iSHARES TRUST

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500^® Index)		1.39%		10.14%
U.S. small cap equities (Russell 2000^® Index)		(5.29)		(8.56)
International equities (MSCI Europe, Australasia, Far East Index)		(7.88)		14.40
Emerging market equities (MSCI Emerging Markets Index)		(4.78)		10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63		4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70)		(3.25)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13)		0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65)		2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02		6.23
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 posted positive returns in the 12 months ended October 31, 2023 (the “reporting period”). The Bloomberg Global Aggregate Index, a broad measure of world bond market performance, returned 1.72% in U.S. Dollar terms for the reporting period. Income made a strong contribution to performance following an extended period of rising yields, outweighing the impact of falling prices. Lower-rated, higher-yielding market segments generally outperformed, and short-term debt outpaced longer-term issues. On the other hand, interest-rate sensitive investments—particularly developed-market government bonds—typically experienced weak relative performance.

The falling prices for government bonds reflected the global interest-rate backdrop. Persistent inflation compelled developed-market central banks to continue raising rates. While the pace of rate hikes slowed, investors began to anticipate that rates were likely to remain “higher for longer.” This trend was particularly evident in the United States, where stronger-than-expected growth prompted the markets to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating that the U.S. Federal Reserve’s (Fed’s) initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October. Japan was a notable outlier compared to its developed-market peers, as the combination of lower relative inflation and tepid economic growth prompted the nation’s central bank to maintain a highly accommodative interest rate policy.

Credit-oriented market segments delivered generally positive performance and outpaced government debt. Investors appeared to be encouraged that the slowdown in global growth was less severe than expected. In addition, corporate earnings—while slowing—exceeded the depressed expectations that were in place in late 2022. These developments fueled a healthy appetite for risk among investors, leading to outperformance for lower-rated investment-grade corporates and high yield bonds.

Emerging markets debt also held up well versus developed market government issues. The category was helped by a robust contribution from income, as well as its lower interest-rate sensitivity in relation to higher-rated, developed market bonds. Additionally, emerging market central banks were seen as being closer to the point at which they could begin cutting rates than their larger peers. The asset class further benefited from the generally positive, “risk-on” tone that was in place for much of the period.

Currency movements had a meaningful impact on returns for bonds denominated in foreign currencies. The U.S. Dollar fell sharply in the first two months of the period due to the growing view that the Fed was set to move to a neutral policy, boosting returns for non-U.S. bonds. On the other hand, the Dollar’s rally from mid-July onward reversed all of its previous gains, weighing on returns for the international markets.

The iShares J.P. Morgan Broad USD Emerging Markets Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds issued by emerging market sovereign, quasi-sovereign, and corporate entities, as represented by the J.P. Morgan EM Sovereign and Corporate Credit 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 that Index.

The inception date of the Fund was February 22, 2023. The first day of secondary market trading was February 24, 2023.

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 bonds posted negative returns in the time from the Fund’s inception on February 22, 2023, through the end of the reporting period on October 31, 2023.

Despite the negative return, the investment backdrop was in fact quite favorable from the beginning of the period through the end of July. During this time, investors appeared to be encouraged by the combination of positive global growth and expectations that the U.S. Federal Reserve and other developed market central banks would soon pause their long series of interest rate increases. The market environment grew less supportive in August, however, as a spike in oil prices raised fears that a reacceleration of inflation would compel central banks to keep rates “higher for longer.” This development, together with rising concerns about the United States’ growing government debt, caused U.S. Treasury yields to spike and pressured returns across the world bond markets. Investor sentiment further deteriorated after the outbreak of violence in the Middle East raised fears about the possibility of a broader regional conflict. While these factors caused prices to fall in September and October, the Index posted only a modest loss for the full period due to the combination of income and its earlier gains.

At the regional level, Europe registered a gain behind strong returns for Turkey and several other smaller countries in the region. Africa was also a source of positive performance, with Nigeria and Ghana leading the way higher. Asia finished in line with the Index, with gains for South Korea and India offsetting weaker showings for China, Hong Kong and Taiwan. The Middle East and Latin America regions both lagged the Index.

Despite the “risk-off” environment late in the period, lower-quality bonds generally outperformed the broader market due to their lower degree of interest rate sensitivity. Similarly, shorter-term issues held up well relative to more rate-sensitive, longer-dated securities.

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.

Emerging market sovereign bonds posted positive returns and strongly outperformed developed-market government debt in the 12-month reporting period.

Whereas many segments of the world bond market were hurt by continued interest rate increases by the U.S. Federal Reserve (Fed) and other major central banks, emerging market bonds were relatively insulated due to their lower interest rate sensitivity. The category also benefited from its higher yields, which contributed meaningfully to its total return. Emerging market debt was further helped by better-than-expected global growth and the concurrent improvement in investors’ appetite for risk. In addition, emerging market central banks were generally expected to pursue less restrictive monetary policies than their developed market peers. Together, these factors helped the asset class finish as one of the top performing categories in the global fixed-income market.

With a small number of exceptions, the majority of the countries represented in the Index delivered positive total returns. Africa was the strongest performer at the regional level, but the effect on the Index return was limited due to the region’s relatively small weighting. Europe also outperformed, as the concerns about the economic impact of the war in Ukraine gradually dissipated. Latin America underperformed slightly, with the two largest markets in the region—Brazil and Mexico—finishing behind the Index. Asia also lagged, largely as a result of depressed investor sentiment caused by China’s weaker-than-expected reopening following its COVID-19 lockdowns. The Middle East region, while producing a positive return, was the weakest performer due in part to the fact that it had already registered a robust gain in the eight-month span prior to the beginning of the reporting period.

Bonds with maturities of less than three years outperformed, but returns were fairly consistent across the remainder of the maturity spectrum. Mirroring a trend that was visible throughout the global fixed-income markets, lower-rated securities outpaced higher-rated issues.

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

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

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Argentina — 0.3%
YPF SA, 9.00%, 06/30/29^(a)	$	150	$	130,875


Azerbaijan — 0.5%
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(a)		200		196,822


Brazil — 2.7%
Banco do Brasil SA, 6.25%, 04/18/30^(a)		200		191,275
Braskem Netherlands Finance BV, 4.50%, 01/10/28 (Call 10/10/27)^(a)		200		168,940
Itau Unibanco Holding SA/Cayman Island, 7.86%, (Call 03/19/24), (5-year CMT + 3.863%)^(a)(b)(c)		200		193,500
Petrobras Global Finance BV 5.09%, 01/15/30		100		91,751
6.90%, 03/19/49		100		89,993
Suzano Austria GmbH, 5.00%, 01/15/30 (Call 10/15/29)		200		179,950
Vale Overseas Ltd., 8.25%, 01/17/34		100		108,953


				1,024,362

Chile — 1.4%
Colbun SA, 3.15%, 03/06/30 (Call 12/06/29)^(a)		200		162,910
Corp. Nacional del Cobre de Chile, 4.50%, 08/01/47 (Call 02/01/47)^(a)		200		137,400
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		100		92,927
Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)^(a)(d)		50		53,694
Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)^(a)		150		103,905


				550,836

China — 6.0%
Alibaba Group Holding Ltd., 4.50%, 11/28/34 (Call 05/28/34)		200		168,272
Amipeace Ltd., 2.25%, 10/22/30^(a)		200		158,580
BOC Aviation Ltd., 3.50%, 09/18/27 (Call 06/18/27)^(a)		200		182,860
China Cinda 2020 I Management Ltd., 3.13%, 03/18/30 (Call 12/18/29)^(a)		200		160,404
China Construction Bank Corp., 2.45%, 06/24/30 (Call 06/24/25), (5-year CMT + 2.150%)^(a)(c)		200		188,724
CNAC HK Finbridge Co. Ltd., 4.13%, 07/19/27^(a)		200		185,710
CNOOC Finance 2013 Ltd., 3.30%, 09/30/49 (Call 03/30/49)		200		122,010
Huarong Finance II Co. Ltd., 4.88%, 11/22/26^(a)		200		176,652
ICBCIL Finance Co. Ltd., 2.13%, 01/27/25^(a)		200		190,500
Industrial & Commercial Bank of China Ltd./Singapore, 1.20%, 09/09/25^(a)		200		184,240
Prosus NV, 4.19%, 01/19/32 (Call 10/19/31)^(a)		300		230,775
Sinopec Group Overseas Development 2018 Ltd., 2.70%, 05/13/30 (Call 02/13/30)^(a)		200		168,900
Tencent Holdings Ltd., 2.88%, 04/22/31 (Call 01/22/31)^(a)		200		158,752


				2,276,379

Colombia — 0.9%
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)^(a)		100		82,875
Ecopetrol SA 4.63%, 11/02/31 (Call 08/02/31)		100		74,650
6.88%, 04/29/30 (Call 01/29/30)		100		89,645
8.88%, 01/13/33 (Call 10/13/32)		100		95,600


				342,770

Ghana — 0.4%
Tullow Oil PLC, 10.25%, 05/15/26 (Call 11/10/23)^(a)		200		171,375


Security	Par (000)		Value

Guatemala — 0.8%
CT Trust, 5.13%, 02/03/32 (Call 02/03/27)^(a)	$	200	$	153,000
Millicom International Cellular SA, 4.50%, 04/27/31 (Call 04/27/26)^(a)		200		149,060


				302,060

Hong Kong — 1.8%
AIA Group Ltd., 3.20%, 09/16/40 (Call 03/16/40)^(a)		200		128,272
Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 11/30/23)^(a)		200		182,834
NWD MTN Ltd., 4.13%, 07/18/29^(a)		200		129,986
Prudential Funding Asia PLC, 3.13%, 04/14/30		50		41,712
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)^(a)		50		38,340
Wheelock MTN BVI Ltd., 2.38%, 01/25/26^(a)		200		184,396


				705,540

India — 2.8%
Delhi International Airport Ltd., 6.45%, 06/04/29^(a)		200		181,192
Greenko Dutch BV, 3.85%, 03/29/26 (Call 11/30/23)^(a)		185		164,534
JSW Steel Ltd., 3.95%, 04/05/27 (Call 10/05/26)^(a)		200		171,250
Network i2i Ltd., 5.65%, (Call 01/15/25), (5-year CMT + 4.274%)^(a)(b)(c)		200		193,632
Power Finance Corp. Ltd., 3.95%, 04/23/30^(a)		200		170,868
Reliance Industries Ltd., 2.88%, 01/12/32^(a)		250		194,608


				1,076,084

Indonesia — 1.4%
Freeport Indonesia PT, 5.32%, 04/14/32 (Call 01/01/32)^(a)		200		177,652
Minejesa Capital BV, 4.63%, 08/10/30^(a)		200		178,028
Pertamina Persero PT, 5.63%, 05/20/43^(a)		200		168,646


				524,326

Israel — 2.1%
Energian Israel Finance Ltd. 4.88%, 03/30/26 (Call 12/30/25)^(e)		50		43,845
5.88%, 03/30/31 (Call 09/30/30)^(e)		50		39,688
Israel Electric Corp. Ltd., 4.25%, 08/14/28^(e)		200		174,875
Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)^(e)		100		87,250
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26		250		218,272
4.10%, 10/01/46		100		59,162
5.13%, 05/09/29 (Call 02/09/29)		200		172,750


				795,842

Kazakhstan — 0.4%
KazMunayGas National Co. JSC, 3.50%, 04/14/33 (Call 10/14/32)^(a)		200		145,500


