2021 Annual Report: Ishares J.P. Morgan Usd Emerging Markets Bond Etf - Emb - Nasdaq

OCTOBER 31, 2021
2021 Annual Report

iShares Trust
• iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NASDAQ
BNM1221U-1969639-6068198
The Markets in Review
Dear Shareholder,
The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and
recovery, as the global economy dealt with the implications of the coronavirus (or COVID-19) pandemic.
The United States began the reporting period as the initial reopening-led economic rebound was
beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period,
eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending
pushed up against supply constraints and led to elevated inflation.
Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and
passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices
neared or surpassed all-time highs late in the reporting period. In the United States, returns of Rob Kapito
small-capitalization stocks, which benefited the most from the resumption of in-person activities, out- President, BlackRock, Inc.
paced large-capitalization stocks. International equities also gained, as both developed and emerging
markets continued to recover from the effects
f of the pandemic.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the Total Returns as of October 31, 2021
beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and 6-Month 12-Month
economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking
inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. large cap equities
10.91% 42.91%
U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the Fed) (S&P 500 Index)
assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment- U.S. small cap equities
grade corporate bonds. 1.85 50.80
(Russell 2000 Index)
The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates
International equities
and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate
(MSCI Europe, Australasia, 4.14 34.18
increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the Far East Index)
possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.
Emerging market equities
Looking ahead, we believe that the global expansion will continue to broaden as Europe and other
(MSCI Emerging Markets (4.87) 16.96
developed market economies gain momentum, although the Delta variant of the coronavirus remains a
Index)
threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term
as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than 3-month Treasury bills
a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less (ICE BofA 3-Month 0.01 0.06
likely to be followed by interest rate hikes that could threaten the economic expansion. U.S. Treasury Bill Index)
Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are U.S. Treasury securities
better poised to manage the transition to a lower-carbon world, such as technology and health care, are (ICE BofA 10-Year
Y 1.59 (4.77)
particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to U.S. Treasury Index)
benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more
accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight U.S. investment grade bonds
(Bloomberg U.S. Aggregate 1.06 (0.48)
long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market
Bond Index)
local-currency bonds offerf potential opportunities. We believe that international diversification and a focus
on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus Tax-exempt municipal bonds
0.33 2.76
appears to be accelerating the shift toward sustainable investments. (S&P Municipal Bond Index)
In this environment, our view is that investors need to think globally, extend their scope across a broad U.S. high yield bonds
array of asset classes, and be nimble as market conditions change. We encourage you to talk with your (Bloomberg U.S. Corporate
financial advisor and visit iShares.com for further insight about investing in todays markets. 2.36 10.53
High Yield 2% Issuer Capped
Sincerely, Index)
Past performance is not an indication of future results.

Index performance is shown for illustrative purposes only.
You cannot invest directly in an index.
Rob Kapito
President, BlackRock, Inc.
2 TH I S PAGE IS NOT PART OF YO U R F U N D R E P O R T
BNM1221U-1969639-6068198
Table of Contents
Page
The Markets in Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Shareholder Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Financial Statements
Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Trustee and Officer
f Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
BNM1221U-1969639-6068198
Market Overview
iShares Trust
Global Bond Market Overview
Global investment-grade bonds declined slightly for the 12 months ended October 31, 2021 (reporting period). The Bloomberg Global Aggregate Index, a broad measure
of global bond market performance, returned -1.24% in U.S. dollar terms for the reporting period.
While the global economy continued its rebound from the impact of the coronavirus pandemic, the recovery was uneven and beset with challenges. The creation of multiple
COVID-19 vaccines and the implementation of vaccination programs globally helped to mitigate the pandemics impact and led to the lifting of restrictions in many countries.
However, while nearly half of the worlds population received at least one vaccine dose by the end of the reporting period, vaccine distribution varied substantially. The
spread of the highly contagious Delta variant led to swift case increases in some areas, causing renewed restrictions and constraining global growth.
Bond performance differed

f by type, but in general corporate bonds gained more than government bonds, and lower-rated bonds gained more than higher-rated bonds. The
improving economic environment and vaccination progress led to investor optimism about the lower-rated segments of the market. However, a notable rise in global inflation
pressured bonds, which typically lose value in an inflationary environment.
Bonds in the U.S. established these global patterns, as corporate bonds, particularly high-yield bonds, posted solid returns, backed by strong investor demand for yield,
while U.S. Treasuries declined, largely due to rising inflation. Bond issuance was high by historical standards, as corporations were eager to take advantage of low
borrowing costs, while the federal government issued debt to finance stimulus and other spending. The U.S. Federal Reserve Bank (Fed) continued to keep short-term
interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its
corporate bond purchase program. The Fed indicated that it would begin slowing its bond buying activities late in 2021, and their forecast showed that an interest rate
increase is possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of
monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.
European bond prices declined overall, as supply chain frictions and increasing commodities prices, particularly for energy commodities, led to the highest Eurozone
inflation rate in 13 years. In response, the European Central Bank (ECB) slowed the pace of its bond purchases, while keeping its benchmark interest rate at 0%. The E.U.
issued €20 billion in common European bonds to partially finance its pandemic recovery fund, attracting high investor interest. Bond prices also declined in the U.K. amid
a relatively early vaccination push and robust economic recovery. While the Bank of England kept interest rates at record lows, it signaled that it would soon raise interest
rates to counter growing inflation.
In contrast, bonds in the Asia/Pacific region posted a solid gain overall, although gains were mostly concentrated in corporate bonds, particularly the lower-rated segment
of the market. Japanese government bonds were nearly flat, as inflation concerns were much less prominent in Japan compared to other regions, and the Bank of Japan
showed no signs of tightening monetary policy. Emerging market bonds also advanced, benefiting from higher yields compared with developed economies, as investors
sought income in a low interest rate environment. However, concerns late in the reporting period surrounding Chinas highly indebted property companies weighed on
returns of some emerging market bonds.
4 2021 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
BNM1221U-1969639-6068198
Fund Summary as of October 31, 2021 iShares J.P. Morgan USD Emerging Markets Bond ETF
Investment Objective
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.
Perfor
f mance
Average Annual Total Returns Cumulative Total Returns
1 Year 5 Years 10 Years 1 Year 5 Years 10 Years
Fund NAV.
A ......................................................................................... 3.80% 3.71% 4.70% 3.80% 19.96% 58.25%
Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.83 3.75 4.63 3.83 20.18 57.22
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.22 4.15 5.32 4.22 22.54 68.00
GROWTH OF $10,000 INVESTMENT

(AT
A NET ASSET VALUE)
$18,000
17,000 $16,800
16,000 $15,825
15,000
14,000
13,000
12,000
11,000
10,000
9,000
Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 21
Fund Index
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption
or sale of fund shares. See About Fund Performance on page 7 for more information.
Expense Example
Actual Hypothetical 5% Return
Beginning Ending Expenses Beginning Ending Expenses Annualized
Account Value Account Value Paid During Account Value
V Account Value
V Paid During Expense
(05/01/21) (10/31/21) the Period (a) (05/01/21) (10/31/21) the Period (a) Ratio
$ 1,000.00 $ 1,011.10 $ 1.98 $ 1,000.00 $ 1,023.20 $ 1.99 0.39%
(a)
Expenses are calculated using the Funds annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of
days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may
be paid which are not reflected in the tables and examples above. See Shareholder Expenses on page 7 for more information.
FU N D S U M M A R Y 5
BNM1221U-1969639-6068198
Fund Summary as of October 31, 2021 (continued) iShares J.P. Morgan USD Emerging Markets Bond ETF
Portfolio Management Commentary

U.S. dollar-denominated emerging market bonds advanced broadly for the reporting period. Accommodative monetary policy, investors increasing appetite for risk-taking,
and the search for yield in a low interest rate environment supported emerging market bond performance despite rising interest rates in many countries.
From a country perspective, Mexican bonds were the largest contributors to the Indexs return despite higher interest rates and rising inflation, largely reflecting the
performance of bonds issued by a large, state-owned oil company. The oil company benefited from rising oil and gas prices as well as expectations that the government
would offer
f financial support after two fires occurred at production facilities during the reporting period.
Omani bonds were also solid contributors to the Indexs return. The Omani government sought to lower its relatively large budget deficit by seeking spending cuts and tax
increases amid higher revenue from rising oil prices. The Omani government issued $3.25 billion in debt during the reporting period, which was met with strong demand
from investors. Turkish bonds rallied late in the reporting period, as investors were enticed by extremely high yields despite the countrys high inflation rate and
accommodative monetary policy. On the downside, a credit downgrade from investment-grade to high-yield status in Colombia and political uncertainty in Peru meant that
bonds issued from these countries detracted from the Indexs return.
From a credit quality perspective, higher-yielding lower-rated bonds, including those rated B, Ba, and Caa, contributed the most to the Indexs return, reflecting strong
demand for yield, while higher-rated lower-yielding bonds detracted modestly from the Indexs return. From a maturity perspective, bonds with maturities greater than seven
years, which represented approximately 69% of the Index on average, contributed the most to the Indexs performance.
Portfolio Infor
f mation
ALLOCATION
A BY CREDIT QUALITY TEN LARGEST GEOGRAPHIC ALLOCATION
A
Percent of Percent of
Moody's Credit Rating* Total Investments(a) Country/Geographic Region Total Investments(a)
Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0% Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6%
A .......................................................... 14.2 Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9
Baa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.5 Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6
Ba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9 United Arab Emirates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5
B .......................................................... 18.8 Qatar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4
Caa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0
Ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8
Not Rated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7
Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5
Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3
*
Credit quality ratings shown reflect the ratings assigned by Moodys Investors Service (Moodys), a widely used independent, nationally recognized statistical rating organization.
Moodys credit ratings are opinions of the credit quality of individual obligations or of an issuers general creditworthiness. Investment grade ratings are credit ratings of Baa or higher.
Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(a)
Excludes money market funds.
BNM1221U-1969639-6068198
About Fund Performance
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These
circumstances may continue for an extended period of time and may continue to affectf adversely the value and liquidity of the Fund's investments. As a result, current
performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance
results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or
on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or
less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees.
Without such a waiver, performance would have been lower.
Net asset value or NAV

A is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10,
2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between
the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such funds NAV
A is calculated. Market
and NAV
A returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, A 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.
Shareholder Expenses
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing
costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or
from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and
cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee
waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled Expenses Paid During the Period.
Hypothetical Example for Comparison Purposes The table also provides information about hypothetical account values and hypothetical expenses based on your
Funds actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your
Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions
and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine
the relative total costs of owning different
f funds. In addition, if these transactional costs were included, your costs would have been higher.
A B O U T F U N D P E R F O R M A N C E /S H A R E H O L D E R E X P E N S E S 7
BNM1221U-1969639-6068198
Schedule of Investments iShares J.P. Morgan USD Emerging Markets Bond ETF
October 31, 2021 (Percentages shown are based on Net Assets)
Par Par
Security (000) Value Security (000) Value
Corporate Bonds & Notes Indonesia 1.1%

