iSHARES TRUST

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500^® Index)		(5.50	)%		(14.61	)%
U.S. small cap equities (Russell 2000^® Index)		(0.20	)		(18.54	)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70	)		(23.00	)
Emerging market equities (MSCI Emerging Markets Index)		(19.66	)		(31.03	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24	)		(17.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86	)		(15.68	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43	)		(11.98	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71	)		(11.76	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

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

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

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

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

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

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

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

Emerging market sovereign bonds suffered losses and finished behind developed-market government debt in the 12-month period.

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

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

All countries represented in the Index finished with a negative total return. While Europe was by far the weakest performer, Africa also lagged due to general underperformance for higher-risk securities. Latin America outperformed modestly, thanks in part to relative strength for Brazil. Asia posted the smallest losses of the major regions. China was a source of relative strength despite its challenges. Indonesia, while losing ground in absolute terms, outpaced the broader market behind optimism about the country’s fiscal picture.

In terms of maturities, three- to ten-year issues outperformed. Those maturing in less than three years lagged, as did those with maturities of more than ten years. With respect to credit, higher-rated bonds generally outpaced their lower-rated counterparts.

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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Azerbaijan — 0.4%
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(a)	$	55,259	$	54,286,442


Bahrain — 0.2%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27^(a)		26,080		25,180,240


Chile — 0.9%
Corp. Nacional del Cobre de Chile 3.00%, 09/30/29 (Call 06/30/29)^(a)		20,071		16,631,332
3.15%, 01/14/30 (Call 10/14/29)^(a)		18,091		15,047,189
3.63%, 08/01/27 (Call 05/01/27)^(a)		19,756		17,938,448
3.70%, 01/30/50 (Call 07/30/49)^(a)		45,363		29,097,529
4.38%, 02/05/49 (Call 08/05/48)^(a)		22,272		16,269,696
4.50%, 08/01/47 (Call 02/01/47)^(a)		22,452		16,737,966
Empresa de Transporte de Pasajeros Metro SA, 4.70%, 05/07/50 (Call 11/07/49)^(a)		17,455		12,925,428


				124,647,588

China — 2.5%
China Minmetals Corp., 3.75%, (Call 11/13/22)^(a)(b)(c)		9,979		9,959,042
CNAC HK Finbridge Co. Ltd. 3.00%, 09/22/30^(a)		15,745		11,306,642
3.38%, 06/19/24^(a)		14,197		13,503,619
4.13%, 07/19/27^(a)		15,823		13,704,300
5.13%, 03/14/28^(a)		27,350		24,098,769
Minmetals Bounteous Finance BVI Ltd., 3.38%, (Call 09/03/24)^(a)(b)(c)		15,494		14,641,830
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42^(a)		15,563		13,660,268
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24^(a)		20,933		20,717,181
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25^(a)		23,282		22,243,623
Sinopec Group Overseas Development 2017 Ltd., 3.63%, 04/12/27^(a)		15,489		14,595,285
Sinopec Group Overseas Development 2018 Ltd. 1.45%, 01/08/26^(a)		18,638		16,669,827
2.15%, 05/13/25 (Call 04/13/25)^(a)		15,790		14,685,805
2.30%, 01/08/31^(a)		18,853		15,147,066
2.70%, 05/13/30 (Call 02/13/30)^(a)		23,322		19,594,678
2.95%, 11/12/29 (Call 08/12/29)^(a)		13,928		12,041,633
SPIC MTN Co. Ltd., 1.63%, 07/27/25^(a)		15,761		14,217,210
State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24^(a)		19,932		19,656,938
State Grid Overseas Investment 2016 Ltd., 3.50%, 05/04/27^(a)		38,017		35,753,848
State Grid Overseas Investment BVI Ltd., 1.63%, 08/05/30 (Call 05/05/30)^(a)		19,790		15,417,993
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26^(a)		15,513		14,661,491


				336,277,048

Indonesia — 1.0%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/25 (Call 04/15/25)^(a)		10,959		10,467,050
5.45%, 05/15/30 (Call 02/15/30)^(a)		9,980		8,696,946
Pelabuhan Indonesia Persero PT, 4.25%, 05/05/25^(a)		12,151		11,544,787
Pertamina Persero PT 1.40%, 02/09/26 (Call 01/09/26)^(a)		10,489		9,021,694
4.18%, 01/21/50 (Call 07/21/49)^(a)		10,641		7,045,246


Security	Par (000)		Value

Indonesia (continued)
5.63%, 05/20/43^(a)	$	15,617	$	12,817,028
6.00%, 05/03/42^(a)		12,788		10,920,153
6.45%, 05/30/44^(a)		16,449		14,714,659
Perusahaan Listrik Negara PT, 4.13%, 05/15/27^(a)		15,654		14,323,410
Perusahaan Perseroan Persero PT Perusahaan
Listrik Negara
4.00%, 06/30/50 (Call 12/30/49)^(a)		10,871		6,318,769
5.25%, 10/24/42^(a)		10,125		7,320,375
5.45%, 05/21/28^(a)		11,328		10,682,304
6.15%, 05/21/48^(a)		10,842		8,470,312


				132,342,733

Kazakhstan — 0.8%
KazMunayGas National Co. JSC 4.75%, 04/19/27^(a)		27,338		23,678,125
5.38%, 04/24/30^(a)		33,940		27,762,920
5.75%, 04/19/47^(a)		34,296		23,374,439
6.38%, 10/24/48^(a)		41,377		29,433,529


				104,249,013

Malaysia — 1.9%
Petronas Capital Ltd. 2.48%, 01/28/32 (Call 10/28/31)^(a)		32,887		26,123,624
3.40%, 04/28/61 (Call 10/28/60)^(a)		47,693		29,426,667
3.50%, 03/18/25^(a)		40,838		39,390,803
3.50%, 04/21/30 (Call 01/21/30)^(a)		62,663		55,594,363
4.50%, 03/18/45^(a)		39,624		32,729,820
4.55%, 04/21/50 (Call 10/21/49)^(a)		75,165		61,125,659
4.80%, 04/21/60 (Call 10/21/59)^(a)		27,580		22,675,173


				267,066,109

Mexico — 2.6%
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25^(a)		8,861		8,391,921
Comision Federal de Electricidad, 4.69%, 05/15/29 (Call 03/15/29)^(a)		11,240		9,471,808
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)^(a)		18,707		11,878,945
Petroleos Mexicanos 4.50%, 01/23/26		10,174		8,998,903
5.35%, 02/12/28		17,068		13,577,116
5.95%, 01/28/31 (Call 10/28/30)		34,020		24,443,370
6.35%, 02/12/48		14,579		8,365,722
6.38%, 01/23/45		9,283		5,421,272
6.49%, 01/23/27 (Call 11/23/26)		13,679		11,947,239
6.50%, 03/13/27		34,675		30,219,262
6.50%, 01/23/29		10,120		8,156,720
6.50%, 06/02/41		14,154		8,812,280
6.63%, 06/15/35		25,343		17,476,533
6.70%, 02/16/32 (Call 11/16/31)		60,619		45,544,000
6.75%, 09/21/47		49,839		29,978,158
6.84%, 01/23/30 (Call 10/23/29)		20,955		16,620,039
6.88%, 08/04/26		22,594		20,823,634
6.95%, 01/28/60 (Call 07/28/59)		34,226		20,407,253
7.69%, 01/23/50 (Call 07/23/49)		71,374		46,014,282
8.75%, 06/02/29		16,166		14,498,603


