iShares Inc

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and 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 invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. 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 is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, 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 April 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(9.65)%		0.21%

U.S. small cap equities (Russell 2000^® Index)	(18.38)		(16.87)

International equities (MSCI Europe, Australasia, Far East Index)	(11.80)		(8.15)

Emerging market equities (MSCI Emerging Markets Index)	(14.15)		(18.33)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.07		0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.29)		(8.86)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.47)		(8.51)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(7.90)		(7.88)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.40)		(5.22)

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

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.

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 9 for more information.

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.

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.

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.

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.

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.

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.

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.

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.

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 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 a 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.


Security		Par (000)		Value

Corporate Bonds & Notes

Australia — 1.0%
Cellnex Finance Co. SA
1.00%, 09/15/27 (Call 06/15/27)^(a)	EUR		100	$	91,738
2.00%, 09/15/32 (Call 06/15/32)^(a)	EUR		200		167,703
Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)^(a)(b)	EUR		100		84,446
Eurobank SA, 2.25%, 03/14/28 (Call 03/14/27)^(a)(b)	EUR		100		92,120


					436,007

Austria — 0.2%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/22)^(a)	EUR		100		105,628


Belgium — 0.2%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)^(a)	EUR		100		99,692


Canada — 2.7%
ADLER Group SA, 2.25%, 01/14/29 (Call 10/14/28)^(a)	EUR		200		137,243
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)^(c)	CAD		250		176,057
AutoCanada Inc., 5.75%, 02/07/29 (Call 01/01/25)^(c)	CAD		50		36,634
Brookfield Property Finance ULC
3.93%, 08/24/25 (Call 07/24/25)	CAD		100		74,473
4.00%, 09/30/26 (Call 08/30/26)	CAD		75		54,746
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)^(a)	CAD		50		34,980
Parkland Corp./Canada
3.88%, 06/16/26 (Call 06/16/23)^(c)	CAD		100		71,518
4.38%, 03/26/29 (Call 03/26/24)	CAD		100		68,462
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)^(a)	EUR		100		94,109
Ritchie Bros Holdings Ltd., 4.95%, 12/15/29 (Call 12/15/24)^(c)	CAD		75		54,782
Southern Pacific Resource Corp., 8.75%, 01/25/18^(c)(d)(e)(f)	CAD		50		—
Tamarack Valley Energy Ltd., 7.25%, 05/10/27^(c)	CAD		25		19,448
Videotron Ltd.
3.63%, 06/15/28 (Call 06/15/24)^(c)	CAD		150		104,841
4.50%, 01/15/30 (Call 10/15/24)	CAD		150		106,948
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)^(a)	EUR		200		179,062


					1,213,303

Denmark — 0.2%
DKT Finance ApS, 7.00%, 06/17/23 (Call 05/30/22)^(a)	EUR		100		104,934


Finland — 1.5%
Nokia OYJ
2.00%, 03/15/24 (Call 12/15/23)^(a)	EUR		100		106,105
2.00%, 03/11/26	EUR		150		153,586
Teollisuuden Voima Oyj, 1.38%, 06/23/28 (Call 03/23/28)^(a)	EUR		100		94,503
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)^(a)	EUR		200		198,005
2.63%, 03/31/27	EUR		100		103,325


					655,524

France — 11.7%
Accor SA
2.38%, 11/29/28 (Call 08/29/28)^(a)	EUR		100		94,046
3.00%, 02/04/26 (Call 11/04/25)^(a)	EUR		100		102,792
Altice France SA/France
2.13%, 02/15/25 (Call 05/30/22)^(a)	EUR		150		146,317
3.38%, 01/15/28 (Call 09/15/22)^(a)	EUR		100		90,097
4.00%, 07/15/29 (Call 04/15/24)^(a)	EUR		100		90,157
4.25%, 10/15/29 (Call 10/15/24)^(a)	EUR		100		90,816
5.88%, 02/01/27 (Call 05/31/22)^(a)	EUR		150		158,879
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 05/30/22)^(a)	EUR		200		201,728
CAB SELAS, 3.38%, 02/01/28	EUR		200		187,934


Security		Par (000)		Value

France (continued)
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)^(a)	EUR		200	$	173,025
5.25%, 04/15/27 (Call 04/15/23)^(a)	EUR		100		82,165
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)^(a)	EUR		100		95,184
Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)^(a)	EUR		100		91,999
Elis SA
1.63%, 04/03/28 (Call 01/03/28)^(a)	EUR		100		92,964
1.75%, 04/11/24 (Call 01/11/24)^(a)	EUR		100		103,724
Faurecia SE
2.63%, 06/15/25 (Call 05/30/22)^(a)	EUR		100		99,338
2.75%, 02/15/27 (Call 02/15/24)^(a)	EUR		125		115,391
3.13%, 06/15/26 (Call 06/15/22)^(a)	EUR		100		97,087
3.75%, 06/15/28 (Call 06/15/23)^(a)	EUR		100		94,020
Iliad Holding SASU
5.13%, 10/15/26 (Call 10/15/23)^(a)	EUR		150		153,012
5.63%, 10/15/28 (Call 10/15/24)^(a)	EUR		100		99,991
La Banque Postale SA, 3.00%, 06/09/28^(a)	EUR		100		102,419
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/09/22)^(a)	EUR		100		85,016
Loxam SAS
2.88%, 04/15/26 (Call 05/09/22)^(a)	EUR		100		97,953
4.50%, 02/15/27 (Call 02/15/24)^(a)	EUR		175		176,280
Orano SA
3.38%, 04/23/26 (Call 01/23/26)^(a)	EUR		100		105,720
4.88%, 09/23/24	EUR		100		111,629
Paprec Holding SA
3.50%, 07/01/28 (Call 07/01/24)^(a)	EUR		100		97,808
4.00%, 03/31/25 (Call 05/30/22)^(a)	EUR		100		105,094
Parts Europe SA, 6.50%, 07/16/25 (Call 05/30/22)^(a)	EUR		100		108,425
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)^(a)	EUR		100		98,763
Quatrim SASU, 5.88%, 01/15/24 (Call 05/09/22)^(a)	EUR		100		103,138
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)^(a)(b)	EUR		200		193,737
Renault SA
1.00%, 04/18/24 (Call 01/18/24)^(a)	EUR		100		100,585
1.00%, 11/28/25 (Call 08/28/25)^(a)	EUR		200		193,713
1.25%, 06/24/25 (Call 03/24/25)^(a)	EUR		100		95,894
2.00%, 09/28/26 (Call 06/28/26)^(a)	EUR		100		92,806
2.50%, 06/02/27 (Call 03/02/27)^(a)	EUR		100		91,675
2.50%, 04/01/28 (Call 01/01/28)^(a)	EUR		100		88,859
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)^(a)	EUR		100		95,690
SPIE SA
2.63%, 06/18/26 (Call 12/18/25)^(a)	EUR		100		100,958
3.13%, 03/22/24 (Call 09/22/23)^(a)	EUR		100		106,272
Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/30/22)^(a)	EUR		100		107,897
Valeo
1.50%, 06/18/25 (Call 03/18/25)^(a)	EUR		100		101,058
3.25%, 01/22/24^(a)	EUR		100		107,583
Valeo SA, 1.00%, 08/03/28 (Call 05/03/28)^(a)	EUR		100		88,279
Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)^(a)	EUR		100		94,865


