iShares Trust

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, outpaced 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 J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market bonds, as represented by the J.P. Morgan EMBI^® Global 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.

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 7 for more information.

U.S. dollar-denominated emerging market bonds advanced broadly for the reporting period. Accommodative monetary policy, investors’ increasing appetite for risk-taking, and the search for yield in a low interest rate environment supported emerging market bond performance despite rising interest rates in many countries.

From a country perspective, Mexican bonds were the largest contributors to the Index’s return despite higher interest rates and rising inflation, largely reflecting the performance of bonds issued by a large, state-owned oil company. The oil company benefited from rising oil and gas prices as well as expectations that the government would offer financial support after two fires occurred at production facilities during the reporting period.

Omani bonds were also 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 higher revenue from rising oil prices. The Omani government issued $3.25 billion in debt during the reporting period, which was met with strong demand from investors. Turkish bonds rallied late in the reporting period, as investors were enticed by extremely high yields despite the country’s high inflation rate and accommodative monetary policy. On the downside, a credit downgrade from investment-grade to high-yield status in Colombia and political uncertainty in Peru meant that bonds issued from these countries detracted from the Index’s return.

From a credit quality perspective, higher-yielding lower-rated bonds, including those rated B, Ba, and Caa, contributed the most to the Index’s return, reflecting strong demand for yield, while higher-rated lower-yielding bonds detracted modestly from the Index’s return. From a maturity perspective, bonds with maturities greater than seven years, which represented approximately 69% of the Index on average, contributed the most to the Index’s performance.

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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. 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

Azerbaijan — 0.3%
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(a)	$	56,047	$	65,585,499


Bahrain — 0.2%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27^(a)		27,412		30,038,412


Chile — 1.1%
Corp. Nacional del Cobre de Chile 3.00%, 09/30/29 (Call 06/30/29)^(a)		23,170		23,420,526
3.15%, 01/14/30 (Call 10/14/29)^(a)		21,035		21,485,938
3.63%, 08/01/27 (Call 05/01/27)^(a)		27,534		29,320,268
3.70%, 01/30/50 (Call 07/30/49)^(a)		51,561		52,325,919
4.38%, 02/05/49 (Call 08/05/48)^(a)		26,628		30,019,741
4.50%, 08/01/47 (Call 02/01/47)^(a)		25,899		29,634,931
Empresa de Transporte de Pasajeros Metro SA, 4.70%, 05/07/50 (Call 11/07/49)^(a)		21,685		25,246,761

				211,454,084

China — 2.2%
China Minmetals Corp., 3.75%, (Call 11/13/22)^(a)(b)(c)		13,330		13,534,116
CNAC HK Finbridge Co. Ltd. 3.00%, 09/22/30^(a)		13,707		13,637,505
3.38%, 06/19/24^(a)		14,862		15,462,573
4.13%, 07/19/27^(a)		14,924		16,111,204
4.63%, 03/14/23^(a)		15,257		15,910,457
5.13%, 03/14/28^(a)		25,908		29,420,607
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23^(a)		17,845		18,924,801
Minmetals Bounteous Finance BVI Ltd., 3.38%, (Call 09/03/24)^(a)(b)(c)		13,914		14,196,628
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42^(a)		14,367		17,936,625
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23^(a)		21,812		23,199,679
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24^(a)		19,516		21,026,734
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25^(a)		21,313		22,400,389
Sinopec Group Overseas Development 2017 Ltd., 3.63%, 04/12/27^(a)		13,844		14,957,750
Sinopec Group Overseas Development 2018 Ltd. 1.45%, 01/08/26^(a)		16,631		16,373,219
2.15%, 05/13/25 (Call 04/13/25)^(a)		12,715		12,916,215
2.30%, 01/08/31		16,164		15,856,884
2.70%, 05/13/30 (Call 02/13/30)^(a)		20,925		21,353,544
2.95%, 11/12/29 (Call 08/12/29)^(a)		13,066		13,564,599
SPIC MTN Co. Ltd., 1.63%, 07/27/25^(a)		14,377		14,165,083
State Grid Overseas Investment 2013 Ltd., 3.13%, 05/22/23^(a)		9,553		9,865,956
State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24^(a)		23,395		25,118,744
State Grid Overseas Investment 2016 Ltd. 1.63%, 08/05/30 (Call 05/05/30)^(a)		18,004		17,031,964
3.50%, 05/04/27^(a)		34,825		37,655,576
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26^(a)		14,365		15,093,593

				435,714,445


Security	Par (000)		Value

Indonesia — 1.1%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/25 (Call 04/15/25)^(a)	$	11,402	$	12,217,243
5.45%, 05/15/30 (Call 02/15/30)^(a)		11,981		13,680,864
6.53%, 11/15/28^(a)		9,690		11,651,014
Pelabuhan Indonesia II PT, 4.25%, 05/05/25^(a)		12,822		13,881,225
Pertamina Persero PT 1.40%, 02/09/26 (Call 01/09/26)^(a)		12,168		11,849,928
4.18%, 01/21/50 (Call 07/21/49)^(a)		11,657		11,933,854
4.30%, 05/20/23^(a)		15,531		16,242,514
5.63%, 05/20/43^(a)		15,437		18,408,623
6.00%, 05/03/42^(a)		11,920		14,691,400
6.45%, 05/30/44^(a)		17,190		22,506,008
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.00%, 06/30/50 (Call 12/30/49)^(a)		11,218		10,862,530
4.13%, 05/15/27^(a)		16,361		17,570,691
5.25%, 10/24/42^(a)		10,742		11,959,203
5.45%, 05/21/28^(a)		11,445		13,192,508
6.15%, 05/21/48^(a)		11,317		13,957,935

				214,605,540

Kazakhstan — 0.9%
KazMunayGas National Co. JSC 4.75%, 04/19/27^(a)		28,281		31,412,838
5.38%, 04/24/30^(a)		35,285		41,374,838
5.75%, 04/19/47^(a)		34,227		41,185,777
6.38%, 10/24/48^(a)		40,989		52,627,314

				166,600,767

Malaysia — 1.9%
Petronas Capital Ltd. 2.48%, 01/28/32 (Call 10/28/31)^(a)		34,065		33,802,018
3.40%, 04/28/61 (Call 10/28/60)^(a)		47,266		48,968,522
3.50%, 03/18/25^(a)		41,829		44,438,084
3.50%, 04/21/30 (Call 01/21/30)^(a)		63,068		67,992,980
4.50%, 03/18/45^(a)		42,087		51,485,553
4.55%, 04/21/50 (Call 10/21/49)^(a)		76,050		95,068,964
4.80%, 04/21/60 (Call 10/21/59)^(a)		27,505		36,687,269