				361,047,060

Panama — 0.3%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61 (Call 08/11/60)^(a)		28,279		19,084,790


Security	Par (000)		Value

Panama (continued)
Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)^(a)	$	22,561	$	16,234,050


				35,318,840

Peru — 0.3%
Petroleos del Peru SA 4.75%, 06/19/32^(a)		20,560		15,103,890
5.63%, 06/19/47^(a)		41,194		26,261,175


				41,365,065

Philippines — 0.2%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24^(a)		22,602		23,284,298


Qatar — 0.9%
Qatar Energy 1.38%, 09/12/26 (Call 08/12/26)^(a)		20,583		18,074,344
2.25%, 07/12/31 (Call 04/12/31)^(a)		47,021		37,734,353
Qatar Petroleum 3.13%, 07/12/41 (Call 01/12/41)^(a)		46,741		32,917,349
3.30%, 07/12/51 (Call 01/12/51)^(a)		52,748		35,604,900


				124,330,946

Saudi Arabia — 0.1%
Gaci First Investment Co. 5.00%, 10/13/27		5,600		5,499,200
5.25%, 10/13/32		6,000		5,858,940


				11,358,140

South Africa — 0.4%
Eskom Holdings SOC Ltd. 6.35%, 08/10/28^(a)		24,337		21,789,220
7.13%, 02/11/25^(a)		29,741		27,683,295


				49,472,515

United Arab Emirates — 1.3%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(a)		24,607		21,020,530
DP World Crescent Ltd. 3.88%, 07/18/29^(a)		11,215		9,961,555
4.85%, 09/26/28^(a)		11,199		10,583,055
DP World Ltd./United Arab Emirates 5.63%, 09/25/48^(a)		14,459		11,856,380
6.85%, 07/02/37^(a)		19,270		18,364,310
DP World Salaam, 6.00%, (Call 10/01/25)^(a)(b)(c)		16,881		16,316,542
MDGH GMTN RSC Ltd. 2.50%, 11/07/24 (Call 10/07/24)^(a)		9,712		9,182,696
2.50%, 05/21/26 (Call 04/21/26)^(a)		11,461		10,449,567
2.88%, 11/07/29 (Call 08/07/29)^(a)		12,163		10,439,655
2.88%, 05/21/30 (Call 02/21/30)^(a)		10,210		8,546,408
3.38%, 03/28/32 (Call 12/28/31)^(a)		10,395		8,770,781
3.40%, 06/07/51 (Call 12/07/50)^(a)		10,927		7,598,854
3.70%, 11/07/49 (Call 05/07/49)^(a)		17,458		12,796,714
3.95%, 05/21/50 (Call 11/21/49)^(a)		22,293		17,127,991
5.50%, 04/28/33		11,500		11,433,300


				184,448,338

Venezuela — 0.0%
Petroleos de Venezuela SA 0.00%, 02/17/22^(a)(d)(e)(f)		14,002		252,041
0.00%, 05/16/24^(a)(d)(e)(f)		32,388		728,716
0.00%, 04/12/37^(a)(d)(e)(f)		22,444		403,996
5.38%, 04/12/27^(a)(d)(e)		24,185		483,700
6.00%, 11/15/26^(a)(d)(e)		30,450		578,557
9.00%, 11/17/21^(a)(d)(e)		28,268		508,825


Security	Par (000)		Value

Venezuela (continued)
9.75%, 05/17/35^(a)(d)(e)	$	31,912	$	574,405


				3,530,240


Total Corporate Bonds & Notes — 13.8% (Cost: $2,492,188,912)				1,878,204,615


Foreign Government Obligations^(g)

Angola — 1.3%
Angolan Government International Bond 8.00%, 11/26/29^(a)		46,603		37,864,937
8.25%, 05/09/28^(a)		47,890		40,107,875
8.75%, 04/14/32^(a)		47,730		38,184,000
9.13%, 11/26/49^(a)		34,256		25,709,128
9.38%, 05/08/48^(a)		48,063		36,527,880


				178,393,820

Argentina — 1.2%
Argentine Republic Government International Bond 0.50%, 07/09/30 (Call 12/01/22)^(h)		192,173		40,260,296
1.00%, 07/09/29 (Call 12/01/22)		31,647		6,471,834
1.50%, 07/09/35 (Call 12/01/22)^(h)		243,833		48,278,945
1.50%, 07/09/46 (Call 12/01/22)^(h)		26,525		5,351,318
3.50%, 07/09/41 (Call 12/01/22)^(h)		123,862		29,417,310
3.88%, 01/09/38 (Call 12/01/22)^(h)		135,248		34,767,082


				164,546,785

Azerbaijan — 0.4%
Republic of Azerbaijan International Bond 3.50%, 09/01/32^(a)		30,044		24,022,056
4.75%, 03/18/24^(a)		28,956		28,183,236


				52,205,292

Bahrain — 2.9%
Bahrain Government International Bond 5.25%, 01/25/33^(a)		27,456		21,505,736
5.45%, 09/16/32^(a)		27,178		21,898,402
5.63%, 09/30/31^(a)		27,265		22,736,011
5.63%, 05/18/34^(a)		27,686		21,814,353
6.00%, 09/19/44^(a)		34,359		24,004,056
6.75%, 09/20/29^(a)		33,317		31,220,111
7.00%, 01/26/26^(a)		29,528		29,422,806
7.00%, 10/12/28^(a)		44,091		42,170,286
7.38%, 05/14/30^(a)		27,622		26,246,079
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24^(a)		24,420		24,333,004
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(a)		27,978		28,656,466
CBB International Sukuk Programme Co. WLL 3.88%, 05/18/29^(a)		27,495		23,556,341
3.95%, 09/16/27^(a)		26,205		24,121,703
4.50%, 03/30/27^(a)		27,724		26,126,405
6.25%, 11/14/24^(a)		27,316		27,426,903


				395,238,662

Bolivia — 0.2%
Bolivian Government International Bond, 4.50%, 03/20/28^(a)		26,635		20,830,235


Brazil — 3.8%
Brazilian Government International Bond 2.88%, 06/06/25		31,453		29,518,640
3.75%, 09/12/31		24,476		20,119,272
3.88%, 06/12/30		62,155		52,202,431
4.25%, 01/07/25		72,393		70,370,521
4.50%, 05/30/29 (Call 02/28/29)		35,513		31,779,696