					5,312,782

Germany — 11.0%
ADLER Group SA
1.50%, 07/26/24 (Call 04/26/24)^(a)	EUR		100		78,066
1.88%, 01/14/26 (Call 10/14/25)^(a)	EUR		100		72,390
ADLER Real Estate AG, 1.88%, 04/27/23 (Call 03/27/23)^(a)	EUR		100		90,571
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)^(a)(b)	EUR		100		99,706
3.13%, 11/12/79	EUR		100		97,170
3.75%, 07/01/74 (Call 07/01/24)^(a)(b)	EUR		200		210,449


Security	Par (000)			Value

Germany (continued)
Series N5.5, 4.50%, Series N5.5, 03/25/82 (Call 06/25/27)^(a)(b)		EUR	100	$	103,732
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)^(a)(b)		EUR	100		100,236
Commerzbank AG
4.00%, 03/23/26^(a)		EUR	200		212,729
4.00%, 03/30/27^(a)		EUR	100		105,575
4.00%, 12/05/30 (Call 09/05/25)^(a)(b)		EUR	100		104,478
Deutsche Bank AG
2.75%, 02/17/25^(a)		EUR	125		131,291
4.00%, 06/24/32^(a)		EUR	200		201,682
4.50%, 05/19/26^(a)		EUR	100		108,269
5.63%, 05/19/31 (Call 02/19/26)^(a)(b)		EUR	200		218,256
Deutsche Lufthansa AG
2.88%, 05/16/27 (Call 02/16/27)^(a)		EUR	100		93,339
3.00%, 05/29/26 (Call 03/02/26)^(a)		EUR	300		292,944
3.50%, 07/14/29 (Call 04/14/29)^(a)		EUR	100		91,676
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)^(a)		EUR	100		94,597
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)^(a)(b)		EUR	100		93,345
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)^(a)		EUR	150		146,586
K+S AG, 2.63%, 04/06/23 (Call 01/06/23)^(a)		EUR	100		106,567
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 05/30/22)^(a)		EUR	100		94,375
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 05/09/22)^(a)		EUR	200		195,761
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)^(a)		EUR	100		105,459
2.75%, 10/12/25		EUR	100		103,304
2.88%, 03/26/27 (Call 12/26/26)^(a)		EUR	100		99,571
3.38%, 10/12/28		EUR	100		96,498
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 05/30/22)^(a)		EUR	150		146,586
thyssenkrupp AG, 2.88%, 02/22/24 (Call 11/22/23)^(a)		EUR	300		310,904
TK Elevator Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)^(a)		EUR	90		86,476
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)^(a)		EUR	100		97,443
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)^(a)		EUR	100		94,367
2.50%, 10/23/27 (Call 07/23/27)^(a)		EUR	100		90,760
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)^(a)		EUR	100		90,264
2.75%, 05/25/27 (Call 02/25/27)^(a)		EUR	100		92,758
3.00%, 09/21/25 (Call 06/21/25)^(a)		EUR	100		100,054
3.75%, 09/21/28 (Call 06/21/28)^(a)		EUR	100		93,799
ZF North America Capital Inc., 2.75%, 04/27/23^(a)		EUR	200		211,866


					4,963,899

Greece — 1.1%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)^(a)(b)		EUR	100		91,238
Mytilineos SA, 2.25%, 10/30/26^(a)		EUR	100		94,178
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)^(a)(b)		EUR	100		107,679
Public Power Corp. SA
3.38%, 07/31/28 (Call 07/31/24)^(a)		EUR	100		93,281
3.88%, 03/30/26 (Call 03/30/23)^(a)		EUR	100		100,058


					486,434

Ireland — 1.1%
AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)^(a)(b)		EUR	100		100,958
2.88%, 05/30/31 (Call 05/30/26)^(a)(b)		EUR	100		100,951
Bank of Ireland Group PLC, 1.38%, 08/11/31 (Call 05/11/26)^(a)(b)		EUR	100		95,143


Security	Par (000)			Value

Ireland (continued)
eircom Finance DAC
1.75%, 11/01/24 (Call 05/30/22)^(a)		EUR	100	$	101,915
3.50%, 05/15/26 (Call 05/30/22)^(a)		EUR	100		99,829


					498,796

Israel — 1.7%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24^(a)		EUR	100		97,665
1.25%, 03/31/23 (Call 12/31/22)^(a)		EUR	100		104,034
1.63%, 10/15/28^(a)		EUR	150		123,308
3.75%, 05/09/27 (Call 02/09/27)		EUR	150		142,719
4.38%, 05/09/30 (Call 02/09/30)		EUR	200		186,471
4.50%, 03/01/25 (Call 12/01/24)		EUR	100		103,674


					757,871

Italy — 15.5%
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)^(a)(b)		EUR	100		95,565
Atlantia SpA
1.63%, 02/03/25^(a)		EUR	100		101,756
1.88%, 07/13/27 (Call 04/13/27)^(a)		EUR	175		167,931
1.88%, 02/12/28 (Call 11/12/27)^(a)		EUR	100		94,409
Autostrade per l’Italia SpA
1.63%, 01/25/28 (Call 10/25/27)^(a)		EUR	100		97,160
1.75%, 06/26/26^(a)		EUR	100		100,586
1.75%, 02/01/27^(a)		EUR	100		99,187
1.88%, 09/26/29 (Call 06/26/29)^(a)		EUR	200		190,075
4.38%, 09/16/25^(a)		EUR	100		111,194
Banca Monte dei Paschi di Siena SpA
2.63%, 04/28/25^(a)		EUR	100		98,644
3.63%, 09/24/24^(a)		EUR	200		202,745
10.50%, 07/23/29^(a)		EUR	100		77,644
Banca Popolare di Sondrio SCPA
2.38%, 04/03/24^(a)		EUR	100		105,267
3.88%, 02/25/32 (Call 11/25/26)^(a)(b)		EUR	100		97,941
Banco BPM SpA
0.88%, 07/15/26^(a)		EUR	100		97,171
3.25%, 01/14/31 (Call 01/14/26)^(a)(b)		EUR	100		100,902
4.25%, 10/01/29 (Call 10/01/24)^(a)(b)		EUR	200		210,856
BPER Banca
1.88%, 07/07/25^(a)		EUR	100		101,816
3.88%, 07/25/32 (Call 01/25/27)^(a)(b)		EUR	200		193,413
Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)^(a)		EUR	100		102,731
Deutsche Lufthansa AG, 2.00%, 07/14/24 (Call 06/14/24)^(a)		EUR	100		101,579
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)^(a)		EUR	100		104,553
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)^(a)		EUR	200		202,931
Grifols SA, 2.25%, 11/15/27 (Call 11/15/22)^(a)		EUR	100		95,485
Iccrea Banca SpA
2.13%, 01/17/27 (Call 01/17/26)^(a)(b)		EUR	100		100,065
4.13%, 11/28/29 (Call 11/28/24)^(a)(b)		EUR	100		103,397
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)^(a)		EUR	100		93,593
Infrastrutture Wireless Italiane SpA
1.75%, 04/19/31 (Call 01/19/31)^(a)		EUR	100		91,030
1.88%, 07/08/26 (Call 04/08/26)^(a)		EUR	150		152,947
Intesa Sanpaolo SpA
3.93%, 09/15/26^(a)		EUR	175		187,998
5.15%, 06/10/30^(a)		GBP	100		123,197
5.88%, 03/04/29 (Call 03/04/24)^(a)(b)		EUR	150		165,043
Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)^(a)		EUR	100		104,296
Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26		EUR	75		81,451