Indonesia Asahan Aluminium Persero PT
Azerbaijan 0.3%
4.75%, 05/15/25 (Call 04/15/25)(a) . . . . . . . . . . . . . . . . . . . . $ 11,402 $ 12,217,243
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a) . . . . . . . . $ 56,047 $ 65,585,499
5.45%, 05/15/30 (Call 02/15/30)(a) . . . . . . . . . . . . . . . . . . . . 11,981 13,680,864
Bahrain 0.2% 6.53%, 11/15/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,690 11,651,014
Oil and Gas Holding Co. BSCC (The), 7.50%, Pelabuhan Indonesia II PT, T 4.25%, 05/05/25(a) . . . . . . . . . . . 12,822 13,881,225
10/25/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,412 30,038,412 Pertamina Persero PT
1.40%, 02/09/26 (Call 01/09/26)(a) . . . . . . . . . . . . . . . . . . . . 12,168 11,849,928
Chile 1.1% 4.18%, 01/21/50 (Call 07/21/49)(a) . . . . . . . . . . . . . . . . . . . . 11,657 11,933,854
Corp. Nacional del Cobre de Chile 4.30%, 05/20/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,531 16,242,514
3.00%, 09/30/29 (Call 06/30/29)(a) . . . . . . . . . . . . . . . . . . . . 23,170 23,420,526 5.63%, 05/20/43(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,437 18,408,623
3.15%, 01/14/30 (Call 10/14/29)(a) . . . . . . . . . . . . . . . . . . . . 21,035 21,485,938 6.00%, 05/03/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,920 14,691,400
3.63%, 08/01/27 (Call 05/01/27)(a) . . . . . . . . . . . . . . . . . . . . 27,534 29,320,268 6.45%, 05/30/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,190 22,506,008
3.70%, 01/30/50 (Call 07/30/49)(a) . . . . . . . . . . . . . . . . . . . . 51,561 52,325,919 Perusahaan Perseroan Persero PT Perusahaan
4.38%, 02/05/49 (Call 08/05/48)(a) . . . . . . . . . . . . . . . . . . . . 26,628 30,019,741 Listrik Negara
4.50%, 08/01/47 (Call 02/01/47)(a) . . . . . . . . . . . . . . . . . . . . 25,899 29,634,931 4.00%, 06/30/50 (Call 12/30/49)(a) . . . . . . . . . . . . . . . . . . . . 11,218 10,862,530
Empresa de Transporte de Pasajeros Metro SA, 4.70%, 4.13%, 05/15/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,361 17,570,691
05/07/50 (Call 11/07/49)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,685 25,246,761 5.25%, 10/24/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,742 11,959,203
211,454,084 5.45%, 05/21/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,445 13,192,508
China 2.2% 6.15%, 05/21/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,317 13,957,935
China Minmetals Corp., 3.75%, (Call 11/13/22)(a)(b)(c) . . . . . 13,330 13,534,116 214,605,540
CNAC HK Finbridge Co. Ltd. Kazakhstan 0.9%
3.00%, 09/22/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,707 13,637,505 KazMunayGas National Co. JSC
3.38%, 06/19/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,862 15,462,573 4.75%, 04/19/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,281 31,412,838
4.13%, 07/19/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,924 16,111,204 5.38%, 04/24/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,285 41,374,838
4.63%, 03/14/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,257 15,910,457 5.75%, 04/19/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,227 41,185,777
5.13%, 03/14/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,908 29,420,607 6.38%, 10/24/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,989 52,627,314
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 166,600,767
10/03/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,845 18,924,801 Malaysia 1.9%
Minmetals Bounteous Finance BVI Ltd., 3.38%, Petronas Capital Ltd.
(Call 09/03/24)(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,914 14,196,628 2.48%, 01/28/32 (Call 10/28/31)(a) . . . . . . . . . . . . . . . . . . . . 34,065 33,802,018
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 3.40%, 04/28/61 (Call 10/28/60)(a) . . . . . . . . . . . . . . . . . . . . 47,266 48,968,522
05/17/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,367 17,936,625 3.50%, 03/18/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,829 44,438,084
10/17/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,812 23,199,679 4.50%, 03/18/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,087 51,485,553
04/10/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,516 21,026,734 4.80%, 04/21/60 (Call 10/21/59)(a) . . . . . . . . . . . . . . . . . . . . 27,505 36,687,269
Sinopec Group Overseas Development 2015 Ltd., 3.25%,
04/28/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,313 22,400,389 378,443,390
Sinopec Group Overseas Development 2017 Ltd., 3.63%, Mexico 2.7%
04/12/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,844 14,957,750 Banco Nacional de Comercio Exterior SNC/Cayman
Sinopec Group Overseas Development 2018 Ltd. Islands, 4.38%, 10/14/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,684 8,487,458
1.45%, 01/08/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,631 16,373,219 Comision Federal de Electricidad
2.15%, 05/13/25 (Call 04/13/25)(a) . . . . . . . . . . . . . . . . . . . . 12,715 12,916,215 3.35%, 02/09/31 (Call 11/09/30)(a) . . . . . . . . . . . . . . . . . . . . 12,287 11,878,457
2.30%, 01/08/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,164 15,856,884 4.75%, 02/23/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,288 8,055,518
2.70%, 05/13/30 (Call 02/13/30)(a) . . . . . . . . . . . . . . . . . . . . 20,925 21,353,544 4.88%, 01/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,854 12,654,145
2.95%, 11/12/29 (Call 08/12/29)(a) . . . . . . . . . . . . . . . . . . . . 13,066 13,564,599 Mexico City Airport Trust, 5.50%, 07/31/47
SPIC MTN Co. Ltd., 1.63%, 07/27/25(a) . . . . . . . . . . . . . . . . . . 14,377 14,165,083 (Call 01/31/47)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,886 19,084,303
State Grid Overseas Investment 2013 Ltd., 3.13%, Petroleos Mexicanos
05/22/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,553 9,865,956 4.50%, 01/23/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,933 13,015,642
State Grid Overseas Investment 2014 Ltd., 4.13%, 4.88%, 01/18/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,164 9,466,412
05/07/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,395 25,118,744 5.35%, 02/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,935 22,858,168
State Grid Overseas Investment 2016 Ltd. 5.95%, 01/28/31 (Call 10/28/30) . . . . . . . . . . . . . . . . . . . . . . 33,994 33,365,111
1.63%, 08/05/30 (Call 05/05/30)(a) . . . . . . . . . . . . . . . . . . . . 18,004 17,031,964 6.35%, 02/12/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,543 21,679,621
3.50%, 05/04/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,825 37,655,576 6.38%, 01/23/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,220 12,131,082
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 6.49%, 01/23/27 (Call 11/23/26) . . . . . . . . . . . . . . . . . . . . . . 21,637 22,976,330
06/02/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,365 15,093,593 6.50%, 03/13/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,076 52,130,981
6.50%, 01/23/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,564 19,283,819
435,714,445 6.50%, 06/02/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,532 13,095,512
6.63%, 06/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,326 24,414,897
6.75%, 09/21/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,770 48,266,063
BNM1221U-1969639-6068198
Schedule of Investments (continued) iShares J.P. Morgan USD Emerging Markets Bond ETF
Par Par
Mexico (continued) United Arab Emirates (continued)

6.84%, 01/23/30 (Call 10/23/29) . . . . . . . . . . . . . . . . . . . . . . $ 39,147 $ 40,840,108 MDGH GMTN RSC Ltd.
6.88%, 10/16/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,485 14,701,347 2.50%, 11/07/24 (Call 10/07/24)(a) . . . . . . . . . . . . . . . . . . . . $ 11,533 $ 11,979,904
6.88%, 08/04/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,121 29,534,769 3.40%, 06/07/51 (Call 12/07/50)(a) . . . . . . . . . . . . . . . . . . . . 11,366 11,863,263
6.95%, 01/28/60 (Call 07/28/59) . . . . . . . . . . . . . . . . . . . . . . 33,540 29,649,360 MDGH-GMTN BV
7.69%, 01/23/50 (Call 07/23/49) . . . . . . . . . . . . . . . . . . . . . . 72,245 68,993,975 2.50%, 05/21/26 (Call 04/21/26)(a) . . . . . . . . . . . . . . . . . . . . 11,814 12,212,722
536,563,078 2.88%, 11/07/29 (Call 08/07/29)(a) . . . . . . . . . . . . . . . . . . . . 11,625 12,099,445
Panama 0.3% 2.88%, 05/21/30 (Call 02/21/30)(a) . . . . . . . . . . . . . . . . . . . . 11,660 12,110,367
Aeropuerto Internacional de Tocumen SA 3.70%, 11/07/49 (Call 05/07/49)(a) . . . . . . . . . . . . . . . . . . . . 17,872 19,489,416
5.13%, 08/11/61 (Call 08/11/60)(d) . . . . . . . . . . . . . . . . . . . . 33,100 34,492,269 3.95%, 05/21/50 (Call 11/21/49)(a) . . . . . . . . . . . . . . . . . . . . 21,212 24,079,597
5.13%, 08/11/61 (Call 08/11/60)(a) . . . . . . . . . . . . . . . . . . . . 600 625,237 258,862,039
Banco Nacional de Panama, 2.50%, 08/11/30 Venezuela 0.1%
(Call 05/11/30)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,156 23,722,108 Petroleos de Venezuela SA
58,839,614 0.00%, 02/17/22(a)(e)(f)(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,002 700,115
Peru 0.4% 0.00%, 05/16/24(a)(e)(f)(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,388 1,619,370
Petroleos del Peru SA 0.00%, 04/12/37(a)(e)(f)(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,444 1,122,210
4.75%, 06/19/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,636 26,027,934 5.38%, 04/12/27(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,185 1,209,250
5.63%, 06/19/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,286 48,799,039 6.00%, 11/15/26(a)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,450 1,522,518
9.00%, 11/17/21(a)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,268 1,413,402
74,826,973
9.75%, 05/17/35(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,912 1,595,569
Philippines 0.1%
Power Sector Assets & Liabilities Management Corp., 9,182,434
7.39%, 12/02/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,442 27,797,817
Total Corporate Bonds & Notes 14.1%
Qatar 0.9% (Cost: $2,812,653,883) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,769,523,004
Qatar Petroleum
1.38%, 09/12/26 (Call 08/12/26)(d) . . . . . . . . . . . . . . . . . . . . 20,349 20,043,765 Foreign Government Obligations(h)
1.38%, 09/12/26 (Call 08/12/26)(a) . . . . . . . . . . . . . . . . . . . . 400 394,000 Angola 1.1%
2.25%, 07/12/31 (Call 04/12/31)(d) . . . . . . . . . . . . . . . . . . . . 45,960 45,213,150 Angolan Government International Bond
2.25%, 07/12/31 (Call 04/12/31)(a) . . . . . . . . . . . . . . . . . . . . 200 196,750 8.00%, 11/26/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,339 48,870,280
3.13%, 07/12/41 (Call 01/12/41)(a) . . . . . . . . . . . . . . . . . . . . 200 202,000 8.25%, 05/09/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,805 47,003,921
3.13%, 07/12/41 (Call 01/12/41)(d) . . . . . . . . . . . . . . . . . . . . 47,400 47,874,000 9.13%, 11/26/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,882 33,929,285
3.30%, 07/12/51 (Call 01/12/51)(d) . . . . . . . . . . . . . . . . . . . . 54,561 55,805,673 9.38%, 05/08/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,811 48,286,282
3.30%, 07/12/51 (Call 01/12/51)(a) . . . . . . . . . . . . . . . . . . . . 200 204,562 9.50%, 11/12/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,807 45,120,205
169,933,900 223,209,973
Russia 0.2% Argentina 1.3%
Vnesheconombank Via VEB Finance PLC Argentine Republic Government International Bond
5.94%, 11/21/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,276 23,041,908 0.50%, 07/09/30 (Call 11/29/21)(i) . . . . . . . . . . . . . . . . . . . . . 196,038 67,143,053
6.80%, 11/22/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,368 21,436,604 1.00%, 07/09/29 (Call 11/29/21) . . . . . . . . . . . . . . . . . . . . . . 31,334 11,342,928
44,478,512 1.13%, 07/09/35 (Call 11/29/21)(i) . . . . . . . . . . . . . . . . . . . . . 248,167 76,187,313
South Africa 0.4% 1.13%, 07/09/46 (Call 11/29/21)(i) . . . . . . . . . . . . . . . . . . . . . 25,860 8,145,978
Eskom Holdings SOC Ltd. 2.00%, 01/09/38 (Call 11/29/21)(i) . . . . . . . . . . . . . . . . . . . . . 137,330 50,194,001
6.35%, 08/10/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,893 27,834,975 2.50%, 07/09/41 (Call 11/29/21)(i) . . . . . . . . . . . . . . . . . . . . . 126,569 43,349,824
6.75%, 08/06/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,222 24,983,479 256,363,097
7.13%, 02/11/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,565 33,778,046 Azerbaijan 0.5%
86,596,500 Republic of Azerbaijan International Bond
United Arab Emirates 1.3% 3.50%, 09/01/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,003 32,679,064
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(a) . . . . 25,837 30,108,179 4.75%, 03/18/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,972 37,339,167
Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 State Oil Co. of the Azerbaijan Republic, 4.75%,
(Call 02/06/31)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,594 11,612,116 03/13/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,097 21,859,129
DAE Funding LLC 91,877,360
1.55%, 08/01/24 (Call 07/01/24)(d) . . . . . . . . . . . . . . . . . . . . 9,786 9,654,501 Bahrain 2.3%
1.55%, 08/01/24 (Call 07/01/24)(a) . . . . . . . . . . . . . . . . . . . . 2,200 2,170,438 Bahrain Government International Bond
DP World Crescent Ltd. 5.25%, 01/25/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,031 26,778,365
3.88%, 07/18/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,861 13,668,832 5.45%, 09/16/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,827 27,174,805
3.91%, 05/31/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,472 11,890,728 5.63%, 09/30/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,877 27,690,573
4.85%, 09/26/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,744 13,165,611 6.00%, 09/19/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,088 31,431,266
DP World Ltd./United Arab Emirates 6.13%, 08/01/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,008 44,457,591
5.63%, 09/25/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,192 19,673,280 6.75%, 09/20/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,802 37,538,307
6.85%, 07/02/37(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,700 23,453,208 7.00%, 01/26/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,221 34,622,138
DP World Salaam, 6.00%, (Call 10/01/25)(a)(b)(c). . . . . . . . . . 17,912 19,630,432
S C H E D U L E O F I N V E S T M E N T S 9
BNM1221U-1969639-6068198
Par Par
Bahrain (continued) China (continued)

