		EUR	100		96,869
3.50%, 05/15/26(a)		EUR	100		87,267
					459,456
Israel — 1.8%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)		EUR	100		90,272
1.63%, 10/15/28(a)		EUR	150		107,971
3.75%, 05/09/27 (Call 02/09/27)		EUR	150		129,292
4.38%, 05/09/30 (Call 02/09/30)		EUR	200		158,930
4.50%, 03/01/25 (Call 12/01/24)		EUR	100		94,795
					581,260
Italy — 14.3%
Atlantia SpA
1.63%, 02/03/25(a)		EUR	100		91,229
1.88%, 07/13/27 (Call 04/13/27)(a)		EUR	175		141,839
1.88%, 02/12/28 (Call 11/12/27)(a)		EUR	100		77,807
Banca Monte dei Paschi di Siena SpA
3.63%, 09/24/24(a)		EUR	200		184,490
10.50%, 07/23/29(a)		EUR	100		81,672
Banca Popolare di Sondrio SCPA
2.38%, 04/03/24(a)		EUR	100		95,621
3.88%, 02/25/32 (Call 11/25/26)(a)(f)		EUR	100		77,275
Banco BPM SpA
0.88%, 07/15/26(a)		EUR	100		84,255
1.75%, 01/28/25(a)		EUR	100		92,091
3.25%, 01/14/31 (Call 01/14/26)(a)(f)		EUR	100		82,923
4.25%, 10/01/29 (Call 10/01/24)(a)(f)		EUR	100		91,272
6.00%, 09/13/26(a)		EUR	150		149,811
BPER Banca
1.88%, 07/07/25(a)		EUR	100		89,654
3.88%, 07/25/32 (Call 01/25/27)(a)(f)		EUR	200		154,426
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a)		EUR	100		80,762

Security	Par (000)			Value
Italy (continued)
Iccrea Banca SpA
2.13%, 01/17/27 (Call 01/17/26)(a)(f)		EUR	100	$	86,450
4.13%, 11/28/29 (Call 11/28/24)(a)(f)		EUR	100		87,501
6.38%, 09/20/27 (Call 09/20/26)(a)(f)		EUR	100		95,848
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)(a)		EUR	100		80,681
Infrastrutture Wireless Italiane SpA
1.75%, 04/19/31 (Call 01/19/31)(a)		EUR	100		73,047
1.88%, 07/08/26 (Call 04/08/26)(a)		EUR	150		131,762
Intesa Sanpaolo SpA
2.93%, 10/14/30(a)		EUR	100		75,491
4.38%, 07/12/29 (Call 07/12/24)(a)(f)		EUR	150		144,048
5.15%, 06/10/30(a)		GBP	100		88,270
5.88%, 03/04/29 (Call 03/04/24)(a)(f)		EUR	150		148,012
Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)(a)		EUR	100		91,879
Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 11/10/22)(a)		EUR	100		91,538
Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26		EUR	50		47,572
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(a)		EUR	100		87,899
2.13%, 04/30/29 (Call 01/30/29)(a)		EUR	150		117,981
Rossini Sarl, 6.75%, 10/30/25(a)		EUR	100		96,781
Saipem Finance International BV, 2.63%, 01/07/25(a)		EUR	100		92,250
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(a)		EUR	100		71,083
2.38%, 10/12/27 (Call 07/12/27)(a)		EUR	100		79,657
2.75%, 04/15/25 (Call 01/15/25)(a)		EUR	100		90,125
2.88%, 01/28/26 (Call 10/28/25)(a)		EUR	300		260,299
3.63%, 01/19/24(a)		EUR	100		95,822
3.63%, 05/25/26(a)		EUR	100		87,885
4.00%, 04/11/24 (Call 01/11/24)(a)		EUR	100		95,982
UniCredit SpA
2.73%, 01/15/32 (Call 01/15/27)(a)(f)		EUR	200		161,018
4.88%, 02/20/29 (Call 02/20/24)(a)(f)		EUR	200		192,593
Webuild SpA
1.75%, 10/26/24(a)		EUR	150		124,838
5.88%, 12/15/25 (Call 06/15/25)(a)		EUR	100		81,567
					4,553,006
Japan — 1.5%
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)(a)		EUR	175		161,441
2.88%, 01/06/27 (Call 10/06/26)(a)		EUR	100		79,661
3.38%, 07/06/29 (Call 04/06/29)(a)		EUR	125		89,951
3.88%, 07/06/32 (Call 04/06/32)(a)		EUR	100		67,220
5.00%, 04/15/28 (Call 01/16/28)(a)		EUR	100		81,777
					480,050
Luxembourg — 3.6%
Altice Financing SA
2.25%, 01/15/25 (Call 11/30/22)(a)		EUR	100		88,161
4.25%, 08/15/29 (Call 08/15/24)(a)		EUR	100		75,096
Altice Finco SA, 4.75%, 01/15/28(a)		EUR	100		68,455
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(a)		EUR	100		60,994
8.00%, 05/15/27(a)		EUR	100		71,454
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)		EUR	100		77,218
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25(a)		EUR	100		70,480
INEOS Finance PLC
2.13%, 11/15/25(a)		EUR	100		87,376
2.88%, 05/01/26(a)		EUR	175		153,462
Matterhorn Telecom SA, 3.13%, 09/15/26(a)		EUR	200		173,461

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

Schedule of Investments  (continued) October 31, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Luxembourg (continued)
Summer BC Holdco B Sarl, 5.75%, 10/31/26(a)		EUR	150	$	128,005
Vivion Investments Sarl, 3.00%, 08/08/24(a)		EUR	100		84,346
					1,138,508
Netherlands — 4.5%
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 11/30/22)(a)		EUR	200		190,585
PPF Telecom Group BV
3.25%, 09/29/27 (Call 06/29/27)(a)		EUR	100		84,951
3.50%, 05/20/24 (Call 02/20/24)(a)		EUR	200		193,173
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(a)		EUR	100		78,040
Sigma Holdco BV, 5.75%, 05/15/26(a)		EUR	100		59,708
SNS Bank NV, 6.25%, 10/26/20(d)		EUR	50		—
Trivium Packaging Finance BV, 3.75%, 08/15/26(a)		EUR	100		88,519
United Group BV
3.63%, 02/15/28 (Call 02/15/23)(a)		EUR	100		70,883
4.88%, 07/01/24 (Call 11/30/22)(a)		EUR	100		94,128
5.25%, 02/01/30 (Call 02/01/25)(a)		EUR	100		69,939
UPC Holding BV, 3.88%, 06/15/29(a)		EUR	100		79,325
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a)		EUR	200		144,341
WP/AP Telecom Holdings III BV, 5.50%, 01/15/30 (Call 01/15/25)(a)		EUR	100		76,372
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a)		EUR	100		82,898
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)		EUR	150		108,840
					1,421,702
Portugal — 2.1%
Banco Comercial Portugues SA
1.75%, 04/07/28 (Call 04/07/27)(a)(f)		EUR	100		71,231
4.00%, 05/17/32 (Call 11/17/26)(a)(f)		EUR	100		63,296
8.50%, 10/25/25		EUR	100		100,113
Caixa Geral de Depositos SA, 1.25%, 11/25/24(a)		EUR	100		92,494
EDP - Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25)(a)(f)		EUR	100		86,311
1.88%, 08/02/81 (Call 05/02/26)(a)(f)		EUR	100		81,434
4.50%, 04/30/79 (Call 01/30/24)(a)(f)		EUR	100		96,150
Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)(a)(f)		EUR	100		67,194
					658,223
Spain — 8.8%
Banco de Credito Social Cooperativo SA
1.75%, 03/09/28 (Call 03/09/27)(a)(f)		EUR	100		73,702
8.00%, 09/22/26 (Call 09/22/25)(a)(f)		EUR	100		97,979
Banco de Sabadell SA
0.88%, 06/16/28 (Call 06/16/27)(a)(f)		EUR	100		77,870
1.13%, 03/27/25(a)		EUR	100		89,460
1.75%, 05/10/24(a)		EUR	100		94,144
2.63%, 03/24/26 (Call 03/24/25)(a)(f)		EUR	100		91,686
5.38%, 09/08/26 (Call 09/08/25)(a)(f)		EUR	100		97,161
5.38%, 12/12/28 (Call 12/12/23)(a)(f)		EUR	100		96,848
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(a)		EUR	200		165,857
1.00%, 09/15/27 (Call 06/15/27)(a)		EUR	100		79,899
1.50%, 06/08/28 (Call 03/08/28)(a)		EUR	100		79,559
2.00%, 09/15/32 (Call 06/15/32)(a)		EUR	200		138,926
2.00%, 02/15/33 (Call 11/15/32)(a)		EUR	100		68,228
2.25%, 04/12/26 (Call 01/12/26)(a)		EUR	100		89,817
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)		EUR	100		82,089
1.88%, 06/26/29 (Call 03/26/29)		EUR	100		77,440
2.38%, 01/16/24 (Call 10/16/23)(a)		EUR	100		97,313
Cirsa Finance International Sarl
4.50%, 03/15/27 (Call 09/15/23)(a)		EUR	100		81,709

Security	Par (000)			Value
Spain (continued)
6.25%, 12/20/23 (Call 11/10/22)(a)		EUR	85	$	83,618
ContourGlobal Power Holdings SA, 4.13%, 08/01/25(a)		EUR	200		188,145
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a)		EUR	150		112,415
Grifols SA
1.63%, 02/15/25(a)		EUR	150		134,811
3.20%, 05/01/25 (Call 11/30/22)(a)		EUR	100		87,643
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(f)		EUR	100		80,307
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a)		EUR	100		79,273
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a)		EUR	200		173,227
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(f)		EUR	100		94,165
Unicaja Banco SA, 2.88%, 11/13/29 (Call 11/13/24)(a)(f)		EUR	100		84,988
					2,798,279
Sweden — 3.1%
Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(a)(f)		EUR	100		56,855
Intrum AB
3.00%, 09/15/27(a)		EUR	100		74,834
3.13%, 07/15/24(a)		EUR	100		93,124
3.50%, 07/15/26(a)		EUR	175		140,474
Verisure Holding AB
3.25%, 02/15/27 (Call 02/15/23)(a)		EUR	150		125,507
9.25%, 10/15/27 (Call 10/15/24)(a)		EUR	100		101,606
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)		EUR	150		113,441
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)(a)		EUR	100		93,186
2.13%, 04/02/24 (Call 01/02/24)(a)		EUR	100		95,700
2.50%, 10/07/27 (Call 07/07/27)(a)		EUR	100		85,090
					979,817
Switzerland — 0.6%
Dufry One BV
2.50%, 10/15/24 (Call 11/30/22)(a)		EUR	100		94,275
3.38%, 04/15/28 (Call 04/15/24)(a)		EUR	100		81,133
					175,408
United Kingdom — 11.9%
BCP V Modular Services Finance II PLC
4.75%, 11/30/28 (Call 11/30/24)(a)		EUR	100		81,292
6.13%, 11/30/28 (Call 11/30/24)(a)		GBP	100		91,424
Bellis Acquisition Co. PLC
3.25%, 02/16/26 (Call 02/24/23)(a)		GBP	100		93,135
4.50%, 02/16/26 (Call 02/24/23)(a)		GBP	100		96,339
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(a)		GBP	100		79,491
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(f)		EUR	100		83,408
eG Global Finance PLC, 4.38%, 02/07/25(a)		EUR	100		84,423
Heathrow Finance PLC, 3.88%, 03/01/27(a)(g)		GBP	100		92,005
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 11/10/22)(a)		GBP	100		90,030
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(a)		EUR	100		82,276
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(a)		EUR	100		77,897
International Consolidated Airlines Group SA
2.75%, 03/25/25 (Call 12/25/24)(a)		EUR	100		87,084
3.75%, 03/25/29 (Call 12/25/28)(a)		EUR	100		72,722
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24(a)		EUR	100		92,361
4.50%, 01/15/26 (Call 10/15/25)(a)		EUR	150		125,652
4.50%, 07/15/28 (Call 07/15/24)(a)		EUR	100		70,554
Jerrold Finco PLC, 5.25%, 01/15/27 (Call 01/15/23)(a)		GBP	100		89,554
Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(a)		GBP	100		86,450
Marks & Spencer PLC, 6.00%, 06/12/25(a)		GBP	100		106,548

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

Schedule of Investments  (continued) October 31, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United Kingdom (continued)
Motion Finco Sarl, 7.00%, 05/15/25 (Call 11/30/22)(a)		EUR	100	$	96,693
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)(a)(f)		EUR	100		89,517
2.13%, 09/05/82 (Call 06/05/27)(a)		EUR	100		78,989
5.63%, 06/18/73 (Call 06/18/25)(a)(f)		GBP	100		104,107
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)(a) .		GBP	175		165,064
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 11/30/22)(a)		EUR	100		89,059
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)(a)		EUR	100		92,447
4.63%, 02/16/26 (Call 11/16/25)(a)		EUR	100		94,042
5.75%, 10/15/27 (Call 07/15/27)(a)		GBP	100		98,310
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(a)		EUR	100		69,566
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 11/30/22)(a)		GBP	200		206,695
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a)		GBP	100		96,343
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(a)		GBP	100		88,865
4.25%, 01/15/30 (Call 10/15/24)(a)		GBP	100		90,846
5.00%, 04/15/27(a)		GBP	100		104,655
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)		EUR	100		80,347
4.00%, 01/31/29 (Call 01/31/24)(a)		GBP	100		93,028
4.50%, 07/15/31 (Call 07/15/26)(a)		GBP	100		88,210
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)(a)(f)		EUR	200		172,273
3.00%, 08/27/80 (Call 05/27/30)(a)(f)		EUR	150		114,355
					3,796,056
United States — 14.0%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)		EUR	111		103,350
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(a)		EUR	100		78,464
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28 (Call 05/15/24)(a)		EUR	100		75,775
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26(a)		EUR	100		80,518
4.75%, 07/15/27(a)		GBP	100		74,235
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)		EUR	100		80,667
Avantor Funding Inc., 2.63%, 11/01/25(a)		EUR	100		91,759
Avis Budget Finance PLC, 4.13%, 11/15/24(a)		EUR	100		94,713
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25(a)		EUR	100		91,900
Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)		EUR	100		94,474
4.38%, 12/15/23		EUR	100		98,997
Belden Inc., 3.88%, 03/15/28(a)		EUR	150		131,123
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 11/30/22)(a)		EUR	100		92,558
Brookfield Property Finance ULC
3.93%, 08/24/25 (Call 07/24/25)		CAD	100		67,763
4.00%, 09/30/26 (Call 08/30/26)		CAD	75		49,200
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)		EUR	100		41,104
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a)		EUR	150		123,895
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26(a)		EUR	100		91,763
Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)(a)		EUR	100		72,908
Coty Inc., 3.88%, 04/15/26 (Call 04/15/23)(a)		EUR	100		89,784
Crown European Holdings SA
2.63%, 09/30/24(a)		EUR	100		95,092
2.88%, 02/01/26 (Call 08/01/25)(a)		EUR	100		90,617
Darling Global Finance BV, 3.63%, 05/15/26(a)		EUR	100		94,005
Encore Capital Group Inc., 5.38%, 02/15/26(a)		GBP	100		99,629

Security	Par (000)				Value
United States (continued)
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(a)		EUR	100		$	71,724
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)		CAD	100			62,152
Ford Credit Canada Co.
3.50%, 11/30/23		CAD	50			35,444
4.46%, 11/13/24		CAD	50			35,002
Ford Motor Credit Co. LLC
1.36%, 02/07/25		EUR	100			90,258
1.74%, 07/19/24		EUR	100			93,413
2.39%, 02/17/26		EUR	125			111,580
2.75%, 06/14/24		GBP	100			105,957
3.02%, 03/06/24		EUR	100			96,377
3.25%, 09/15/25		EUR	100			92,525
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)		EUR	100			92,229
International Game Technology PLC, 3.50%, 06/15/26(a)		EUR	150			139,491
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)(a)		EUR	100			89,977
2.25%, 01/15/28(a)		EUR	150			127,711
2.25%, 03/15/29 (Call 03/15/24)(a)		EUR	100			79,753
Iron Mountain UK PLC, 3.88%, 11/15/25(a)		GBP	100			102,361
Levi Strauss & Co., 3.38%, 03/15/27		EUR	100			89,691
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26 (Call 02/24/26)		GBP	100			88,063
3.33%, 03/24/25 (Call 12/24/24)		EUR	100			86,672
3.38%, 04/24/30 (Call 01/24/30)		GBP	100			71,417
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a)		EUR	100			80,608
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a)		EUR	100			94,526
Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)(a)		EUR	100			73,889
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/28 (Call 04/30/24)(a)		EUR	100			83,067
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 11/30/22)		EUR	100			94,732
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a)		EUR	100			81,048
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a)		EUR	100			72,793
						4,446,753
Total Corporate Bonds & Notes — 96.9% (Cost: $41,306,108)						30,796,769
Common Stocks
Jersey — 0.0%
Sentry Holdings Ltd.Class A			0	(h)		—
Total Common Stocks — 0.0% (Cost: $159,437)						—
Total Long-Term Investments — 96.9% (Cost: $41,465,545)						30,796,769

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

Schedule of Investments  (continued) October 31, 2022 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(i)(j)		10	$	10,000
Total Short-Term Securities — 0.0% (Cost: $10,000)				10,000
Total Investments — 96.9% (Cost: $41,475,545)				30,806,769
Other Assets Less Liabilities — 3.1%				988,986
Net Assets — 100.0%			$	31,795,755

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

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

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

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

^(e) Non-income producing security.

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

^(g) 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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	—	$	(10,000	)(a)	$	—	$	—	$	10,000		10	$	31	$	—

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	30,796,769	$	—	$	30,796,769
Common Stocks		—		—		—		—
Money Market Funds		10,000		—		—		10,000
	$	10,000	$	30,796,769	$	—	$	30,806,769

See notes to financial statements.

20 2 0 2 2   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments   October 31, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 1.1%
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 11/30/22)(a)	$	350	$	220,784
Pampa Energia SA, 7.50%, 01/24/27 (Call 11/30/22)(a)		450		372,459
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 11/30/22)(a)		300		257,685
YPF SA 2.50%, 06/30/29(a)(b)		480		298,800
6.95%, 07/21/27(a)		600		355,500
7.00%, 12/15/47 (Call 06/15/47)(a)		350		180,250
8.50%, 07/28/25(a)		775		558,000
8.75%, 04/04/24(a)		455		392,239
YPF Sociedad Anonima
1.50%, 09/30/33(a)(b)		375		203,625
4.00%, 02/12/26(a)(b)		480		412,800
				3,252,142
Azerbaijan — 0.2%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		700		658,000
Bahrain — 0.3%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)		400		351,950
BBK BSC, 5.50%, 07/09/24(a)		200		192,975
GFH Sukuk Ltd., 7.50%, 01/28/25(a)		400		381,000
				925,925
Brazil — 5.3%
Adecoagro SA, 6.00%, 09/21/27(a)		150		135,094
Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a)		200		182,700
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28(a)		200		175,475
Azul Investments LLP, 7.25%, 06/15/26(a)		200		125,725
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a)		200		158,538
Banco Bradesco SA/Cayman Islands, 4.38%, 03/18/27(a)(c)		200		185,880
Banco BTG Pactual SA/Cayman Islands 2.75%, 01/11/26 (Call 12/11/25)(a)		200		174,725
4.50%, 01/10/25 (Call 12/10/24)(a)(c)		200		190,210
Banco do Brasil SA/Cayman 3.25%, 09/30/26(a)		200		177,663
4.63%, 01/15/25(a)		200		193,595
4.75%, 03/20/24(a)		200		196,287
4.88%, 01/11/29(a)		200		179,100
6.25%, (Call 04/15/24)(a)(d)(e)		200		174,725
9.00%, (Call 06/18/24)(a)(d)(e)		200		199,662
9.25%, 10/29/49(a)		200		200,100
Banco Votorantim SA, 4.38%, 07/29/25(a)		200		188,500
Braskem Netherlands Finance BV 4.50%, 01/10/28 (Call 10/10/27)(a)		200		172,600
4.50%, 01/31/30(a)		400		322,000
5.88%, 01/31/50(a)		200		144,735
8.50%, 01/23/81 (Call 10/24/25)(a)(e)		200		190,000
BRF SA, 5.75%, 09/21/50 (Call 03/21/50)(a)		200		133,500
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a)		200		204,975
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a)		200		170,660
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 11/30/22)(a)		200		196,037
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a)		200		176,850
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a)		200		170,050
CSN Resources SA
4.63%, 06/10/31 (Call 06/10/26)(a)		200		133,065
5.88%, 04/08/32 (Call 04/08/27)(a)		200		144,060
Embraer Netherlands Finance BV 5.05%, 06/15/25		200		187,950

Security	Par (000)		Value
Brazil (continued)
5.40%, 02/01/27(c)	$	250	$	228,016
Fibria Overseas Finance Ltd., 5.50%, 01/17/27		200		191,000
FS Luxembourg Sarl, 10.00%, 12/15/25(a)		200		203,081
Gol Finance SA, 8.00%, 06/30/26 (Call 12/24/22)(a)		200		116,000
GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)(a)		200		205,537
Guara Norte Sarl, 5.20%, 06/15/34(a)		187		146,039
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/30/22)(a)		200		137,913
Itau Unibanco Holding SA/Cayman Island 3.25%, 01/24/25(a)(c)		200		190,287
4.50%, 11/21/29 (Call 11/21/24)(a)(e)		200		184,413
6.13%, (Call 12/12/22)(a)(c)(d)(e)		200		186,925
6.50%, (Call 03/19/23)(a)(c)(d)(e)		200		184,850
JBS USA LUX SA/JBS USA Food Co/JBS USA Finance Inc., 2.50%, 01/15/27		200		170,110
JSM Global Sarl, 4.75%, 10/20/30(a)		200		138,163
Klabin Austria GmbH, 7.00%, 04/03/49 (Call 10/03/48)(a)		200		176,150
Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)(a)		200		161,200
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a)		200		147,000
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a)		400		303,640
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)		200		143,500
Minerva Luxembourg SA, 4.38%, 03/18/31(a)		200		151,500
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(a)		200		146,176
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a)		200		155,100
NBM U.S. Holdings Inc., 6.63%, 08/06/29 (Call 08/06/24)(a)		200		184,975
Nexa Resources SA 5.38%, 05/04/27 (Call 02/04/27)(a)		600		541,680
6.50%, 01/18/28 (Call 10/18/27)(a)		200		183,600
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 11/30/22)(a)(f)		172		94,737
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 11/30/22)(a)(c)(f)		303		64,573
Oi SA, 10.00%, (12.00% PIK), 07/27/25(f)		300		77,119
Petrobras Global Finance BV 5.09%, 01/15/30(c)		150		133,406
5.30%, 01/27/25		50		49,244
5.50%, 06/10/51 (Call 12/10/50)		100		70,763
5.60%, 01/03/31 (Call 10/03/30)(c)		250		226,300
5.75%, 02/01/29		150		139,616
6.00%, 01/27/28		225		215,775
6.25%, 03/17/24		50		50,009
6.75%, 01/27/41		150		130,148
6.75%, 06/03/50 (Call 12/03/49)(c)		75		60,169
6.85%, 06/05/2115		350		272,562
6.88%, 01/20/40(c)		148		130,869
6.90%, 03/19/49		150		123,150
7.25%, 03/17/44(c)		150		134,250
7.38%, 01/17/27(c)		150		152,250
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a)		200		180,975
Raizen Fuels Finance SA, 5.30%, 01/20/27(a)		200		189,850
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a)		200		177,288
Rumo Luxembourg Sarl, 5.25%, 01/10/28 (Call 01/10/24)(a)		200		178,100
Simpar Europe SA, 5.20%, 01/26/31(a)		200		143,500
Suzano Austria GmbH 2.50%, 09/15/28 (Call 07/15/28)		100		78,900
3.13%, 01/15/32 (Call 10/15/31)		300		221,250
3.75%, 01/15/31 (Call 10/15/30)(c)		250		198,906
5.00%, 01/15/30 (Call 10/15/29)(c)		200		176,225
6.00%, 01/15/29 (Call 10/15/28)		200		189,825

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, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
7.00%, 03/16/47 (Call 09/16/46)(a)(c)	$	200	$	182,375
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a)		200		185,475
Vale Overseas Ltd. 3.75%, 07/08/30 (Call 04/08/30)(c)		200		164,500
6.25%, 08/10/26		150		152,250
6.88%, 11/21/36		350		337,479
6.88%, 11/10/39		250		237,381
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a)		200		173,850
				15,054,385
Burkina Faso — 0.1%
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)		400		310,700
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/30/22)(a)(g)		400		1,000
Chile — 4.0%
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24)(a)(e)		400		326,200
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(a)		250		202,391
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a)		598		382,600
Antofagasta PLC 2.38%, 10/14/30 (Call 07/14/30)(a)		200		146,500
5.63%, 05/13/32 (Call 02/13/32)(a)		400		368,000
Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)(a)		400		305,450
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (Call 07/14/31)(a)		200		151,788
3.50%, 10/12/27(a)(c)		400		357,500
Banco Santander Chile 2.70%, 01/10/25 (Call 12/10/24)(a)(c)		300		279,431
3.18%, 10/26/31 (Call 07/28/31)(a)(c)		400		312,200
Celulosa Arauco y Constitucion SA 4.20%, 01/29/30 (Call 10/29/29)(a)(c)		400		335,825
4.25%, 04/30/29 (Call 01/30/29)(a)		200		170,975
4.50%, 08/01/24 (Call 05/01/24)		200		194,662
5.15%, 01/29/50 (Call 07/29/49)(a)		400		292,250
5.50%, 04/30/49 (Call 10/30/48)(a)(c)		200		149,600
Cencosud SA 4.38%, 07/17/27 (Call 04/17/27)(a)(c)		600		537,600
5.15%, 02/12/25 (Call 11/12/24)(a)		200		194,475
Cia. Cervecerias Unidas SA, 3.35%, 01/19/32 (Call 10/19/31)(a)		400		317,325
Colbun SA 3.15%, 03/06/30 (Call 12/06/29)(a)		200		161,000
3.15%, 01/19/32 (Call 10/19/31)(a)		400		303,000
3.95%, 10/11/27 (Call 07/11/27)(a)		400		356,700
Empresa Nacional de Telecomunicaciones SA 3.05%, 09/14/32 (Call 06/14/32)(a)		600		437,250
4.75%, 08/01/26 (Call 05/03/26)(a)		200		186,225
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)(c)		300		276,337
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		600		541,830
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(a)		400		292,000
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(a)		400		284,000
GNL Quintero SA, 4.63%, 07/31/29(a)		494		455,863
Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)(a)		200		61,788
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a)		700		502,819
Inversiones CMPC SA 3.00%, 04/06/31 (Call 01/06/31)(a)		200		150,225
3.85%, 01/13/30 (Call 10/13/29)(a)		200		166,537
4.38%, 04/04/27(a)(c)		400		366,300
4.75%, 09/15/24 (Call 06/15/24)(a)		400		389,825

Security	Par (000)		Value
Chile (continued)
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/30/22)(a)	$	400	$	356,000
Latam Airlines Group SA, 13.38%, 10/15/29		400		391,000
Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)(a)		400		254,450
Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)(a)(c)		250		187,391
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(a)		400		201,575
				11,346,887
China — 7.4%
Agile Group Holdings Ltd., 6.88%, (Call 03/07/23)(a)(d)(e)		200		31,000
Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24(a)		200		187,096
Agricultural Bank of China Ltd./New York, 0.85%, 01/19/24(a)		200		190,618
Alibaba Group Holding Ltd. 2.13%, 02/09/31 (Call 11/09/30)(c)		200		143,046
2.70%, 02/09/41 (Call 08/09/40)		200		104,326
3.25%, 02/09/61 (Call 08/09/60)		200		92,650
3.40%, 12/06/27 (Call 09/06/27)(c)		300		257,038
3.60%, 11/28/24 (Call 08/28/24)		200		189,972
4.00%, 12/06/37 (Call 06/06/37)		200		138,078
4.20%, 12/06/47 (Call 06/06/47)		200		121,038
4.50%, 11/28/34 (Call 05/28/34)		200		154,188
Amipeace Ltd. 1.75%, 11/09/26(a)		200		177,838
2.50%, 12/05/24(a)		200		190,138
Baidu Inc. 2.38%, 08/23/31 (Call 05/23/31)(c)		200		142,584
3.08%, 04/07/25 (Call 03/07/25)		200		186,384
4.13%, 06/30/25		200		190,030
Bank of China Ltd. 3.83%, 04/28/25		200		199,738
5.00%, 11/13/24(a)(c)		400		394,776
Bank of China Ltd./Hong Kong, 3.88%, 06/30/25(a)		200		194,412
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(a)		200		178,484
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(a)(d)(e)		400		369,000
Beijing Gas Singapore Capital Corp., 1.88%, 01/18/25(a)		200		184,974
Bluestar Finance Holdings Ltd., 3.88%, (Call 06/24/23)(a)(d)(e) .		200		194,000
BOCOM International Blossom Ltd., 1.75%, 06/28/26(a)		200		176,164
CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26(a)		200		175,287
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)(a)(d)(e)		200		185,875
CDBL Funding 2, 2.00%, 03/04/26(a)		200		178,282
Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(a)		200		116,038
Chalco Hong Kong Investment Co. Ltd., 2.10%, 07/28/26 (Call 06/28/26)(a)		200		177,054
China Cinda 2020 I Management Ltd., 2.50%, 03/18/25 (Call 02/18/25)(a)		200		179,975
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a)		400		369,950
China Cinda Finance 2017 I Ltd. 4.75%, 02/08/28(a)		200		168,912
4.75%, 02/21/29(a)		200		162,600
China Construction Bank Corp. 2.85%, 01/21/32 (Call 01/21/27)(a)(e)		200		181,428
3.38%, 12/21/24(a)(e)		200		198,548
4.25%, 02/27/29 (Call 02/27/24)(a)(e)		200		196,394
China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25(a)		200		181,242
China Construction Bank Corp./London, 3.13%, 05/17/25(a)		200		191,596
China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24(a)		200		185,232

22 2 0 2 2   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
China Great Wall International Holdings III Ltd., 3.88%, 08/31/27(a)	$	200	$	149,663
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(a)		200		181,220
China Overseas Finance Cayman VI Ltd.
5.95%, 05/08/24(a)		200		198,725
6.45%, 06/11/34(a)		200		187,225
China Railway Xunjie Co. Ltd., 4.00%, 07/06/27(a)		200		191,202
China Resources Land Ltd., 3.75%, (Call 12/09/24)(a)(d)(e)		200		173,287
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 11/30/22)(a)		200		26,788
China State Construction Finance Cayman I Ltd., 3.40%, (Call 06/08/26)(a)(d)(e)		200		179,000
CICC Hong Kong Finance 2016 MTN Ltd., 1.63%, 01/26/24(a)		200		190,814
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)(a)(h)(i)		200		13,500
CITIC Ltd.
2.85%, 02/25/30(a)		200		163,638
3.88%, 02/28/27(a)		200		187,332
CMB International Leasing Management Ltd., 1.88%, 08/12/25(a)		200		178,287
CMHI Finance BVI Co. Ltd., 3.50%, (Call 10/09/23)(a)(d)(e)		200		195,162
CMS International Gemstone Ltd., 1.30%, 09/16/24(a)		200		183,968
CNOOC Finance 2013 Ltd., 3.30%, 09/30/49 (Call 03/30/49)		200		122,022
CNOOC Finance 2014 ULC, 4.25%, 04/30/24		400		393,950
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28(c)		200		192,037
CNOOC Petroleum North America ULC
5.88%, 03/10/35		100		94,947
6.40%, 05/15/37		275		272,638
7.50%, 07/30/39		150		165,351
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)(a)		200		177,384
COSL Singapore Capital Ltd., 4.50%, 07/30/25(a)		200		194,786
Country Garden Holdings Co. Ltd.
3.13%, 10/22/25 (Call 09/22/25)(a)		200		18,000
3.30%, 01/12/31 (Call 10/12/30)(a)		200		14,000
4.20%, 02/06/26 (Call 02/06/24)(a)		200		17,000
5.40%, 05/27/25 (Call 05/27/23)(a)		200		18,000
7.25%, 04/08/26 (Call 04/08/23)(a)		200		17,000
CSCIF Asia Ltd., 1.13%, 06/10/24(a)		200		186,787
Easy Tactic Ltd.
7.50%, (7.50% PIK), 07/11/25 (Call 11/30/22)(f)		150		25,434
7.50%, (7.50% PIK), 07/11/27 (Call 11/30/22)(f)		200		20,000
7.50%, (7.50% PIK), 07/11/28 (Call 11/30/22)(f)		150		12,000
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a)(c)		200		155,913
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(a)		200		153,350
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)(a)		200		74,840
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26)(a)(d)(e)		200		149,788
GLP China Holdings Ltd., 2.95%, 03/29/26(a)		200		112,538
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(a)		200		134,975
4.75%, 04/27/27(a)		200		142,913
Huarong Finance 2019 Co. Ltd. 3.38%, 02/24/30 (Call 11/28/29)(a)		200		121,038
3.75%, 05/29/24(a)		400		350,200
4.50%, 05/29/29(a)		200		132,975
ICBCIL Finance Co. Ltd.
1.63%, 11/02/24(a)		400		369,388
2.70%, 01/27/27(a)		200		178,254

Security	Par (000)		Value
China (continued)
3.75%, 03/05/24(a)	$	200	$	195,162
Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26)(a)(d)(e)		800		714,080
Industrial & Commercial Bank of China Ltd./Hong Kong
1.63%, 10/28/26(a)		200		177,788
2.95%, 06/01/25(a)		200		190,600
Industrial & Commercial Bank of China Ltd./Singapore
1.00%, 10/28/24(a)		200		185,462
1.20%, 09/09/25(a)		200		180,362
5.19%, 04/25/24, (3 mo. LIBOR US + 0.830%)(a)(e)		200		200,440
Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24(a)		200		187,194
JD.com Inc., 3.88%, 04/29/26		200		184,912
Legend Fortune Ltd., 1.38%, 06/02/24(a)		200		187,714
Lenovo Group Ltd.
3.42%, 11/02/30 (Call 08/02/30)(a)		200		138,288
5.83%, 01/27/28		200		178,238
Longfor Group Holdings Ltd., 3.95%, 09/16/29(a)		200		38,038
MCC Holding Hong Kong Corp. Ltd., 2.95%, (Call 04/20/24)(a)(d)(e)		200		189,600
Meituan
2.13%, 10/28/25 (Call 09/28/25)(a)		200		163,880
3.05%, 10/28/30 (Call 07/28/30)(a)		200		117,000
Pioneer Reward Ltd., 1.30%, 04/09/24(a)		200		189,125
Poly Real Estate Finance Ltd., 3.88%, 03/25/24(a)		200		191,537
Prosus NV, 4.85%, 07/06/27 (Call 04/06/27)(a)		400		348,325
SF Holding Investment 2021 Ltd., 3.13%, 11/17/31(a)		200		152,550
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(a)		200		162,284
Shanghai Pudong Development Bank Co. Ltd./Hong Kong, 0.88%, 07/13/24(a)		200		186,952
Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 11/30/22)(a)		200		112,000
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a)		200		20,475
State Elite Global Ltd., 5.09%, 10/24/24, (3 mo. LIBOR US + 0.770%)(a)(e)		200		199,466
Tencent Holdings Ltd.
1.81%, 01/26/26 (Call 12/26/25)(a)		200		175,350
2.39%, 06/03/30 (Call 03/03/30)(a)		200		145,475
2.88%, 04/22/31 (Call 01/22/31)(a)		200		148,516
3.24%, 06/03/50 (Call 12/03/49)(a)		400		207,825
3.28%, 04/11/24 (Call 03/11/24)(a)		200		193,438
3.58%, 04/11/26 (Call 02/11/26)(a)(c)		200		184,475
3.60%, 01/19/28 (Call 10/19/27)(a)(c)		300		255,258
3.84%, 04/22/51 (Call 10/22/50)(a)		200		116,600
3.94%, 04/22/61 (Call 10/22/60)(a)		200		113,130
3.98%, 04/11/29 (Call 01/11/29)(a)		200		168,287
4.53%, 04/11/49 (Call 10/11/48)(a)(c)		200		133,350
Times China Holdings Ltd., 5.55%, 06/04/24 (Call 06/04/23)(a)		200		15,000
Vanke Real Estate Hong Kong Co. Ltd.
4.20%, 06/07/24(a)		200		119,663
5.35%, 03/11/24(a)		200		149,788
Vigorous Champion International Ltd., 2.75%, 06/02/25(a)		200		179,870
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		200		137,538
Westwood Group Holdings Ltd., 2.80%, 01/20/26(a)		200		125,900
Xiaomi Best Time International Ltd., 3.38%, 04/29/30(a)		200		139,225
				21,153,464
Colombia — 4.0%
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a)		400		258,000
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a)		950		708,344