Security	Par (000)			Value

Italy (continued)
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)^(a)		EUR	100	$	96,878
2.13%, 04/30/29 (Call 01/30/29)^(a)		EUR	150		135,294
Rossini Sarl, 6.75%, 10/30/25 (Call 05/30/22)^(a)		EUR	100		106,819
Saipem Finance International BV
2.63%, 01/07/25^(a)		EUR	100		95,398
3.75%, 09/08/23^(a)		EUR	200		206,300
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)^(a)		EUR	100		84,141
2.38%, 10/12/27 (Call 07/12/27)^(a)		EUR	100		91,678
2.50%, 07/19/23^(a)		EUR	100		105,169
2.88%, 01/28/26 (Call 10/28/25)^(a)		EUR	418		409,981
3.63%, 01/19/24^(a)		EUR	100		104,596
3.63%, 05/25/26^(a)		EUR	100		101,342
4.00%, 04/11/24 (Call 01/11/24)^(a)		EUR	225		237,266
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)^(a)(b)		EUR	200		200,456
2.73%, 01/15/32 (Call 01/15/27)^(a)(b)		EUR	200		189,258
Unione di Banche Italiane SpA, 4.38%, 07/12/29 (Call 07/12/24)^(a)(b)		EUR	150		160,537
Unipol Gruppo SpA
3.00%, 03/18/25^(a)		EUR	175		187,544
3.25%, 09/23/30 (Call 06/23/30)^(a)		EUR	100		104,764
Webuild SpA, 1.75%, 10/26/24^(a)		EUR	250		248,076


					7,020,055

Japan — 1.8%
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)^(a)		EUR	175		171,624
2.88%, 01/06/27 (Call 10/06/26)^(a)		EUR	100		89,624
3.13%, 09/19/25 (Call 06/21/25)^(a)		EUR	100		96,726
3.38%, 07/06/29 (Call 04/06/29)^(a)		EUR	125		105,696
3.88%, 07/06/32 (Call 04/06/32)^(a)		EUR	100		82,699
4.00%, 04/20/23 (Call 01/20/23)^(a)		EUR	100		104,520
4.00%, 09/19/29 (Call 06/21/29)^(a)		EUR	100		87,798
5.00%, 04/15/28 (Call 01/16/28)^(a)		EUR	100		96,566


					835,253

Luxembourg — 3.9%
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)^(a)		EUR	100		99,915
Altice Financing SA
2.25%, 01/15/25 (Call 05/30/22)^(a)		EUR	100		98,102
3.00%, 01/15/28 (Call 01/15/23)^(a)		EUR	100		88,784
4.25%, 08/15/29 (Call 08/15/24)^(a)		EUR	100		89,495
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)^(a)		EUR	100		88,406
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)^(a)		EUR	100		87,554
8.00%, 05/15/27 (Call 05/15/22)^(a)		EUR	100		106,977
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/22)^(a)		EUR	100		103,026
INEOS Finance PLC
2.13%, 11/15/25 (Call 05/09/22)^(a)		EUR	100		99,060
2.88%, 05/01/26 (Call 05/09/22)^(a)		EUR	175		170,308
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)^(a)		EUR	100		97,776
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)^(a)		EUR	100		100,748
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)^(a)		EUR	100		105,067
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)^(a)		EUR	90		93,943
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)^(a)		EUR	150		156,023


Security	Par (000)			Value

Luxembourg (continued)
Vivion Investments Sarl
3.00%, 08/08/24^(a)		EUR	100	$	96,306
3.50%, 11/01/25^(a)		EUR	100		95,295


					1,776,785

Netherlands — 2.8%
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 05/31/22)^(a)		EUR	200		209,142
PPF Telecom Group BV
2.13%, 01/31/25 (Call 10/31/24)^(a)		EUR	100		100,510
3.25%, 09/29/27 (Call 06/29/27)^(a)		EUR	100		99,253
3.50%, 05/20/24 (Call 02/20/24)^(a)		EUR	100		105,788
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)^(a)		EUR	100		92,093
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/09/22)^(a)		EUR	100		76,966
SNS Bank NV, 6.25%, 10/26/20^(e)(f)		EUR	50		—
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)^(a)		EUR	100		101,008
United Group BV
3.13%, 02/15/26 (Call 05/30/22)^(a)		EUR	100		93,649
3.63%, 02/15/28 (Call 02/15/23)^(a)		EUR	100		91,634
4.88%, 07/01/24 (Call 05/30/22)^(a)		EUR	100		102,209
5.25%, 02/01/30 (Call 02/01/25)^(a)		EUR	100		92,561
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)^(a)		EUR	100		95,383


					1,260,196

Norway — 0.2%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)^(a)		EUR	100		100,471


Portugal — 1.5%
Banco Comercial Portugues SA, 4.00%, 05/17/32 (Call 11/17/26)^(a)(b)		EUR	100		92,632
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)^(a)(b)		EUR	100		109,138
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)^(a)(b)		EUR	100		90,557
1.70%, 07/20/80 (Call 04/20/25)^(a)(b)		EUR	100		96,866
1.88%, 08/02/81 (Call 05/02/26)^(a)(b)		EUR	100		93,797
4.50%, 04/30/79 (Call 01/30/24)^(a)(b)		EUR	100		107,612
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)^(a)(b)		EUR	100		102,960


					693,562

Spain — 7.3%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)^(a)(b)		EUR	100		104,908
Banco de Credito Social Cooperativo SA, 1.75%, 03/09/28 (Call 03/09/27)^(a)(b)		EUR	100		92,410
Banco de Sabadell SA
0.88%, 06/16/28 (Call 06/16/27)^(a)(b)		EUR	100		91,930
1.75%, 05/10/24^(a)		EUR	100		103,974
2.50%, 04/15/31		EUR	100		96,762
2.63%, 03/24/26 (Call 03/24/25)^(a)(b)		EUR	100		103,620
5.38%, 12/12/28 (Call 12/12/23)^(a)(b)		EUR	100		109,064
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)^(a)		EUR	100		94,881
1.25%, 01/15/29 (Call 10/15/28)^(a)		EUR	200		176,012
1.50%, 06/08/28 (Call 03/08/28)^(a)		EUR	100		91,724
2.00%, 02/15/33 (Call 11/15/32)^(a)		EUR	100		82,948
2.25%, 04/12/26 (Call 01/12/26)^(a)		EUR	200		205,607
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)^(a)		EUR	100		93,596
1.88%, 06/26/29 (Call 03/26/29)		EUR	100		91,081
2.38%, 01/16/24 (Call 10/16/23)^(a)		EUR	100		106,809


