UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09102
iShares, Inc.
(Exact name of registrant as specified in charter)
c/o BlackRock Fund Advisors
400 Howard Street, San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
The Corporation Trust Incorporated
2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 670-2000
Date of fiscal year end: October 31, 2023
Date of reporting period: April 30, 2023
| Item 1. | Reports to Stockholders. |
(a) The Report to Shareholders is attached herewith.
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APRIL 30, 2023 |
| 2023 Semi-Annual Report (Unaudited) | ||
iShares, Inc.
· iShares International High Yield Bond ETF | HYXU | Cboe BZX
· iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX
· iShares J.P. Morgan EM High Yield Bond ETF | EMHY | Cboe BZX
· iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca
· iShares US & Intl High Yield Corp Bond ETF | GHYG | Cboe BZX
Dear Shareholder,
Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.
Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
| Total Returns as of April 30, 2023 | ||||||||
|
6-Month |
12-Month |
|||||||
|
U.S. large cap equities |
8.63% | 2.66% | ||||||
|
U.S. small cap equities |
(3.45) | (3.65) | ||||||
|
International equities |
24.19 | 8.42 | ||||||
|
Emerging market equities |
16.36 | (6.51) | ||||||
|
3-month Treasury bills |
2.09 | 2.83 | ||||||
|
U.S. Treasury securities |
7.14 | (1.68) | ||||||
|
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
6.91 | (0.43) | ||||||
|
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
7.65 | 2.87 | ||||||
|
U.S. high yield bonds |
6.21 | 1.21 | ||||||
|
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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| 2 | T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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| Semi-Annual Report: |
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| Financial Statements |
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| Fund Summary as of April 30, 2023 | iShares® International High Yield Bond ETF |
Investment Objective
The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
| Fund NAV |
17.64 | % | 3.23 | % | (1.17 | )% | 0.77 | % | 3.23 | % | (5.73 | )% | 7.98 | % | ||||||||||||||||
| Fund Market |
17.97 | 5.26 | (0.96 | ) | 0.85 | 5.26 | (4.70 | ) | 8.87 | |||||||||||||||||||||
| Index |
17.73 | 3.54 | (0.83 | ) | 1.03 | 3.54 | (4.10 | ) | 10.77 | |||||||||||||||||||||
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (11/01/22) |
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Ending Account Value (04/30/23) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value |
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|
Ending Account Value (04/30/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ 1,000.00 | $ 1,176.40 | $ 2.16 | $ 1,000.00 | $ 1,022.80 | $ 2.01 | 0.40 | % | |||||||||||||||||||||||
| (a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information. |
Portfolio Information
| CREDIT QUALITY ALLOCATION
|
| |||
| Moody’s Credit Rating* | Percent of Total Investments(a) |
|||
| Baa |
5.8% | |||
| Ba |
46.5 | |||
| B |
29.1 | |||
| Caa |
3.5 | |||
| Not Rated |
15.1 | |||
| GEOGRAPHIC ALLOCATION
|
| |||
| Country/Geographic Region | Percent of Total Investments(a) |
|||
| Italy |
16.5% | |||
| France |
14.5 | |||
| United States |
13.1 | |||
| United Kingdom |
12.1 | |||
| Germany |
11.1 | |||
| Spain |
8.1 | |||
| Luxembourg |
4.2 | |||
| Netherlands |
3.9 | |||
| Sweden |
3.0 | |||
| Greece |
2.4 | |||
| * | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s 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. |
| 4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of April 30, 2023 | iShares® J.P. Morgan EM Corporate Bond ETF |
Investment Objective
The iShares J.P. Morgan EM Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the J.P. Morgan CEMBI Broad Diversified Core Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
| Fund NAV |
10.28 | % | 0.61 | % | 1.62 | % | 2.15 | % | 0.61 | % | 8.37 | % | 23.65 | % | ||||||||||||||||
| Fund Market |
11.60 | 1.80 | 1.77 | 2.12 | 1.80 | 9.15 | 23.35 | |||||||||||||||||||||||
| Index |
10.63 | 1.19 | 1.95 | 2.60 | 1.19 | 10.15 | 29.21 | |||||||||||||||||||||||
Index Performance through May 31, 2017 reflects the performance of the Morningstar® Emerging Markets Corporate Bond IndexSM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (11/01/22) |
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Ending Account Value (04/30/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (11/01/22) |
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|
Ending Account Value (04/30/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ 1,000.00 | $ 1,102.80 | $ 2.61 | $ 1,000.00 | $ 1,022.30 | $ 2.51 | 0.50 | % | |||||||||||||||||||||||
| (a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information. |
Portfolio Information
| CREDIT QUALITY ALLOCATION
|
| |||
| Moody’s Credit Rating* | Percent of Total Investments(a) |
|||
| Aaa |
0.4% | |||
| Aa |
7.8 | |||
| A |
18.7 | |||
| Baa |
34.9 | |||
| Ba |
12.8 | |||
| B |
6.8 | |||
| Caa |
2.1 | |||
| C |
0.8 | |||
| Not Rated |
15.7 | |||
| GEOGRAPHIC ALLOCATION
|
| |||
| Country/Geographic Region | Percent of Total Investments(a) |
|||