Kuwait — 0.9%
Equate Petrochemical BV, 2.63%, 04/28/28 (Call 01/28/28)^(a)		200		170,554
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 08/27/25)^(a)(b)(c)		200		183,000


				353,554

Luxembourg — 0.4%
Altice Financing SA, 5.00%, 01/15/28 (Call 11/30/23)^(a)		200		162,360


Macau — 1.6%
MGM China Holdings Ltd., 5.88%, 05/15/26 (Call 11/10/23)^(a)		200		186,144
Sands China Ltd., 3.10%, 03/08/29 (Call 01/08/29)		300		240,621
Wynn Macau Ltd., 5.63%, 08/26/28 (Call 11/10/23)^(a)		200		166,600


				593,365

Malaysia — 1.7%
Axiata SPV2 Bhd, 2.16%, 08/19/30 (Call 05/19/30)^(a)		200		157,306
Gohl Capital Ltd., 4.25%, 01/24/27^(a)		200		182,810


Security	Par (000)		Value

Malaysia (continued)
Petronas Capital Ltd. 2.48%, 01/28/32 (Call 10/28/31)^(a)	$	200	$	155,242
4.55%, 04/21/50 (Call 10/21/49)^(a)		200		153,412


				648,770

Mexico — 3.0%
America Movil SAB de CV, 4.70%, 07/21/32 (Call 04/21/32)		200		178,968
BBVA Bancomer SA/Texas, 5.13%, 01/18/33 (Call 01/17/28), (5-year CMT + 2.650%)^(a)(c)		200		168,640
Cemex SAB de CV, 3.88%, 07/11/31 (Call 07/11/26)^(a)		200		162,300
Coca-Cola Femsa SAB de CV, 1.85%, 09/01/32 (Call 06/01/32)		150		107,899
Grupo Televisa SAB, 6.63%, 01/15/40		50		47,000
Petroleos Mexicanos 6.63%, 06/15/35		30		19,725
6.70%, 02/16/32 (Call 11/16/31)		100		73,000
6.75%, 09/21/47		200		113,200
6.88%, 08/04/26		100		91,825
7.69%, 01/23/50 (Call 07/23/49)		100		61,750
8.75%, 06/02/29 (Call 04/02/29)		100		87,890
Southern Copper Corp., 6.75%, 04/16/40		50		49,480


				1,161,677

Morocco — 0.4%
OCP SA, 6.88%, 04/25/44^(a)		200		163,500


Panama — 0.4%
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/10/23)^(a)		200		170,960


Paraguay — 0.5%
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 11/10/23)^(a)		200		180,300


Peru — 1.0%
Banco de Credito del Peru SA, 3.13%, 07/01/30 (Call 07/01/25), (5-year CMT + 3.000%)^(a)(c)		100		91,375
Consorcio Transmantaro SA, 4.70%, 04/16/34^(a)		200		172,944
Petroleos del Peru SA, 4.75%, 06/19/32^(a)		200		132,998


				397,317

Philippines — 0.4%
SMC Global Power Holdings Corp., 7.00%, (Call 10/21/25), (5-year CMT + 9.199%)^(a)(b)(c)		200		158,300


Qatar — 0.8%
Qatar Petroleum, 3.13%, 07/12/41 (Call 01/12/41)^(a)		200		131,250
QNB Finance Ltd., 1.38%, 01/26/26^(a)		200		179,180


				310,430

Saudi Arabia — 1.4%
Gaci First Investment Co., 5.25%, 10/13/32 (Call 07/13/32)^(a)		200		189,750
Riyad Sukuk Ltd., 3.17%, 02/25/30 (Call 02/25/25), (5-year CMT + 1.791%)^(a)(c)		200		190,064
Saudi Arabian Oil Co., 4.38%, 04/16/49^(a)		200		146,250


				526,064

Singapore — 1.9%
DBS Group Holdings Ltd., 1.82%, 03/10/31 (Call 03/10/26), (5-year CMT + 1.100%)^(a)(c)		200		181,120
Oversea-Chinese Banking Corp. Ltd., 1.83%, 09/10/30 (Call 09/10/25), (5-year CMT + 1.580%)^(a)(c)		200		184,232
SingTel Group Treasury Pte Ltd., 2.38%, 08/28/29 (Call 05/28/29)^(a)		200		168,102


Security	Par (000)		Value

Singapore (continued)
United Overseas Bank Ltd., 2.00%, 10/14/31 (Call 10/14/26), (5-year CMT + 1.230%)^(a)(c)	$	200	$	176,910


				710,364

South Africa — 0.9%
Anglo American Capital PLC, 2.88%, 03/17/31 (Call 12/17/30)^(a)		200		155,210
Sasol Financing USA LLC, 6.50%, 09/27/28 (Call 06/27/28)		200		175,700


				330,910

South Korea — 2.0%
POSCO, 5.75%, 01/17/28^(a)		200		196,768
Shinhan Bank Co. Ltd., 1.38%, 10/21/26^(a)		200		175,944
SK Hynix Inc., 6.38%, 01/17/28^(a)		200		197,740
Woori Bank, 4.25%, (Call 10/04/24), (5-year CMT + 2.664%)^(a)(b)(c)		200		192,375


				762,827

Taiwan — 1.5%
TSMC Arizona Corp. 3.13%, 10/25/41 (Call 04/25/41)		200		137,530
3.88%, 04/22/27 (Call 03/22/27)		300		283,623
TSMC Global Ltd., 2.25%, 04/23/31 (Call 01/23/31)^(a)		200		157,292


				578,445

Thailand — 1.2%
Bangkok Bank PCL/Hong Kong, 3.73%, 09/25/34 (Call 09/25/29), (5-year CMT + 1.900%)^(a)(c)		200		162,190
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26), (5-year CMT + 1.700%)^(a)(c)		200		176,362
Thaioil Treasury Center Co. Ltd., 3.50%, 10/17/49^(a)		200		109,162


				447,714

Turkey — 0.5%
Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25^(a)		200		193,000


United Arab Emirates — 2.4%
Abu Dhabi National Energy Co. PJSC, 6.50%, 10/27/36^(a)		100		105,326
DIB Sukuk Ltd., 4.80%, 08/16/28^(a)		200		193,052
DP World Ltd./United Arab Emirates, 6.85%, 07/02/37^(a)		100		98,500
First Abu Dhabi Bank PJSC, 4.50%, (Call 04/05/26), (5-year CMT + 4.138%)^(a)(b)(c)		200		187,250
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 03/31/34^(a)		170		136,972
MDGH GMTN RSC Ltd., 5.50%, 04/28/33 (Call 01/28/33)^(a)		200		193,500


				914,600

United Kingdom — 2.2%
CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)^(a)		300		253,944
Standard Chartered PLC
4.64%, 04/01/31 (Call 04/01/30), (1-year CMT + 3.850%)^(a)(c)		200		175,855
6.17%, 01/09/27 (Call 01/09/26), (1-year CMT + 2.050%)^(a)(c)		200		198,223
6.30%, 01/09/29 (Call 01/09/28), (1-year CMT + 2.450%)^(a)(c)		200		195,334


				823,356

United States — 0.9%
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		200		182,912


Security	Par (000)		Value

United States (continued)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 05/15/32 (Call 02/15/32)	$	100	$	72,276
5.75%, 04/01/33 (Call 01/01/33)		100		87,984


				343,172

Zambia — 0.5%
First Quantum Minerals Ltd., 6.88%, 03/01/26 (Call 11/10/23)^(a)		200		175,450


Total Corporate Bonds & Notes — 48.0% (Cost: $19,270,375)				18,349,206


Foreign Government Obligations^(f)

Angola — 0.6%
Angolan Government International Bond, 8.75%, 04/14/32^(a)		300		234,750


Argentina — 0.9%
Argentine Republic Government International Bond 0.75%, 07/09/30 (Call 12/01/23)^(g)		330		91,740
1.00%, 07/09/29 (Call 12/01/23)		50		13,375
3.50%, 07/09/41 (Call 12/01/23)^(g)		220		57,269
3.63%, 07/09/35 (Call 12/01/23)^(g)		420		103,320
3.63%, 07/09/46 (Call 12/01/23)^(d)(g)		50		12,400
5.00%, 01/09/38 (Call 12/01/23)^(g)		225		67,725


				345,829

Bahrain — 1.9%
Bahrain Government International Bond 5.63%, 09/30/31^(a)		200		173,750
5.63%, 05/18/34^(a)		200		163,750
7.38%, 05/14/30^(a)		200		197,250
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(a)		200		199,000


				733,750

Brazil — 1.2%
Brazilian Government International Bond 2.88%, 06/06/25		200		189,932
5.63%, 02/21/47		200		153,300
8.25%, 01/20/34		100		106,950


				450,182

Chile — 1.2%
Chile Government International Bond 2.45%, 01/31/31 (Call 10/31/30)		200		160,600
4.00%, 01/31/52 (Call 07/31/51)^(d)		200		137,500
4.34%, 03/07/42 (Call 09/07/41)		200		154,500


				452,600

China — 0.4%
China Government International Bond, 1.75%, 10/26/31		200		158,868


Colombia — 1.5%
Colombia Government International Bond 4.13%, 02/22/42 (Call 08/22/41)		200		118,500
4.13%, 05/15/51 (Call 11/15/50)		200		110,000
6.13%, 01/18/41		200		152,000
8.00%, 04/20/33 (Call 01/20/33)		200		194,700


				575,200

Costa Rica — 0.5%
Costa Rica Government International Bond, 6.13%, 02/19/31^(a)		200		190,000


Security	Par (000)		Value

Dominican Republic — 2.2%
Dominican Republic International Bond 4.88%, 09/23/32^(a)	$	150	$	121,275
5.30%, 01/21/41^(a)		150		108,900
5.50%, 02/22/29 (Call 12/22/28)^(a)		200		181,900
6.40%, 06/05/49^(a)		150		117,300
6.85%, 01/27/45^(a)		100		83,250
6.88%, 01/29/26^(a)		150		149,173
7.45%, 04/30/44^(a)		100		89,900


				851,698

Ecuador — 0.6%
Ecuador Government International Bond 0.00%, 07/31/30^(a)(h)		25		7,413
2.50%, 07/31/40^(a)(g)		120		40,140
6.00%, 07/31/30^(a)(g)		155		78,507
6.90%, 07/31/35^(a)(g)		300		113,700


				239,760

Egypt — 1.7%
Egypt Government International Bond 6.59%, 02/21/28^(a)		200		127,000
7.60%, 03/01/29^(a)		200		124,000
7.63%, 05/29/32^(a)		200		114,000
8.88%, 05/29/50^(a)		200		105,500
Egyptian Financial Co. for Sovereign Taskeek (The), 10.88%, 02/28/26^(a)		200		184,750


				655,250

El Salvador — 0.2%
El Salvador Government International Bond, 7.12%, 01/20/50(Call 07/20/49)^(a)		150		93,300


Ghana — 0.3%
Ghana Government International Bond, 8.13%, 03/26/32^(a)(i)(j)		300		126,750


Hungary — 1.3%
Hungary Government International Bond 5.25%, 06/16/29^(a)		300		282,513
6.75%, 09/25/52^(a)		200		185,000
7.63%, 03/29/41		40		40,988