Security	Par (000)			Value

Spain (continued)
Cirsa Finance International Sarl
4.50%, 03/15/27 (Call 09/15/23)^(a)		EUR	100	$	94,843
6.25%, 12/20/23 (Call 05/09/22)^(a)		EUR	85		89,094
ContourGlobal Power Holdings SA, 4.13%, 08/01/25 (Call 05/30/22)^(a)		EUR	100		103,642
El Corte Ingles SA, 3.00%, 03/15/24 (Call 05/09/22)^(a)		EUR	100		106,026
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)^(a)		EUR	150		141,949
Grifols SA
1.63%, 02/15/25 (Call 05/30/22)^(a)		EUR	150		147,998
3.20%, 05/01/25 (Call 05/30/22)^(a)		EUR	100		100,637
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)^(a)(b)		EUR	100		99,691
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)^(a)		EUR	100		98,617
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)^(a)		EUR	100		92,788
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)^(a)		EUR	300		289,661
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)^(a)(b)		EUR	175		184,884
Unicaja Banco SA, 2.88%, 11/13/29 (Call 11/13/24)^(a)(b)		EUR	100		100,731


					3,295,887

Sweden — 2.6%
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)^(a)		EUR	100		105,659
Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)^(a)(b)		EUR	100		89,465
Intrum AB
3.00%, 09/15/27 (Call 09/15/22)^(a)		EUR	100		93,549
3.13%, 07/15/24 (Call 07/15/22)^(a)		EUR	100		102,685
3.50%, 07/15/26 (Call 07/15/22)^(a)		EUR	175		171,612
4.88%, 08/15/25 (Call 08/15/22)^(a)		EUR	100		103,875
Verisure Holding AB, 3.25%, 02/15/27 (Call 02/15/23)^(a)		EUR	150		142,609
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)^(a)		EUR	150		138,893
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)^(a)		EUR	100		102,648
2.13%, 04/02/24 (Call 01/02/24)^(a)		EUR	100		105,149


					1,156,144

Switzerland — 0.6%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/23)^(a)		EUR	100		91,095
2.50%, 10/15/24 (Call 05/30/22)^(a)		EUR	100		101,052
3.38%, 04/15/28 (Call 04/15/24)^(a)		EUR	100		93,800


					285,947

United Kingdom — 11.8%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 05/30/22)^(a)		GBP	150		187,443
BCP V Modular Services Finance II PLC
4.75%, 11/30/28 (Call 11/30/24)^(a)		EUR	100		95,095
6.13%, 11/30/28 (Call 11/30/24)^(a)		GBP	100		112,948
Bellis Acquisition Co. PLC
3.25%, 02/16/26 (Call 02/24/23)^(a)		GBP	200		221,051
4.50%, 02/16/26 (Call 02/24/23)^(a)		GBP	100		113,799
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)^(a)		GBP	100		104,641
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)^(a)(b)		EUR	100		97,397
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)^(a)		EUR	100		94,756
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)^(a)		GBP	100		114,896
eG Global Finance PLC, 4.38%, 02/07/25 (Call 05/30/22)^(a)		EUR	225		227,200
Heathrow Finance PLC, 4.38%, 03/01/27^(a)(g)		GBP	100		115,128
Iceland Bondco PLC, 4.38%, 05/15/28 (Call 02/15/24)^(a)		GBP	100		96,928
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)^(a)		EUR	100		92,966
International Consolidated Airlines Group SA, 1.50%, 07/04/27 (Call 04/04/27)^(a)		EUR	100		85,594


Security	Par (000)			Value

United Kingdom (continued)
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24^(a)		EUR	100	$	98,834
4.50%, 01/15/26 (Call 10/15/25)^(a)		EUR	150		144,004
4.50%, 07/15/28 (Call 07/15/24)^(a)		EUR	100		87,974
Jerrold Finco PLC, 5.25%, 01/15/27 (Call 01/15/23)^(a)		GBP	100		119,595
Marks & Spencer PLC
3.75%, 05/19/26 (Call 02/19/26)^(a)		GBP	100		120,529
6.00%, 06/12/25^(a)		GBP	100		129,113
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/30/22)^(a)		EUR	100		108,348
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)^(a)(b)		EUR	100		100,815
2.13%, 09/05/82		EUR	100		93,785
5.63%, 06/18/73 (Call 06/18/25)^(a)(b)		GBP	100		126,256
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)^(a)		GBP	175		201,649
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 05/30/22)^(a)		EUR	100		105,375
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)^(a)		EUR	100		100,504
1.63%, 05/09/28 (Call 02/09/28)^(a)		EUR	100		88,683
4.63%, 02/16/26 (Call 11/16/25)^(a)		EUR	100		105,935
5.75%, 10/15/27 (Call 07/15/27)^(a)		GBP	100		126,741
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)^(a)		EUR	100		99,376
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)^(a)		GBP	200		254,387
Thames Water Utilities Finance PLC, 2.88%, 05/03/27^(a)		GBP	100		119,575
Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)^(a)		EUR	100		89,428
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)^(a)		GBP	100		109,061
4.25%, 01/15/30 (Call 10/15/24)^(a)		GBP	100		108,665
5.00%, 04/15/27 (Call 05/09/22)^(a)		GBP	100		122,451
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)^(a)		EUR	100		92,011
4.00%, 01/31/29 (Call 01/31/24)^(a)		GBP	100		108,581
4.50%, 07/15/31 (Call 07/15/26)^(a)		GBP	100		108,468
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)^(a)(b)		EUR	200		196,942
3.10%, 01/03/79 (Call 10/03/23)^(a)(b)		EUR	300		315,917


					5,342,844

United States — 18.2%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)^(a)		EUR	111		110,186
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
3.63%, 06/01/28 (Call 06/01/24)^(a)		EUR	100		90,698
4.88%, 06/01/28 (Call 06/01/24)^(a)		GBP	100		109,482
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28 (Call 05/15/24)^(a)		EUR	100		89,896
3.00%, 09/01/29 (Call 05/15/24)^(a)		EUR	100		86,364
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 2.13%, 08/15/26 (Call 08/15/22)^(a)		EUR	100		94,286
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)^(a)		EUR	100		95,374
Autostrade per l’Italia SpA, 2.00%, 01/15/30 (Call 10/15/29)^(a)		EUR	200		189,776
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/22)^(a)		EUR	100		102,574
Avis Budget Finance PLC, 4.13%, 11/15/24 (Call 05/30/22)^(a)		EUR	100		104,891
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/09/22)^(a)		EUR	100		101,605
Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)		EUR	100		102,513
4.38%, 12/15/23		EUR	100		109,526
Banco BPM SpA, 1.75%, 01/28/25^(a)		EUR	100		103,677