| China |
9.2% | |||
| Brazil |
5.5 | |||
| Mexico |
5.0 | |||
| United Arab Emirates |
5.0 | |||
| Hong Kong |
4.7 | |||
| Saudi Arabia |
4.7 | |||
| India |
4.6 | |||
| South Korea |
4.6 | |||
| Singapore |
4.2 | |||
| Colombia |
4.2 | |||
| * | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s 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. |
| F U N D S U M M A R Y |
5 |
| Fund Summary as of April 30, 2023 | iShares® J.P. Morgan EM High Yield Bond ETF |
Investment Objective
The iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the J.P. Morgan USD Emerging Markets High Yield Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
| Fund NAV |
11.11 | % | (1.92 | )% | (0.37 | )% | 1.51 | % | (1.92 | )% | (1.86 | )% | 16.15 | % | ||||||||||||||||||
| Fund Market |
12.42 | (1.23 | ) | (0.23 | ) | 1.50 | (1.23 | ) | (1.14 | ) | 16.03 | |||||||||||||||||||||
| Index |
11.39 | (1.44 | ) | (0.06 | ) | 1.82 | (1.44 | ) | (0.29 | ) | 19.78 | |||||||||||||||||||||
Index performance through March 01, 2020 reflects the performance of the Morningstar Emerging Markets High Yield Bond IndexSM which terminated on April 01, 2020. Index performance beginning on March 02, 2020 reflects the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (11/01/22) |
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Ending Account Value (04/30/23 |
) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (11/01/22 |
) |
|
Ending Account Value (04/30/23 |
) |
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ 1,000.00 | $ 1,111.10 | $ 2.62 | $ 1,000.00 | $ 1,022.30 | $ 2.51 | 0.50 | % | |||||||||||||||||||||||
| (a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information. |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Rating* |
|
Percent of Total Investments |
(a) | |
| Aaa |
0.1 | % | ||
| Aa |
0.2 | |||
| A |
0.2 | |||
| Baa |
10.7 | |||
| Ba |
34.2 | |||
| B |
29.7 | |||
| Caa |
4.4 | |||
| Ca |
1.2 | |||
| C |
0.7 | |||
| Not Rated |
18.6 | |||
GEOGRAPHIC ALLOCATION
| Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
| Brazil |
13.6 | % | ||
| Turkey |
13.3 | |||
| Mexico |
8.3 | |||
| Colombia |
7.1 | |||
| China |
4.9 | |||
| Oman |
4.0 | |||
| South Africa |
3.8 | |||
| Dominican Republic |
3.4 | |||
| Hong Kong |
3.4 | |||
| Argentina |
3.0 | |||
| * | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s 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. |
| 6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of April 30, 2023 | iShares® J.P. Morgan EM Local Currency Bond ETF |
Investment Objective
The iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
| Fund NAV |
13.87 | % | 3.85 | % | (3.37 | )% | (2.15 | )% | 3.85 | % | (15.74 | )% | (19.52 | )% | ||||||||||||||||||
| Fund Market |
13.23 | 3.76 | (3.40 | ) | (2.28 | ) | 3.76 | (15.86 | ) | (20.59 | ) | |||||||||||||||||||||
| Index |
14.34 | 4.53 | (2.91 | ) | (1.63 | ) | 4.53 | (13.73 | ) | (15.14 | ) | |||||||||||||||||||||
Index performance through May 31, 2017 reflects the performance of the Bloomberg Emerging Markets Broad Local Currency Bond Index. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (11/01/22) |
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Ending Account Value (04/30/23 |
) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (11/01/22 |
) |
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Ending Account Value (04/30/23 |
) |
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 1,138.70 | $ 1.59 | $ | 1,000.00 | $ | 1,023.30 | $ 1.51 | 0.30 | % | |||||||||||||||||||
| (a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information. |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Rating* |
|
Percent of Total Investments |
(a) | |
| Aa |
3.6 | % | ||
| A |
5.1 | |||
| Baa |
19.1 | |||
| Ba |
10.2 | |||
| C |
2.9 | |||
| Not Rated |
59.1 | |||
GEOGRAPHIC ALLOCATION
| Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
| China |
15.1 | % | ||
| Indonesia |
6.7 | |||
| Mexico |
5.8 | |||
| Brazil |
5.4 | |||
| Peru |
4.6 | |||
| Poland |
4.6 | |||
| Czech Republic |
4.6 | |||
| Serbia |
4.6 | |||
| Romania |
4.6 | |||
| Thailand |
4.6 | |||
| * | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s 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. |
| F U N D S U M M A R Y |
7 |
| Fund Summary as of April 30, 2023 | iShares® US & Intl High Yield Corp Bond ETF |
Investment Objective
The iShares US & Intl High Yield Corp Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
| Fund NAV |
8.86 | % | 1.64 | % | 1.67 | % | 2.55 | % | 1.64 | % | 8.64 | % | 28.60 | % | ||||||||||||||||||
| Fund Market |
9.37 | 2.80 | 1.70 | 2.54 | 2.80 | 8.79 | 28.56 | |||||||||||||||||||||||||
| Index |
9.06 | 2.01 | 1.82 | 2.70 | 2.01 | 9.44 | 30.56 | |||||||||||||||||||||||||
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (11/01/22) |
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Ending Account Value (04/30/23 |
) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (11/01/22 |
) |
|
Ending Account Value (04/30/23 |
) |
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ | 1,000.00 | $ | 1,088.60 | $ 2.07 | $ | 1,000.00 | $ | 1,022.80 | $ 2.01 | 0.40 | % | |||||||||||||||||||
| (a) | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information. |
Portfolio Information
CREDIT QUALITY ALLOCATION
| Moody’s Credit Rating* |