				508,501

India — 0.4%
Export-Import Bank of India, 3.25%, 01/15/30^(a)		200		168,382


Indonesia — 2.3%
Indonesia Government International Bond 3.70%, 10/30/49		200		135,180
3.85%, 10/15/30		200		177,668
4.55%, 01/11/28 (Call 12/11/27)		200		192,126
4.85%, 01/11/33 (Call 10/11/32)		200		186,460
Perusahaan Penerbit SBSN Indonesia III, 1.50%, 06/09/26^(a)		200		179,820


				871,254

Jamaica — 0.6%
Jamaica Government International Bond, 8.00%, 03/15/39		200		221,300


Jordan — 0.4%
Jordan Government International Bond, 5.85%, 07/07/30^(a)		200		168,750


Kazakhstan — 0.5%
Kazakhstan Government International Bond, 6.50%, 07/21/45^(a)		200		196,000


Security	Par (000)		Value

Kenya — 0.4%
Republic of Kenya Government International Bond, 8.00%, 05/22/32^(a)	$	200	$	156,750


Kuwait — 0.5%
Kuwait International Government Bond, 3.50%, 03/20/27^(a)		200		189,317


Lebanon — 0.1%
Lebanon Government International Bond 0.00%, 11/27/26^(a)(h)(i)(j)		200		11,738
6.65%, 02/26/30^(a)(i)(j)		150		9,206


				20,944

Mexico — 1.4%
Mexico Government International Bond 4.28%, 08/14/41 (Call 02/14/41)		200		142,100
5.00%, 04/27/51 (Call 10/27/50)		200		146,804
5.55%, 01/21/45^(d)		50		41,375
6.35%, 02/09/35 (Call 11/09/34)		200		190,600


				520,879

Morocco — 0.4%
Morocco Government International Bond, 3.00%, 12/15/32^(a)		200		149,250


Nigeria — 1.3%
Nigeria Government International Bond 7.70%, 02/23/38^(a)		200		142,000
8.38%, 03/24/29^(a)		200		174,750
8.75%, 01/21/31^(a)		200		171,250


				488,000

Oman — 2.3%
Oman Government International Bond 5.63%, 01/17/28^(a)		300		289,128
6.00%, 08/01/29^(a)		200		194,000
6.75%, 10/28/27^(a)		200		201,687
6.75%, 01/17/48^(a)		200		178,250


				863,065

Pakistan — 0.3%
Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29^(a)		200		118,856


Panama — 1.9%
Panama Government International Bond 2.25%, 09/29/32 (Call 06/29/32)		300		202,800
3.16%, 01/23/30 (Call 10/23/29)		200		160,400
3.87%, 07/23/60 (Call 01/23/60)		200		104,400
4.50%, 05/15/47 (Call 11/15/46)		200		128,500
4.50%, 04/16/50 (Call 10/16/49)		200		124,300


				720,400

Peru — 1.4%
Peruvian Government International Bond 2.78%, 01/23/31 (Call 10/23/30)		200		160,200
3.00%, 01/15/34 (Call 10/15/33)		100		75,450
3.30%, 03/11/41 (Call 09/11/40)		50		33,025
3.55%, 03/10/51 (Call 09/10/50)		50		31,275
3.60%, 01/15/72 (Call 07/15/71)		100		56,400
5.63%, 11/18/50		200		176,200


				532,550

Philippines — 2.6%
Philippine Government International Bond 1.65%, 06/10/31		200		149,536
3.00%, 02/01/28		200		180,230


Security	Par (000)		Value

Philippines (continued)
3.20%, 07/06/46	$	200	$	125,386
3.75%, 01/14/29		200		183,564
3.95%, 01/20/40		200		152,766
6.38%, 10/23/34		100		102,646
10.63%, 03/16/25		100		106,573


				1,000,701

Poland — 1.1%
Republic of Poland Government International Bond 3.25%, 04/06/26		60		56,818
4.88%, 10/04/33 (Call 07/04/33)		100		92,487
5.50%, 11/16/27 (Call 08/16/27)		70		70,285
5.50%, 04/04/53 (Call 10/04/52)		130		114,201
5.75%, 11/16/32 (Call 08/16/32)		70		69,274


				403,065

Qatar — 2.4%
Qatar Government International Bond 3.40%, 04/16/25^(a)		300		289,950
3.75%, 04/16/30^(a)		200		182,500
4.40%, 04/16/50^(a)		200		154,125
5.10%, 04/23/48^(a)		200		170,812
9.75%, 06/15/30^(a)		100		123,214


				920,601

Romania — 1.3%
Romanian Government International Bond 3.00%, 02/14/31^(a)		100		79,000
3.63%, 03/27/32^(a)		100		78,952
5.25%, 11/25/27^(a)		150		144,897
6.13%, 01/22/44^(a)		100		86,030
7.63%, 01/17/53^(a)		100		97,601


				486,480

Saudi Arabia — 2.8%
Saudi Government International Bond 3.25%, 10/26/26^(a)		200		187,000
3.63%, 03/04/28^(a)		200		184,750
4.38%, 04/16/29^(a)		200		187,500
4.50%, 10/26/46^(a)		200		149,750
5.00%, 04/17/49^(a)		200		158,750
5.50%, 10/25/32^(a)		200		195,750


				1,063,500

Senegal — 0.4%
Senegal Government International Bond, 6.25%, 05/23/33^(a)		200		158,250


South Africa — 1.2%
Republic of South Africa Government International Bond 4.85%, 09/27/27		200		184,250
5.00%, 10/12/46		200		121,000
5.88%, 04/20/32		200		168,750


				474,000

South Korea — 1.0%
Korea Electric Power Corp., 5.38%, 04/06/26^(a)		200		198,658
Korea Gas Corp., 3.88%, 07/13/27^(a)		200		188,056


				386,714

Sri Lanka — 0.5%
Sri Lanka Government International Bond, 6.20%, 05/11/27^(a)(i)(j)		400		198,036


Supranational — 0.8%
Africa Finance Corp., 3.75%, 10/30/29^(a)		200		161,368


Security	Par (000)		Value

Supranational (continued)
African Export-Import Bank (The), 3.99%, 09/21/29 (Call 06/23/29)^(a)	$	200	$	161,618


				322,986

Turkey — 3.5%
Hazine Mustesarligi Varlik Kiralama AS, 9.76%, 11/13/25^(a)		200		206,500
Turkey Government International Bond 4.75%, 01/26/26		200		187,500
5.25%, 03/13/30		200		165,000
5.75%, 05/11/47		200		130,250
6.00%, 03/25/27		200		187,750
8.00%, 02/14/34		50		46,687
9.38%, 01/19/33		200		199,750
9.88%, 01/15/28		200		209,250


				1,332,687

Ukraine — 0.5%
Ukraine Government International Bond 7.25%, 03/15/35^(a)(i)(j)		200		50,300
7.75%, 09/01/24^(a)(i)(j)		150		42,729
7.75%, 09/01/26^(a)(i)(j)		100		28,000
9.75%, 11/01/30^(a)(i)(j)		200		58,000


				179,029

United Arab Emirates — 1.8%
Abu Dhabi Government International Bond 1.88%, 09/15/31^(a)		200		155,746
3.13%, 10/11/27^(a)		200		184,184
4.13%, 10/11/47^(a)		200		148,938
UAE International Government Bond, 4.05%, 07/07/32^(a)		200		182,062


				670,930

Uruguay — 1.2%
Uruguay Government International Bond 4.38%, 10/27/27		110		108,644
4.38%, 01/23/31 (Call 10/23/30)		100		94,312
4.98%, 04/20/55		110		91,630
5.10%, 06/18/50		200		172,400


				466,986

Total Foreign Government Obligations — 49.8% (Cost: $20,067,154)				19,066,100


Total Long-Term Investments — 97.8% (Cost: $39,337,529)				37,415,306


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(k)(l)(m)		590,000	$	590,000


Total Short-Term Securities — 1.5% (Cost: $590,000)				590,000


Total Investments — 99.3% (Cost: $39,927,529)				38,005,306

Other Assets Less Liabilities — 0.7%				260,636


Net Assets — 100.0%			$	38,265,942

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

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

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

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

^(h)	Zero-coupon bond.

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

^(j)	Non-income producing security.

^(k)	Affiliate of the Fund.

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

^(m)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Azerbaijan — 0.4%
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(a)	$	43,957	$	43,258,523


Bahrain — 0.2%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27^(a)		22,421		22,505,079


British Virgin Islands — 0.2%
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25^(a)		19,674		18,964,752


Chile — 0.9%
Corp. Nacional del Cobre de Chile
3.00%, 09/30/29 (Call 06/30/29)^(a)		15,354		12,720,175
3.15%, 01/14/30 (Call 10/14/29)^(a)		13,900		11,460,550
3.63%, 08/01/27 (Call 05/01/27)^(a)		17,704		16,128,344
3.70%, 01/30/50 (Call 07/30/49)^(a)		37,833		22,207,971
4.38%, 02/05/49 (Call 08/05/48)^(a)		18,138		12,261,288
4.50%, 08/01/47 (Call 02/01/47)^(a)		17,304		11,887,848
5.95%, 01/08/34 (Call 10/08/33)^(b)		17,550		16,303,950
5.95%, 01/08/34 (Call 10/08/33)^(a)		800		743,200
Empresa de Transporte de Pasajeros Metro SA, 4.70%, 05/07/50 (Call 11/07/49)^(a)		14,112		10,124,654


				113,837,980

China — 1.9%
CNAC HK Finbridge Co. Ltd.
3.00%, 09/22/30^(a)		14,243		11,445,675
4.13%, 07/19/27^(a)		13,851		12,861,346
5.13%, 03/14/28^(a)		24,445		23,315,641
Minmetals Bounteous Finance BVI Ltd., 3.38%, (Call 09/03/24), (5-year CMT + 5.209%)^(a)(c)(d)		13,674		13,339,944
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42^(a)		14,213		12,151,404
Sinopec Group Overseas Development 2017 Ltd., 3.63%, 04/12/27^(a)		14,522		13,636,013
Sinopec Group Overseas Development 2018 Ltd.
1.45%, 01/08/26(a)		15,895		14,573,649
2.15%, 05/13/25 (Call 04/13/25)^(a)		12,376		11,699,528
2.30%, 01/08/31 (Call 10/08/30)^(a)		16,786		13,577,524
2.70%, 05/13/30 (Call 02/13/30)^(a)		20,928		17,673,696
2.95%, 11/12/29 (Call 08/12/29)^(a)		14,203		12,342,691
SPIC MTN Co. Ltd., 1.63%, 07/27/25^(a)		13,642		12,693,744
State Grid Overseas Investment 2016 Ltd., 3.50%, 05/04/27^(a)		33,469		31,318,617
State Grid Overseas Investment BVI Ltd., 1.63%, 08/05/30 (Call 05/05/30)^(a)		16,456		12,800,958
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26^(a)		13,656		12,873,375


				226,303,805

Hong Kong — 0.2%
China Life Insurance Overseas Co. Ltd., 5.35%, 08/15/33, (5-year CMT + 1.232%)^(a)(d)		27,800		26,993,800


Indonesia — 1.0%
Indonesia Asahan Aluminium Persero PT
4.75%, 05/15/25 (Call 04/15/25)^(a)		9,059		8,846,114
5.45%, 05/15/30 (Call 02/15/30)^(a)		9,482		8,763,359
Pelabuhan Indonesia Persero PT, 4.25%, 05/05/25^(a)		9,080		8,783,901
Pertamina Persero PT 1.40%, 02/09/26 (Call 01/09/26)^(a)		8,874		7,992,279