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, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(d)(e)	$	200	$	134,788
Banco de Bogota SA, 6.25%, 05/12/26(a)		600		546,600
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)		600		533,362
4.63%, 12/18/29 (Call 12/18/24)(c)(e)		400		323,075
7.14%, 10/18/27(c)(e)		400		343,700
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(a)		400		299,450
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a)		400		278,575
Ecopetrol SA
4.13%, 01/16/25(c)		783		720,262
4.63%, 11/02/31 (Call 08/02/31)		750		516,562
5.38%, 06/26/26 (Call 03/26/26)		835		757,449
5.88%, 05/28/45		1,200		730,584
5.88%, 11/02/51 (Call 05/02/51)		400		235,400
6.88%, 04/29/30 (Call 01/29/30)(c)		1,400		1,143,100
7.38%, 09/18/43(c)		475		345,355
EnfraGen Energia Sur SA, 5.38%, 12/30/30(a)		400		204,000
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a)		200		161,350
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a)		600		414,113
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(a)		400		364,200
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(a)		600		448,800
6.25%, 03/25/29 (Call 03/25/24)(a)(c)		360		313,875
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(a)		200		162,725
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(a)		200		148,850
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a)		400		262,300
SURA Asset Management SA, 4.88%, 04/17/24(a)(c)		300		289,650
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(a)		340		288,639
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(a)(c)		400		351,200
				11,284,308
Ghana — 0.6%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 11/30/22)(a)		400		333,000
Tullow Oil PLC
7.00%, 03/01/25 (Call 11/30/22)(a)		600		394,500
10.25%, 05/15/26 (Call 05/15/23)(a)		1,178		1,004,245
				1,731,745
Guatemala — 0.5%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a)		800		704,900
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a)		600		477,675
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a)		400		336,200
				1,518,775
Hong Kong — 4.9%
AIA Group Ltd.
2.70%, (Call 04/07/26)(a)(d)(e)		200		158,000
3.20%, 03/11/25 (Call 12/11/24)(a)		200		189,787
3.20%, 09/16/40 (Call 03/16/40)(a)		600		389,737
3.38%, 04/07/30 (Call 01/07/30)(a)		200		169,100
3.60%, 04/09/29 (Call 01/09/29)(a)		200		175,975
3.90%, 04/06/28 (Call 01/06/28)(a)(c)		200		180,537
4.50%, 03/16/46 (Call 09/16/45)(a)		200		158,475
5.63%, 10/25/27		200		196,972
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)(a)(d)(e)		600		594,000

Security	Par (000)		Value
Hong Kong (continued)
Bank of Communications Hong Kong Ltd.
2.30%, 07/08/31 (Call 07/08/26)(a)(e)	$	250	$	218,855
3.73%, (Call 03/03/25)(a)(d)(e)		250		232,187
Bank of East Asia Ltd. (The)
5.83%, (Call 10/21/25)(a)(d)(e)		250		182,500
5.88%, (Call 09/19/24)(a)(d)(e)		250		200,203
Bocom Leasing Management Hong Kong Co. Ltd., 4.32%, 12/10/24, (3 mo. LIBOR US + 1.075%)(a)(e)		200		198,287
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(a)(d)(e)		200		126,475
Castle Peak Power Finance Co. Ltd., 3.25%, 07/25/27(a)		200		183,537
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a)		200		171,663
Celestial Miles Ltd., 5.75%, (a)(d)(e)		200		168,000
China CITIC Bank International Ltd.
4.63%, 02/28/29 (Call 02/28/24)(a)(e)		250		244,578
7.10%, (Call 11/06/23)(a)(d)(e)		200		200,000
CLP Power HK Finance Ltd., 3.55%, (Call 02/06/25)(a)(d)(e)		200		185,725
CNCBINV 1 BVI Ltd., 1.75%, 11/17/24(a)		200		184,100
Elect Global Investments Ltd., 4.10%, (Call 06/03/25)(a)(d)(e)		200		147,538
FWD Group Ltd.
5.75%, 07/09/24(a)		200		182,160
6.38%, (Call 09/13/24)(a)(d)(e)		200		168,163
8.05%, (Call 12/15/22)(a)(d)(e)		200		185,100
Henderson Land MTN Ltd., 2.38%, 05/27/25(a)		200		182,725
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(a)		400		364,450
HKT Capital No. 6 Ltd., 3.00%, 01/18/32 (Call 10/18/31)(a)		200		155,208
Hongkong Electric Finance Ltd.
1.88%, 08/27/30 (Call 02/27/30)(a)		200		151,663
2.88%, 05/03/26(a)		200		184,975
Hongkong Land Finance Cayman Islands Co. Ltd. (The)
2.25%, 07/15/31 (Call 04/15/31)(a)		200		151,300
2.88%, 05/27/30 (Call 02/27/30)(a)		200		165,038
HPHT Finance 19 Ltd., 2.88%, 11/05/24(a)		200		189,350
HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)(a)		200		176,182
Hysan MTN Ltd., 2.82%, 09/04/29(a)		200		168,663
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(a)		200		178,912
Inventive Global Investments Ltd., 1.65%, 09/03/25(a)		200		179,634
JMH Co. Ltd., 2.50%, 04/09/31 (Call 01/09/31)(a)		200		155,296
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(a)		200		141,494
Lai Sun MTN Ltd., 5.00%, 07/28/26(a)		200		121,663
Li & Fung Ltd.
4.38%, 10/04/24 (Call 09/04/24)(a)		200		186,000
5.25%, (a)(d)		200		82,000
Link Finance Cayman 2009 Ltd. (The)
2.75%, 01/19/32(a)		200		158,330
3.60%, 09/03/24(a)		200		194,287
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/30/22)(a)(c)		400		278,950
5.25%, 04/26/26 (Call 11/30/22)(a)		400		256,000
5.38%, 12/04/29 (Call 12/04/24)(a)		800		436,000
5.63%, 07/17/27 (Call 11/30/22)(a)(c)		600		354,174
5.75%, 07/21/28 (Call 07/21/23)(a)		400		230,000
MTR Corp. Ltd., 1.63%, 08/19/30(a)		400		308,825
Nan Fung Treasury III Ltd., 5.00%, (Call 09/10/23)(a)(d)		200		114,000
Nan Fung Treasury Ltd., 5.00%, 09/05/28(a)		200		177,913
Nanyang Commercial Bank Ltd., 3.80%, 11/20/29 (Call 11/20/24)(a)(e)		250		232,625
New World China Land Ltd., 4.75%, 01/23/27(a)		200		181,225
NWD Finance BVI Ltd. 4.13%, (Call 03/10/28)(a)(d)(e)		200		121,000

24 2 0 2 2  I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets

Security	Par (000)		Value
Hong Kong (continued)
4.80%, (Call 09/09/23)(a)(d)	$	200	$	90,000
6.15%, (Call 03/16/25)(a)(d)(e)		200		143,100
6.25%, (Call 03/07/24)(a)(d)		400		217,075
NWD MTN Ltd.
4.13%, 07/18/29(a)		200		150,038
4.50%, 05/19/30(a)		200		149,850
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)(a)		200		157,975
Phoenix Lead Ltd., 4.85%, (Call 02/23/23)(a)(d)		200		139,538
Prudential PLC
2.95%, 11/03/33 (Call 08/03/28)(a)(e)		200		150,500
3.13%, 04/14/30		400		327,644
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a)		200		154,314
Sun Hung Kai Properties Capital Market Ltd.
2.88%, 01/21/30(a)		200		165,850
3.75%, 02/25/29(a)		200		179,882
Swire Pacific MTN Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(a)		200		167,600
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(a)		200		190,475
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28(a)		200		180,912
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a)		200		180,537
				14,114,826
India — 4.6%
ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28(a)		200		177,750
5.95%, 07/31/24(a)		400		391,000
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(a)		400		263,075
Adani Green Energy Ltd., 4.38%, 09/08/24(a)		200		149,000
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		200		181,100
Adani Ports & Special Economic Zone Ltd.
3.10%, 02/02/31(a)		200		127,000
3.38%, 07/24/24(a)		200		184,725
4.20%, 08/04/27 (Call 02/04/27)(a)		400		320,380
4.38%, 07/03/29(a)		200		149,288
Adani Transmission Ltd., 4.00%, 08/03/26(a)		200		170,663
Axis Bank Ltd., 4.10%, (Call 09/08/26)(a)(d)(e)		200		160,000
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a)		200		190,038
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(a)		200		197,856
Bharti Airtel Ltd.
3.25%, 06/03/31(a)		200		155,832
4.38%, 06/10/25(a)		200		190,287
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(a)		200		182,788
CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a)		200		167,500
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a)		194		152,865
Delhi International Airport Ltd., 6.13%, 10/31/26(a)		400		358,450
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)(a)		191		148,980
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a)		195		149,069
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25(a)		200		174,000
5.95%, 07/29/26 (Call 11/30/22)(a)		200		160,500
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a)		200		169,500
HCL America Inc., 1.38%, 03/10/26 (Call 02/10/26)(a)		200		173,350
HDFC Bank Ltd., 3.70%, (Call 08/25/26)(a)(c)(d)(e)		400		319,000
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a)		200		179,975
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a)		450		422,100
Indian Oil Corp. Ltd., 4.75%, 01/16/24(a)		200		197,287
Indian Railway Finance Corp. Ltd.
2.80%, 02/10/31(a)		200		148,940
3.25%, 02/13/30(a)(c)		200		159,163

Security	Par (000)		Value
India (continued)
3.57%, 01/21/32(a)	$	200	$	155,725
3.73%, 03/29/24(a)		200		194,037
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/18/26)(a)		184		141,600
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)(a)		200		146,000
5.05%, 04/05/32 (Call 10/05/31)(a)		200		128,538
Network i2i Ltd.
3.98%, (a)		200		157,000
5.65%, (Call 01/15/25)(a)(d)(e)		400		355,575
NTPC Ltd., 4.25%, 02/26/26(a)		200		189,350
Oil India Ltd.
5.13%, 02/04/29(a)		200		182,913
5.38%, 04/17/24(a)		200		197,787
ONGC Videsh Ltd., 4.63%, 07/15/24(a)		200		194,662
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a)		200		183,350
Periama Holdings LLC/DE, 5.95%, 04/19/26(a)		200		161,913
Power Finance Corp. Ltd.
3.95%, 04/23/30(a)		200		162,538
4.50%, 06/18/29(a)		400		343,575
REC Ltd.
2.25%, 09/01/26(a)		200		170,100
3.38%, 07/25/24(a)		200		190,537
Reliance Industries Ltd.
2.88%, 01/12/32(a)		350		263,077
3.63%, 01/12/52(a)		400		234,700
3.67%, 11/30/27(a)		250		223,562
3.75%, 01/12/62(a)		400		228,200
4.13%, 01/28/25(a)		250		240,203
6.25%, 10/19/40(a)		250		236,531
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a)		200		148,000
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(a)		200		185,122
State Bank of India/London
1.80%, 07/13/26(a)		400		346,408
4.38%, 01/24/24(a)		200		196,287
4.88%, 04/17/24(a)		200		197,350
Summit Digitel Infrastructure Pvt. Ltd., 2.88%, 08/12/31 (Call 08/12/30)(a)		200		137,704
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)(a)		400		248,000
9.25%, 04/23/26 (Call 04/23/23)(a)(c)		200		115,800
13.88%, 01/21/24 (Call 12/21/22)(a)		400		333,700
Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 11/30/22)(a)		200		116,000
Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)(a)		200		171,875
				13,149,180
Indonesia — 3.2%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 11/30/22)(a)		500		467,281
Bank Mandiri Persero Tbk PT
3.75%, 04/11/24(a)		200		193,413
4.75%, 05/13/25(a)		600		576,112
Bank Negara Indonesia Persero Tbk PT
3.75%, 03/30/26(a)		400		326,044
4.30%, (Call 03/24/27)(a)(d)(e)		400		282,044
Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/24(a)		300		290,283
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 11/30/22)(a)		400		347,700
Freeport Indonesia PT
4.76%, 04/14/27 (Call 03/14/27)(a)		500		448,125
5.32%, 04/14/32 (Call 01/01/32)(a)		1,000		833,750
6.20%, 04/14/52 (Call 10/14/51)(a)		500		372,555

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, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Indonesia (continued)
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 11/30/22)(a)	$	500	$	470,000
Indofood CBP Sukses Makmur Tbk PT
3.40%, 06/09/31 (Call 12/09/30)(a)		800		582,088
3.54%, 04/27/32 (Call 10/27/31)(a)		400		290,044
4.75%, 06/09/51 (Call 12/09/50)(a)		400		244,044
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)		341		262,786
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a)		400		320,000
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a)		400		356,000
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 11/30/22)(a)		200		190,663
Minejesa Capital BV
4.63%, 08/10/30(a)		800		606,800
5.63%, 08/10/37(a)		600		387,112
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(a)		1,000		972,500
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(a)		600		444,487
				9,263,831
Israel — 3.7%
Bank Hapoalim BM, 3.26%, 01/21/32 (Call 01/21/27)(e)(j)		400		327,000
Bank Leumi Le-Israel BM
3.28%, 01/29/31 (Call 01/29/26)(e)(j)		400		341,250
5.13%, 07/27/27 (Call 06/27/27)(j)		200		194,620
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(j)		350		333,340
4.88%, 03/30/26 (Call 12/30/25)(j)		350		315,000
5.38%, 03/30/28 (Call 09/30/27)(j)		350		307,125
5.88%, 03/30/31 (Call 09/30/30)(j)		350		295,750
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(j)		400		373,936
Israel Electric Corp. Ltd.
3.75%, 02/22/32(j)		200		166,338
4.25%, 08/14/28(j)		600		544,350
Series 6, 5.00%, 11/12/24(j)		700		682,675
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(j)		350		332,938
6.50%, 06/30/27 (Call 12/30/26)(j)		300		281,625
6.75%, 06/30/30 (Call 12/30/29)(j)		325		288,498
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26)(e)(j)		400		333,000
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(c)		480		394,800
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		2,100		1,753,500
4.10%, 10/01/46		1,050		625,931
4.75%, 05/09/27 (Call 02/09/27)		400		351,500
5.13%, 05/09/29 (Call 02/09/29)(c)		550		472,010
6.00%, 04/15/24 (Call 01/15/24)		600		591,000
6.75%, 03/01/28 (Call 12/01/27)		700		655,944
7.13%, 01/31/25 (Call 10/31/24)		600		591,375
				10,553,505
Jamaica — 0.2%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 11/15/22)(a)		800		677,859
Jordan — 0.1%
Hikma Finance USA LLC, 3.25%, 07/09/25(a)		400		367,700
Kampuchea, Democratic — 0.1%
NagaCorp Ltd., 7.95%, 07/06/24(a)		400		342,950

Security	Par (000)		Value
Kazakhstan — 0.4%
Tengizchevroil Finance Co. International Ltd.
2.63%, 08/15/25 (Call 05/15/25)(a)	$	400	$	309,500
3.25%, 08/15/30 (Call 02/15/30)(a)		600		383,700
4.00%, 08/15/26(a)		500		387,250
				1,080,450
Kuwait — 2.2%
Boubyan Sukuk Ltd.
2.59%, 02/18/25(a)		400		379,075
3.39%, 03/29/27(a)		400		373,825
Burgan Bank SAK
2.75%, 12/15/31 (Call 09/15/26)(a)(e)		400		296,450
5.75%, (Call 07/09/24)(a)(d)(e)		400		336,075
Equate Petrochemical BV
2.63%, 04/28/28 (Call 01/28/28)(a)		600		495,690
4.25%, 11/03/26(a)		800		743,200
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(a)		200		196,100
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)		400		329,075
4.50%, 02/23/27(a)		200		156,037
MEGlobal Canada ULC
5.00%, 05/18/25(a)		600		578,550
5.88%, 05/18/30(a)		400		384,825
NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), (SOFR + 1.050%)(a)(e)		800		678,000
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 08/27/25)(a)(d)(e)		600		525,000
NBK Tier 1 Financing Ltd., 3.63%, (Call 08/24/26)(a)(d)(e)		400		331,075
Warba Sukuk Ltd., 2.98%, 09/24/24(a)		400		385,700
				6,188,677
Luxembourg — 0.5%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(a)		600		479,748
5.75%, 08/15/29(a)		1,200		942,000
				1,421,748
Macau — 2.8%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(a)		400		260,000
4.85%, 01/27/28 (Call 01/27/25)(a)		300		182,306
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(a)(e)		200		189,288
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)		600		444,000
5.25%, 06/18/25 (Call 11/10/22)(a)		200		172,500
5.38%, 05/15/24 (Call 11/10/22)(a)		500		408,750
5.88%, 05/15/26 (Call 11/10/22)(a)		500		379,810
Sands China Ltd.
2.80%, 03/08/27 (Call 02/08/27)		400		289,960
3.35%, 03/08/29 (Call 01/08/29)		600		399,000
3.75%, 08/08/31 (Call 05/08/31)		500		324,650
4.30%, 01/08/26 (Call 12/08/25)		600		481,812
4.88%, 06/18/30 (Call 03/18/30)		400		280,000
5.63%, 08/08/25 (Call 06/08/25)(c)		1,200		1,053,000
5.90%, 08/08/28 (Call 05/08/28)(c)		1,000		784,890
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		700		290,150
6.00%, 07/15/25 (Call 11/30/22)(a)		200		95,225
6.50%, 01/15/28 (Call 07/15/23)(a)		400		166,825
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/30/22)(a)		400		305,000
5.13%, 12/15/29 (Call 12/15/24)(a)		600		351,000
5.50%, 01/15/26 (Call 11/30/22)(a)		600		411,000

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Macau (continued)
5.50%, 10/01/27 (Call 11/30/22)(a)	$	600	$	360,168
5.63%, 08/26/28 (Call 08/26/23)(a)		800		472,000
				8,101,334
Malaysia — 1.8%
Axiata SPV2 Bhd
2.16%, 08/19/30 (Call 05/19/30)(a)		400		310,575
4.36%, 03/24/26(a)		200		192,663
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(a) .		800		454,840
CIMB Bank Bhd
2.13%, 07/20/27(a)		200		171,475
4.69%, 10/09/24, (3 mo. LIBOR US + 0.780%)(a)(e)		600		598,050
Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(a)		600		357,488
Gohl Capital Ltd., 4.25%, 01/24/27(a)		1,100		814,000
Malayan Banking Bhd, 3.72%, 08/16/24, (3 mo. LIBOR US + 0.800%)(a)(e)		600		598,800
Misc Capital Two Labuan Ltd., 3.75%, 04/06/27 (Call 03/06/27)(a)		400		356,200
RBH Bank, 1.66%, 06/29/26(a)		400		349,832
TNB Global Ventures Capital Bhd
3.24%, 10/19/26(a)		400		365,200
4.85%, 11/01/28(a)		500		472,437
				5,041,560
Mexico — 4.4%
Alfa SAB de CV
5.25%, 03/25/24 (Call 12/25/23)(a)		200		197,975
6.88%, 03/25/44 (Call 09/25/43)(a)		200		175,500
Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)(a)		200		169,850
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a)		200		188,100
America Movil SAB de CV
2.88%, 05/07/30 (Call 02/07/30)		200		163,850
3.63%, 04/22/29 (Call 01/22/29)		200		176,100
4.38%, 07/16/42		200		155,244
4.38%, 04/22/49 (Call 10/22/48)(c)		400		311,700
4.70%, 07/21/32 (Call 04/21/32)		200		183,500
5.38%, 04/04/32 (Call 01/04/32)(a)		200		168,912
6.13%, 03/30/40		500		476,885
6.38%, 03/01/35		250		250,906
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24(a)		300		288,712
4.38%, 04/11/27 (Call 01/11/27)(a)		150		135,825
Banco Mercantil del Norte SA/Grand Cayman
5.88%, (Call 01/24/27)(a)(d)(e)		200		153,500
6.63%, (Call 01/24/32)(a)(d)(e)		200		148,500
6.75%, (a)(c)(d)(e)		200		181,250
8.38%, (Call 10/14/30)(a)(d)(e)		200		167,787
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/25(a)		500		481,125
5.95%, 10/01/28(a)		200		192,150
BBVA Bancomer SA/Texas
4.38%, 04/10/24(a)(c)		200		195,225
5.13%, 01/18/33(a)(e)		200		161,810
5.88%, 09/13/34 (Call 09/13/29)(a)(e)		200		166,445
6.75%, 09/30/22(a)		200		177,975
Becle SAB de CV, 2.50%, 10/14/31 (Call 07/14/31)(a)		200		149,975
Braskem Idesa SAPI 6.99%, 02/20/32 (Call 02/20/27)(a)		400		265,052
7.45%, 11/15/29 (Call 11/15/24)(a)(c)		200		151,750

Security	Par (000)		Value
Mexico (continued)
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(a)	$	400	$	306,000
5.20%, 09/17/30 (Call 09/17/25)(a)		200		169,975
5.45%, 11/19/29 (Call 11/19/24)(a)		200		174,110
7.38%, 06/05/27 (Call 06/05/23)(a)		200		196,500
Cemex SAB De CV, 5.13%, (Call 06/08/26)(a)(d)(e)		200		164,110
Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(a)		200		165,037
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)(a)		200		124,000
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)(c)		150		106,950
2.75%, 01/22/30 (Call 10/22/29)		350		292,972
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(c)		172		147,704
FEL Energy VI Sarl, 5.75%, 12/01/40(a)		188		126,131
Fomento Economico Mexicano SAB de CV 3.50%, 01/16/50 (Call 07/16/49)		600		382,500
4.38%, 05/10/43		150		113,640
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a)		200		135,538
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a)		200		165,000
Grupo Bimbo SAB de CV
3.88%, 06/27/24(a)		200		195,100
4.00%, 09/06/49(a)		200		140,350
4.70%, 11/10/47 (Call 05/10/47)(a)		200		159,288
4.88%, 06/27/44(a)		200		159,913
5.95%, (Call 04/17/23)(a)(d)(e)		200		195,162
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)(c)		200		159,225
5.25%, 05/24/49 (Call 11/24/48)(c)		200		165,225
6.13%, 01/31/46 (Call 07/31/45)		200		185,526
6.63%, 01/15/40		200		188,350
Industrias Penoles SAB de CV
4.15%, 09/12/29 (Call 06/12/29)(a)		200		173,537
4.75%, 08/06/50 (Call 02/06/50)(a)		200		142,038
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)(a)		200		134,000
4.88%, 01/14/48(a)		200		135,913
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(a)		200		163,788
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)		200		132,975
Orbia Advance Corp. SAB de CV
1.88%, 05/11/26 (Call 04/11/26)(a)		200		167,287
2.88%, 05/11/31 (Call 02/11/31)(a)		200		146,750
4.00%, 10/04/27 (Call 07/04/27)(a)		200		173,875
5.50%, 01/15/48 (Call 07/15/47)(a)		200		143,875
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a)		400		363,852
Total Play Telecomunicaciones SA de CV, 6.38%, 09/20/28 (Call 09/30/25)(a)		200		137,913
Trust Fibra Uno
4.87%, 01/15/30 (Call 10/30/29)(a)		200		150,260
5.25%, 01/30/26 (Call 10/30/25)(a)(c)		200		179,250
6.39%, 01/15/50 (Call 07/15/49)(a)		200		131,725
6.95%, 01/30/44 (Call 07/30/43)(a)		200		143,475
				12,574,422
Moldova — 0.1%
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a)		400		278,325

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, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Morocco — 0.6%
OCP SA
3.75%, 06/23/31 (Call 03/23/31)(a)	$	300	$	222,337
4.50%, 10/22/25(a)		400		380,120
5.13%, 06/23/51 (Call 12/23/50)(a)		600		358,425
5.63%, 04/25/24(a)		525		518,536
6.88%, 04/25/44(a)		400		312,950
				1,792,368
Nigeria — 0.6%
Access Bank PLC
6.13%, 09/21/26(a)		200		145,400
9.13%, (Call 10/07/26)(a)(d)(e)		400		274,500
IHS Holding Ltd.
5.63%, 11/29/26 (Call 11/29/23)(a)		200		148,350
6.25%, 11/29/28 (Call 11/29/24)(a)		600		429,113
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 11/30/22)(a)		600		461,250
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)(a)		400		309,200
				1,767,813
Oman — 0.3%
Bank Muscat SAOG, 4.75%, 03/17/26(a)		400		376,950
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a)		350		342,081
				719,031
Panama — 0.8%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(a)		1,000		786,125
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(a)(c)		400		364,150
C&W Senior Financing DAC, 6.88%, 09/15/27(a)(c)		800		692,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		400		325,200
				2,167,475
Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(g)		421		260,256
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27(a)		400		361,325
				621,581
Peru — 2.4%
Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)(a)(c)		500		462,650
Banco de Credito del Peru S.A.
3.13%, 07/01/30 (Call 07/01/25)(a)(e)		550		482,240
3.25%, 09/30/31 (Call 09/30/26)(a)(e)		250		208,375
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)(a)		400		330,950
Consorcio Transmantaro SA
4.70%, 04/16/34(a)		400		347,100
5.20%, 04/11/38 (Call 01/11/38)(a)		400		343,000
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(a)		400		364,950
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)		366		330,676
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(a)		400		316,250
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(a)(c)		400		350,200
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/36(a)		371		303,302
5.88%, 07/05/34(a)		379		351,044
Minsur SA, 4.50%, 10/28/31(a)		400		319,852
Peru LNG Srl, 5.38%, 03/22/30(a)(c)		600		471,225
Southern Copper Corp.
3.88%, 04/23/25		150		143,156
5.25%, 11/08/42		300		257,625
5.88%, 04/23/45(c)		370		341,094
6.75%, 04/16/40		300		304,181
7.50%, 07/27/35(c)		200		211,875

Security	Par (000)		Value
Peru (continued)
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(a)	$	600	$	550,800
				6,790,545
Philippines — 1.5%
BDO Unibank Inc., 2.13%, 01/13/26(a)		400		352,000
Globe Telecom Inc., 4.20%, (Call 08/02/26)(a)(d)(e)		400		335,950
JGSH Philippines Ltd., 4.13%, 07/09/30(a)		400		350,700
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a)		400		338,075
Metropolitan Bank & Trust Co., 2.13%, 01/15/26(a)		400		352,000
Petron Corp.
4.60%, (Call 07/19/23)(a)(d)(e)		200		176,912
5.95%, (Call 04/19/26)(a)(d)(e)		400		318,700
Philippine National Bank, 3.28%, 09/27/24(a)		400		373,950
San Miguel Crop., 5.50%, (Call 07/29/25)(a)(d)(e)		400		292,000
SMC Global Power Holdings Corp.
5.45%, (Call 12/09/26)(a)(d)(e)		400		249,075
5.70%, (Call 01/21/26)(a)(d)(e)		400		255,075
5.95%, (Call 05/05/25)(a)(d)(e)		400		259,575
6.50%, (Call 04/25/24)(a)(d)(e)		700		473,944
7.00%, (Call 10/21/25)(a)(d)(e)		400		267,325
				4,395,281
Poland — 0.1%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a)		500		396,875
Qatar — 4.1%
ABQ Finance Co., 2.00%, 07/06/26(a)		400		345,575
ABQ Finance Ltd.
1.88%, 09/08/25(a)		400		355,075
3.13%, 09/24/24(a)		400		379,575
CBQ Finance Ltd.
2.00%, 09/15/25(a)		400		357,825
2.00%, 05/12/26(a)		400		349,825
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(a)(d)(e) .		400		355,450
Doha Finance Ltd., 2.38%, 03/31/26(a)		700		611,319
MAR Sukuk Ltd.
2.21%, 09/02/25(a)		400		364,500
3.03%, 11/13/24(a)		400		379,825
Nakilat Inc., 6.07%, 12/31/33(a)		598		589,380
Ooredoo International Finance Ltd.
2.63%, 04/08/31(a)		800		659,040
3.75%, 06/22/26(a)		400		376,075
3.88%, 01/31/28(a)		200		185,350
4.50%, 01/31/43(a)		200		176,663
5.00%, 10/19/25(a)		600		592,987
QIB Sukuk Ltd.
1.95%, 10/27/25(a)		500		450,150
3.98%, 03/26/24(a)		600		586,988
4.21%, 02/07/25, (3 mo. LIBOR US + 1.350%)(a)(e)		600		596,175
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(a)		400		393,825
QNB Finance Ltd.
1.38%, 01/26/26(a)		650		566,028
1.63%, 09/22/25(a)		400		356,200
2.63%, 05/12/25(a)		600		555,675
2.75%, 02/12/27(a)		700		623,131
3.50%, 03/28/24(a)		600		581,175
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27(a)		489		489,282
6.33%, 09/30/27(a)		422		425,577
				11,702,670

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Saudi Arabia — 4.5%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a)	$	200	$	163,647
Almarai Sukuk Ltd., 4.31%, 03/05/24(a)		200		195,287
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25)(a)(e)		200		186,300
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)		200		170,538
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a)		300		275,550
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a)		200		190,163
EIG Pearl Holdings Sarl
3.55%, 08/31/36(a)		400		307,000
4.39%, 11/30/46(a)		500		338,750
Riyad Sukuk Ltd., 3.17%, 02/25/30 (Call 02/25/25)(a)(e)		600		559,612
Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27)(a)(d)(e)		200		182,913
SA Global Sukuk Ltd.
0.95%, 06/17/24 (Call 05/17/24)(a)		200		186,600
1.60%, 06/17/26 (Call 05/17/26)(a)		700		613,550
2.69%, 06/17/31 (Call 03/17/31)(a)		1,200		972,756
SABIC Capital I BV
2.15%, 09/14/30 (Call 06/14/30)(a)		200		155,725
3.00%, 09/14/50 (Call 03/14/50)(a)		200		127,350
SABIC Capital II BV, 4.50%, 10/10/28(a)		400		378,750
Samba Funding Ltd., 2.75%, 10/02/24(a)		400		377,575
Saudi Arabian Oil Co.
1.63%, 11/24/25 (Call 10/24/25)(a)		400		357,400
2.25%, 11/24/30 (Call 08/24/30)(a)		800		630,400
3.25%, 11/24/50 (Call 05/24/50)(a)		900		559,856
3.50%, 04/16/29(a)		1,100		975,150
3.50%, 11/24/70 (Call 05/24/70)(a)		800		488,000
4.25%, 04/16/39(a)		1,000		820,010
4.38%, 04/16/49(a)		1,000		783,750
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)		400		351,200
Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24(a)		600		587,250
5.50%, 04/08/44(a)		400		369,200
Saudi Electricity Global Sukuk Co. 4
4.22%, 01/27/24(a)		400		392,000
4.72%, 09/27/28(a)		400		389,325
Saudi Electricity Global Sukuk Co. 5, 1.74%, 09/17/25(a)		200		179,350
Saudi Telecom Co., 3.89%, 05/13/29(a)		400		362,144
SNB Sukuk Ltd., 2.34%, 01/19/27(a)		400		351,992
				12,979,093
Singapore — 4.1%
BOC Aviation Ltd.
1.75%, 01/21/26 (Call 12/21/25)(a)		300		261,456
2.63%, 09/17/30 (Call 06/17/30)(a)(c)		400		301,450
3.00%, 09/11/29 (Call 06/11/29)(a)		300		239,587
3.25%, 04/29/25 (Call 03/29/25)(a)		400		372,075
3.50%, 10/10/24 (Call 09/10/24)(a)		400		380,700
3.50%, 09/18/27 (Call 06/18/27)(a)		400		357,375
3.88%, 04/27/26 (Call 01/27/26)(a)(c)		300		279,150
4.00%, 01/25/24 (Call 12/25/23)(a)		200		194,975
BOC Aviation USA Corp., 1.63%, 04/29/24 (Call 03/29/24)(a)		600		561,648
DBS Group Holdings Ltd.
1.17%, 11/22/24(a)		400		368,950
1.19%, 03/15/27(a)		400		340,452
1.82%, 03/10/31 (Call 03/10/26)(a)(e)		200		172,570
3.30%, (Call 02/27/25)(a)(d)(e)		400		349,000
4.52%, 12/11/28 (Call 12/11/23)(a)(e)		400		394,428
GLP Pte Ltd.
3.88%, 06/04/25(a)		600		401,550
4.50%, (a)(d)(e)		400		160,000

Security	Par (000)		Value
Singapore (continued)
Oversea-Chinese Banking Corp. Ltd.
1.83%, 09/10/30 (Call 09/10/25)(a)(e)	$	400	$	351,268
4.25%, 06/19/24(a)(c)		600		587,737
4.60%, 06/15/32 (Call 06/15/27)(a)(e)		400		369,548
Singapore Airlines Ltd.
3.00%, 07/20/26 (Call 06/20/26)(a)		200		183,480
3.38%, 01/19/29 (Call 11/19/28)(a)		400		339,552
Singapore Telecommunications Ltd., 7.38%, 12/01/31(a)		300		345,806
SingTel Group Treasury Pte Ltd.
1.88%, 06/10/30 (Call 03/10/30)(a)		300		237,056
2.38%, 10/03/26(a)		200		181,288
2.38%, 08/28/29 (Call 05/28/29)(a)		400		335,950
3.25%, 06/30/25(a)		300		285,337
3.88%, 08/28/28 (Call 05/28/28)(a)		200		186,788
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(a) .		400		365,200
Ste Transcore Holdings Inc., 3.38%, 05/05/27 (Call 02/05/27)(a)		400		371,152
United Overseas Bank Ltd, 3.06%, 04/07/25(a)		400		380,824
United Overseas Bank Ltd.
1.25%, 04/14/26(a)		400		351,980
1.75%, 03/16/31 (Call 03/16/26)(a)(e)		200		170,892
2.00%, 10/14/31 (Call 10/14/26)(a)(c)(e)		400		335,880
3.75%, 04/15/29 (Call 04/15/24)(a)(e)		200		193,413
3.86%, 10/07/32 (Call 10/07/27)(a)(e)		400		353,160
3.88%, (Call 10/19/23)(a)(d)(e)		400		380,825
Vena Energy Capital Pte Ltd., 3.13%, 02/26/25(a)		200		182,163
				11,624,665
South Africa — 2.1%
Absa Group Ltd., 6.38%, (a)(d)(e)		400		341,200
AngloGold Ashanti Holdings PLC
3.38%, 11/01/28 (Call 09/01/28)(c)		400		317,950
3.75%, 10/01/30 (Call 07/01/30)		500		382,438
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(a)		400		337,075
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(a)(e)		400		387,950
Gold Fields Orogen Holdings BVI Ltd.
5.13%, 05/15/24 (Call 04/15/24)(a)		400		390,950
6.13%, 05/15/29 (Call 02/15/29)(a)		200		186,663
Liquid Telecommunications Financing Plc, 5.50%, 09/04/26 (Call 03/04/23)(a)		400		270,000
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a)		400		379,825
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)(c)		600		524,362
5.50%, 03/18/31 (Call 03/18/30)		500		373,531
5.88%, 03/27/24 (Call 02/27/24)		900		874,125
6.50%, 09/27/28 (Call 06/27/28)		600		529,237
Stillwater Mining Co.
4.00%, 11/16/26 (Call 11/16/23)(a)		400		327,450
4.50%, 11/16/29 (Call 11/16/25)(a)		400		292,800
				5,915,556
South Korea — 4.0%
Hana Bank
1.25%, 12/16/26(a)		400		336,324
3.25%, 03/30/27(a)		200		179,663
Hanwha Life Insurance Co. Ltd.
3.38%, 02/04/32 (Call 02/04/27)(a)(e)		400		329,450
4.70%, (Call 04/23/23)(a)(d)(e)		400		389,825
Heungkuk Life Insurance Co. Ltd., 4.48%, (Call 11/09/22)(a)(d)(e)		200		198,287
Hyundai Capital Services Inc., 1.25%, 02/08/26(a)		200		171,744