|
Percent of Total Investments |
(a) | |
| Baa |
4.3 | % | ||
| Ba |
42.6 | |||
| B |
39.1 | |||
| Caa |
8.0 | |||
| Ca |
0.4 | |||
| Not Rated |
5.6 | |||
GEOGRAPHIC ALLOCATION
| Country/Geographic Region |
|
Percent of Total Investments |
(a) | |
| United States |
63.8 | % | ||
| United Kingdom |
5.5 | |||
| Italy |
5.0 | |||
| France |
4.9 | |||
| Canada |
3.8 | |||
| Germany |
3.4 | |||
| Spain |
2.4 | |||
| Netherlands |
1.8 | |||
| Luxembourg |
1.7 | |||
| Israel |
1.1 | |||
| * | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s 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. |
| 8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
| A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S |
9 |
| Schedule of Investments (unaudited) April 30, 2023 |
iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| Corporate Bonds & Notes |
||||||||||||
| Australia — 0.2% | ||||||||||||
| Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(a)(b) |
EUR | 100 | $ | 91,626 | ||||||||
|
|
|
|||||||||||
| Austria — 0.2% | ||||||||||||
| ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/23)(a) |
EUR | 100 | 102,269 | |||||||||
|
|
|
|||||||||||
| Belgium — 0.2% | ||||||||||||
| Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/23)(a) |
EUR | 100 | 99,673 | |||||||||
|
|
|
|||||||||||
| Canada — 1.4% | ||||||||||||
| Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(c) |
CAD | 325 | 212,649 | |||||||||
| Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.13%, 06/15/29 (Call 06/15/24)(c) |
CAD | 75 | 44,673 | |||||||||
| Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/24)(a) |
CAD | 50 | 32,522 | |||||||||
| Parkland Corp. |
||||||||||||
| 3.88%, 06/16/26 (Call 06/16/23)(c) |
CAD | 150 | 102,837 | |||||||||
| 4.38%, 03/26/29 (Call 03/26/24) |
CAD | 75 | 48,516 | |||||||||
| Southern Pacific Resource Corp., 8.75%, 01/25/18(c)(d)(e)(f) |
CAD | 50 | — | |||||||||
| Tamarack Valley Energy Ltd., 7.25%, 05/10/27 |
||||||||||||
| (Call 05/10/24)(c) |
CAD | 25 | 17,634 | |||||||||
| Videotron Ltd. |
||||||||||||
| 3.13%, 01/15/31 (Call 01/15/26) |
CAD | 100 | 58,601 | |||||||||
| 3.63%, 06/15/28 (Call 06/15/24)(c) |
CAD | 150 | 96,696 | |||||||||
| 4.50%, 01/15/30 (Call 10/15/24) |
CAD | 150 | 98,147 | |||||||||
|
|
|
|||||||||||
| 712,275 | ||||||||||||
| Cyprus — 0.2% | ||||||||||||
| Bank of Cyprus PCL, 2.50%, 06/24/27 (Call 06/24/26)(a)(b) |
EUR | 100 | 92,802 | |||||||||
|
|
|
|||||||||||
| Czech Republic — 0.2% | ||||||||||||
| Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30 (Call 04/30/26)(a) |
EUR | 100 | 111,101 | |||||||||
|
|
|
|||||||||||
| France — 14.2% | ||||||||||||
| Accor SA |
||||||||||||
| 2.38%, 11/29/28 (Call 08/29/28)(a) |
EUR | 100 | 98,221 | |||||||||
| 3.00%, 02/04/26 (Call 11/04/25)(a) |
EUR | 100 | 105,844 | |||||||||
| Adevinta ASA |
||||||||||||
| 2.63%, 11/15/25 (Call 11/15/23)(a) |
EUR | 100 | 104,611 | |||||||||
| 3.00%, 11/15/27 (Call 11/15/23)(a) |
EUR | 100 | 100,272 | |||||||||
| Altice France SA/France |
||||||||||||
| 2.13%, 02/15/25 (Call 01/29/24)(a) |
EUR | 150 | 151,008 | |||||||||
| 3.38%, 01/15/28 (Call 09/15/23)(a) |
EUR | 100 | 83,813 | |||||||||
| 4.00%, 07/15/29 (Call 04/15/24)(a) |
EUR | 100 | 80,126 | |||||||||
| 4.25%, 10/15/29 (Call 10/15/24)(a) |
EUR | 100 | 80,731 | |||||||||
| 5.88%, 02/01/27 (Call 08/01/23)(a) |
EUR | 250 | 237,758 | |||||||||
| Atos SE |
||||||||||||
| 1.00%, 11/12/29 (Call 08/12/29)(a) |
EUR | 200 | 144,142 | |||||||||
| 1.75%, 05/07/25 (Call 02/07/25)(a) |
EUR | 100 | 96,913 | |||||||||
| Banijay Entertainment SASU, 3.50%, 03/01/25 |
||||||||||||
| (Call 03/01/24)(a) |
EUR | 100 | 107,162 | |||||||||
| Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/23)(a) |
EUR | 100 | 107,203 | |||||||||
| CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24) |
EUR | 200 | 175,154 | |||||||||
| Casino Guichard Perrachon SA |
||||||||||||
| 5.25%, 04/15/27 (Call 04/15/24)(a) |
EUR | 100 | 25,612 | |||||||||
| 6.63%, 01/15/26 (Call 01/15/24)(a) |
EUR | 100 | 27,180 | |||||||||
| CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a) |
EUR | 100 | 95,875 | |||||||||
| Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a) |
EUR | 100 | 88,951 | |||||||||
| Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(a) |
EUR | 100 | 78,081 | |||||||||
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| France (continued) | ||||||||||||
| Elis SA |
||||||||||||
| 1.63%, 04/03/28 (Call 01/03/28)(a) |
EUR | 100 | $ | 96,976 | ||||||||
| 2.88%, 02/15/26 (Call 11/15/25)(a) |
EUR | 100 | 105,828 | |||||||||
| 4.13%, 05/24/27 (Call 02/24/27)(a) |
EUR | 100 | 108,648 | |||||||||
| Emeria SASU |
||||||||||||
| 3.38%, 03/31/28 (Call 03/31/24)(a) |
EUR | 100 | 86,150 | |||||||||
| 7.75%, 03/31/28 (Call 02/07/25)(a) |
EUR | 100 | 103,355 | |||||||||
| Faurecia SE |
||||||||||||
| 2.38%, 06/15/27 (Call 06/15/23)(a) |
EUR | 100 | 94,928 | |||||||||
| 2.63%, 06/15/25 (Call 06/15/23)(a) |
EUR | 200 | 209,351 | |||||||||
| 2.75%, 02/15/27 (Call 02/15/24)(a) |
EUR | 225 | 219,409 | |||||||||
| 3.13%, 06/15/26 (Call 06/15/23)(a) |
EUR | 100 | 102,974 | |||||||||
| 3.75%, 06/15/28 (Call 06/15/23)(a) |
EUR | 200 | 194,633 | |||||||||
| 7.25%, 06/15/26 (Call 11/15/24)(a) |
EUR | 100 | 113,545 | |||||||||
| Iliad Holding SASU |
||||||||||||
| 5.13%, 10/15/26 (Call 10/15/23)(a) |