Security	Par (000)			Value

United States (continued)
Banco Comercial Portugues SA, 1.75%, 04/07/28 (Call 04/07/27)^(a)(b)		EUR	100	$	90,089
Banco de Sabadell SA, 1.13%, 03/27/25^(a)		EUR	100		100,170
Bayer AG, 5.38%, 03/25/82 (Call 06/25/30)^(b)		EUR	100		105,137
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)^(a)		EUR	150		150,656
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)^(a)		EUR	100		105,314
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)		EUR	100		72,941
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)^(a)		EUR	150		139,452
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)^(a)		EUR	150		147,563
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/31/22)^(a)		EUR	125		126,047
Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)^(a)		EUR	100		92,415
Coty Inc., 3.88%, 04/15/26 (Call 04/15/23)^(a)		EUR	100		98,690
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/15/23)^(a)		EUR	100		104,261
2.88%, 02/01/26 (Call 08/01/25)^(a)		EUR	100		104,869
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/09/22)^(a)		EUR	100		104,873
Deutsche Lufthansa AG, 2.88%, 02/11/25 (Call 01/11/25)^(a)		EUR	200		201,751
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)^(a)		GBP	100		123,619
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)^(a)		EUR	100		87,780
Faurecia SE, 2.38%, 06/15/27 (Call 06/15/23)^(a)		EUR	100		88,910
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)		CAD	100		70,108
Ford Credit Canada Co.
3.50%, 11/30/23		CAD	50		38,006
3.74%, 05/08/23		CAD	75		57,718
4.46%, 11/13/24		CAD	100		76,218
Ford Motor Credit Co. LLC
1.36%, 02/07/25		EUR	100		98,592
1.74%, 07/19/24		EUR	100		101,410
2.33%, 11/25/25		EUR	100		99,786
2.39%, 02/17/26		EUR	125		123,997
2.75%, 06/14/24		GBP	100		119,975
3.02%, 03/06/24		EUR	100		104,509
3.25%, 09/15/25		EUR	100		103,172
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)^(a)		EUR	100		106,929
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)^(a)		EUR	100		97,172
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)^(a)		EUR	100		106,404
3.50%, 06/15/26		EUR	150		153,799
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)^(a)		EUR	100		99,050
2.25%, 01/15/28 (Call 07/15/22)^(a)		EUR	150		142,353
2.25%, 03/15/29 (Call 03/15/24)^(a)		EUR	100		92,352
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/09/22)^(a)		GBP	100		123,725
Levi Strauss & Co., 3.38%, 03/15/27 (Call 05/09/22)		EUR	100		103,912
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)^(a)(b)		EUR	100		101,038
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)^(a)		EUR	100		83,657
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 05/31/22)^(a)		EUR	100		103,319
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26 (Call 02/24/26)		GBP	200		233,768
3.33%, 03/24/25 (Call 12/24/24)		EUR	100		105,786
3.38%, 04/24/30 (Call 01/24/30)		GBP	100		112,440
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)^(a)(b)		EUR	100		98,511


Security	Par/ Shares (000)				Value

United States (continued)
Nexi SpA, 1.75%, 10/31/24 (Call 07/31/24)(a)		EUR	100		$	103,199
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)^(a)		EUR	100			95,232
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)^(a)		EUR	200			207,543
Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)^(a)		EUR	100			94,126
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 (Call 04/30/24)^(a)		EUR	200			189,898
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)^(a)		EUR	100			96,505
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)^(a)		EUR	100			108,140
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 05/31/22)		EUR	100			104,095
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 05/31/22)^(a)		EUR	100			103,813
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)^(a)		EUR	100			93,314
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24)		EUR	100			107,170
Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)^(a)		EUR	100			99,167
Vodafone Group PLC, 3.00%, 08/27/80 (Call 05/27/30)^(a)(b)		EUR	150			137,541
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)^(a)		EUR	100			88,616
ZF Europe Finance BV, 3.00%, 10/23/29 (Call 07/23/29)^(a)		EUR	100			88,068
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)^(a)		EUR	150			131,598


						8,241,116


Total Corporate Bonds & Notes — 98.6% (Cost: $52,900,023)						44,643,130


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, 0.34%(i)(j)			10			10,000


Total Short-Term Investments — 0.0% (Cost: $10,000)						10,000


Total Investments in Securities — 98.6% (Cost: $53,069,460)						44,653,130

Other Assets, Less Liabilities — 1.4%						640,413


Net Assets — 100.0%					$	45,293,543

^(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 six months ended April 30, 2022 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

Argentina — 1.2%
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 05/30/22)^(a)	$	400	$	403,825
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)^(a)(b)(c)		200		40,000
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)^(a)		400		394,600
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)^(d)		200		162,600
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 05/30/22)^(a)(d)		350		276,894
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 05/31/22)^(a)(b)		266		71,865
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/30/22)^(a)		300		280,072
Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 05/30/22)^(a)		200		168,038
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/30/22)^(a)		400		357,500
5.50%, 10/01/27 (Call 10/01/22)^(a)		600		489,000
YPF SA
6.95%, 07/21/27^(a)		500		360,406
7.00%, 12/15/47 (Call 06/15/47)^(a)		400		245,075
8.50%, 07/28/25^(a)		775		631,625


				3,881,500

Bahrain — 0.5%
AUB Sukuk Ltd., 2.62%, 09/09/26^(a)		400		378,000
BBK BSC, 5.50%, 07/09/24^(a)		200		201,788
FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)^(a)		200		204,537
GFH Sukuk Ltd., 7.50%, 01/28/25^(a)		400		392,950
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)^(a)		400		375,325


				1,552,600

Barbados — 0.1%
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)^(a)		400		391,000


Brazil — 5.4%
Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)^(a)(d)		250		225,481
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)^(a)		150		147,227
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)^(a)		1,400		1,179,920
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)^(a)		200		189,850
Banco Bradesco SA/Cayman Islands, 4.38%, 03/18/27^(e)		200		194,675
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)^(a)		200		182,413
4.50%, 01/10/25 (Call 12/10/24)^(a)(d)		200		196,415
Banco Davivienda SA, 6.65%, (Call 04/22/31)^(a)(f)(g)		200		178,600
Banco do Brasil SA/Cayman
3.25%, 09/30/26^(a)		200		186,413
4.88%, 01/11/29^(a)		200		194,100
6.25%, (Call 04/15/24)^(a)(f)(g)		200		185,538
9.00%, (Call 06/18/24)^(a)(f)(g)		400		406,750
Banco Mercantil del Norte SA/Grand Cayman, 6.63%, (Call 01/24/32)^(a)(f)(g)		200		178,975
Banco Votorantim SA, 4.38%, 07/29/25^(a)		200		196,500
BBVA Bancomer SA/Texas, 1.88%, 09/18/25^(a)		200		184,750
Braskem Finance Ltd., 6.45%, 02/03/24^(d)		200		203,780
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)^(a)		200		187,830
4.50%, 01/31/30^(a)		200		180,800
5.88%, 01/31/50^(a)		200		178,350
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 05/30/22)^(a)		200		205,250
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)^(a)		200		198,663