7.00%, 10/12/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,454 $ 47,541,392 3.50%, 10/19/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,643 $ 15,345,510
7.38%, 05/14/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,504 30,594,762 Export-Import Bank of China (The)
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(a) . . 27,647 29,198,688 2.88%, 04/26/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,787 15,549,270
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(a) . . 27,975 31,821,562 3.63%, 07/31/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,904 22,486,851
CBB International Sukuk Programme Co WLL 283,003,461
3.95%, 09/16/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,049 28,688,868 Colombia 3.1%
6.25%, 11/14/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,337 30,671,260 Colombia Government International Bond
CBB International Sukuk Programme Co WLL., 4.50%, 2.63%, 03/15/23 (Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . 16,737 16,979,687
03/30/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,961 29,346,817 3.00%, 01/30/30 (Call 10/30/29) . . . . . . . . . . . . . . . . . . . . . . 28,577 27,055,275
457,556,394 3.13%, 04/15/31 (Call 01/15/31) . . . . . . . . . . . . . . . . . . . . . . 46,694 43,813,564
Bolivia 0.1% 3.25%, 04/22/32 (Call 01/22/32) . . . . . . . . . . . . . . . . . . . . . . 36,149 33,745,091
Bolivian Government International Bond, 4.50%, 3.88%, 04/25/27 (Call 01/25/27) . . . . . . . . . . . . . . . . . . . . . . 35,268 36,630,226
03/20/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,711 24,737,263 3.88%, 02/15/61 (Call 08/15/60) . . . . . . . . . . . . . . . . . . . . . . 24,520 20,080,348
4.00%, 02/26/24 (Call 11/26/23) . . . . . . . . . . . . . . . . . . . . . . 27,554 28,721,601
Brazil 3.2% 4.13%, 02/22/42 (Call 08/22/41) . . . . . . . . . . . . . . . . . . . . . . 18,784 16,980,736
Banco Nacional de Desenvolvimento Economico e 4.13%, 05/15/51 (Call 11/15/50) . . . . . . . . . . . . . . . . . . . . . . 28,240 24,679,995
Social, 5.75%, 09/26/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,270 22,003,085 4.50%, 01/28/26 (Call 10/28/25) . . . . . . . . . . . . . . . . . . . . . . 27,404 29,310,291
Brazilian Government International Bond 4.50%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . . . . . 36,321 38,404,917
2.88%, 06/06/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,801 30,770,199 5.00%, 06/15/45 (Call 12/15/44) . . . . . . . . . . . . . . . . . . . . . . 83,607 82,342,444
3.75%, 09/12/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,738 24,425,163 5.20%, 05/15/49 (Call 11/15/48) . . . . . . . . . . . . . . . . . . . . . . 48,101 48,395,619
3.88%, 06/12/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,904 54,957,432 5.63%, 02/26/44 (Call 08/26/43) . . . . . . . . . . . . . . . . . . . . . . 46,271 48,795,661
4.25%, 01/07/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,509 78,783,954 6.13%, 01/18/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,441 50,291,827
4.50%, 05/30/29 (Call 02/28/29) . . . . . . . . . . . . . . . . . . . . . . 34,746 34,741,657 7.38%, 09/18/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,690 40,378,279
4.63%, 01/13/28 (Call 10/13/27) . . . . . . . . . . . . . . . . . . . . . . 51,294 52,698,173 8.13%, 05/21/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,682 21,540,346
4.75%, 01/14/50 (Call 07/14/49) . . . . . . . . . . . . . . . . . . . . . . 69,366 59,234,229
608,145,907
5.00%, 01/27/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,744 50,973,844
5.63%, 01/07/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,298 37,503,316 Costa Rica 0.5%
Costa Rica Government International Bond
5.63%, 02/21/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,358 46,704,761
6.00%, 04/07/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,148 42,804,440 6.13%, 02/19/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,456 34,298,673
7.13%, 01/20/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,483 33,268,144 7.00%, 04/04/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,971 26,849,631
8.25%, 01/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,209 29,980,226 7.16%, 03/12/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,237 36,549,544
8.88%, 04/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,060 21,974,505 97,697,848
Croatia 0.5%
620,823,128
Croatia Government International Bond
Chile 1.9%
5.50%, 04/04/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,290 38,564,929
Chile Government International Bond
2.45%, 01/31/31 (Call 10/31/30) . . . . . . . . . . . . . . . . . . . . . . 36,338 35,742,965 6.00%, 01/26/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,496 54,903,438
2.55%, 01/27/32 (Call 10/27/31) . . . . . . . . . . . . . . . . . . . . . . 30,660 30,301,661 93,468,367
2.55%, 07/27/33 (Call 04/27/33) . . . . . . . . . . . . . . . . . . . . . . 47,055 45,478,658 Dominican Republic 2.9%
3.10%, 05/07/41 (Call 11/07/40) . . . . . . . . . . . . . . . . . . . . . . 56,263 54,800,162 Dominican Republic International Bond
3.10%, 01/22/61 (Call 07/22/60) . . . . . . . . . . . . . . . . . . . . . . 42,759 39,332,935 4.50%, 01/30/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,497 51,027,218
3.24%, 02/06/28 (Call 11/06/27) . . . . . . . . . . . . . . . . . . . . . . 42,192 44,467,731 4.88%, 09/23/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,687 78,915,426
3.25%, 09/21/71 (Call 03/21/71) . . . . . . . . . . . . . . . . . . . . . . 17,530 16,136,365 5.30%, 01/21/41(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,754 37,536,915
3.50%, 01/25/50 (Call 07/25/49) . . . . . . . . . . . . . . . . . . . . . . 47,789 48,514,796 5.50%, 01/27/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,122 34,878,469
3.50%, 04/15/53 (Call 10/15/52) . . . . . . . . . . . . . . . . . . . . . . 30,636 31,062,989 5.88%, 01/30/60(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,867 78,860,488
3.86%, 06/21/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,485 28,766,021 5.95%, 01/25/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,858 47,746,491
374,604,283 6.00%, 07/19/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,835 36,816,244
6.40%, 06/05/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,133 39,356,338
China 1.4%
6.50%, 02/15/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,192 26,766,500
China Development Bank, 1.00%, 10/27/25(a) . . . . . . . . . . . . 14,144 13,846,269
China Government International Bond 6.85%, 01/27/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,113 55,666,147
6.88%, 01/29/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,250 42,600,031
0.40%, 10/21/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,932 18,844,155
0.55%, 10/21/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45%, 04/30/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,044 44,066,153
33,543 32,679,268
0.75%, 10/26/24(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,100 9,073,974 574,236,420
1.20%, 10/21/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,412 28,362,580 Ecuador 1.6%
1.25%, 10/26/26(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,400 16,450,348 Ecuador Government International Bond
1.75%, 10/26/31(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,700 10,798,868 0.00%, 07/31/30(a)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,501 15,176,626
1.95%, 12/03/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,312 31,284,712 0.50%, 07/31/40(a)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,056 56,198,369
2.13%, 12/03/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,969 29,015,320 1.00%, 07/31/35(a)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,654 154,578,369
2.63%, 11/02/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,240 16,160,344 5.00%, 07/31/30(a)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,363 85,404,212
3.25%, 10/19/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,990 23,105,992 311,357,576
BNM1221U-1969639-6068198
Par Par
Egypt 2.7% India (continued)