				378,443,390

Mexico — 2.7%
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25^(a)		7,684		8,487,458
Comision Federal de Electricidad 3.35%, 02/09/31 (Call 11/09/30)^(a)		12,287		11,878,457
4.75%, 02/23/27^(a)		7,288		8,055,518
4.88%, 01/15/24^(a)		11,854		12,654,145
Mexico City Airport Trust, 5.50%, 07/31/47
(Call 01/31/47)^(a)		18,886		19,084,303
Petroleos Mexicanos 4.50%, 01/23/26		12,933		13,015,642
4.88%, 01/18/24		9,164		9,466,412
5.35%, 02/12/28		22,935		22,858,168
5.95%, 01/28/31 (Call 10/28/30)		33,994		33,365,111
6.35%, 02/12/48		25,543		21,679,621
6.38%, 01/23/45		14,220		12,131,082
6.49%, 01/23/27 (Call 11/23/26)		21,637		22,976,330
6.50%, 03/13/27		49,076		52,130,981
6.50%, 01/23/29		18,564		19,283,819
6.50%, 06/02/41		14,532		13,095,512
6.63%, 06/15/35		25,326		24,414,897
6.75%, 09/21/47		54,770		48,266,063


Security	Par ( 000)		Value

Mexico (continued)
6.84%, 01/23/30 (Call 10/23/29)	$	39,147	$	40,840,108
6.88%, 10/16/25		13,485		14,701,347
6.88%, 08/04/26		27,121		29,534,769
6.95%, 01/28/60 (Call 07/28/59)		33,540		29,649,360
7.69%, 01/23/50 (Call 07/23/49)		72,245		68,993,975

				536,563,078

Panama — 0.3%
Aeropuerto Internacional de Tocumen SA 5.13%, 08/11/61 (Call 08/11/60)^(d)		33,100		34,492,269
5.13%, 08/11/61 (Call 08/11/60)^(a)		600		625,237
Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)^(a)		25,156		23,722,108

				58,839,614

Peru — 0.4%
Petroleos del Peru SA 4.75%, 06/19/32^(a)		24,636		26,027,934
5.63%, 06/19/47^(a)		48,286		48,799,039

				74,826,973

Philippines — 0.1%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24^(a)		23,442		27,797,817


Qatar — 0.9%
Qatar Petroleum 1.38%, 09/12/26 (Call 08/12/26)^(d)		20,349		20,043,765
1.38%, 09/12/26 (Call 08/12/26)^(a)		400		394,000
2.25%, 07/12/31 (Call 04/12/31)^(d)		45,960		45,213,150
2.25%, 07/12/31 (Call 04/12/31)^(a)		200		196,750
3.13%, 07/12/41 (Call 01/12/41)^(a)		200		202,000
3.13%, 07/12/41 (Call 01/12/41)^(d)		47,400		47,874,000
3.30%, 07/12/51 (Call 01/12/51)^(d)		54,561		55,805,673
3.30%, 07/12/51 (Call 01/12/51)^(a)		200		204,562

				169,933,900

Russia — 0.2%
Vnesheconombank Via VEB Finance PLC 5.94%, 11/21/23^(a)		21,276		23,041,908
6.80%, 11/22/25^(a)		18,368		21,436,604

				44,478,512

South Africa — 0.4%
Eskom Holdings SOC Ltd. 6.35%, 08/10/28^(a)		25,893		27,834,975
6.75%, 08/06/23^(a)		24,222		24,983,479
7.13%, 02/11/25^(a)		32,565		33,778,046

				86,596,500

United Arab Emirates — 1.3%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(a)		25,837		30,108,179
Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 (Call 02/06/31)^(a)		11,594		11,612,116
DAE Funding LLC
1.55%, 08/01/24 (Call 07/01/24)^(d)		9,786		9,654,501
1.55%, 08/01/24 (Call 07/01/24)^(a)		2,200		2,170,438
DP World Crescent Ltd.
3.88%, 07/18/29^(a)		12,861		13,668,832
3.91%, 05/31/23^(a)		11,472		11,890,728
4.85%, 09/26/28^(a)		11,744		13,165,611
DP World Ltd./United Arab Emirates
5.63%, 09/25/48^(a)		16,192		19,673,280
6.85%, 07/02/37^(a)		17,700		23,453,208
DP World Salaam, 6.00%, (Call 10/01/25)^(a)(b)(c)		17,912		19,630,432


Security	Par (000)		Value

United Arab Emirates (continued)
MDGH GMTN RSC Ltd.
2.50%, 11/07/24 (Call 10/07/24)^(a)	$	11,533	$	11,979,904
3.40%, 06/07/51 (Call 12/07/50)^(a)		11,366		11,863,263
MDGH-GMTN BV		11,814		12,212,722
2.50%, 05/21/26 (Call 04/21/26)^(a)
2.88%, 11/07/29 (Call 08/07/29)^(a)		11,625		12,099,445
2.88%, 05/21/30 (Call 02/21/30)^(a)		11,660		12,110,367
3.70%, 11/07/49 (Call 05/07/49)^(a)		17,872		19,489,416
3.95%, 05/21/50 (Call 11/21/49)^(a)		21,212		24,079,597

				258,862,039

Venezuela — 0.1%
Petroleos de Venezuela SA
0.00%, 02/17/22^(a)(e)(f)(g)		14,002		700,115
0.00%, 05/16/24^(a)(e)(f)(g)		32,388		1,619,370
0.00%, 04/12/37^(a)(e)(f)(g)		22,444		1,122,210
5.38%, 04/12/27^(a)(e)(f)		24,185		1,209,250
6.00%, 11/15/26^(a)(e)(f)		30,450		1,522,518
9.00%, 11/17/21^(a)(e)(f)		28,268		1,413,402
9.75%, 05/17/35^(a)(e)(f)		31,912		1,595,569

				9,182,434


Total Corporate Bonds & Notes — 14.1%
(Cost: $2,812,653,883)				2,769,523,004


Foreign Government Obligations^(h)

Angola — 1.1%
Angolan Government International Bond
8.00%, 11/26/29^(a)		49,339		48,870,280
8.25%, 05/09/28^(a)		46,805		47,003,921
9.13%, 11/26/49^(a)		34,882		33,929,285
9.38%, 05/08/48^(a)		48,811		48,286,282
9.50%, 11/12/25^(a)		41,807		45,120,205

				223,209,973

Argentina — 1.3%
Argentine Republic Government International Bond 0.50%, 07/09/30 (Call 11/29/21)⁽ⁱ⁾		196,038		67,143,053
1.00%, 07/09/29 (Call 11/29/21)		31,334		11,342,928
1.13%, 07/09/35 (Call 11/29/21)⁽ⁱ⁾		248,167		76,187,313
1.13%, 07/09/46 (Call 11/29/21)⁽ⁱ⁾		25,860		8,145,978
2.00%, 01/09/38 (Call 11/29/21)⁽ⁱ⁾		137,330		50,194,001
2.50%, 07/09/41 (Call 11/29/21)⁽ⁱ⁾		126,569		43,349,824

				256,363,097

Azerbaijan — 0.5%
Republic of Azerbaijan International Bond
3.50%, 09/01/32^(a)		32,003		32,679,064
4.75%, 03/18/24^(a)		34,972		37,339,167
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23^(a)		21,097		21,859,129