EUR | 150 | 156,570 | |||||||||
| 5.63%, 10/15/28 (Call 10/15/24)(a) |
EUR | 100 | 100,302 | |||||||||
| iliad SA |
||||||||||||
| 1.50%, 10/14/24 (Call 07/14/24)(a) |
EUR | 100 | 105,131 | |||||||||
| 1.88%, 04/25/25 (Call 01/25/25)(a) |
EUR | 200 | 206,457 | |||||||||
| 5.38%, 06/14/27 (Call 03/14/27)(a) |
EUR | 200 | 216,142 | |||||||||
| 5.63%, 02/15/30 (Call 11/15/29)(a) |
EUR | 100 | 105,484 | |||||||||
| La Financiere Atalian SASU, 4.00%, 05/15/24 |
||||||||||||
| (Call 05/08/23)(a) |
EUR | 100 | 78,813 | |||||||||
| Loxam SAS |
||||||||||||
| 2.88%, 04/15/26 (Call 04/10/24)(a) |
EUR | 100 | 101,791 | |||||||||
| 4.50%, 02/15/27 (Call 02/15/24)(a) |
EUR | 175 | 182,267 | |||||||||
| 6.38%, 05/15/28 (Call 05/15/25)(a) |
EUR | 100 | 109,560 | |||||||||
| Paprec Holding SA |
||||||||||||
| 3.50%, 07/01/28 (Call 07/01/24)(a) |
EUR | 100 | 97,769 | |||||||||
| 4.00%, 03/31/25 (Call 05/29/23)(a) |
EUR | 100 | 107,594 | |||||||||
| Parts Europe SA,
6.50%, 07/16/25 |
EUR | 100 | 110,245 | |||||||||
| Picard Groupe SAS,
3.88%, 07/01/26 |
EUR | 200 | 195,466 | |||||||||
| RCI Banque SA,
2.63%, 02/18/30 |
EUR | 100 | 101,172 | |||||||||
| Renault SA |
||||||||||||
| 1.00%, 04/18/24 (Call 01/18/24)(a) |
EUR | 100 | 106,185 | |||||||||
| 1.00%, 11/28/25 (Call 08/28/25)(a) |
EUR | 70 | 71,555 | |||||||||
| 1.25%, 06/24/25 (Call 03/24/25)(a) |
EUR | 200 | 204,826 | |||||||||
| 2.00%, 09/28/26 (Call 06/28/26)(a) |
EUR | 100 | 98,120 | |||||||||
| 2.38%, 05/25/26 (Call 02/25/26)(a) |
EUR | 200 | 201,113 | |||||||||
| 2.50%, 06/02/27 (Call 03/02/27)(a) |
EUR | 200 | 194,756 | |||||||||
| 2.50%, 04/01/28 (Call 01/01/28)(a) |
EUR | 100 | 93,631 | |||||||||
| Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(a) |
EUR | 100 | 96,025 | |||||||||
| SPCM SA, 2.00%, 02/01/26 (Call 09/15/23)(a) |
EUR | 100 | 101,449 | |||||||||
| Tereos Finance Groupe I SA |
||||||||||||
| 7.25%, 04/15/28 (Call 04/15/25)(a) |
EUR | 100 | 109,449 | |||||||||
| 7.50%, 10/30/25 (Call 10/30/23)(a) |
EUR | 100 | 113,057 | |||||||||
| Valeo |
||||||||||||
| 1.00%, 08/03/28 (Call 05/03/28)(a) |
EUR | 100 | 88,760 | |||||||||
| 1.50%, 06/18/25 (Call 03/18/25)(a) |
EUR | 100 | 104,020 | |||||||||
| 5.38%, 05/28/27 (Call 02/28/27)(a) |
EUR | 100 | 110,290 | |||||||||
| Verallia SA |
||||||||||||
| 1.63%, 05/14/28 (Call 02/14/28)(a) |
EUR | 100 | 97,324 | |||||||||
| 1.88%, 11/10/31 (Call 08/11/31) |
EUR | 100 | 89,006 | |||||||||
|
|
|
|||||||||||
| 7,278,783 | ||||||||||||
| Germany — 10.9% | ||||||||||||
| ADLER Group SA, 5.00%, 01/14/29 (Call 10/14/28)(a) |
EUR | 200 | 75,682 | |||||||||
| Bayer AG |
||||||||||||
| 2.38%, 11/12/79 (Call 02/12/25)(a)(b) |
EUR | 100 | 102,123 | |||||||||
| 3.13%, 11/12/79 (Call 08/12/27)(a)(b) |
EUR | 200 | 189,521 | |||||||||
| 10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Germany (continued) | ||||||||||||
| 3.75%, 07/01/74 (Call 07/01/24)(a)(b) |
EUR | 300 | $ | 319,734 | ||||||||
| 5.38%, 03/25/82 (Call 06/25/30)(a)(b) |
EUR | 100 | 100,743 | |||||||||
| Series N5.5, 4.50%, Series N5.5, 03/25/82 (Call 06/25/27)(a)(b) |
EUR | 100 | 102,227 | |||||||||
| Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(a)(b) |
EUR | 100 | 100,026 | |||||||||
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a) |
EUR | 150 | 150,589 | |||||||||
| Commerzbank AG |
||||||||||||
| 4.00%, 03/23/26(a) |
EUR | 200 | 213,392 | |||||||||
| 4.00%, 03/30/27(a) |
EUR | 100 | 106,850 | |||||||||
| 6.50%, 12/06/32 (Call 09/06/27)(a)(b) |
EUR | 100 | 110,161 | |||||||||
| 8.63%, 02/28/33 (Call 11/28/27)(a)(b) |
GBP | 100 | 125,674 | |||||||||
| Deutsche Lufthansa AG |
||||||||||||
| 2.00%, 07/14/24 (Call 06/14/24)(a) |
EUR | 100 | 106,918 | |||||||||
| 2.88%, 02/11/25 (Call 01/11/25)(a) |
EUR | 200 | 212,313 | |||||||||
| 2.88%, 05/16/27 (Call 02/16/27)(a) |
EUR | 100 | 100,333 | |||||||||
| 3.00%, 05/29/26 (Call 02/28/26)(a) |
EUR | 300 | 309,541 | |||||||||
| 3.50%, 07/14/29 (Call 04/14/29)(a) |
EUR | 100 | 98,307 | |||||||||
| 4.38%, 08/12/75 (Call 02/12/26)(a)(b) |
EUR | 100 | 98,208 | |||||||||
| Douglas GmbH,
6.00%, 04/08/26 |
EUR | 200 | 195,491 | |||||||||
| Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(b) |
EUR | 100 | 91,708 | |||||||||
| Gruenenthal GmbH |
||||||||||||
| 3.63%, 11/15/26 (Call 05/15/23)(a) |
EUR | 100 | 103,671 | |||||||||
| 6.75%, 05/15/30 (Call 05/15/26) |
EUR | 100 | 110,752 | |||||||||
| Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a) |
EUR | 100 | 100,858 | |||||||||
| Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 04/30/24)(a) |
EUR | 200 | 214,064 | |||||||||
| RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(a)(b) |
EUR | 100 | 105,373 | |||||||||
| Schaeffler AG |
||||||||||||
| 1.88%, 03/26/24 (Call 12/26/23)(a) |
EUR | 100 | 107,736 | |||||||||
| 2.75%, 10/12/25 (Call 07/12/25) |
EUR | 100 | 105,245 | |||||||||
| 2.88%, 03/26/27 (Call 12/26/26)(a) |
EUR | 75 | 77,855 | |||||||||
| 3.38%, 10/12/28 (Call 07/12/28) |
EUR | 100 | 99,163 | |||||||||
| Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/24)(a) |
EUR | 250 | 259,617 | |||||||||
| thyssenkrupp AG |
||||||||||||
| 2.50%, 02/25/25(a) |
EUR | 100 | 106,924 | |||||||||
| 2.88%, 02/22/24 (Call 11/22/23)(a) |
EUR | 75 | 81,263 | |||||||||
| TK Elevator Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a) |
EUR | 90 | 82,326 | |||||||||
| TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a) |
EUR | 100 | 98,205 | |||||||||
| ZF Europe Finance BV |
||||||||||||
| 2.00%, 02/23/26 (Call 12/23/25)(a) |
EUR | 100 | 100,207 | |||||||||
| 2.50%, 10/23/27 (Call 07/23/27)(a) |
EUR | 100 | 95,688 | |||||||||
| 3.00%, 10/23/29 (Call 07/23/29)(a) |
EUR | 100 | 91,821 | |||||||||
| ZF Finance GmbH |
||||||||||||
| 2.00%, 05/06/27 (Call 02/06/27)(a) |
EUR | 100 | 95,135 | |||||||||
| 2.25%, 05/03/28 (Call 02/03/28)(a) |
EUR | 100 | 92,331 | |||||||||
| 2.75%, 05/25/27 (Call 02/25/27)(a) |
EUR | 100 | 97,760 | |||||||||
| 3.00%, 09/21/25 (Call 06/21/25)(a) |
EUR | 100 | 104,353 | |||||||||
| 3.75%, 09/21/28 (Call 06/21/28)(a) |
EUR | 100 | 98,024 | |||||||||
| 5.75%, 08/03/26 (Call 07/03/26)(a) |
EUR | 200 | 221,093 | |||||||||
|
|
|
|||||||||||
| 5,559,005 | ||||||||||||
| Gibraltar — 0.2% | ||||||||||||
| 888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(a) |
EUR | 100 | 99,180 | |||||||||
|
|
|
|||||||||||
| Greece — 2.4% | ||||||||||||
| Alpha Bank SA |
||||||||||||
| 2.50%, 03/23/28 (Call 03/23/27)(a)(b) |
EUR | 100 | 90,131 | |||||||||
| 7.50%, 06/16/27 (Call 06/16/26)(a)(b) |
EUR | 100 | 109,140 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Greece (continued) | ||||||||||||
| Eurobank SA |
||||||||||||
| 2.25%, 03/14/28 (Call 03/14/27)(a)(b) |
EUR | 100 | $ | 91,956 | ||||||||
| 7.00%, 01/26/29 (Call 01/26/28)(a)(b) |
EUR | 100 | 108,568 | |||||||||
| National Bank of Greece SA |
||||||||||||
| 2.75%, 10/08/26 (Call 10/08/25)(a)(b) |
EUR | 100 | 100,901 | |||||||||
| 7.25%, 11/22/27 (Call 11/22/26)(a)(b) |
EUR | 100 | 112,117 | |||||||||
| 8.25%, 07/18/29 (Call 07/18/24)(a)(b) |
EUR | 100 | 108,360 | |||||||||
| Piraeus Bank SA,
8.25%, 01/28/27 |
EUR | 100 | 109,944 | |||||||||
| Piraeus Financial Holdings SA |
||||||||||||
| 5.50%, 02/19/30 (Call 02/19/25)(a)(b) |
EUR | 100 | 92,494 | |||||||||
| 9.75%, 06/26/29 (Call 06/26/24)(a)(b) |
EUR | 100 | 104,942 | |||||||||
| Public Power Corp. SA |
||||||||||||
| 3.38%, 07/31/28 (Call 07/31/24)(a) |
EUR | 100 | 95,965 | |||||||||
| 4.38%, 03/30/26 (Call 03/30/24)(a) |
EUR | 100 | 104,280 | |||||||||
|
|
|
|||||||||||
| 1,228,798 | ||||||||||||
| Ireland — 1.7% | ||||||||||||
| AIB Group PLC |
||||||||||||
| 1.88%, 11/19/29 (Call 11/19/24)(a)(b) |
EUR | 100 | 103,083 | |||||||||
| 2.88%, 05/30/31 (Call 05/30/26)(a)(b) |
EUR | 100 | 99,940 | |||||||||
| Bank of Ireland Group PLC |
||||||||||||
| 1.38%, 08/11/31 (Call 05/11/26)(a)(b) |
EUR | 100 | 94,833 | |||||||||
| 6.75%, 03/01/33 (Call 12/01/27)(a)(b) |
EUR | 100 | 111,405 | |||||||||
| 7.59%, 12/06/32 (Call 09/06/27)(a)(b) |
GBP | 100 | 124,812 | |||||||||
| eircom Finance DAC |
||||||||||||
| 1.75%, 11/01/24 (Call 11/01/23)(a) |
EUR | 100 | 108,099 | |||||||||
| 3.50%, 05/15/26 (Call 05/15/23)(a) |
EUR | 100 | 103,846 | |||||||||
| Permanent TSB Group Holdings PLC, 5.25%, 06/30/25 (Call 06/30/24)(a)(b) |
EUR | 100 | 108,970 | |||||||||
|
|
|
|||||||||||
| 854,988 | ||||||||||||
| Israel — 2.1% | ||||||||||||
| Teva Pharmaceutical Finance Netherlands II BV |
||||||||||||
| 1.13%, 10/15/24(a) |
EUR | 100 | 104,251 | |||||||||
| 1.63%, 10/15/28(a) |
EUR | 150 | 126,506 | |||||||||
| 1.88%, 03/31/27 (Call 12/31/26)(a) |
EUR | 100 | 92,877 | |||||||||
| 3.75%, 05/09/27 (Call 02/09/27) |
EUR | 250 | 248,179 | |||||||||
| 4.38%, 05/09/30 (Call 02/09/30) |
EUR | 200 | 184,952 | |||||||||
| 4.50%, 03/01/25 (Call 12/01/24) |
EUR | 100 | 108,441 | |||||||||
| 7.38%, 09/15/29 (Call 06/15/29) |
EUR | 100 | 111,234 | |||||||||
| 7.88%, 09/15/31 (Call 06/15/31) |
EUR | 100 | 112,876 | |||||||||
|
|
|
|||||||||||
| 1,089,316 | ||||||||||||
| Italy — 16.2% | ||||||||||||
| Atlantia SpA |
||||||||||||
| 1.63%, 02/03/25(a) |
EUR | 100 | 103,980 | |||||||||
| 1.88%, 07/13/27 (Call 04/13/27)(a) |
EUR | 175 | 168,846 | |||||||||
| 1.88%, 02/12/28 (Call 11/12/27)(a) |
EUR | 200 | 184,180 | |||||||||
| Banca IFIS SpA, 6.13%, 01/19/27(a) |
EUR | 100 | 109,554 | |||||||||
| Banca Monte dei Paschi di Siena SpA |
||||||||||||
| 1.88%, 01/09/26(a) |
EUR | 100 | 96,015 | |||||||||
| 2.63%, 04/28/25(a) |
EUR | 100 | 102,255 | |||||||||
| 3.63%, 09/24/24(a) |
EUR | 200 | 211,315 | |||||||||
| 6.75%, 03/02/26 (Call 03/02/25), (3-mo. EURIBOR + 3.206%)(a)(b) |
EUR | 125 | 136,704 | |||||||||
| 7.68%, 01/18/28(a)(b) |
EUR | 100 | 93,080 | |||||||||
| 10.50%, 07/23/29(a) |
EUR | 100 | 106,854 | |||||||||
| Banca Popolare di Sondrio SpA, 1.25%, 07/13/27 (Call 07/13/26)(a)(b) |
EUR | 100 | 96,496 | |||||||||
| Banco BPM SpA |
||||||||||||
| 1.75%, 01/28/25(a) |
EUR | 200 | 209,630 | |||||||||
| 3.25%, 01/14/31 (Call 01/14/26)(a)(b) |
EUR | 100 | 98,558 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
11 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Italy (continued) | ||||||||||||
| 4.25%, 10/01/29 (Call 10/01/24)(a)(b) |
EUR | 100 | $ | 105,955 | ||||||||
| 4.88%, 01/18/27(a) |
EUR | 100 | 109,666 | |||||||||
| 5.00%, 09/14/30 (Call 09/14/25)(a)(b) |
EUR | 100 | 106,801 | |||||||||
| 6.00%, 09/13/26(a) |
EUR | 150 | 169,621 | |||||||||
| 6.00%, 01/21/28 (Call 01/21/27), |
EUR | 150 | 166,275 | |||||||||
| BPER Banca |
||||||||||||
| 1.88%, 07/07/25(a) |
EUR | 100 | 104,124 | |||||||||
| 3.38%, 06/30/25 (Call 05/31/24), |
EUR | 100 | 108,554 | |||||||||