Egypt Government International Bond 3.25%, 01/15/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,613 $ 28,075,518
5.58%, 02/21/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,015 $ 30,727,856 3.38%, 08/05/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,895 29,364,718
5.75%, 05/29/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,763 28,561,186 3.88%, 02/01/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,857 29,829,624
5.80%, 09/30/27(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,950 20,269,125 112,189,876
5.88%, 06/11/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,980 34,755,169 Indonesia 3.8%
5.88%, 02/16/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,440 30,952,950 Indonesia Government International Bond
6.59%, 02/21/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,737 28,090,418 1.85%, 03/12/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,439 13,754,736
7.05%, 01/15/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,252 21,711,555 2.15%, 07/28/31 (Call 04/28/31) . . . . . . . . . . . . . . . . . . . . . . 13,640 13,215,250
7.30%, 09/30/33(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,600 23,936,000 2.85%, 02/14/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,654 14,053,379
7.50%, 01/31/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,353 46,954,528 3.05%, 03/12/51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,719 21,042,670
7.50%, 02/16/61(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,413 28,233,985 3.38%, 04/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,732 8,003,471
7.60%, 03/01/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,494 40,544,617 3.50%, 01/11/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,314 15,452,858
7.63%, 05/29/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,972 37,607,980 3.70%, 10/30/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,570 11,990,685
7.90%, 02/21/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,004 30,628,500 3.85%, 07/18/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,117 12,199,518
8.50%, 01/31/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,703 53,086,760 3.85%, 10/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,993 21,115,468
8.70%, 03/01/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,152 31,675,980 4.10%, 04/24/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,225 12,489,917
8.88%, 05/29/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,697 42,955,180 4.13%, 01/15/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,194 24,098,523
530,691,789 4.20%, 10/15/50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,223 21,435,760
El Salvador 0.3% 4.35%, 01/08/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,387 16,080,170
El Salvador Government International Bond 4.35%, 01/11/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,540 21,935,799
7.12%, 01/20/50 (Call 07/20/49)(a) . . . . . . . . . . . . . . . . . . . . 29,009 20,619,960 4.45%, 04/15/70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,488 13,011,424
7.65%, 06/15/35(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,997 20,880,512 4.63%, 04/15/43(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,487 17,618,166
9.50%, 07/15/52(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,279 23,176,408 4.75%, 01/08/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,507 28,700,158
64,676,880 4.75%, 02/11/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,038 16,250,529
Ethiopia 0.1% 4.75%, 07/18/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,728 12,734,806
Ethiopia International Bond, 6.63%, 12/11/24(a) . . . . . . . . . . 27,943 22,691,462 5.13%, 01/15/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,162 26,901,565
5.25%, 01/17/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,808 30,378,946
Gabon 0.1% 5.25%, 01/08/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,236 19,141,901
Gabon Government International Bond, 6.63%, 5.35%, 02/11/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,292 14,469,117
02/06/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,121 27,950,516 5.88%, 01/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,731 25,086,500
5.95%, 01/08/46(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,118 19,106,066
Ghana 1.3%
6.63%, 02/17/37(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,568 22,618,426
Ghana Government International Bond
6.75%, 01/15/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,657 29,825,816
6.38%, 02/11/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,238 30,471,820
7.75%, 01/17/38(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,685 30,895,633
7.63%, 05/16/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,892 24,405,500
8.50%, 10/12/35(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,059 28,327,799
7.75%, 04/07/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,582 24,410,070
Perusahaan Penerbit SBSN Indonesia III
7.88%, 02/11/35(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,027 23,647,781
1.50%, 06/09/26(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,900 14,845,764
8.13%, 01/18/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,751 26,537,333
1.50%, 06/09/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,272
8.13%, 03/26/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,441 30,006,721
2.55%, 06/09/31(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,950 12,971,659
8.63%, 04/07/34(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,546 24,102,750
2.55%, 06/09/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,335
8.63%, 06/16/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,032 23,546,880
2.80%, 06/23/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,147 8,314,014
8.95%, 03/26/51(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,842 23,596,095
3.75%, 03/01/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,402 9,750,462
10.75%, 10/14/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,400 31,647,000
4.15%, 03/29/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,904 26,552,862
262,371,950 4.33%, 05/28/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,599 24,905,510
Guatemala 0.2% 4.35%, 09/10/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,102 18,633,698
Guatemala Government Bond, 6.13%, 4.40%, 03/01/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,189 21,723,147
06/01/50(Call 12/01/49)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,631 45,241,730 4.45%, 02/20/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,039 16,026,922
4.55%, 03/29/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,502 21,882,463
Hungary 1.7%
Hungary Government International Bond 737,941,164
2.13%, 09/22/31(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,125 62,674,172 Iraq 0.4%
3.13%, 09/21/51(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,200 51,703,085 Iraq International Bond
5.38%, 02/21/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,208 45,768,074 5.80%, 01/15/28 (Call 12/13/21)(a) . . . . . . . . . . . . . . . . . . . . 60,624 59,024,920
5.38%, 03/25/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,612 56,799,006 6.75%, 03/09/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,741 27,305,904
5.75%, 11/22/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,460 53,178,792 86,330,824
7.63%, 03/29/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,376 58,244,373 Ivory Coast 0.2%
328,367,502 Ivory Coast Government International Bond, 6.13%,
India 0.6% 06/15/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,703 36,455,502
Export-Import Bank of India
2.25%, 01/13/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,529 24,920,016
BNM1221U-1969639-6068198
Par Par
Jamaica 0.8% Mexico (continued)

Jamaica Government International Bond 4.50%, 04/22/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,887 $ 34,579,927
6.75%, 04/28/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39,735 $ 46,273,891 4.50%, 01/31/50 (Call 07/31/49) . . . . . . . . . . . . . . . . . . . . . . 23,745 24,921,862
7.88%, 07/28/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,370 71,141,329 4.60%, 01/23/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,152 24,653,986
8.00%, 03/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,674 47,612,931 4.60%, 02/10/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,850 22,117,941
165,028,151 4.75%, 04/27/32 (Call 01/27/32) . . . . . . . . . . . . . . . . . . . . . . 22,253 25,010,981
Jordan 0.6% 4.75%, 03/08/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,156 38,535,370
Jordan Government International Bond 5.00%, 04/27/51 (Call 10/27/50) . . . . . . . . . . . . . . . . . . . . . . 23,014 25,945,408
5.75%, 01/31/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,677 28,432,680 5.55%, 01/21/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,373 30,365,138
5.85%, 07/07/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,927 34,902,401 5.75%, 10/12/2110 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,418 28,306,566
6.13%, 01/29/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,641 29,857,463 6.05%, 01/11/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,602 31,903,292
7.38%, 10/10/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,503 29,416,877 6.75%, 09/27/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,193 18,901,528
8.30%, 08/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,767 15,765,580
122,609,421
Kazakhstan 1.1% 551,725,431
Kazakhstan Government International Bond Morocco 0.3%
3.88%, 10/14/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,619 45,772,806 Morocco Government International Bond
4.88%, 10/14/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,788 33,929,148 3.00%, 12/15/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,551 26,113,182
5.13%, 07/21/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,726 79,173,873 4.00%, 12/15/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,185 31,633,514
6.50%, 07/21/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,565 59,853,600 57,746,696
218,729,427 Nigeria 1.9%
Kenya 0.9% Nigeria Government International Bond
Republic of Kenya Government International Bond 6.13%, 09/28/28(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,825 30,555,281
6.30%, 01/23/34(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,300 27,451,000 6.50%, 11/28/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,124 40,745,922
6.30%, 01/23/34(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,240 1,202,800 7.14%, 02/23/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,509 34,752,720
6.88%, 06/24/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,070 60,275,250 7.38%, 09/28/33(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,575 41,159,250
7.25%, 02/28/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,228 29,202,030 7.63%, 11/21/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,295 34,000,062
8.00%, 05/22/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,094 32,501,520 7.63%, 11/28/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,164 39,180,897
8.25%, 02/28/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,910 28,956,625 7.70%, 02/23/38(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,035 33,574,478
7.88%, 02/16/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,682 42,302,020
179,589,225
8.25%, 09/28/51(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,875 35,247,188
Kuwait 0.7%
8.75%, 01/21/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,155 31,255,982
Kuwait International Government Bond, 3.50%,
03/20/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,039 136,589,478 362,773,800
Oman 3.0%
Lebanon 0.2% Oman Government International Bond
Lebanon Government International Bond 4.75%, 06/15/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,911 56,311,230
6.00%, 01/27/23(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,880 4,554,800 4.88%, 02/01/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,848 29,054,166
6.10%, 10/04/22(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,912 6,329,520 5.38%, 03/08/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,989 46,086,725
6.60%, 11/27/26(a)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,644 6,710,440 5.63%, 01/17/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,363 56,231,261
6.65%, 02/26/30(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,119 5,916,749 6.00%, 08/01/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,186 50,527,359
6.75%, 11/29/27(a)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,504 4,138,527 6.25%, 01/25/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,949 42,077,092
6.85%, 03/23/27(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,753 5,231,021 6.50%, 03/08/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,667 43,224,872
7.00%, 03/23/32(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,843 4,182,018 6.75%, 10/28/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,328 36,207,360
37,063,075 6.75%, 01/17/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,184 61,248,504
Malaysia 0.7% 7.00%, 01/25/51(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,345 23,329,577
1MDB Global Investments Ltd., 4.40%, 03/09/23(a) . . . . . . . 82,000 82,263,220 7.38%, 10/28/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,872 26,417,160
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25(a) . . . . . . 28,133 29,650,424 Oman Sovereign Sukuk Co.
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26(a) . . . . . . . . . . 28,148 30,202,804 4.40%, 06/01/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,521 46,320,205
4.88%, 06/15/30(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,875 39,444,727
142,116,448
4.88%, 06/15/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,849 3,047,540
Mexico 2.8%
5.93%, 10/31/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,471 35,890,602
Mexico Government International Bond
2.66%, 05/24/31 (Call 02/24/31) . . . . . . . . . . . . . . . . . . . . . . 31,255 30,147,401 595,418,380
3.25%, 04/16/30 (Call 01/16/30) . . . . . . . . . . . . . . . . . . . . . . 21,010 21,493,230 Pakistan 0.7%
3.60%, 01/30/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,275 17,498,677 Pakistan Government International Bond
3.75%, 01/11/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,682 19,133,029 6.00%, 04/08/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,360 34,449,680
3.75%, 04/19/71 (Call 10/19/70) . . . . . . . . . . . . . . . . . . . . . . 27,527 24,727,848 6.88%, 12/05/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,752 42,620,963
3.77%, 05/24/61 (Call 11/24/60) . . . . . . . . . . . . . . . . . . . . . . 28,933 26,732,284 7.38%, 04/08/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,127 39,571,483
4.13%, 01/21/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,168 21,151,888 8.25%, 04/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,598 29,448,791
4.15%, 03/28/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,570 25,165,550 146,090,917
4.28%, 08/14/41 (Call 02/14/41) . . . . . . . . . . . . . . . . . . . . . . 28,922 30,129,493
4.35%, 01/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,057 14,538,452
BNM1221U-1969639-6068198
Par Par
Panama 2.7% Poland (continued)

