iShares Inc

The Markets in Review

Dear Shareholder,

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

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

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

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

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

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

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

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

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

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

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.

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

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

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

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

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

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

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.

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

Index performance through March 01, 2020 reflects the performance of the Morningstar Emerging Markets High Yield Bond Index^SM which terminated on April 01, 2020. Index performance beginning on March 02, 2020 reflects the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index.

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

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

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

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

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.

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

Index performance through May 31, 2017 reflects the performance of the Bloomberg Emerging Markets Broad Local Currency Bond Index. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.

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

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

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

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

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

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

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

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

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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

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

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

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


Security	Par (000)			Value
Corporate Bonds & Notes

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

					450,037

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


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


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

					1,573,497

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


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


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

					381,059

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

					1,002,390

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


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


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

					8,140,775

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


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

					6,972,462

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

					701,499

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

					823,929

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

					1,072,911

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


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


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

					14,449,786

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

					1,390,121

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


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

					2,738,045

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

					1,936,673

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


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

					1,304,842

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


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

					4,957,190

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

					2,361,761

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


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

					336,219

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


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

					7,716,546

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


Security		Par (000)		Value

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


Security		Par/ Shares (000)			Value

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


						10,658,373


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


Common Stocks

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


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


Short-Term Investments

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


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


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

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


Net Assets — 100.0%					$	71,160,545

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

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

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

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

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

^(f)	Non-income producing security.

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

^(h)	Rounds to less than 1,000.

⁽ⁱ⁾	Affiliate of the Fund.

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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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.


Security	Par (000)		Value

Corporate Bonds & Notes^(a)

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

				6,514,671

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


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

				1,427,838

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


Security	Par (000)		Value

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


Security	Par (000)		Value

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


				28,042,150

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


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


Security	Par (000)		Value

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


				21,021,777

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


Security	Par (000)		Value

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


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.90	%		4.72	%		3.69	%		6.90	%		25.94	%		41.53	%
Fund Market		6.91			4.67			3.68			6.91			25.62			41.36
Index		7.34			5.12			3.93			7.34			28.35			44.62


Actual						Hypothetical 5% Return
Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	967.30	$	1.98	$	1,000.00	$	1,023.20	$	2.04		0.40	%


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


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.88	%		4.57	%		4.44	%		3.88	%		25.02	%		51.37	%
Fund Market		4.16			4.55			4.48			4.16			24.89			51.90
Index		4.64			5.20			5.06			4.64			28.86			60.15


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


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


	Page

The Markets in Review		2

Market Overview		4

Fund Summary		5

About Fund Performance		15

Shareholder Expenses		15

Schedules of Investments		16

Financial Statements

Statements of Assets and Liabilities		73

Statements of Operations		75

Statements of Changes in Net Assets		77

Financial Highlights		80

Notes to Financial Statements		85

Report of Independent Registered Public Accounting Firm		95

Important Tax Information (Unaudited)		96

Board Review and Approval of Investment Advisory Contract		97

Supplemental Information		102

Director and Officer Information		104

General Information		106

Glossary of Terms Used in this Report		107


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


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


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


Country/Geographic Region	Percent of Total Investments	^(a)
Italy	20.7	%
United States	15.3
France	11.7
United Kingdom	11.1
Germany	10.0
Spain	7.1
Luxembourg	3.9
Sweden	3.4
Netherlands	2.8
Canada	2.3


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


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


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


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


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


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



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



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

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