Security	Par (000)		Value

Brazil (continued)
4.63%, 01/13/28 (Call 10/13/27)	$	53,239	$	49,888,270
4.75%, 01/14/50 (Call 07/14/49)		70,782		47,304,495
5.00%, 01/27/45		58,460		41,992,549
5.63%, 01/07/41		38,845		31,180,396
5.63%, 02/21/47		48,947		37,071,234
6.00%, 04/07/26		39,294		40,173,203
7.13%, 01/20/37		26,975		26,870,472
8.25%, 01/20/34		22,799		24,605,821
8.88%, 04/15/24		14,465		15,240,686


				518,317,686

Chile — 2.3%
Chile Government International Bond 2.45%, 01/31/31 (Call 10/31/30)		31,244		24,932,712
2.55%, 01/27/32 (Call 10/27/31)		26,646		20,880,472
2.55%, 07/27/33 (Call 04/27/33)		40,721		30,276,063
2.75%, 01/31/27 (Call 12/31/26)		27,392		24,584,320
3.10%, 05/07/41 (Call 11/07/40)		48,521		31,975,339
3.10%, 01/22/61 (Call 07/22/60)		35,018		19,529,101
3.24%, 02/06/28 (Call 11/06/27)		35,163		31,543,409
3.25%, 09/21/71 (Call 03/21/71)		17,314		9,522,700
3.50%, 01/31/34 (Call 10/31/33)		27,215		21,921,683
3.50%, 01/25/50 (Call 07/25/49)		41,341		27,137,783
3.50%, 04/15/53 (Call 10/15/52)		26,524		16,947,178
3.86%, 06/21/47		23,263		16,557,440
4.00%, 01/31/52 (Call 07/31/51)		18,771		13,252,326
4.34%, 03/07/42 (Call 09/07/41)		33,804		26,045,982


				315,106,508

China — 1.7%
China Development Bank, 1.00%, 10/27/25^(a)		15,813		14,146,942
China Government International Bond 0.55%, 10/21/25^(a)		35,429		31,460,598
0.75%, 10/26/24^(a)		15,518		14,403,497
1.20%, 10/21/30^(a)		31,465		25,125,117
1.25%, 10/26/26^(a)		23,602		20,977,458
1.75%, 10/26/31^(a)		15,398		12,588,943
1.95%, 12/03/24^(a)		31,182		29,548,999
2.13%, 12/03/29^(a)		31,098		27,174,987
2.63%, 11/02/27^(a)		15,567		14,312,611
3.50%, 10/19/28^(a)		15,618		14,830,267
Export-Import Bank of China (The) 2.88%, 04/26/26^(a)		15,630		14,797,234
3.63%, 07/31/24^(a)		18,718		18,358,240


				237,724,893

Colombia — 3.0%
Colombia Government International Bond 3.00%, 01/30/30 (Call 10/30/29)		29,192		20,624,148
3.13%, 04/15/31 (Call 01/15/31)		47,447		32,539,746
3.25%, 04/22/32 (Call 01/22/32)		34,726		23,040,701
3.88%, 04/25/27 (Call 01/25/27)		35,413		29,487,962
3.88%, 02/15/61 (Call 08/15/60)		24,154		12,202,299
4.00%, 02/26/24 (Call 11/26/23)		23,470		22,476,926
4.13%, 02/22/42 (Call 08/22/41)		18,990		10,567,935
4.13%, 05/15/51 (Call 11/15/50)		26,975		14,268,089
4.50%, 01/28/26 (Call 10/28/25)		28,489		25,574,219
4.50%, 03/15/29 (Call 12/15/28)		37,855		30,539,521
5.00%, 06/15/45 (Call 12/15/44)		83,095		50,417,891
5.20%, 05/15/49 (Call 11/15/48)		51,615		31,349,661
5.63%, 02/26/44 (Call 08/26/43)		44,306		28,643,829
6.13%, 01/18/41		46,697		33,367,925


Security	Par (000)		Value

Colombia (continued)
7.38%, 09/18/37	$	33,919	$	28,540,719
8.13%, 05/21/24		18,808		18,840,914


				412,482,485

Costa Rica — 0.6%
Costa Rica Government International Bond 6.13%, 02/19/31^(a)		32,993		30,576,263
7.00%, 04/04/44^(a)		27,337		23,121,976
7.16%, 03/12/45^(a)		35,544		30,641,150


				84,339,389

Croatia — 0.3%
Croatia Government International Bond, 6.00%, 01/26/24^(a)		39,986		40,168,436


Dominican Republic — 3.2%
Dominican Republic International Bond 4.50%, 01/30/30^(a)		44,442		35,478,604
4.88%, 09/23/32^(a)		68,212		52,322,867
5.30%, 01/21/41^(a)		32,419		22,233,355
5.50%, 01/27/25^(a)		25,998		25,377,298
5.50%, 02/22/29 (Call 12/22/28)^(a)		40,059		34,821,286
5.88%, 01/30/60^(a)		69,401		46,498,670
5.95%, 01/25/27^(a)		37,301		34,731,894
6.00%, 07/19/28^(a)		28,471		25,905,051
6.00%, 02/22/33 (Call 11/22/32)^(a)		37,954		31,627,543
6.40%, 06/05/49^(a)		32,674		23,398,668
6.50%, 02/15/48^(a)		21,962		15,960,883
6.85%, 01/27/45^(a)		43,334		33,294,054
6.88%, 01/29/26^(a)		33,476		32,791,834
7.45%, 04/30/44^(a)		33,407		27,869,790


				442,311,797

Ecuador — 1.3%
Ecuador Government International Bond 0.00%, 07/31/30^(a)(f)		27,621		8,490,019
1.50%, 07/31/40^(a)(h)		92,679		30,051,219
2.50%, 07/31/35^(a)(h)		231,680		84,172,111
5.50%, 07/31/30^(a)(h)		100,476		53,239,779


				175,953,128

Egypt — 2.7%
Egypt Government International Bond 5.75%, 05/29/24^(a)		26,803		25,228,324
5.80%, 09/30/27^(a)		27,352		19,864,390
5.88%, 06/11/25^(a)		33,905		29,115,918
5.88%, 02/16/31^(a)		35,415		21,532,320
6.59%, 02/21/28^(a)		29,617		21,176,155
7.05%, 01/15/32^(a)		24,075		15,134,147
7.30%, 09/30/33^(a)		25,276		15,702,715
7.50%, 01/31/27^(a)		47,152		37,898,420
7.50%, 02/16/61^(a)		35,592		20,109,480
7.60%, 03/01/29^(a)		41,801		29,887,715
7.63%, 05/29/32^(a)		39,744		25,195,212
7.90%, 02/21/48^(a)		33,780		18,874,575
8.50%, 01/31/47^(a)		57,376		33,780,120
8.70%, 03/01/49^(a)		34,192		20,216,020
8.88%, 05/29/50^(a)		46,560		27,586,800