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, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Korea (continued)
Kookmin Bank
1.38%, 05/06/26(a)	$	200	$	173,784
1.75%, 05/04/25(a)(c)		400		363,760
2.50%, 11/04/30(a)		200		149,106
4.35%, (Call 07/02/24)(a)(d)(e)		200		181,288
Korea East-West Power Co. Ltd.
1.75%, 05/06/25(a)		200		182,163
3.60%, 05/06/25		200		190,912
Korea Electric Power Corp.
1.13%, 06/15/25(a)		200		178,725
2.50%, 06/24/24(a)		400		382,575
Korea Gas Corp.
3.50%, 07/21/25(a)		200		189,850
3.50%, 07/02/26(a)		200		187,162
3.88%, 02/12/24(a)		200		196,412
6.25%, 01/20/42(a)(c)		600		646,656
KT Corp., 4.00%, 08/08/25(a)		200		192,466
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (Call 06/15/27)(a)(e)		200		173,000
LG Chem Ltd.
1.38%, 07/07/26(a)		400		342,228
2.38%, 07/07/31(a)		200		150,858
3.25%, 10/15/24(a)		200		191,126
3.63%, 04/15/29(a)		200		177,100
NAVER Corp., 1.50%, 03/29/26(a)		400		349,716
NongHyup Bank, 1.25%, 07/20/25(a)		200		177,746
POSCO
2.75%, 07/15/24(a)		200		190,412
4.38%, 08/04/25(a)		400		380,928
Shinhan Bank Co. Ltd.
1.38%, 10/21/26(a)(c)		400		340,788
3.88%, 03/24/26(a)		200		184,852
4.38%, 04/13/32(a)(c)		200		167,806
6.02%, 04/24/25, (3 mo. LIBOR US + 1.700%)(a)(e)		200		203,725
Shinhan Financial Group Co. Ltd.
1.35%, 01/10/26(a)		200		175,286
2.88%, (Call 05/12/26)(a)(d)(e)		200		147,500
3.34%, 02/05/30 (Call 02/05/25)(a)(c)(e)		200		183,725
5.88%, (Call 08/13/23)(a)(d)(e)		400		384,075
SK Battery America Inc., 2.13%, 01/26/26(a)		400		329,364
SK Hynix Inc.
1.00%, 01/19/24(a)		200		188,206
1.50%, 01/19/26(a)		600		514,425
2.38%, 01/19/31(a)		400		281,575
3.00%, 09/17/24(a)		200		188,850
Woori Bank
0.75%, 02/01/26(a)		400		342,228
2.00%, 01/20/27(a)		200		171,850
4.25%, (Call 10/04/24)(a)(d)(e)		200		172,288
4.75%, 04/30/24(a)		400		391,200
				11,321,009
Spain — 0.1%
Banco Bilbao Vizcaya Argentaria SA
5.86%, 09/14/26 (Call 09/14/25)(e)		200		192,814
6.14%, 09/14/28 (Call 09/14/27)(e)		200		189,405
				382,219
Supranational — 0.5%
Africa Finance Corp., 2.88%, 04/28/28(a)		400		303,000
African Export-Import Bank (The), 2.63%, 05/17/26 (Call 04/17/26)(a)		400		330,500

Security	Par (000)		Value
Supranational (continued)
Eastern & Southern African Trade & Development Bank (The)
4.13%, 06/30/28(a)	$	400	$	320,441
4.88%, 05/23/24(a)		400		372,197
				1,326,138
Switzerland — 0.1%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(a)		400		232,556
Taiwan — 3.6%
Competition Team Technologies Ltd., 3.75%, 03/12/24(a)		400		389,700
Formosa Group Cayman Ltd., 3.38%, 04/22/25(a)		800		753,900
Foxconn Far East Ltd.
1.63%, 10/28/25(a)		600		529,998
2.50%, 10/28/30(a)		400		307,200
TSMC Arizona Corp.
1.75%, 10/25/26 (Call 09/25/26)		1,000		864,130
2.50%, 10/25/31 (Call 07/25/31)		800		616,936
3.13%, 10/25/41 (Call 04/25/41)		600		414,756
3.25%, 10/25/51 (Call 04/25/51)(c)		800		518,852
3.88%, 04/22/27 (Call 03/22/27)		600		561,126
4.13%, 04/22/29 (Call 02/22/29)		200		184,658
4.25%, 04/22/32 (Call 01/22/32)		600		534,876
4.50%, 04/22/52 (Call 10/22/51)(c)		700		574,644
TSMC Global Ltd.
0.75%, 09/28/25 (Call 08/28/25)(a)		600		522,862
1.00%, 09/28/27 (Call 07/28/27)(a)		600		483,366
1.25%, 04/23/26 (Call 03/23/26)(a)		800		692,912
1.38%, 09/28/30 (Call 06/28/30)(a)		1,000		722,500
1.75%, 04/23/28(a)		600		490,230
2.25%, 04/23/31 (Call 01/23/31)(a)		900		686,727
4.63%, 07/22/32		400		370,160
				10,219,533
Tanzania — 0.2%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 11/30/22)(a)		600		526,800
Thailand — 2.5%
Bangkok Bank PCL/Hong Kong
3.47%, 09/23/36(a)		600		409,704
3.73%, 09/25/34 (Call 09/25/29)(a)(e)		800		594,150
4.05%, 03/19/24(a)		400		392,200
4.30%, 06/15/27 (Call 05/15/27)(a)		600		560,724
4.45%, 09/19/28(a)		400		372,842
5.00%, (a)		600		528,450
GC Treasury Center Co. Ltd.
2.98%, 03/18/31 (Call 12/18/30)(a)		400		295,450
4.30%, 03/18/51 (Call 09/18/50)(a)		400		243,950
4.40%, 03/30/32 (Call 09/30/31)(a)		800		640,400
Kasikornbank PCL/Hong Kong
3.34%, 10/02/31 (Call 10/02/26)(a)(e)		600		491,820
5.28%, (Call 10/14/25)(a)(d)(e)		400		349,950
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)(a)(d)(e)		400		318,575
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(c)		400		230,700
PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/27 (Call 04/10/27)(a)		400		341,936
3.90%, 12/06/59(a)(c)		400		237,232
Siam Commercial Bank PCL/Cayman Islands
3.90%, 02/11/24(a)		400		392,450
4.40%, 02/11/29(a)		200		187,475

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Thailand (continued)
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(a)	$	400	$	195,075
3.75%, 06/18/50(a)		400		194,252
5.38%, 11/20/48(a)(c)		400		267,192
				7,244,527
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(a)		400		375,825
Turkey — 3.5%
Akbank TAS
5.13%, 03/31/25(a)		400		356,075
6.80%, 02/06/26(a)		300		270,525
6.80%, 06/22/31 (Call 06/22/26)(a)(e)		400		327,950
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a)		400		280,575
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a)		400		294,575
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a)		400		319,075
KOC Holding AS, 6.50%, 03/11/25 (Call 12/11/24)(a)		500		468,375
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/30/22)(a)		400		366,825
QNB Finansbank AS, 6.88%, 09/07/24(a)		400		398,700
Turk Telekomunikasyon AS
4.88%, 06/19/24(a)		200		175,000
6.88%, 02/28/25(a)		400		347,575
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(a)		400		352,575
5.80%, 04/11/28 (Call 01/11/28)(a)		365		289,217
Turkiye Garanti Bankasi AS, 7.18%, 05/24/27(a)(e)		600		510,675
Turkiye Is Bankasi AS
6.13%, 04/25/24(a)		800		757,400
7.00%, 06/29/28 (Call 06/29/23)(a)(e)		400		358,825
7.75%, 01/22/30 (Call 01/22/25)(a)(e)		500		437,125
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a)		400		365,200
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		400		368,900
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25(a)		400		361,412
6.50%, 01/08/26(a)		500		436,656
8.13%, 03/28/24(a)		400		389,825
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a)		400		277,500
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(a)		400		379,200
7.88%, 01/22/31 (Call 01/22/26)(a)(e)		400		348,950
8.25%, 10/15/24(a)		400		387,450
13.88%, (Call 01/15/24)(a)(d)(e)		300		309,150
				9,935,310
Ukraine — 0.1%
DTEK Finance PLC, 7.00%, (5.00% PIK), 12/31/27 (Call 11/30/22)(a)(f)		6		1,298
Metinvest BV, 7.75%, 10/17/29(a)		400		159,450
				160,748
United Arab Emirates — 4.9%
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27(a)		400		366,000
Abu Dhabi National Energy Co. PJSC
2.00%, 04/29/28 (Call 01/29/28)(a)		400		335,575
3.40%, 04/29/51 (Call 10/29/50)(a)		200		147,163
3.88%, 05/06/24(a)		400		389,950
4.00%, 10/03/49(a)		200		160,725
4.38%, 04/23/25(a)		200		194,912

Security	Par (000)		Value
United Arab Emirates (continued)
4.38%, 06/22/26(a)	$	200	$	194,725
4.88%, 04/23/30(a)		400		388,200
6.50%, 10/27/36(a)		300		320,681
Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 (Call 02/06/31)(a)		300		235,297
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(a)(d)(e)		200		199,412
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(a)		400		351,575
BOS Funding Ltd., 4.00%, 09/18/24(a)		200		189,163
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(d)(e)		200		187,288
DIB Sukuk Ltd.
1.96%, 06/22/26(a)		400		350,750
2.95%, 02/20/25(a)		200		188,225
2.95%, 01/16/26(a)		600		552,862
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(d)(e)		200		198,008
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(a)(d)(e)		400		373,950
EI Sukuk Co. Ltd., 1.83%, 09/23/25(a)		400		361,340
Emaar Sukuk Ltd.
3.64%, 09/15/26(a)		200		183,288
3.70%, 07/06/31(a)		200		170,100
3.88%, 09/17/29(a)		200		178,600
EMG Sukuk Ltd., 4.56%, 06/18/24(a)		200		194,287
Emirates NBD Bank PJSC
1.64%, 01/13/26(a)		400		352,075
4.25%, (Call 02/27/27)(a)(d)(e)		200		169,913
6.13%, (Call 03/20/25)(a)(d)(e)		400		377,950
6.13%, (Call 04/09/26)(a)(d)(e)		200		188,250
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(a)		200		193,975
Esic Sukuk Ltd., 3.94%, 07/30/24(a)		200		188,225
Fab Sukuk Co. Ltd.
1.41%, 01/14/26(a)		200		175,725
2.50%, 01/21/25(a)		200		187,288
3.88%, 01/22/24(a)		400		391,325
First Abu Dhabi Bank PJSC
4.50%, (Call 04/05/26)(a)(d)(e)		400		364,450
4.81%, 07/08/24, (3 mo. LIBOR US + 0.900%)(a)(e)		200		198,287
Galaxy Pipeline Assets Bidco Ltd.
1.75%, 09/30/27(a)		325		294,509
2.16%, 03/31/34(a)		555		451,485
2.63%, 03/31/36(a)		600		454,237
2.94%, 09/30/40(a)		580		433,054
3.25%, 09/30/40(a)		400		281,950
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 11/30/22)(a)		400		375,250
MAF Global Securities Ltd.
4.75%, 05/07/24(a)		200		195,537
7.88%, (Call 06/30/27)(a)(d)(e)		200		191,288
MAF Sukuk Ltd.
3.93%, 02/28/30(a)		200		174,913
4.64%, 05/14/29(a)		200		181,250
Mashreqbank PSC, 4.25%, 02/26/24(a)		200		195,750
National Central Cooling Co. PJSC, 2.50%, 10/21/27(a)		200		166,850
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(a)		200		151,710
Rakfunding Cayman Ltd., 4.13%, 04/09/24(a)		200		195,725
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)		200		205,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25(a)		340		285,600
SIB Sukuk Co. III Ltd., 2.85%, 06/23/25(a)		200		188,350
Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(a)		198		150,074
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(a)		200		199,162
				13,971,233

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, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
United Kingdom — 0.8%
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a)	$	200	$	181,748
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27(a)		200		181,163
CK Hutchison International 17 Ltd., 3.50%, 04/05/27(a)		200		184,900
CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(a)		200		166,422
CK Hutchison International 19 Ltd.
3.25%, 04/11/24 (Call 03/11/24)(a)(c)		200		194,480
3.38%, 09/06/49(a)		200		132,958
3.63%, 04/11/29 (Call 01/11/29)(a)		200		177,284
CK Hutchison International 20 Ltd.
2.50%, 05/08/30 (Call 02/08/30)(a)		200		160,764
3.38%, 05/08/50(a)		200		131,878
CK Hutchison International 21 Co.
1.50%, 04/15/26 (Call 03/15/26)(a)		200		175,912
2.50%, 04/15/31 (Call 01/15/31)(a)		200		156,600
3.13%, 04/15/41 (Call 10/15/40)(a)		200		138,268
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(a).		200		193,162
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(a)		100		113,802
				2,289,341
United States — 1.1%
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		300		277,678
4.75%, 06/15/25 (Call 03/15/25)		284		273,640
4.88%, 06/15/29 (Call 03/15/29)		399		356,856
4.88%, 05/12/30 (Call 02/12/30)		315		274,700
GCC SAB de CV, 3.61%, 04/20/32 (Call 01/20/32)(a)		200		157,500
JBS USA LUX SA/JBS USA Food Co/JBS USA Finance Inc.
3.00%, 02/02/29 (Call 12/02/28)(a)		200		162,218
3.00%, 05/15/32 (Call 02/15/32)(a)		100		73,806
3.63%, 01/15/32 (Call 01/15/27)(a)		200		155,859
3.75%, 12/01/31 (Call 12/01/26)(a)		100		77,660
4.38%, 02/02/52 (Call 08/02/51)(a)		200		129,687
5.13%, 02/01/28		100		92,945
5.75%, 04/01/33 (Call 01/01/33)(a)		350		314,999
6.50%, 12/01/52		250		217,088
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)		350		291,539
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a) .		400		365,800
				3,221,975
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(a)		500		346,500
Zambia — 1.0%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 11/10/22)(a)		600		585,300
6.88%, 03/01/26 (Call 11/10/22)(a)		650		608,345
6.88%, 10/15/27 (Call 10/15/23)(a)		1,000		926,062
7.50%, 04/01/25 (Call 11/10/22)(a)		800		770,400
				2,890,107
Total Corporate Bonds & Notes — 96.4% (Cost: $337,593,141)				275,710,472
Foreign Government Obligations(k)
South Korea — 0.7%
Industrial Bank of Korea
0.63%, 09/17/24(a)		200		183,924
1.04%, 06/22/25(a)		200		178,678
Korea Electric Power Corp.
3.63%, 06/14/25(a)		200		190,348
5.38%, 04/06/26(j)		200		197,622

Security	Par/ Shares (000)		Value
South Korea (continued)
Korea Expressway Corp.
1.13%, 05/17/26(a)(c)	$	200	$	172,126
3.63%, 05/18/25(a)		200		191,475
Korea Gas Corp., 3.88%, 07/13/27(a)		200		186,037
Korea Hydro & Nuclear Power Co. Ltd.
1.25%, 04/27/26(a)		200		172,884
4.25%, 07/27/27(a)		400		375,560
				1,848,654
Supranational — 1.0%
Africa Finance Corp.
3.13%, 06/16/25(a)		600		534,000
3.75%, 10/30/29(a)		200		151,000
3.88%, 04/13/24(a)		400		379,000
4.38%, 04/17/26(a)		600		535,500
African Export-Import Bank (The)
3.80%, 05/17/31 (Call 02/17/31)(a)		400		313,000
3.99%, 09/21/29 (Call 06/23/29)(a)		600		486,750
4.13%, 06/20/24(a)		600		567,000
				2,966,250
Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)		400		332,200
Total Foreign Government Obligations — 1.8% (Cost: $5,832,166)				5,147,104
Total Long-Term Investments — 98.2% (Cost: $343,425,307)				280,857,576
Short-Term Securities
Money Market Funds — 7.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(l)(m)(n)		17,960		17,956,028
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(l)(m)		3,897		3,897,000
Total Short-Term Securities — 7.7% (Cost: $21,851,658)				21,853,028
Total Investments — 105.9% (Cost: $365,276,965)				302,710,604
Liabilities in Excess of Other Assets — (5.9)%				(16,812,331	)
Net Assets — 100.0%			$	285,898,273

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

^(b)  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.

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

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

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

^(f)  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.

^(g)  Zero-coupon bond.

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

⁽ⁱ⁾  Non-income producing security.

^(j)  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.

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

^(l)  Affiliate of the Fund.

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Corporate Bond ETF

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	41,898,642	$	—	$	(23,916,552	)(a)	$	(20,875	)	$	(5,187	)	$	17,956,028		17,960	$	151,956	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,007,000		—		(2,110,000	)(a)		—			—			3,897,000		3,897		23,341			—
								$	(20,875	)	$	(5,187	)	$	21,853,028			$	175,297		$	—

^(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

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	$	—	$	275,710,472	$	—	$	275,710,472
Foreign Government Obligations		—		5,147,104		—		5,147,104
Money Market Funds		21,853,028		—		—		21,853,028
	$	21,853,028	$	280,857,576	$	—	$	302,710,604

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 33

Schedule of Investments October 31, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Argentina — 0.8%
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 11/30/22)(a)	$	300	$	189,244
Pampa Energia SA, 7.50%, 01/24/27 (Call 11/30/22)(a)		250		206,922
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 11/30/22)(a)		150		128,842
YPF SA
2.50%, 06/30/29(a)		300		186,750
6.95%, 07/21/27(a)		400		237,000
7.00%, 12/15/47 (Call 06/15/47)(a)		250		128,750
8.50%, 07/28/25(a)		500		360,000
8.75%, 04/04/24(a)		308		265,515
YPF Sociedad Anonima
1.50%, 09/30/33(a)		300		162,900
4.00%, 02/12/26(a)		400		344,000
				2,209,923
Azerbaijan — 0.5%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a)		550		517,000
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a)		1,000		982,400
				1,499,400
Bahrain — 0.4%
AUB Sukuk Ltd., 2.62%, 09/09/26(a)		400		351,950
BBK BSC, 5.50%, 07/09/24(a)		200		192,975
GFH Sukuk Ltd., 7.50%, 01/28/25(a)		200		190,500
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(a)(b)		400		386,200
				1,121,625
Brazil — 9.8%
Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)(a)		250		195,175
Adecoagro SA, 6.00%, 09/21/27(a)		200		180,125
Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a)		200		182,700
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28(a)		400		350,950
Atento Luxco 1 SA, 8.00%, 02/10/26(a)		300		116,250
Azul Investments LLP, 7.25%, 06/15/26		200		125,725
B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)(a)		200		136,913
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a)		400		317,075
Banco Bradesco SA/Cayman Islands
3.20%, 01/27/25(a)		400		377,400
4.38%, 03/18/27(a)(b)		200		185,880
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)(a)		200		174,725
4.50%, 01/10/25 (Call 12/10/24)(a)(b)		600		570,630
7.75%, 02/15/29 (Call 02/15/24)(a)(c)		200		199,000
Banco do Brasil SA/Cayman
3.25%, 09/30/26(a)		400		355,325
4.63%, 01/15/25(a)		400		387,190
4.75%, 03/20/24(a)		400		392,575
4.88%, 01/11/29(a)		200		179,100
6.25%, (Call 04/15/24)(a)(c)(d)		1,000		873,625
9.00%, (Call 06/18/24)(a)(b)(c)(d)		1,000		998,312
9.25%, 10/29/49(a)		600		600,300
Banco Votorantim SA, 4.38%, 07/29/25(a)		400		377,000
Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/24/25)(a)(c)		200		190,000
BRF SA
4.88%, 01/24/30 (Call 10/24/29)(a)		400		312,075
5.75%, 09/21/50 (Call 03/21/50)(a)		400		267,000
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a)		400		409,950

Security	Par (000)		Value
Brazil (continued)
Centrais Eletricas Brasileiras SA
3.63%, 02/04/25(a)	$	200	$	187,425
4.63%, 02/04/30(a)		400		341,320
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 11/30/22)(a)		400		392,075
Cosan Overseas Ltd., 8.25%, (a)(d)		200		191,350
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a)		400		353,700
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a)		600		510,150
CSN Resources SA
4.63%, 06/10/31 (Call 06/10/26)(a)		400		266,130
5.88%, 04/08/32 (Call 04/08/27)(a)		200		144,060
Embraer Netherlands Finance BV
5.05%, 06/15/25(b)		550		516,862
5.40%, 02/01/27(b)		300		273,619
6.95%, 01/17/28 (Call 10/17/27)(a)		400		376,530
FS Luxembourg Sarl, 10.00%, 12/15/25(a)		400		406,162
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a)		200		154,776
Gol Finance SA
7.00%, 01/31/25(a)		300		127,500
8.00%, 06/30/26 (Call 12/24/22)(a)		200		116,000
Guara Norte Sarl, 5.20%, 06/15/34(a)		374		292,079
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/30/22)(a)		400		275,825
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25(a)(b)		200		190,288
3.88%, 04/15/31(a)(c)		400		342,570
4.50%, 11/21/29 (Call 11/21/24)(a)(c)		400		368,825
4.63%, (Call 02/27/25)(a)(c)(d)		200		152,500
6.13%, (Call 12/12/22)(a)(b)(c)(d)		600		560,775
6.50%, (Call 03/19/23)(a)(b)(c)(d)		400		369,700
JSM Global Sarl, 4.75%, 10/20/30(a)		200		138,163
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)(a)		200		149,500
5.75%, 04/03/29 (Call 01/03/29)(a)		400		370,852
7.00%, 04/03/49 (Call 10/03/48)(a)		400		352,300
Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)(a)		200		161,200
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a)		600		441,000
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a)		800		607,280
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)(b)		400		287,000
Minerva Luxembourg SA, 4.38%, 03/18/31(a)		600		454,500
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(a)		400		292,352
Natura &Co. Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)(a)		400		332,370
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a)		400		310,200
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)(a)		200		184,975
7.00%, 05/14/26 (Call 11/30/22)(a)		400		385,700
Nexa Resources SA
5.38%, 05/04/27 (Call 02/04/27)(a)		400		361,120
6.50%, 01/18/28 (Call 10/18/27)(a)		200		183,600
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 11/30/22)(a)(e)		396		217,831
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 11/30/22)(a)(e)		932		198,888
Oi SA, 10.00%, (12.00% PIK), 07/27/25(e)		784		201,537
Petrobras Global Finance BV
5.09%, 01/15/30(b)		250		222,344
5.30%, 01/27/25(b)		250		246,219
5.50%, 06/10/51 (Call 12/10/50)		300		212,287
5.60%, 01/03/31 (Call 10/03/30)(b)		525		475,230
5.75%, 02/01/29		300		279,232

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
6.00%, 01/27/28(b)	$	626	$	600,334
6.25%, 03/17/24(b)		200		200,038
6.75%, 01/27/41(b)		300		260,295
6.75%, 06/03/50 (Call 12/03/49)(b)		300		240,675
6.85%, 06/05/2115		900		700,875
6.88%, 01/20/40(b)		350		309,487
6.90%, 03/19/49(b)		400		328,400
7.25%, 03/17/44		460		411,700
7.38%, 01/17/27(b)		400		406,000
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a)		200		180,975
Rede D’or Finance Sarl 4.50%, 01/22/30 (Call 10/22/29)(a)		300		246,562
4.95%, 01/17/28 (Call 10/17/27)(a)		400		354,575
Rumo Luxembourg Sarl 4.20%, 01/18/32(a)		200		151,038
5.25%, 01/10/28 (Call 01/10/24)(a)		200		178,100
Simpar Europe SA, 5.20%, 01/26/31(a)		400		287,000
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)(a)(b)		300		223,462
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 11/30/22)(a)		200		192,038
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a)		400		370,950
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a)		400		347,700
				28,421,105
Burkina Faso — 0.1%
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)		200		155,350
Canada — 0.0%
Sino-Ocean Land Treasure IV Ltd., 2.70%, 01/13/25 (Call 12/13/24)(a)		200		27,000
Cayman Islands — 0.0%
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/30/22)(a)(f)		900		2,250
Chile — 0.4%
AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24)(a)(c)		400		326,200
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(a)		200		161,912
Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)(a)		200		61,788
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/30/22)(a)		200		178,000
Latam Airlines Group SA, 13.38%, 10/15/29		400		391,000
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(a)		200		100,787
				1,219,687
China — 2.7%
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24)(a)(c)(d)		600		87,000
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(a)(c)(d)		1,500		1,383,750
Central Plaza Development Ltd., 5.75%, (Call 11/14/24)(a)(c)(d)		200		114,663
China Hongqiao Group Ltd., 6.25%, 06/08/24(a)		200		169,162
China SCE Group Holdings Ltd., 7.00%, 05/02/25 (Call 05/02/23)(a)		400		30,000
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(a)		200		191,356
CIFI Holdings Group Co. Ltd.
4.45%, 08/17/26 (Call 05/17/24)(a)(g)(h)		200		13,500
5.95%, 10/20/25 (Call 07/20/23)(a)(g)(h)		400		27,000
6.00%, 07/16/25 (Call 01/16/23)(a)(g)(h)		200		13,500
6.45%, 11/07/24 (Call 11/30/22)(a)(g)(h)		200		14,500
Country Garden Holdings Co. Ltd.
2.70%, 07/12/26 (Call 06/12/26)(a)		400		34,000
3.13%, 10/22/25 (Call 09/22/25)(a)		400		36,000

Security	Par (000)		Value
China (continued)
3.30%, 01/12/31 (Call 10/12/30)(a)	$	400	$	28,000
3.88%, 10/22/30 (Call 07/22/30)(a)		400		30,000
5.13%, 01/17/25 (Call 11/30/22)(a)		800		72,000
5.13%, 01/14/27 (Call 01/14/24)(a)		200		16,000
6.15%, 09/17/25 (Call 09/17/23)(a)		400		36,000
6.50%, 04/08/24 (Call 11/30/22)(a)		400		57,575
7.25%, 04/08/26 (Call 04/08/23)(a)		1,000		85,000
Ease Trade Global Ltd., 4.00%, 11/10/25(a)		200		188,412
Easy Tactic Ltd.
7.50%, (7.50% PIK), 07/11/25 (Call 11/30/22)(e)		600		101,738
7.50%, (7.50% PIK), 07/11/27 (Call 11/30/22)(e)		1,171		117,076
7.50%, (7.50% PIK), 07/11/28 (Call 11/30/22)(e)		700		56,000
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a)(b)		400		311,825
Fortune Star BVI Ltd. 5.00%, 05/18/26 (Call 05/18/24)(a)		200		69,000
5.05%, 01/27/27 (Call 01/27/25)(a)		200		65,000
5.95%, 10/19/25 (Call 10/19/23)(a)		400		149,680
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26)(a)(c)(d)		200		149,787
Greenland Global Investment Ltd., 5.88%, 07/03/24(a)		200		23,350
Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26)(a)(c)(d)		2,900		2,584,424
KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 11/15/22)(a)		400		46,000
Lenovo Group Ltd., 5.88%, 04/24/25(a)		600		575,280
Overseas Chinese Town Asia Holdings Ltd., 4.50%, (Call 07/15/23)(a)(c)(d)		200		190,537
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24 (Call 12/13/22)(a)		400		36,075
RKPF Overseas 2020 A Ltd. 5.13%, 07/26/26 (Call 07/26/24)(a)		200		61,000
5.20%, 01/12/26 (Call 01/12/24)(a)		200		62,000
Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 11/30/22)(a)		200		112,000
Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24(a)		200		33,663
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a)		200		20,475
Sino-Ocean Land Treasure III Ltd., 6.88%, (Call 09/21/27)(a)(c)(d)		400		40,200
Sino-Ocean Land Treasure IV Ltd., 4.75%, 08/05/29 (Call 05/05/29)(a)		400		37,825
Times China Holdings Ltd.
5.55%, 06/04/24 (Call 06/04/23)(a)		400		30,000
6.75%, 07/08/25 (Call 07/08/23)(a)		200		13,000
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(a)		400		172,000
West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a)		400		226,075
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(a)		0		—
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a)		200		84,000
				7,995,428
Colombia — 2.8%
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a)		400		258,000
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a)		850		633,781
Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(c)(d)		200		134,788
Banco de Bogota SA, 6.25%, 05/12/26(a)		600		546,600
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)		400		355,575
4.63%, 12/18/29 (Call 12/18/24)(b)(c)		200		161,537
7.14%, 10/18/27(b)(c)		400		343,700
Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(a)		200		149,725
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a)		200		139,288

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, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
Ecopetrol SA
4.13%, 01/16/25(b)	$	560	$	515,130
4.63%, 11/02/31 (Call 08/02/31)(b)		600		413,250
5.38%, 06/26/26 (Call 03/26/26)		750		680,344
5.88%, 05/28/45		940		572,291
5.88%, 11/02/51 (Call 05/02/51)(b)		355		208,917
6.88%, 04/29/30 (Call 01/29/30)(b)		950		775,675
7.38%, 09/18/43(b)		400		290,825
EnfraGen Energia Sur SA, 5.38%, 12/30/30(a)		400		204,000
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a)		200		161,350
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a)		400		276,075
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(a)		200		182,100
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(a)		400		299,200
6.25%, 03/25/29 (Call 03/25/24)(a)		360		313,875
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(a)		200		162,725
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a)		200		131,150
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(a)		340		288,639
				8,198,540
Ghana — 0.4%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 11/30/22)(a)		200		166,500
Tullow Oil PLC
7.00%, 03/01/25 (Call 11/30/22)(a)		400		263,000
10.25%, 05/15/26 (Call 05/15/23)(a)		906		772,365
				1,201,865
Guatemala — 0.4%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a)		600		528,675
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a)		400		318,450
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a)		200		168,100
				1,015,225
Hong Kong — 3.0%
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(a)(c)(d)		250		232,187
Bank of East Asia Ltd. (The)
5.83%, (Call 10/21/25)(a)(c)(d)		250		182,500
5.88%, (Call 09/19/24)(a)(c)(d)		250		200,203
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(a)(c)(d)		400		252,950
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a)		200		171,663
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(a)(c)(d)		600		504,000
China Citic Bank, 3.25%, (Call 07/29/26)(a)(c)(d)		250		216,250
China CITIC Bank International Ltd.
4.80%, (Call 04/22/27)(a)(c)(d)		250		223,125
7.10%, (Call 11/06/23)(a)(c)(d)		400		400,000
FWD Group Ltd.
5.75%, 07/09/24(a)		400		364,320
6.38%, (Call 09/13/24)(a)(c)(d)		400		336,325
8.05%, (Call 12/15/22)(a)(c)(d)		400		370,200
Henderson Land MTN Ltd., 2.38%, 05/27/25(a)		200		182,725
Lai Sun MTN Ltd., 5.00%, 07/28/26(a)		200		121,663
Li & Fung Ltd.
4.38%, 10/04/24 (Call 09/04/24)(a)		200		186,000
4.50%, 08/18/25 (Call 07/18/25)(a)		400		339,950
5.25%, (Call 05/03/23)(a)(d)		200		82,000
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/30/22)(a)		200		139,475
5.25%, 04/26/26 (Call 11/30/22)(a)		300		192,000

Security	Par (000)		Value
Hong Kong (continued)
5.38%, 12/04/29 (Call 12/04/24)(a)	$	600	$	327,000
5.63%, 07/17/27 (Call 11/30/22)(a)		400		236,116
5.75%, 07/21/28 (Call 07/21/23)(a)		400		230,000
Nanyang Commercial Bank Ltd., 6.50%, (Call 04/28/27)(a)(c)(d)		250		216,766
New World China Land Ltd., 4.75%, 01/23/27(a)		400		362,450
NWD Finance BVI Ltd.
4.13%, (Call 03/10/28)(a)(c)(d)		600		363,000
4.80%, (Call 09/09/23)(a)(d)		400		180,000
5.25%, (Call 03/22/26)(a)(c)(d)		600		378,000
6.25%, (Call 03/07/24)(a)(d)		600		325,612
NWD MTN Ltd.
4.13%, 07/18/29(a)		600		450,112
4.50%, 05/19/30(a)		200		149,850
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)(a)		400		315,950
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a)		400		308,628
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a)		200		180,538
				8,721,558
India — 2.5%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(a)		625		610,937
Adani Green Energy Ltd., 4.38%, 09/08/24(a)		400		298,000
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a)		200		181,100
Axis Bank Ltd., 4.10%, (Call 09/08/26)(a)(c)(d)		200		160,000
CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a)		400		335,000
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a)		194		152,865
Delhi International Airport Ltd.
6.13%, 10/31/26(a)		200		179,225
6.45%, 06/04/29(a)		200		162,500
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)(a)		382		297,960
Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a)		586		447,206
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25(a)		200		174,000
5.95%, 07/29/26 (Call 11/30/22)(a)		200		160,500
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a)		400		339,000
HDFC Bank Ltd., 3.70%, (Call 08/25/26)(a)(b)(c)(d)		400		319,000
JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/18/26)(a)		368		283,199
JSW Steel Ltd.
3.95%, 04/05/27 (Call 10/05/26)(a)		400		292,000
5.05%, 04/05/32 (Call 10/05/31)(a)		200		128,538
5.95%, 04/18/24(a)		200		188,000
Network i2i Ltd.
3.98%, (a)		200		157,000
5.65%, (Call 01/15/25)(a)(c)(d)		600		533,363
Periama Holdings LLC/DE, 5.95%, 04/19/26(a)		400		323,825
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a)		200		148,000
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(a)		400		370,244
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)(a)		600		372,000
9.25%, 04/23/26 (Call 04/23/23)(a)(b)		400		231,600
13.88%, 01/21/24 (Call 12/21/22)(a)		400		333,700
Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 11/30/22)(a)		400		232,000
				7,410,762
Indonesia — 0.6%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 11/30/22)(a)		250		233,641
Bank Negara Indonesia Persero Tbk PT 3.75%, 03/30/26(a)		600		489,066

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Indonesia (continued)
Indonesia (continued)
4.30%, (Call 03/24/27)(a)(c)(d)	$	200	$	141,022
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 11/30/22)(a)		350		329,000
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a)		400		320,000
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a)		400		356,000
				1,868,729
Israel — 2.3%
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(a)(i)		300		285,720
4.88%, 03/30/26 (Call 12/30/25)(a)(i)		300		270,000
5.38%, 03/30/28 (Call 09/30/27)(a)(i)		300		263,250
5.88%, 03/30/31 (Call 09/30/30)(a)(i)		300		253,500
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)(i)		275		261,594
6.50%, 06/30/27 (Call 12/30/26)(a)(i)		300		281,625
6.75%, 06/30/30 (Call 12/30/29)(a)(i)		250		221,922
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(b)		450		370,125
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		1,800		1,503,000
4.10%, 10/01/46		900		536,513
4.75%, 05/09/27 (Call 02/09/27)		500		439,375
5.13%, 05/09/29 (Call 02/09/29)(b)		400		343,280
6.00%, 04/15/24 (Call 01/15/24)(b)		600		591,000
6.75%, 03/01/28 (Call 12/01/27)		600		562,237
7.13%, 01/31/25 (Call 10/31/24)		400		394,250
				6,577,391
Jamaica — 0.2%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 11/15/22)(a)		700		593,279
Kampuchea, Democratic — 0.1%
NagaCorp Ltd., 7.95%, 07/06/24 (Call 11/10/22)(a)		200		171,475
Kazakhstan — 0.2%
Tengizchevroil Finance Co. International Ltd.
2.63%, 08/15/25 (Call 05/15/25)(a)		200		154,750
3.25%, 08/15/30 (Call 02/15/30)(a)		400		255,800
4.00%, 08/15/26(a)		400		309,800
				720,350
Kuwait — 0.2%
Burgan Bank SAK, 5.75%, (Call 07/09/24)(a)(c)(d)		200		168,037
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(a)		400		329,075
4.50%, 02/23/27(a)		200		156,038
				653,150
Luxembourg — 0.4%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(a)		500		399,790
5.75%, 08/15/29		1,000		785,000
				1,184,790
Macau — 2.0%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(a)		200		130,000
4.85%, 01/27/28 (Call 01/27/25)(a)		200		121,537
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)		200		148,000
5.25%, 06/18/25 (Call 11/10/22)(a)		200		172,500
5.38%, 05/15/24 (Call 11/10/22)(a)		600		490,500
5.88%, 05/15/26 (Call 11/10/22)(a)		400		303,848