Security	Par (000)		Value

Indonesia (continued)
4.18%, 01/21/50 (Call 07/21/49)^(a)	$	9,163	$	6,095,594
5.63%, 05/20/43^(a)		13,635		11,497,441
6.00%, 05/03/42^(a)		11,615		10,233,163
6.45%, 05/30/44^(a)		13,741		12,667,278
Perusahaan Listrik Negara PT, 4.13%, 05/15/27^(a)		13,683		12,820,629
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.00%, 06/30/50 (Call 12/30/49)^(a)		9,661		5,876,690
5.25%, 10/24/42^(a)		9,475		7,399,312
5.45%, 05/21/28^(a)		9,106		8,823,168
6.15%, 05/21/48^(a)		9,242		7,832,595


				117,631,523

Malaysia — 1.7%
Petronas Capital Ltd. 2.48%, 01/28/32 (Call 10/28/31)^(a)		27,499		21,344,999
3.40%, 04/28/61 (Call 10/28/60)^(a)		37,737		21,827,458
3.50%, 03/18/25^(a)		32,123		31,115,944
3.50%, 04/21/30 (Call 01/21/30)^(a)		48,856		42,464,169
4.50%, 03/18/45^(a)		32,586		25,477,690
4.55%, 04/21/50 (Call 10/21/49)^(a)		59,411		45,571,802
4.80%, 04/21/60 (Call 10/21/59)^(a)		21,239		16,493,995


				204,296,057

Mexico — 2.5%
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25^(a)		6,983		6,732,101
Comision Federal de Electricidad, 4.69%, 05/15/29 (Call 03/15/29)^(a)		8,818		7,803,930
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)^(a)		15,482		11,015,598
Petroleos Mexicanos
4.50%, 01/23/26		8,135		7,278,059
5.35%, 02/12/28		14,383		11,554,583
5.95%, 01/28/31 (Call 10/28/30)		27,725		19,629,300
6.35%, 02/12/48		11,619		6,346,879
6.38%, 01/23/45		8,814		4,935,840
6.49%, 01/23/27 (Call 11/23/26)		11,274		9,956,520
6.50%, 03/13/27		28,832		25,323,578
6.50%, 01/23/29		8,621		6,959,302
6.50%, 06/02/41		11,479		6,719,233
6.63%, 06/15/35		20,185		13,271,638
6.70%, 02/16/32 (Call 11/16/31)		50,167		36,621,910
6.75%, 09/21/47		41,026		23,220,716
6.84%, 01/23/30 (Call 10/23/29)		17,377		13,493,241
6.88%, 08/04/26		18,412		16,906,819
6.95%, 01/28/60 (Call 07/28/59)		27,973		15,839,711
7.69%, 01/23/50 (Call 07/23/49)		59,599		36,802,382
8.75%, 06/02/29 (Call 04/02/29)		14,077		12,372,444
10.00%, 02/07/33		14,920		13,301,180


				306,084,964

Netherlands — 0.1%
MDGH GMTN RSC Ltd., 3.70%, 11/07/49 (Call 05/07/49)^(a)		14,479		9,610,436


Oman — 0.2%
EDO Sukuk Ltd.
5.88%, 09/21/33^(b)		20,650		19,808,512
5.88%, 09/21/33^(a)		250		239,813


				20,048,325


Security	Par (000)		Value

Panama — 0.2%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61 (Call 08/11/60)^(a)	$	22,433	$	14,980,309
Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)^(a)		16,550		12,207,776


				27,188,085

Peru — 0.3%
Petroleos del Peru SA 4.75%, 06/19/32^(a)		20,313		13,507,942
5.63%, 06/19/47^(a)		40,826		22,268,134


				35,776,076

Philippines — 0.1%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24^(a)		16,417		16,595,945


Qatar — 0.8%
Qatar Energy 1.38%, 09/12/26 (Call 08/12/26)^(a)		17,118		15,113,140
2.25%, 07/12/31 (Call 04/12/31)^(a)		40,407		31,542,714
Qatar Petroleum 3.13%, 07/12/41 (Call 01/12/41)^(a)		40,331		26,467,219
3.30%, 07/12/51 (Call 01/12/51)^(a)		46,117		28,088,135


				101,211,208

Saudi Arabia — 0.5%
Gaci First Investment Co. 4.75%, 02/14/30 (Call 01/14/30)^(a)		13,959		13,104,011
4.88%, 02/14/35 (Call 11/14/34)^(a)		16,205		14,321,169
5.00%, 10/13/27 (Call 09/13/27)^(a)		10,004		9,700,754
5.13%, 02/14/53 (Call 08/14/52)^(a)		13,812		10,652,505
5.25%, 10/13/32 (Call 07/13/32)^(a)		9,987		9,475,166
Suci Second Investment Co. 6.00%, 10/25/28^(a)		5,000		5,026,751
6.25%, 10/25/33^(a)		5,000		5,106,936


				67,387,292

South Africa — 0.5%
Eskom Holdings SOC Ltd. 6.35%, 08/10/28^(a)		20,328		18,396,840
7.13%, 02/11/25^(a)		25,381		24,873,380
Transnet SOC Ltd., 8.25%, 02/06/28^(a)		20,350		19,230,750


				62,500,970

United Arab Emirates — 1.2%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(a)		21,353		17,269,239
DP World Crescent Ltd. 3.88%, 07/18/29^(a)		9,308		8,249,215
4.85%, 09/26/28^(a)		9,608		9,085,565
5.50%, 09/13/33^(a)		9,200		8,661,800
DP World Ltd./United Arab Emirates 5.63%, 09/25/48^(a)		12,551		10,294,330
6.85%, 07/02/37^(a)		17,000		16,745,000
DP World Salaam, 6.00%, (Call 10/01/25), (5-year CMT + 5.750%)^(a)(c)(d)		14,273		13,934,159
MDGH GMTN RSC Ltd. 2.50%, 05/21/26 (Call 04/21/26)^(a)		9,769		9,011,902
2.88%, 11/07/29 (Call 08/07/29)^(a)		9,140		7,823,269
2.88%, 05/21/30 (Call 02/21/30)^(a)		9,197		7,781,950
3.38%, 03/28/32 (Call 12/28/31)^(a)		9,110		7,669,481
3.40%, 06/07/51 (Call 12/07/50)^(a)		9,009		5,585,580
3.95%, 05/21/50 (Call 11/21/49)^(a)		18,472		12,814,950
4.38%, 11/22/33 (Call 08/22/33)^(a)		9,134		8,083,590


Security	Par (000)		Value

United Arab Emirates (continued)
5.50%, 04/28/33 (Call 01/28/33)^(a)	$	9,084	$	8,788,770


				151,798,800

Venezuela — 0.2%
Petroleos de Venezuela SA 0.00%, 02/17/22^(a)(e)(f)		14,002		2,135,351
0.00%, 05/16/24^(a)(e)(f)		32,388		4,113,199
0.00%, 04/12/37^(a)(e)(f)		22,444		3,154,532
5.38%, 04/12/27^(a)(e)(f)		24,185		3,216,605
6.00%, 11/15/26^(a)(e)(f)		30,450		3,851,971
9.00%, 11/17/21^(a)(e)(f)		28,268		3,604,176
9.75%, 05/17/35^(a)(e)(f)		31,912		4,467,592


				24,543,426


Total Corporate Bonds & Notes — 13.1% (Cost: $2,097,501,652)				1,596,537,046


Foreign Government Obligations^(g)

Angola — 1.1%
Angolan Government International Bond 8.00%, 11/26/29^(a)		37,411		29,928,800
8.25%, 05/09/28^(a)		37,834		32,111,607
8.75%, 04/14/32^(a)		37,724		29,519,030
9.13%, 11/26/49^(a)		26,601		18,687,203
9.38%, 05/08/48^(a)		37,950		27,039,375


				137,286,015

Argentina — 1.4%
Argentine Republic Government International Bond 0.75%, 07/09/30 (Call 12/01/23)^(h)		161,676		44,945,909
1.00%, 07/09/29 (Call 12/01/23)		26,531		7,097,104
3.50%, 07/09/41 (Call 12/01/23)^(h)		105,150		27,371,931
3.63%, 07/09/35 (Call 12/01/23)^(h)		209,072		51,431,584
3.63%, 07/09/46 (Call 12/01/23)^(h)		21,518		5,336,390
5.00%, 01/09/38 (Call 12/01/23)^(h)		115,979		34,909,698


				171,092,616

Azerbaijan — 0.2%
Republic of Azerbaijan International Bond, 3.50%, 09/01/32^(a)		23,884		18,665,346


Bahrain — 2.7%
Bahrain Government International Bond 5.25%, 01/25/33^(a)		21,809		17,747,074
5.45%, 09/16/32^(a)		21,992		18,500,770
5.63%, 09/30/31^(a)		21,563		18,732,856
5.63%, 05/18/34^(a)		21,445		17,558,094
6.00%, 09/19/44^(a)		26,898		19,400,182
6.75%, 09/20/29^(a)		27,818		26,809,597
7.00%, 01/26/26^(a)		25,062		24,936,690
7.00%, 10/12/28^(a)		35,085		34,865,719
7.38%, 05/14/30^(a)		21,963		21,661,009
7.75%, 04/18/35^(a)		21,877		21,001,920
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(a)		22,293		22,181,535
CBB International Sukuk Programme Co. 3.88%, 05/18/29^(a)		22,198		18,896,048
3.95%, 09/16/27^(a)		21,996		19,851,390
4.50%, 03/30/27^(a)		21,821		20,211,701
CBB International Sukuk Programme Co. WLL, 6.25%, 10/18/30^(a)		21,845		20,834,669


				323,189,254


Security	Par (000)		Value

Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28^(a)	$	22,048	$	11,024,000


Brazil — 3.7%
Brazilian Government International Bond 2.88%, 06/06/25		24,577		23,339,794
3.75%, 09/12/31		21,412		17,739,842
3.88%, 06/12/30		51,343		44,063,076
4.25%, 01/07/25		61,843		60,394,637
4.50%, 05/30/29 (Call 02/28/29)		28,820		26,530,827
4.63%, 01/13/28 (Call 10/13/27)		43,376		41,346,003
4.75%, 01/14/50 (Call 07/14/49)		57,661		38,488,717
5.00%, 01/27/45		48,335		34,583,693
5.63%, 01/07/41		32,030		26,024,375
5.63%, 02/21/47		39,792		30,500,568
6.00%, 04/07/26		31,289		31,563,717
6.00%, 10/20/33		32,484		30,047,700
7.13%, 01/20/37		23,515		23,103,488
8.25%, 01/20/34		19,823		21,200,699


				448,927,136

Chile — 2.3%
Chile Government International Bond 2.45%, 01/31/31 (Call 10/31/30)		19,859		15,946,777
2.55%, 01/27/32 (Call 10/27/31)		20,612		16,190,726
2.55%, 07/27/33 (Call 04/27/33)		31,522		23,562,695
2.75%, 01/31/27 (Call 12/31/26)		20,322		18,544,231
3.10%, 05/07/41 (Call 11/07/40)		37,965		24,677,250
3.10%, 01/22/61 (Call 07/22/60)		28,408		15,184,076
3.24%, 02/06/28 (Call 11/06/27)		24,846		22,609,860
3.25%, 09/21/71 (Call 03/21/71)		13,948		7,392,440
3.50%, 01/31/34 (Call 10/31/33)		21,228		17,003,628
3.50%, 01/25/50 (Call 07/25/49)		32,573		20,537,277
3.50%, 04/15/53 (Call 10/15/52)		20,602		12,814,444
3.86%, 06/21/47		15,179		10,541,816
4.00%, 01/31/52 (Call 07/31/51)		14,238		9,788,625
4.34%, 03/07/42 (Call 09/07/41)		27,920		21,568,200
4.95%, 01/05/36 (Call 10/05/35)		23,655		20,993,640
5.33%, 01/05/54 (Call 07/05/53)		21,070		17,804,142