				91,877,360

Bahrain — 2.3%
Bahrain Government International Bond
5.25%, 01/25/33^(a)		28,031		26,778,365
5.45%, 09/16/32^(a)		27,827		27,174,805
5.63%, 09/30/31^(a)		27,877		27,690,573
6.00%, 09/19/44^(a)		34,088		31,431,266
6.13%, 08/01/23^(a)		42,008		44,457,591
6.75%, 09/20/29^(a)		34,802		37,538,307
7.00%, 01/26/26^(a)		31,221		34,622,138


Security	Par (000)		Value

Bahrain (continued)
7.00%, 10/12/28^(a)	$	43,454	$	47,541,392
7.38%, 05/14/30^(a)		27,504		30,594,762
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24^(a)		27,647		29,198,688
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(a)		27,975		31,821,562
CBB International Sukuk Programme Co WLL 3.95%, 09/16/27^(a)		28,049		28,688,868
6.25%, 11/14/24^(a)		28,337		30,671,260
CBB International Sukuk Programme Co WLL., 4.50%, 03/30/27^(a)		27,961		29,346,817

				457,556,394

Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28^(a)		27,711		24,737,263


Brazil — 3.2%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23^(a)		20,270		22,003,085
Brazilian Government International Bond 2.88%, 06/06/25		30,801		30,770,199
3.75%, 09/12/31		26,738		24,425,163
3.88%, 06/12/30		58,904		54,957,432
4.25%, 01/07/25		74,509		78,783,954
4.50%, 05/30/29 (Call 02/28/29)		34,746		34,741,657
4.63%, 01/13/28 (Call 10/13/27)		51,294		52,698,173
4.75%, 01/14/50 (Call 07/14/49)		69,366		59,234,229
5.00%, 01/27/45		56,744		50,973,844
5.63%, 01/07/41		38,298		37,503,316
5.63%, 02/21/47		48,358		46,704,761
6.00%, 04/07/26		38,148		42,804,440
7.13%, 01/20/37		28,483		33,268,144
8.25%, 01/20/34		23,209		29,980,226
8.88%, 04/15/24		18,060		21,974,505

				620,823,128

Chile — 1.9%
Chile Government International Bond 2.45%, 01/31/31 (Call 10/31/30)		36,338		35,742,965
2.55%, 01/27/32 (Call 10/27/31)		30,660		30,301,661
2.55%, 07/27/33 (Call 04/27/33)		47,055		45,478,658
3.10%, 05/07/41 (Call 11/07/40)		56,263		54,800,162
3.10%, 01/22/61 (Call 07/22/60)		42,759		39,332,935
3.24%, 02/06/28 (Call 11/06/27)		42,192		44,467,731
3.25%, 09/21/71 (Call 03/21/71)		17,530		16,136,365
3.50%, 01/25/50 (Call 07/25/49)		47,789		48,514,796
3.50%, 04/15/53 (Call 10/15/52)		30,636		31,062,989
3.86%, 06/21/47		26,485		28,766,021

				374,604,283

China — 1.4%
China Development Bank, 1.00%, 10/27/25^(a)		14,144		13,846,269
China Government International Bond 0.40%, 10/21/23^(a)		18,932		18,844,155
0.55%, 10/21/25^(a)		33,543		32,679,268
0.75%, 10/26/24^(d)		9,100		9,073,974
1.20%, 10/21/30^(a)		29,412		28,362,580
1.25%, 10/26/26^(d)		16,400		16,450,348
1.75%, 10/26/31^(d)		10,700		10,798,868
1.95%, 12/03/24^(a)		30,312		31,284,712
2.13%, 12/03/29^(a)		27,969		29,015,320
2.63%, 11/02/27^(a)		15,240		16,160,344
3.25%, 10/19/23^(a)		21,990		23,105,992


Security	Par (000)		Value

China (continued)
3.50%, 10/19/28^(a)	$	13,643	$	15,345,510
Export-Import Bank of China (The) 2.88%, 04/26/26^(a)		14,787		15,549,270
3.63%, 07/31/24^(a)		20,904		22,486,851

				283,003,461

Colombia — 3.1%
Colombia Government International Bond 2.63%, 03/15/23 (Call 12/15/22)		16,737		16,979,687
3.00%, 01/30/30 (Call 10/30/29)		28,577		27,055,275
3.13%, 04/15/31 (Call 01/15/31)		46,694		43,813,564
3.25%, 04/22/32 (Call 01/22/32)		36,149		33,745,091
3.88%, 04/25/27 (Call 01/25/27)		35,268		36,630,226
3.88%, 02/15/61 (Call 08/15/60)		24,520		20,080,348
4.00%, 02/26/24 (Call 11/26/23)		27,554		28,721,601
4.13%, 02/22/42 (Call 08/22/41)		18,784		16,980,736
4.13%, 05/15/51 (Call 11/15/50)		28,240		24,679,995
4.50%, 01/28/26 (Call 10/28/25)		27,404		29,310,291
4.50%, 03/15/29 (Call 12/15/28)		36,321		38,404,917
5.00%, 06/15/45 (Call 12/15/44)		83,607		82,342,444
5.20%, 05/15/49 (Call 11/15/48)		48,101		48,395,619
5.63%, 02/26/44 (Call 08/26/43)		46,271		48,795,661
6.13%, 01/18/41		45,441		50,291,827
7.38%, 09/18/37		32,690		40,378,279
8.13%, 05/21/24		18,682		21,540,346

				608,145,907

Costa Rica — 0.5%
Costa Rica Government International Bond 6.13%, 02/19/31^(a)		33,456		34,298,673
7.00%, 04/04/44^(a)		26,971		26,849,631
7.16%, 03/12/45^(a)		36,237		36,549,544

				97,697,848

Croatia — 0.5%
Croatia Government International Bond 5.50%, 04/04/23^(a)		36,290		38,564,929
6.00%, 01/26/24^(a)		49,496		54,903,438

				93,468,367

Dominican Republic — 2.9%
Dominican Republic International Bond 4.50%, 01/30/30^(a)		50,497		51,027,218
4.88%, 09/23/32^(a)		77,687		78,915,426
5.30%, 01/21/41^(a)		37,754		37,536,915
5.50%, 01/27/25^(a)		32,122		34,878,469
5.88%, 01/30/60^(a)		80,867		78,860,488
5.95%, 01/25/27^(a)		42,858		47,746,491
6.00%, 07/19/28^(a)		32,835		36,816,244
6.40%, 06/05/49^(a)		37,133		39,356,338
6.50%, 02/15/48^(a)		25,192		26,766,500
6.85%, 01/27/45^(a)		50,113		55,666,147
6.88%, 01/29/26^(a)		37,250		42,600,031
7.45%, 04/30/44^(a)		37,044		44,066,153

				574,236,420

Ecuador — 1.6%
Ecuador Government International Bond 0.00%, 07/31/30^(a)(g)		28,501		15,176,626
0.50%, 07/31/40^(a)(i)		94,056		56,198,369
1.00%, 07/31/35^(a)(i)		234,654		154,578,369
5.00%, 07/31/30^(a)(i)		103,363		85,404,212