Security	Par (000)		Value
Macau (continued)
Macau (continued)
Sands China Ltd.
2.80%, 03/08/27 (Call 02/08/27)	$	300	$	217,470
3.35%, 03/08/29 (Call 01/08/29)		400		266,000
3.75%, 08/08/31 (Call 05/08/31)		400		259,720
4.30%, 01/08/26 (Call 12/08/25)(b)		400		321,208
4.88%, 06/18/30 (Call 03/18/30)		400		280,000
5.63%, 08/08/25 (Call 06/08/25)(b)		800		702,000
5.90%, 08/08/28 (Call 05/08/28)(b)		800		627,912
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		800		331,600
6.50%, 01/15/28 (Call 07/15/23)(a)		200		83,413
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/30/22)(a)		200		152,500
5.13%, 12/15/29 (Call 12/15/24)(a)		400		234,000
5.50%, 01/15/26 (Call 11/30/22)(a)		600		411,000
5.50%, 10/01/27 (Call 11/30/22)(a)		400		240,112
5.63%, 08/26/28 (Call 08/26/23)(a)		600		354,000
				5,847,320
Mexico — 8.3%
Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(a)		200		188,100
Banco Mercantil del Norte SA/Grand Cayman
5.88%, (Call 01/24/27)(a)(c)(d)		400		307,000
6.63%, (Call 01/24/32)(a)(c)(d)		200		148,500
6.75%, (Call 09/27/24)(a)(b)(c)(d)		300		271,875
7.50%, (Call 06/27/29)(a)(c)(d)		200		154,163
7.63%, (a)		200		163,288
8.38%, (Call 10/14/30)(a)(c)(d)		200		167,787
BBVA Bancomer SA/Texas
5.13%, 01/18/33 (Call 01/17/28)(a)(c)		400		323,620
5.88%, 09/13/34 (Call 09/13/29)(a)(c)		350		291,279
Braskem Idesa SAPI
6.99%, 02/20/32 (Call 02/20/27)(a)		700		463,841
7.45%, 11/15/29 (Call 11/15/24)(a)(b)		400		303,500
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(a)		500		382,500
5.20%, 09/17/30 (Call 09/17/25)(a)		400		339,950
5.45%, 11/19/29 (Call 11/19/24)(a)		400		348,220
7.38%, 06/05/27 (Call 06/05/23)(a)		400		393,000
Cemex SAB De CV, 5.13%, (Call 06/08/26)(a)(c)(d)		500		410,275
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)(a)		400		248,000
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a)		300		247,500
Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)(a)(c)(d)		200		195,162
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(a)		200		163,788
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a)		200		144,500
Petroleos Mexicanos
4.50%, 01/23/26		600		530,700
5.35%, 02/12/28(b)		953		758,085
5.95%, 01/28/31 (Call 10/28/30)		1,800		1,293,300
6.35%, 02/12/48		800		459,056
6.38%, 01/23/45		600		350,400
6.49%, 01/23/27 (Call 11/23/26)		748		653,303
6.50%, 03/13/27(b)		1,900		1,655,850
6.50%, 01/23/29(b)		575		463,450
6.50%, 06/02/41		700		435,820
6.63%, 06/15/35		1,250		862,000
6.70%, 02/16/32 (Call 11/16/31)		3,300		2,479,341
6.75%, 09/21/47		2,600		1,563,900

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, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
6.84%, 01/23/30 (Call 10/23/29)	$	1,100	$	872,443
6.88%, 08/04/26		1,300		1,198,138
6.95%, 01/28/60 (Call 07/28/59)		1,800		1,073,250
7.69%, 01/23/50 (Call 07/23/49)(b)		3,800		2,449,831
8.75%, 06/02/29		950		852,031
Total Play Telecomunicaciones SA de CV
6.38%, 09/20/28 (Call 09/30/25)(a)		200		137,913
7.50%, 11/12/25(a)		400		335,524
				24,080,183
Moldova — 0.0%
Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a)		200		139,163
Morocco — 0.4%
OCP SA
3.75%, 06/23/31 (Call 03/23/31)(a)		200		148,225
4.50%, 10/22/25(a)		200		190,060
5.13%, 06/23/51 (Call 12/23/50)(a)		400		238,950
5.63%, 04/25/24(a)		300		296,306
6.88%, 04/25/44(a)		400		312,950
				1,186,491
Nigeria — 0.5%
Access Bank PLC, 9.13%, (Call 10/07/26)(a)(c)(d)		400		274,500
IHS Holding Ltd.
5.63%, 11/29/26 (Call 11/29/23)(a)		200		148,350
6.25%, 11/29/28 (Call 11/29/24)(a)		200		143,037
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 11/30/22)(a)		600		461,250
SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)(a)		400		309,200
				1,336,337
Oman — 0.2%
Bank Muscat SAOG, 4.75%, 03/17/26(a)		200		188,475
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a)		250		244,344
				432,819
Panama — 0.2%
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/10/22)(a)(b)		600		519,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a)		200		162,600
				681,600
Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(f)		468		289,173
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27(a)		400		361,325
				650,498
Peru — 0.7%
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)(a)		200		165,475
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)		183		165,338
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(a)		400		316,250
Minsur SA, 4.50%, 10/28/31(a)		200		159,926
Peru LNG Srl, 5.38%, 03/22/30(a)		400		314,150
Petroleos del Peru SA
4.75%, 06/19/32(a)		400		293,850
5.63%, 06/19/47(a)		1,100		701,250
				2,116,239
Philippines — 0.8%
Globe Telecom Inc., 4.20%, (Call 08/02/26)(a)(c)(d)		400		335,950
JGSH Philippines Ltd., 4.13%, 07/09/30(a)		400		350,700
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a)		200		169,037

Security	Par (000)		Value
Philippines (continued)
Petron Corp.
4.60%, (Call 07/19/23)(a)(c)(d)	$	200	$	176,912
5.95%, (Call 04/19/26)(a)(c)(d)		200		159,350
San Miguel Crop., 5.50%, (Call 07/29/25)(a)(c)(d)		200		146,000
SMC Global Power Holdings Corp.
5.45%, (Call 12/09/26)(a)(c)(d)		400		249,075
5.70%, (Call 01/21/26)(a)(c)(d)		200		127,538
5.95%, (Call 05/05/25)(a)(c)(d)		200		129,788
6.50%, (Call 04/25/24)(a)(c)(d)		400		270,825
7.00%, (Call 10/21/25)(a)(c)(d)		400		267,325
				2,382,500
Poland — 0.1%
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a)		400		317,500
Qatar — 0.1%
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(a)(c)(d)		400		355,450
Saudi Arabia — 0.5%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a)		399		327,294
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)		400		341,075
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a)		200		183,700
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a)		200		190,163
Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27)(a)(c)(d)		400		365,825
				1,408,057
Singapore — 0.2%
GLP Pte Ltd., 4.50%, (Call 05/17/26)(a)(c)(d)		400		160,000
Singapore Airlines Ltd.
3.00%, 07/20/26 (Call 06/20/26)(a)		200		183,480
3.38%, 01/19/29 (Call 11/19/28)(a)		400		339,552
				683,032
South Africa — 1.4%
Absa Group Ltd., 6.38%, (Call 05/27/26)(a)(c)(d)		200		170,600
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(a)		400		337,075
Eskom Holdings SOC Ltd.
6.35%, 08/10/28(a)		600		537,187
7.13%, 02/11/25(a)		460		428,174
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(a)(c)		200		193,975
Liquid Telecommunications Financing Plc, 5.50%, 09/04/26 (Call 03/04/23)(a)		400		270,000
MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a)		200		189,912
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)(b)		200		174,788
5.50%, 03/18/31 (Call 03/18/30)		400		298,825
5.88%, 03/27/24 (Call 02/27/24)(b)		800		777,000
6.50%, 09/27/28 (Call 06/27/28)		400		352,825
Stillwater Mining Co.
4.00%, 11/16/26 (Call 11/16/23)(a)		200		163,725
4.50%, 11/16/29 (Call 11/16/25)(a)		400		292,800
				4,186,886
South Korea — 0.1%
Woori Bank, 4.25%, (Call 10/04/24)(a)(c)(d)		200		172,288
Supranational — 0.2%
Eastern & Southern African Trade & Development Bank (The)
4.13%, 06/30/28(a)		400		320,441
4.88%, 05/23/24(a)		200		186,099
				506,540

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Switzerland — 0.0%
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(a)	$	200	$	116,278
Tanzania — 0.1%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 11/30/22)(a)		400		351,200
Thailand — 0.6%
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29)(a)(c)		600		445,612
5.00%, (a)		400		352,300
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(a)(c)		600		491,820
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)(a)(c)(d)		400		318,575
				1,608,307
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(a)		200		187,912
Turkey — 2.4%
Akbank TAS
5.13%, 03/31/25(a)		200		178,037
6.80%, 02/06/26(a)		200		180,350
6.80%, 06/22/31 (Call 06/22/26)(a)(c)		400		327,950
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a)		200		140,288
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a)		400		294,575
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a)		200		159,538
KOC Holding AS, 6.50%, 03/11/25 (Call 12/11/24)(a)		400		374,700
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/30/22)(a)		200		183,412
QNB Finansbank AS, 6.88%, 09/07/24(a)		400		398,700
Turk Telekomunikasyon AS
4.88%, 06/19/24(a)		200		175,000
6.88%, 02/28/25(a)		200		173,788
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(a)		200		176,288
5.80%, 04/11/28 (Call 01/11/28)(a)		200		158,475
Turkiye Garanti Bankasi AS, 7.18%, 05/24/27(a)(c)		400		340,450
Turkiye Is Bankasi AS
6.13%, 04/25/24(a)		600		568,050
7.00%, 06/29/28 (Call 06/29/23)(a)(c)		200		179,412
7.75%, 01/22/30 (Call 01/22/25)(a)(c)		400		349,700
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a)		400		365,200
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a)		300		276,675
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25(a)		400		361,412
6.50%, 01/08/26(a)		400		349,325
8.13%, 03/28/24(a)		200		194,912
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a)		200		138,750
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(a)		300		284,400	��
7.88%, 01/22/31 (Call 01/22/26)(a)(c)		200		174,475
8.25%, 10/15/24(a)		200		193,725
13.88%, (Call 01/15/24)(a)(c)(d)		400		412,200
				7,109,787
Ukraine — 0.0%
DTEK Finance PLC, 7.00%, (5.00% PIK), 12/31/27 (Call 11/30/22)(a)(e)		5		1,084

Security	Par (000)		Value
Ukraine (continued)
Metinvest BV, 7.75%, 10/17/29(a)	$	200	$	79,725
				80,809
United Arab Emirates — 1.4%
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(a)(c)(d)		400		398,825
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(c)(d)		200		187,288
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(c)(d)		400		396,016
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(a)(c)(d)		400		373,950
DP World Salaam, 6.00%, (Call 10/01/25)(a)(c)(d)		600		579,937
Emirates NBD Bank PJSC
4.25%, (Call 02/27/27)(a)(c)(d)		400		339,825
6.13%, (Call 03/20/25)(a)(c)(d)		400		377,950
6.13%, (Call 04/09/26)(a)(c)(d)		400		376,500
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 11/30/22)(a)		400		375,250
MAF Global Securities Ltd., 7.88%, (Call 06/30/27)(a)(c)(d)		200		191,287
Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(a)		200		151,710
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25(a)		470		394,800
				4,143,338
United States — 0.2%
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)		300		249,891
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a) .		200		182,900
				432,791
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(a)		250		173,250
Zambia — 0.8%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 11/10/22)(a)		400		390,200
6.88%, 03/01/26 (Call 11/10/22)(a)		600		561,549
6.88%, 10/15/27 (Call 10/15/23)(a)		800		740,850
7.50%, 04/01/25 (Call 11/10/22)(a)		600		577,800
				2,270,399
Total Corporate Bonds & Notes — 49.4% (Cost: $183,415,495)				143,925,856
Foreign Government Obligations(j)
Angola — 1.1%
Angolan Government International Bond
8.00%, 11/26/29(a)		800		650,000
8.25%, 05/09/28(a)		800		670,000
8.75%, 04/14/32(a)		900		720,000
9.13%, 11/26/49(a)		600		450,300
9.38%, 05/08/48(a)		800		608,000
				3,098,300
Argentina — 2.3%
Argentine Republic Government International Bond
0.50%, 07/09/30 (Call 12/01/22)(k)		7,669		1,606,757
1.00%, 07/09/29 (Call 12/01/22)(b)		1,231		251,712
1.50%, 07/09/35 (Call 12/01/22)(k)		9,814		1,943,218
1.50%, 07/09/46 (Call 12/01/22)(k)		1,026		207,085
3.50%, 07/09/41 (Call 12/01/22)(b)(k)		5,054		1,200,232
3.88%, 01/09/38 (Call 12/01/22)(k)		5,399		1,387,756
				6,596,760

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, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Azerbaijan — 0.3%
Republic of Azerbaijan International Bond
3.50%, 09/01/32(a)	$	450	$	359,803
4.75%, 03/18/24(a)		600		583,988
				943,791
Bahrain — 2.4%
Bahrain Government International Bond
5.25%, 01/25/33(a)		600		469,968
5.45%, 09/16/32(a)		400		322,296
5.63%, 09/30/31(a)		400		333,556
5.63%, 05/18/34(a)		600		472,752
6.00%, 09/19/44(a)		600		419,175
6.75%, 09/20/29(a)		600		562,238
7.00%, 01/26/26(a)		600		597,862
7.00%, 10/12/28(a)		700		669,506
7.38%, 05/14/30(a)		400		380,075
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(a)		600		597,862
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(a)		400		409,700
CBB International Sukuk Programme Co. WLL
3.88%, 05/18/29(b)(i)		75		64,256
3.88%, 05/18/29(a)		350		299,863
3.95%, 09/16/27(a)		500		460,250
4.50%, 03/30/27(a)		400		376,950
6.25%, 11/14/24(a)		600		602,436
				7,038,745
Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28(a)(b)		400		312,825
Brazil — 4.9%
Brazilian Government International Bond
2.88%, 06/06/25		800		750,800
3.75%, 09/12/31(b)		500		411,000
3.88%, 06/12/30(b)		1,700		1,427,787
4.25%, 01/07/25(b)		1,948		1,893,578
4.50%, 05/30/29 (Call 02/28/29)(b)		1,000		894,875
4.63%, 01/13/28 (Call 10/13/27)(b)		1,600		1,499,300
4.75%, 01/14/50 (Call 07/14/49)		1,850		1,236,378
5.00%, 01/27/45(b)		1,700		1,221,131
5.63%, 01/07/41		1,100		882,956
5.63%, 02/21/47(b)		1,300		984,588
6.00%, 04/07/26(b)		1,000		1,022,375
7.13%, 01/20/37(b)		800		796,900
8.25%, 01/20/34(b)		650		701,513
8.88%, 04/15/24		450		474,131
				14,197,312
Colombia — 3.7%
Colombia Government International Bond
3.00%, 01/30/30 (Call 10/30/29)		700		494,550
3.13%, 04/15/31 (Call 01/15/31)		1,200		822,975
3.25%, 04/22/32 (Call 01/22/32)		1,000		663,500
3.88%, 04/25/27 (Call 01/25/27)(b)		800		666,150
3.88%, 02/15/61 (Call 08/15/60)		600		303,112
4.00%, 02/26/24 (Call 11/26/23)		800		766,150
4.13%, 02/22/42 (Call 08/22/41)		400		222,600
4.13%, 05/15/51 (Call 11/15/50)(b)		800		423,150
4.50%, 01/28/26 (Call 10/28/25)(b)		800		718,150
4.50%, 03/15/29 (Call 12/15/28)(b)		1,000		806,750
5.00%, 06/15/45 (Call 12/15/44)		2,200		1,334,850
5.20%, 05/15/49 (Call 11/15/48)(b)		1,250		759,219
5.63%, 02/26/44 (Call 08/26/43)(b)		1,200		775,800

Security	Par (000)		Value
Colombia (continued)
6.13%, 01/18/41	$	1,250	$	893,203
7.38%, 09/18/37(b)		900		757,294
8.13%, 05/21/24(b)		375		375,656
				10,783,109
Costa Rica — 0.5%
Costa Rica Government International Bond
6.13%, 02/19/31(a)(b)		600		556,050
7.00%, 04/04/44(a)		450		380,616
7.16%, 03/12/45(a)		600		517,237
				1,453,903
Dominican Republic — 3.3%
Dominican Republic International Bond
4.50%, 01/30/30(a)		1,000		798,312
4.88%, 09/23/32(a)		1,500		1,150,594
5.30%, 01/21/41(a)		700		480,069
5.50%, 01/27/25(a)		525		512,466
5.50%, 02/22/29 (Call 12/22/28)(a)		850		738,862
5.88%, 01/30/60(a)		1,500		1,005,000
5.95%, 01/25/27(a)		850		791,456
6.00%, 07/19/28(a)		600		545,925
6.00%, 02/22/33 (Call 11/22/32)(a)		1,000		833,312
6.40%, 06/05/49(a)		600		429,675
6.50%, 02/15/48(a)		450		327,038
6.85%, 01/27/45(a)(b)		1,000		768,312
6.88%, 01/29/26(a)		700		685,694
7.45%, 04/30/44(a)		750		625,688
				9,692,403
Ecuador — 1.1%
Ecuador Government International Bond
0.00%, 07/31/30(a)(f)		467		143,574
1.50%, 07/31/40(a)(k)		1,613		523,046
2.50%, 07/31/35(a)(k)		4,110		1,493,410
5.50%, 07/31/30(a)(k)		1,756		930,239
				3,090,269
Egypt — 2.6%
Egypt Government International Bond
5.75%, 05/29/24(a)		600		564,750
5.80%, 09/30/27(a)		400		290,500
5.88%, 06/11/25(a)		800		687,000
5.88%, 02/16/31(a)		800		486,400
6.59%, 02/21/28(a)		600		429,000
7.05%, 01/15/32(a)		400		251,450
7.30%, 09/30/33(a)		600		372,750
7.50%, 01/31/27(a)		1,000		803,750
7.50%, 02/16/61(a)		600		339,000
7.60%, 03/01/29(a)		800		572,000
7.63%, 05/29/32(a)		800		507,150
7.90%, 02/21/48(a)		850		474,937
8.50%, 01/31/47(a)		1,300		765,375
8.70%, 03/01/49(a)		600		354,750
8.88%, 05/29/50(a)		1,000		592,500
				7,491,312
El Salvador — 0.2%
El Salvador Government International Bond
7.12%, 01/20/50 (Call 07/20/49)(a)		550		184,525
7.65%, 06/15/35(a)		450		160,256
9.50%, 07/15/52 (Call 01/15/52)(a)		550		206,250
				551,031

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM High Yield Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24(a)	$	400	$	201,075
Gabon — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31(a)		400		279,075
Ghana — 0.5%
Ghana Government International Bond
6.38%, 02/11/27(a)		600		180,000
7.63%, 05/16/29(a)		500		137,500
7.75%, 04/07/29(a)		600		169,987
7.88%, 02/11/35(a)		400		110,950
8.13%, 01/18/26(a)		470		170,904
8.13%, 03/26/32(a)		500		140,000
8.63%, 04/07/34(a)		400		112,500
8.63%, 06/16/49(a)		600		160,988
8.95%, 03/26/51(a)		500		139,781
10.75%, 10/14/30(a)		400		258,000
				1,580,610
Guatemala — 0.2%
Guatemala Government Bond, 6.13%, 06/01/50 (Call 12/01/49)(a)		700		601,038
Iraq — 0.2%
Iraq International Bond, 5.80%, 01/15/28(Call 12/15/22)(a)		859		729,019
Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.13%, 06/15/33(a)		600		466,050
Jamaica — 0.8%
Jamaica Government International Bond
6.75%, 04/28/28(b)		600		626,738
7.88%, 07/28/45(b)		900		953,887
8.00%, 03/15/39(b)		600		660,487
				2,241,112
Jordan — 0.6%
Jordan Government International Bond
5.75%, 01/31/27(a)		600		548,550
5.85%, 07/07/30(a)		700		579,250
6.13%, 01/29/26(a)		400		381,450
7.38%, 10/10/47(a)		400		298,500
				1,807,750
Kenya — 0.8%
Republic of Kenya Government International Bond
6.30%, 01/23/34(a)		400		252,000
6.88%, 06/24/24(a)		1,000		872,500
7.25%, 02/28/28(a)		400		302,000
8.00%, 05/22/32(a)		600		417,000
8.25%, 02/28/48(a)		600		378,000
				2,221,500
Lebanon — 0.1%
Lebanon Government International Bond
6.00%, 01/27/23(a)(g)(h)		500		28,531
6.10%, 10/04/24		730		44,393
6.60%, 12/31/99(a)(f)(g)(h)		760		43,130
6.65%, 12/31/99(a)(g)(h)		760		42,893
6.75%, 12/31/99(a)(g)(h)		470		26,673
6.85%, 12/31/99(a)(g)(h)		590		33,298
7.00%, 12/31/99(a)(g)(h)		475		26,956
				245,874

Security	Par (000)		Value
Morocco — 0.2%
Morocco Government International Bond
3.00%, 12/15/32(a)	$	400	$	287,450
4.00%, 12/15/50(a)		600		353,362
				640,812
Nigeria — 1.5%
Nigeria Government International Bond
6.13%, 09/28/28(a)		800		526,000
6.50%, 11/28/27(a)		600		424,500
7.14%, 02/23/30(a)		714		464,100
7.38%, 09/28/33(a)		600		361,500
7.63%, 11/21/25(a)		500		430,000
7.63%, 11/28/47(a)		600		339,000
7.70%, 02/23/38(a)		600		351,000
7.88%, 02/16/32(a)		800		512,000
8.25%, 09/28/51(a)		600		345,000
8.38%, 03/24/29(a)		600		433,500
8.75%, 01/21/31(a)		400		280,000
				4,466,600
Oman — 3.9%
Oman Government International Bond
4.75%, 06/15/26(a)		1,000		945,000
4.88%, 02/01/25(a)		200		194,000
5.38%, 03/08/27(a)		1,000		952,500
5.63%, 01/17/28(a)		1,200		1,140,000
6.00%, 08/01/29(a)		1,200		1,138,500
6.25%, 01/25/31(a)		800		762,000
6.50%, 03/08/47(a)		1,000		823,750
6.75%, 10/28/27(a)		800		801,150
6.75%, 01/17/48(a)		1,200		1,006,500
7.00%, 01/25/51(a)		400		341,000
7.38%, 10/28/32(a)		600		612,000
Oman Sovereign Sukuk Co.
4.40%, 06/01/24(a)		1,000		975,000
4.88%, 06/15/30(a)		800		759,650
5.93%, 10/31/25(a)		800		806,000
				11,257,050
Pakistan — 0.4%
Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29(a)		400		206,023
Pakistan Government International Bond
6.00%, 04/08/26(a)		800		250,088
6.88%, 12/05/27(a)		750		232,583
7.38%, 04/08/31(a)		600		181,566
8.25%, 04/15/24(a)		470		195,102
				1,065,362
Paraguay — 0.4%
Paraguay Government International Bond
4.95%, 04/28/31 (Call 01/28/31)(a)		400		364,950
5.40%, 03/30/50 (Call 09/30/49)(a)		600		456,862
6.10%, 08/11/44(a)		400		343,700
				1,165,512
Senegal — 0.2%
Senegal Government International Bond
6.25%, 05/23/33(a)		300		223,650
6.75%, 03/13/48(a)		600		379,988
				603,638
Serbia — 0.1%
Serbia International Bond, 2.13%, 12/01/30(a)		535		368,247

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, 2022 iShares^® J.P. Morgan EM High Yield Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Africa — 2.8%
Republic of South Africa Government International Bond
4.30%, 10/12/28(b)	$	1,000	$	851,750
4.67%, 01/17/24(b)		800		785,400
4.85%, 09/27/27(b)		400		361,950
4.85%, 09/30/29		900		762,356
4.88%, 04/14/26(b)		604		565,797
5.00%, 10/12/46		600		375,863
5.38%, 07/24/44		500		332,594
5.65%, 09/27/47		800		531,000
5.75%, 09/30/49		1,350		894,375
5.88%, 09/16/25		986		974,168
5.88%, 06/22/30(b)		600		531,487
5.88%, 04/20/32		700		597,625
7.30%, 04/20/52		700		544,250
				8,108,615
Sri Lanka — 0.3%
Sri Lanka Government International Bond
6.20%, 05/11/27(a)(g)(h)		700		148,827
6.75%, 04/18/28(a)(g)(h)		700		153,912
6.83%, 07/18/26(a)(g)(h)		600		135,300
6.85%, 03/14/24(a)(g)(h)		600		134,738
6.85%, 11/03/25(a)(g)(h)		700		156,100
7.55%, 03/28/30(a)(g)(h)		400		87,325
7.85%, 03/14/29(a)(g)(h)		700		151,725
				967,927
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(a)(b)		400		384,575
Tunisia — 0.1%
Tunisian Republic, 5.75%, 01/30/25(a)		400		249,950
Turkey — 10.2%
Hazine Mustesarligi Varlik Kiralama AS
4.49%, 11/25/24(a)		400		369,450
5.13%, 06/22/26(a)		1,200		1,057,350
7.25%, 02/24/27(a)		1,500		1,383,562
9.76%, 11/13/25		1,200		1,215,000
Turkey Government International Bond
4.25%, 03/13/25		1,000		903,750
4.25%, 04/14/26(b)		700		594,125
4.75%, 01/26/26(b)		800		700,000
4.88%, 10/09/26		1,500		1,273,125
4.88%, 04/16/43		1,370		801,450
5.13%, 02/17/28		1,000		807,500
5.25%, 03/13/30		900		669,375
5.60%, 11/14/24		1,100		1,050,500
5.75%, 03/22/24		1,250		1,226,563
5.75%, 05/11/47		1,600		984,000
5.88%, 06/26/31		900		676,125
5.95%, 01/15/31		1,200		916,500
6.00%, 03/25/27(b)		1,500		1,303,125
6.00%, 01/14/41		1,500		963,750
6.13%, 10/24/28		1,300		1,080,625
6.35%, 08/10/24(b)		1,050		1,024,603
6.38%, 10/14/25		1,200		1,111,500
6.50%, 09/20/33		700		525,000
6.63%, 02/17/45(b)		1,400		950,250
6.75%, 05/30/40		950		680,438
6.88%, 03/17/36		1,300		975,000
7.25%, 12/23/23		800		807,000

Security		Par/ Shares (000)		Value
Turkey (continued)
7.25%, 03/05/38		$	500	$	393,750
7.38%, 02/05/25			1,570		1,536,637
7.63%, 04/26/29(b)			1,400		1,233,750
8.00%, 02/14/34			750		656,250
8.60%, 09/24/27			1,000		958,750
11.88%, 01/15/30			700		768,250
Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a)			200		166,100
					29,763,153
Ukraine — 0.4%
Ukraine Government International Bond
6.88%, 05/21/31(a)(g)(h)			800		115,900
7.25%, 03/15/35(a)(g)(h)			1,200		179,100
7.38%, 09/25/34(a)(g)(h)			1,400		209,825
7.75%, 09/01/25(a)(g)(h)			625		130,977
7.75%, 09/01/26(a)(g)(h)			700		115,412
7.75%, 09/01/27(a)(g)(h)			675		112,134
7.75%, 09/01/28(a)(g)(h)			600		106,500
7.75%, 09/01/29(a)(g)(h)			650		113,669
9.75%, 11/01/30(a)(g)(h)			800		146,650
					1,230,167
United Arab Emirates — 1.0%
Emirate of Dubai Government International Bonds
3.90%, 09/09/50(a)			600		388,425
5.25%, 01/30/43(a)			600		499,613
Finance Department Government of Sharjah, 4.00%, 07/28/50(a)			500		287,281
Sharjah Sukuk Program Ltd.
2.94%, 06/10/27(a)			400		340,575
3.23%, 10/23/29(a)			500		407,125
3.85%, 04/03/26(a)			400		361,450
4.23%, 03/14/28(a)			800		702,400
					2,986,869
Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24(a)			600		575,175
Zambia — 0.1%
Zambia Government International Bond
8.50%, 04/14/24(a)(g)(h)			400		154,000
8.97%, 07/30/27(a)(g)(h)	��		600		222,000
					376,000
Total Foreign Government Obligations — 48.0% (Cost: $202,796,059)					139,832,515
Total Long-Term Investments — 97.4% (Cost: $386,211,554)					283,758,371
Short-Term Securities
Money Market Funds — 12.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(l)(m)(n)			34,738		34,730,604

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(l)(m)		2,469	$	2,469,000
Total Short-Term Securities — 12.8% (Cost: $37,198,260)				37,199,604
Total Investments — 110.2% (Cost: $423,409,814)				320,957,975
Liabilities in Excess of Other Assets — (10.2)%				(29,661,427	)
Net Assets — 100.0%			$	291,296,548

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

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

^(c) 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.

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

^(e)  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.

^(f) Zero-coupon bond.

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

^(h) Non-income producing security.

⁽ⁱ⁾ 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.

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

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,402,228	$	1,347,558	(a)	$	—		$	(20,525	)	$	1,343	$	34,730,604		34,738	$	202,013	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,999,000		—			(530,000	)(a)		—			—		2,469,000		2,469		20,761			—
									$	(20,525	)	$	1,343	$	37,199,604			$	222,774		$	—

^(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

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	$	—	$	143,925,856	$	—	$	143,925,856
Foreign Government Obligations		—		139,832,515		—		139,832,515
Money Market Funds		37,199,604		—		—		37,199,604
	$	37,199,604	$	283,758,371	$	—	$	320,957,975

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 43

Schedule of Investments October 31, 2022 iShares^® J.P. Morgan EM Local Currency Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Foreign Government Obligations
Brazil — 4.7%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/23(a)		BRL	15,783	$	2,809,456
0.00%, 01/01/24(a)		BRL	23,859		4,013,197
0.00%, 07/01/24(a)		BRL	9,263		1,482,346
0.00%, 07/01/25(a)		BRL	10,786		1,558,471
0.00%, 01/01/26(a)		BRL	1,000		136,331
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/25		BRL	8,929		1,671,506
Series F, 10.00%, 01/01/29		BRL	7,080		1,271,581
Series F, 10.00%, 01/01/31		BRL	4,000		704,840
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/33		BRL	1,000		173,412
Series F, 10.00%, 01/01/27		BRL	10,960		2,014,873
Brazilian Government International Bond
8.50%, 01/05/24		BRL	500		90,601
10.25%, 01/10/28		BRL	1,420		253,972
					16,180,586
Chile — 4.6%
Bonos de la Tesoreria de la Republica en pesos
2.30%, 10/01/28(b)(c)		CLP	675,000		563,669
2.50%, 03/01/25		CLP	4,085,000		3,890,384
4.50%, 03/01/26		CLP	2,550,000		2,509,595
4.70%, 09/01/30(b)(c)		CLP	2,830,000		2,663,977
5.00%, 10/01/28(b)(c)		CLP	925,000		898,586
5.00%, 03/01/35		CLP	2,850,000		2,670,378
6.00%, 01/01/43		CLP	2,555,000		2,590,612
					15,787,201
China — 14.3%
China Government Bond
1.99%, 04/09/25		CNY	11,550		1,575,084
2.24%, 05/25/25		CNY	6,920		949,034
2.26%, 02/24/25		CNY	3,010		413,370
2.36%, 07/02/23		CNY	9,300		1,278,745
2.37%, 01/20/27		CNY	9,050		1,237,491
2.47%, 09/02/24		CNY	12,170		1,680,354
2.48%, 04/15/27		CNY	3,690		506,388
2.50%, 07/25/27		CNY	4,890		671,947
2.68%, 05/21/30		CNY	13,520		1,849,199
2.69%, 08/12/26		CNY	11,170		1,548,192
2.69%, 08/15/32		CNY	1,760		241,155
2.75%, 06/15/29		CNY	3,700		509,402
2.75%, 02/17/32		CNY	9,340		1,280,400
2.76%, 05/15/32		CNY	8,120		1,116,581
2.80%, 03/24/29		CNY	6,960		963,244
2.84%, 04/08/24		CNY	10,060		1,396,202
2.85%, 06/04/27		CNY	11,910		1,660,002
2.88%, 11/05/23		CNY	11,630		1,610,704
2.89%, 11/18/31		CNY	6,850		950,199
2.91%, 10/14/28		CNY	11,790		1,645,090
2.94%, 10/17/24		CNY	7,570		1,055,193
3.01%, 05/13/28		CNY	10,340		1,452,613
3.02%, 10/22/25		CNY	13,930		1,953,793
3.02%, 05/27/31		CNY	13,270		1,861,874
3.03%, 03/11/26		CNY	9,850		1,382,980
3.12%, 12/05/26		CNY	10,590		1,493,120
3.13%, 11/21/29		CNY	12,860		1,819,276
3.19%, 04/11/24		CNY	9,960		1,391,538
3.22%, 12/06/25		CNY	7,160		1,010,070

Security	Par (000)			Value
China (continued)
3.25%, 06/06/26		CNY	11,450	$	1,621,216
3.25%, 11/22/28		CNY	9,460		1,349,056
3.27%, 11/19/30		CNY	12,350		1,767,440
3.28%, 12/03/27		CNY	11,010		1,569,600
3.29%, 10/18/23		CNY	7,240		1,007,383
3.29%, 05/23/29		CNY	11,120		1,591,560
3.32%, 04/15/52		CNY	1,310		186,107
3.53%, 10/18/51		CNY	6,110		897,463
3.72%, 04/12/51		CNY	7,820		1,181,690
3.81%, 09/14/50		CNY	11,170		1,709,228
					49,383,983
Colombia — 4.2%
Colombia Government International Bond, 9.85%, 06/28/27		COP	745,000		130,436
Colombian TES
9.25%, 05/28/42		COP	5,545,200		768,216
Series B, 5.75%, 11/03/27		COP	8,119,000		1,191,839
Series B, 6.00%, 04/28/28		COP	10,355,200		1,489,786
Series B, 6.25%, 11/26/25		COP	6,741,500		1,134,756
Series B, 6.25%, 07/09/36		COP	4,133,800		453,552
Series B, 7.00%, 03/26/31		COP	11,526,400		1,557,671
Series B, 7.00%, 06/30/32		COP	9,697,900		1,258,974
Series B, 7.25%, 10/18/34		COP	11,141,000		1,409,220
Series B, 7.25%, 10/26/50		COP	8,237,000		891,080
Series B, 7.50%, 08/26/26		COP	10,213,700		1,714,857
Series B, 7.75%, 09/18/30		COP	7,500,200		1,087,402
Series B, 10.00%, 07/24/24		COP	7,441,300		1,448,242
					14,536,031
Czech Republic — 4.5%
Czech Republic Government Bond
0.00%, 12/12/24(a)		CZK	8,150		290,398
0.05%, 11/29/29		CZK	19,930		532,122
0.25%, 02/10/27		CZK	35,970		1,141,170
0.45%, 10/25/23(c)		CZK	29,310		1,110,651
0.95%, 05/15/30(c)		CZK	36,560		1,030,671
1.00%, 06/26/26(c)		CZK	33,420		1,129,801
1.20%, 03/13/31		CZK	30,850		868,653
1.25%, 02/14/25		CZK	26,440		955,002
1.50%, 04/24/40		CZK	13,730		298,670
1.75%, 06/23/32		CZK	32,480		920,732
2.00%, 10/13/33		CZK	36,590		1,026,907
2.40%, 09/17/25(c)		CZK	37,980		1,386,497
2.50%, 08/25/28(c)		CZK	37,990		1,280,330
2.75%, 07/23/29		CZK	37,500		1,245,549
3.50%, 05/30/35		CZK	8,930		288,283
4.20%, 12/04/36(c)		CZK	19,050		657,924
5.70%, 05/25/24(c)		CZK	17,050		682,606
6.00%, 02/26/26		CZK	14,910		598,374
					15,444,340
Dominican Republic — 4.3%
Dominican Republic International Bond, 9.75%, 06/05/26(c)		DOP	846,350		14,808,657
Egypt — 3.9%
Egypt Government Bond
13.54%, 01/14/25		EGP	16,251		613,502
14.06%, 01/12/26		EGP	56,362		2,084,924
14.29%, 01/05/28		EGP	34,072		1,207,048
14.35%, 09/10/24		EGP	16,886		654,046
14.37%, 10/20/25		EGP	48,005		1,803,675