				275,159,827

China — 1.6%
China Development Bank, 1.00%, 10/27/25^(a)		13,635		12,469,344
China Government International Bond 0.55%, 10/21/25^(a)		31,650		28,860,685
1.20%, 10/21/30^(a)		28,126		22,011,689
1.25%, 10/26/26^(a)		20,339		18,198,320
1.75%, 10/26/31^(a)		14,378		11,421,021
1.95%, 12/03/24^(a)		26,669		25,676,913
2.13%, 12/03/29^(a)		27,558		23,618,308
2.63%, 11/02/27^(a)		13,258		12,145,521
3.50%, 10/19/28^(a)		13,550		12,683,613
Export-Import Bank of China (The) 2.88%, 04/26/26^(a)		13,658		12,897,113
3.88%, 05/16/26^(a)		20,786		20,159,926


				200,142,453

Colombia — 3.1%
Colombia Government International Bond 3.00%, 01/30/30 (Call 10/30/29)		22,688		17,424,384
3.13%, 04/15/31 (Call 01/15/31)		38,416		28,293,384
3.25%, 04/22/32 (Call 01/22/32)		30,636		21,843,468
3.88%, 04/25/27 (Call 01/25/27)		28,991		26,352,819


Security	Par (000)		Value

Colombia (continued)
3.88%, 02/15/61 (Call 08/15/60)	$	20,016	$	10,228,176
4.13%, 02/22/42 (Call 08/22/41)		13,976		8,280,780
4.13%, 05/15/51 (Call 11/15/50)		23,074		12,690,700
4.50%, 01/28/26 (Call 10/28/25)		22,808		21,845,502
4.50%, 03/15/29 (Call 12/15/28)		30,752		26,661,984
5.00%, 06/15/45 (Call 12/15/44)		68,545		43,526,075
5.20%, 05/15/49 (Call 11/15/48)		43,028		27,387,322
5.63%, 02/26/44 (Call 08/26/43)		38,208		26,535,456
6.13%, 01/18/41		38,420		29,199,200
7.38%, 09/18/37		28,209		25,317,578
7.50%, 02/02/34 (Call 11/02/33)		33,533		31,269,522
8.00%, 04/20/33 (Call 01/20/33)		24,652		23,998,722


				380,855,072

Costa Rica — 0.8%
Costa Rica Government International Bond 6.13%, 02/19/31^(a)		26,230		24,918,500
7.00%, 04/04/44^(a)		21,992		20,133,676
7.16%, 03/12/45^(a)		28,538		26,568,878
Costa Rica Government International Bonds, 6.55%, 04/03/34 (Call 01/03/34)^(a)		32,967		31,335,134


				102,956,188

Dominican Republic — 3.3%
Dominican Republic International Bond 4.50%, 01/30/30^(a)		37,890		32,035,995
4.88%, 09/23/32^(a)		57,682		46,635,897
5.30%, 01/21/41^(a)		27,921		20,270,646
5.50%, 01/27/25^(a)		23,478		23,034,735
5.50%, 02/22/29 (Call 12/22/28)^(a)		33,100		30,104,450
5.88%, 01/30/60^(a)		59,878		42,453,502
5.95%, 01/25/27^(a)		31,469		30,238,877
6.00%, 07/19/28^(a)		24,146		22,817,970
6.00%, 02/22/33 (Call 11/22/32)^(a)		32,838		28,881,021
6.40%, 06/05/49^(a)		28,467		22,261,194
6.50%, 02/15/48^(a)		18,883		14,993,102
6.85%, 01/27/45^(a)		37,498		31,217,085
6.88%, 01/29/26^(a)		29,813		29,648,731
7.45%, 04/30/44^(a)		28,215		25,365,285


				399,958,490

Ecuador — 1.1%
Ecuador Government International Bond 0.00%, 07/31/30^(a)(i)		21,710		6,437,050
2.50%, 07/31/40^(a)(h)		65,878		22,036,048
6.00%, 07/31/30^(a)(h)		75,610		38,296,247
6.90%, 07/31/35^(a)(h)		162,714		61,668,710


				128,438,055

Egypt — 2.3%
Egypt Government International Bond 5.80%, 09/30/27^(a)		22,282		14,204,775
5.88%, 06/11/25^(a)		29,814		24,011,897
5.88%, 02/16/31^(a)		29,733		16,241,651
6.59%, 02/21/28^(a)		24,569		15,601,315
7.05%, 01/15/32^(a)		19,716		11,139,540
7.30%, 09/30/33^(a)		22,888		12,588,400
7.50%, 01/31/27^(a)		38,810		26,778,900
7.50%, 02/16/61^(a)		29,709		14,631,683
7.60%, 03/01/29^(a)		34,802		21,577,240
7.63%, 05/29/32^(a)		35,061		19,984,770
7.90%, 02/21/48^(a)		29,816		15,094,350
8.50%, 01/31/47^(a)		50,002		25,928,537
8.70%, 03/01/49^(a)		29,652		15,530,235


Security	Par (000)		Value

Egypt (continued)
8.88%, 05/29/50^(a)	$	39,642	$	20,911,155
Egyptian Financial Co. for Sovereign Taskeek (The), 10.88%, 02/28/26^(a)		29,858		27,581,328


				281,805,776

El Salvador — 0.4%
El Salvador Government International Bond 7.12%, 01/20/50 (Call 07/20/49)^(a)		24,633		15,321,726
7.65%, 06/15/35^(a)		21,490		14,903,315
9.50%, 07/15/52 (Call 01/15/52)^(a)		21,885		16,063,590


				46,288,631

Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24^(a)		20,972		13,205,859


Ghana — 0.8%
Ghana Government International Bond 6.38%, 02/11/27^(a)(e)(f)		27,475		11,951,625
7.63%, 05/16/29^(a)(e)(f)		21,970		9,447,100
7.75%, 04/07/29^(a)(e)(f)		21,969		9,474,131
7.88%, 02/11/35^(a)(e)(f)		22,123		9,595,851
8.13%, 01/18/26^(a)(e)(f)		21,823		9,574,657
8.13%, 03/26/32^(a)(e)(f)		27,605		11,663,113
8.63%, 04/07/34^(a)(e)(f)		22,024		9,497,850
8.63%, 06/16/49^(a)(e)(f)		22,097		9,225,498
8.95%, 03/26/51^(a)(e)(f)		21,795		9,153,900
10.75%, 10/14/30^(a)(e)(f)		21,881		13,620,922


				103,204,647

Guatemala — 0.4%
Guatemala Government Bond 6.13%, 06/01/50 (Call 12/01/49)^(a)		31,078		24,707,010
6.60%, 06/13/36 (Call 03/13/36)^(a)		21,989		20,317,836


				45,024,846

Hungary — 2.5%
Hungary Government International Bond 2.13%, 09/22/31^(a)		48,614		34,972,829
3.13%, 09/21/51^(a)		43,379		22,906,715
5.25%, 06/16/29^(a)		37,728		35,528,835
5.50%, 06/16/34^(a)		27,021		24,045,899
6.13%, 05/22/28^(a)		35,911		35,626,226
6.25%, 09/22/32^(a)		39,083		37,543,520
6.75%, 09/25/52^(a)		26,981		24,957,425
7.63%, 03/29/41		35,764		36,646,924
Magyar Export-Import Bank Zrt, 6.13%, 12/04/27(Call 11/04/27)^(a)		26,898		26,290,105
MFB Magyar Fejlesztesi Bank Zrt, 6.50%, 06/29/28^(a)		24,759		24,291,550


				302,810,028

India — 0.8%
Export-Import Bank of India 2.25%, 01/13/31^(a)		21,902		16,728,529
3.25%, 01/15/30^(a)		21,902		18,439,513
3.38%, 08/05/26^(a)		22,186		20,830,879
3.88%, 02/01/28^(a)		22,068		20,251,141
5.50%, 01/18/33^(a)		21,985		20,595,988


				96,846,050

Indonesia — 4.1%
Indonesia Government International Bond 1.85%, 03/12/31		11,802		9,007,876
2.15%, 07/28/31 (Call 04/28/31)		11,085		8,552,521
2.85%, 02/14/30		11,504		9,723,641
3.05%, 03/12/51		19,005		11,599,322


Security	Par (000)		Value

Indonesia (continued)
3.50%, 01/11/28	$	11,855	$	10,895,693
3.55%, 03/31/32 (Call 12/31/31)		9,506		8,044,548
3.70%, 10/30/49		8,987		6,074,313
3.85%, 07/18/27^(a)		9,475		8,883,950
3.85%, 10/15/30		15,310		13,600,485
4.10%, 04/24/28		9,475		8,881,960
4.13%, 01/15/25^(a)		18,340		18,038,674
4.20%, 10/15/50		15,721		11,511,702
4.35%, 01/08/27^(a)		11,495		11,034,855
4.35%, 01/11/48		16,484		12,541,192
4.45%, 04/15/70		9,528		6,945,721
4.55%, 01/11/28 (Call 12/11/27)		9,088		8,730,205
4.63%, 04/15/43^(a)		13,083		10,843,583
4.65%, 09/20/32 (Call 06/20/32)		12,870		11,764,081
4.75%, 01/08/26^(a)		19,220		18,897,681
4.75%, 02/11/29		11,488		10,982,873
4.75%, 07/18/47^(a)		9,530		7,774,955
4.85%, 01/11/33 (Call 10/11/32)		11,827		11,026,312
5.13%, 01/15/45^(a)		18,795		16,338,493
5.25%, 01/17/42^(a)		21,540		19,343,997
5.25%, 01/08/47^(a)		14,264		12,487,419
5.35%, 02/11/49		9,093		8,012,388
5.95%, 01/08/46^(a)		11,898		11,345,219
6.63%, 02/17/37^(a)		13,003		13,511,157
6.75%, 01/15/44^(a)		18,539		19,339,514
7.75%, 01/17/38^(a)		18,167		20,724,369
8.50%, 10/12/35^(a)		14,635		17,459,555
Perusahaan Penerbit SBSN Indonesia III 1.50%, 06/09/26^(a)		11,505		10,344,145
2.55%, 06/09/31^(a)		8,998		7,196,960
2.80%, 06/23/30^(a)		9,479		7,915,629
4.15%, 03/29/27^(a)		18,342		17,442,141
4.33%, 05/28/25^(a)		17,615		17,268,205
4.40%, 06/06/27^(a)		15,842		15,150,180
4.40%, 03/01/28^(a)		16,243		15,473,732
4.45%, 02/20/29^(a)		11,554		10,929,622
4.55%, 03/29/26^(a)		16,491		16,063,883
4.70%, 06/06/32^(a)		13,283		12,332,203


				504,034,954

Iraq — 0.2%
Iraq International Bond, 5.80%, 01/15/28 (Call 12/17/23)^(a)		33,598		29,835,307


Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.13%, 06/15/33^(a)		27,492		22,474,710


Jamaica — 0.9%
Jamaica Government International Bond 6.75%, 04/28/28		31,034		31,409,511
7.88%, 07/28/45		39,797		42,542,993
8.00%, 03/15/39		27,197		30,093,481


				104,045,985

Jordan — 0.9%
Jordan Government International Bond 5.75%, 01/31/27^(a)		21,978		19,780,200
5.85%, 07/07/30^(a)		26,959		22,746,656
6.13%, 01/29/26^(a)		21,787		20,180,209
7.38%, 10/10/47^(a)		22,264		16,781,490
7.50%, 01/13/29^(a)		27,386		25,366,282


				104,854,837


Security	Par (000)		Value

Kazakhstan — 0.9%
Kazakhstan Government International Bond 4.88%, 10/14/44^(a)	$	22,184	$	18,246,340
5.13%, 07/21/25^(a)		54,342		54,479,485
6.50%, 07/21/45^(a)		33,169		32,505,620


				105,231,445

Kenya — 0.6%
Republic of Kenya Government International Bond 6.30%, 01/23/34^(a)		21,920		15,015,200
7.25%, 02/28/28^(a)		22,262		18,032,220
8.00%, 05/22/32^(a)		26,464		20,741,160
8.25%, 02/28/48^(a)		21,640		15,202,100


				68,990,680

Kuwait — 0.8%
Kuwait International Government Bond, 3.50%, 03/20/27^(a)		98,289		93,038,893


Lebanon — 0.1%
Lebanon Government International Bond 0.00%, 11/27/26^(a)(e)(f)		35,609		2,089,892
6.00%, 01/27/23^(a)(e)(f)		25,132		1,530,790
6.10%, 10/04/24^(a)(e)(f)		21,875		1,334,813
6.65%, 02/26/30^(a)(e)(f)		31,017		1,903,513
6.75%, 11/29/27^(a)(e)(f)		23,028		1,387,437
6.85%, 03/23/27^(a)(e)(f)		28,409		1,731,480
7.00%, 03/23/32^(a)(e)(f)		22,986		1,379,390


				11,357,315

Malaysia — 0.3%
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25^(a)		21,647		20,931,567
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26^(a)		21,857		20,806,334


				41,737,901

Mexico — 3.2%
Mexico Government International Bond 2.66%, 05/24/31 (Call 02/24/31)		25,084		19,527,894
3.25%, 04/16/30 (Call 01/16/30)		16,270		13,699,340
3.50%, 02/12/34 (Call 11/12/33)		21,139		16,086,779
3.75%, 01/11/28		13,565		12,506,930
3.75%, 04/19/71 (Call 10/19/70)		22,597		12,371,857
3.77%, 05/24/61 (Call 11/24/60)		22,802		12,746,318
4.13%, 01/21/26		14,938		14,527,803
4.15%, 03/28/27		17,290		16,564,339
4.28%, 08/14/41 (Call 02/14/41)		18,332		13,024,886
4.35%, 01/15/47		9,345		6,303,203
4.40%, 02/12/52 (Call 08/12/51)		16,636		10,954,806
4.50%, 04/22/29		21,869		20,196,021
4.50%, 01/31/50 (Call 07/31/49)		14,353		9,824,629
4.60%, 01/23/46		17,156		12,103,558
4.60%, 02/10/48		13,564		9,426,980
4.75%, 04/27/32 (Call 01/27/32)		17,936		15,873,360
4.75%, 03/08/44		26,610		19,619,021
4.88%, 05/19/33 (Call 02/19/33)		16,305		14,307,637
5.00%, 04/27/51 (Call 10/27/50)		19,032		13,969,869
5.40%, 02/09/28 (Call 01/09/28)		8,849		8,680,869
5.55%, 01/21/45		20,418		16,895,895
5.75%, 10/12/2110		19,562		14,798,653
6.05%, 01/11/40		20,848		18,658,960
6.34%, 05/04/53 (Call 11/04/52)		21,427		18,566,495
6.35%, 02/09/35 (Call 11/09/34)		21,439		20,431,367
6.75%, 09/27/34		12,608		12,494,528


Security	Par (000)		Value

Mexico (continued)
8.30%, 08/15/31	$	8,376	$	9,406,248


				383,568,245

Morocco — 0.7%
Morocco Government International Bond 3.00%, 12/15/32^(a)		22,056		16,459,290
4.00%, 12/15/50^(a)		27,607		16,322,639
5.95%, 03/08/28^(a)		26,770		26,201,138
6.50%, 09/08/33^(a)		27,527		26,391,511


				85,374,578

Nigeria — 2.0%
Nigeria Government International Bond 6.13%, 09/28/28^(a)		27,133		22,045,563
6.50%, 11/28/27^(a)		32,784		28,194,240
7.14%, 02/23/30^(a)		27,216		21,806,820
7.38%, 09/28/33^(a)		32,804		24,603,000
7.63%, 11/21/25^(a)		24,223		23,496,310
7.63%, 11/28/47^(a)		32,817		22,069,432
7.70%, 02/23/38^(a)		27,438		19,480,980
7.88%, 02/16/32^(a)		31,842		25,393,995
8.25%, 09/28/51^(a)		27,301		19,076,574
8.38%, 03/24/29^(a)		27,222		23,785,222
8.75%, 01/21/31^(a)		21,432		18,351,150


				248,303,286

Oman — 3.4%
Oman Government International Bond 4.75%, 06/15/26^(a)		48,496		46,503,784
5.38%, 03/08/27^(a)		32,679		31,576,084
5.63%, 01/17/28^(a)		48,173		46,427,210
6.00%, 08/01/29^(a)		44,034		42,712,980
6.25%, 01/25/31^(a)		33,070		32,119,237
6.50%, 03/08/47^(a)		40,430		35,073,025
6.75%, 10/28/27^(a)		27,405		27,636,230
6.75%, 01/17/48^(a)		55,831		49,759,379
7.00%, 01/25/51^(a)		20,561		18,864,718
7.38%, 10/28/32^(a)		20,060		20,812,250
Oman Sovereign Sukuk Co. 4.88%, 06/15/30^(a)		35,811		33,438,521
5.93%, 10/31/25^(a)		30,385		30,195,094


				415,118,512

Pakistan — 0.5%
Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29^(a)		22,026		13,089,611
Pakistan Government International Bond 6.00%, 04/08/26^(a)		28,731		15,589,440
6.88%, 12/05/27^(a)		32,850		17,154,270
7.38%, 04/08/31^(a)		30,630		14,862,289


				60,695,610

Panama — 2.7%
Panama Government International Bond 2.25%, 09/29/32 (Call 06/29/32)		43,028		29,086,928
3.16%, 01/23/30 (Call 10/23/29)		27,122		21,751,844
3.30%, 01/19/33 (Call 10/19/32)		18,023		13,228,882
3.75%, 03/16/25 (Call 12/16/24)		21,040		20,251,000
3.87%, 07/23/60 (Call 01/23/60)		51,542		26,904,924
3.88%, 03/17/28 (Call 12/17/27)		21,273		19,060,608
4.30%, 04/29/53		30,480		18,150,840
4.50%, 05/15/47 (Call 11/15/46)		20,282		13,031,185
4.50%, 04/16/50 (Call 10/16/49)		42,894		26,658,621
4.50%, 04/01/56 (Call 10/01/55)		43,697		26,261,897
4.50%, 01/19/63 (Call 07/19/62)		26,701		15,566,683


Security	Par (000)		Value

Panama (continued)
6.40%, 02/14/35 (Call 11/14/34)	$	39,134	$	35,572,806
6.70%, 01/26/36		35,138		32,695,909
6.85%, 03/28/54 (Call 09/28/53)		20,259		17,280,927
6.88%, 01/31/36 (Call 10/31/35)		10,900		10,218,750


				325,721,804

Paraguay — 0.5%
Paraguay Government International Bond 4.95%, 04/28/31 (Call 01/28/31)^(a)		21,914		19,875,998
5.40%, 03/30/50 (Call 09/30/49)^(a)		25,850		19,322,875
6.10%, 08/11/44^(a)		22,208		18,565,888


				57,764,761

Peru — 2.5%
Peruvian Government International Bond 1.86%, 12/01/32 (Call 09/01/32)		20,062		14,113,617
2.78%, 01/23/31 (Call 10/23/30)		70,466		56,443,266
2.78%, 12/01/60 (Call 06/01/60)		40,700		20,370,350
3.00%, 01/15/34 (Call 10/15/33)		45,671		34,458,769
3.23%, 07/28/2121 (Call 01/28/21)		20,304		10,182,456
3.30%, 03/11/41 (Call 09/11/40)		25,547		16,873,794
3.55%, 03/10/51 (Call 09/10/50)		35,438		22,166,469
3.60%, 01/15/72 (Call 07/15/71)		20,366		11,486,424
5.63%, 11/18/50		52,067		45,871,027
6.55%, 03/14/37		23,002		23,128,511
8.75%, 11/21/33		44,391		51,767,009


				306,861,692

Philippines — 3.4%
Philippine Government International Bond 1.65%, 06/10/31		19,541		14,610,415
2.46%, 05/05/30		15,590		12,780,526
2.65%, 12/10/45		23,089		13,369,224
2.95%, 05/05/45		21,179		12,975,950
3.00%, 02/01/28		30,585		27,561,673
3.20%, 07/06/46		35,521		22,269,180
3.70%, 03/01/41		31,506		22,784,194
3.70%, 02/02/42		31,482		22,494,519
3.75%, 01/14/29		22,797		20,923,543
3.95%, 01/20/40		31,526		24,080,505
4.20%, 03/29/47		15,854		11,777,302
5.00%, 07/17/33		19,873		18,680,620
5.00%, 01/13/37		20,756		18,891,488
5.50%, 03/30/26		15,859		15,847,740
5.50%, 01/17/48		19,941		17,867,335
6.38%, 01/15/32		15,977		16,523,893
6.38%, 10/23/34		29,460		30,239,512
7.75%, 01/14/31		27,117		30,172,001
9.50%, 02/02/30		30,273		35,885,614
10.63%, 03/16/25		22,251		23,713,558


				413,448,792

Poland — 2.1%
Bank Gospodarstwa Krajowego 5.38%, 05/22/33^(a)		38,376		35,689,680
6.25%, 10/31/28^(a)		8,500		8,595,625
6.25%, 10/31/28^(b)		11,725		11,856,906
Republic of Poland Government International Bond 3.25%, 04/06/26		37,584		35,590,920
4.88%, 10/04/33 (Call 07/04/33)		54,601		50,498,827
5.50%, 11/16/27 (Call 08/16/27)		31,995		32,125,220
5.50%, 04/04/53 (Call 10/04/52)		53,843		47,299,460
5.75%, 11/16/32 (Call 08/16/32)		32,574		32,235,882


				253,892,520


Security	Par (000)		Value

Qatar — 3.2%
Qatar Government International Bond 3.25%, 06/02/26^(a)	$	40,508	$	38,371,608
3.40%, 04/16/25^(a)		21,970		21,234,005
3.75%, 04/16/30^(a)		34,475		31,458,438
4.00%, 03/14/29^(a)		46,285		43,507,900
4.40%, 04/16/50^(a)		58,319		44,942,079
4.50%, 04/23/28^(a)		34,701		33,575,300
4.63%, 06/02/46^(a)		22,976		18,703,900
4.82%, 03/14/49^(a)		70,210		57,374,734
5.10%, 04/23/48^(a)		69,092		59,008,886
5.75%, 01/20/42^(a)		11,051		10,582,769
6.40%, 01/20/40^(a)		11,489		11,840,851
9.75%, 06/15/30^(a)		16,129		19,873,133