				311,357,576


Security	Par (000)		Value

Egypt — 2.7%
Egypt Government International Bond 5.58%, 02/21/23^(a)	$	30,015	$	30,727,856
5.75%, 05/29/24^(a)		27,763		28,561,186
5.80%, 09/30/27^(d)		20,950		20,269,125
5.88%, 06/11/25^(a)		33,980		34,755,169
5.88%, 02/16/31^(a)		34,440		30,952,950
6.59%, 02/21/28^(a)		28,737		28,090,418
7.05%, 01/15/32^(a)		23,252		21,711,555
7.30%, 09/30/33^(d)		25,600		23,936,000
7.50%, 01/31/27^(a)		45,353		46,954,528
7.50%, 02/16/61^(a)		33,413		28,233,985
7.60%, 03/01/29^(a)		40,494		40,544,617
7.63%, 05/29/32^(a)		38,972		37,607,980
7.90%, 02/21/48^(a)		35,004		30,628,500
8.50%, 01/31/47^(a)		57,703		53,086,760
8.70%, 03/01/49^(a)		34,152		31,675,980
8.88%, 05/29/50^(a)		45,697		42,955,180

				530,691,789

El Salvador — 0.3%
El Salvador Government International Bond 7.12%, 01/20/50 (Call 07/20/49)^(a)		29,009		20,619,960
7.65%, 06/15/35^(a)		27,997		20,880,512
9.50%, 07/15/52^(a)		28,279		23,176,408

				64,676,880

Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24^(a)		27,943		22,691,462


Gabon — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31^(a)		28,121		27,950,516


Ghana — 1.3%
Ghana Government International Bond 6.38%, 02/11/27^(a)		34,238		30,471,820
7.63%, 05/16/29^(a)		27,892		24,405,500
7.75%, 04/07/29^(a)		27,582		24,410,070
7.88%, 02/11/35^(a)		28,027		23,647,781
8.13%, 01/18/26^(a)		27,751		26,537,333
8.13%, 03/26/32^(a)		34,441		30,006,721
8.63%, 04/07/34^(a)		27,546		24,102,750
8.63%, 06/16/49^(a)		28,032		23,546,880
8.95%, 03/26/51^(a)		27,842		23,596,095
10.75%, 10/14/30^(a)		27,400		31,647,000

				262,371,950

Guatemala — 0.2%
Guatemala Government Bond, 6.13%, 06/01/50 (Call 12/01/49)^(a)		38,631		45,241,730


Hungary — 1.7%
Hungary Government International Bond 2.13%, 09/22/31^(d)		64,125		62,674,172
3.13%, 09/21/51^(d)		53,200		51,703,085
5.38%, 02/21/23		43,208		45,768,074
5.38%, 03/25/24		51,612		56,799,006
5.75%, 11/22/23		48,460		53,178,792
7.63%, 03/29/41		35,376		58,244,373

				328,367,502

India — 0.6%
Export-Import Bank of India 2.25%, 01/13/31^(a)		26,529		24,920,016


Security	Par (000)		Value

India (continued)
3.25%, 01/15/30^(a)	$	27,613	$	28,075,518
3.38%, 08/05/26^(a)		27,895		29,364,718
3.88%, 02/01/28^(a)		27,857		29,829,624

				112,189,876

Indonesia — 3.8%
Indonesia Government International Bond 1.85%, 03/12/31		14,439		13,754,736
2.15%, 07/28/31 (Call 04/28/31)		13,640		13,215,250
2.85%, 02/14/30		13,654		14,053,379
3.05%, 03/12/51		21,719		21,042,670
3.38%, 04/15/23^(a)		7,732		8,003,471
3.50%, 01/11/28		14,314		15,452,858
3.70%, 10/30/49		11,570		11,990,685
3.85%, 07/18/27^(a)		11,117		12,199,518
3.85%, 10/15/30		18,993		21,115,468
4.10%, 04/24/28		11,225		12,489,917
4.13%, 01/15/25^(a)		22,194		24,098,523
4.20%, 10/15/50		19,223		21,435,760
4.35%, 01/08/27^(a)		14,387		16,080,170
4.35%, 01/11/48		19,540		21,935,799
4.45%, 04/15/70		11,488		13,011,424
4.63%, 04/15/43^(a)		15,487		17,618,166
4.75%, 01/08/26^(a)		25,507		28,700,158
4.75%, 02/11/29		14,038		16,250,529
4.75%, 07/18/47^(a)		10,728		12,734,806
5.13%, 01/15/45^(a)		22,162		26,901,565
5.25%, 01/17/42^(a)		24,808		30,378,946
5.25%, 01/08/47^(a)		15,236		19,141,901
5.35%, 02/11/49		11,292		14,469,117
5.88%, 01/15/24^(a)		22,731		25,086,500
5.95%, 01/08/46^(a)		14,118		19,106,066
6.63%, 02/17/37^(a)		16,568		22,618,426
6.75%, 01/15/44^(a)		20,657		29,825,816
7.75%, 01/17/38^(a)		20,685		30,895,633
8.50%, 10/12/35^(a)		18,059		28,327,799
Perusahaan Penerbit SBSN Indonesia III 1.50%, 06/09/26^(d)		14,900		14,845,764
1.50%, 06/09/26^(a)		200		199,272
2.55%, 06/09/31^(d)		12,950		12,971,659
2.55%, 06/09/31^(a)		200		200,335
2.80%, 06/23/30^(a)		8,147		8,314,014
3.75%, 03/01/23^(a)		9,402		9,750,462
4.15%, 03/29/27^(a)		23,904		26,552,862
4.33%, 05/28/25^(a)		22,599		24,905,510
4.35%, 09/10/24^(a)		17,102		18,633,698
4.40%, 03/01/28^(a)		19,189		21,723,147
4.45%, 02/20/29^(a)		14,039		16,026,922
4.55%, 03/29/26^(a)		19,502		21,882,463

				737,941,164

Iraq — 0.4%
Iraq International Bond 5.80%, 01/15/28 (Call 12/13/21)^(a)		60,624		59,024,920
6.75%, 03/09/23^(a)		26,741		27,305,904

				86,330,824

Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.13%, 06/15/33^(a)		34,703		36,455,502


Security	Par (000)		Value

Jamaica — 0.8%
Jamaica Government International Bond 6.75%, 04/28/28	$	39,735	$	46,273,891
7.88%, 07/28/45		50,370		71,141,329
8.00%, 03/15/39		33,674		47,612,931

				165,028,151

Jordan — 0.6%
Jordan Government International Bond 5.75%, 01/31/27^(a)		26,677		28,432,680
5.85%, 07/07/30^(a)		33,927		34,902,401
6.13%, 01/29/26^(a)		27,641		29,857,463
7.38%, 10/10/47^(a)		28,503		29,416,877