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Local Currency Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Egypt (continued)
14.40%, 09/10/29		EGP	18,168	$	628,617
14.48%, 04/06/26		EGP	41,336		1,543,692
14.53%, 09/14/24		EGP	40,661		1,581,239
14.56%, 07/06/26		EGP	23,927		886,750
14.56%, 10/13/27		EGP	35,303		1,273,447
14.66%, 10/06/30		EGP	17,509		603,832
16.10%, 05/07/29		EGP	15,329		573,071
					13,453,843
Hungary — 4.4%
Hungary Government Bond
1.00%, 11/26/25		HUF	667,520		1,172,588
1.50%, 08/23/23		HUF	111,060		247,191
1.50%, 04/22/26		HUF	646,240		1,108,074
1.50%, 08/26/26		HUF	392,850		652,545
2.00%, 05/23/29		HUF	518,050		757,386
2.25%, 04/20/33		HUF	650,770		804,324
2.25%, 06/22/34		HUF	219,350		262,069
2.50%, 10/24/24		HUF	476,870		943,117
2.75%, 12/22/26		HUF	510,020		869,677
3.00%, 06/26/24		HUF	392,100		806,876
3.00%, 10/27/27		HUF	656,860		1,089,889
3.00%, 08/21/30		HUF	608,270		911,113
3.00%, 10/27/38		HUF	431,710		498,190
3.00%, 04/25/41		HUF	248,670		270,526
3.25%, 10/22/31		HUF	705,170		1,032,487
4.50%, 03/23/28		HUF	298,470		523,011
4.75%, 11/24/32		HUF	337,290		544,459
5.50%, 06/24/25		HUF	609,450		1,229,640
6.00%, 11/24/23		HUF	447,860		1,006,288
6.75%, 10/22/28		HUF	320,050		630,317
					15,359,767
Indonesia — 4.3%
Indonesia Treasury Bond
5.13%, 04/15/27		IDR	9,368,000		554,662
5.50%, 04/15/26		IDR	8,304,000		506,306
6.13%, 05/15/28		IDR	9,215,000		555,352
6.25%, 06/15/36		IDR	5,099,000		287,519
6.38%, 04/15/32		IDR	12,842,000		757,470
6.50%, 06/15/25		IDR	9,239,000		585,230
6.50%, 02/15/31		IDR	12,077,000		723,188
6.63%, 05/15/33		IDR	6,120,000		360,981
7.00%, 05/15/27		IDR	10,003,000		633,625
7.00%, 09/15/30		IDR	13,496,000		837,146
7.13%, 06/15/42		IDR	7,950,000		483,702
7.50%, 08/15/32		IDR	4,501,000		284,243
7.50%, 06/15/35		IDR	8,675,000		547,836
7.50%, 05/15/38		IDR	5,228,000		330,154
7.50%, 04/15/40		IDR	9,857,000		619,321
8.13%, 05/15/24		IDR	7,112,000		464,178
8.25%, 05/15/29		IDR	9,054,000		602,246
8.25%, 06/15/32		IDR	3,270,000		216,987
8.25%, 05/15/36		IDR	8,623,000		572,747
8.38%, 03/15/24		IDR	9,666,000		631,489
8.38%, 09/15/26		IDR	9,339,000		620,305
8.38%, 03/15/34		IDR	11,986,000		803,805
8.38%, 04/15/39		IDR	4,025,000		270,957
8.75%, 05/15/31		IDR	4,957,000		339,259
9.00%, 03/15/29		IDR	6,220,000		428,292
9.50%, 07/15/31		IDR	2,585,000		184,791
10.50%, 08/15/30		IDR	203,000		15,195

Security	Par (000)			Value
Indonesia (continued)
11.00%, 09/15/25		IDR	2,856,000	$	201,417
Perusahaan Penerbit SBSN Indonesia
6.38%, 03/15/34		IDR	7,282,000		420,994
6.63%, 10/15/24		IDR	6,528,000		420,575
8.25%, 09/15/23		IDR	5,370,000		350,172
8.88%, 11/15/31		IDR	5,023,000		359,074
					14,969,218
Malaysia — 4.4%
Malaysia Government Bond
2.63%, 04/15/31		MYR	2,404		440,357
3.48%, 06/14/24		MYR	2,213		467,632
3.50%, 05/31/27		MYR	2,045		419,476
3.58%, 07/15/32		MYR	1,029		203,752
3.73%, 06/15/28		MYR	3,010		616,191
3.76%, 05/22/40		MYR	3,045		555,268
3.80%, 08/17/23		MYR	1,303		277,166
3.83%, 07/05/34		MYR	2,773		540,049
3.88%, 03/14/25		MYR	1,087		230,137
3.89%, 08/15/29		MYR	2,527		515,903
3.90%, 11/30/26		MYR	2,450		513,790
3.90%, 11/16/27		MYR	2,143		446,658
3.91%, 07/15/26		MYR	1,647		345,988
3.96%, 09/15/25		MYR	2,754		582,825
4.06%, 09/30/24		MYR	1,221		260,503
4.07%, 06/15/50		MYR	3,527		641,514
4.18%, 07/15/24		MYR	1,373		293,284
4.25%, 05/31/35		MYR	1,704		342,526
4.50%, 04/30/29		MYR	1,016		217,112
4.70%, 10/15/42		MYR	1,233		255,589
4.76%, 04/07/37		MYR	3,493		745,624
Malaysia Government Investment Issue
3.42%, 09/30/27		MYR	3,094		631,476
3.45%, 07/15/36		MYR	2,694		490,675
3.47%, 10/15/30		MYR	3,930		773,698
3.66%, 10/15/24		MYR	2,274		481,118
3.73%, 03/31/26		MYR	3,105		650,710
3.99%, 10/15/25		MYR	1,519		322,425
4.09%, 11/30/23		MYR	1,591		339,747
4.13%, 08/15/25		MYR	1,522		323,522
4.13%, 07/09/29		MYR	2,100		438,317
4.19%, 10/07/32		MYR	2,347		484,391
4.26%, 07/26/27		MYR	1,715		362,758
4.37%, 10/31/28		MYR	2,575		544,437
Malaysia Investment Issue Bond, 4.42%, 09/30/41		MYR	2,188		435,073
					15,189,691
Mexico — 4.5%
Mexican Bonos
5.00%, 03/06/25		MXN	7,000		314,997
5.50%, 03/04/27		MXN	12,400		529,212
Series M, 5.75%, 03/05/26		MXN	41,870		1,863,329
Series M, 7.75%, 05/29/31		MXN	43,167		1,915,228
Series M, 7.75%, 11/23/34		MXN	9,900		424,409
Series M, 7.75%, 11/13/42		MXN	26,102		1,060,960
Series M, 8.00%, 12/07/23		MXN	22,315		1,095,065
Series M, 8.00%, 09/05/24		MXN	30,283		1,469,707
Series M, 8.00%, 11/07/47		MXN	27,269		1,126,218
Series M 20, 7.50%, 06/03/27		MXN	34,718		1,602,502
Series M 20, 8.50%, 05/31/29		MXN	26,416		1,247,221
Series M 20, 10.00%, 12/05/24		MXN	25,797		1,295,499
Series M 30, 8.50%, 11/18/38		MXN	20,698		918,324

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, 2022 iShares^® J.P. Morgan EM Local Currency Bond  ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mexico (continued)
Series M 30, 10.00%, 11/20/36		MXN	8,523	$	431,579
Mexico Bonos, 8.00%, 07/31/53		MXN	3,895		159,771
					15,454,021
Peru — 4.5%
Peru Government Bond
5.35%, 08/12/40		PEN	5,271		940,870
5.40%, 08/12/34		PEN	7,081		1,375,969
5.70%, 08/12/24		PEN	4,213		1,033,148
5.94%, 02/12/29		PEN	10,262		2,310,828
6.15%, 08/12/32		PEN	8,965		1,918,483
6.35%, 08/12/28		PEN	9,407		2,196,533
6.90%, 08/12/37		PEN	9,152		1,976,378
6.95%, 08/12/31		PEN	9,291		2,146,386
8.20%, 08/12/26		PEN	6,970		1,805,641
					15,704,236
Philippines — 4.4%
Philippine Government International Bond, 6.25%, 01/14/36		PHP	986,000		15,142,694
Poland — 4.4%
Republic of Poland Government Bond
0.25%, 10/25/26		PLN	7,769		1,182,282
0.75%, 04/25/25		PLN	6,415		1,116,084
1.25%, 10/25/30		PLN	7,364		923,365
1.75%, 04/25/32		PLN	4,855		588,842
2.25%, 10/25/24		PLN	7,369		1,372,189
2.50%, 04/25/24		PLN	6,450		1,244,348
2.50%, 07/25/26		PLN	10,145		1,717,495
2.50%, 07/25/27		PLN	6,652		1,075,612
2.75%, 04/25/28		PLN	7,964		1,266,657
2.75%, 10/25/29		PLN	9,497		1,415,946
3.25%, 07/25/25		PLN	7,437		1,358,276
3.75%, 05/25/27		PLN	5,194		894,505
4.00%, 10/25/23		PLN	5,603		1,136,655
					15,292,256
Romania — 4.4%
Romania Government Bond
2.50%, 10/25/27		RON	4,125		615,168
3.25%, 04/29/24		RON	4,520		843,071
3.25%, 06/24/26		RON	4,980		823,941
3.65%, 07/28/25		RON	5,230		917,542
3.65%, 09/24/31		RON	5,570		754,695
3.70%, 11/25/24		RON	5,070		923,245
4.00%, 10/25/23		RON	4,705		907,688
4.15%, 01/26/28		RON	5,485		879,146
4.15%, 10/24/30		RON	5,270		763,672
4.25%, 06/28/23		RON	4,515		884,414
4.40%, 09/25/23		RON	4,650		903,568
4.50%, 06/17/24		RON	5,675		1,068,204
4.75%, 02/24/25		RON	4,355		798,991
4.75%, 10/11/34		RON	4,000		541,834
4.85%, 04/22/26		RON	5,195		916,023
4.85%, 07/25/29		RON	2,720		430,200
5.00%, 02/12/29		RON	5,180		838,752
5.80%, 07/26/27		RON	5,030		883,775
6.70%, 02/25/32		RON	3,765		642,514
					15,336,443
Serbia — 4.4%
Serbia Treasury Bonds
4.50%, 01/11/26		RSD	742,930		5,784,757

Security	Par (000)			Value
Serbia (continued)
4.50%, 08/20/32		RSD	727,070	$	4,692,170
5.88%, 02/08/28		RSD	607,130		4,747,037
					15,223,964
South Africa — 4.3%
Republic of South Africa Government Bond
6.25%, 03/31/36		ZAR	13,084		451,385
6.50%, 02/28/41		ZAR	11,961		394,313
7.00%, 02/28/31		ZAR	19,292		814,250
8.00%, 01/31/30		ZAR	44,391		2,075,413
8.25%, 03/31/32		ZAR	36,360		1,629,689
8.50%, 01/31/37		ZAR	33,196		1,391,317
8.75%, 01/31/44		ZAR	28,956		1,194,883
8.75%, 02/28/48		ZAR	49,439		2,031,491
8.88%, 02/28/35		ZAR	30,362		1,348,431
9.00%, 01/31/40		ZAR	23,026		986,623
10.50%, 12/21/26		ZAR	47,856		2,729,814
					15,047,609
Thailand — 4.4%
Thailand Government Bond
0.75%, 06/17/24		THB	28,861		745,014
0.75%, 09/17/24		THB	32,379		834,146
0.95%, 06/17/25		THB	30,641		780,142
1.00%, 06/17/27		THB	42,114		1,024,334
1.45%, 12/17/24		THB	32,672		847,763
1.59%, 12/17/35		THB	27,727		569,442
1.60%, 12/17/29		THB	23,857		570,140
1.60%, 06/17/35		THB	13,217		274,235
2.00%, 12/17/31		THB	43,831		1,047,273
2.00%, 06/17/42		THB	20,662		388,994
2.13%, 12/17/26		THB	28,426		731,908
2.40%, 12/17/23		THB	24,807		658,051
2.65%, 06/17/28		THB	6,739		175,126
2.88%, 12/17/28		THB	27,520		718,004
2.88%, 06/17/46		THB	24,137		504,938
3.30%, 06/17/38		THB	34,238		834,810
3.40%, 06/17/36		THB	25,786		645,370
3.63%, 06/16/23		THB	21,341		567,913
3.65%, 06/20/31		THB	25,891		703,144
3.78%, 06/25/32		THB	36,169		992,866
3.85%, 12/12/25		THB	30,573		839,647
4.88%, 06/22/29		THB	32,614		948,515
					15,401,775
Turkey — 4.4%
Turkey Government Bond
8.00%, 03/12/25		TRY	20,741		998,374
9.00%, 07/24/24		TRY	26,740		1,341,743
10.40%, 03/20/24		TRY	11,540		589,577
10.50%, 08/11/27		TRY	23,948		1,314,845
10.60%, 02/11/26		TRY	31,857		1,593,342
11.00%, 02/24/27		TRY	20,507		1,119,831
11.70%, 11/13/30		TRY	50,705		3,061,748
12.40%, 03/08/28		TRY	13,076		778,340
12.60%, 10/01/25		TRY	54,054		2,912,616
16.20%, 06/14/23		TRY	29,102		1,584,141
					15,294,557

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

Schedule of Investments  (continued) October 31, 2022 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par/ Shares (000)		Value
Uruguay — 4.5%
Uruguay Government International Bond
8.25%, 05/21/31	UYU		463,636	$	9,507,038
8.50%, 03/15/28(c)	UYU		285,913		6,257,740
					15,764,778
Total Long-Term Investments — 97.8% (Cost: $438,486,617)					338,775,650
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e)			440		440,000
Total Short-Term Securities — 0.1% (Cost: $440,000)					440,000
Total Investments — 97.9% (Cost: $438,926,617)					339,215,650
Other Assets Less Liabilities — 2.1%					7,309,832
Net Assets — 100.0%				$	346,525,482

^(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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,000,000	$	—	$	(560,000	)(a)	$	—	$	—	$	440,000		440	$	10,026	$	—

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—	$	338,775,650	$	—	$	338,775,650
Money Market Funds		440,000		—		—		440,000
	$	440,000	$	338,775,650	$	—	$	339,215,650

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 0.5%
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)	USD		125	$	99,350
4.50%, 09/15/27 (Call 06/15/27)(a)	USD		50		44,645
5.13%, 05/15/24 (Call 02/15/24)(a)(b)	USD		50		48,975
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(a)	USD		45		39,937
6.13%, 04/15/32 (Call 01/15/32)(a)	USD		65		57,128
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(a)	USD		50		49,250
8.13%, 05/01/27 (Call 12/01/22)(a)	USD		50		49,750
8.50%, 05/01/30 (Call 05/01/25)(a)	USD		65		63,960
					452,995
Austria — 0.1%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 11/30/22)(c)	EUR		100		86,505
Wienerberger AG, 2.00%, 05/02/24(c)	EUR		50		47,510
					134,015
Belgium — 0.2%
Ontex Group NV, 3.50%, 07/15/26 (Call 07/15/23)(c)	EUR		100		76,419
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a)	USD		200		174,767
					251,186
Canada — 3.4%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)(a)	USD		70		58,625
3.88%, 01/15/28 (Call 12/01/22)(a)	USD		145		127,538
4.00%, 10/15/30 (Call 10/15/25)(a)	USD		200		163,250
4.38%, 01/15/28 (Call 12/01/22)(a)	USD		45		39,585
5.75%, 04/15/25 (Call 12/01/22)(a)	USD		40		40,012
1375209 BC Ltd., 9.00%, 01/30/28(b)	USD		155		151,125
Air Canada
3.88%, 08/15/26 (Call 02/15/26)(a)	USD		100		88,163
4.63%, 08/15/29 (Call 02/15/26)(a)	CAD		238		144,843
AutoCanada Inc., 5.75%, 02/07/29(a)	CAD		75		47,161
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)(a)	USD		65		57,931
7.13%, 06/15/26 (Call 06/15/23)(a)	USD		75		70,883
7.50%, 12/01/24 (Call 12/01/22)(a)(b)	USD		70		69,921
7.50%, 03/15/25 (Call 12/01/22)(a)(b)	USD		102		100,447
7.88%, 04/15/27 (Call 12/01/22)(a)	USD		155		147,196
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)	USD		50		38,256
6.25%, 09/15/27 (Call 12/01/22)(a)	USD		57		49,733
CES Energy Solutions Corp., 6.38%, 10/21/24	CAD		40		29,074
Crew Energy Inc., 6.50%, 03/14/24(a)	CAD		23		16,724
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)(d)	USD		75		69,725
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)(a)	USD		50		44,610
6.00%, 06/01/29 (Call 06/01/24)(a)	USD		50		38,990
9.50%, 11/01/27 (Call 12/01/22)(a)	USD		50		45,150
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)	USD		50		42,402
3.75%, 08/01/25 (Call 12/01/22)(a)	USD		80		75,600
4.00%, 08/01/28 (Call 08/01/23)(a)	USD		60		51,494
4.25%, 06/01/25 (Call 12/01/22)(a)	USD		40		38,100
4.38%, 08/15/29 (Call 08/15/24)(a)(b)	USD		40		33,900
4.75%, 06/15/29 (Call 06/15/24)(a)(b)	USD		60		52,468

Security		Par (000)		Value
Canada (continued)
5.13%, 12/15/26 (Call 12/15/22)(a)	USD		34	$	32,385
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)(a)	USD		35		31,726
7.00%, 12/31/27 (Call 12/31/23)(a)	USD		45		38,093
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)	USD		20		15,744
5.25%, 12/15/27 (Call 12/15/22)(a)(b)	USD		50		42,751
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)(a)	USD		25		23,875
7.13%, 02/01/27 (Call 02/01/23)(a)	USD		110		111,930
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(b)	USD		50		45,600
5.25%, 12/15/29 (Call 09/15/29)(b)	USD		65		55,840
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(a)(b)	USD		32		26,003
4.88%, 06/01/24 (Call 03/03/24)(a)	USD		80		77,527
5.00%, 05/01/25 (Call 01/31/25)(a)	USD		40		38,000
5.25%, 06/01/27 (Call 03/03/27)(a)	USD		100		89,500
NuVista Energy Ltd., 7.88%, 07/23/26(a)	CAD		25		18,561
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)(a)(b)	USD		65		55,737
3.88%, 12/01/29 (Call 12/01/24)(a)	USD		60		47,550
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(a)	USD		65		51,756
4.13%, 12/01/31 (Call 12/01/26)(a)	USD		68		51,460
Parkland Corp.
3.88%, 06/16/26 (Call 06/16/23)(a)	CAD		125		82,234
4.50%, 10/01/29 (Call 10/01/24)(a)	USD		70		58,502
4.63%, 05/01/30 (Call 05/01/25)(a)	USD		55		45,789
5.88%, 07/15/27 (Call 12/01/22)(a)	USD		40		37,834
Superior Plus LP, 4.25%, 05/18/28 (Call 05/18/24)(a)	CAD		50		30,875
Tamarack Valley Energy Ltd., 7.25%, 05/10/27 (Call 05/10/24)(a)	CAD		25		17,153
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)(a)	USD		35		15,794
5.63%, 12/06/26 (Call 12/06/23)(a)	USD		60		27,994
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)(a)	USD		55		45,020
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)	CAD		25		13,693
3.63%, 06/15/28 (Call 06/15/24)(a)	CAD		50		30,967
3.63%, 06/15/29 (Call 06/15/24)(a)(b)	USD		25		21,095
4.50%, 01/15/30 (Call 10/15/24)	CAD		110		68,043
5.13%, 04/15/27 (Call 12/01/22)(a)	USD		60		56,497
5.38%, 06/15/24 (Call 03/15/24)(a)	USD		50		49,558
5.63%, 06/15/25 (Call 03/15/25)	CAD		50		35,949
					3,423,941
Finland — 0.4%
Huhtamaki Oyj, 4.25%, 06/09/27 (Call 03/09/27)(c)	EUR		100		94,943
Nokia OYJ
2.00%, 03/11/26 (Call 12/11/25)(c)	EUR		100		91,244
4.38%, 06/12/27	USD		60		54,960
Teollisuuden Voima OYJ, 2.63%, 03/31/27 (Call 12/31/26)(c)	EUR		150		135,354
					376,501
France — 4.7%
Accor SA, 3.00%, 02/04/26 (Call 11/04/25)(c)	EUR		100		92,800
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)(c)	EUR		100		90,953
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a)	USD		150		114,000

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
France (continued)
Altice France SA/France
2.13%, 02/15/25 (Call 11/30/22)(c)	EUR		100	$	86,718
4.13%, 01/15/29 (Call 09/15/23)(c)	EUR		100		75,973
5.13%, 01/15/29 (Call 09/15/23)(a)	USD		25		18,725
5.13%, 07/15/29 (Call 04/15/24)(a)	USD		200		149,705
5.50%, 01/15/28 (Call 12/01/22)(a)	USD		100		79,863
5.88%, 02/01/27 (Call 11/30/22)(c)	EUR		100		85,284
8.13%, 02/01/27 (Call 11/14/22)(a)	USD		150		137,550
Atos SE
1.00%, 11/12/29 (Call 08/12/29)(c)	EUR		100		54,887
2.50%, 11/07/28 (Call 08/07/28)(c)	EUR		100		60,874
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 11/30/22)(c)	EUR		100		92,702
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(c)	EUR		100		76,816
Casino Guichard Perrachon SA, 5.25%, 04/15/27 (Call 04/15/23)(c)	EUR		100		43,334
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(c)	EUR		100		79,508
CMA CGM SA, 7.50%, 01/15/26 (Call 01/15/23)(c)	EUR		100		100,569
Electricite de France SA, 5.63%, (Call 01/22/24)(a)(b)(d)(e)	USD		120		105,731
Elis SA, 1.63%, 04/03/28 (Call 01/03/28)(c)	EUR		100		81,844
Emeria SASU, 3.38%, 03/31/28 (Call 03/31/24)(c)	EUR		100		74,706
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(c)	EUR		100		80,665
2.63%, 06/15/25 (Call 11/30/22)(c)	EUR		100		92,758
2.75%, 02/15/27 (Call 02/15/24)(c)	EUR		100		84,249
3.13%, 06/15/26 (Call 11/30/22)(c)	EUR		100		91,535
Fnac Darty SA, 2.63%, 05/30/26(c)	EUR		100		89,160
Getlink SE, 3.50%, 10/30/25 (Call 11/30/22)(c)	EUR		100		94,114
Iliad Holding SASU
5.63%, 10/15/28 (Call 10/15/24)(c)	EUR		100		88,501
7.00%, 10/15/28 (Call 10/15/24)(a)	USD		150		135,750
iliad SA
1.50%, 10/14/24 (Call 07/14/24)(c)	EUR		100		94,133
1.88%, 04/25/25 (Call 01/25/25)(c)	EUR		200		183,578
IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/22)(c)	EUR		100		89,945
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 11/10/22)(c)	EUR		200		185,791
Loxam SAS
3.25%, 01/14/25(c)	EUR		125		113,602
3.75%, 07/15/26(c)	EUR		100		85,834
Lune Holdings Sarl, 5.63%, 11/15/28 (Call 11/15/24)(c)	EUR		100		75,167
Paprec Holding SA, 4.00%, 03/31/25(c)	EUR		100		90,832
Parts Europe SA, 6.50%, 07/16/25(c)	EUR		100		98,489
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(c)	EUR		100		84,707
Quatrim SASU, 5.88%, 01/15/24 (Call 11/10/22)(c)	EUR		100		95,614
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(c)(d)	EUR		100		85,747
Renault SA
1.00%, 03/08/23 (Call 12/08/22)(c)	EUR		100		97,957
1.13%, 10/04/27 (Call 07/04/27)(c)	EUR		100		78,057
2.38%, 05/25/26 (Call 02/25/26)(c)	EUR		100		87,373
2.50%, 06/02/27 (Call 03/02/27)(c)	EUR		100		83,402
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(c)	EUR		100		80,239
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(c)	EUR		100		75,819
SPIE SA, 2.63%, 06/18/26 (Call 12/18/25)(c)	EUR		100		91,351
Tereos Finance Groupe, 4.75%, 04/30/27 (Call 04/30/24)(c)	EUR		100		86,309
Valeo
1.50%, 06/18/25 (Call 03/18/25)(c)	EUR		100		90,834
1.63%, 03/18/26 (Call 12/18/25)(c)	EUR		100		89,001
Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)(c)	EUR		100		81,968
					4,685,023

Security		Par (000)		Value
Germany — 3.1%
ADLER Group SA
1.88%, 01/14/26 (Call 10/14/25)(c)	EUR		100	$	42,510
2.25%, 04/27/27 (Call 01/27/27)(c)	EUR		100		41,507
3.25%, 08/05/25 (Call 05/05/25)(c)	EUR		100		44,623
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 11/10/22)(c)	EUR		100		76,241
Bayer AG
3.13%, 11/12/79 (Call 08/12/27)(c)	EUR		100		82,221
3.75%, 07/01/74 (Call 07/01/24)(c)(d)	EUR		100		94,623
5.38%, 03/25/82 (Call 06/25/30)(c)(d)	EUR		100		85,269
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(c)(d)	EUR		100		85,116
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(c)	EUR		100		83,171
Commerzbank AG
4.00%, 03/30/27(c)	EUR		80		73,811
4.00%, 12/05/30 (Call 09/05/25)(c)(d)	EUR		100		90,609
CT Investment GmbH, 5.50%, 04/15/26 (Call 04/15/23)(c) .	EUR		100		81,107
Deutsche Bank AG/New York NY, 3.73%, 01/14/32 (Call 10/14/30), (SOFR + 2.757%)(d)	USD		100		70,312
Deutsche Lufthansa AG
1.63%, 11/16/23 (Call 10/16/23)(c)	EUR		100		95,520
2.88%, 05/16/27 (Call 02/16/27)(c)	EUR		100		82,373
3.00%, 05/29/26 (Call 03/02/26)(c)	EUR		100		86,553
3.50%, 07/14/29 (Call 04/14/29)(c)	EUR		100		78,055
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)(c)	EUR		100		75,516
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(c)(d)	EUR		100		73,617
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(c)	EUR		100		81,352
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(c)	EUR		100		69,900
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)	USD		60		50,025
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 11/30/22)(c)	EUR		100		79,598
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 11/10/22)(c)	EUR		100		92,467
ProGroup AG, 3.00%, 03/31/26(c)	EUR		100		86,194
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(c)(d)	EUR		50		46,857
Schaeffler AG
2.88%, 03/26/27 (Call 12/26/26)(c)	EUR		100		86,828
3.38%, 10/12/28 (Call 07/12/28)(c)	EUR		100		83,386
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26(c)	EUR		88		80,761
thyssenkrupp AG
1.88%, 03/06/23 (Call 02/06/23)(c)	EUR		175		171,147
2.88%, 02/22/24 (Call 11/22/23)(c)	EUR		25		24,048
TK Elevator Holdco GmbH
6.63%, 07/15/28 (Call 07/15/23)(c)	EUR		90		69,573
7.63%, 07/15/28 (Call 07/15/23)(a)(b)	USD		25		20,411
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(c)	EUR		100		83,424
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)	USD		100		89,546
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(c)	EUR		100		85,948
3.00%, 10/23/29 (Call 07/23/29)(c)	EUR		100		76,789
ZF Finance GmbH
2.25%, 05/03/28 (Call 02/03/28)(c)	EUR		100		76,687
2.75%, 05/25/27 (Call 02/25/27)(c)	EUR		100		82,317
3.00%, 09/21/25 (Call 06/21/25)(c)	EUR		100		90,550
ZF North America Capital Inc., 4.75%, 04/29/25(a)	USD		75		70,595
					3,141,157

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Gibraltar — 0.1%
888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(c)	EUR		100	$	84,600
Greece — 0.5%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)(c)(d)	EUR		100		77,445
Eurobank SA, 2.00%, 05/05/27 (Call 05/05/26)(c)(d)	EUR		100		80,646
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(c)(d)	EUR		150		127,800
Piraeus Bank SA, 3.88%, 11/03/27 (Call 11/03/26)(c)(d)	EUR		100		78,500
Public Power Corp. SA, 3.88%, 03/30/26 (Call 03/30/23)(c)	EUR		100		89,393
Titan Global Finance PLC, 2.38%, 11/16/24(c)	EUR		100		92,901
					546,685
Hong Kong — 0.2%
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 12/01/22)(a)	USD		170		122,081
5.38%, 12/04/29 (Call 12/04/24)(a)(b)	USD		125		69,688
5.75%, 07/21/28 (Call 07/21/23)(a)	USD		25		14,425
					206,194
Ireland — 0.5%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(d)	USD		25		22,842
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(b)(d)	USD		75		67,350
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(c)(d)	EUR		100		88,592
Bank of Ireland Group PLC, 1.38%, 08/11/31 (Call 05/11/26)(c)(d)	EUR		100		80,362
eircom Finance DAC, 3.50%, 05/15/26 (Call 11/30/22)(c)	EUR		125		109,084
Permanent TSB Group Holdings PLC, 5.25%, 06/30/25 (Call 06/30/24)(c)(d)	EUR		100		94,921
					463,151
Israel — 1.4%
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(a)	USD		50		47,801
4.88%, 03/30/26 (Call 12/30/25)(a)	USD		60		54,061
5.38%, 03/30/28 (Call 09/30/27)(a)	USD		45		39,622
5.88%, 03/30/31 (Call 09/30/30)(a)	USD		60		50,858
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)	USD		45		42,806
6.50%, 06/30/27 (Call 12/30/26)(a)	USD		55		51,168
6.75%, 06/30/30 (Call 12/30/29)(a)	USD		40		35,814
Teva Pharmaceutical Finance Netherlands II BV
1.25%, 03/31/23 (Call 12/31/22)(c)	EUR		100		97,546
1.63%, 10/15/28(c)	EUR		100		71,981
3.75%, 05/09/27 (Call 02/09/27)	EUR		100		86,195
4.38%, 05/09/30 (Call 02/09/30)	EUR		150		119,198
6.00%, 01/31/25 (Call 10/31/24)	EUR		100		97,578
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD		275		232,375
4.75%, 05/09/27 (Call 02/09/27)	USD		75		66,000
5.13%, 05/09/29 (Call 02/09/29)(b)	USD		100		85,891
6.00%, 04/15/24 (Call 01/15/24)(b)	USD		150		148,500
6.75%, 03/01/28 (Call 12/01/27)(b)	USD		100		94,377
					1,421,771
Italy — 4.2%
Atlantia SpA
1.88%, 07/13/27 (Call 04/13/27)(c)	EUR		100		81,051
1.88%, 02/12/28 (Call 11/12/27)(c)	EUR		100		77,807
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (Call 02/28/27)(c)	EUR		100		86,357
Banca Monte dei Paschi di Siena SpA
3.63%, 09/24/24(c)	EUR		100		92,245
10.50%, 07/23/29(c)	EUR		100		81,672

Security		Par (000)		Value
Italy (continued)
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(c)	EUR		100	$	95,621
Banco BPM SpA
0.88%, 07/15/26(c)	EUR		100		84,255
1.75%, 01/28/25(c)	EUR		100		92,091
3.25%, 01/14/31 (Call 01/14/26)(c)(d)	EUR		100		82,923
6.00%, 09/13/26(c)	EUR		150		149,811
BPER Banca
1.38%, 03/31/27 (Call 03/31/26)(c)(d)	EUR		100		83,603
3.38%, 06/30/25 (Call 05/31/24)(c)(d)	EUR		100		95,668
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 11/03/22)(c)	EUR		100		87,060
doValue SpA, 3.38%, 07/31/26 (Call 07/31/23)(c)	EUR		100		81,147
Esselunga SpA, 1.88%, 10/25/27 (Call 07/25/27)(c)	EUR		100		87,719
Guala Closures SpA, 3.25%, 06/15/28 (Call 06/15/24)(c)	EUR		100		79,880
Iccrea Banca SpA, 4.75%, 01/18/32 (Call 10/18/26)(c)(d)	EUR		100		79,439
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)(c)	EUR		100		80,681
Infrastrutture Wireless Italiane SpA, 1.88%, 07/08/26 (Call 04/08/26)(c)	EUR		100		87,841
Intesa Sanpaolo SpA
3.93%, 09/15/26(c)	EUR		100		94,904
4.20%, 06/01/32 (Call 06/01/31)(a)(d)	USD		60		40,908
5.15%, 06/10/30(c)	GBP		100		88,270
5.71%, 01/15/26(a)	USD		225		207,506
5.88%, 03/04/29 (Call 03/04/24)(c)(d)	EUR		100		98,675
6.63%, 09/13/23(c)	EUR		100		100,692
Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)(c)	EUR		100		95,005	��
Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 11/10/22)(c)	EUR		100		91,538
Nexi SpA, 1.63%, 04/30/26 (Call 01/30/26)(c)	EUR		100		87,899
Saipem Finance International BV
2.63%, 01/07/25(c)	EUR		100		92,250
3.13%, 03/31/28 (Call 12/31/27)(c)	EUR		100		75,933
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(c)	EUR		100		71,083
2.50%, 07/19/23(c)	EUR		100		96,839
2.75%, 04/15/25 (Call 01/15/25)(c)	EUR		100		90,125
3.00%, 09/30/25(c)	EUR		100		89,056
3.63%, 05/25/26(c)	EUR		200		175,769
4.00%, 04/11/24 (Call 01/11/24)(c)	EUR		100		95,982
5.30%, 05/30/24(a)	USD		120		113,100
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(c)(d)	EUR		200		176,050
2.73%, 01/15/32 (Call 01/15/27)(c)(d)	EUR		200		161,018
5.46%, 06/30/35 (Call 06/30/30)(a)(d)	USD		110		81,420
5.86%, 06/19/32 (Call 06/19/27)(a)(b)(d)	USD		75		62,202
7.30%, 04/02/34 (Call 04/02/29)(a)(d)	USD		100		86,607
Verde Bidco SpA, 4.63%, 10/01/26 (Call 10/01/23)(c)	EUR		100		78,868
Webuild SpA, 1.75%, 10/26/24(c)	EUR		100		83,225
					4,221,795
Japan — 0.4%
Rakuten Group Inc.
5.13%, (Call 04/22/26)(a)(b)(d)(e)	USD		60		44,744
6.25%, (Call 04/22/31)(a)(b)(d)(e)	USD		85		58,070
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)(c)	EUR		100		92,252
3.13%, 09/19/25 (Call 06/21/25)(c)	EUR		150		130,379
5.00%, 04/15/28 (Call 01/16/28)(c)	EUR		100		81,778
					407,223

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Jersey — 0.1%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)(b)	USD		75	$	72,000
Luxembourg — 1.4%
Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a)	USD		90		76,140
Altice Financing SA
4.25%, 08/15/29 (Call 08/15/24)(c)	EUR		100		75,096
5.00%, 01/15/28 (Call 01/15/23)(a)	USD		50		39,774
5.75%, 08/15/29 (Call 08/15/24)(a)	USD		200		157,500
Altice Finco SA, 4.75%, 01/15/28 (Call 11/30/22)(c)	EUR		100		68,454
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(c)	EUR		100		60,994
6.00%, 02/15/28 (Call 02/15/23)(a)(b)	USD		50		32,357
8.00%, 05/15/27 (Call 11/10/22)(c)	EUR		100		71,454
10.50%, 05/15/27 (Call 11/14/22)(a)	USD		150		116,796
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(c)	EUR		100		77,218
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/30/22)(c)	EUR		100		70,480
INEOS Finance PLC, 2.88%, 05/01/26 (Call 11/10/22)(c)	EUR		100		87,692
Loarre Investments Sarl, 6.50%, 05/15/29 (Call 05/15/25)(c)	EUR		100		92,311
Matterhorn Telecom SA, 4.00%, 11/15/27(c)	EUR		100		87,173
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(c)	EUR		100		94,511
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 11/30/22)(c)	EUR		100		85,337
Swissport Investments SA, 6.75%, 12/15/21(c)(f)(g)	EUR		100		1
Vivion Investments Sarl, 3.00%, 08/08/24(c)	EUR		100		84,345
					1,377,633
Macau — 0.4%
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)	USD		75		56,250
5.25%, 06/18/25 (Call 11/11/22)(a)	USD		25		20,009
5.88%, 05/15/26 (Call 11/11/22)(a)	USD		50		38,356
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)(b)	USD		100		42,450
6.50%, 01/15/28 (Call 07/15/23)(a)(b)	USD		60		27,097
Wynn Macau Ltd.
5.13%, 12/15/29 (Call 12/15/24)(a)	USD		125		75,625
5.50%, 01/15/26 (Call 12/01/22)(a)	USD		50		34,750
5.50%, 10/01/27 (Call 12/01/22)(a)	USD		50		32,238
5.63%, 08/26/28 (Call 08/26/23)(a)	USD		125		76,250
					403,025
Netherlands — 1.6%
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/22)(c)	EUR		100		98,180
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 11/30/22)(c)	EUR		125		119,116
Nobian Finance BV, 3.63%, 07/15/26 (Call 07/15/23)(c)	EUR		100		74,749
PPF Telecom Group BV, 3.25%, 09/29/27 (Call 06/29/27)(c)	EUR		175		148,664
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(c)	EUR		150		117,060
Sigma Holdco BV, 5.75%, 05/15/26 (Call 11/10/22)(c)	EUR		100		59,708
Trivium Packaging Finance BV
3.75%, 08/15/26 (Call 11/30/22)(c)	EUR		100		88,519
8.50%, 08/15/27 (Call 11/11/22)(a)(b)	USD		125		118,572
United Group BV
3.63%, 02/15/28 (Call 02/15/23)(c)	EUR		100		70,883
4.00%, 11/15/27 (Call 11/15/23)(c)	EUR		100		71,992
4.63%, 08/15/28 (Call 08/15/24)(c)	EUR		100		70,951
UPC Holding BV, 3.88%, 06/15/29 (Call 11/30/22)(c)	EUR		100		79,325