				390,473,603

Romania — 2.2%
Romanian Government International Bond 3.00%, 02/27/27^(a)		28,884		26,129,044
3.00%, 02/14/31^(a)		27,920		22,056,800
3.63%, 03/27/32^(a)		23,816		18,803,208
4.00%, 02/14/51^(a)		43,532		26,595,331
5.13%, 06/15/48^(a)		26,178		19,351,039
5.25%, 11/25/27^(a)		21,476		20,745,386
6.00%, 05/25/34^(a)		21,862		19,880,866
6.13%, 01/22/44^(a)		21,862		18,807,879
6.63%, 02/17/28^(a)		30,750		30,785,670
7.13%, 01/17/33^(a)		34,896		34,618,692
7.63%, 01/17/53^(a)		27,284		26,629,367


				264,403,282

Saudi Arabia — 5.1%
KSA Sukuk Ltd. 2.25%, 05/17/31^(a)		15,635		12,351,650
2.97%, 10/29/29^(a)		19,919		17,254,834
3.63%, 04/20/27^(a)		36,141		33,927,364
4.27%, 05/22/29^(a)		24,321		22,800,937
4.30%, 01/19/29^(a)		15,851		14,979,195
4.51%, 05/22/33^(a)		24,521		22,252,808
5.27%, 10/25/28^(a)		19,337		19,095,288
Saudi Government International Bond 2.25%, 02/02/33^(a)		22,083		16,589,854
2.50%, 02/03/27^(a)		10,461		9,480,281
2.75%, 02/03/32^(a)		8,036		6,479,025
2.90%, 10/22/25^(a)		18,049		17,063,886
3.25%, 10/26/26^(a)		42,076		39,341,060
3.25%, 10/22/30^(a)		13,059		11,181,769
3.25%, 11/17/51^(a)		10,037		5,821,460
3.45%, 02/02/61^(a)		18,124		10,511,920
3.63%, 03/04/28^(a)		41,265		38,118,544
3.75%, 01/21/55^(a)		22,404		14,114,520
4.00%, 04/17/25^(a)		33,689		32,733,917
4.38%, 04/16/29^(a)		32,437		30,409,687
4.50%, 04/17/30^(a)		23,932		22,376,420
4.50%, 10/26/46^(a)		52,206		39,089,242
4.50%, 04/22/60^(a)		24,431		17,651,398
4.63%, 10/04/47^(a)		36,473		27,445,932
4.75%, 01/18/28^(a)		26,582		25,718,085
4.88%, 07/18/33^(a)		27,256		25,382,150
5.00%, 04/17/49^(a)		28,230		22,407,562
5.00%, 01/18/53^(a)		26,537		20,997,401
5.25%, 01/16/50^(a)		29,291		24,091,847


Security	Par (000)		Value

Saudi Arabia (continued)
5.50%, 10/25/32^(a)	$	19,596	$	19,179,585


				618,847,621

Senegal — 0.3%
Senegal Government International Bond 6.25%, 05/23/33^(a)		24,246		19,184,648
6.75%, 03/13/48^(a)		22,324		14,789,650


				33,974,298

Serbia — 0.3%
Serbia International Bond 2.13%, 12/01/30^(a)		26,552		19,431,284
6.50%, 09/26/33^(a)		22,173		20,795,170


				40,226,454

South Africa — 2.6%
Republic of South Africa Government International Bond 4.30%, 10/12/28		40,917		35,188,620
4.85%, 09/27/27		20,267		18,670,974
4.85%, 09/30/29		41,379		35,120,426
4.88%, 04/14/26		24,760		23,522,000
5.00%, 10/12/46		20,451		12,372,855
5.38%, 07/24/44		20,708		13,667,280
5.65%, 09/27/47		30,691		19,949,150
5.75%, 09/30/49		61,007		39,654,550
5.88%, 09/16/25		41,389		40,796,723
5.88%, 06/22/30		28,776		25,214,970
5.88%, 04/20/32		28,464		24,016,500
7.30%, 04/20/52		32,438		25,261,093


				313,435,141

Sri Lanka — 0.8%
Sri Lanka Government International Bond 6.20%, 05/11/27^(a)(e)(f)		32,810		16,243,903
6.75%, 04/18/28^(a)(e)(f)		27,544		13,678,901
6.83%, 07/18/26^(a)(e)(f)		21,979		11,268,414
6.85%, 03/14/24^(a)(e)(f)		22,144		11,353,893
6.85%, 11/03/25^(a)(e)(f)		32,600		16,694,134
7.55%, 03/28/30^(a)(e)(f)		32,782		16,273,968
7.85%, 03/14/29^(a)(e)(f)		30,872		15,273,613


				100,786,826

Trinidad And Tobago — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26^(a)		21,900		20,836,755


Tunisia — 0.1%
Tunisian Republic, 5.75%, 01/30/25^(a)		21,923		15,154,274


Turkey — 5.1%
Hazine Mustesarligi Varlik Kiralama AS 5.13%, 06/22/26^(a)		23,080		21,406,700
7.25%, 02/24/27^(a)		27,565		26,692,568
9.76%, 11/13/25^(a)		23,005		23,752,662
Turkey Government International Bond 4.25%, 03/13/25		18,103		17,265,736
4.25%, 04/14/26		14,305		13,124,838
4.75%, 01/26/26		15,854		14,863,125
4.88%, 10/09/26		28,189		25,933,880
4.88%, 04/16/43		27,596		16,730,075
5.13%, 02/17/28		18,535		16,403,475
5.25%, 03/13/30		17,835		14,713,875
5.75%, 05/11/47		32,481		21,153,251
5.88%, 06/26/31		16,105		13,347,019


Security	Par (000)		Value

Turkey (continued)
5.95%, 01/15/31	$	20,857	$	17,519,880
6.00%, 03/25/27		30,504		28,635,630
6.00%, 01/14/41		27,892		19,803,320
6.13%, 10/24/28		25,096		22,743,250
6.38%, 10/14/25		23,971		23,341,761
6.50%, 09/20/33		13,553		11,350,638
6.63%, 02/17/45		27,993		20,644,837
6.75%, 05/30/40		18,389		14,297,448
6.88%, 03/17/36		25,337		20,934,696
7.25%, 03/05/38		8,730		7,420,500
7.38%, 02/05/25		29,673		29,784,274
7.63%, 04/26/29		28,206		26,830,957
8.00%, 02/14/34		13,835		12,918,431
8.60%, 09/24/27		18,866		19,078,243
9.13%, 07/13/30		23,174		23,116,065
9.38%, 03/14/29		20,702		21,064,285
9.38%, 01/19/33		25,381		25,349,274
9.88%, 01/15/28		31,773		33,242,501
11.88%, 01/15/30		13,729		15,719,705


				619,182,899

Ukraine — 0.8%
Ukraine Government International Bond 6.88%, 05/21/31^(a)(e)(f)		38,202		9,416,793
7.25%, 03/15/35^(a)(e)(f)		56,196		14,133,294
7.38%, 09/25/34^(a)(e)(f)		65,602		16,498,903
7.75%, 09/01/23^(a)(e)(f)		29,664		9,047,520
7.75%, 09/01/24^(a)(e)(f)		29,192		8,315,633
7.75%, 09/01/25^(a)(e)(f)		29,337		8,331,708
7.75%, 09/01/26^(a)(e)(f)		29,166		8,166,480
7.75%, 09/01/27^(a)(e)(f)		28,937		8,044,486
9.75%, 11/01/30^(a)(e)(f)		34,660		10,051,400


				92,006,217

United Arab Emirates — 3.2%
Abu Dhabi Government International Bond 1.63%, 06/02/28^(a)		18,387		15,651,934
1.70%, 03/02/31^(a)		13,766		10,715,592
1.88%, 09/15/31^(a)		16,045		12,494,723
2.50%, 04/16/25^(a)		27,874		26,602,109
2.50%, 09/30/29^(a)		28,478		24,468,298
2.70%, 09/02/70^(a)		13,872		7,035,705
3.00%, 09/15/51^(a)		12,252		7,236,338
3.13%, 05/03/26^(a)		24,456		23,072,707
3.13%, 10/11/27^(a)		38,902		35,825,630
3.13%, 04/16/30^(a)		27,977		24,576,046
3.13%, 09/30/49^(a)		37,249		22,791,732
3.88%, 04/16/50^(a)		37,652		26,603,491
4.13%, 10/11/47^(a)		28,865		21,495,405
Emirate of Dubai Government International Bond, 5.25%, 01/30/43^(a)		9,129		7,736,827
Emirate of Dubai Government International Bonds, 3.90%, 09/09/50^(a)		11,380		7,283,200
Finance Department Government of Sharjah 4.00%, 07/28/50^(a)		9,825		5,563,406
6.50%, 11/23/32^(a)		9,260		8,959,050
RAK Capital, 3.09%, 03/31/25^(a)		8,014		7,663,387
Sharjah Sukuk Program Ltd. 2.94%, 06/10/27^(a)		9,392		8,417,580
3.23%, 10/23/29^(a)		9,450		8,106,328
3.85%, 04/03/26^(a)		9,799		9,272,304
4.23%, 03/14/28^(a)		11,565		10,684,557


Security	Par (000)		Value

United Arab Emirates (continued)
UAE International Government Bond 2.00%, 10/19/31^(a)	$	9,850	$	7,721,415
2.88%, 10/19/41^(a)		8,997		5,862,108
3.25%, 10/19/61^(a)		18,488		10,959,917
4.05%, 07/07/32^(a)		17,060		15,529,931
4.92%, 09/25/33^(b)		13,300		12,797,094
4.95%, 07/07/52^(a)		11,527		9,715,100


				394,841,914

Uruguay — 2.1%
Uruguay Government International Bond 4.38%, 10/27/27		30,540		30,162,933
4.38%, 01/23/31 (Call 10/23/30)		44,960		42,402,561
4.98%, 04/20/55		56,501		47,065,309
5.10%, 06/18/50		85,352		73,573,827
5.75%, 10/28/34 (Call 07/28/34)		32,202		32,153,388
7.63%, 03/21/36		22,352		25,246,999


				250,605,017

Zambia — 0.2%
Zambia Government International Bond 8.50%, 04/14/24^(a)(e)(f)		21,929		13,383,543
8.97%, 07/30/27^(a)(e)(f)		27,286		16,550,664


				29,934,207


Total Foreign Government Obligations — 84.9% (Cost: $13,979,419,859)				10,307,940,624


Total Long-Term Investments — 98.0% (Cost: $16,076,921,511)				11,904,477,670


	Shares

Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(j)(k)		46,700,000		46,700,000


Total Short-Term Securities — 0.4% (Cost: $46,700,000)				46,700,000


Total Investments — 98.4% (Cost: $16,123,621,511)				11,951,177,670

Other Assets Less Liabilities — 1.6%				194,180,063


Net Assets — 100.0%			$	12,145,357,733

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

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

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

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

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

^(f)	Non-income producing security.

^(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⁾	Zero-coupon bond.