| 3.88%, 07/25/32 (Call 01/25/27)(a)(b) |
EUR | 200 | 182,147 | |||||||||
| 6.13%, 02/01/28 (Call 02/01/27), |
EUR | 150 | 167,635 | |||||||||
| Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a) |
EUR | 100 | 96,849 | |||||||||
| Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(a) |
EUR | 100 | 96,630 | |||||||||
| Fiber Bidco Spa,
11.00%, 10/25/27 |
EUR | 100 | 118,466 | |||||||||
| Grifols SA, 2.25%, 11/15/27 (Call 11/15/23)(a) |
EUR | 100 | 94,528 | |||||||||
| Iccrea Banca SpA |
||||||||||||
| 2.13%, 01/17/27 (Call 01/17/26), |
EUR | 100 | 98,729 | |||||||||
| 4.13%, 11/28/29 (Call 11/28/24)(a)(b) |
EUR | 100 | 102,629 | |||||||||
| 6.38%, 09/20/27 (Call 09/20/26), |
EUR | 100 | 111,157 | |||||||||
| 6.88%, 01/20/28 (Call 01/20/27), |
EUR | 100 | 112,437 | |||||||||
| IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/24)(a) |
EUR | 100 | 95,675 | |||||||||
| Infrastrutture Wireless Italiane SpA |
||||||||||||
| 1.63%, 10/21/28 (Call 07/21/28)(a) |
EUR | 200 | 194,936 | |||||||||
| 1.75%, 04/19/31 (Call 01/19/31)(a) |
EUR | 100 | 93,580 | |||||||||
| 1.88%, 07/08/26 (Call 04/08/26)(a) |
EUR | 150 | 155,044 | |||||||||
| Intesa Sanpaolo SpA |
||||||||||||
| 2.86%, 04/23/25(a) |
EUR | 100 | 106,597 | |||||||||
| 2.93%, 10/14/30(a) |
EUR | 100 | 89,465 | |||||||||
| 3.93%, 09/15/26 |
EUR | 200 | 215,853 | |||||||||
| 5.15%, 06/10/30(a) |
GBP | 100 | 104,077 | |||||||||
| 6.18%, 02/20/34 (Call 11/20/28)(a)(b) |
EUR | 200 | 217,385 | |||||||||
| Leonardo SpA |
||||||||||||
| 1.50%, 06/07/24 (Call 03/07/24)(a) |
EUR | 100 | 106,838 | |||||||||
| 2.38%, 01/08/26 (Call 10/08/25)(a) |
EUR | 100 | 105,633 | |||||||||
| Lottomatica SpA |
||||||||||||
| 6.25%, 07/15/25 (Call 07/30/23)(a) |
EUR | 100 | 111,320 | |||||||||
| 9.75%, 09/30/27 (Call 09/30/24)(a) |
EUR | 100 | 118,133 | |||||||||
| Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 07/15/23)(a) |
EUR | 100 | 111,138 | |||||||||
| Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26 |
EUR | 50 | 53,736 | |||||||||
| Nexi SpA |
||||||||||||
| 1.63%, 04/30/26 (Call 01/30/26)(a) |
EUR | 200 | 200,820 | |||||||||
| 2.13%, 04/30/29 (Call 01/30/29)(a) |
EUR | 150 | 136,736 | |||||||||
| Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/23)(a) |
EUR | 100 | 110,116 | |||||||||
| Saipem Finance International BV |
||||||||||||
| 2.63%, 01/07/25(a) |
EUR | 100 | 105,643 | |||||||||
| 3.13%, 03/31/28 (Call 12/31/27)(a) |
EUR | 100 | 97,216 | |||||||||
| Telecom Italia SpA |
||||||||||||
| 6.88%, 02/15/28 (Call 11/15/27)(a) |
EUR | 200 | 221,001 | |||||||||
| Series APR, 6.88%, Series APR, 02/15/28 (Call 11/15/27)(a) |
EUR | 100 | 110,373 | |||||||||
| Telecom Italia SpA/Milano |
||||||||||||
| 1.63%, 01/18/29 (Call 10/18/28)(a) |
EUR | 100 | 84,963 | |||||||||
| 2.38%, 10/12/27 (Call 07/12/27)(a) |
EUR | 100 | 94,325 | |||||||||
| 2.75%, 04/15/25 (Call 01/15/25)(a) |
EUR | 200 | 208,301 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Italy (continued) | ||||||||||||
| 2.88%, 01/28/26 (Call 10/28/25)(a) |
EUR | 300 | $ | 307,972 | ||||||||
| 3.00%, 09/30/25(a) |
EUR | 100 | 103,728 | |||||||||
| 3.63%, 05/25/26(a) |
EUR | 100 | 104,878 | |||||||||
| UniCredit SpA |
||||||||||||
| 2.00%, 09/23/29 (Call 09/23/24)(a)(b) |
EUR | 200 | 204,192 | |||||||||
| 2.73%, 01/15/32 (Call 01/15/27)(a)(b) |
EUR | 200 | 188,446 | |||||||||
| Webuild SpA |
||||||||||||
| 1.75%, 10/26/24(a) |
EUR | 150 | 155,882 | |||||||||
| 3.88%, 07/28/26 (Call 01/28/26)(a) |
EUR | 100 | 97,968 | |||||||||
| 5.88%, 12/15/25 (Call 06/15/25)(a) |
EUR | 100 | 106,479 | |||||||||
|
|
|
|||||||||||
| 8,288,119 | ||||||||||||
| Japan — 1.7% | ||||||||||||
| SoftBank Group Corp. |
||||||||||||
| 2.13%, 07/06/24 (Call 04/06/24)(a) |
EUR | 175 | 183,194 | |||||||||
| 2.88%, 01/06/27 (Call 10/06/26)(a) |
EUR | 100 | 93,395 | |||||||||
| 3.13%, 09/19/25 (Call 06/21/25)(a) |
EUR | 100 | 100,319 | |||||||||
| 3.38%, 07/06/29 (Call 04/06/29)(a) |
EUR | 125 | 105,844 | |||||||||
| 3.88%, 07/06/32 (Call 04/06/32)(a) |
EUR | 100 | 79,202 | |||||||||
| 4.00%, 09/19/29 (Call 06/21/29)(a) |
EUR | 100 | 87,060 | |||||||||
| 4.50%, 04/20/25 (Call 01/20/25)(a) |
EUR | 100 | 105,471 | |||||||||
| 5.00%, 04/15/28 (Call 01/16/28)(a) |
EUR | 100 | 96,486 | |||||||||
|
|
|
|||||||||||
| 850,971 | ||||||||||||
| Luxembourg — 4.1% | ||||||||||||
| Altice Financing SA |
||||||||||||
| 2.25%, 01/15/25 (Call 01/15/24)(a) |
EUR | 100 | 103,813 | |||||||||
| 3.00%, 01/15/28 (Call 01/15/24)(a) |
EUR | 200 | 170,212 | |||||||||
| 4.25%, 08/15/29 (Call 08/15/24)(a) |
EUR | 100 | 85,434 | |||||||||
| Altice Finco SA,
4.75%, 01/15/28 |
EUR | 100 | 78,210 | |||||||||
| Altice France Holding SA |
||||||||||||
| 4.00%, 02/15/28 (Call 05/29/23)(a) |
EUR | 100 | 66,026 | |||||||||
| 8.00%, 05/15/27 (Call 05/15/23)(a) |
EUR | 200 | 156,650 | |||||||||
| Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a) |
EUR | 100 | 98,295 | |||||||||
| Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/23)(a) |
EUR | 100 | 83,535 | |||||||||
| INEOS Finance PLC |
||||||||||||
| 2.13%, 11/15/25 (Call 05/09/23)(a) |
EUR | 100 | 102,664 | |||||||||
| 2.88%, 05/01/26 (Call 05/01/23)(a) |
EUR | 175 | 177,810 | |||||||||
| 6.63%, 05/15/28 (Call 02/15/25)(a) |
EUR | 100 | 109,234 | |||||||||
| Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/23)(a) |
EUR | 200 | 202,244 | |||||||||
| Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a) |
EUR | 200 | 214,086 | |||||||||
| PLT VII Finance Sarl, 4.63%, 01/05/26 (Call 07/15/23)(a) |
EUR | 100 | 103,441 | |||||||||
| Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/23)(a) |
EUR | 90 | 79,966 | |||||||||
| Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/23)(a) |
EUR | 150 | 143,601 | |||||||||
| Vivion Investments Sarl |
||||||||||||
| 3.00%, 08/08/24(a) |
EUR | 100 | 79,712 | |||||||||
| 3.50%, 11/01/25(a) |
EUR | 100 | 68,567 | |||||||||
|
|
|
|||||||||||
| 2,123,500 | ||||||||||||
| Netherlands — 3.8% | ||||||||||||
| OI European Group BV, 2.88%, 02/15/25 (Call 02/15/24)(a) |
EUR | 100 | 106,830 | |||||||||
| PPF Telecom Group BV |
||||||||||||
| 3.13%, 03/27/26 (Call 12/27/25)(a) |
EUR | 100 | 103,689 | |||||||||
| 3.25%, 09/29/27 (Call 06/29/27)(a) |
EUR | 100 | 101,248 | |||||||||
| 3.50%, 05/20/24 (Call 02/20/24)(a) |
EUR | 100 | 108,891 | |||||||||
| Promontoria Holding 264 BV, 6.38%, 03/01/27 (Call 03/01/24)(a) |
EUR | 100 | 110,576 | |||||||||
| Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/24)(a) |
EUR | 100 | 93,721 | |||||||||
| Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/23)(a) |
EUR | 100 | 87,381 | |||||||||
| SNS Bank NV, 6.25%, 10/26/20(e) |
EUR | 50 | — | |||||||||
| 12 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Netherlands (continued) | ||||||||||||
| Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/23)(a) |
EUR | 100 | $ | 101,313 | ||||||||
| United Group BV |
||||||||||||
| 3.63%, 02/15/28 (Call 02/15/24)(a) |
EUR | 100 | 83,341 | |||||||||
| 4.63%, 08/15/28 (Call 08/15/24)(a) |
EUR | 100 | 84,427 | |||||||||
| 4.88%, 07/01/24 (Call 05/29/23)(a) |
EUR | 200 | 218,340 | |||||||||
| 5.25%, 02/01/30 (Call 02/01/25)(a) |
EUR | 100 | 82,075 | |||||||||
| UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/23)(a) |
EUR | 100 | 91,175 | |||||||||
| VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a) |
EUR | 200 | 172,569 | |||||||||
| WP/AP Telecom Holdings III BV, 5.50%, 01/15/30 (Call 01/15/25)(a) |
EUR | 100 | 89,521 | |||||||||
| WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a) |
EUR | 100 | 95,117 | |||||||||
| Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a) |
EUR | 150 | 125,828 | |||||||||
| Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(a) |
EUR | 100 | 88,092 | |||||||||
|
|
|
|||||||||||
| 1,944,134 | ||||||||||||
| Portugal — 1.9% | ||||||||||||
| Banco Comercial Portugues SA |
||||||||||||
| 1.75%, 04/07/28 (Call 04/07/27), |
EUR | 100 | 89,018 | |||||||||
| 4.00%, 05/17/32 (Call 11/17/26)(a)(b) |
EUR | 100 | 79,472 | |||||||||
| 8.50%, 10/25/25 (Call 10/25/24), |
EUR | 100 | 111,756 | |||||||||
| Caixa Geral de Depositos SA, 1.25%, 11/25/24(a) |
EUR | 100 | 105,300 | |||||||||
| EDP - Energias de Portugal SA |
||||||||||||
| 1.50%, 03/14/82 (Call 12/14/26)(a)(b) |
EUR | 100 | 92,831 | |||||||||
| 1.70%, 07/20/80 (Call 04/20/25)(a)(b) |
EUR | 100 | 100,048 | |||||||||
| 1.88%, 08/02/81 (Call 05/02/26)(a)(b) |
EUR | 100 | 96,073 | |||||||||
| 5.94%, 04/23/83 (Call 01/23/28)(a)(b) |
EUR | 200 | 216,809 | |||||||||
| Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)(a)(b) |
EUR | 100 | 83,200 | |||||||||
|
|
|
|||||||||||
| 974,507 | ||||||||||||
| Spain — 8.0% | ||||||||||||
| Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(b) |
EUR | 100 | 101,088 | |||||||||
| Banco de Credito Social Cooperativo SA |
||||||||||||
| 1.75%, 03/09/28 (Call 03/09/27)(a)(b) |
EUR | 100 | 87,420 | |||||||||
| 8.00%, 09/22/26 (Call 09/22/25)(a)(b) |
EUR | 100 | 111,227 | |||||||||
| Banco de Sabadell SA |
||||||||||||
| 0.88%, 06/16/28 (Call 06/16/27)(a)(b) |
EUR | 100 | 90,628 | |||||||||
| 1.13%, 03/27/25(a) |
EUR | 100 | 101,982 | |||||||||
| 1.75%, 05/10/24(a) |
EUR | 100 | 106,822 | |||||||||
| 2.00%, 01/17/30 (Call 01/17/25)(a)(b) |
EUR | 100 | 97,138 | |||||||||
| 2.50%, 04/15/31 (Call 01/15/26)(a)(b) |
EUR | 100 | 93,119 | |||||||||
| 2.63%, 03/24/26 (Call 03/24/25)(a)(b) |
EUR | 100 | 103,923 | |||||||||
| 5.25%, 02/07/29 (Call 02/07/28)(a)(b) |
EUR | 100 | 105,707 | |||||||||
| 5.38%, 09/08/26 (Call 09/08/25)(a)(b) |
EUR | 100 | 109,061 | |||||||||
| 6.00%, 08/16/33 (Call 05/16/28)(a)(b) |
EUR | 100 | 98,991 | |||||||||
| Banco do Brasil SA/Cayman, 5.25%, 11/27/31 (Call 05/27/26)(a)(b) |
EUR | 100 | 86,373 | |||||||||
| Cellnex Finance Co. SA |
||||||||||||
| 0.75%, 11/15/26 (Call 08/15/26)(a) |
EUR | 200 | 196,123 | |||||||||
| 1.00%, 09/15/27 (Call 06/15/27)(a) |
EUR | 100 | 95,856 | |||||||||
| 1.25%, 01/15/29 (Call 10/15/28)(a) |
EUR | 200 | 184,056 | |||||||||
| 1.50%, 06/08/28 (Call 03/08/28)(a) |
EUR | 100 | 95,752 | |||||||||
| 2.00%, 09/15/32 (Call 06/15/32)(a) |
EUR | 200 | 174,694 | |||||||||
| 2.00%, 02/15/33 (Call 11/15/32)(a) |
EUR | 200 | 172,042 | |||||||||
| 2.25%, 04/12/26 (Call 01/12/26)(a) |
EUR | 100 | 104,316 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Spain (continued) | ||||||||||||
| Cellnex Telecom SA |
||||||||||||
| 1.00%, 04/20/27 (Call 01/20/27)(a) |
EUR | 100 | $ | 97,884 | ||||||||
| 1.75%, 10/23/30 (Call 07/23/30)(a) |
EUR | 100 | 90,248 | |||||||||
| 1.88%, 06/26/29 (Call 03/26/29)(a) |
EUR | 100 | 93,986 | |||||||||
| Cirsa Finance International Sarl |
||||||||||||
| 4.50%, 03/15/27 (Call 09/15/23)(a) |