Security	Par (000)		Value

Brazil (continued)
CSN Resources SA, 4.63%, 06/10/31 (Call 06/10/26)^(a)	$	200	$	168,913
Embraer Netherlands Finance BV
5.05%, 06/15/25^(d)		227		223,765
5.40%, 02/01/27		250		242,031
Fibria Overseas Finance Ltd., 5.50%, 01/17/27^(d)		200		204,287
Gol Finance SA, 8.00%, 06/30/26 (Call 12/24/22)^(a)		200		174,850
GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)^(a)		200		213,537
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25^(a)		200		194,050
4.50%, 11/21/29 (Call 11/21/24)^(a)(g)		200		189,750
6.13%, (Call 12/12/22)^(a)(d)(f)(g)		200		192,550
6.50%, (Call 03/19/23)^(a)(d)(f)(g)		200		192,475
JBS Finance Luxembourg Co., 3.63%, 01/15/32 (Call 01/15/27)^(a)		200		171,500
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 02/02/29 (Call 12/02/28)^(e)		200		178,712
3.00%, 05/15/32 (Call 02/15/32)^(d)(e)		100		83,337
3.75%, 12/01/31 (Call 12/01/26)^(a)		100		89,000
4.38%, 02/02/52 (Call 08/02/51)^(d)(e)		200		162,058
Klabin Austria GmbH, 7.00%, 04/03/49 (Call 10/03/48)^(a)		200		192,776
Korea East-West Power Co. Ltd., 1.75%, 05/06/25^(a)		400		379,720
Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)^(a)		200		185,010
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)^(a)		200		165,985
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(a)(d)		400		348,000
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)^(a)		600		504,000
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)^(a)		200		165,025
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)^(a)(d)		200		178,720
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)^(a)(d)		200		204,850
7.00%, 05/14/26 (Call 05/31/22)^(a)		200		206,037
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)^(a)		400		384,000
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 05/30/22)^(a)(h)		194		111,362
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 05/31/22)^(a)(i)		400		2,000
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 05/30/22)^(a)(d)(h)		292		63,756
Oi SA, 10.00%, (12.00% PIK), 07/27/25^(h)		300		239,212
Petrobras Global Finance BV
5.09%, 01/15/30^(d)		200		194,000
5.30%, 01/27/25		50		51,619
5.50%, 06/10/51 (Call 12/10/50)		250		204,719
5.60%, 01/03/31 (Call 10/03/30)^(d)		250		245,375
5.75%, 02/01/29		150		151,763
6.00%, 01/27/28^(d)		300		307,350
6.25%, 03/17/24		50		52,150
6.75%, 01/27/41^(d)		200		195,975
6.75%, 06/03/50 (Call 12/03/49)		150		139,470
6.85%, 06/05/2115^(d)		375		329,297
6.88%, 01/20/40		148		147,519
6.90%, 03/19/49^(d)		200		190,038
7.25%, 03/17/44^(d)		150		149,625
7.38%, 01/17/27^(d)		250		273,310
Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)^(a)		200		192,250
Raizen Fuels Finance SA, 5.30%, 01/20/27^(a)(d)		200		200,163
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)^(a)		200		187,750
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)^(a)		200		204,537


Security	Par (000)		Value

Brazil (continued)
Suzano Austria GmbH
3.13%, 01/15/32 (Call 10/15/31)^(d)	$	300	$	242,250
3.75%, 01/15/31 (Call 10/15/30)^(d)		250		216,937
5.00%, 01/15/30 (Call 10/15/29)^(d)		200		189,535
6.00%, 01/15/29 (Call 10/15/28)		200		201,426
7.00%, 03/16/47 (Call 09/16/46)^(a)		200		201,200
Ultrapar International SA, 5.25%, 06/06/29^(a)(d)		200		195,725
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)^(a)		200		200,287
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		300		269,812
6.25%, 08/10/26		300		314,681
6.88%, 11/21/36		350		383,521
6.88%, 11/10/39		250		274,675
Vale SA, 5.63%, 09/11/42^(d)		100		97,363
Wynn Macau Ltd., 5.63%, 08/26/28 (Call 08/26/23)^(a)		800		643,000


				18,040,870

Chile — 3.0%
Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)^(e)		250		226,250
Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)^(a)		400		351,075
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (Call 07/14/31)^(a)		200		176,163
3.50%, 10/12/27^(a)(d)		400		389,700
Banco Santander Chile
2.70%, 01/10/25 (Call 12/10/24)^(a)(d)		300		287,400
3.18%, 10/26/31 (Call 07/28/31)^(a)		400		360,325
Celulosa Arauco y Constitucion SA
4.20%, 01/29/30 (Call 10/29/29)^(a)		200		185,475
4.25%, 04/30/29 (Call 01/30/29)^(a)		200		186,537
4.50%, 08/01/24 (Call 05/01/24)^(d)		400		402,700
5.15%, 01/29/50 (Call 07/29/49)^(a)		400		358,950
5.50%, 04/30/49 (Call 10/30/48)^(a)(d)		200		182,975
Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)^(a)		600		579,375
5.15%, 02/12/25 (Call 11/12/24)^(a)(d)		400		404,950
Cia Cervecerias Unidas SA, 3.35%, 01/19/32 (Call 10/19/31)^(d)(e)		400		353,825
Colbun SA
3.15%, 03/06/30 (Call 12/06/29)^(a)		200		174,038
3.15%, 01/19/32 (Call 10/19/31)^(e)		400		338,700
3.95%, 10/11/27 (Call 07/11/27)^(a)		400		386,950
Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (Call 05/03/26)^(a)		400		399,460
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)^(d)		300		295,470
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)^(d)		600		584,970
GNL Quintero SA, 4.63%, 07/31/29^(a)		706		685,448
Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)^(a)		200		67,900
HCL America Inc., 1.38%, 03/10/26 (Call 02/10/26)^(a)		200		180,350
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)^(a)		700		599,069
Inversiones CMPC SA
3.00%, 04/06/31 (Call 01/06/31)^(a)		200		169,413
3.85%, 01/13/30 (Call 10/13/29)^(a)		200		183,912
4.38%, 04/04/27^(a)(d)		400		400,880
4.75%, 09/15/24 (Call 06/15/24)^(a)		400		403,325
Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)^(e)		400		351,950
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)^(a)		200		181,000


				9,848,535

China — 9.9%
Abu Dhabi National Energy Co. PJSC, 4.00%, 10/03/49^(a)		200		193,100