^(j)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

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

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

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period and as of the report date and utilized its ability to temporarily borrow from that custodian for operational purposes. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income 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 Funds.

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

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

formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

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.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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

For its investment advisory services to the iShares J.P. Morgan Broad USD Emerging Markets Bond ETF, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares J.P. Morgan USD Emerging Markets Bond ETF, 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:

Expense waivers: The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. For the iShares J.P. Morgan Broad USD Emerging Markets Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2024 in order to limit total annual operating expenses after fee waiver to 0.18% of average daily net assets.

This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended ended October 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were 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 Funds.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

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

During the year ended October 31 2023, the iShares J.P. Morgan USD Emerging Markets Bond ETF received a reimbursement of $63,375 from an affiliate, which is included in Other income – affiliated in the Statement of Operations, related to an operating event.

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

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

For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

As of October 31, 2023, 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, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or 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 Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

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

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 Statements of Assets and Liabilities.

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

iShares Trust and Shareholders of each of the two funds listed in the table below

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2023:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:

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 Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:

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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any 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 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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 (as discussed above), 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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 each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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 its United Kingdom (“UK”) equivalent, ( “AIFMD”) 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, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

The Company is required under AIFMD 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 programs 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 and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time.All employees are subject to a clawback 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 organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. 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. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.

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 investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

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 Fundis 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 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, 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. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. 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 Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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 Funds’ 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.


	Cumulative Total Returns
	Since Inception
Fund NAV		(0.48	)%
Fund Market		0.06
Index		(0.48	)


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	973.60	$	0.90		$	1,000.00	$	1,024.30	$	0.92		0.18	%


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aa	7.9	%
A	16.1
Baa	32.3
Ba	14.7
B	12.0
Caa	3.1
Ca	1.1
Not Rated	12.8


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.46	%		(0.46	)%		1.49	%		7.46	%		(2.30	)%		15.94	%
Fund Market		8.12			(0.44	)		1.46			8.12			(2.18	)		15.63
Index		7.65			(0.29	)		1.88			7.65			(1.44	)		20.46


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	971.80	$	1.94		$	1,000.00	$	1,023.20	$	1.99		0.39	%


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		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		28
Notes to Financial Statements		30
Report of Independent Registered Public Accounting Firm		37
Important Tax Information		38
Board Review and Approval of Investment Advisory Contract		39
Supplemental Information		42
Trustee and Officer Information		44
General Information		47
Glossary of Terms Used in this Report		48


4		2 0 2 3 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, 2023		iShares^® J.P. Morgan Broad USD Emerging Markets Bond ETF


Fund Summary as of October 31, 2023 (continued)		iShares^® J.P. Morgan Broad USD Emerging Markets Bond ETF


Country/Geographic Region	Percent of Total Investments	^(a)
China	6.5	%
Mexico	4.5
Saudi Arabia	4.2
United Arab Emirates	4.2
Turkey	4.1
Brazil	3.9
Indonesia	3.7
India	3.3
Qatar	3.3
Philippines	3.1


Fund Summary as of October 31, 2023		iShares^® J.P. Morgan USD Emerging Markets Bond ETF


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		9


Affiliated Issuer		Value at 02/22/23	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$	590,000	^(b)	$	—	$	—	$	—	$	590,000	590,000	$	16,932	^(c)	$	—


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	18,349,206	$	—	$	18,349,206
Foreign Government Obligations		—		19,066,100		—		19,066,100
Short-Term Securities
Money Market Funds		590,000		—		—		590,000


	$	590,000	$	37,415,306	$	—	$	38,005,306



		2023 Annual Report


Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	122,810,000	$	—	$	(76,110,000	)^(a)	$	—	$	—	$	46,700,000		46,700,000	$	3,290,994	$	106


	iShares J.P. Morgan Broad USD Emerging Markets Bond ETF			iShares J.P. Morgan USD Emerging Markets Bond ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	37,415,306		$	11,904,477,670
Investments, at value — affiliated^(c)		590,000			46,700,000
Cash		5,036			—
Cash pledged as collateral for securities lending		161,077			—
Foreign currency, at value^(d)		374			85,536
Receivables:
Investments sold		672,658			11,732,546
Securities lending income — affiliated		194			—
Capital shares sold		—			35,442,247
Dividends — affiliated		1,995			218,080
Interest — unaffiliated		466,987			170,367,073


Total assets		39,313,627			12,169,023,152


LIABILITIES
Bank overdraft		—			10,749
Collateral on securities loaned, at value		161,077			—
Payables:
Investments purchased		880,753			19,452,600
Investment advisory fees		5,855			4,202,070


Total liabilities		1,047,685			23,665,419


Commitments and contingent liabilities

NET ASSETS	$	38,265,942		$	12,145,357,733


NET ASSETS CONSIST OF
Paid-in capital	$	40,193,947		$	17,972,088,483
Accumulated loss		(1,928,005	)		(5,826,730,750	)


NET ASSETS	$	38,265,942		$	12,145,357,733


NET ASSET VALUE
Shares outstanding		800,000			150,000,000

Net asset value	$	47.83		$	80.97

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — unaffiliated	$	39,337,529		$	16,076,921,511
^(b) Securities loaned, at value	$	154,871		$	—
^(c) Investments, at cost — affiliated	$	590,000		$	46,700,000
^(d) Foreign currency, at cost	$	383		$	85,525


		iShares J.P. Morgan Broad USD Emerging Markets Bond ETF	^(a)		iShares J.P. Morgan USD Emerging Markets Bond ETF


INVESTMENT INCOME
Dividends — affiliated	$	15,507		$	3,290,994
Interest — unaffiliated		1,812,216			785,179,646
Securities lending income — affiliated — net		1,425			—
Other income — unaffiliated		200			59,429
Other income — affiliated		—			63,375

Total investment income		1,829,348			788,593,444


EXPENSES
Investment advisory		54,930			57,906,631
Interest expense		—			63,375

Total expenses		54,930			57,970,006

Less:
Investment advisory fees waived		(5,493	)		—

Total expenses after fees waived		49,437			57,970,006

Net investment income		1,779,911			730,623,438


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(199,071	)		(177,115,430	)
Capital gain distributions from underlying funds — affiliated		—			106
Foreign currency transactions		—			25
In-kind redemptions — unaffiliated^(b)		—			(551,826,444	)

		(199,071	)		(728,941,743	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,922,223	)		919,991,372
Foreign currency translations		(9	)		843

		(1,922,232	)		919,992,215

Net realized and unrealized gain (loss)		(2,121,303	)		191,050,472

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(341,392	)	$	921,673,910


	iShares J.P. Morgan Broad USD Emerging Markets Bond ETF			iShares J.P. Morgan USD Emerging Markets Bond ETF
		Period From 02/22/23 to 10/31/23	^(a)		Year Ended 10/31/23			Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,779,911		$	730,623,438		$	728,491,655
Net realized loss		(199,071	)		(728,941,743	)		(912,320,662	)
Net change in unrealized appreciation (depreciation)		(1,922,232	)		919,992,215			(4,367,349,345	)

Net increase (decrease) in net assets resulting from operations		(341,392	)		921,673,910			(4,551,178,352	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(1,586,613	)		(741,738,699	)		(739,764,342	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		40,193,947			(1,703,746,600	)		(677,716,605	)


NET ASSETS
Total increase (decrease) in net assets		38,265,942			(1,523,811,389	)		(5,968,659,299	)
Beginning of period		—			13,669,169,122			19,637,828,421

End of period	$	38,265,942		$	12,145,357,733		$	13,669,169,122


	iShares J.P. Morgan Broad USD Emerging Markets Bond ETF
		Period From 02/22/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	50.00


Net investment income^(b)		2.22
Net realized and unrealized gain^(c)		(2.41	)

Net increase from investment operations		(0.19	)

Distributions from net investment income^(d)		(1.98	)


Net asset value, end of period	$	47.83


Total Return^(e)
Based on net asset value		(0.48	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.20	%^(h)

Total expenses after fees waived		0.18	%^(h)

Net investment income		6.48	%^(h)


Supplemental Data
Net assets, end of period (000)	$	38,266

Portfolio turnover rate⁽ⁱ⁾		10	%


	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


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

Net investment income^(a)		4.20			4.17			4.32			4.63			5.25
Net realized and unrealized gain (loss)^(b)		1.79			(30.34	)		(0.14	)		(3.39	)		9.44

Net increase (decrease) from investment operations		5.99			(26.17	)		4.18			1.24			14.69

Distributions from net investment income^(c)		(4.22	)		(4.28	)		(4.35	)		(4.56	)		(6.12	)


Net asset value, end of year	$	80.97		$	79.20		$	109.65		$	109.82		$	113.14


Total Return^(d)
Based on net asset value		7.46	%^(e)		(24.42	)%		3.80	%		1.20	%		14.50	%


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


Net investment income		4.95	%		4.44	%		3.86	%		4.22	%		4.81	%


Supplemental Data
Net assets, end of year (000)	$	12,145,358		$	13,669,169		$	19,637,828		$	17,208,257		$	14,482,306

Portfolio turnover rate^(g)		13	%		8	%		7	%		10	%		11	%


iShares ETF		Diversification Classification
J.P. Morgan Broad USD Emerging Markets Bond^(a)		Non-diversified
J.P. Morgan USD Emerging Markets Bond		Diversified


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
J.P. Morgan Broad USD Emerging Markets Bond
J.P. Morgan Securities LLC	$	106,547	$	(106,547	)	$	—		$	—
Jefferies LLC		48,324		(48,324	)		—			—

	$	154,871	$	(154,871	)	$	—		$	—


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	Amounts Waived
J.P. Morgan Broad USD Emerging Markets Bond	$	5,493


iShares ETF	Amounts
J.P. Morgan Broad USD Emerging Markets Bond	$	343


iShares ETF	Purchases		Sales
J.P. Morgan Broad USD Emerging Markets Bond	$	33,548,888	$	3,901,344
J.P. Morgan USD Emerging Markets Bond		1,948,257,968		1,818,996,667


iShares ETF	In-kind Purchases		In-kind Sales
J.P. Morgan Broad USD Emerging Markets Bond	$	9,558,449	$	—
J.P. Morgan USD Emerging Markets Bond		9,029,990,726		10,758,718,608


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
J.P. Morgan USD Emerging Markets Bond	$	(582,210,734	)		$ 582,210,734


iShares ETF	Period Ended 10/31/23
J.P. Morgan Broad USD Emerging Markets Bond Ordinary income		$ 1,586,613


iShares ETF	Year Ended 10/31/23		Year Ended 10/31/22
J.P. Morgan USD Emerging Markets Bond Ordinary income	$	741,738,699		$739,764,342


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
J.P. Morgan Broad USD Emerging Markets Bond	$	206,717	$	(163,807	)	$	(1,970,915	)	$	(1,928,005	)
J.P. Morgan USD Emerging Markets Bond		55,119,770		(1,667,746,796	)		(4,214,103,724	)		(5,826,730,750	)


iShares ETF		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
J.P. Morgan Broad USD Emerging Markets Bond	$	39,976,212	$	247,559	$	(2,218,465	)	$	(1,970,906)
J.P. Morgan USD Emerging Markets Bond		16,165,281,405		5,048,645		(4,219,152,380	)		(4,214,103,735)


	Period Ended 10/31/23
iShares ETF	Shares		Amount
J.P. Morgan Broad USD Emerging Markets Bond^(a)
Shares sold		800,000	$	40,193,947


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		37