				361,302,311

El Salvador — 0.2%
El Salvador Government International Bond 7.12%, 01/20/50 (Call 07/20/49)^(a)		29,298		9,829,479
7.65%, 06/15/35^(a)		26,904		9,581,187


Security	Par (000)		Value

El Salvador (continued)
9.50%, 07/15/52 (Call 01/15/52)^(a)	$	27,624	$	10,359,000


				29,769,666

Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24^(a)		26,441		13,291,560


Gabon — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31^(a)		27,371		19,096,405


Ghana — 0.7%
Ghana Government International Bond 6.38%, 02/11/27^(a)		33,071		9,921,300
7.63%, 05/16/29^(a)		27,871		7,664,525
7.75%, 04/07/29^(a)		27,505		7,792,510
7.88%, 02/11/35^(a)		28,340		7,860,808
8.13%, 01/18/26^(a)		25,955		9,437,741
8.13%, 03/26/32^(a)		34,260		9,592,800
8.63%, 04/07/34^(a)		27,300		7,678,125
8.63%, 06/16/49^(a)		27,093		7,269,391
8.95%, 03/26/51^(a)		26,111		7,299,656
10.75%, 10/14/30^(a)		27,631		17,821,995


				92,338,851

Guatemala — 0.2%
Guatemala Government Bond, 6.13%, 06/01/50(Call 12/01/49)^(a)		38,407		32,977,210


Hungary — 1.6%
Hungary Government International Bond 2.13%, 09/22/31^(a)		59,338		42,252,365
3.13%, 09/21/51^(a)		54,144		29,501,712
5.25%, 06/16/29^(a)		48,239		44,238,178
5.38%, 03/25/24		43,126		42,648,919
5.50%, 06/16/34^(a)		33,687		28,903,446
5.75%, 11/22/23		2,300		2,291,087
7.63%, 03/29/41		34,452		34,318,498


				224,154,205

India — 0.7%
Export-Import Bank of India 2.25%, 01/13/31^(a)		27,346		19,980,628
3.25%, 01/15/30^(a)		27,352		22,252,493
3.38%, 08/05/26^(a)		25,716		23,322,710
3.88%, 02/01/28^(a)		27,721		24,582,983


				90,138,814

Indonesia — 4.4%
Indonesia Government International Bond 1.85%, 03/12/31		12,076		9,209,278
2.15%, 07/28/31 (Call 04/28/31)		13,667		10,644,680
2.85%, 02/14/30		13,299		11,260,928
3.05%, 03/12/51		20,013		12,710,456
3.50%, 01/11/28		13,797		12,588,038
3.55%, 03/31/32 (Call 12/31/31)		11,059		9,456,662
3.70%, 10/30/49		10,831		7,528,736
3.85%, 07/18/27^(a)		11,043		10,282,413
3.85%, 10/15/30		16,858		15,054,194
4.10%, 04/24/28		11,309		10,614,910
4.13%, 01/15/25^(a)		21,464		20,938,132
4.20%, 10/15/50		17,858		13,350,819
4.35%, 01/08/27^(a)		13,736		13,193,428
4.35%, 01/11/48		19,424		15,055,737
4.45%, 04/15/70		10,791		8,040,482


Security	Par (000)		Value

Indonesia (continued)
4.63%, 04/15/43^(a)	$	15,863	$	13,247,350
4.65%, 09/20/32 (Call 06/20/32)		16,471		15,196,309
4.75%, 01/08/26^(a)		22,188		21,692,930
4.75%, 02/11/29		13,794		13,226,515
4.75%, 07/18/47^(a)		10,932		9,061,945
5.13%, 01/15/45^(a)		21,590		18,893,625
5.25%, 01/17/42^(a)		24,477		22,095,082
5.25%, 01/08/47^(a)		16,475		14,664,562
5.35%, 02/11/49		10,933		9,594,910
5.88%, 01/15/24^(a)		13,695		13,800,280
5.95%, 01/08/46^(a)		13,364		12,869,532
6.63%, 02/17/37^(a)		15,342		15,781,165
6.75%, 01/15/44^(a)		21,282		21,922,801
7.75%, 01/17/38^(a)		21,136		23,319,613
8.50%, 10/12/35^(a)		17,896		20,969,638
Perusahaan Penerbit SBSN Indonesia III 1.50%, 06/09/26^(a)		13,854		12,158,409
2.55%, 06/09/31^(a)		10,966		8,774,006
2.80%, 06/23/30^(a)		11,085		9,258,054
4.15%, 03/29/27^(a)		22,254		21,096,792
4.33%, 05/28/25^(a)		22,535		22,074,441
4.35%, 09/10/24^(a)		14,757		14,575,305
4.40%, 06/06/27^(a)		19,565		18,680,662
4.40%, 03/01/28^(a)		19,168		18,141,314
4.45%, 02/20/29^(a)		13,235		12,484,741
4.55%, 03/29/26^(a)		19,455		18,966,193
4.70%, 06/06/32^(a)		17,126		16,014,694


				598,489,761

Iraq — 0.3%
Iraq International Bond, 5.80%, 01/15/28 (Call 12/15/22)^(a)		50,487		42,828,382


Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.13%, 06/15/33^(a)		33,930		26,355,128


Jamaica — 0.9%
Jamaica Government International Bond 6.75%, 04/28/28		36,869		38,511,975
7.88%, 07/28/45		49,639		52,611,135
8.00%, 03/15/39		33,872		37,286,721


				128,409,831

Jordan — 0.7%
Jordan Government International Bond 5.75%, 01/31/27^(a)		26,141		23,899,409
5.85%, 07/07/30^(a)		34,016		28,148,240
6.13%, 01/29/26^(a)		25,834		24,635,948
7.38%, 10/10/47^(a)		27,586		20,586,053


				97,269,650

Kazakhstan — 1.2%
Kazakhstan Government International Bond 3.88%, 10/14/24^(a)		36,929		36,612,796
4.88%, 10/14/44^(a)		26,053		19,797,023
5.13%, 07/21/25^(a)		68,736		70,166,568
6.50%, 07/21/45^(a)		41,371		36,453,022


				163,029,409

Kenya — 0.9%
Republic of Kenya Government International Bond 6.30%, 01/23/34^(a)		27,625		17,403,750
6.88%, 06/24/24^(a)		52,810		46,076,725


Security	Par (000)		Value

Kenya (continued)
7.25%, 02/28/28^(a)	$	26,489	$	19,999,195
8.00%, 05/22/32^(a)		32,571		22,636,845
8.25%, 02/28/48^(a)		27,471		17,306,730


				123,423,245

Kuwait — 0.8%
Kuwait International Government Bond, 3.50%, 03/20/27^(a)		117,712		112,216,321