				122,609,421

Kazakhstan — 1.1%
Kazakhstan Government International Bond 3.88%, 10/14/24^(a)		42,619		45,772,806
4.88%, 10/14/44^(a)		27,788		33,929,148
5.13%, 07/21/25^(a)		69,726		79,173,873
6.50%, 07/21/45^(a)		41,565		59,853,600

				218,729,427

Kenya — 0.9%
Republic of Kenya Government International Bond 6.30%, 01/23/34^(d)		28,300		27,451,000
6.30%, 01/23/34^(a)		1,240		1,202,800
6.88%, 06/24/24^(a)		56,070		60,275,250
7.25%, 02/28/28^(a)		27,228		29,202,030
8.00%, 05/22/32^(a)		30,094		32,501,520
8.25%, 02/28/48^(a)		27,910		28,956,625

				179,589,225

Kuwait — 0.7%
Kuwait International Government Bond, 3.50%, 03/20/27^(a)		125,039		136,589,478


Lebanon — 0.2%
Lebanon Government International Bond 6.00%, 01/27/23^(a)(e)(f)		30,880		4,554,800
6.10%, 10/04/22^(a)(e)(f)		42,912		6,329,520
6.60%, 11/27/26^(a)(e)(f)		44,644		6,710,440
6.65%, 02/26/30^(a)(e)(f)		39,119		5,916,749
6.75%, 11/29/27^(a)(e)(f)		27,504		4,138,527
6.85%, 03/23/27^(a)(e)(f)		34,753		5,231,021
7.00%, 03/23/32^(a)(e)(f)		27,843		4,182,018

				37,063,075

Malaysia — 0.7%
1MDB Global Investments Ltd., 4.40%, 03/09/23^(a)		82,000		82,263,220
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25^(a)		28,133		29,650,424
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26^(a)		28,148		30,202,804

				142,116,448

Mexico — 2.8%
Mexico Government International Bond 2.66%, 05/24/31 (Call 02/24/31)		31,255		30,147,401
3.25%, 04/16/30 (Call 01/16/30)		21,010		21,493,230
3.60%, 01/30/25		16,275		17,498,677
3.75%, 01/11/28		17,682		19,133,029
3.75%, 04/19/71 (Call 10/19/70)		27,527		24,727,848
3.77%, 05/24/61 (Call 11/24/60)		28,933		26,732,284
4.13%, 01/21/26		19,168		21,151,888
4.15%, 03/28/27		22,570		25,165,550
4.28%, 08/14/41 (Call 02/14/41)		28,922		30,129,493
4.35%, 01/15/47		14,057		14,538,452


Security	Par (000)		Value

Mexico (continued)
4.50%, 04/22/29	$	30,887	$	34,579,927
4.50%, 01/31/50 (Call 07/31/49)		23,745		24,921,862
4.60%, 01/23/46		23,152		24,653,986
4.60%, 02/10/48		20,850		22,117,941
4.75%, 04/27/32 (Call 01/27/32)		22,253		25,010,981
4.75%, 03/08/44		35,156		38,535,370
5.00%, 04/27/51 (Call 10/27/50)		23,014		25,945,408
5.55%, 01/21/45		25,373		30,365,138
5.75%, 10/12/2110		24,418		28,306,566
6.05%, 01/11/40		25,602		31,903,292
6.75%, 09/27/34		14,193		18,901,528
8.30%, 08/15/31		10,767		15,765,580

				551,725,431

Morocco — 0.3%
Morocco Government International Bond 3.00%, 12/15/32^(a)		27,551		26,113,182
4.00%, 12/15/50^(a)		35,185		31,633,514

				57,746,696

Nigeria — 1.9%
Nigeria Government International Bond 6.13%, 09/28/28^(d)		30,825		30,555,281
6.50%, 11/28/27^(a)		40,124		40,745,922
7.14%, 02/23/30^(a)		34,509		34,752,720
7.38%, 09/28/33^(d)		41,575		41,159,250
7.63%, 11/21/25^(a)		31,295		34,000,062
7.63%, 11/28/47^(a)		42,164		39,180,897
7.70%, 02/23/38^(a)		35,035		33,574,478
7.88%, 02/16/32^(a)		41,682		42,302,020
8.25%, 09/28/51^(d)		35,875		35,247,188
8.75%, 01/21/31^(a)		29,155		31,255,982

				362,773,800

Oman — 3.0%
Oman Government International Bond 4.75%, 06/15/26^(a)		54,911		56,311,230
4.88%, 02/01/25^(a)		27,848		29,054,166
5.38%, 03/08/27^(a)		43,989		46,086,725
5.63%, 01/17/28^(a)		53,363		56,231,261
6.00%, 08/01/29^(a)		47,186		50,527,359
6.25%, 01/25/31^(a)		38,949		42,077,092
6.50%, 03/08/47^(a)		43,667		43,224,872
6.75%, 10/28/27^(a)		32,328		36,207,360
6.75%, 01/17/48^(a)		60,184		61,248,504
7.00%, 01/25/51^(a)		22,345		23,329,577
7.38%, 10/28/32^(a)		22,872		26,417,160
Oman Sovereign Sukuk Co. 4.40%, 06/01/24^(a)		44,521		46,320,205
4.88%, 06/15/30^(d)		36,875		39,444,727
4.88%, 06/15/30^(a)		2,849		3,047,540
5.93%, 10/31/25^(a)		32,471		35,890,602

				595,418,380

Pakistan — 0.7%
Pakistan Government International Bond 6.00%, 04/08/26^(a)		34,360		34,449,680
6.88%, 12/05/27^(a)		41,752		42,620,963
7.38%, 04/08/31^(a)		39,127		39,571,483
8.25%, 04/15/24^(a)		27,598		29,448,791

				146,090,917


Security	Par (000)		Value

Panama — 2.7%
Panama Government International Bond 2.25%, 09/29/32 (Call 06/29/32)	$	62,509	$	58,828,783
3.16%, 01/23/30 (Call 10/23/29)		39,505		40,771,629
3.75%, 03/16/25 (Call 12/16/24)		31,628		33,729,285
3.87%, 07/23/60 (Call 01/23/60)		73,414		73,290,114
3.88%, 03/17/28 (Call 12/17/27)		31,332		33,942,347
4.30%, 04/29/53		44,602		47,746,441
4.50%, 05/15/47		27,411		30,285,729
4.50%, 04/16/50 (Call 10/16/49)		60,444		66,556,399
4.50%, 04/01/56 (Call 10/01/55)		63,786		70,136,694
6.70%, 01/26/36		50,317		67,104,009

				522,391,430

Paraguay — 0.5%
Paraguay Government International Bond 4.95%, 04/28/31 (Call 01/28/31)^(a)		28,073		31,438,251
5.40%, 03/30/50 (Call 09/30/49)^(a)		32,754		36,966,983
6.10%, 08/11/44^(a)		28,015		33,667,026