Security		Par (000)		Value
Netherlands (continued)
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a)	USD		100	$	79,650
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(c)	EUR		100		82,898
Ziggo Bond Co. BV
3.38%, 02/28/30 (Call 02/15/25)(c)	EUR		100		72,560
5.13%, 02/28/30 (Call 02/15/25)(a)	USD		25		19,715
Ziggo BV
2.88%, 01/15/30 (Call 10/15/24)(c)	EUR		100		76,649
4.88%, 01/15/30 (Call 10/15/24)(a)	USD		150		126,341
					1,575,532
Panama — 0.1%
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/11/22)(a)(b)	USD		100		86,965
Portugal — 0.3%
Banco Comercial Portugues SA
3.87%, 03/27/30 (Call 03/27/25)(c)(d)	EUR		100		71,951
8.50%, 10/25/25	EUR		100		100,113
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)(c)(d)	EUR		100		77,492
1.88%, 08/02/81 (Call 05/02/26)(c)(d)	EUR		100		81,434
					330,990
Singapore — 0.2%
Puma International Financing SA, 5.13%, 10/06/24 (Call 11/11/22)(a)	USD		200		187,856
Spain — 2.1%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(c)(d)	EUR		100		88,561
Banco de Credito Social Cooperativo SA, 1.75%, 03/09/28 (Call 03/09/27)(c)(d)	EUR		100		73,702
Banco de Sabadell SA
1.75%, 05/10/24(c)	EUR		100		94,144
2.63%, 03/24/26 (Call 03/24/25)(c)(d)	EUR		100		91,686
5.38%, 09/08/26 (Call 09/08/25)(c)(d)	EUR		100		97,161
5.38%, 12/12/28 (Call 12/12/23)(c)(d)	EUR		100		96,849
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(c)	EUR		100		82,928
1.00%, 09/15/27 (Call 06/15/27)(c)	EUR		100		79,899
2.00%, 09/15/32 (Call 06/15/32)(c)	EUR		100		69,463
2.00%, 02/15/33 (Call 11/15/32)(c)	EUR		100		68,228
2.25%, 04/12/26 (Call 01/12/26)(c)	EUR		100		89,817
Cellnex Telecom SA
1.75%, 10/23/30 (Call 07/23/30)(c)	EUR		200		146,257
2.88%, 04/18/25 (Call 01/18/25)(c)	EUR		100		94,983
Cirsa Finance International Sarl, 4.50%, 03/15/27 (Call 09/15/23)(c)	EUR		100		81,709
ContourGlobal Power Holdings SA, 2.75%, 01/01/26 (Call 01/01/23)(c)	EUR		100		80,840
eDreams ODIGEO SA, 5.50%, 07/15/27(c)	EUR		100		77,711
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(c)	EUR		125		93,679
Grifols SA
1.63%, 02/15/25 (Call 11/30/22)(c)	EUR		100		89,874
3.20%, 05/01/25 (Call 11/30/22)(c)	EUR		100		87,643
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(c)(d)	EUR		100		80,307
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(c)	EUR		100		79,273
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(c)	EUR		150		129,920

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  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Spain (continued)
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(c)(d)	EUR		100	$	94,165
Unicaja Banco SA, 3.13%, 07/19/32 (Call 01/19/27)(c)(d)	EUR		100		71,790
					2,140,589
Sweden — 0.7%
Dometic Group AB, 2.00%, 09/29/28 (Call 06/29/28)(c)	EUR		100		70,400
Heimstaden AB, 4.25%, 03/09/26 (Call 12/09/25)(c)	EUR		100		72,734
Intrum AB
3.50%, 07/15/26 (Call 11/10/22)(c)	EUR		200		160,542
4.88%, 08/15/25(c)	EUR		100		88,948
Verisure Holding AB
3.88%, 07/15/26 (Call 11/30/22)(c)	EUR		100		88,119
9.25%, 10/15/27 (Call 10/15/24)(c)	EUR		100		101,606
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(c)	EUR		100		75,627
Volvo Car AB, 2.00%, 01/24/25 (Call 10/24/24)(c)	EUR		100		93,186
					751,162
Switzerland — 0.4%
Dufry One BV
2.50%, 10/15/24 (Call 11/30/22)(c)	EUR		100		94,275
3.38%, 04/15/28 (Call 04/15/24)(c)	EUR		100		81,133
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(c)	EUR		100		91,560
Transocean Inc., 7.50%, 01/15/26 (Call 11/11/22)(a)	USD		25		21,326
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)(a)(b)	USD		95		79,325
7.88%, 05/01/27 (Call 05/01/24)(a)(b)	USD		25		22,650
					390,269
United Kingdom — 5.1%
B&M European Value Retail SA, 3.63%, 07/15/25(c)	GBP		100		97,719
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(c)	EUR		150		121,938
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)(c)	GBP		175		162,987
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(c)	GBP		100		79,491
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26)(a)(b)(d)	USD		50		42,044
4.88%, 11/23/81 (Call 08/23/31)(a)(d)	USD		45		35,946
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 12/01/22)(a)	USD		175		164,500
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 07/15/23)(c)	GBP		100		73,730
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(c)	GBP		100		87,442
eG Global Finance PLC
4.38%, 02/07/25 (Call 11/30/22)(c)	EUR		100		84,423
6.75%, 02/07/25 (Call 11/11/22)(a)	USD		100		90,611
Heathrow Finance PLC, 3.88%, 03/01/27(c)(h)	GBP		100		92,005
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 11/10/22)(c)	GBP		100		90,030
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 (Call 01/15/23)(c)	EUR		100		77,403
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(c)	EUR		100		82,276
International Consolidated Airlines Group SA, 3.75%, 03/25/29 (Call 12/25/28)(c)	EUR		100		72,722
Jaguar Land Rover Automotive PLC
4.50%, 01/15/26 (Call 10/15/25)(c)	EUR		100		83,768
5.88%, 01/15/28 (Call 01/15/24)(a)	USD		180		133,290
6.88%, 11/15/26 (Call 08/15/26)(c)	EUR		100		84,703
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 11/30/22)(c)	GBP		100		94,278
Kane Bidco Ltd., 6.50%, 02/15/27 (Call 02/15/24)(c)	GBP		100		91,656

Security		Par (000)		Value
United Kingdom (continued)
Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(c)	GBP		100	$	86,450
Motion Finco Sarl, 7.00%, 05/15/25 (Call 11/30/22)(c)	EUR		100		96,693
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)(c)(d)	EUR		100		89,517
5.63%, 06/18/73 (Call 06/18/25)(c)(d)	GBP		100		104,108
Nomad Foods Bondco PLC, 2.50%, 06/24/28 (Call 06/24/24)(c)	EUR		100		78,532
Ocado Group PLC, 3.88%, 10/08/26 (Call 10/08/23)(c)	GBP		100		83,161
Odeon Finco PLC, 12.75%, 11/01/27	USD		50		44,688
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/26 (Call 09/15/23)(c)	EUR		100		88,529
Pinewood Finance Co. Ltd., 3.25%, 09/30/25(c)	GBP		100		99,615
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 11/30/22)(c)	EUR		100		89,059
Playtech PLC, 4.25%, 03/07/26 (Call 11/30/22)(c)	EUR		100		91,415
Punch Finance PLC, 6.13%, 06/30/26 (Call 06/30/23)(c)	GBP		100		99,280
Rolls-Royce PLC
1.63%, 05/09/28 (Call 02/09/28)(c)	EUR		100		73,784
3.38%, 06/18/26	GBP		100		93,480
4.63%, 02/16/26 (Call 11/16/25)(c)	EUR		100		94,042
5.75%, 10/15/27 (Call 07/15/27)(a)	USD		125		113,307
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(c)	EUR		100		69,566
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 11/30/22)(c)	GBP		100		103,348
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(c)	GBP		100		96,343
Very Group Funding PLC (The), 6.50%, 08/01/26 (Call 08/01/23)(c)	GBP		100		77,979
Victoria PLC, 3.63%, 08/24/26 (Call 02/28/23)(c)	EUR		100		75,957
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b)	USD		75		60,825
Virgin Media Secured Finance PLC
4.25%, 01/15/30 (Call 10/15/24)(c)	GBP		150		136,269
4.50%, 08/15/30 (Call 08/15/25)(a)	USD		75		62,292
5.50%, 05/15/29 (Call 05/15/24)(a)(b)	USD		100		91,000
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(c)	GBP		100		90,907
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a)	USD		25		21,133
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(c)	EUR		150		120,521
4.25%, 01/31/31 (Call 01/31/26)(a)	USD		100		79,831
4.75%, 07/15/31 (Call 07/15/26)(a)	USD		150		121,222
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)(c)(d)	EUR		100		86,136
3.00%, 08/27/80 (Call 05/27/30)(c)(d)	EUR		100		76,237
3.25%, 06/04/81 (Call 06/04/26)(d)	USD		40		32,066
4.13%, 06/04/81 (Call 03/04/31)(d)	USD		85		60,630
7.00%, 04/04/79 (Call 01/04/29)(d)	USD		145		138,533
Zenith Finco PLC, 6.50%, 06/30/27 (Call 01/28/24)(c)	GBP		100		85,702
					5,055,119
United States — 64.7%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)	USD		45		36,790
6.00%, 08/01/29 (Call 08/01/24)(a)	USD		35		28,783
7.00%, 11/15/25 (Call 12/01/22)(a)(b)	USD		65		61,507
10.13%, 08/01/26 (Call 12/01/22)(a)	USD		50		49,438
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(a)(b)	USD		25		21,292
5.13%, 03/01/30 (Call 03/01/25)(a)	USD		60		52,050

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)(a)	USD		75	$	64,285
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)(a)	USD		50		46,834
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a)	USD		40		40,150
Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 12/01/22)(a)	USD		70		63,000
3.50%, 03/15/29 (Call 09/15/23)(a)	USD		100		82,750
4.63%, 01/15/27 (Call 01/15/23)(a)	USD		95		87,875
4.88%, 02/15/30 (Call 02/15/25)(a)	USD		75		66,562
5.88%, 02/15/28 (Call 12/01/22)(a)	USD		75		70,553
7.50%, 03/15/26 (Call 12/01/22)(a)(b)	USD		50		51,213
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)(a)	USD		65		58,782
5.88%, 11/01/29 (Call 11/01/24)(a)	USD		30		25,436
6.75%, 10/15/27 (Call 12/01/22)(a)	USD		105		95,812
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)(a)(b)	USD		75		52,575
6.63%, 07/15/26 (Call 12/01/22)(a)	USD		170		162,562
9.75%, 07/15/27 (Call 12/01/22)(a)(b)	USD		65		56,512
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a)	USD		175		145,398
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(c)	EUR		100		78,464
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(a)	USD		85		67,678
4.75%, 10/01/27 (Call 11/14/22)(a)	USD		25		22,969
5.88%, 06/01/29 (Call 06/01/24)(a)	USD		45		41,963
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(b)	USD		80		77,440
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)(b)	USD		80		55,000
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)(b)	USD		85		65,625
4.75%, 08/01/25 (Call 12/01/22)	USD		60		54,975
5.00%, 04/01/24 (Call 12/01/22)	USD		41		40,016
American Airlines Group Inc., 3.75%, 03/01/25(a)(b)	USD		40		35,078
American Airlines Inc., 11.75%, 07/15/25(a)(b)	USD		190		208,051
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)	USD		280		266,000
5.75%, 04/20/29(a)	USD		255		232,050
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)(b)	USD		60		48,845
6.50%, 04/01/27 (Call 12/01/22)(b)	USD		35		32,270
6.88%, 07/01/28 (Call 07/01/23)	USD		25		22,685
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(a)(b)	USD		25		20,535
4.00%, 01/15/28 (Call 01/15/23)(a)	USD		65		57,362
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)	USD		75		71,989
5.63%, 05/20/24 (Call 03/20/24)	USD		35		34,203
5.75%, 05/20/27 (Call 02/20/27)	USD		25		23,029
5.88%, 08/20/26 (Call 05/20/26)	USD		60		56,147
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(a)	USD		70		63,861
5.75%, 03/01/27 (Call 11/16/22)(a)	USD		60		57,138
5.75%, 01/15/28 (Call 01/15/23)(a)	USD		55		51,948

Security		Par (000)		Value
United States (continued)
7.88%, 05/15/26 (Call 05/15/23)(a)	USD		25	$	25,481
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)(a)	USD		60		55,524
7.63%, 02/01/29 (Call 02/01/24)(a)	USD		21		21,429
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)	USD		45		40,211
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(a)(b)	USD		65		51,362
6.75%, 02/15/27 (Call 02/15/23)(a)	USD		55		52,869
Aramark Services Inc.
5.00%, 04/01/25 (Call 12/01/22)(a)	USD		70		67,643
5.00%, 02/01/28 (Call 02/01/23)(a)(b)	USD		70		63,889
6.38%, 05/01/25 (Call 12/01/22)(a)(b)	USD		120		118,995
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)	USD		55		45,095
6.13%, 12/01/28 (Call 12/01/23)(a)(b)	USD		50		38,406
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)(a)	USD		50		46,495
6.88%, 04/01/27 (Call 12/01/22)(a)	USD		40		38,231
Arconic Corp.
6.00%, 05/15/25 (Call 12/01/22)(a)	USD		45		44,429
6.13%, 02/15/28 (Call 02/15/23)(a)(b)	USD		90		84,364
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28 (Call 05/15/24)(c)	EUR		100		75,775
3.25%, 09/01/28 (Call 05/15/24)(a)	USD		75		61,358
4.00%, 09/01/29 (Call 05/15/24)(a)(b)	USD		50		38,063
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 11/30/22)(c)	EUR		100		80,518
4.75%, 07/15/27 (Call 11/10/22)(c)	GBP		100		74,235
5.25%, 04/30/25 (Call 12/01/22)(a)	USD		50		47,232
5.25%, 08/15/27 (Call 12/01/22)(a)	USD		225		158,062
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)(b)	USD		25		21,586
4.63%, 11/15/29 (Call 11/15/24)(a)	USD		60		49,428
4.75%, 03/01/30 (Call 03/01/25)	USD		25		20,564
5.00%, 02/15/32 (Call 11/15/26)(a)(b)	USD		60		48,375
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(a)(b)	USD		40		35,415
7.00%, 11/01/26 (Call 12/01/22)(a)	USD		50		49,250
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)	USD		30		22,238
ASP Unifrax Holdings Inc
5.25%, 09/30/28 (Call 09/30/24)(a)	USD		35		27,987
7.50%, 09/30/29 (Call 09/30/24)(a)	USD		50		33,742
AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)(a)	USD		50		41,125
Audacy Capital Corp.
6.50%, 05/01/27 (Call 11/16/22)(a)	USD		25		7,325
6.75%, 03/31/29 (Call 03/31/24)(a)	USD		25		7,100
Avantor Funding Inc.
2.63%, 11/01/25 (Call 11/10/22)(c)	EUR		100		91,759
3.88%, 11/01/29 (Call 11/01/24)(a)(b)	USD		60		50,772
4.63%, 07/15/28 (Call 07/15/23)(a)(b)	USD		130		116,810
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)	USD		85		36,593
Avient Corp.
5.75%, 05/15/25 (Call 12/01/22)(a)	USD		50		48,733
7.13%, 08/01/30 (Call 08/01/25)(a)	USD		50		47,821
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(b)	USD		50		43,466
5.38%, 03/01/29 (Call 03/01/24)(a)(b)	USD		40		34,960
5.75%, 07/15/27 (Call 12/01/22)(a)(b)	USD		40		36,480

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Avis Budget Finance PLC, 4.75%, 01/30/26(c)	EUR		100	$	92,213
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b)	USD		75		61,943
B&G Foods Inc.
5.25%, 04/01/25 (Call 12/01/22)	USD		75		68,222
5.25%, 09/15/27 (Call 12/01/22)(b)	USD		55		46,159
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)(b)	USD		100		77,750
3.13%, 09/15/31 (Call 06/15/31)	USD		90		68,935
4.00%, 11/15/23	USD		75		73,533
4.38%, 12/15/23	EUR		100		98,996
4.88%, 03/15/26 (Call 12/15/25)	USD		45		43,179
5.25%, 07/01/25	USD		85		83,896
Bath & Body Works Inc.
5.25%, 02/01/28(b)	USD		40		35,328
6.63%, 10/01/30 (Call 10/01/25)(a)	USD		80		71,120
7.50%, 06/15/29 (Call 06/15/24)(b)	USD		40		37,791
Bausch Health Cos. Inc.
4.88%, 06/01/28 (Call 06/01/24)(a)	USD		125		76,562
5.25%, 01/30/30 (Call 01/30/25)(a)	USD		12		4,650
5.50%, 11/01/25 (Call 12/01/22)(a)	USD		120		96,207
5.75%, 08/15/27 (Call 11/16/22)(a)(b)	USD		50		31,828
6.13%, 02/01/27 (Call 02/01/24)(a)	USD		80		52,416
11.00%, 09/30/28(b)	USD		279		216,922
14.00%, 10/15/30	USD		44		25,190
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(c)	EUR		150		131,123
Berry Global Inc., 5.63%, 07/15/27 (Call 12/01/22)(a)(b)	USD		30		28,425
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)	USD		100		86,911
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)	USD		75		67,126
3.50%, 06/01/31 (Call 03/01/31)(b)	USD		80		64,387
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)(a)	USD		50		44,054
4.00%, 07/01/29 (Call 07/01/24)(a)	USD		50		43,929
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 11/30/22)(c)	EUR		100		92,558
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)(b)	USD		75		68,670
4.75%, 06/15/31 (Call 06/15/26)(a)	USD		65		55,006
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)(a)(b)	USD		80		57,600
Brink’s Co. (The), 5.50%, 07/15/25 (Call 12/01/22)(a)	USD		65		63,187
Brookfield Property Finance ULC, 4.00%, 09/30/26 (Call 08/30/26)	CAD		125		82,000
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)(a)	USD		70		59,325
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)	USD		50		43,860
4.13%, 03/01/25 (Call 02/01/25)(a)	USD		25		23,563
4.13%, 12/01/27 (Call 09/01/27)	USD		35		30,282
4.50%, 03/01/28 (Call 12/01/27)(a)	USD		50		43,608
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(a)	USD		90		71,201
5.00%, 03/01/30 (Call 03/01/25)(a)	USD		50		43,016
6.38%, 06/15/32 (Call 06/15/27)(a)	USD		55		50,579
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)(b)	USD		90		72,000
6.25%, 07/01/25 (Call 11/14/22)(a)	USD		280		273,350
8.13%, 07/01/27 (Call 07/01/23)(a)(b)	USD		160		155,507

Security		Par (000)		Value
United States (continued)
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)(a)	USD		85	$	82,879
Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)(a)	USD		50		47,490
8.00%, 08/01/28 (Call 08/01/24)(a)(b)	USD		50		49,751
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)	USD		75		61,568
4.50%, 02/15/28 (Call 02/15/23)(a)	USD		105		94,369
4.63%, 02/01/29 (Call 02/01/24)(a)	USD		40		33,460
5.00%, 02/01/31 (Call 02/01/26)(a)(b)	USD		65		54,776
5.13%, 03/15/28 (Call 03/15/23)(a)(b)	USD		100		88,492
5.25%, 06/01/26 (Call 12/01/22)(a)	USD		47		44,765
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 12/01/22)(a)	USD		45		46,855
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a)	USD		60		49,950
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		100		41,104
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)(a)	USD		50		22,125
5.50%, 04/15/27 (Call 04/15/24)(a)(b)	USD		70		33,673
5.63%, 10/01/25 (Call 11/14/22)(a)(b)	USD		55		36,025
5.88%, 10/01/28 (Call 10/01/23)(a)	USD		50		23,000
10.25%, 05/01/30 (Call 05/01/27)(a)	USD		230		138,000
Catalent Pharma Solutions Inc.
2.38%, 03/01/28 (Call 03/01/23)(c)	EUR		100		82,597
3.13%, 02/15/29 (Call 02/15/24)(a)(b)	USD		50		40,926
3.50%, 04/01/30 (Call 04/01/25)(a)	USD		60		48,450
5.00%, 07/15/27 (Call 12/01/22)(a)	USD		25		23,469
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)	USD		225		177,750
4.25%, 01/15/34 (Call 01/15/28)(a)	USD		160		117,200
4.50%, 08/15/30 (Call 02/15/25)(a)	USD		210		170,887
4.50%, 05/01/32 (Call 05/01/26)	USD		235		184,181
4.50%, 06/01/33 (Call 06/01/27)(a)	USD		130		98,670
4.75%, 03/01/30 (Call 09/01/24)(a)	USD		235		195,461
4.75%, 02/01/32 (Call 02/01/27)(a)	USD		95		76,122
5.00%, 02/01/28 (Call 11/16/22)(a)	USD		215		194,185
5.13%, 05/01/27 (Call 12/01/22)(a)	USD		255		236,034
5.38%, 06/01/29 (Call 06/01/24)(a)	USD		125		111,126
5.50%, 05/01/26 (Call 12/01/22)(a)	USD		70		67,180
6.38%, 09/01/29 (Call 09/01/25)(a)	USD		125		115,424
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a)	USD		95		85,355
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)	USD		45		39,600
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 12/01/22)(b)	USD		60		56,663
5.50%, 05/01/25 (Call 12/01/22)(a)	USD		50		49,688
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)	USD		107		88,007
2.50%, 03/01/31 (Call 12/01/30)	USD		75		57,470
2.63%, 08/01/31 (Call 05/01/31)	USD		76		58,116
3.00%, 10/15/30 (Call 07/15/30)	USD		109		87,613
3.38%, 02/15/30 (Call 02/15/25)	USD		46		38,238
4.25%, 12/15/27 (Call 12/15/22)	USD		190		175,275
4.63%, 12/15/29 (Call 12/15/24)	USD		50		45,278
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)(b)	USD		50		41,446
4.13%, 04/30/31 (Call 04/30/26)(a)	USD		30		25,123
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(a)(b)	USD		45		43,011

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)(a)	USD		50	$	39,377
6.75%, 06/01/27 (Call 12/01/22)	USD		25		23,836
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(a)	USD		50		43,250
4.00%, 03/15/31 (Call 03/15/26)(a)	USD		40		33,702
4.25%, 05/01/28 (Call 05/01/23)(a)(b)	USD		40		36,388
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)(a)(b)	USD		55		42,900
5.38%, 05/15/27 (Call 02/15/27)(b)	USD		40		35,790
5.75%, 11/15/28 (Call 11/15/23)(a)(b)	USD		60		50,970
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)	USD		160		147,600
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)	USD		90		70,030
4.00%, 03/01/31 (Call 03/01/26)	USD		125		105,625
4.50%, 10/01/29 (Call 10/01/24)(b)	USD		115		101,620
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)(a)(b)	USD		30		28,983
5.88%, 02/01/29 (Call 02/05/24)(a)	USD		47		44,406
6.75%, 04/15/29 (Call 04/15/24)(a)(b)	USD		75		73,678
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)	USD		95		63,776
5.25%, 05/15/30 (Call 05/15/25)(a)	USD		140		96,880
5.63%, 03/15/27 (Call 12/15/23)(a)	USD		155		123,442
6.00%, 01/15/29 (Call 01/15/24)(a)(b)	USD		70		52,150
6.13%, 04/01/30 (Call 04/01/25)(a)(b)	USD		115		47,150
6.88%, 04/01/28 (Call 04/01/23)(a)(b)	USD		60		21,610
6.88%, 04/15/29 (Call 04/15/24)(a)(b)	USD		145		60,417
8.00%, 03/15/26 (Call 12/01/22)(a)(b)	USD		135		116,437
8.00%, 12/15/27 (Call 12/15/22)(a)(b)	USD		49		39,727
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)	USD		65		57,177
5.50%, 04/01/27 (Call 12/01/22)(a)(b)	USD		55		52,568
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)(b)	USD		50		38,376
5.88%, 03/15/26 (Call 03/15/23)(a)	USD		35		29,397
Citgo Holding Inc., 9.25%, 08/01/24 (Call 12/01/22)(a)	USD		75		75,165
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)(a)(b)	USD		55		54,045
7.00%, 06/15/25 (Call 12/01/22)(a)	USD		110		108,322
Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/22)(a)	USD		57		56,836
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26 (Call 11/30/22)(c)	EUR		100		91,763
6.25%, 05/15/26 (Call 12/01/22)(a)(b)	USD		50		48,525
8.50%, 05/15/27 (Call 12/01/22)(a)(b)	USD		145		142,372
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)(a)(b)	USD		60		51,927
4.88%, 07/01/29 (Call 06/30/24)(a)	USD		85		70,869
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 12/01/22)(a)	USD		105		94,500
7.50%, 06/01/29 (Call 06/01/24)(a)(b)	USD		75		58,954
7.75%, 04/15/28 (Call 04/15/24)(a)(b)	USD		90		73,444
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)	USD		70		58,188
4.75%, 03/15/28 (Call 03/15/23)(a)(b)	USD		60		55,609
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 12/01/22)(b)	USD		50		46,500
6.75%, 03/15/26 (Call 12/01/22)(a)	USD		55		54,588

Security		Par (000)		Value
United States (continued)
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(a)	USD		55	$	51,968
8.75%, 04/15/30 (Call 04/15/25)(a)(b)	USD		70		61,515
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)(a)(b)	USD		80		74,500
7.38%, 01/15/31 (Call 01/15/26)(a)(b)	USD		45		44,663
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)(b)	USD		80		52,701
3.63%, 10/01/31 (Call 10/01/26)(a)	USD		80		47,492
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a)	USD		60		55,966
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)(a)(b)	USD		115		97,153
6.00%, 03/01/26 (Call 12/01/22)(a)	USD		115		111,320
7.13%, 07/01/28 (Call 07/01/23)(a)(b)	USD		50		42,300
8.25%, 03/01/27 (Call 12/01/22)(a)(b)	USD		75		66,572
CommScope Technologies LLC
5.00%, 03/15/27 (Call 11/14/22)(a)(b)	USD		65		52,731
6.00%, 06/15/25 (Call 11/14/22)(a)	USD		81		75,861
Compass Group Diversified Holdings LLC,
5.25%, 04/15/29 (Call 04/15/24)(a)	USD		75		64,503
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(a)(b)	USD		75		67,969
6.75%, 03/01/29 (Call 03/01/24)(a)	USD		105		100,537
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b)	USD		175		144,357
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)(a)	USD		35		26,996
6.50%, 10/01/28 (Call 10/01/23)(a)	USD		60		49,390
Constellium SE
3.13%, 07/15/29 (Call 07/15/24)(c)	EUR		100		72,908
3.75%, 04/15/29 (Call 04/15/24)(a)(b)	USD		25		19,547
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)(a)	USD		50		31,250
Coty Inc.
3.88%, 04/15/26 (Call 04/15/23)(c)	EUR		100		89,784
5.00%, 04/15/26 (Call 04/15/23)(a)	USD		70		65,935
6.50%, 04/15/26 (Call 12/01/22)(a)(b)	USD		50		47,615
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)	USD		50		43,328
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)(a)(b)	USD		40		34,200
5.00%, 09/01/30 (Call 09/01/25)	USD		45		37,519
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.50%, 06/15/31 (Call 06/15/26)(a)	USD		100		88,750
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 11/16/22)(a)(b)	USD		50		47,160
5.75%, 04/01/25 (Call 12/01/22)	USD		80		78,000
6.00%, 02/01/29 (Call 02/01/24)(a)	USD		45		42,236
8.00%, 04/01/29 (Call 04/01/24)(a)	USD		35		35,225
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(a)(b)	USD		45		41,161
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)
	USD		25		23,188
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22)
	USD		50		47,800
Crown European Holdings SA, 2.88%, 02/01/26 (Call 08/01/25)(c)	EUR		100		90,617

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(a)(b)	USD		35	$	31,983
5.63%, 10/15/25 (Call 12/01/22)(a)(b)	USD		75		72,394
CSC Holdings LLC
4.13%, 12/01/30 (Call 12/01/25)(a)	USD		100		78,087
4.50%, 11/15/31 (Call 11/15/26)(a)	USD		150		117,118
4.63%, 12/01/30 (Call 12/01/25)(a)(b)	USD		100		72,104
5.00%, 11/15/31 (Call 11/15/26)(a)(b)	USD		60		42,525
5.25%, 06/01/24(b)	USD		75		72,750
5.38%, 02/01/28 (Call 02/01/23)(a)	USD		100		92,250
5.50%, 04/15/27 (Call 12/01/22)(a)	USD		100		93,900
5.75%, 01/15/30 (Call 01/15/25)(a)	USD		250		193,279
6.50%, 02/01/29 (Call 02/01/24)(a)	USD		100		94,062
7.50%, 04/01/28 (Call 04/01/23)(a)(b)	USD		125		107,929
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a)	USD		75		44,250
CVR Energy Inc.
5.25%, 02/15/25 (Call 11/16/22)(a)	USD		20		19,281
5.75%, 02/15/28 (Call 02/15/23)(a)	USD		45		41,164
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)(a)	USD		40		38,996
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)(b)	USD		15		11,983
5.38%, 11/15/27 (Call 11/15/22)	USD		40		36,520
5.63%, 06/15/28 (Call 06/15/23)(b)	USD		45		40,725
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 11/14/22)(a)	USD		50		48,231
6.00%, 06/15/30 (Call 06/15/25)(a)	USD		75		72,187
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)	USD		130		94,346
4.63%, 06/01/30 (Call 06/01/25)(a)	USD		215		166,898
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)	USD		70		66,070
3.75%, 10/28/29 (Call 07/28/29)	USD		60		49,505
4.38%, 04/19/28 (Call 01/19/28)(b)	USD		40		35,496
7.38%, 01/15/26 (Call 12/15/25)(b)	USD		80		81,720
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 11/16/22)(a)	USD		205		41,000
6.63%, 08/15/27 (Call 11/16/22)(a)	USD		125		6,406
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 12/01/22)(b)	USD		25		12,785
9.38%, 07/15/25 (Call 11/16/22)(a)(b)	USD		55		41,102
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)	USD		300		269,375
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)(a)	USD		235		204,156
5.75%, 12/01/28 (Call 12/01/27)(a)	USD		200		160,250
5.88%, 11/15/24(b)	USD		150		138,562
7.38%, 07/01/28 (Call 07/01/23)	USD		80		60,800
7.75%, 07/01/26	USD		150		126,956
5.13%, 06/01/29	USD		115		77,901
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)	USD		40		26,556
4.75%, 02/15/28 (Call 08/15/27)	USD		50		34,308
9.75%, 06/15/25 (Call 12/01/22)	USD		30		28,346
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)	USD		45		42,413
4.35%, 04/15/29 (Call 01/15/29)	USD		40		34,200
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(a)	USD		75		64,425
4.38%, 06/15/31 (Call 06/15/26)(a)	USD		90		76,504

Security		Par (000)		Value
United States (continued)
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)	USD		30	$	25,590
5.50%, 06/01/28 (Call 06/01/23)(a)	USD		55		51,729
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)	USD		55		49,115
4.63%, 04/01/31 (Call 04/01/26)	USD		40		33,000
4.75%, 02/01/30 (Call 02/01/25)(b)	USD		55		46,888
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/30/22)(c)	GBP		100		99,629
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)(a)	USD		75		72,581
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)	USD		65		52,569
4.75%, 06/15/28 (Call 06/15/23)(a)	USD		50		41,364
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)	USD		50		46,183
5.63%, 01/15/28 (Call 07/15/27)(a)	USD		50		47,923
6.50%, 09/01/30 (Call 03/01/30)(a)(b)	USD		45		44,130
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)	USD		53		50,013
4.85%, 07/15/26 (Call 04/15/26)	USD		40		37,670
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27)(d)	USD		50		39,102
Entegris Escrow Corp., 5.95%, 06/15/30 (Call 06/15/25)(a)	USD		75		68,409
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)(a)	USD		35		28,559
4.38%, 04/15/28 (Call 04/15/23)(a)	USD		25		21,969
EQM Midstream Partners LP
4.13%, 12/01/26 (Call 09/01/26)	USD		35		31,068
4.50%, 01/15/29 (Call 07/15/28)(a)	USD		80		67,934
4.75%, 01/15/31 (Call 07/15/30)(a)(b)	USD		75		62,437
5.50%, 07/15/28 (Call 04/15/28)	USD		75		67,161
6.00%, 07/01/25 (Call 04/01/25)(a)(b)	USD		60		58,188
6.50%, 07/01/27 (Call 01/01/27)(a)	USD		50		48,675
7.50%, CALL, 06/01/27 (Call 06/01/24)(a)	USD		35		34,563
7.50%, CALL, 06/01/30 (Call 12/01/29)(a)	USD		40		38,910
Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)(a)(b)	USD		75		20,566
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/22)(a)	USD		75		67,863
5.25%, 05/15/26 (Call 02/15/26)(a)	USD		25		24,350
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)(a)	USD		65		58,988
5.88%, 04/01/29 (Call 04/01/24)(a)(b)	USD		60		50,396
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)(a)(b)	USD		75		65,161
6.75%, 01/15/30 (Call 01/15/25)(a)(b)	USD		90		70,650
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)(a)	USD		50		43,293
5.63%, 01/01/30 (Call 01/01/25)(a)	USD		35		31,102
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)	USD		45		36,231
Series B, 2.25%, 09/01/30 (Call 06/01/30)	USD		60		45,936
Series B, 4.15%, 07/15/27 (Call 04/15/27)	USD		120		112,693
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)	CAD		100		62,152
Ford Credit Canada Co.
3.50%, 11/30/23	CAD		25		17,722
4.46%, 11/13/24	CAD		50		35,002
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)	USD		310		232,396
4.35%, 12/08/26 (Call 09/08/26)(b)	USD		25		23,307

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.10%, 08/19/32 (Call 05/19/32)(b)	USD		150	$	137,625
Ford Motor Credit Co. LLC
1.51%, 02/17/23	EUR		100		98,197
1.74%, 07/19/24	EUR		100		93,413
2.30%, 02/10/25 (Call 01/10/25)	USD		25		22,613
2.33%, 11/25/25	EUR		100		89,801
2.70%, 08/10/26 (Call 07/10/26)(b)	USD		175		150,978
2.90%, 02/10/29 (Call 12/10/28)	USD		50		39,188
3.25%, 09/15/25	EUR		100		92,525
3.37%, 11/17/23	USD		150		145,125
3.38%, 11/13/25 (Call 10/13/25)	USD		200		181,656
3.63%, 06/17/31 (Call 03/17/31)	USD		25		19,399
3.81%, 01/09/24 (Call 11/09/23)	USD		175		169,590
3.82%, 11/02/27 (Call 08/02/27)	USD		110		94,728
4.00%, 11/13/30 (Call 08/13/30)	USD		125		101,275
4.06%, 11/01/24 (Call 10/01/24)	USD		225		215,696
4.13%, 08/04/25	USD		25		23,250
4.13%, 08/17/27 (Call 06/17/27)	USD		25		22,209
4.54%, 03/06/25	GBP		100		105,725
4.69%, 06/09/25 (Call 04/09/25)	USD		25		23,688
4.95%, 05/28/27 (Call 04/28/27)	USD		125		114,520
5.11%, 05/03/29 (Call 02/03/29)	USD		225		201,150
5.13%, 06/16/25 (Call 05/16/25)	USD		365		352,152
5.58%, 03/18/24 (Call 02/18/24)	USD		50		49,388
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)(a)	USD		60		50,253
6.50%, 10/01/25 (Call 12/01/22)(a)	USD		46		44,218
9.75%, 08/01/27 (Call 08/01/23)(a)	USD		50		50,866
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)(a)	USD		60		44,425
7.63%, 05/01/26 (Call 05/01/23)(a)	USD		45		35,479
8.13%, 11/15/24 (Call 12/01/22)(a)	USD		45		39,651
8.25%, 04/15/25 (Call 12/01/22)(a)	USD		45		38,592
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)	USD		115		100,548
5.88%, 10/15/27 (Call 10/15/23)(a)	USD		85		78,434
5.88%, 11/01/29 (Call 11/01/24)	USD		75		58,688
6.00%, 01/15/30 (Call 10/15/24)(a)(b)	USD		80		62,422
6.75%, 05/01/29 (Call 05/01/24)(a)	USD		85		70,019
8.75%, 05/15/30 (Call 05/15/25)(a)	USD		100		101,283
FXI Holdings Inc.
7.88%, 11/01/24 (Call 12/01/22)(a)	USD		54		46,899
12.25%, 11/15/26 (Call 12/01/22)(a)	USD		59		51,276
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(a)(b)	USD		50		35,180
3.88%, 10/01/31 (Call 10/01/26)(a)	USD		50		34,426
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(a)	USD		65		56,002
3.75%, 10/01/30 (Call 10/01/25)(a)(b)	USD		55		46,470
4.50%, 07/01/28 (Call 07/01/23)(a)	USD		50		46,004
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 12/01/22)	USD		45		42,986
7.75%, 02/01/28 (Call 02/01/23)(b)	USD		55		52,456
8.00%, 01/15/27 (Call 01/15/24)	USD		80		77,700
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(a)(d)	USD		60		44,940
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)(a)	USD		50		41,388
5.25%, 12/01/27 (Call 12/01/22)(a)	USD		70		65,908