Panama Government International Bond 3.25%, 04/06/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51,368 $ 55,182,074
2.25%, 09/29/32 (Call 06/29/32) . . . . . . . . . . . . . . . . . . . . . . $ 62,509 $ 58,828,783 4.00%, 01/22/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,291 59,941,297
3.16%, 01/23/30 (Call 10/23/29) . . . . . . . . . . . . . . . . . . . . . . 39,505 40,771,629 166,820,885
3.75%, 03/16/25 (Call 12/16/24) . . . . . . . . . . . . . . . . . . . . . . 31,628 33,729,285 Qatar 3.4%
3.87%, 07/23/60 (Call 01/23/60) . . . . . . . . . . . . . . . . . . . . . . 73,414 73,290,114 Qatar Government International Bond
3.88%, 03/17/28 (Call 12/17/27) . . . . . . . . . . . . . . . . . . . . . . 31,332 33,942,347 3.25%, 06/02/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,257 49,431,387
4.30%, 04/29/53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,602 47,746,441 3.38%, 03/14/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,675 28,155,463
4.50%, 05/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,411 30,285,729 3.40%, 04/16/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,737 28,563,471
4.50%, 04/16/50 (Call 10/16/49) . . . . . . . . . . . . . . . . . . . . . . 60,444 66,556,399 3.75%, 04/16/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,427 43,980,819
4.50%, 04/01/56 (Call 10/01/55) . . . . . . . . . . . . . . . . . . . . . . 63,786 70,136,694 3.88%, 04/23/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,127 38,920,698
6.70%, 01/26/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,317 67,104,009 4.00%, 03/14/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,226 59,945,782
522,391,430 4.40%, 04/16/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,227 78,356,940
Paraguay 0.5% 4.50%, 04/23/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,745 46,813,458
Paraguay Government International Bond 4.63%, 06/02/46(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,314 32,724,748
4.95%, 04/28/31 (Call 01/28/31)(a) . . . . . . . . . . . . . . . . . . . . 28,073 31,438,251 4.82%, 03/14/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,028 98,923,209
5.40%, 03/30/50 (Call 09/30/49)(a) . . . . . . . . . . . . . . . . . . . . 32,754 36,966,983 5.10%, 04/23/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,056 102,185,888
6.10%, 08/11/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,015 33,667,026 5.75%, 01/20/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,105 16,805,523
102,072,260 6.40%, 01/20/40(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,142 19,148,715
Peru 2.9% 9.75%, 06/15/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,339 28,870,171
Peruvian Government International Bond 672,826,272
1.86%, 12/01/32 (Call 09/01/32) . . . . . . . . . . . . . . . . . . . . . . 24,393 22,156,467 Romania 1.2%
2.39%, 01/23/26 (Call 12/23/25) . . . . . . . . . . . . . . . . . . . . . . 22,901 23,313,218 Romanian Government International Bond
2.78%, 01/23/31 (Call 10/23/30) . . . . . . . . . . . . . . . . . . . . . . 91,463 91,308,656 3.00%, 02/14/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,344 35,527,347
2.78%, 12/01/60 (Call 06/01/60) . . . . . . . . . . . . . . . . . . . . . . 48,375 41,777,859 4.00%, 02/14/51(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,288 55,643,917
3.00%, 01/15/34 (Call 11/08/21) . . . . . . . . . . . . . . . . . . . . . . 10,625 10,524,062 4.38%, 08/22/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,946 40,158,726
3.23%, 07/28/2121 (Call 01/28/21). . . . . . . . . . . . . . . . . . . . 23,658 20,076,770 4.88%, 01/22/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,902 30,008,601
3.30%, 03/11/41 (Call 09/11/40) . . . . . . . . . . . . . . . . . . . . . . 30,567 29,863,959 5.13%, 06/15/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,516 39,429,479
3.55%, 03/10/51 (Call 09/10/50) . . . . . . . . . . . . . . . . . . . . . . 30,400 30,567,200 6.13%, 01/22/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,482 35,826,222
3.60%, 01/15/72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,800 11,316,200 236,594,292
4.13%, 08/25/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,306 27,722,723 Russia 3.6%
5.63%, 11/18/50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,097 86,553,310 Russian Foreign Bond-Eurobond
6.55%, 03/14/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,067 38,167,612 4.25%, 06/23/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000 49,905,000
7.35%, 07/21/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,700 45,294,194 4.38%, 03/21/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,600 62,661,200
8.75%, 11/21/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,557 79,955,240 4.75%, 05/27/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,600 62,386,675
558,597,470 4.88%, 09/16/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,600 57,583,150
Philippines 3.3% 5.10%, 03/28/35(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,200 86,224,850
Philippine Government International Bond 5.25%, 06/23/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,000 163,144,000
1.65%, 06/10/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,273 23,183,385 5.63%, 04/04/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,200 70,436,287
2.46%, 05/05/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,065 20,568,832 5.88%, 09/16/43(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,400 35,743,950
2.65%, 12/10/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,726 27,985,171 7.50%, 03/31/30(a)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,816 34,443,564
2.95%, 05/05/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,084 26,479,688 12.75%, 06/24/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,901 73,772,343
3.00%, 02/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,976 40,347,981 696,301,019
3.20%, 07/06/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,013 44,237,907 Saudi Arabia 4.5%
3.70%, 03/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,599 42,563,975 KSA Sukuk Ltd.
3.70%, 02/02/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,959 41,936,929 2.97%, 10/29/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,861 28,103,321
3.75%, 01/14/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,676 31,943,272 3.63%, 04/20/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,440 55,786,680
3.95%, 01/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,806 42,863,652 4.30%, 01/19/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,024 27,327,300
4.20%, 01/21/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,948 31,935,349 Saudi Government International Bond
5.00%, 01/13/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,128 32,256,649 2.25%, 02/02/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,981 31,785,439
5.50%, 03/30/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,458 23,811,833 2.50%, 02/03/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,684 15,124,520
6.38%, 01/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,574 24,828,795 2.75%, 02/03/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,048 12,273,900
6.38%, 10/23/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,321 49,823,332 2.88%, 03/04/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,561 29,391,054
7.75%, 01/14/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,200 48,997,913 2.90%, 10/22/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,623 31,267,077
9.50%, 02/02/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,484 59,440,943 3.25%, 10/26/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,035 69,619,967
10.63%, 03/16/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,711 37,329,683 3.25%, 10/22/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,730 18,855,855
650,535,289 3.45%, 02/02/61(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,957 24,582,645
Poland 0.9% 3.63%, 03/04/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,597 61,577,536
Republic of Poland Government International Bond 3.75%, 01/21/55(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,703 33,169,264
3.00%, 03/17/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,137 51,697,514 4.00%, 04/17/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,538 58,222,575
BNM1221U-1969639-6068198
Par Par
Saudi Arabia (continued) Turkey (continued)

4.38%, 04/16/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45,787 $ 52,334,541 4.88%, 10/09/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,089 $ 33,187,615
4.50%, 04/17/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,676 40,258,836 4.88%, 04/16/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,120 27,312,385
4.50%, 10/26/46(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,656 86,227,680 5.13%, 02/17/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,641 22,219,585
4.50%, 04/22/60(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,332 41,069,655 5.25%, 03/13/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,652 21,476,016
4.63%, 10/04/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,141 62,639,954 5.60%, 11/14/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,651 28,871,255
5.00%, 04/17/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,529 51,807,427 5.75%, 03/22/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,119 29,561,245
5.25%, 01/16/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,560 52,525,200 5.75%, 05/11/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,990 33,683,532
883,950,426 5.88%, 06/26/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,640 19,175,850
Senegal 0.3% 5.95%, 01/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,524 22,937,604
Senegal Government International Bond 6.00%, 03/25/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,607 36,179,156
6.25%, 05/23/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,390 29,247,023 6.00%, 01/14/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,132 30,132,277
6.75%, 03/13/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,065 28,825,214 6.13%, 10/24/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,365 30,743,581
6.35%, 08/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,613 27,333,214
58,072,237
6.38%, 10/14/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,139 28,557,568
Serbia 0.2%
6.50%, 09/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,700 16,815,000
Serbia International Bond, 2.13%, 12/01/30(a) . . . . . . . . . . . . 33,110 30,819,202
6.63%, 02/17/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,216 31,998,138
South Africa 2.3% 6.75%, 05/30/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,733 21,259,617
Republic of South Africa Government International Bond 6.88%, 03/17/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,799 29,803,807
4.30%, 10/12/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,377 52,763,280 7.25%, 12/23/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,024 25,379,854
4.67%, 01/17/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,252 39,540,670 7.25%, 03/05/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,197 11,146,614
4.85%, 09/27/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,942 27,235,857 7.38%, 02/05/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,347 40,451,292
4.85%, 09/30/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,832 52,064,676 7.63%, 04/26/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,955 36,687,457
4.88%, 04/14/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,648 32,607,556 8.00%, 02/14/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,072 17,255,301
5.00%, 10/12/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,730 22,803,213 11.88%, 01/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,477 20,442,215
5.38%, 07/24/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,756 24,271,811 770,678,697
5.65%, 09/27/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,223 38,068,556 Ukraine 2.3%
5.75%, 09/30/49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,079 73,456,287 Ukraine Government International Bond
5.88%, 09/16/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,749 56,769,100 6.88%, 05/21/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,508 50,324,882
5.88%, 06/22/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,955 39,399,938 7.25%, 03/15/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,565 72,741,350
458,980,944 7.38%, 09/25/32(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,751 85,171,467
Sri Lanka 0.9% 7.75%, 09/01/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,494 39,985,008
Sri Lanka Government International Bond 7.75%, 09/01/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,329 40,182,335
5.75%, 04/18/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,513 22,338,463 7.75%, 09/01/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,467 40,436,260
6.20%, 05/11/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,952 26,280,306 7.75%, 09/01/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,090 38,837,351
6.75%, 04/18/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,730 21,745,322 7.75%, 09/01/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,874 38,627,329
6.83%, 07/18/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,964 17,587,608 9.75%, 11/01/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,446 51,482,357
6.85%, 03/14/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,389 17,885,017 457,788,339
6.85%, 11/03/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,819 26,208,349 United Arab Emirates 3.1%
7.55%, 03/28/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,327 26,501,993 Abu Dhabi Government International Bond
7.85%, 03/14/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,013 24,561,122 0.75%, 09/02/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,459 23,447,271
183,108,180 1.63%, 06/02/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,317 23,940,087
Trinidad And Tobago 0.2% 1.70%, 03/02/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,800 17,093,563
Trinidad & Tobago Government International Bond, 1.88%, 09/15/31(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,600 14,180,250
4.50%, 08/04/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,809 28,839,671 1.88%, 09/15/31(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,400 4,273,500
2.13%, 09/30/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,864 33,849,920
Tunisia 0.1% 2.50%, 04/16/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,997 33,404,868
Banque Centrale de Tunisie International Bond, 5.75%, 2.50%, 09/30/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,360 35,614,140
01/30/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,678 22,176,998 2.70%, 09/02/70(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,668 14,910,568
3.00%, 09/15/51(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,400 12,260,500
Turkey 3.9%
3.00%, 09/15/51(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 791,000
Hazine Mustesarligi Varlik Kiralama AS
3.13%, 05/03/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,925 28,843,406
4.49%, 11/25/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,697 10,652,206
3.13%, 10/11/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,320 49,686,885
5.00%, 04/06/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,790 11,994,851
3.13%, 04/16/30(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,536 38,272,272
5.13%, 06/22/26(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,350 30,719,081
3.13%, 09/30/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,127 46,351,869
5.13%, 06/22/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486 476,219
3.88%, 04/16/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,979 50,625,326
Turkey Government International Bond
4.13%, 10/11/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,347 38,250,327
3.25%, 03/23/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,534 15,415,553
Emirate of Dubai Government International Bonds
4.25%, 03/13/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,402 21,601,129
3.90%, 09/09/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,648 14,748,240
4.25%, 04/14/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,990 16,852,133
5.25%, 01/30/43(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,884 12,520,001
4.75%, 01/26/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,254 20,357,347
BNM1221U-1969639-6068198
Par Shares
United Arab Emirates (continued) Short-Ter