				102,072,260

Peru — 2.9%
Peruvian Government International Bond 1.86%, 12/01/32 (Call 09/01/32)		24,393		22,156,467
2.39%, 01/23/26 (Call 12/23/25)		22,901		23,313,218
2.78%, 01/23/31 (Call 10/23/30)		91,463		91,308,656
2.78%, 12/01/60 (Call 06/01/60)		48,375		41,777,859
3.00%, 01/15/34 (Call 11/08/21)		10,625		10,524,062
3.23%, 07/28/2121 (Call 01/28/21)		23,658		20,076,770
3.30%, 03/11/41 (Call 09/11/40)		30,567		29,863,959
3.55%, 03/10/51 (Call 09/10/50)		30,400		30,567,200
3.60%, 01/15/72		11,800		11,316,200
4.13%, 08/25/27		25,306		27,722,723
5.63%, 11/18/50		63,097		86,553,310
6.55%, 03/14/37		28,067		38,167,612
7.35%, 07/21/25		37,700		45,294,194
8.75%, 11/21/33		51,557		79,955,240

				558,597,470

Philippines — 3.3%
Philippine Government International Bond 1.65%, 06/10/31		24,273		23,183,385
2.46%, 05/05/30		20,065		20,568,832
2.65%, 12/10/45		29,726		27,985,171
2.95%, 05/05/45		27,084		26,479,688
3.00%, 02/01/28		37,976		40,347,981
3.20%, 07/06/46		44,013		44,237,907
3.70%, 03/01/41		39,599		42,563,975
3.70%, 02/02/42		38,959		41,936,929
3.75%, 01/14/29		28,676		31,943,272
3.95%, 01/20/40		38,806		42,863,652
4.20%, 01/21/24		29,948		31,935,349
5.00%, 01/13/37		26,128		32,256,649
5.50%, 03/30/26		20,458		23,811,833
6.38%, 01/15/32		18,574		24,828,795
6.38%, 10/23/34		36,321		49,823,332
7.75%, 01/14/31		34,200		48,997,913
9.50%, 02/02/30		38,484		59,440,943
10.63%, 03/16/25		28,711		37,329,683

				650,535,289

Poland — 0.9%
Republic of Poland Government International Bond 3.00%, 03/17/23		50,137		51,697,514


Security	Par (000)		Value

Poland (continued)
3.25%, 04/06/26	$	51,368	$	55,182,074
4.00%, 01/22/24		56,291		59,941,297

				166,820,885

Qatar — 3.4%
Qatar Government International Bond 3.25%, 06/02/26^(a)		46,257		49,431,387
3.38%, 03/14/24^(a)		26,675		28,155,463
3.40%, 04/16/25^(a)		26,737		28,563,471
3.75%, 04/16/30^(a)		39,427		43,980,819
3.88%, 04/23/23^(a)		37,127		38,920,698
4.00%, 03/14/29^(a)		53,226		59,945,782
4.40%, 04/16/50^(a)		64,227		78,356,940
4.50%, 04/23/28^(a)		40,745		46,813,458
4.63%, 06/02/46^(a)		26,314		32,724,748
4.82%, 03/14/49^(a)		77,028		98,923,209
5.10%, 04/23/48^(a)		77,056		102,185,888
5.75%, 01/20/42^(a)		12,105		16,805,523
6.40%, 01/20/40^(a)		13,142		19,148,715
9.75%, 06/15/30^(a)		18,339		28,870,171

				672,826,272

Romania — 1.2%
Romanian Government International Bond 3.00%, 02/14/31^(a)		35,344		35,527,347
4.00%, 02/14/51^(a)		55,288		55,643,917
4.38%, 08/22/23^(a)		37,946		40,158,726
4.88%, 01/22/24^(a)		27,902		30,008,601
5.13%, 06/15/48^(a)		33,516		39,429,479
6.13%, 01/22/44^(a)		27,482		35,826,222

				236,594,292

Russia — 3.6%
Russian Foreign Bond-Eurobond 4.25%, 06/23/27^(a)		45,000		49,905,000
4.38%, 03/21/29^(a)		55,600		62,661,200
4.75%, 05/27/26^(a)		55,600		62,386,675
4.88%, 09/16/23^(a)		53,600		57,583,150
5.10%, 03/28/35^(a)		72,200		86,224,850
5.25%, 06/23/47^(a)		128,000		163,144,000
5.63%, 04/04/42^(a)		54,200		70,436,287
5.88%, 09/16/43^(a)		26,400		35,743,950
7.50%, 03/31/30^(a)(i)		29,816		34,443,564
12.75%, 06/24/28^(a)		44,901		73,772,343

				696,301,019

Saudi Arabia — 4.5%
KSA Sukuk Ltd. 2.97%, 10/29/29^(a)		26,861		28,103,321
3.63%, 04/20/27^(a)		51,440		55,786,680
4.30%, 01/19/29^(a)		24,024		27,327,300
Saudi Government International Bond 2.25%, 02/02/33^(a)		32,981		31,785,439
2.50%, 02/03/27^(a)		14,684		15,124,520
2.75%, 02/03/32^(a)		12,048		12,273,900
2.88%, 03/04/23^(a)		28,561		29,391,054
2.90%, 10/22/25^(a)		29,623		31,267,077
3.25%, 10/26/26^(a)		65,035		69,619,967
3.25%, 10/22/30^(a)		17,730		18,855,855
3.45%, 02/02/61^(a)		24,957		24,582,645
3.63%, 03/04/28^(a)		56,597		61,577,536
3.75%, 01/21/55^(a)		31,703		33,169,264
4.00%, 04/17/25^(a)		53,538		58,222,575


Security	Par (000)		Value

Saudi Arabia (continued)
4.38%, 04/16/29^(a)	$	45,787	$	52,334,541
4.50%, 04/17/30^(a)		34,676		40,258,836
4.50%, 10/26/46^(a)		74,656		86,227,680
4.50%, 04/22/60^(a)		34,332		41,069,655
4.63%, 10/04/47^(a)		53,141		62,639,954
5.00%, 04/17/49^(a)		41,529		51,807,427
5.25%, 01/16/50^(a)		40,560		52,525,200

				883,950,426

Senegal — 0.3%
Senegal Government International Bond 6.25%, 05/23/33^(a)		28,390		29,247,023
6.75%, 03/13/48^(a)		29,065		28,825,214

				58,072,237

Serbia — 0.2%
Serbia International Bond, 2.13%, 12/01/30^(a)		33,110		30,819,202


South Africa — 2.3%
Republic of South Africa Government International Bond 4.30%, 10/12/28		52,377		52,763,280
4.67%, 01/17/24		37,252		39,540,670
4.85%, 09/27/27		25,942		27,235,857
4.85%, 09/30/29		50,832		52,064,676
4.88%, 04/14/26		30,648		32,607,556
5.00%, 10/12/46		25,730		22,803,213
5.38%, 07/24/44		25,756		24,271,811
5.65%, 09/27/47		40,223		38,068,556
5.75%, 09/30/49		77,079		73,456,287
5.88%, 09/16/25		50,749		56,769,100
5.88%, 06/22/30		35,955		39,399,938