Lebanon — 0.1%
Lebanon Government International Bond 6.00%, 01/27/23^(a)(d)(e)		26,384		1,505,537
6.10%, 10/04/24		30,361		1,846,328
6.60%, 12/31/99^(a)(d)(e)		40,896		2,320,848
6.65%, 12/31/99^(a)(d)(e)		37,648		2,124,759
6.75%, 12/31/99^(a)(d)(e)		24,274		1,377,550
6.85%, 12/31/99^(a)(d)(e)		30,836		1,740,307
7.00%, 12/31/99^(a)(d)(e)		26,258		1,490,141


				12,405,470

Malaysia — 0.4%
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25^(a)		25,694		24,638,940
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26^(a)		27,362		26,127,290


				50,766,230

Mexico — 3.1%
Mexico Government International Bond 2.66%, 05/24/31 (Call 02/24/31)		30,798		23,853,051
3.25%, 04/16/30 (Call 01/16/30)		19,488		16,367,484
3.50%, 02/12/34 (Call 11/12/33)		25,348		19,365,872
3.75%, 01/11/28		16,480		15,095,680
3.75%, 04/19/71 (Call 10/19/70)		27,520		15,768,960
3.77%, 05/24/61 (Call 11/24/60)		26,952		15,696,171
4.13%, 01/21/26		18,859		18,142,358
4.15%, 03/28/27		20,818		19,849,963
4.28%, 08/14/41 (Call 02/14/41)		27,939		20,269,744
4.35%, 01/15/47		13,297		9,297,927
4.40%, 02/12/52 (Call 08/12/51)		25,569		17,501,980
4.50%, 04/22/29		27,252		25,344,360
4.50%, 01/31/50 (Call 07/31/49)		20,300		14,429,494
4.60%, 01/23/46		20,453		14,928,133
4.60%, 02/10/48		18,180		13,115,734
4.75%, 04/27/32 (Call 01/27/32)		21,361		19,329,035
4.75%, 03/08/44		32,790		24,885,561
4.88%, 05/19/33 (Call 02/19/33)		18,488		16,315,660
5.00%, 04/27/51 (Call 10/27/50)		22,338		16,925,223
5.55%, 01/21/45		24,878		21,073,221
5.75%, 10/12/2110		23,446		17,845,337
6.05%, 01/11/40		24,644		22,684,802
6.75%, 09/27/34		14,966		14,978,160
8.30%, 08/15/31		9,533		10,607,250


				423,671,160

Morocco — 0.3%
Morocco Government International Bond 3.00%, 12/15/32^(a)		26,878		19,315,203
4.00%, 12/15/50^(a)		34,525		20,333,067


				39,648,270

Nigeria — 1.9%
Nigeria Government International Bond 6.13%, 09/28/28^(a)		35,037		23,036,828
6.50%, 11/28/27^(a)		40,679		28,780,392
7.14%, 02/23/30^(a)		34,049		22,131,850


Security	Par (000)		Value

Nigeria (continued)
7.38%, 09/28/33^(a)	$	38,269	$	23,057,072
7.63%, 11/21/25^(a)		29,824		25,648,640
7.63%, 11/28/47^(a)		40,851		23,080,815
7.70%, 02/23/38^(a)		34,658		20,274,930
7.88%, 02/16/32^(a)		40,302		25,793,280
8.25%, 09/28/51^(a)		33,845		19,460,875
8.38%, 03/24/29^(a)		34,568		24,975,380
8.75%, 01/21/31^(a)		28,071		19,649,700


				255,889,762

Oman — 3.7%
Oman Government International Bond 4.75%, 06/15/26^(a)		52,151		49,282,695
4.88%, 02/01/25^(a)		25,885		25,108,450
5.38%, 03/08/27^(a)		43,167		41,116,567
5.63%, 01/17/28^(a)		52,648		50,015,600
6.00%, 08/01/29^(a)		47,551		45,114,011
6.25%, 01/25/31^(a)		36,067		34,353,818
6.50%, 03/08/47^(a)		43,384		35,737,570
6.75%, 10/28/27^(a)		30,754		30,798,209
6.75%, 01/17/48^(a)		61,062		51,215,752
7.00%, 01/25/51^(a)		22,453		19,141,183
7.38%, 10/28/32^(a)		21,356		21,783,120
Oman Sovereign Sukuk Co. 4.40%, 06/01/24^(a)		35,768		34,873,800
4.88%, 06/15/30^(a)		39,277		37,295,966
5.93%, 10/31/25^(a)		34,169		34,425,268


				510,262,009

Pakistan — 0.4%
Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29^(a)		26,801		13,804,084
Pakistan Government International Bond 6.00%, 04/08/26^(a)		36,019		11,259,900
6.88%, 12/05/27^(a)		41,599		12,900,266
7.38%, 04/08/31^(a)		38,981		11,796,040
8.25%, 04/15/24^(a)		24,111		10,008,717


				59,769,007

Panama — 2.6%
Panama Government International Bond 2.25%, 09/29/32 (Call 06/29/32)		57,712		40,012,451
3.16%, 01/23/30 (Call 10/23/29)		35,337		28,728,981
3.30%, 01/19/33 (Call 10/19/32)		22,504		17,170,552
3.75%, 03/16/25 (Call 12/16/24)		28,500		27,187,219
3.87%, 07/23/60 (Call 01/23/60)		65,723		37,725,002
3.88%, 03/17/28 (Call 12/17/27)		27,385		24,762,886
4.30%, 04/29/53		38,993		25,243,093
4.50%, 05/15/47		26,051		18,004,497
4.50%, 04/16/50 (Call 10/16/49)		56,092		37,960,261
4.50%, 04/01/56 (Call 10/01/55)		57,679		37,862,659
4.50%, 01/19/63 (Call 07/19/62)		34,534		21,963,624
6.70%, 01/26/36		44,526		43,309,884


				359,931,109

Paraguay — 0.5%
Paraguay Government International Bond 4.95%, 04/28/31 (Call 01/28/31)^(a)		27,492		25,083,014
5.40%, 03/30/50 (Call 09/30/49)^(a)		32,337		24,622,604
6.10%, 08/11/44^(a)		27,329		23,482,443


				73,188,061


Security	Par (000)		Value

Peru — 2.9%
Peruvian Government International Bond 1.86%, 12/01/32 (Call 09/01/32)	$	21,739	$	15,010,779
2.39%, 01/23/26 (Call 12/23/25)		21,514		19,353,188
2.78%, 01/23/31 (Call 10/23/30)		78,165		61,594,020
2.78%, 12/01/60 (Call 06/01/60)		42,448		22,332,954
3.00%, 01/15/34 (Call 10/15/33)		47,119		35,080,095
3.23%, 07/28/2121 (Call 01/28/21)		21,455		11,288,012
3.30%, 03/11/41 (Call 09/11/40)		27,254		18,341,942
3.55%, 03/10/51 (Call 09/10/50)		35,927		23,460,331
3.60%, 01/15/72 (Call 07/15/71)		21,635		12,688,928
4.13%, 08/25/27		21,216		19,900,608
5.63%, 11/18/50		54,107		49,399,691
6.55%, 03/14/37		24,258		24,171,581
7.35%, 07/21/25		32,597		33,815,313
8.75%, 11/21/33		46,444		54,740,059