Security		Par (000)		Value
United States (continued)
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(b)	USD		65	$	59,143
5.00%, 05/31/26 (Call 12/01/22)(b)	USD		90		86,386
5.00%, 07/15/29 (Call 04/15/29)	USD		70		60,643
5.25%, 04/30/31 (Call 01/30/31)(b)	USD		60		50,533
5.25%, 07/15/31 (Call 04/15/31)	USD		20		16,768
5.63%, 04/30/33 (Call 01/30/33)	USD		35		29,270
9.50%, 05/31/25 (Call 11/16/22)	USD		70		72,939
Grand Canyon University
4.13%, 10/01/24	USD		25		23,438
5.13%, 10/01/28 (Call 08/01/28)	USD		40		36,180
Graphic Packaging International LLC
3.50%, 03/15/28(a)	USD		35		30,453
3.75%, 02/01/30 (Call 08/01/29)(a)	USD		45		38,700
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(b)	USD		95		76,202
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(b)	USD		75		59,177
5.88%, 07/15/26 (Call 12/01/22)(a)(b)	USD		50		47,102
7.00%, 05/15/27 (Call 11/14/22)(a)(b)	USD		65		61,912
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)	USD		90		82,442
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/22)(a)	USD		25		23,659
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)	USD		100		84,500
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(c)	EUR		100		92,229
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)(a)(b)	USD		65		63,067
4.88%, 05/15/26 (Call 02/15/26)(a)(b)	USD		65		59,638
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)(a)	USD		95		76,950
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)	USD		100		92,381
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)(a)	USD		30		28,298
Herc Holdings Inc., 5.50%, 07/15/27 (Call 12/01/22)(a)	USD		100		94,625
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)(a)	USD		50		42,542
5.00%, 12/01/29 (Call 12/01/24)(a)	USD		80		63,718
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(a)(b)	USD		70		59,802
5.13%, 06/15/28 (Call 06/15/23)(a)(b)	USD		45		41,303
5.50%, 10/15/30 (Call 10/15/25)(a)	USD		35		31,585
5.63%, 02/15/26 (Call 12/01/22)(a)	USD		50		49,039
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)(a)	USD		45		40,993
6.00%, 04/15/30 (Call 04/15/25)(a)	USD		45		40,984
6.00%, 02/01/31 (Call 02/01/26)(a)	USD		45		40,731
6.25%, 11/01/28 (Call 11/01/23)(a)(b)	USD		25		23,540
6.25%, 04/15/32 (Call 05/15/27)(a)	USD		50		45,815
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)	USD		115		91,353
3.75%, 05/01/29 (Call 05/01/24)(a)	USD		75		63,865
4.00%, 05/01/31 (Call 05/01/26)(a)	USD		75		62,398
4.88%, 01/15/30 (Call 01/15/25)	USD		80		71,700
5.38%, 05/01/25 (Call 11/14/22)(a)	USD		10		9,850
5.75%, 05/01/28 (Call 05/01/23)(a)	USD		50		48,230
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)(b)	USD		30		24,525
5.00%, 06/01/29 (Call 06/01/24)(a)(b)	USD		70		60,287

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)	USD		60	$	56,860
HLF Financing Sarl LLC/Herbalife International Inc.,
4.88%, 06/01/29 (Call 06/01/24)(a)	USD		70		52,503
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(a)(b)	USD		75		63,735
4.63%, 02/01/28 (Call 02/01/23)(a)	USD		25		23,333
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(a)	USD		40		31,691
4.38%, 02/01/31 (Call 02/01/26)(a)	USD		40		30,031
5.38%, 08/01/28 (Call 08/01/23)(a)	USD		75		63,774
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)	USD		50		41,619
5.13%, 10/01/24 (Call 07/01/24)	USD		80		79,000
6.88%, 05/01/25 (Call 04/01/25)	USD		55		56,222
Hub International Ltd.
5.63%, 12/01/29 (Call 12/01/24)(a)(b)	USD		40		34,288
7.00%, 05/01/26 (Call 11/14/22)(a)	USD		125		123,437
Hughes Satellite Systems Corp.
5.25%, 08/01/26	USD		45		42,928
6.63%, 08/01/26	USD		65		61,262
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)	USD		60		50,100
4.75%, 09/15/24 (Call 06/15/24)	USD		75		72,588
5.25%, 05/15/27 (Call 11/15/26)	USD		117		108,085
6.25%, 05/15/26 (Call 12/01/22)	USD		105		100,852
6.38%, 12/15/25 (Call 12/01/22)	USD		45		43,684
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)(b)	USD		50		43,625
5.25%, 08/15/27 (Call 11/16/22)(a)	USD		45		40,682
6.38%, 05/01/26 (Call 11/16/22)	USD		50		47,856
8.38%, 05/01/27 (Call 11/16/22)(b)	USD		120		108,002
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)	USD		175		150,937
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)	USD		250		229,597
International Game Technology PLC
3.50%, 06/15/26 (Call 11/30/22)(c)	EUR		150		139,491
4.13%, 04/15/26 (Call 04/15/23)(a)	USD		65		60,309
6.25%, 01/15/27 (Call 07/15/26)(a)	USD		85		84,215
6.50%, 02/15/25 (Call 08/15/24)(a)	USD		90		90,076
IQVIA Inc.
2.25%, 03/15/29 (Call 03/15/24)(c)	EUR		100		79,753
2.88%, 09/15/25 (Call 11/10/22)(c)	EUR		100		94,719
2.88%, 06/15/28 (Call 06/15/23)(c)	EUR		100		86,585
5.00%, 05/15/27 (Call 12/01/22)(a)(b)	USD		150		142,538
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)	USD		85		69,128
4.88%, 09/15/27 (Call 11/14/22)(a)	USD		75		69,055
4.88%, 09/15/29 (Call 09/15/24)(a)	USD		85		72,994
5.00%, 07/15/28 (Call 07/15/23)(a)	USD		55		49,232
5.25%, 03/15/28 (Call 12/27/22)(a)(b)	USD		55		50,634
5.25%, 07/15/30 (Call 07/15/25)(a)	USD		100		86,653
5.63%, 07/15/32 (Call 07/15/26)(a)	USD		60		51,705
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)	USD		55		45,221
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/10/22)(c)	GBP		100		102,361
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)(b)	USD		20		19,375
4.75%, 10/01/24 (Call 07/01/24)	USD		90		89,079
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a)	USD		90		71,640
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)	USD		130		115,038

Security		Par (000)		Value
United States (continued)
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)	USD		75	$	58,877
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 12/01/22)(a)(b)	USD		25		20,804
4.88%, 12/15/27 (Call 12/15/22)(a)(b)	USD		25		18,647
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(a)(b)	USD		35		28,152
4.63%, 03/01/28 (Call 03/01/23)(a)(b)	USD		50		43,643
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)	USD		30		24,008
4.75%, 02/01/30 (Call 09/01/24)	USD		50		39,250
5.00%, 03/01/31 (Call 03/01/26)(b)	USD		61		47,709
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)(a)	USD		50		47,602
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)	USD		80		75,574
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(a)(b)	USD		45		39,276
6.75%, 07/15/26 (Call 11/14/22)(a)	USD		65		61,873
8.25%, 11/01/29 (Call 11/01/24)(a)	USD		45		36,142
10.50%, 07/15/27 (Call 11/14/22)(a)(b)	USD		35		31,916
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)(a)	USD		60		50,490
4.75%, 06/15/29 (Call 06/15/24)(a)	USD		45		35,911
5.25%, 10/01/25 (Call 11/16/22)(a)	USD		4		3,689
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)(b)	USD		55		44,825
3.75%, 02/15/28 (Call 02/15/23)(b)	USD		25		21,875
4.00%, 02/15/30 (Call 02/15/25)(b)	USD		35		29,776
4.88%, 01/15/29 (Call 01/15/24)(b)	USD		50		45,235
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)	USD		75		65,492
4.38%, 01/31/32 (Call 01/31/27)(a)	USD		50		43,094
4.88%, 05/15/28 (Call 11/15/27)(a)	USD		35		32,650
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)(a)(b)	USD		25		23,867
9.50%, 01/15/25 (Call 12/01/22)	USD		50		50,094
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)	USD		50		45,245
3.20%, 08/08/24 (Call 07/08/24)	USD		125		118,702
3.50%, 08/18/26 (Call 06/18/26)	USD		75		65,225
3.90%, 08/08/29 (Call 05/08/29)	USD		75		60,539
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a)	USD		75		52,461
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a)	USD		90		75,937
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(a)	USD		75		63,400
6.75%, 10/15/27 (Call 12/01/22)(a)	USD		90		83,925
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(a)	USD		40		22,400
6.50%, 11/01/25 (Call 12/01/22)(a)	USD		25		17,000
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 12/01/22)(a)	USD		60		47,189
6.75%, 04/15/25 (Call 12/01/22)(a)(b)	USD		35		30,975
Level 3 Financing Inc.
3.40%, 03/01/27 (Call 01/01/27)(a)	USD		50		43,069
3.63%, 01/15/29 (Call 01/15/24)(a)	USD		65		49,611
3.75%, 07/15/29 (Call 01/15/24)(a)	USD		65		49,407
3.88%, 11/15/29 (Call 08/15/29)(a)	USD		68		55,978
4.25%, 07/01/28 (Call 07/01/23)(a)(b)	USD		100		82,225
4.63%, 09/15/27 (Call 12/01/22)(a)	USD		75		65,151

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Liberty Mutual Group Inc.
3.63%, 05/23/59 (Call 05/23/24)(c)(d)	EUR		100	$	83,525
4.13%, 12/15/51 (Call 09/15/26)(a)(d)	USD		100		75,000
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)(a)	USD		68		63,240
8.00%, 04/15/26 (Call 02/01/23)(a)(b)	USD		45		39,474
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)(b)	USD		45		28,154
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(a)	USD		85		69,349
4.38%, 01/15/31 (Call 10/15/25)(a)(b)	USD		40		32,550
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)	USD		50		43,673
4.75%, 10/15/27 (Call 12/01/22)(a)(b)	USD		75		66,750
6.50%, 05/15/27 (Call 05/15/23)(a)	USD		85		84,575
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)	USD		60		52,372
4.38%, 05/15/31 (Call 05/15/26)(a)	USD		35		30,544
4.63%, 11/15/27 (Call 12/01/22)(a)	USD		50		46,273
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)(a)	USD		115		97,729
4.50%, 01/15/29 (Call 01/15/24)(a)	USD		85		59,949
5.13%, 12/15/26 (Call 12/15/22)(a)	USD		40		34,250
5.38%, 06/15/29 (Call 06/15/24)(a)(b)	USD		30		21,840
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)(a)(b)	USD		35		30,310
5.88%, 03/15/30 (Call 03/15/25)(a)	USD		35		29,544
6.13%, 03/15/32 (Call 03/15/27)(a)(b)	USD		25		20,722
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(a)	USD		50		41,792
5.88%, 06/30/29 (Call 06/30/24)(a)	USD		80		55,097
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
10.00%, 04/15/25 (Call 11/16/22)(a)	USD		50		45,125
11.50%, 12/15/28 (Call 06/15/27)(a)	USD		50		45,250
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)(a)	USD		35		29,183
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)(b)	USD		35		26,517
4.13%, 08/01/30 (Call 05/01/25)(a)	USD		50		40,545
4.63%, 06/01/28 (Call 06/01/23)(a)(b)	USD		35		31,102
5.00%, 12/15/27 (Call 12/15/22)(a)	USD		25		22,444
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)(a)	USD		40		36,579
3.75%, 04/01/29 (Call 04/01/24)(a)	USD		65		56,179
5.88%, 12/15/27 (Call 12/15/22)(a)	USD		35		34,044
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 12/01/22)(a)(b)	USD		110		107,736
7.25%, 04/15/25 (Call 12/01/22)(a)(b)	USD		110		99,174
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(a)	USD		75		66,037
8.00%, 08/01/29 (Call 08/01/24)(a)	USD		60		51,075
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(a)	USD		40		32,243
6.00%, 06/01/25 (Call 03/01/25)	USD		25		24,250
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)	USD		47		42,722
4.75%, 10/15/28 (Call 07/15/28)(b)	USD		65		56,425
5.50%, 04/15/27 (Call 01/15/27)	USD		76		70,000
5.75%, 06/15/25 (Call 03/15/25)(b)	USD		80		77,544
6.75%, 05/01/25 (Call 12/01/22)	USD		60		59,244

Security		Par (000)		Value
United States (continued)
Michaels Companies Inc. (The)
5.25%, 05/01/28 (Call 11/01/23)(a)	USD		65	$	45,825
7.88%, 05/01/29 (Call 05/01/24)(a)(b)	USD		115		64,112
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)(a)	USD		120		102,045
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(b)	USD		180		140,400
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)	USD		35		29,942
ModivCare Inc., 5.88%, 11/15/25 (Call 12/01/22)(a)	USD		50		47,651
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)(a)	USD		100		84,318
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)	USD		65		55,588
3.88%, 05/15/32 (Call 02/15/32)(a)(b)	USD		60		50,019
4.38%, 06/15/28 (Call 06/15/23)(a)	USD		55		49,431
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 12/01/22)(a)	USD		60		55,200
10.50%, 05/15/27 (Call 12/01/22)(a)	USD		40		38,509
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)(a)	USD		355		290,035
5.25%, 10/01/29 (Call 10/01/24)(a)(b)	USD		190		147,078
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(a)	USD		75		64,511
5.75%, 11/01/28 (Call 11/01/23)(a)(b)	USD		115		88,837
MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)	EUR		100		86,672
3.38%, 04/24/30 (Call 01/24/30)	GBP		125		89,271
3.50%, 03/15/31 (Call 03/15/26)	USD		85		58,545
4.63%, 08/01/29 (Call 08/01/24)	USD		65		51,514
5.00%, 10/15/27 (Call 12/01/22)(b)	USD		125		106,855
5.25%, 08/01/26 (Call 12/01/22)(b)	USD		40		36,094
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)(a)(b)	USD		55		42,888
3.63%, 09/01/30 (Call 03/01/25)(a)	USD		85		70,972
3.63%, 11/01/31 (Call 11/01/26)(a)	USD		50		41,265
3.88%, 02/15/31 (Call 06/01/25)(a)	USD		75		63,374
4.00%, 11/15/29 (Call 11/15/24)(a)(b)	USD		75		64,977
Murphy Oil Corp.
5.75%, 08/15/25 (Call 12/01/22)	USD		25		24,793
5.88%, 12/01/27 (Call 12/01/22)	USD		30		29,178
6.38%, 07/15/28 (Call 07/15/24)(b)	USD		50		48,871
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)	USD		35		29,234
4.75%, 09/15/29 (Call 09/15/24)	USD		50		45,334
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)(b)	USD		60		57,593
7.38%, 05/15/27 (Call 05/15/24)(a)	USD		40		39,450
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 12/01/22)(a)	USD		50		48,135
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)	USD		55		41,382
5.50%, 08/15/28 (Call 08/15/23)(a)	USD		50		40,549
5.75%, 11/15/31 (Call 11/15/26)(a)	USD		50		38,339
6.00%, 01/15/27 (Call 01/15/23)(a)	USD		65		57,889
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)	USD		45		35,886
5.00%, 03/15/27 (Call 09/15/26)(b)	USD		60		50,795
5.50%, 03/15/29 (Call 06/15/28)	USD		40		31,957
5.88%, 10/25/24	USD		50		48,625
6.13%, 03/25/24	USD		85		83,825
6.75%, 06/25/25	USD		25		23,872

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.75%, 06/15/26	USD		40	$	37,718
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 11/14/22)(a)	USD		50		43,106
5.88%, 03/15/26 (Call 12/15/25)(a)	USD		105		85,470
5.88%, 02/15/27 (Call 02/15/24)(a)	USD		85		75,820
7.75%, 02/15/29 (Call 11/15/28)(a)	USD		45		35,719
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)	USD		40		30,880
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)	USD		45		38,138
5.13%, 04/15/29 (Call 04/15/24)(a)	USD		85		71,288
5.25%, 10/01/30 (Call 10/01/25)(a)	USD		30		24,239
5.75%, 09/01/27 (Call 11/14/22)(a)(b)	USD		40		38,600
6.13%, 09/01/29 (Call 09/01/24)(a)	USD		60		57,452
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)(a)	USD		125		121,250
6.75%, 09/15/25 (Call 11/21/22)(a)	USD		100		97,775
Newell Brands Inc.
4.45%, 04/01/26 (Call 01/01/26)	USD		160		148,691
4.88%, 06/01/25 (Call 05/01/25)	USD		50		48,156
6.38%, 09/15/27 (Call 06/15/27)	USD		50		48,894
6.63%, 09/15/29 (Call 06/15/29)(b)	USD		50		48,875
News Corp.
3.88%, 05/15/29 (Call 05/15/24)(a)(b)	USD		85		73,057
5.13%, 02/15/32 (Call 02/15/27)(a)	USD		35		31,395
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)(a)(b)	USD		95		83,372
5.63%, 07/15/27 (Call 11/14/22)(a)	USD		125		117,750
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)	USD		40		37,064
4.25%, 07/15/24 (Call 04/15/24)(a)	USD		65		63,121
4.50%, 09/15/27 (Call 06/15/27)(a)	USD		50		46,517
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)(a)	USD		35		30,476
6.88%, 08/15/28 (Call 08/15/23)(a)	USD		170		145,800
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(a)	USD		170		153,850
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 12/01/22)(b)	USD		40		39,000
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a)	USD		85		80,770
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)	USD		40		28,958
4.38%, 04/01/30 (Call 01/01/30)	USD		55		42,397
NortonLifeLock Inc.
5.00%, 04/15/25 (Call 11/14/22)(a)	USD		65		63,256
6.75%, 09/30/27 (Call 09/30/24)(a)	USD		75		74,875
7.13%, 09/30/30 (Call 09/30/25)(a)	USD		45		44,415
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)(a)	USD		70		61,611
3.88%, 08/15/31 (Call 08/15/26)(a)(b)	USD		60		46,325
4.75%, 01/30/30 (Call 01/30/25)(a)(b)	USD		120		102,175
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(c)	EUR		100		80,608
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(a)(b)	USD		35		29,328
3.63%, 02/15/31 (Call 02/15/26)(a)	USD		70		55,704
3.88%, 02/15/32 (Call 02/15/27)(a)	USD		85		67,197
5.25%, 06/15/29 (Call 06/15/24)(a)	USD		65		58,825
5.75%, 01/15/28 (Call 01/15/23)	USD		80		76,150
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)	USD		50		46,233

Security		Par (000)		Value
United States (continued)
5.75%, 10/01/25 (Call 07/01/25)(b)	USD		55	$	53,334
6.00%, 06/01/26 (Call 03/01/26)	USD		40		38,763
6.38%, 10/01/30 (Call 04/01/30)(b)	USD		40		37,092
Occidental Petroleum Corp.
5.50%, 12/01/25 (Call 09/01/25)	USD		60		60,143
5.55%, 03/15/26 (Call 12/15/25)(b)	USD		95		96,306
5.88%, 09/01/25 (Call 06/01/25)	USD		80		80,600
6.13%, 01/01/31 (Call 07/01/30)	USD		110		110,012
6.38%, 09/01/28 (Call 03/01/28)(b)	USD		40		40,491
6.63%, 09/01/30 (Call 03/01/30)(b)	USD		110		114,468
6.95%, 07/01/24	USD		45		45,952
7.50%, 05/01/31	USD		95		102,125
8.00%, 07/15/25 (Call 04/15/25)	USD		45		47,502
8.50%, 07/15/27 (Call 01/15/27)	USD		40		43,490
8.88%, 07/15/30 (Call 01/15/30)	USD		95		108,689
OI European Group BV
3.13%, 11/15/24 (Call 08/15/24)(c)	EUR		100		94,526
4.75%, 02/15/30 (Call 11/15/24)(a)	USD		30		25,336
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)	USD		40		36,200
5.13%, 09/15/27 (Call 12/01/22)	USD		40		37,500
5.63%, 08/01/29 (Call 08/01/24)(b)	USD		60		56,388
Olympus Water U.S. Holding Corp.
3.88%, 10/01/28 (Call 10/01/24)(c)	EUR		100		73,889
4.25%, 10/01/28 (Call 10/01/24)(a)	USD		125		101,031
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)(b)	USD		65		53,349
3.88%, 09/15/28 (Call 09/15/24)(b)	USD		50		39,055
4.00%, 09/15/30 (Call 09/15/25)(b)	USD		65		49,075
5.38%, 11/15/29 (Call 05/15/29)	USD		60		49,200
6.13%, 03/15/24 (Call 09/15/23)	USD		105		102,507
6.63%, 01/15/28 (Call 07/15/27)	USD		60		54,594
6.88%, 03/15/25	USD		95		92,150
7.13%, 03/15/26	USD		125		120,375
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)(a)	USD		150		132,123
5.13%, 04/30/31 (Call 04/30/26)(a)	USD		150		126,849
2.88%, 04/30/28 (Call 04/30/24)(c)	EUR		150		124,600
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)(a)	USD		60		49,350
4.63%, 03/15/30 (Call 03/15/25)(a)	USD		50		41,311
5.00%, 08/15/27 (Call 11/14/22)(a)(b)	USD		30		27,075
6.25%, 06/15/25 (Call 12/01/22)(a)(b)	USD		30		29,735
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)(a)(b)	USD		25		19,375
6.63%, 04/01/30 (Call 04/01/25)(a)	USD		65		54,275
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)(a)	USD		60		57,617
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b)	USD		65		57,525
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)(b)	USD		40		35,000
Paramount Global
6.25%, 02/28/57 (Call 02/28/27)(d)	USD		30		25,334
6.38%, 03/30/62 (Call 03/30/27)(d)	USD		85		72,503
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(a)	USD		60		51,294
5.88%, 10/01/28 (Call 10/01/23)(a)	USD		80		72,600

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)	USD		60	$	54,199
7.25%, 06/15/25 (Call 12/01/22)	USD		50		49,500
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)	USD		40		30,200
5.38%, 10/15/25 (Call 12/01/22)(a)	USD		50		45,188
5.75%, 09/15/31 (Call 09/15/26)(a)	USD		45		34,306
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 12/01/22)(b)	USD		55		51,300
3.75%, 06/15/29 (Call 06/15/24)(b)	USD		25		20,119
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)	USD		85		72,307
5.50%, 10/15/27 (Call 12/01/22)(a)(b)	USD		85		80,325
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)	USD		65		61,920
4.38%, 03/15/26 (Call 12/15/25)	USD		115		107,800
4.40%, 06/15/30 (Call 03/15/30)	USD		50		41,788
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)(a)	USD		75		68,142
7.75%, 02/15/29 (Call 02/15/24)(a)(b)	USD		75		70,357
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(b)	USD		85		76,619
5.25%, 07/01/30 (Call 07/01/25)(b)	USD		80		70,967
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)(a)(b)	USD		50		32,802
Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)(a)(b)	USD		330		286,275
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/22)(a)(b)	USD		45		44,911
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)(a)	USD		75		57,730
4.25%, 04/15/31 (Call 04/15/26)(a)	USD		90		75,070
5.88%, 09/30/27 (Call 12/01/22)(a)	USD		55		53,790
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)	USD		130		107,423
4.63%, 04/15/30 (Call 04/15/25)(a)	USD		105		88,856
5.50%, 12/15/29 (Call 12/15/24)(a)	USD		95		85,376
5.63%, 01/15/28 (Call 12/01/22)(a)	USD		80		74,600
5.75%, 03/01/27 (Call 11/16/22)(a)(b)	USD		40		38,700
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(a)(b)	USD		65		48,095
5.88%, 09/01/31 (Call 09/01/26)(a)	USD		60		43,062
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/23)(a)	USD		25		23,085
8.25%, 02/01/28 (Call 02/01/23)(a)(b)	USD		55		48,950
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(a)	USD		60		48,201
5.13%, 01/15/28 (Call 01/15/23)(a)	USD		25		23,232
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)(b)	USD		70		60,794
5.25%, 04/15/24(a)	USD		65		64,347
5.75%, 04/15/26(a)	USD		85		82,898
6.25%, 01/15/28 (Call 01/15/23)(a)(b)	USD		120		111,061
PTC Inc.
3.63%, 02/15/25 (Call 12/01/22)(a)	USD		40		37,940
4.00%, 02/15/28 (Call 02/15/23)(a)	USD		40		36,474
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)	USD		40		29,000
4.45%, 02/15/25 (Call 11/15/24)	USD		50		43,731
4.75%, 02/15/27 (Call 11/15/26)(b)	USD		45		35,651
4.85%, 04/01/24	USD		50		47,781

Security		Par (000)		Value
United States (continued)
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)(a)	USD		45	$	29,461
5.38%, 12/01/28 (Call 12/01/23)(a)	USD		45		18,675
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(a)	USD		65		55,190
6.50%, 09/15/28 (Call 09/15/23)(a)(b)	USD		80		50,400
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)(a)(b)	USD		50		26,625
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)(a)	USD		35		30,899
4.88%, 05/15/25 (Call 02/15/25)(b)	USD		70		67,709
8.25%, 01/15/29 (Call 01/15/24)	USD		55		56,767
Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)(a)(b)	USD		80		55,524
5.75%, 01/15/29 (Call 01/15/24)(a)(b)	USD		80		56,895
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)(a)(b)	USD		105		83,709
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)	USD		75		55,415
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)(a)(b)	USD		50		43,798
4.75%, 10/15/27 (Call 12/01/22)	USD		65		59,998
Rite Aid Corp.
7.50%, 07/01/25 (Call 12/01/22)(a)	USD		59		41,479
8.00%, 11/15/26 (Call 01/15/23)(a)(b)	USD		79		51,343
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)(a)	USD		80		66,686
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)(b)	USD		65		53,381
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)(a)(b)	USD		85		71,081
3.63%, 03/01/29 (Call 03/01/24)(a)(b)	USD		70		54,250
3.88%, 03/01/31 (Call 03/01/26)(a)	USD		105		78,276
4.00%, 10/15/33 (Call 10/15/27)(a)	USD		80		55,747
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)(a)	USD		65		57,070
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a)	USD		70		52,988
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 12/01/22)(a)(b)	USD		75		68,925
9.25%, 04/15/25 (Call 03/16/25)(a)	USD		65		63,300
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)	USD		115		93,150
3.88%, 02/15/27 (Call 02/15/23)	USD		120		108,600
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)(a)	USD		45		43,380
7.25%, 11/15/29 (Call 11/15/24)(a)	USD		50		48,348
8.63%, 07/01/25 (Call 12/01/22)(a)	USD		60		61,908
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(a)	USD		100		86,780
6.63%, 05/01/29 (Call 05/01/24)(a)(b)	USD		50		40,583
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)	USD		20		15,240
4.38%, 02/01/32 (Call 08/01/26)	USD		40		30,463
4.50%, 10/15/29 (Call 10/15/24)	USD		35		28,350
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(a)	USD		20		16,517
5.38%, 01/15/31 (Call 01/15/26)(a)(b)	USD		65		52,813
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/22)(a)(b)	USD		25		22,649
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)	USD		60		44,463
3.38%, 07/15/31 (Call 01/15/26)	USD		30		21,413
4.09%, 06/01/29 (Call 03/01/29)	USD		35		28,050
4.13%, 01/15/31 (Call 10/15/30)	USD		45		33,840

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
4.88%, 03/01/24 (Call 01/01/24)	USD		60	$	58,801
4.88%, 06/01/27 (Call 03/01/27)	USD		60		55,350
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)	USD		55		48,675
5.00%, 04/15/29 (Call 04/15/25)(a)(b)	USD		30		27,338
5.13%, 12/01/24 (Call 09/01/24)(a)	USD		30		29,761
5.50%, 09/15/25 (Call 06/15/25)(a)(b)	USD		25		24,543
Select Medical Corp., 6.25%, 08/15/26 (Call 12/01/22)(a)(b)	USD		105		99,991
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)(a)	USD		85		71,654
5.00%, 10/01/25(a)	USD		50		48,555
5.63%, 11/01/24(a)	USD		50		49,825
5.88%, 09/01/30 (Call 09/01/25)(a)	USD		25		23,601
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)	USD		55		43,794
4.38%, 02/15/30 (Call 11/15/29)(a)	USD		45		38,590
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)(b)	USD		75		59,644
4.00%, 05/15/31 (Call 05/15/26)	USD		70		58,291
4.63%, 12/15/27 (Call 12/15/22)(b)	USD		35		32,523
5.13%, 06/01/29 (Call 06/01/24)(b)	USD		65		60,103
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)	USD		45		33,028
4.35%, 10/01/24 (Call 09/01/24)	USD		60		55,163
4.38%, 02/15/30 (Call 08/15/29)(b)	USD		35		24,938
4.75%, 10/01/26 (Call 08/01/26)	USD		45		36,675
4.95%, 02/15/27 (Call 08/15/26)	USD		25		20,219
4.95%, 10/01/29 (Call 07/01/29)	USD		35		25,567
5.50%, 12/15/27 (Call 09/15/27)	USD		40		34,396
7.50%, 09/15/25 (Call 06/15/25)	USD		40		39,050
Silgan Holdings Inc.
3.25%, 03/15/25 (Call 11/30/22)	EUR		100		94,732
4.13%, 02/01/28 (Call 11/16/22)	USD		60		54,900
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)	USD		55		42,350
5.50%, 03/01/30 (Call 12/01/24)(a)(b)	USD		40		30,120
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)(a)	USD		55		49,148
3.88%, 09/01/31 (Call 09/01/26)(a)	USD		105		83,737
4.00%, 07/15/28 (Call 07/15/24)(a)	USD		175		150,842
4.13%, 07/01/30 (Call 07/01/25)(a)	USD		120		97,846
5.00%, 08/01/27 (Call 12/01/22)(a)(b)	USD		140		129,573
5.50%, 07/01/29 (Call 07/01/24)(a)	USD		105		96,841
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 12/01/22)(a)(b)	USD		85		82,283
5.50%, 04/15/27 (Call 12/01/22)(a)(b)	USD		40		36,000
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)	USD		65		57,010
4.20%, 10/29/25 (Call 09/29/25)	USD		25		23,194
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)(b)	USD		55		52,814
6.63%, 01/15/27 (Call 12/01/22)(b)	USD		25		24,455
SoftBank Group Corp., 4.00%, 09/19/29 (Call 06/21/29)(c)	EUR		125		93,179
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(a)(b)	USD		40		31,450
4.88%, 11/15/31 (Call 11/15/26)(a)	USD		42		31,952
Sotheby’s, 7.38%, 10/15/27 (Call 11/14/22)(a)	USD		50		48,375
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)(b)	USD		90		77,633

Security		Par (000)		Value
United States (continued)
5.38%, 02/01/29 (Call 02/01/24)	USD		50	$	46,445
5.38%, 03/15/30 (Call 03/15/25)	USD		90		83,391
7.75%, 10/01/27 (Call 12/01/22)	USD		40		41,050
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(a)	USD		30		22,125
5.75%, 07/15/25 (Call 12/01/22)(b)	USD		41		40,436
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(b)	USD		65		46,553
5.50%, 01/15/25 (Call 12/01/22)(a)	USD		15		14,441
7.50%, 04/15/25 (Call 12/01/22)(a)	USD		100		97,500
Sprint Corp.
7.13%, 06/15/24	USD		215		217,042
7.63%, 02/15/25 (Call 11/15/24)	USD		125		128,998
7.63%, 03/01/26 (Call 11/01/25)	USD		115		120,001
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a)(b)	USD		85		71,758
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)(a)	USD		55		48,400
6.00%, 12/01/29 (Call 12/01/24)(a)	USD		60		48,794
6.13%, 07/01/29 (Call 07/01/24)(a)	USD		50		40,859
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/22)(a)	USD		175		162,607
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)(b)	USD		75		65,404
Standard Industries Inc./NJ
2.25%, 11/21/26 (Call 08/21/26)(c)	EUR		100		81,048
3.38%, 01/15/31 (Call 07/15/25)(a)	USD		95		71,050
4.38%, 07/15/30 (Call 07/15/25)(a)	USD		125		101,065
4.75%, 01/15/28 (Call 01/15/23)(a)	USD		75		65,752
5.00%, 02/15/27 (Call 12/01/22)(a)	USD		60		54,592
Staples Inc.
7.50%, 04/15/26 (Call 12/01/22)(a)	USD		150		130,500
10.75%, 04/15/27 (Call 12/01/22)(a)(b)	USD		75		54,495
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(a)	USD		40		34,810
3.75%, 12/31/24 (Call 09/30/24)(a)	USD		30		28,050
4.38%, 01/15/27 (Call 07/15/26)(a)	USD		50		43,825
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)(a)	USD		60		51,634
4.63%, 12/01/31 (Call 06/01/31)(a)	USD		55		44,396
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)(a)	USD		60		52,057
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a)	USD		50		42,041
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)	USD		65		59,599
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)	USD		75		64,509
4.50%, 04/30/30 (Call 04/30/25)	USD		83		70,550
5.88%, 03/15/28 (Call 03/15/23)	USD		25		23,878
6.00%, 04/15/27 (Call 12/01/22)(b)	USD		25		24,495
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)(a)	USD		25		25,250
4.13%, 06/15/29 (Call 06/15/24)(a)	USD		55		55,136
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)(a)	USD		45		40,330
6.00%, 03/01/27 (Call 03/01/23)(a)	USD		30		28,437
6.00%, 12/31/30 (Call 12/31/25)(a)	USD		65		58,906
6.00%, 09/01/31 (Call 09/01/26)(a)	USD		45		40,151
7.50%, 10/01/25 (Call 12/01/22)(a)	USD		50		50,609
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)	USD		35		29,313

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.75%, 01/15/28 (Call 10/15/27)(a)	USD		30	$	27,537
5.88%, 06/15/27 (Call 03/15/27)(a)	USD		40		37,510
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)(b)	USD		100		95,187
4.75%, 03/15/26 (Call 03/15/23)(a)	USD		55		54,253
5.00%, 09/15/29 (Call 09/15/24)(b)	USD		70		66,788
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(a)	USD		80		72,384
Tempur Sealy International Inc., 3.88%, 10/15/31 (Call 10/15/26)(a)	USD		115		86,537
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)(a)	USD		100		84,025
4.38%, 01/15/30 (Call 12/01/24)(a)(b)	USD		125		104,531
4.63%, 07/15/24 (Call 12/01/22)	USD		72		69,733
4.63%, 09/01/24 (Call 11/16/22)(a)	USD		50		48,375
4.63%, 06/15/28 (Call 06/15/23)(a)	USD		65		57,168
4.88%, 01/01/26 (Call 12/01/22)(a)	USD		165		155,925
5.13%, 11/01/27 (Call 12/01/22)(a)	USD		110		100,789
6.13%, 10/01/28 (Call 10/01/23)(a)(b)	USD		200		172,749
6.13%, 06/15/30 (Call 06/15/25)(a)	USD		160		148,800
6.25%, 02/01/27 (Call 12/01/22)(a)(b)	USD		110		105,616
Tenneco Inc.
5.00%, 07/15/26 (Call 11/07/22)(b)	USD		35		34,869
5.13%, 04/15/29 (Call 04/15/24)(a)	USD		55		54,677
7.88%, 01/15/29 (Call 01/15/24)(a)	USD		35		34,961
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)(a)	USD		60		53,681
5.00%, 01/31/28 (Call 07/31/27)(a)	USD		75		69,831
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a)	USD		80		67,800
TI Automotive Finance PLC, 3.75%, 04/15/29 (Call 04/15/24)(c)	EUR		100		70,709
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(a)	USD		50		41,650
10.50%, 05/15/29 (Call 05/15/24)(a)(b)	USD		40		27,935
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)	USD		90		76,817
4.88%, 05/01/29 (Call 05/01/24)(b)	USD		60		51,150
5.50%, 11/15/27 (Call 12/01/22)	USD		210		190,312
6.25%, 03/15/26 (Call 12/01/22)(a)	USD		305		300,905
6.38%, 06/15/26 (Call 12/01/22)(b)	USD		90		86,778
7.50%, 03/15/27 (Call 12/01/22)	USD		50		49,375
8.00%, 12/15/25 (Call 12/01/22)(a)	USD		80		81,400
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22)	USD		50		48,838
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)(a)	USD		100		100,610
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 12/01/22)(a)	USD		56		53,900
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/22)(a)	USD		83		79,592
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(a)	USD		45		36,671
6.00%, 04/01/27 (Call 01/01/27)	USD		50		46,688
6.63%, 07/31/26 (Call 04/30/26)(a)	USD		35		34,169
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24	USD		25		24,691
Triumph Group Inc.
6.25%, 09/15/24 (Call 12/01/22)(a)	USD		25		23,156
7.75%, 08/15/25 (Call 12/01/22)(b)	USD		52		39,398
8.88%, 06/01/24 (Call 02/01/23)(a)	USD		31		31,334
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)	USD		80		61,648