Security	Par (000)		Value

China (continued)
Agile Group Holdings Ltd., 8.38%, (Call 12/04/23)^(a)(f)(g)	$	200	$	45,000
Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24^(a)		200		189,620
AIA Group Ltd., 2.70%, (Call 04/07/26)^(a)(f)(g)		200		185,800
Alibaba Group Holding Ltd.
2.13%, 02/09/31 (Call 11/09/30)^(d)		200		165,312
2.70%, 02/09/41 (Call 08/09/40)		200		140,374
3.25%, 02/09/61 (Call 08/09/60)		200		133,820
3.40%, 12/06/27 (Call 09/06/27)^(d)		300		286,953
3.60%, 11/28/24 (Call 08/28/24)		400		398,272
4.00%, 12/06/37 (Call 06/06/37)		200		172,850
4.20%, 12/06/47 (Call 06/06/47)		200		169,725
Amipeace Ltd., 2.50%, 12/05/24^(a)		200		195,850
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24^(a)		300		292,837
Axiata SPV2 Bhd, 2.16%, 08/19/30 (Call 05/19/30)^(a)		400		347,575
Baidu Inc.
2.38%, 08/23/31 (Call 05/23/31)^(d)		200		164,878
3.08%, 04/07/25 (Call 03/07/25)		200		195,222
4.13%, 06/30/25		200		200,416
Bank of China Ltd., 5.00%, 11/13/24^(a)		400		411,748
Bank of China Ltd./Hong Kong, 3.88%, 06/30/25^(a)		200		202,912
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26^(a)		200		184,000
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)^(a)(f)(g)		400		396,800
Bluestar Finance Holdings Ltd., 3.88%, (Call 06/24/23)^(a)(f)(g)		200		199,500
BOCOM International Blossom Ltd., 1.75%, 06/28/26^(a)		200		182,784
CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26^(a)		200		181,975
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)^(a)(f)(g)		200		198,000
Chalco Hong Kong Investment Co. Ltd., 2.10%, 07/28/26 (Call 06/28/26)^(a)		200		182,966
China Cinda 2020 I Management Ltd., 2.50%, 03/18/25 (Call 02/18/25)^(a)		200		190,475
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25^(a)		400		400,200
China Cinda Finance 2017 I Ltd.
4.75%, 02/08/28^(a)		200		201,475
4.75%, 02/21/29^(a)		200		197,162
China Construction Bank Corp.
0.78%, 12/21/24^(a)(g)		200		199,472
4.25%, 02/27/29 (Call 02/27/24)^(a)(g)		200		201,834
China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25^(a)		400		372,520
China Overseas Finance Cayman VI Ltd.
5.95%, 05/08/24^(a)		200		207,037
6.45%, 06/11/34^(a)		200		221,037
China Resources Land Ltd.
3.75%, (Call 12/09/24)^(a)(f)(g)		200		196,475
4.13%, 02/26/29^(a)		200		192,100
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 05/30/22)^(a)		200		135,000
CICC Hong Kong Finance 2016 MTN Ltd., 1.63%, 01/26/24^(a)		200		192,774
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)^(a)		200		157,200
CITIC Ltd.
2.85%, 02/25/30^(a)		200		177,808
3.88%, 02/28/27^(a)		200		196,912
CMB International Leasing Management Ltd., 1.88%, 08/12/25^(a)		200		186,100
CMHI Finance BVI Co. Ltd., 3.50%, (Call 10/09/23)^(a)(f)(g)		200		199,975
CMS International Gemstone Ltd., 1.30%, 09/16/24^(a)		200		187,440
CNOOC Finance 2013 Ltd., 3.30%, 09/30/49 (Call 03/30/49)		200		146,256


Security	Par (000)		Value

China (continued)
CNOOC Finance 2014 ULC, 4.25%, 04/30/24	$	600	$	609,112
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25^(d)		200		198,850
4.38%, 05/02/28^(d)		200		203,600
CNOOC Petroleum North America ULC
5.88%, 03/10/35^(d)		100		104,363
6.40%, 05/15/37		175		192,533
7.50%, 07/30/39		150		186,254
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)^(a)(f)(g)		200		200,500
COSL Singapore Capital Ltd., 4.50%, 07/30/25^(a)		200		203,606
Country Garden Holdings Co. Ltd.
3.13%, 10/22/25 (Call 09/22/25)^(a)		200		138,750
7.25%, 04/08/26 (Call 04/08/23)^(a)		200		143,500
CSCIF Asia Ltd., 1.13%, 06/10/24^(a)		200		190,163
DIB Sukuk Ltd., 2.95%, 02/20/25^(a)		400		392,000
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)^(a)(f)(g)		400		398,500
Doha Finance Ltd., 2.38%, 03/31/26^(a)		700		659,750
Emirates NBD Bank PJSC, 6.13%, (Call 04/09/26)^(a)(f)(g)		200		201,080
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)^(a)		200		184,354
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)^(a)		200		171,288
Fab Sukuk Co. Ltd., 2.50%, 01/21/25^(a)		200		194,750
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)^(a)		200		179,000
Haidilao International Holding Ltd., 2.15%, 01/14/26^(a)		200		162,000
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27^(a)		200		183,000
4.75%, 04/27/27^(a)		200		189,000
Huarong Finance 2019 Co. Ltd.
3.38%, 02/24/30 (Call 11/28/29)^(a)		200		160,000
3.75%, 05/29/24^(a)		400		385,500
3.88%, 11/13/29 (Call 08/13/29)^(a)		200		168,100
4.50%, 05/29/29^(a)		200		176,000
ICBCIL Finance Co. Ltd.
1.63%, 11/02/24^(a)		400		380,092
3.75%, 03/05/24^(a)		200		200,287
IHS Holding Ltd.
5.63%, 11/29/26 (Call 11/29/23)^(a)		400		380,000
6.25%, 11/29/28 (Call 11/29/24)^(a)		600		564,000
Indian Oil Corp. Ltd., 4.75%, 01/16/24^(a)		400		405,950
Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26)^(a)(f)(g)		800		763,200
Industrial & Commercial Bank of China Ltd./Hong Kong, 1.63%, 10/28/26^(a)		200		185,970
Industrial & Commercial Bank of China Ltd./London, 2.03%, 10/25/23, (3 mo. LIBOR US + 0.850%)^(a)(g)		200		200,960
Industrial & Commercial Bank of China Ltd./Singapore
1.00%, 10/28/24^(a)		200		188,866
1.20%, 09/09/25^(a)		200		185,380
2.01%, 04/25/24, (3 mo. LIBOR US + 0.830%)^(a)(g)		200		201,142
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)^(a)(g)		400		388,700
Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24^(a)		200		189,754
JD.com Inc., 3.88%, 04/29/26^(d)		200		195,538
JGSH Philippines Ltd., 4.13%, 07/09/30^(a)		400		381,700
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)^(a)		200		178,902
Legend Fortune Ltd., 1.38%, 06/02/24^(a)		200		189,990
Lenovo Group Ltd., 3.42%, 11/02/30 (Call 08/02/30)^(a)		200		175,288