				458,980,944

Sri Lanka — 0.9%
Sri Lanka Government International Bond 5.75%, 04/18/23^(a)		32,513		22,338,463
6.20%, 05/11/27^(a)		41,952		26,280,306
6.75%, 04/18/28^(a)		34,730		21,745,322
6.83%, 07/18/26^(a)		27,964		17,587,608
6.85%, 03/14/24^(a)		27,389		17,885,017
6.85%, 11/03/25^(a)		40,819		26,208,349
7.55%, 03/28/30^(a)		42,327		26,501,993
7.85%, 03/14/29^(a)		39,013		24,561,122

				183,108,180

Trinidad And Tobago — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26^(a)		27,809		28,839,671


Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25^(a)		27,678		22,176,998


Turkey — 3.9%
Hazine Mustesarligi Varlik Kiralama AS 4.49%, 11/25/24^(a)		10,697		10,652,206
5.00%, 04/06/23^(a)		11,790		11,994,851
5.13%, 06/22/26^(d)		31,350		30,719,081
5.13%, 06/22/26^(a)		486		476,219
Turkey Government International Bond 3.25%, 03/23/23		15,534		15,415,553
4.25%, 03/13/25		22,402		21,601,129
4.25%, 04/14/26		17,990		16,852,133
4.75%, 01/26/26		21,254		20,357,347


Security	Par (000)		Value

Turkey (continued)
4.88%, 10/09/26	$	35,089	$	33,187,615
4.88%, 04/16/43		35,120		27,312,385
5.13%, 02/17/28		23,641		22,219,585
5.25%, 03/13/30		23,652		21,476,016
5.60%, 11/14/24		28,651		28,871,255
5.75%, 03/22/24		29,119		29,561,245
5.75%, 05/11/47		40,990		33,683,532
5.88%, 06/26/31		20,640		19,175,850
5.95%, 01/15/31		24,524		22,937,604
6.00%, 03/25/27		36,607		36,179,156
6.00%, 01/14/41		35,132		30,132,277
6.13%, 10/24/28		31,365		30,743,581
6.35%, 08/10/24		26,613		27,333,214
6.38%, 10/14/25		28,139		28,557,568
6.50%, 09/20/33		17,700		16,815,000
6.63%, 02/17/45		35,216		31,998,138
6.75%, 05/30/40		22,733		21,259,617
6.88%, 03/17/36		30,799		29,803,807
7.25%, 12/23/23		24,024		25,379,854
7.25%, 03/05/38		11,197		11,146,614
7.38%, 02/05/25		38,347		40,451,292
7.63%, 04/26/29		34,955		36,687,457
8.00%, 02/14/34		16,072		17,255,301
11.88%, 01/15/30		15,477		20,442,215

				770,678,697

Ukraine — 2.3%
Ukraine Government International Bond 6.88%, 05/21/29^(a)		49,508		50,324,882
7.25%, 03/15/33^(a)		71,565		72,741,350
7.38%, 09/25/32^(a)		82,751		85,171,467
7.75%, 09/01/23^(a)		37,494		39,985,008
7.75%, 09/01/24^(a)		37,329		40,182,335
7.75%, 09/01/25^(a)		37,467		40,436,260
7.75%, 09/01/26^(a)		36,090		38,837,351
7.75%, 09/01/27^(a)		35,874		38,627,329
9.75%, 11/01/28^(a)		44,446		51,482,357

				457,788,339

United Arab Emirates — 3.1%
Abu Dhabi Government International Bond 0.75%, 09/02/23^(a)		23,459		23,447,271
1.63%, 06/02/28^(a)		24,317		23,940,087
1.70%, 03/02/31^(a)		17,800		17,093,563
1.88%, 09/15/31^(d)		14,600		14,180,250
1.88%, 09/15/31^(a)		4,400		4,273,500
2.13%, 09/30/24^(a)		32,864		33,849,920
2.50%, 04/16/25^(a)		31,997		33,404,868
2.50%, 09/30/29^(a)		34,360		35,614,140
2.70%, 09/02/70^(a)		16,668		14,910,568
3.00%, 09/15/51^(d)		12,400		12,260,500
3.00%, 09/15/51^(a)		800		791,000
3.13%, 05/03/26^(a)		26,925		28,843,406
3.13%, 10/11/27^(a)		46,320		49,686,885
3.13%, 04/16/30^(a)		35,536		38,272,272
3.13%, 09/30/49^(a)		46,127		46,351,869
3.88%, 04/16/50^(a)		43,979		50,625,326
4.13%, 10/11/47^(a)		32,347		38,250,327
Emirate of Dubai Government International Bonds 3.90%, 09/09/50^(a)		15,648		14,748,240
5.25%, 01/30/43^(a)		10,884		12,520,001


Security	Par (000)		Value

United Arab Emirates (continued)
Finance Department Government of Sharjah, 4.00%, 07/28/50^(a)	$	11,643	$	10,467,785
RAK Capital, 3.09%, 03/31/25^(a)		11,206		11,803,420
Sharjah Sukuk Program Ltd. 2.94%, 06/10/27^(a)		10,909		11,021,499
3.23%, 10/23/29^(a)		11,217		11,355,810
3.85%, 04/03/26^(a)		10,617		11,299,142
4.23%, 03/14/28^(a)		15,769		16,920,137
UAE International Government Bond 2.00%, 10/19/31^(d)		9,200		9,027,500
2.88%, 10/19/41^(d)		9,400		9,259,000
3.25%, 10/19/61^(d)		19,540		19,735,400

				603,953,686

Uruguay — 2.2%
Uruguay Government International Bond 4.38%, 10/27/27		42,278		48,218,182
4.38%, 01/23/31 (Call 10/23/30)		67,825		78,223,364
4.50%, 08/14/24		25,755		27,466,202
4.98%, 04/20/55		72,001		92,241,916
5.10%, 06/18/50		109,497		142,435,055
7.63%, 03/21/36		29,590		44,483,345

				433,068,064

Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24^(a)		27,990		30,715,526


Zambia — 0.3%
Zambia Government International Bond 8.50%, 04/14/24^(a)(e)(f)		28,070		22,385,825
8.97%, 07/30/27^(a)(e)(f)		34,399		27,089,213

				49,475,038


Total Foreign Government Obligations — 84.5% (Cost: $17,287,192,467)				16,605,236,646


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(j)(k)		75,320	$	75,320,000


Total Short-Term Investments — 0.4% (Cost: $75,320,000)				75,320,000


Total Investments in Securities — 99.0% (Cost: $20,175,166,350)				19,450,079,650

Other Assets, Less Liabilities — 1.0%			187,748,771


Net Assets — 100.0%			$ 19,637,828,421

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

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

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

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

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

^(f)	Non-income producing security.

^(g)	Zero-coupon bond.

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

⁽ⁱ⁾	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.

^(j)	Affiliate of the Fund.

^(k)	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.

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

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued

Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

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

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

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares J.P. Morgan USD Emerging Markets Bond ETF .