T m Investments
Finance Department Government of Sharjah, 4.00%,
Money Market Funds 0.4%
07/28/50(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,643 $ 10,467,785
BlackRock Cash Funds: Treasury, SL Agency Shares,
RAK Capital, 3.09%, 03/31/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . 11,206 11,803,420
0.00%(j)(k) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,320 $ 75,320,000
Sharjah Sukuk Program Ltd.
2.94%, 06/10/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,909 11,021,499 Total Short-Ter
T m Investments 0.4%
3.23%, 10/23/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,217 11,355,810 (Cost: $75,320,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,320,000
3.85%, 04/03/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,617 11,299,142
4.23%, 03/14/28(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,769 16,920,137 Total Investments in Securities 99.0%
UAE International Government Bond (Cost: $20,175,166,350) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,450,079,650
2.00%, 10/19/31(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200 9,027,500 Other Assets, Less Liabilities 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,748,771
2.88%, 10/19/41(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,400 9,259,000
3.25%, 10/19/61(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,540 19,735,400 Net Assets 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,637,828,421
603,953,686 (a)
This security may be resold to qualified foreign investors and foreign institutional buyers
Uruguay 2.2% under Regulation S of the Securities Act of 1933.
Uruguay Government International Bond (b)
Perpetual security with no stated maturity date.
(c)
4.38%, 10/27/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,278 48,218,182 Variable rate security. Interest rate resets periodically. The rate shown is the effective
f
4.38%, 01/23/31 (Call 10/23/30) . . . . . . . . . . . . . . . . . . . . . . 67,825 78,223,364 interest rate as of period end. Security description also includes the reference rate and
4.50%, 08/14/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,755 27,466,202 spread if published and available.
(d)
4.98%, 04/20/55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,001 92,241,916 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
5.10%, 06/18/50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,497 142,435,055
registration to qualified institutional investors.
7.63%, 03/21/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,590 44,483,345 (e)
Issuer filed for bankruptcy and/or is in default.
(f)
433,068,064 Non-income producing security.
(g)
Vietnam 0.2% Zero-coupon bond.
(h)
Vietnam Government International Bond, 4.80%, U.S. dollar denominated security issued by foreign domiciled entity.
(i)
11/19/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,990 30,715,526 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
Zambia 0.3% currently in effect.
f
(j)
Zambia Government International Bond Affiliate
f of the Fund.
(k)
8.50%, 04/14/24(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,070 22,385,825 Annualized 7-day yield as of period end.
8.97%, 07/30/27(a)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,399 27,089,213
49,475,038
Total Foreign Government Obligations 84.5%

(Cost: $17,287,192,467) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,605,236,646
Affiliates
Investments in issuers considered to be affiliate(s)
f of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:
Change in Shares
Unrealized Held at Capital Gain
Value at Purchases Proceeds Net Realized Appreciation Value at 10/31/21 Distributions from
Affiliated
f Issuer 10/31/20 at Cost from Sales Gain (Loss) (Depreciation) 10/31/21 (000) Income Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency
Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $98,130,000 $ $(22,810,000)(a) $ $ $75,320,000 75,320 $30,845 $
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End

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
f to the Notes to Financial Statements.
BNM1221U-1969639-6068198
October 31, 2021
Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major
categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total

T
Investments
Assets
Corporate Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $ 2,769,523,004 $ $ 2,769,523,004
Foreign Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,605,236,646 16,605,236,646
Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,320,000 75,320,000
$ 75,320,000 $19,374,759,650 $ $19,450,079,650
See notes to financial statements.
BNM1221U-1969639-6068198
Statement of Assets and Liabilities
October 31, 2021
iShares
J.P. Morgan USD
Emerging Markets
Bond ETF
ASSETS
Investments in securities, at value:
(a)
Unaffiliated
f ............................................................................................................................................... $19,374,759,650
(b)
Affiliated
f ................................................................................................................................................. 75,320,000
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,169
Receivables:
Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,832,715
Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,185,360
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,197,208
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,769,296,361
LIABILITIES
Payables:
Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,101,044
Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,366,896
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,467,940
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,637,828,421
NET ASSETS CONSIST OF:

Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,226,491,329
Accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,588,662,908)
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,637,828,421
Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,100,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 109.65
Shares authorized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited
Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
(a)
Investments, at cost Unaffiliated
f ......................................................................................................................... $20,099,846,350
(b)
Investments, at cost Affiliated
f ........................................................................................................................... $ 75,320,000
FI N A N C I A L STATE M E N T S 17
BNM1221U-1969639-6068198
Statement of Operations
Year Ended October 31, 2021
iShares
J.P. Morgan
USD
Emerging
Markets
Bond ETF
INVESTMENT INCOME
Dividends Affiliated
f .............................................................................................................................................. $ 30,845
Interest Unaffiliated
f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 818,613,848
Other income Unaffiliated
f ........................................................................................................................................ 1,811,013
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 820,455,706
EXPENSES
Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,428,525
Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,428,698
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 746,027,008
REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:
Investments Unaffiliated
f ....................................................................................................................................... (39,028,326)
In-kind redemptions Unaffiliated
f ............................................................................................................................... 396,821,348
Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,793,022
Net change in unrealized appreciation (depreciation) on:
Investments Unaffiliated
f ....................................................................................................................................... (413,985,153)
Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (413,985,153)
Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (56,192,131)
NET INCREASE IN NET ASSETS RESULTING
L FROM OPERATIONS
A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 689,834,877

t
BNM1221U-1969639-6068198
Statements of Changes in Net Assets
iShares
J.P. Morgan USD Emerging Markets Bond ETF
Year Ended Year Ended
10/31/21 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
A
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 746,027,008 $ 631,311,022
Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,793,022 (326,096,648)
Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (413,985,153) (306,762,768)
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689,834,877 (1,548,394)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (746,778,545) (611,804,451)
CAPITAL
T SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,486,514,963 3,339,303,532
NET ASSETS
Total increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,429,571,295 2,725,950,687
Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,208,257,126 14,482,306,439
End of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,637,828,421 $17,208,257,126
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
FI N A N C I A L STATE M E N T S 19
BNM1221U-1969639-6068198
Financial Highlights
(For a share outstanding throughout each period)
iShares J.P. Morgan USD Emerging Markets Bond ETF

Year Ended Year Ended Year Ended Year Ended Year Ended
10/31/21 10/31/20 10/31/19 10/31/18 10/31/17
Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 109.82 $ 113.14 $ 104.57 $ 115.92 $ 114.74
Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.32 4.63 5.25 5.07 5.33
Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.14) (3.39) 9.44 (11.50) 1.02
Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.18 1.24 14.69 (6.43) 6.35
Distributions(c)
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.35) (4.56) (6.12) (4.92) (5.17)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.35) (4.56) (6.12) (4.92) (5.17)
Net asset value, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 109.65 $ 109.82 $ 113.14 $ 104.57 $ 115.92
Total Return(d)
Based on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.80% 1.20% 14.50% (5.68)% 5.74%
Ratios to Average Net Assets

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39% 0.39% 0.39% 0.39% 0.54%
Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39% 0.39% 0.39% 0.39% 0.40%
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.86% 4.22% 4.81% 4.60% 4.69%
Supplemental Data
Net assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,637,828 $17,208,257 $14,482,306 $14,744,730 $11,928,210
Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7% 10% 11% 15% 26%
(a)
Based on average shares outstanding.
(b)
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Funds underlying securities.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Portfolio turnover rate excludes in-kind transactions.
BNM1221U-1969639-6068198
Notes to Financial Statements
1. ORGANIZATIO
A N
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 fund (the Fund):
Diversification
iShares ETF Classification
J.P. Morgan USD Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified
2. SIGNIFICANT ACCOUNTING POLICIES

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 f 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
f from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable
to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.
Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are
recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of
premiums and discounts on debt securities, is recognized daily on an accrual basis.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund.
Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net
realized gain (loss) to paid-in capital at the end of the Fund's tax year. These reclassifications have no effect
f on net assets or net asset value ("NAV")
A per share.
Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ f from net
investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested
in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ
f from U.S.
GAAP.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's
maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds investments are valued at fair value (also referred to as market value within the financial statements) each day that the Funds
listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay
to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using
various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the Board). If a securitys market price is not readily available
or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value.
The BlackRock Global Valuation Methodologies Committee (the Global Valuation Committee) is the committee formed by management to develop global pricing policies
and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Funds assets and liabilities:
• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations
provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an
institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent
representative bids and offers),
f market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income
securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche
of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The
amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such
method does not represent fair value.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that days published NAV. A
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect
f the value of such investment, or in the event that
application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price
is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (Fair Valued
N O T E S T O F I N A N C I A L S TAT E M E N T S 21
BNM1221U-1969639-6068198
Notes to Financial Statements (continued)
Investments). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation
techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably
expect to receive or pay from the current sale or purchase of that asset or liability in an arms-length transaction. Fair value determinations shall be based upon all available
factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued
Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference

f between the prices used to calculate a funds NAV
A and the prices used by the funds underlying index, which in turn could result
in a difference
f between the funds performance and the performance of the funds 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:
• Level 1 Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;
• Level 2 Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and
• Level 3 Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global
Valuation Committees assumptions used in determining the fair value of financial instruments).
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
f levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is
determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable
inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held
companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments
is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS

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.
5. INVESTMENT ADVISORY
R AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
A
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") F manages the investment of the Funds
assets. BFAF is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA F is responsible for substantially
all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution
fees; (iv) the advisory fee payable to BFA;F and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent
trustees).
For its investment advisory services to the Fund, BFA

F is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Funds
allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average
v Daily Net Assets Investment Advisory Fee
First $19 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4000%
Over $19 billion, up to and including $33 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3800
Over $33 billion, up to and including $47 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3610
Over $47 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3430
Sub-Adviser: BFAF has entered into a sub-advisory agreement with BlackRock International Limited (the Sub-Adviser), an affiliate
f of BFA,
F under which BFA
F pays the
Sub-Adviser for services it provides to the iShares J.P. Morgan USD Emerging Markets Bond ETF .
Distributor: BlackRock Investments, LLC, an affiliate

f of BFA,
F is the distributor for the Fund. Pursuant to the distribution agreement, BFA
F is responsible for any fees or
expenses for distribution services provided to the Fund.
Officers and Trustees: Certain officers

f and/or trustees of the Trust are officers
f and/or trustees of BlackRock or its affiliates.
f
BNM1221U-1969639-6068198
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA
F (or an affiliate)
f serves as investment adviser. At its regularly
scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth
by Rule 17a-7.
For the year ended October 31, 2021, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:
Net Realized
iShares ETF Purchases Sales Gain (Loss)
J.P. Morgan USD Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,713,446 $19,576,284 $(1,095,742)
The Fund may invest its positive cash balances in certain money market funds managed by BFA
F or an affiliate.
f The income earned on these temporary cash investments
is shown as dividends affiliated
f in the Statement of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the funds
underlying index.
6. PURCHASES AND SALES