Security	Par (000)		Value

China (continued)
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)^(e)	$	250	$	247,234
6.75%, 06/30/30 (Call 12/30/29)^(e)		325		316,485
Longfor Group Holdings Ltd., 3.95%, 09/16/29^(a)		200		176,000
Meituan, 2.13%, 10/28/25 (Call 09/28/25)^(a)		200		178,260
Metropolitan Bank & Trust Co., 2.13%, 01/15/26^(a)		400		377,000
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26)^(e)(g)		400		365,000
NBK Tier 1 Financing Ltd., 3.63%, (Call 08/24/26)^(a)(f)(g)		400		363,825
NWD Finance BVI Ltd., 4.13%, (Call 03/10/28)^(a)(f)(g)		200		180,000
Ooredoo International Finance Ltd., 2.63%, 04/08/31^(a)		800		720,000
Pioneer Reward Ltd., 1.30%, 04/09/24^(a)		200		191,688
Poly Real Estate Finance Ltd., 3.88%, 03/25/24^(a)		200		197,912
Prosus NV, 4.85%, 07/06/27 (Call 04/06/27)^(a)		400		378,000
QIB Sukuk Ltd., 1.67%, 02/07/25, (3 mo. LIBOR US + 1.350%)^(a)(g)		400		400,575
QNB Finance Ltd., 2.75%, 02/12/27^(a)		700		666,006
REC Ltd., 2.25%, 09/01/26^(a)		200		181,038
RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)^(a)		200		144,000
Saudi Arabian Oil Co.
1.63%, 11/24/25 (Call 10/24/25)^(a)		200		185,600
3.50%, 11/24/70 (Call 05/24/70)^(a)		800		610,000
SF Holding Investment 2021 Ltd., 3.13%, 11/17/31^(a)		200		171,288
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)^(a)		200		174,414
Shanghai Pudong Development Bank Co. Ltd./Hong Kong, 0.88%, 07/13/24^(a)		200		189,526
Shimao Group Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)^(a)		400		96,000
Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 08/24/22)^(a)		200		185,000
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27^(a)		200		160,475
SK Hynix Inc., 3.00%, 09/17/24^(a)		400		392,200
State Elite Global Ltd., 1.95%, 10/24/24, (3 mo. LIBOR US + 0.770%)^(a)(g)		200		199,568
Sunac China Holdings Ltd.
5.95%, 04/26/24 (Call 01/26/23)^(a)		400		94,000
6.50%, 01/10/25 (Call 01/10/23)^(a)		200		45,000
Tencent Holdings Ltd.
1.81%, 01/26/26 (Call 12/26/25)^(a)(d)		200		183,548
2.39%, 06/03/30 (Call 03/03/30)^(a)(d)		200		168,663
2.88%, 04/22/31 (Call 01/22/31)^(a)(d)		200		174,210
3.24%, 06/03/50 (Call 12/03/49)^(a)		200		142,350
3.58%, 04/11/26 (Call 02/11/26)^(a)		200		195,100
3.60%, 01/19/28 (Call 10/19/27)^(a)(d)		300		284,865
3.84%, 04/22/51 (Call 10/22/50)^(a)		200		158,594
3.94%, 04/22/61 (Call 10/22/60)^(a)		200		156,850
3.98%, 04/11/29 (Call 01/11/29)^(a)		400		382,700
4.53%, 04/11/49 (Call 10/11/48)^(a)		200		178,850
Times China Holdings Ltd., 5.55%, 06/04/24 (Call 06/04/23)^(a)		200		103,000
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25^(a)		400		371,075
6.50%, 01/08/26^(a)		500		467,500
Vanke Real Estate Hong Kong Co. Ltd., 4.20%, 06/07/24^(a)		400		393,120
Vigorous Champion International Ltd., 2.75%, 06/02/25^(a)		200		187,020
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		200		164,702
Well Hope Development Ltd., 3.88%, (Call 10/19/22)^(a)(f)(g)		200		199,000


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(14.69	)%		(17.48	)%		0.79	%		1.96	%		(17.48	)%		4.00	%		21.46	%
Fund Market		(15.22	)		(18.08	)		0.59			1.79			(18.08	)		3.01			19.41
Index		(14.68	)		(17.24	)		1.12			2.11			(17.24	)		5.73			23.16


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 853.10	$ 1.84			$ 1,000.00	$ 1,022.80	$ 2.01		0.40	%



Moody’s Credit Rating^*	Percent of Total Investments	^(a)

Baa	3.4	%
Ba	48.7
B	27.5
Caa	4.7
Not Rated	15.7


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(10.58	)%		(9.90	)%		1.68	%		2.98	%		(9.90	)%		8.67	%		34.10	%
Fund Market		(11.31	)		(10.92	)		1.49			2.90			(10.92	)		7.70			33.14
Index		(11.68	)		(10.68	)		2.02			3.44			(10.68	)		10.52			40.23


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 894.20	$ 2.35			$ 1,000.00	$ 1,022.30	$ 2.51		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
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		64
Statements of Operations		66
Statements of Changes in Net Assets		68
Financial Highlights		71
Notes to Financial Statements		76
Statement Regarding Liquidity Risk Management Program		85
Supplemental Information		86
General Information		87
Glossary of Terms Used in this Report		88


Fund Summary as of April 30, 2022		iShares^® International High Yield Bond ETF



Country/Geographic Region	Percent of Total Investments	^(a)

United States	18.5	%
Italy	15.7
United Kingdom	12.0
France	11.9
Germany	11.1
Spain	7.4
Luxembourg	4.0
Netherlands	2.8
Canada	2.7
Sweden	2.6


4		2 0 2 2 I S H A R E S S E M I - 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 April 30, 2022		iShares^® J.P. Morgan EM Corporate Bond ETF


Fund Summary as of April 30, 2022		iShares^® J.P. Morgan EM High Yield Bond ETF



Country/Geographic Region	Percent of Total Investments	^(a)

Turkey	12.8	%
Brazil	12.7
Mexico	7.2
Colombia	7.1
Egypt	5.9
South Africa	5.6
China	4.8
Oman	4.0
Argentina	3.8
Dominican Republic	2.7


Fund Summary as of April 30, 2022		iShares^® J.P. Morgan EM Local Currency Bond ETF


Fund Summary as of April 30, 2022		iShares^® US & Intl High Yield Corp Bond ETF


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(10.91	)%		(11.59	)%		0.03	%		3.02	%		(11.59	)%		0.14	%		34.66	%
Fund Market		(11.05	)		(11.98	)		(0.07	)		2.93			(11.98	)		(0.34	)		33.46
Index		(11.15	)		(11.59	)		0.31			3.35			(11.59	)		1.58			39.04


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(12.32	)%		(15.42	)%		(2.82	)%		(1.66	)%		(15.42	)%		(13.32	)%		(15.39	)%
Fund Market		(12.67	)		(15.73	)		(2.90	)		(1.80	)		(15.73	)		(13.67	)		(16.61	)
Index		(12.39	)		(15.29	)		(2.32	)		(1.18	)		(15.29	)		(11.07	)		(11.20	)



Country/Geographic Region	Percent of Total Investments	^(a)

China	14.6	%
Philippines	4.9
Brazil	4.6
Indonesia	4.6
Malaysia	4.5
Dominican Republic	4.5
Chile	4.5
Turkey	4.5
Uruguay	4.5
Poland	4.5


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		9




Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	—		$(10,000)	^(a)	$	—	$	—	$	10,000		10	$	7	$	—




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	44,643,130	$	—	$	44,643,130
Common Stocks		—		—		—		—
Money Market Funds		10,000		—		—		10,000


	$	10,000	$	44,643,130	$	—	$	44,653,130