				401,177,501

Philippines — 3.6%
Philippine Government International Bond 1.65%, 06/10/31		23,962		17,824,373
2.46%, 05/05/30		19,183		15,756,149
2.65%, 12/10/45		28,902		17,452,762
2.95%, 05/05/45		23,524		15,116,758
3.00%, 02/01/28		38,354		34,522,819
3.20%, 07/06/46		42,497		27,787,088
3.70%, 03/01/41		36,667		27,320,948
3.70%, 02/02/42		36,949		27,438,697
3.75%, 01/14/29		28,700		26,371,282
3.95%, 01/20/40		37,774		28,901,265
4.20%, 01/21/24		21,420		21,020,731
4.20%, 03/29/47		19,493		15,129,005
5.00%, 01/13/37		25,791		23,343,692
5.50%, 03/30/26		19,579		19,679,049
6.38%, 01/15/32		19,600		20,190,156
6.38%, 10/23/34		36,153		37,060,802
7.75%, 01/14/31		31,038		34,921,164
9.50%, 02/02/30		38,102		45,726,591
10.63%, 03/16/25		28,460		31,700,456


				487,263,787

Poland — 0.7%
Republic of Poland Government International Bond 3.25%, 04/06/26		52,195		48,893,666
4.00%, 01/22/24		46,196		45,453,977


				94,347,643

Qatar — 3.6%
Qatar Government International Bond 3.25%, 06/02/26^(a)		47,488		44,917,474
3.38%, 03/14/24^(a)		18,942		18,578,692
3.40%, 04/16/25^(a)		27,471		26,519,405
3.75%, 04/16/30^(a)		40,879		38,016,244
4.00%, 03/14/29^(a)		53,963		51,255,137
4.40%, 04/16/50^(a)		67,177		56,427,336
4.50%, 04/23/28^(a)		40,485		39,619,026
4.63%, 06/02/46^(a)		27,042		23,813,726
4.82%, 03/14/49^(a)		78,357		69,754,185
5.10%, 04/23/48^(a)		78,544		72,935,173
5.75%, 01/20/42^(a)		13,691		13,947,569
6.40%, 01/20/40^(a)		12,175		13,257,114
9.75%, 06/15/30^(a)		17,927		23,160,967


				492,202,048


Security	Par (000)		Value

Romania — 1.5%
Romanian Government International Bond 3.00%, 02/27/27^(a)	$	35,172	$	30,100,637
3.00%, 02/14/31^(a)		34,424		25,394,155
3.63%, 03/27/32^(a)		27,974		20,513,684
4.00%, 02/14/51^(a)		54,982		31,985,778
5.13%, 06/15/48^(a)		32,806		22,837,077
5.25%, 11/25/27^(a)		27,710		25,325,208
6.00%, 05/25/34^(a)		27,154		22,831,423
6.13%, 01/22/44^(a)		27,790		22,159,051


				201,147,013

Saudi Arabia — 5.1%
KSA Sukuk Ltd. 2.25%, 05/17/31^(a)		21,853		17,646,297
2.97%, 10/29/29^(a)		25,628		22,372,988
3.63%, 04/20/27^(a)		48,885		46,097,577
4.30%, 01/19/29^(a)		20,193		19,311,172
5.27%, 10/25/28		22,850		22,987,100
Saudi Government International Bond 2.25%, 02/02/33^(a)		32,029		24,595,069
2.50%, 02/03/27^(a)		14,215		12,851,782
2.75%, 02/03/32^(a)		11,671		9,586,997
2.90%, 10/22/25^(a)		27,283		25,707,407
3.25%, 10/26/26^(a)		60,454		56,791,697
3.25%, 10/22/30^(a)		16,485		14,418,935
3.25%, 11/17/51^(a)		13,868		8,913,934
3.45%, 02/02/61^(a)		24,842		15,880,745
3.63%, 03/04/28^(a)		54,157		50,398,504
3.75%, 01/21/55^(a)		30,426		21,128,727
4.00%, 04/17/25^(a)		45,545		44,435,068
4.38%, 04/16/29^(a)		44,527		42,504,138
4.50%, 04/17/30^(a)		33,192		31,753,127
4.50%, 10/26/46^(a)		70,573		56,048,371
4.50%, 04/22/60^(a)		33,258		26,061,967
4.63%, 10/04/47^(a)		47,846		38,414,118
5.00%, 04/17/49^(a)		39,563		33,537,061
5.25%, 01/16/50^(a)		37,025		32,748,242
5.50%, 10/25/32		23,200		23,524,800


				697,715,823

Senegal — 0.3%
Senegal Government International Bond 6.25%, 05/23/33^(a)		30,052		22,403,766
6.75%, 03/13/48^(a)		27,511		17,423,060


				39,826,826

Serbia — 0.2%
Serbia International Bond, 2.13%, 12/01/30^(a)		31,398		21,611,636


South Africa — 2.9%
Republic of South Africa Government International Bond 4.30%, 10/12/28		47,840		40,747,720
4.67%, 01/17/24		28,236		27,720,693
4.85%, 09/27/27		24,049		21,761,339
4.85%, 09/30/29		48,020		40,675,941
4.88%, 04/14/26		30,345		28,425,679
5.00%, 10/12/46		23,517		14,731,931
5.38%, 07/24/44		24,090		16,024,367
5.65%, 09/27/47		35,976		23,879,070
5.75%, 09/30/49		69,395		45,974,187
5.88%, 09/16/25		47,753		47,179,964
5.88%, 06/22/30		34,005		30,122,054


Security	Par (000)		Value

South Africa (continued)
5.88%, 04/20/32	$	30,484	$	26,025,715
7.30%, 04/20/52		38,192		29,694,280


				392,962,940

Sri Lanka — 0.4%
Sri Lanka Government International Bond 6.20%, 05/11/27^(a)(d)(e)		41,097		8,737,633
6.75%, 04/18/28^(a)(d)(e)		31,371		6,897,699
6.83%, 07/18/26^(a)(d)(e)		27,516		6,204,858
6.85%, 03/14/24^(a)(d)(e)		25,121		5,641,235
6.85%, 11/03/25^(a)(d)(e)		39,354		8,775,942
7.55%, 03/28/30^(a)(d)(e)		41,056		8,963,038
7.85%, 03/14/29^(a)(d)(e)		38,451		8,334,254


				53,554,659

Trinidad And Tobago — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26^(a)		25,307		24,331,099