Security		Par (000)		Value
United States (continued)
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)	USD		50	$	40,901
3.88%, 03/15/31 (Call 03/15/26)	USD		20		16,326
Twitter Inc.
3.88%, 12/15/27 (Call 09/15/27)(a)	USD		60		60,525
5.00%, 03/01/30 (Call 12/01/29)(a)	USD		90		90,767
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(a)(b)	USD		45		39,094
4.75%, 02/15/29 (Call 02/15/24)(a)	USD		80		71,009
6.25%, 04/15/25 (Call 12/01/22)(a)	USD		60		59,793
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(a)(b)	USD		135		115,722
6.25%, 01/15/28 (Call 09/15/23)(a)(b)	USD		50		47,932
7.50%, 05/15/25 (Call 12/01/22)(a)	USD		95		94,976
7.50%, 09/15/27 (Call 12/01/22)(a)	USD		75		75,073
8.00%, 11/01/26 (Call 12/01/22)(a)	USD		115		115,425
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)	USD		140		127,926
4.63%, 04/15/29 (Call 10/15/28)(a)	USD		165		141,487
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)	USD		60		48,342
3.88%, 02/15/31 (Call 08/15/25)(b)	USD		95		78,676
4.00%, 07/15/30 (Call 07/15/25)(b)	USD		45		38,363
4.88%, 01/15/28 (Call 01/15/23)	USD		150		139,500
5.25%, 01/15/30 (Call 01/15/25)	USD		60		55,650
5.50%, 05/15/27 (Call 12/01/22)(b)	USD		37		35,964
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 12/01/22)(a)	USD		50		45,203
5.50%, 04/15/29 (Call 04/15/24)(a)	USD		65		49,312
5.75%, 06/15/27 (Call 06/15/24)(a)	USD		50		40,975
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)(a)(b)	USD		50		34,550
7.88%, 02/15/25 (Call 12/01/22)(a)	USD		185		183,426
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(a)(b)	USD		40		32,893
6.50%, 02/15/29 (Call 02/15/24)(a)	USD		95		67,678
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(a)(b)	USD		80		66,936
5.13%, 02/15/25 (Call 11/14/22)(a)	USD		135		130,284
6.63%, 06/01/27 (Call 06/01/23)(a)	USD		115		113,390
7.38%, 06/30/30 (Call 06/30/25)(a)	USD		70		68,067
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 12/01/22)	USD		65		62,392
6.88%, 09/01/27 (Call 12/01/22)	USD		55		52,525
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(a)	USD		40		31,560
4.25%, 02/15/30 (Call 02/15/25)(a)(b)	USD		35		33,819
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)(a)	USD		60		52,500
10.50%, 11/01/26 (Call 12/01/22)(a)	USD		45		44,404
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(a)(b)	USD		110		88,032
3.88%, 08/15/29 (Call 02/15/29)(a)	USD		90		77,479
4.13%, 08/15/31 (Call 02/15/31)(a)	USD		90		76,477
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a)	USD		101		98,854
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/22)(a)	USD		140		117,250
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)(a)	USD		65		65,175

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, 2022 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
ViaSat Inc.
5.63%, 09/15/25 (Call 11/14/22)(a)	USD		40	$	36,892
5.63%, 04/15/27 (Call 11/14/22)(a)	USD		50		46,220
6.50%, 07/15/28 (Call 07/15/23)(a)	USD		50		41,781
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 12/01/22)(a)(b)	USD		55		43,977
7.00%, 02/15/29 (Call 02/15/24)(a)(b)	USD		50		40,003
13.00%, 05/15/25 (Call 11/16/22)(a)	USD		60		64,500
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(a)	USD		110		94,348
5.00%, 07/31/27 (Call 11/14/22)(a)	USD		105		96,880
5.50%, 09/01/26 (Call 11/14/22)(a)	USD		75		71,879
5.63%, 02/15/27 (Call 11/14/22)(a)	USD		95		90,562
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)	USD		60		50,027
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)(a)(b)	USD		45		43,298
8.63%, 04/30/30 (Call 10/30/24)(a)	USD		115		108,272
Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 12/01/22)(a)	USD		74		38,890
9.00%, 11/15/26 (Call 12/01/22)(a)(b)	USD		89		56,212
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 12/01/22)(a)	USD		80		80,776
7.25%, 06/15/28 (Call 06/15/23)(a)	USD		115		116,851
Western Midstream Operating LP
3.35%, 02/01/25 (Call 01/01/25)	USD		60		57,028
4.30%, 02/01/30 (Call 11/01/29)	USD		95		83,581
4.50%, 03/01/28 (Call 12/01/27)	USD		35		32,160
4.65%, 07/01/26 (Call 04/01/26)	USD		35		33,114
4.75%, 08/15/28 (Call 05/15/28)	USD		35		32,176
WeWork Companies Inc., 7.88%, 05/01/25(a)	USD		50		26,931
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)(a)	USD		55		27,500
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)	USD		30		27,106
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)	USD		105		90,813
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(a)	USD		40		31,398
3.75%, 12/01/29 (Call 12/01/24)(a)	USD		50		41,888
3.88%, 07/15/30 (Call 07/15/25)(a)	USD		50		42,438
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)(a)	USD		70		61,250
5.63%, 08/15/29 (Call 08/15/24)(a)	USD		70		54,109
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)(a)(b)	USD		75		65,344
5.50%, 03/01/25 (Call 12/01/24)(a)	USD		135		127,177
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)(b)	USD		75		59,647
7.75%, 04/15/25 (Call 12/01/22)(a)	USD		25		24,245

Security		Par/ Shares (000)		Value
United States (continued)
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)	USD		65	$	58,825
5.50%, 08/15/28 (Call 07/15/28)(a)(b)	USD		40		31,600
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)(a)	USD		85		73,651
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)	USD		85		68,064
4.63%, 01/31/32 (Call 10/01/26)	USD		105		89,355
4.75%, 01/15/30 (Call 10/15/29)(a)	USD		50		44,688
5.38%, 04/01/32 (Call 04/01/27)	USD		95		84,840
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 12/01/22)(a)(b)	USD		105		81,112
6.13%, 03/01/28 (Call 03/01/23)(a)(b)	USD		90		59,760
					64,714,687
Total Long-Term Investments — 96.8% (Cost: $115,706,843)					96,902,064
Short-Term Securities
Money Market Funds — 17.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(i)(j)(k)			15,576		15,572,440
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(i)(j)			1,490		1,490,000
Total Short-Term Securities — 17.1% (Cost: $17,062,596)					17,062,440
Total Investments — 113.9% (Cost: $132,769,439)					113,964,504
Liabilities in Excess of Other Assets — (13.9)%					(13,887,433	)
Net Assets — 100.0%				$	100,077,071

^(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.

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

Schedule of Investments  (continued) October 31, 2022 iShares^® US & Intl High Yield Corp Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,934,089	$	—		$	(5,348,488	)(a)	$	(9,307	)	$	(3,854	)	$	15,572,440		15,576	$	73,850	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,290,000		200,000	(a)		—			—			—			1,490,000		1,490		8,577			—
									$	(9,307	)	$	(3,854	)	$	17,062,440			$	82,427		$	—

^(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

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	$	—	$	96,902,064	$	—	$	96,902,064
Money Market Funds		17,062,440		—		—		17,062,440
	$	17,062,440	$	96,902,064	$	—	$	113,964,504

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 65

Statements of Assets and Liabilities

October 31, 2022

	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, at value — unaffiliated(a)(b)	$	30,796,769		$	280,857,576		$	283,758,371		$	338,775,650
Investments, at value — affiliated(c)		10,000			21,853,028			37,199,604			440,000
Cash		4,822			—			—			1,417
Foreign currency, at value(d)		234,721			743			605			2,573,732
Receivables:
Investments sold		1,711,241			992,151			2,562,070			1,869,508
Securities lending income — affiliated		—			13,606			27,421			—
Capital shares sold		—			154,284			—			546,293
Dividends — unaffiliated		—			—			—			19,395
Dividends — affiliated		8			6,123			3,584			2,155
Interest — unaffiliated		416,942			3,538,212			5,291,304			6,960,857
Total assets		33,174,503			307,415,723			328,842,959			351,189,007
LIABILITIES
Bank overdraft		—			180,179			1,722			—
Collateral on securities loaned, at value		—			17,986,166			34,763,381			—
Deferred foreign capital gain tax		—			—			—			7,264
Payables:
Investments purchased		1,368,202			3,228,501			2,657,602			4,567,461
Investment advisory fees		10,546			122,604			123,706			88,800
Total liabilities		1,378,748			21,517,450			37,546,411			4,663,525
NET ASSETS	$	31,795,755		$	285,898,273		$	291,296,548		$	346,525,482
NET ASSETS CONSIST OF
Paid-in capital	$	48,143,081		$	372,229,379		$	475,087,352		$	520,713,810
Accumulated loss		(16,347,326	)		(86,331,106	)		(183,790,804	)		(174,188,328	)
NET ASSETS	$	31,795,755		$	285,898,273		$	291,296,548		$	346,525,482
NET ASSET VALUE
Shares outstanding		800,000			7,100,000			9,050,000			10,800,000
Net asset value	$	39.74		$	40.27		$	32.19		$	32.09
Shares authorized		500 million			500 million			500 million			500 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	41,465,545		$	343,425,307		$	386,211,554		$	438,486,617
(b) Securities loaned, at value	$	—		$	16,646,266		$	31,055,297		$	—
(c)  Investments, at cost — affiliated	$	10,000		$	21,851,658		$	37,198,260		$	440,000
(d) Foreign currency, at cost	$	234,120		$	734		$	647		$	2,620,386

See notes to financial statements.

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Statements of Assets and Liabilities  (continued)

October 31, 2022

	iShares US & Intl High Yield Corp Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	96,902,064
Investments, at value — affiliated(c)		17,062,440
Cash		10,557
Foreign currency, at value(d)		297,238
Receivables:
Investments sold		1,937,074
Securities lending income — affiliated		8,411
Dividends — affiliated		3,016
Interest — unaffiliated		1,529,479
Total assets		117,750,279
LIABILITIES
Collateral on securities loaned, at value		15,581,229
Payables:
Investments purchased		2,058,574
Investment advisory fees		33,405
Total liabilities		17,673,208
NET ASSETS	$	100,077,071
NET ASSETS CONSIST OF
Paid-in capital	$	127,743,815
Accumulated loss		(27,666,744	)
NET ASSETS	$	100,077,071
NET ASSET VALUE
Shares outstanding		2,500,000
Net asset value	$	40.03
Shares authorized		500 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	115,706,843
(b) Securities loaned, at value	$	14,907,801
(c)  Investments, at cost — affiliated	$	17,062,596
(d) Foreign currency, at cost	$	295,653

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T  S 67

Statements of Operations

Year Ended October 31, 2022

	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 — unaffiliated	$	—		$	—		$	—		$	55
Dividends — affiliated		31			26,882			23,398			10,026
Interest — unaffiliated		1,601,811			15,995,886			26,792,649			26,837,749
Securities lending income — affiliated — net		—			148,415			199,376			—
Other income — unaffiliated		280			22,360			23,256			—
Foreign taxes withheld		(659	)		(54	)		(83	)		(637,498	)
Total investment income		1,601,463			16,193,489			27,038,596			26,210,332
EXPENSES
Investment advisory		193,150			1,963,792			2,039,659			1,387,468
Commitment costs		—			—			—			5,605
Professional		217			217			217			217
Total expenses		193,367			1,964,009			2,039,876			1,393,290
Net investment income		1,408,096			14,229,480			24,998,720			24,817,042
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(1,559,859	)		(21,096,605	)		(22,063,602	)		(66,276,099	)
Investments — affiliated		—			(20,875	)		(20,525	)		—
Foreign currency transactions		(147,410	)		(2	)		(11	)		(2,488,779	)
In-kind redemptions — unaffiliated(b)		(3,392,400	)		(12,889,540	)		(21,735,753	)		(7,540,873	)
		(5,099,669	)		(34,007,022	)		(43,819,891	)		(76,305,751	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(10,444,380	)		(61,429,253	)		(82,736,179	)		(58,163,224	)
Investments — affiliated		—			(5,187	)		1,343			—
Foreign currency translations		(2,663	)		9			(42	)		(205,869	)
		(10,447,043	)		(61,434,431	)		(82,734,878	)		(58,369,093	)
Net realized and unrealized loss		(15,546,712	)		(95,441,453	)		(126,554,769	)		(134,674,844	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,138,616	)	$	(81,211,973	)	$	(101,556,049	)	$	(109,857,802	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(28,761	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	—		$	102,310

See notes to financial statements.

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Statements of Operations  (continued)

Year Ended October 31, 2022

	iShares US & Intl High Yield Corp Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	10,159
Interest — unaffiliated		6,240,456
Securities lending income — affiliated — net		72,268
Other income — unaffiliated		2,693
Foreign taxes withheld		(340	)
Total investment income		6,325,236
EXPENSES
Investment advisory		518,180
Professional		217
Total expenses		518,397
Net investment income		5,806,839
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(891,312	)
Investments — affiliated		(9,307	)
Foreign currency transactions		(143,573	)
In-kind redemptions — unaffiliated(a)		(4,701,003	)
		(5,745,195	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(21,718,620	)
Investments — affiliated		(3,854	)
Foreign currency translations		(2,836	)
		(21,725,310	)
Net realized and unrealized loss		(27,470,505	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,663,666	)

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T  S 69

Statements of Changes in Net Assets

	iShares International High Yield Bond ETF						iShares J.P. Morgan EM Corporate Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,408,096		$	1,640,605		$	14,229,480		$	12,338,101
Net realized gain (loss)		(5,099,669	)		246,665			(34,007,022	)		(337,078	)
Net change in unrealized appreciation (depreciation)		(10,447,043	)		680,844			(61,434,431	)		(3,235,881	)
Net increase (decrease) in net assets resulting from operations		(14,138,616	)		2,568,114			(81,211,973	)		8,765,142
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(2,017,426	)		(736,269	)		(15,559,902	)		(11,947,480	)
Return of capital		(85,561	)		—			—			—
Decrease in net assets resulting from distributions to shareholders		(2,102,987	)		(736,269	)		(15,559,902	)		(11,947,480	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(23,123,187	)		22,578,514			(135,692,796	)		306,813,811
NET ASSETS
Total increase (decrease) in net assets		(39,364,790	)		24,410,359			(232,464,671	)		303,631,473
Beginning of year		71,160,545			46,750,186			518,362,944			214,731,471
End of year	$	31,795,755		$	71,160,545		$	285,898,273		$	518,362,944

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

See notes to financial statements.

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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 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	24,998,720		$	21,702,643		$	24,817,042		$	24,130,068
Net realized loss		(43,819,891	)		(5,754,719	)		(76,305,751	)		(3,824,330	)
Net change in unrealized appreciation (depreciation)		(82,734,878	)		3,814,196			(58,369,093	)		(20,231,809	)
Net increase (decrease) in net assets resulting from operations		(101,556,049	)		19,762,120			(109,857,802	)		73,929
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(25,663,616	)		(22,290,589	)		(19,531,059	)		—
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(56,838,898	)		174,299,553			(41,512,997	)		17,252,960
NET ASSETS
Total increase (decrease) in net assets		(184,058,563	)		171,771,084			(170,901,858	)		17,326,889
Beginning of year		475,355,111			303,584,027			517,427,340			500,100,451
End of year	$	291,296,548		$	475,355,111		$	346,525,482		$	517,427,340

^(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 71

Statements of Changes in Net Assets (continued)

	iShares US & Intl High Yield Corp Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,806,839		$	7,955,550
Net realized gain (loss)		(5,745,195	)		2,777,006
Net change in unrealized appreciation (depreciation)		(21,725,310	)		4,307,320
Net increase (decrease) in net assets resulting from operations		(21,663,666	)		15,039,876
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,204,063	)		(8,596,496	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(65,519,501	)		10,169,888
NET ASSETS
Total increase (decrease) in net assets		(93,387,230	)		16,613,268
Beginning of year		193,464,301			176,851,033
End of year	$	100,077,071		$	193,464,301	��

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares International High Yield Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of year	$	54.74		$	51.94		$	51.05		$	50.66		$	53.04
Net investment income(a)		1.38			1.44			1.42			1.51			1.54
Net realized and unrealized gain (loss)(b)		(14.76	)		2.18			0.09			0.82			(3.92	)
Net increase (decrease) from investment operations		(13.38	)		3.62			1.51			2.33			(2.38	)
Distributions(c)
From net investment income		(1.56	)		(0.82	)		(0.62	)		(1.94	)		—
Return of capital		(0.06	)		—			—			—			—
Total distributions		(1.62	)		(0.82	)		(0.62	)		(1.94	)		—
Net asset value, end of year	$	39.74		$	54.74		$	51.94		$	51.05		$	50.66
Total Return(d)
Based on net asset value		(25.15	)%		6.90	%		3.00	%		4.85	%		(4.49	)%
Ratios to Average Net Assets(e)
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		2.92	%		2.56	%		2.85	%		3.03	%		2.87	%
Supplemental Data
Net assets, end of year (000)	$	31,796		$	71,161		$	46,750		$	40,838		$	65,858
Portfolio turnover rate(f)		23	%		33	%		46	%		34	%		31	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T  S 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Corporate Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of year	$	51.32		$	51.13		$	51.29		$	47.68		$	51.33
Net investment income(a)		1.68			1.75			2.06			2.25			2.16
Net realized and unrealized gain (loss)(b)		(10.93	)		0.23			(0.13	)		3.61			(3.70	)
Net increase (decrease) from investment operations		(9.25	)		1.98			1.93			5.86			(1.54	)
Distributions from net investment income(c)		(1.80	)		(1.79	)		(2.09	)		(2.25	)		(2.11	)
Net asset value, end of year	$	40.27		$	51.32		$	51.13		$	51.29		$	47.68
Total Return(d)
Based on net asset value		(18.42	)%		3.88	%		3.94	%		12.57	%		(3.09	)%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		3.62	%		3.36	%		4.08	%		4.51	%		4.37	%
Supplemental Data
Net assets, end of year (000)	$	285,898		$	518,363		$	214,731		$	166,685		$	71,515
Portfolio turnover rate(f)		18	%		16	%		25	%		21	%		16	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM High Yield Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of year	$	43.61		$	43.06		$	46.63		$	45.29		$	50.60
Net investment income(a)		2.34			2.43			2.52			2.66			2.44
Net realized and unrealized gain (loss)(b)		(11.36	)		0.68			(3.54	)		1.93			(5.40	)
Net increase (decrease) from investment operations		(9.02	)		3.11			(1.02	)		4.59			(2.96	)
Distributions from net investment income(c)		(2.40	)		(2.56	)		(2.55	)		(3.25	)		(2.35	)
Net asset value, end of year	$	32.19		$	43.61		$	43.06		$	46.63		$	45.29
Total Return(d)
Based on net asset value		(21.35	)%		7.16	%		(2.08	)%		10.51	%		(5.96	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Total expenses after fees waived		0.50	%		0.49	%		0.48	%		0.50	%		0.50	%
Net investment income		6.13	%		5.40	%		5.75	%		5.75	%		5.11	%
Supplemental Data
Net assets, end of year (000)	$	291,297		$	475,355		$	303,584		$	333,378		$	398,541
Portfolio turnover rate(g)		16	%		23	%		65	%		32	%		19	%

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T  S 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Local Currency Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of year	$	41.73		$	41.68		$	45.43		$	43.24		$	46.85
Net investment income(a)		1.95			2.06			2.29			3.09			2.87
Net realized and unrealized gain (loss)(b)		(10.06	)		(2.01	)		(4.11	)		0.59			(6.48	)
Net increase (decrease) from investment operations		(8.11	)		0.05			(1.82	)		3.68			(3.61	)
Distributions from net investment income(c)		(1.53	)		—			(1.93	)		(1.49	)		—
Net asset value, end of year	$	32.09		$	41.73		$	41.68		$	45.43		$	43.24
Total Return(d)
Based on net asset value		(20.04	)%		0.12	%		(4.20	)%		8.75	%		(7.71	)%
Ratios to Average Net Assets(e)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.42	%
Total expenses after fees waived		0.30	%		0.30	%		0.30	%		0.30	%		0.41	%
Net investment income		5.37	%		4.72	%		5.46	%		6.95	%		6.19	%
Supplemental Data
Net assets, end of year (000)	$	346,525		$	517,427		$	500,100		$	536,078		$	423,732
Portfolio turnover rate(f)		47	%		29	%		43	%		44	%		51	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares US & Intl High Yield Corp Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of year	$	49.61		$	47.80		$	48.97		$	48.03		$	50.98
Net investment income(a)		2.02			2.09			2.21			2.42			2.46
Net realized and unrealized gain (loss)(b)		(9.53	)		1.99			(1.27	)		1.17			(2.80	)
Net increase (decrease) from investment operations		(7.51	)		4.08			0.94			3.59			(0.34	)
Distributions from net investment income(c)		(2.07	)		(2.27	)		(2.11	)		(2.65	)		(2.61	)
Net asset value, end of year	$	40.03		$	49.61		$	47.80		$	48.97		$	48.03
Total Return(d)
Based on net asset value		(15.46	)%		8.56	%		2.04	%		7.74	%		(0.71	)%
Ratios to Average Net Assets(e)
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		4.48	%		4.16	%		4.65	%		5.02	%		4.95	%
Supplemental Data
Net assets, end of year (000)	$	100,077		$	193,464		$	176,851		$	176,300		$	211,353
Portfolio turnover rate(f)		16	%		31	%		33	%		24	%		20	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T  S 77

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, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital 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. The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s

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Notes to Financial Statements  (continued)

minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

• 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 BFA determines such method does not represent fair value.

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

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 79

Notes to Financial Statements  (continued)

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.     SECURITIES AND OTHER INVESTMENTS

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

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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
J.P. Morgan EM Corporate Bond
Barclays Bank PLC	$	1,009,454	$	(1,009,454	)	$	—		$	—
Barclays Capital, Inc.		2,015,022		(2,015,022	)		—			—
BNP Paribas SA		736,434		(736,434	)		—			—
BofA Securities, Inc.		1,103,342		(1,103,342	)		—			—
Citadel Clearing LLC		304,130		(304,130	)		—			—
Citigroup Global Markets, Inc.		2,351,503		(2,351,503	)		—			—
Credit Suisse Securities (USA) LLC		429,423		(429,423	)		—			—
HSBC Securities (USA), Inc.		315,180		(315,180	)		—			—
J.P. Morgan Securities LLC		2,378,386		(2,378,386	)		—			—
Jefferies LLC		1,466,605		(1,466,605	)		—			—
Morgan Stanley		1,462,034		(1,462,034	)		—			—
Nomura Securities International, Inc.		427,305		(427,305	)		—			—
Pershing LLC		414,040		(414,040	)		—			—
Scotia Capital (USA), Inc.		54,976		(54,976	)		—			—
Wells Fargo Securities LLC		2,178,432		(2,178,432	)		—			—
	$	16,646,266	$	(16,646,266	)	$	—		$	—

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
J.P. Morgan EM High Yield Bond
Barclays Bank PLC	$	358,331	$	(358,331	)	$	—		$	—
Barclays Capital, Inc.		1,971,799		(1,971,799	)		—			—
BMO Capital Markets Corp.		15,448		(15,448	)		—			—
BNP Paribas SA		2,003,115		(2,003,115	)		—			—
BofA Securities, Inc.		5,362,426		(5,362,426	)		—			—
Citadel Clearing LLC		173,040		(173,040	)		—			—
Citigroup Global Markets, Inc.		1,719,372		(1,719,372	)		—			—
Credit Suisse Securities (USA) LLC		394,602		(394,602	)		—			—
Goldman Sachs & Co. LLC		2,075,018		(2,075,018	)		—			—
J.P. Morgan Securities LLC		9,619,361		(9,619,361	)		—			—
Jefferies LLC		3,146,649		(3,146,649	)		—			—
Morgan Stanley		487,151		(487,151	)		—			—
Nomura Securities International, Inc.		1,234,463		(1,234,463	)		—			—
Pershing LLC		394,000		(394,000	)		—			—
RBC Capital Markets LLC		570,655		(570,655	)		—			—
Scotia Capital (USA), Inc.		1,167,811		(1,167,811	)		—			—
UBS AG		1,651		(1,651	)		—			—
Wells Fargo Securities LLC		360,405		(360,405	)		—			—
	$	31,055,297	$	(31,055,297	)	$	—		$	—
US & Intl High Yield Corp Bond
Barclays Bank PLC	$	1,205,087	$	(1,205,087	)	$	—		$	—
Barclays Capital, Inc.		810,319		(810,319	)		—			—
BMO Capital Markets Corp.		162,211		(162,211	)		—			—
BNP Paribas SA		1,675,163		(1,675,163	)		—			—
BofA Securities, Inc.		426,901		(426,901	)		—			—
Citadel Clearing LLC		294,155		(294,155	)		—			—
Citigroup Global Markets, Inc.		185,839		(185,839	)		—			—
Credit Suisse Securities (USA) LLC		115,156		(115,156	)		—			—
Deutsche Bank Securities, Inc.		375,799		(375,799	)		—			—
Goldman Sachs & Co. LLC		5,066,967		(5,066,967	)		—			—
J.P. Morgan Securities LLC		2,073,758		(2,073,758	)		—			—
Jefferies LLC		266,755		(266,755	)		—			—
Morgan Stanley		472,860		(472,860	)		—			—
Nomura Securities International, Inc.		119,430		(119,430	)		—			—
Pershing LLC		32,502		(32,502	)		—			—
RBC Capital Markets LLC		1,142,300		(1,142,300	)		—			—
Scotia Capital (USA), Inc.		119,877		(119,877	)		—			—
State Street Bank & Trust Co.		268,217		(268,217	)		—			—
Wells Fargo Securities LLC		94,505		(94,505	)		—			—
	$	14,907,801	$	(14,907,801	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements 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).

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Notes to Financial Statements  (continued)

For its investment advisory services to each of the following Funds, 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 Fees
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

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, including any custodial costs. 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, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
J.P. Morgan EM Corporate Bond	$	44,953
J.P. Morgan EM High Yield Bond		57,898
US & Intl High Yield Corp Bond		23,563

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, 2022, 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	$	1,242,333	$	301,219	$	(50,676	)
J.P. Morgan EM High Yield Bond		5,510,539		1,396,320		(303,398	)
J.P. Morgan EM Local Currency Bond		1,003,083		—		—
US & Intl High Yield Corp Bond		43,923		1,684,644		(69,110	)

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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, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International High Yield Bond	$	10,806,661	$	12,120,036
J.P. Morgan EM Corporate Bond		79,355,520		75,219,881
J.P. Morgan EM High Yield Bond		93,854,847		69,379,390
J.P. Morgan EM Local Currency Bond		214,387,968		212,244,698
US & Intl High Yield Corp Bond		23,218,494		24,204,737

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

iShares ETF	In-kind Purchases		In-kind     Sales
International High Yield Bond	$	—	$	22,100,600
J.P. Morgan EM Corporate Bond		45,207,866		182,042,703
J.P. Morgan EM High Yield Bond		69,979,986		149,246,540
J.P. Morgan EM Local Currency Bond		59,450,634		95,411,748
US & Intl High Yield Corp Bond		20,762,882		84,592,488

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, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShares ETF	Paid-in Capital			Accumulated     Earnings (Loss)
International High Yield Bond	$	(3,410,483	)	$	3,410,483
J.P. Morgan EM Corporate Bond		(12,995,290	)		12,995,290
J.P. Morgan EM High Yield Bond		(22,062,932	)		22,062,932
J.P. Morgan EM Local Currency Bond		(18,491,226	)		18,491,226
US & Intl High Yield Corp Bond		(4,701,776	)		4,701,776

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/22		Year Ended 10/31/21
International High Yield Bond
Ordinary income	$	2,017,426	$	736,269
Return of capital		85,561		—
	$	2,102,987	$	736,269
J.P. Morgan EM Corporate Bond
Ordinary income	$	15,559,902	$	11,947,480
J.P. Morgan EM High Yield Bond
Ordinary income	$	25,663,616	$	22,290,589

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Notes to Financial Statements  (continued)

iShares ETF	Year Ended 10/31/22		Year Ended 10/31/21
J.P. Morgan EM Local Currency Bond
Ordinary income	$	19,531,059	$	—
US & Intl High Yield Corp Bond
Ordinary income	$	6,204,063	$	8,596,496

As of October 31, 2022, 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	$	—	$	(5,617,695	)	$	(10,729,631	)	$	(16,347,326	)
J.P. Morgan EM Corporate Bond		1,591,129		(23,164,025	)		(64,758,210	)		(86,331,106	)
J.P. Morgan EM High Yield Bond		2,286,240		(81,211,562	)		(104,865,482	)		(183,790,804	)
J.P. Morgan EM Local Currency Bond		—		(61,839,894	)		(112,348,434	)		(174,188,328	)
US & Intl High Yield Corp Bond		152,229		(8,797,963	)		(19,021,010	)		(27,666,744	)

^(a)  Amounts available to offset future realized capital gains.

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

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

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
International High Yield Bond	$	41,523,537	$	87,095	$	(10,803,446	)	$	(10,716,351	)
J.P. Morgan EM Corporate Bond		367,468,823		607,293		(65,365,512	)		(64,758,219	)
J.P. Morgan EM High Yield Bond		425,823,415		698,392		(105,563,832	)		(104,865,440	)
J.P. Morgan EM Local Currency Bond		451,155,984		489,189		(112,429,523	)		(111,940,334	)
US & Intl High Yield Corp Bond		132,976,408		302,743		(19,314,647	)		(19,011,904	)

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 $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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, 2022, the Fund did not borrow under the 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.

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.

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Notes to Financial Statements  (continued)

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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 BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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 issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the 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 as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

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

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Notes to Financial Statements  (continued)

on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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.

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 decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

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

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 10/31/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount
International High Yield Bond
Shares sold		—		$	—			400,000		$	22,578,514
Shares redeemed		(500,000	)		(23,123,187	)		—			—
		(500,000	)	$	(23,123,187	)		400,000		$	22,578,514
J.P. Morgan EM Corporate Bond
Shares sold		1,100,000		$	53,884,330			5,900,000		$	306,813,811
Shares redeemed		(4,100,000	)		(189,577,126	)		—			—
		(3,000,000	)	$	(135,692,796	)		5,900,000		$	306,813,811
J.P. Morgan EM High Yield Bond
Shares sold		2,400,000		$	98,689,988			4,250,000		$	192,187,348
Shares redeemed		(4,250,000	)		(155,528,886	)		(400,000	)		(17,887,795	)
		(1,850,000	)	$	(56,838,898	)		3,850,000		$	174,299,553
J.P. Morgan EM Local Currency Bond
Shares sold		4,200,000		$	161,169,803			2,800,000		$	123,271,919
Shares redeemed		(5,800,000	)		(202,682,800	)		(2,400,000	)		(106,018,959	)
		(1,600,000	)	$	(41,512,997	)		400,000		$	17,252,960

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Notes to Financial Statements  (continued)

	Year Ended 10/31/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount
US & Intl High Yield Corp Bond
Shares sold		500,000		$	21,399,097			600,000		$	30,073,163
Shares redeemed		(1,900,000	)		(86,918,598	)		(400,000	)		(19,903,275	)
		(1,400,000	)	$	(65,519,501	)		200,000		$	10,169,888

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.

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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

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

iShares 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

iShares US & Intl High Yield Corp Bond ETF

Basis for Opinions

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

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

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

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

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

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Important Tax Information (unaudited)

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

iShares ETF	Foreign Source Income Earned		Foreign     Taxes Paid
International High Yield Bond	$	1,479,328	$	660
J.P. Morgan EM Corporate Bond		15,648,550		—
J.P. Morgan EM High Yield Bond		26,695,849		—
J.P. Morgan EM Local Currency Bond		26,840,471		591,889

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

iShares ETF	Interest Dividends
International High Yield Bond	$	1,400,640
J.P. Morgan EM Corporate Bond		12,984,822
J.P. Morgan EM High Yield Bond		23,106,857
J.P. Morgan EM Local Currency Bond		23,707,118
US & Intl High Yield Corp Bond		5,677,437

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, 2022:

iShares ETF	Interest-Related     Dividends
International High Yield Bond	$	114,407
J.P. Morgan EM Corporate Bond		506,793
J.P. Morgan EM High Yield Bond		359,535
J.P. Morgan EM Local Currency Bond		10,889
US & Intl High Yield Corp Bond		3,687,521

I M P O R T A N T   T A X   I N F  O R M A T I O N 89

Board Review and Approval of Investment Advisory Contract  

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

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

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

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

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

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

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

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Board Review and Approval of Investment Advisory Contract  (continued)

presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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

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

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

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

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

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

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

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 91

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 Agreement between the Company and BFA (the “Advisory Agreement”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited and BlackRock (Singapore) Limited, (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

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

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

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

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Board Review and Approval of Investment Advisory Contract  (continued)

management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited and BlackRock (Singapore) Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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

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

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

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

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

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

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

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other

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Board Review and Approval of Investment Advisory Contract  (continued)

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

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

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

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Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International High Yield Bond(a)	$	1.558045	$	—	$	0.059637	$	1.617682		96	%		—	%		4	%		100	%
J.P. Morgan EM Corporate Bond		1.796449		—		—		1.796449		100			—			—			100
J.P. Morgan EM High Yield Bond		2.401588		—		—		2.401588		100			—			—			100
J.P. Morgan EM Local Currency Bond(a)		1.440662		—		0.085202		1.525864		94			—			6			100
US & Intl High Yield Corp Bond		2.073310		—		—		2.073310		100			—			—			100

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

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations 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 United Kingdom and EU investors in the Netherlands, Finland and Sweden.

The Company has registered the iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) to be marketed to United Kingdom.

Report on Remuneration

The Company is required under the Regulations 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 Funds.

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 Funds 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.

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Supplemental Information (unaudited) (continued)

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.

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 Funds 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 total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker     Remuneration
J.P. Morgan EM High Yield Bond		$46,822		$21,892		$24,930		661		$5,731		$592
J.P. Morgan EM Local Currency Bond		45,818		21,423		24,395		661		5,608		580

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares J.P. Morgan EM High Yield Bond ETF and iShares J.P. Morgan EM Local Currency Bond ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Director and Officer Information (unaudited)

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 BFAor 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 379 funds as of October 31, 2022. 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 John E. Kerrigan 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 Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	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 U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	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 U.S. ETF Trust (since 2019); Trustee of iShares 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 Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	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 U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information (unaudited)  (continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	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 U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	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 U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (52)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information (unaudited)  (continued)

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

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

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General Information  

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the 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.

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Glossary of Terms Used in this Report  

Portfolio Abbreviation
CAB	Capital Appreciation Bonds
LIBOR	London Interbank Offered Rate
OJSC	Open Joint Stock Company
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
EGP	Egyptian Pound
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
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

Portfolio Abbreviation (continued)
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

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 101

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.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1002-1022

(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 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, 2022 (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, 2021 and $78,000 for the fiscal year ended October 31, 2022.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2021 and October 31, 2022 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 $48,500 for the fiscal year ended October 31, 2021 and $48,500 for the fiscal year ended October 31, 2022. 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, 2021 and October 31, 2022 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, 2022 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 $48,500 for the fiscal year ended October 31, 2021 and $48,500 for the fiscal year ended October 31, 2022.

(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.

(i) Not Applicable

(j) Not Applicable

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, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable to the registrant.

Item 13. Exhibits.

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

(a) (3) 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: December 22, 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: December 22, 2022

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

Date: December 22, 2022