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

J.P. Morgan USD Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,774,815,229 $1,412,124,577
For the year ended October 31, 2021, in-kind transactions were as follows:
In-kind In-kind
iShares ETF Purchases Sales
J.P. Morgan USD Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,265,820,087 $6,056,373,262
7. INCOME TAX INFORMATION

A
The Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the Funds policy to comply with the requirements of the Internal
Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore,
no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2021, inclusive of the open tax return years, and does not believe
that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences
f between financial and tax reporting. These reclassifications have
no effect
f on net assets or NAV
A per share. As of October 31, 2021, permanent differences
f attributable to realized gains (losses) from in-kind redemptions were reclassified
to the following accounts:
Accumulated
iShares ETF Paid-in Capital Loss
J.P. Morgan USD Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 395,374,752 $(395,374,752)
The tax character of distributions paid was as follows:

iShares ETF 10/31/21 10/31/20
J.P. Morgan USD Emerging Markets Bond
Ordinary income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $746,778,545 $611,804,451
As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:
Non-expiring
Undistributed Capital Loss Net Unrealized
iShares ETF Ordinary Income d (a)
Carryforwards Gains (Losses)(b) Total
J.P. Morgan USD Emerging Markets Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 74,399,205 $(912,972,695) $(750,089,418) $(1,588,662,908)
(a)
Amounts available to offset
f future realized capital gains.
N O T E S T O FI N A N C I A L STATEMEN T S 23
BNM1221U-1969639-6068198
(b)
The difference
f between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums
and discounts on fixed income securities, the classification of investments and the accrual of income on securities in default.
As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal
income tax purposes were as follows:
Net Unrealized
Gross Unrealized Gross Unrealized Appreciation
iShares ETF Tax Cost Appreciation Depreciation (Depreciation)
J.P. Morgan USD Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,200,169,068 $ 172,046,265 $ (922,135,683) $(750,089,418)
8. PRINCIPAL
P RISKS
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various
risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may
also be affected
f by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social
instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events
such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its
investments. The Funds prospectus provides details of the risks to which the Fund is subject.
BFA
F uses a passive or index approach to try to achieve the Funds investment objective following the securities included in its underlying index during upturns as well as
downturns. BFA F does not take steps to reduce market exposure or to lessen the effects
f of a declining market. Divergence from the underlying index and the composition
of the portfolio is monitored by BFA.
F
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 f legal
systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such
investments.
The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining
interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from
the Funds portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund
portfolios current earnings rate.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to
supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future,
could affect
f the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic
may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The duration of this pandemic and its effects
f cannot be
determined with certainty.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related
to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit
risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial
stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial
instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets
is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a funds objectives, minimizes the risk that a price change of a particular
investment will have a material impact on the NAV
A of a fund. The investment concentrations within the Funds portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as junk
bonds)
or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities
may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities
are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have
redemption features.
BNM1221U-1969639-6068198
The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or
economic conditions may affect
f the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase
as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
LIBORTransition Risk: The United Kingdoms Financial Conduct Authority announced a phase out of the London Interbank Offered f Rate (LIBOR). Although many LIBOR
rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition.
The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition
process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiven
f ess of new hedges placed against, instruments whose
terms currently include LIBOR. The ultimate effect
f of the LIBOR transition process on the Fund is uncertain.
9. CAPITAL
T SHARE TRANSACTIONS
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (Creation Units) at NAV.
A Except when
aggregated in Creation Units, shares of the Fund are not redeemable.
Transactions in capital shares were as follows:

10/31/21 10/31/20
iShares ETF Shares Amount Shares Amount
J.P. Morgan USD Emerging Markets Bond
Shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,600,000 $ 8,640,122,153 90,100,000 $ 9,855,486,299
Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55,200,000) (6,153,607,190) (61,400,000) (6,516,182,767)
Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400,000 $ 2,486,514,963 28,700,000 $ 3,339,303,532
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
f 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
f transfer and other
transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also
pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and
brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions
are reflected as a receivable or a payable in the Statement of Assets and Liabilities.
10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that
there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S TAT E M E N T S 25
BNM1221U-1969639-6068198
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of iShares Trust and Shareholders of iShares J.P. Morgan USD Emerging Markets Bond ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares J.P. Morgan USD Emerging Markets Bond ETF
(one of the funds constituting iShares Trust, referred to hereafter as the Fund) as of October 31, 2021, the related statement of operations for the year ended October 31,
2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for
each of the five years in the period ended October 31, 2021 (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in
all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each
of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with
accounting principles generally accepted in the United States of America.
Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with
respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers;
when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 21, 2021
We have served as the auditor of one or more BlackRock investment companies since 2000.
BNM1221U-1969639-6068198
Important Tax Information (unaudited)
The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid
by the underlying funds for the fiscal year ended October 31, 2021:
Foreign Source
iShares ETF Income Earned
J.P. Morgan USD Emerging Markets Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 819,205,357
The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for
the fiscal year ended October 31, 2021:
iShares ETF Interest Dividends

J.P. Morgan USD Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 744,969,643
IM P O R TA N T TA X I N F O R M AT I O N 27
BNM1221U-1969639-6068198
Board Review and Approval of Investment Advisory Contract
iShares J.P. Morgan USD Emerging Markets Bond ETF (the Fund)
Under Section 15(c) of the Investment Company Act of 1940 (the 1940 Act), the Trust's Board of Trustees (the Board), including a majority of Board Members who are
not interested persons of the Trust (as that term is defined in the 1940 Act) (the Independent Board Members), is required annually to consider and approve the Investment
Advisory Contract between the Trust and BFA F (the Advisory Contract), and the Sub-Advisory Agreement between BFA F and BlackRock International Limited (BIL), (together
the Advisory Agreements) on behalf of the Fund. The Boards consideration entails a year-long process whereby the Board and its committees (composed solely of
Independent Board Members) assess BlackRocks services to the Fund, including investment management; fund accounting; administrative and shareholder services;
oversight of the Funds 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 F provided, such information as the Independent Board Members, with advice from independent counsel, deemed
reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board
Members (the 15(c) Committee), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the
15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16,
2021, the Board, including the Independent Board Members, reviewed the additional informationf 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 F 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. F
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 F and BlackRock International Limited (BIL); (iii) the costs of services
provided to the Fund and profits realized by BFAF and its affiliates;
f (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 F and its affiliates;
f and (vi) other benefits to BFA
F and/or its affiliates.
f 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 Perfor f mance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (Broadridge), an independent
provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the
Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable,
funds sponsored by an at cost service provider), objectively selected by Broadridge as comprising the Funds applicable peer group pursuant to Broadridges 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 Funds
Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridges report may
or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net
of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group,
excluding iShares funds. The Board further noted that BFA
F pays BlackRock International Limited (BIL) for sub-advisory services, and there are no additional fees imposed
on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided,
and the Board reviewed, a comparison of the Funds performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the
quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index
and that, during the year, the Board received periodic reports on the Funds 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 Boards approval of the continuance of the Advisory Agreements for the coming year.
Nature, Extent and Quality of Services Provided: Based on managements representations, including information about recent and proposed enhancements to the
iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk
management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA F and
BlackRock International Limited (BIL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA F during prior years. In
reviewing the scope of these services, the Board considered BFA F s investment philosophy and experience, noting that BFA
F and its affiliates
f have committed significant
resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business.
In that regard, the Board noted that BFAF 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 offi f cers and other employees of BFA F (and
its affiliates)
f 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 BFAF and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA F s portfolio
compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the
Fund under the Advisory Agreements supported the Boards approval of the continuance of the Advisory Agreements for the coming year.
BNM1221U-1969639-6068198
Board Review and Approval of Investment Advisory Contract (continued)
Costs of Services Provided to the Fund and Profits Realized by BFA F and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock
in managing the Fund, based on the fees payable to BFA F and its affiliates
f (including fees under the Advisory Agreement), and other sources of revenue and expense to BFAF
and its affiliates
f from the Funds operations for the last calendar year. The Board reviewed BlackRocks 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
f
by numerous factors, including, among other things, fee waivers by BFA, F 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,
f from securities lending by the Fund. The Board also discussed BFA
F s estimated profit margin as reflected in the Funds
profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the profits realized by BFAF and its affiliates
f under the Advisory Agreements and from other relationships between the Fund
and BFA
F and/or its affiliates,
f if any, were within a reasonable range in light of the factors and other information considered.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting
that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)
Committee and the Board received information regarding BlackRocks historical estimated profitability, including BFA F s and its affiliates
f 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 diffi
f cult to measure. The 15(c) Committee and
the Board reviewed information provided by BFA F 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 Funds investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds,
increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported
the Boards approval of the continuance of the Advisory Agreements for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA F and its Affiliates: The Board considered information regarding the investment
advisory/management fee rates for other funds/accounts in the U.S. for which BFAF (or its affiliates)
f 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 F s representation that the iShares funds are fundamentally different
f investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ f 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.
f 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
f and the adviser and its affiliates.
f 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
f regulatory
requirements and client-imposed mandates. The Board noted that BFA F and its affiliates
f 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 managements assertion that, for certain iShares funds, and for client
segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board also considered the all-inclusive nature of the Funds advisory fee structure, and the Funds expenses borne by BFA F under this arrangement. The Board noted
that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of
the Other Accounts (particularly institutional clients) and concluded that the differences
f appeared to be consistent with the factors discussed.
Other Benefits to BFA F and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA F and/or its affiliates
f in connection with the services
provided to the Fund by BFA, F both direct and indirect, including, but not limited to, payment of revenue to BTC, the Funds securities lending agent, for loaning portfolio
securities (which was included in the profit margins reviewed by the Board pursuant to BFA F s estimated profitability methodology), payment of advisory fees or other fees
to BFA
F (or its affiliates)
f in connection with any investments by the Fund in other funds for which BFA F (or its affiliates)
f provides investment advisory services or other services,
and BlackRocks profile in the investment community. The Board also noted the revenue received by BFA F and/or its affiliates
f pursuant to (i) an agreement that permits a
service provider to use certain portions of BlackRocks technology platform to service accounts managed by BFA F and/or its affil
f iates, including the iShares funds and (ii)
other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA F generally does not use soft dollars or consider the value of
research or other services that may be provided to BFA F (including its affiliates)
f 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 Boards 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 Funds 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 arms-length bargaining, and concluded to approve the
continuance of the Advisory Agreements for the coming year.
B O A R D R E V I E W A N D A P P R O VA L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 29
BNM1221U-1969639-6068198
Supplemental Information (unaudited)
Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting
purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the year and may be subject to changes
based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax
purposes.
October 31, 2021
Total Cumulative Distributions