Tunisia — 0.1%
Tunisian Republic, 5.75%, 01/30/25^(a)		26,816		16,756,648


Turkey — 4.9%
Hazine Mustesarligi Varlik Kiralama AS 4.49%, 11/25/24^(a)		11,394		10,523,783
5.13%, 06/22/26^(a)		27,758		24,458,268
7.25%, 02/24/27^(a)		32,994		30,432,841
9.76%, 11/13/25		26,700		27,033,750
Turkey Government International Bond 4.25%, 03/13/25		21,946		19,833,697
4.25%, 04/14/26		16,873		14,320,959
4.75%, 01/26/26		19,745		17,276,875
4.88%, 10/09/26		31,980		27,143,025
4.88%, 04/16/43		33,396		19,536,660
5.13%, 02/17/28		22,137		17,875,628
5.25%, 03/13/30		21,965		16,336,469
5.60%, 11/14/24		26,994		25,779,270
5.75%, 03/22/24		28,653		28,115,756
5.75%, 05/11/47		37,728		23,202,720
5.88%, 06/26/31		19,219		14,438,274
5.95%, 01/15/31		25,303		19,325,166
6.00%, 03/25/27		35,391		30,745,931
6.00%, 01/14/41		32,405		20,820,212
6.13%, 10/24/28		31,305		26,022,281
6.35%, 08/10/24		25,133		24,525,096
6.38%, 10/14/25		26,932		24,945,765
6.50%, 09/20/33		16,540		12,405,000
6.63%, 02/17/45		32,885		22,320,694
6.75%, 05/30/40		20,473		14,663,786
6.88%, 03/17/36		30,320		22,740,000
7.25%, 12/23/23		12,721		12,832,309
7.25%, 03/05/38		10,888		8,574,300
7.38%, 02/05/25		34,801		34,061,479
7.63%, 04/26/29		33,977		29,942,231
8.00%, 02/14/34		16,413		14,361,375
8.60%, 09/24/27		22,130		21,217,137
11.88%, 01/15/30		15,793		17,332,818


				673,143,555

Ukraine — 0.5%
Ukraine Government International Bond 6.88%, 05/21/31^(a)(d)(e)		47,682		6,907,930
7.25%, 03/15/35^(a)(d)(e)		69,849		10,424,963


Security	Par (000)		Value

Ukraine (continued)
7.38%, 09/25/34^(a)(d)(e)	$	79,173	$	11,866,053
7.75%, 09/01/25^(a)(d)(e)		36,984		7,750,459
7.75%, 09/01/26^(a)(d)(e)		35,493		5,851,908
7.75%, 09/01/27^(a)(d)(e)		35,605		5,914,881
7.75%, 09/01/28^(a)(d)(e)		35,949		6,380,948
7.75%, 09/01/29^(a)(d)(e)		36,177		6,326,453
9.75%, 11/01/30^(a)(d)(e)		44,230		8,107,912


				69,531,507

United Arab Emirates — 3.5%
Abu Dhabi Government International Bond 1.63%, 06/02/28^(a)		22,022		18,605,837
1.70%, 03/02/31^(a)		16,872		13,247,684
1.88%, 09/15/31^(a)		19,522		15,352,833
2.13%, 09/30/24^(a)		30,819		29,283,829
2.50%, 04/16/25^(a)		31,662		30,074,942
2.50%, 09/30/29^(a)		32,951		28,508,793
2.70%, 09/02/70^(a)		16,480		9,247,340
3.00%, 09/15/51^(a)		13,944		8,957,277
3.13%, 05/03/26^(a)		28,072		26,524,531
3.13%, 10/11/27^(a)		45,068		41,893,523
3.13%, 04/16/30^(a)		33,637		30,121,933
3.13%, 09/30/49^(a)		44,324		29,636,134
3.88%, 04/16/50^(a)		43,547		33,580,180
4.13%, 10/11/47^(a)		33,464		27,038,912
Emirate of Dubai Government International Bonds 3.90%, 09/09/50^(a)		14,421		9,335,795
5.25%, 01/30/43^(a)		11,084		9,229,508
Finance Department Government of Sharjah, 4.00%, 07/28/50^(a)		11,299		6,491,982
RAK Capital, 3.09%, 03/31/25^(a)		10,304		9,793,952
Sharjah Sukuk Program Ltd. 2.94%, 06/10/27^(a)		11,151		9,494,380
3.23%, 10/23/29^(a)		11,573		9,423,315
3.85%, 04/03/26^(a)		11,105		10,034,756
4.23%, 03/14/28^(a)		12,746		11,190,988
UAE International Government Bond 2.00%, 10/19/31^(a)		10,059		7,954,783
2.88%, 10/19/41^(a)		11,291		7,955,215
3.25%, 10/19/61^(a)		22,015		14,430,833
4.05%, 07/07/32^(a)		19,393		17,978,523
4.95%, 07/07/52^(a)		15,156		13,754,070


				479,141,848

Uruguay — 2.3%
Uruguay Government International Bond 4.38%, 10/27/27		40,110		39,516,402
4.38%, 01/23/31 (Call 10/23/30)		60,074		57,175,588
4.50%, 08/14/24		467		464,712
4.98%, 04/20/55		70,409		61,203,121
5.10%, 06/18/50		106,652		95,440,190
5.75%, 10/28/34		26,175		26,567,194
7.63%, 03/21/36		28,617		33,693,202


				314,060,409

Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24^(a)		26,535		25,437,114


Security	Par/ Shares (000)		Value

Zambia — 0.2%
Zambia Government International Bond 8.50%, 04/14/24^(a)(d)(e)	$	26,938	$	10,371,130
8.97%, 07/30/27^(a)(d)(e)		34,279		12,683,230


				23,054,360


Total Foreign Government Obligations — 84.0% (Cost: $15,963,958,275)				11,485,507,359


Total Long-Term Investments — 97.8% (Cost: $18,456,147,187)				13,363,711,974


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(i)(j)		122,810		122,810,000


Total Short-Term Securities — 0.9% (Cost: $122,810,000)				122,810,000


Total Investments — 98.7% (Cost: $18,578,957,187)				13,486,521,974

Other Assets Less Liabilities — 1.3%				182,647,148


Net Assets — 100.0%			$	13,669,169,122

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

^(e)	Non-income producing security.

^(f)	Zero-coupon bond.

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

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

⁽ⁱ⁾	Affiliate of the Fund.

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

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

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

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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

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

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 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 Fund.

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, 2022, 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, 2022, purchases and sales of investments, excluding short-term securities 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, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the 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, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

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

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

Valuation Risk: The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The 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 BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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 decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Fund’s performance.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The 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.