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

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

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

For the year ended October 31, 2021, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

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

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

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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

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

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

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

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

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

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

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

To the Board of Trustees of iShares Trust and Shareholders of iShares J.P. Morgan USD Emerging Markets Bond ETF

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares J.P. Morgan USD Emerging Markets Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid by the underlying funds for the fiscal year ended October 31, 2021:

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited (BIL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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

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

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2020 is USD 0.89 thousand. This figure is comprised of fixed remuneration of USD 0.41 thousand and variable remuneration of USD 0.48 thousand. There were a total of 490 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2020, to its senior management was USD 0.14 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.01 thousand.

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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

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

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by JPMorgan Chase & Co., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		3.80	%		3.71	%		4.70	%		3.80	%		19.96	%		58.25	%
Fund Market		3.83			3.75			4.63			3.83			20.18			57.22
Index		4.22			4.15			5.32			4.22			22.54			68.00


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	$	1,011.10	$	1.98		$	1,000.00	$	1,023.20	$	1.99		0.39	%



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

Aa	7.0	%
A	14.2
Baa	32.5
Ba	18.9
B	18.8
Caa	3.9
Ca	0.3
Not Rated	4.4


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	$	98,130,000	$	—	$	(22,810,000	)^(a)	$	—	$	—	$	75,320,000		75,320	$	30,845	$	—


	iShares J.P. Morgan USD Emerging Markets Bond ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	19,374,759,650
Affiliated^(b)		75,320,000
Cash		1,169
Receivables:
Investments sold		14,832,715
Capital shares sold		92,185,360
Dividends		259
Interest		212,197,208

Total assets		19,769,296,361


LIABILITIES
Payables:
Investments purchased		125,101,044
Investment advisory fees		6,366,896

Total liabilities		131,467,940


NET ASSETS	$	19,637,828,421


NET ASSETS CONSIST OF:
Paid-in capital	$	21,226,491,329
Accumulated loss		(1,588,662,908	)

NET ASSETS	$	19,637,828,421


Shares outstanding		179,100,000

Net asset value	$	109.65

Shares authorized		Unlimited

Par value		None


^(a)Investments, at cost — Unaffiliated	$	20,099,846,350
^(b)Investments, at cost — Affiliated	$	75,320,000


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		7
Shareholder Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		17
Statement of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		20
Notes to Financial Statements		21
Report of Independent Registered Public Accounting Firm		26
Important Tax Information (Unaudited)		27
Board Review and Approval of Investment Advisory Contract		28
Supplemental Information		30
Trustee and Officer Information		32
General Information		34
Glossary of Terms Used in this Report		35


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^® J.P. Morgan USD Emerging Markets Bond ETF


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


TEN LARGEST GEOGRAPHIC ALLOCATION

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

Mexico	5.6	%
Indonesia	4.9
Saudi Arabia	4.6
United Arab Emirates	4.5
Qatar	4.4
Turkey	4.0
Russia	3.8
China	3.7
Philippines	3.5
Peru	3.3


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		7




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	2,769,523,004	$	—	$	2,769,523,004
Foreign Government Obligations		—		16,605,236,646		—		16,605,236,646
Money Market Funds		75,320,000		—		—		75,320,000

	$	75,320,000	$	19,374,759,650	$	—	$	19,450,079,650


	iShares J.P. Morgan USD Emerging Markets Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	30,845
Interest — Unaffiliated		818,613,848
Other income — Unaffiliated		1,811,013

Total investment income		820,455,706


EXPENSES
Investment advisory fees		74,428,525
Miscellaneous		173

Total expenses		74,428,698

Net investment income		746,027,008


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(39,028,326	)
In-kind redemptions — Unaffiliated		396,821,348

Net realized gain		357,793,022

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(413,985,153	)

Net change in unrealized appreciation (depreciation)		(413,985,153	)

Net realized and unrealized loss		(56,192,131	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	689,834,877


	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	746,027,008		$	631,311,022
Net realized gain (loss)		357,793,022			(326,096,648	)
Net change in unrealized appreciation (depreciation)		(413,985,153	)		(306,762,768	)

Net increase (decrease) in net assets resulting from operations		689,834,877			(1,548,394	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(746,778,545	)		(611,804,451	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,486,514,963			3,339,303,532


NET ASSETS
Total increase in net assets		2,429,571,295			2,725,950,687
Beginning of year		17,208,257,126			14,482,306,439

End of year	$	19,637,828,421		$	17,208,257,126


	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	109.82		$	113.14		$	104.57		$	115.92		$	114.74

Net investment income^(a)		4.32			4.63			5.25			5.07			5.33
Net realized and unrealized gain (loss)^(b)		(0.14	)		(3.39	)		9.44			(11.50	)		1.02

Net increase (decrease) from investment operations		4.18			1.24			14.69			(6.43	)		6.35


Distributions^(c)
From net investment income		(4.35	)		(4.56	)		(6.12	)		(4.92	)		(5.17	)

Total distributions		(4.35	)		(4.56	)		(6.12	)		(4.92	)		(5.17	)


Net asset value, end of year	$	109.65		$	109.82		$	113.14		$	104.57		$	115.92


Total Return^(d)
Based on net asset value		3.80	%		1.20	%		14.50	%		(5.68	)%		5.74	%


Ratios to Average Net Assets
Total expenses		0.39	%		0.39	%		0.39	%		0.39	%		0.54	%

Total expenses after fees waived		0.39	%		0.39	%		0.39	%		0.39	%		0.40	%

Net investment income		3.86	%		4.22	%		4.81	%		4.60	%		4.69	%


Supplemental Data
Net assets, end of year (000)	$	19,637,828		$	17,208,257		$	14,482,306		$	14,744,730		$	11,928,210

Portfolio turnover rate^(e)		7	%		10	%		11	%		15	%		26	%


iShares ETF		Diversification Classification

J.P. Morgan USD Emerging Markets Bond		Diversified


Aggregate Average Daily Net Assets		Investment Advisory Fee
First $19 billion		0.4000%
Over $19 billion, up to and including $33 billion		0.3800
Over $33 billion, up to and including $47 billion		0.3610
Over $47 billion		0.3430


iShares ETF	Purchases	Sales	Net Realized Gain (Loss)
J.P. Morgan USD Emerging Markets Bond	$7,713,446	$19,576,284	$(1,095,742)



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

J.P. Morgan USD Emerging Markets Bond
Shares sold		77,600,000		$	8,640,122,153			90,100,000		$	9,855,486,299
Shares redeemed		(55,200,000	)		(6,153,607,190	)		(61,400,000	)		(6,516,182,767	)

Net increase		22,400,000		$	2,486,514,963			28,700,000		$	3,339,303,532


iShares ETF	Foreign Source Income Earned
J.P. Morgan USD Emerging Markets Bond	$	819,205,357


iShares ETF	Interest Dividends
J.P. Morgan USD Emerging Markets Bond	$	744,969,643


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		29


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
J.P. Morgan USD Emerging Markets Bond^(a)	$	4.196003	$	—	$	0.154758	$	4.350761		96	%		—	%		4	%		100	%


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(64)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b)(51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (66)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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

Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

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

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

Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


Portfolio Abbreviations - Fixed Income

PJSC		Public Joint Stock Company