i % Breakdown
w of the Total Cumulative
for the Fiscal Year Distributions for the Fiscal Year
Net Net
Investment Net Realized Return of Total Per Investment Net Realized Return of Total Per
iShares ETF Income Capital Gains Capital Share Income Capital Gains Capital Share
J.P. Morgan USD Emerging Markets Bond(a) . . . . . . . $ 4.196003 $ $0.154758 $4.350761 96% % 4% 100%
(a)
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return
of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the
Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the differencef will incrementally reduce the
Fund's net asset value per share.
Premium/Discount Info
f rmation
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found
f at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive (the Directive) imposes detailed and prescriptive obligations on fund managers established in the European Union
(the EU). These do not currently apply to managers established outside of the EU, such as BFA
F (the Company). Rather, non-EU managers are only required to comply
with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.
The Company has registered the iShares J.P. Morgan USD Emerging Markets Bond ETF (the Fund) to be marketed to EU investors in the United Kingdom, the
Netherlands, Finland, Sweden, and Luxembourg.
Report on Remuneration
The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRocks 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 stafff of the Company; (b) stafff who are senior management; and (c) stafff who have the ability to materially affect
f the risk profile
of the Fund.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRocks 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-perform

f ance philosophy, and compensation programmes which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all
employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management,
a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRocks 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.
BNM1221U-1969639-6068198
Supplemental Information (unaudited) (continued)
Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business
units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior
members of control functions is directly overseen by BlackRock's independent remuneration committee.
Members of stafff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions
of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individuals portion of remuneration attributable to the Fund
according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of
any individuals actual remuneration or their remuneration structure.
The amount of the total remuneration awarded by the Company to its stafff which has been attributed to the Fund in respect of the Companys financial year ending
31 December 2020 is USD 0.89 thousand. This figure is comprised of fixed remuneration of USD 0.41 thousand and variable remuneration of USD 0.48 thousand. There
were a total of 490 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Companys financial year ending 31 December
2020, to its senior management was USD 0.14 thousand, and to members of its stafff whose actions have a material impact on the risk profile of the Fund was USD
0.01 thousand.
S U P P L E M E N TA L I N F O R M AT I O N 31
BNM1221U-1969639-6068198
Trustee and Offic
f er Information
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA F and other
service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each office
f r shall hold office
f 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 F or its affiliates

f (the BlackRock-advised Funds) are organized into one complex of open-end equity, multi-asset,
index and money market funds and ETFs (the BlackRock Multi-Asset Complex), one complex of closed-end funds and open-end non-index fixed-income funds (including
ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs (Exchange-Traded Fund Complex) (each, a BlackRock Fund Complex). Each Fund is
included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees
all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and
Charles Park, the address of each Trustee and officer
f is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr.
Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair.
Additional information about the Funds Trustees and officers
f 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).
Interested Trustees
Principal Occupation(s)
Name (Age) Position(s) During the Past 5 Years Other Directorships Held by Trustee
Robert S. Trustee (since President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head Director of BlackRock, Inc. (since 2006); Director
Kapito(a) (64) 2009). of BlackRocks Portfolio Management Group (since its formation in 1998) and of iShares, Inc. (since 2009); Trustee of iShares
BlackRock, Inc.s predecessor entities (since 1988); Trustee, University of U.S. ETF Trust (since 2011).
Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes
Childrens Cancer Fund (since 2002).
Salim Ramji(b) Trustee (since Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRocks Director of iShares, Inc. (since 2019); Trustee of
(51) 2019). ETF and Index Investments Business (since 2019); Head of BlackRocks iShares U.S. ETF Trust (since 2019).
U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy,
BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).
(a)
Robert S. Kapito is deemed to be an interested person (as defined in the 1940 Act) of the Trust due to his affiliations
f with BlackRock, Inc. and its affiliates.
f
(b)
Salim Ramji is deemed to be an interested person (as defined in the 1940 Act) of the Trust due to his affiliations
f with BlackRock, Inc. and its affiliates.
f
Independent Trustees
Cecilia H. Trustee (since Chair of the Finance Committee (since 2019) and Trustee and Member of the Director of iShares, Inc. (since 2005); Trustee of
Herbert (72) 2005); Finance, Audit and Quality Committees of Stanford Health Care (since 2016); iShares U.S. ETF Trust (since 2011);
Independent Trustee of WNET,T New York's public media company (since 2011) and Member of Independent Board Chair of iShares, Inc. and
Board Chair the Audit Committee (since 2018) and Investment Committee (since 2011); Chair iShares U.S. ETF Trust (since 2016); Trustee of
(since 2016). (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of Thrivent Church Loan and Income Fund (since
San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of 2019).
Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President
(2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011)
and Chair of the Finance and Investment Committee (2006-2010) of the Thacher
School; Director of the Senior Center of Jackson Hole (since 2020).
Jane D. Trustee (since Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Director of iShares, Inc. (since 2015); Trustee of
Carlin (65) 2015); Risk Nominating and Governance Committee (2017-2018) and Director of PHH iShares U.S. ETF Trust (since 2015); Member of
Committee Chair Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head the Audit Committee (since 2016), Chair of the
(since 2016). of Financial Holding Company Governance & Assurance and the Global Head of Audit Committee (since 2020) and Director of
Operational Risk Management of Morgan Stanley (2006-2012). The Hanover Insurance Group, Inc. (since 2016).
Richard L. Trustee (since Partner, KPMG LLP (2002-2016). Director of iShares, Inc. (since 2017); Trustee of
Fagnani (66) 2017); Audit iShares U.S. ETF Trust (since 2017).
Committee Chair
(since 2019).
BNM1221U-1969639-6068198
Trustee and Officer
f Information (continued)
Independent Trustees (continued)
John E. Trustee (since Chief Investment Officer

f , Santa Clara University (since 2002). Director of iShares, Inc. (since 2005); Trustee of
Kerrigan (66) 2005); Nominating iShares U.S. ETF Trust (since 2011).
and Governance
and Equity Plus
Committee Chairs
(since 2019).
Drew E. Trustee (since Senior Managing Director of New York Life Insurance Company (2010-2015). Director of iShares, Inc. (since 2017); Trustee of
Lawton (62) 2017); 15(c) iShares U.S. ETF Trust (since 2017).
Committee Chair
(since 2017).
John E. Trustee (since Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Director of iShares, Inc. (since 2003); Trustee of
Martinez (60) 2003); Securities Foundation (2017-2020); and Director of Reading Partners (2012-2016). iShares U.S. ETF Trust (since 2011).
Lending
Committee Chair
(since 2019).
Madhav V. Trustee (since Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth Director of iShares, Inc. (since 2011); Trustee of
Rajan (57) 2011); Fixed School of Business (since 2017); Advisory Board Member (since 2016) and Director iShares U.S. ETF Trust (since 2011).
Income Plus (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for
Committee Chair Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of
(since 2019). Accounting, Stanford University Graduate School of Business (2001-2017);
Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate
Dean for Academic Affairs
f and Head of MBA Program, Stanford University Graduate
School of Business (2010-2016).
Officers
Name (Age) Position(s) During the Past 5 Years
Armando President (since Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin
Senra (50) 2019). America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Treasurer and Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer
f of iShares Delaware Trust Sponsor LLC, BlackRock
Walker (47) Chief Financial Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of
Officer
f (since PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO
2020). Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, T PIMCO Managed Accounts
Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Chief Compliance Chief Compliance Officer

f of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the
Park (54) Officer
f (since BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer
f of BFA
F (since 2006).
2006).
Deepa Damre Secretary (since Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Smith (46) 2019).
Scott Executive Vice Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Radell (52) President (since
2012).
Alan Executive Vice Managing Director, BlackRock, Inc. (since 2009).

Mason (60) President (since
2016).
Marybeth Executive Vice Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer
f of Americas iShares (since 2017); Portfolio Manager, Municipal
Leithead (58) President (since Institutional & Wealth Management (2009-2016).
2019).
TR U S T E E A N D O F F I C E R I N F O R M AT I O N 33
BNM1221U-1969639-6068198
General Information
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you
have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• Go to icsdelivery.com.
• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.
Householding
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 f
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.
Availability of Quarterly Schedule of Investments

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

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 Companys policies and procedures with respect to the disclosure of the Funds 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.
BNM1221U-1969639-6068198
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income
PJSC Public Joint Stock Company
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 35
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Want to know more?
e
iShares.com | 1-800-474-2737
This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is
preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
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.
©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its
subsidiaries. All other marks are the property of their respective owners.
iS-AR-1014-1021
BNM1221U-1969639-6068198

2021 Annual Report: Ishares J.P. Morgan Usd Emerging Markets Bond Etf - Emb - Nasdaq

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OCTOBER 31, 2021

2021 Annual Report

Past performance is not an indication of future results.

2 TH I S PAGE IS NOT PART OF YO U R F U N D R E P O R T

Bond performance differed

GROWTH OF $10,000 INVESTMENT

Portfolio Management Commentary

Net asset value or NAV

Corporate Bonds & Notes Indonesia  1.1%

Mexico (continued) United Arab Emirates (continued)

Bahrain (continued) China (continued)

Egypt  2.7% India (continued)

Jamaica  0.8% Mexico (continued)

Panama  2.7% Poland (continued)

Saudi Arabia (continued) Turkey (continued)

United Arab Emirates (continued) Short-Ter

Total Foreign Government Obligations  84.5%

Fair Value Hierarchy as of Period End

Fair Value Hierarchy as of Period End (continued)

Level 1 Level 2 Level 3 Total

See notes to financial statements.

NET ASSETS CONSIST OF:

See notes to financial statements.

REALIZED AND UNREALIZED GAIN (LOSS)

See notes to financial statements.

See notes to financial statements.

iShares J.P. Morgan USD Emerging Markets Bond ETF

Ratios to Average Net Assets

See notes to financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Fair value pricing could result in a difference

4. SECURITIES AND OTHER INVESTMENTS

For its investment advisory services to the Fund, BFA

Distributor: BlackRock Investments, LLC, an affiliate

Officers and Trustees: Certain officers

6. PURCHASES AND SALES

iShares ETF Purchases Sales

7. INCOME TAX INFORMATION

The tax character of distributions paid was as follows:

Year Ended Year Ended

Transactions in capital shares were as follows:

Year Ended Year Ended

10. SUBSEQUENT EVENTS

Opinion on the Financial Statements

Basis for Opinion

iShares ETF Interest Dividends

Section 19(a) Notices

October 31, 2021

Total Cumulative Distributions

Regulation under the Alternative Investment Fund Managers Directive

BlackRock has a clear and well defined pay-for-perform

The registered investment companies advised by BFA F or its affiliates

Independent Trustees (continued)

John E. Trustee (since Chief Investment Officer

Charles Chief Compliance Chief Compliance Officer

Alan Executive Vice Managing Director, BlackRock, Inc. (since 2009).

To enroll in electronic delivery:

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records

Portfolio Abbreviations - Fixed Income

PJSC Public Joint Stock Company

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Net asset value or NAV

Corporate Bonds & Notes Indonesia 1.1%

Egypt 2.7% India (continued)

Jamaica 0.8% Mexico (continued)

Panama 2.7% Poland (continued)

Total Foreign Government Obligations 84.5%