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, 2022, the related statement of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

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, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our 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 for the fiscal year ended October 31, 2022:

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

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, 2022:

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

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

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

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

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

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

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

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

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

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund 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 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 received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

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

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

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

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

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

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

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the 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 total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

The iShares J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

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

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 379 funds as of October 31, 2022. 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 John E. Kerrigan 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 e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

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 Trust’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		(24.42	)%		(3.03	)%		0.35	%		(24.42	)%		(14.25	)%		3.56	%
Fund Market		(24.89	)		(3.17	)		0.24			(24.89	)		(14.88	)		2.38
Index		(24.72	)		(2.79	)		0.83			(24.72	)		(13.19	)		8.58


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	890.40	$	1.86		$	1,000.00	$	1,023.20	$	1.99		0.39	%


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	0.2	%
Aa	7.1
A	14.7
Baa	32.2
Ba	17.5
B	18.4
Caa	4.0
Ca	1.8
Not Rated	4.1


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	75,320,000	$	47,490,000	^(a)	$	—	$	—	$	—	$	122,810,000		122,810	$	1,186,746	$	—


	iShares J.P. Morgan USD Emerging Markets Bond ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	13,363,711,974
Investments, at value — affiliated^(b)		122,810,000
Foreign currency, at value^(c)		28,269
Receivables:
Investments sold		33,708,176
Capital shares sold		82,616,958
Dividends — affiliated		256,464
Interest — unaffiliated		187,966,479

Total assets		13,791,098,320


LIABILITIES
Bank overdraft		1,528
Payables:
Investments purchased		103,240,988
Capital shares redeemed		14,177,566
Investment advisory fees		4,509,116

Total liabilities		121,929,198


NET ASSETS	$	13,669,169,122


NET ASSETS CONSIST OF
Paid-in capital	$	20,258,045,817
Accumulated loss		(6,588,876,695	)

NET ASSETS	$	13,669,169,122


NET ASSETVALUE
Shares outstanding		172,600,000

Net asset value	$	79.20

Shares authorized		Unlimited

Par value		None


^(a)Investments, at cost — unaffiliated	$	18,456,147,187
^(b)Investments, at cost — affiliated	$	122,810,000
^(c)Foreign currency, at cost	$	29,101


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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedule of Investments		8
Financial Statements:
Statement of Assets and Liabilities		16
Statement of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		19
Notes to Financial Statements		20
Report of Independent Registered Public Accounting Firm		25
Important Tax Information		26
Board Review and Approval of Investment Advisory Contract		27
Supplemental Information		30
Trustee and Officer Information		32
General Information		35


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


Fund Summary as of October 31, 2022		iShares^® J.P. Morgan USD Emerging Markets Bond ETF


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


Country/Geographic Region	Percent of Total Investments	^(a)
Mexico	5.9	%
Indonesia	5.5
Saudi Arabia	5.3
Turkey	5.0
United Arab Emirates	5.0
Qatar	4.6
China	4.3
Brazil	3.9
Philippines	3.8
Oman	3.8


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		7


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,878,204,615	$	—	$	1,878,204,615
Foreign Government Obligations		—		11,485,507,359		—		11,485,507,359
Money Market Funds		122,810,000		—		—		122,810,000

	$	122,810,000	$	13,363,711,974	$	—	$	13,486,521,974


	iShares J.P. Morgan USD Emerging Markets Bond ETF


INVESTMENT INCOME
Dividends — affiliated	$	1,186,746
Interest — unaffiliated		791,327,703
Other income — unaffiliated		90,957

Total investment income		792,605,406


EXPENSES
Investment advisory		64,113,534
Professional		217

Total expenses		64,113,751

Net investment income		728,491,655


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(629,282,814	)
Foreign currency transactions		(103	)
In-kind redemptions — unaffiliated^(a)		(283,037,745	)

		(912,320,662	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(4,367,348,513	)
Foreign currency translations		(832	)

		(4,367,349,345	)

Net realized and unrealized loss		(5,279,670,007	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,551,178,352	)


	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	728,491,655		$	746,027,008
Net realized gain (loss)		(912,320,662	)		357,793,022
Net change in unrealized appreciation (depreciation)		(4,367,349,345	)		(413,985,153	)

Net increase (decrease) in net assets resulting from operations		(4,551,178,352	)		689,834,877


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(739,764,342	)		(746,778,545	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(677,716,605	)		2,486,514,963


NET ASSETS
Total increase (decrease) in net assets		(5,968,659,299	)		2,429,571,295
Beginning of year		19,637,828,421			17,208,257,126

End of year	$	13,669,169,122		$	19,637,828,421


	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


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

Net investment income^(a)		4.17			4.32			4.63			5.25			5.07
Net realized and unrealized gain (loss)^(b)		(30.34	)		(0.14	)		(3.39	)		9.44			(11.50	)

Net increase (decrease) from investment operations		(26.17	)		4.18			1.24			14.69			(6.43	)

Distributions from net investment income^(c)		(4.28	)		(4.35	)		(4.56	)		(6.12	)		(4.92	)


Net asset value, end of year	$	79.20		$	109.65		$	109.82		$	113.14		$	104.57


Total Return^(d)
Based on net asset value		(24.42	)%		3.80	%		1.20	%		14.50	%		(5.68	)%


Ratios to Average Net Assets^(e)
Total expenses		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%


Net investment income		4.44	%		3.86	%		4.22	%		4.81	%		4.60	%


Supplemental Data
Net assets, end of year (000)	$	13,669,169		$	19,637,828		$	17,208,257		$	14,482,306		$	14,744,730

Portfolio turnover rate^(f)		8	%		7	%		10	%		11	%		15	%


iShares ETF		Diversification Classification
J.P. Morgan USD Emerging Markets Bond		Diversified


Aggregate Average Daily Net Assets	Investment Advisory Fees
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	$	13,445,811	$	8,346,083		$(1,336,046)


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
J.P. Morgan USD Emerging Markets Bond	$	(290,728,907	)		$ 290,728,907


iShares ETF		Undistributed Ordinary Income	Non-expiring Capital Loss Carryforwards	^(a)	Net Unrealized Gains (Losses)	^(b)	Total
J.P. Morgan USD Emerging Markets Bond	$	65,837,696	$(1,501,668,073	)	$(5,153,046,318	)	$(6,588,876,695)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
J.P. Morgan USD Emerging Markets Bond	$	18,639,567,460	$	3,670,593	$	(5,156,716,079	)		$(5,153,045,486	)


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		25



iShares ETF	Foreign Source Income Earned
J.P. Morgan USD Emerging Markets Bond	$	792,444,925



iShares ETF	Federal Obligation Interest
J.P. Morgan USD Emerging Markets Bond	$	8,710



iShares ETF	Interest Dividends
J.P. Morgan USD Emerging Markets Bond	$	707,762,850



iShares ETF	Interest-Related Dividends
J.P. Morgan USD Emerging Markets Bond	$	1,020,047


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		27



	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	$	4.282293	$	—	$	—	$	4.282293		100	%		—	%		—	%		100	%


Interested Trustees

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

Robert S. Kapito^(a)(65)	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)(52)	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 Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	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 2022).

Jane D. Carlin (66)	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 (67)	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 Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	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 (61)	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 (58)	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 Past 5 Years

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (52)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).