EUR | 100 | 96,507 | |||||||||
| 10.38%, 11/30/27 (Call 11/09/24)(a) |
EUR | 100 | 117,470 | |||||||||
| Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a) |
EUR | 250 | 212,766 | |||||||||
| Grifols SA |
||||||||||||
| 1.63%, 02/15/25 (Call 02/15/24)(a) |
EUR | 150 | 156,254 | |||||||||
| 3.20%, 05/01/25 (Call 05/29/23)(a) |
EUR | 100 | 101,868 | |||||||||
| Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(b) |
EUR | 100 | 92,847 | |||||||||
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a) |
EUR | 100 | 94,785 | |||||||||
| Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a) |
EUR | 400 | 403,959 | |||||||||
| Unicaja Banco SA |
||||||||||||
| 2.88%, 11/13/29 (Call 11/13/24)(a)(b) |
EUR | 100 | 96,471 | |||||||||
| 7.25%, 11/15/27 (Call 11/15/26)(a)(b) |
EUR | 100 | 111,270 | |||||||||
|
|
|
|||||||||||
| 4,082,633 | ||||||||||||
| Sweden — 3.0% | ||||||||||||
| Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(a)(b) |
EUR | 100 | 74,058 | |||||||||
| Intrum AB |
||||||||||||
| 3.00%, 09/15/27 (Call 09/15/23)(a) |
EUR | 200 | 165,714 | |||||||||
| 3.13%, 07/15/24 (Call 05/29/23)(a) |
EUR | 104 | 108,978 | |||||||||
| 3.50%, 07/15/26 (Call 07/15/23)(a) |
EUR | 175 | 157,791 | |||||||||
| 4.88%, 08/15/25 (Call 08/15/23)(a) |
EUR | 100 | 99,160 | |||||||||
| Stena International SA, 3.75%, 02/01/25 (Call 01/29/24)(a) |
EUR | 100 | 105,304 | |||||||||
| Verisure Holding AB |
||||||||||||
| 3.25%, 02/15/27 (Call 02/15/24)(a) |
EUR | 150 | 144,592 | |||||||||
| 3.88%, 07/15/26 (Call 07/15/23)(a) |
EUR | 100 | 101,377 | |||||||||
| 7.13%, 02/01/28 (Call 02/01/25)(a) |
EUR | 100 | 109,543 | |||||||||
| 9.25%, 10/15/27 (Call 10/15/24)(a) |
EUR | 100 | 117,675 | |||||||||
| Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a) |
EUR | 150 | 133,203 | |||||||||
| Volvo Car AB |
||||||||||||
| 2.50%, 10/07/27 (Call 07/07/27)(a) |
EUR | 100 | 98,452 | |||||||||
| 4.25%, 05/31/28 (Call 02/28/28)(a) |
EUR | 100 | 103,993 | |||||||||
|
|
|
|||||||||||
| 1,519,840 | ||||||||||||
| Switzerland — 1.0% | ||||||||||||
| Dufry One BV |
||||||||||||
| 2.00%, 02/15/27 (Call 02/15/24)(a) |
EUR | 100 | 95,304 | |||||||||
| 2.50%, 10/15/24 (Call 05/29/23)(a) |
EUR | 100 | 107,854 | |||||||||
| 3.38%, 04/15/28 (Call 04/15/24)(a) |
EUR | 100 | 96,906 | |||||||||
| SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a) |
EUR | 100 | 105,981 | |||||||||
| Wizz Air Finance Co. BV, 1.00%, 01/19/26 (Call 11/19/25)(a) |
EUR | 100 | 96,773 | |||||||||
|
|
|
|||||||||||
| 502,818 | ||||||||||||
| United Kingdom — 11.9% | ||||||||||||
| BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(a) |
EUR | 200 | 183,870 | |||||||||
| Bellis Acquisition Co. PLC |
||||||||||||
| 3.25%, 02/16/26 (Call 02/24/24)(a) |
GBP | 300 | 308,155 | |||||||||
| 4.50%, 02/16/26 (Call 02/24/24)(a) |
GBP | 100 | 105,237 | |||||||||
| Bellis Finco PLC,
4.00%, 02/16/27 |
GBP | 100 | 85,333 | |||||||||
| British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(b) |
EUR | 100 | 98,958 | |||||||||
| Canary Wharf Group Investment Holdings PLC |
||||||||||||
| 2.63%, 04/23/25 (Call 03/23/25)(a) |
GBP | 100 | 102,918 | |||||||||
| 3.38%, 04/23/28 (Call 01/23/28)(a) |
GBP | 100 | 85,283 | |||||||||
| Castle U.K. Finco PLC, 7.00%, 05/15/29 (Call 05/15/25)(a) |
GBP | 100 | 99,144 | |||||||||
| Centrica PLC,
5.25%, 04/10/75 |
GBP | 100 | 118,500 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
13 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United Kingdom (continued) |
||||||||||||
| Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(a) |
GBP | 100 | $ | 106,371 | ||||||||
| eG Global Finance PLC |
||||||||||||
| 4.38%, 02/07/25 (Call 05/15/23)(a) |
EUR | 200 | 204,930 | |||||||||
| 6.25%, 10/30/25 (Call 10/25/23)(a) |
EUR | 100 | 103,513 | |||||||||
| Heathrow Finance PLC, 3.88%, 03/01/27(a)(g) |
GBP | 100 | 109,704 | |||||||||
| INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 (Call 01/15/24)(a) |
EUR | 100 | 96,349 | |||||||||
| INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/24)(a) |
EUR | 100 | 98,986 | |||||||||
| INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/24)(a) |
EUR | 100 | 95,470 | |||||||||
| International Consolidated Airlines Group SA |
||||||||||||
| 2.75%, 03/25/25 (Call 12/25/24)(a) |
EUR | 100 | 104,847 | |||||||||
| 3.75%, 03/25/29 (Call 12/25/28)(a) |
EUR | 200 | 181,493 | |||||||||
| Jaguar Land Rover Automotive PLC |
||||||||||||
| 4.50%, 01/15/26 (Call 10/15/25)(a) |
EUR | 150 | 155,255 | |||||||||
| 4.50%, 07/15/28 (Call 07/15/24)(a) |
EUR | 100 | 91,521 | |||||||||
| Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/24)(a) |
GBP | 100 | 110,304 | |||||||||
| Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(a) |
GBP | 200 | 188,251 | |||||||||
| Marks & Spencer PLC |
||||||||||||
| 4.50%, 07/10/27 (Call 04/10/27)(a) |
GBP | 100 | 112,969 | |||||||||
| 6.00%, 06/12/25(a) |
GBP | 100 | 123,884 | |||||||||
| Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/23)(a) |
EUR | 100 | 111,419 | |||||||||
| NGG Finance PLC |
||||||||||||
| 1.63%, 12/05/79 (Call 12/05/24)(a)(b) |
EUR | 100 | 103,667 | |||||||||
| 2.13%, 09/05/82 (Call 06/05/27)(a)(b) |
EUR | 100 | 92,858 | |||||||||
| 5.63%, 06/18/73 (Call 06/18/25)(a)(b) |
GBP | 100 | 121,448 | |||||||||
| Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)(a) |
GBP | 175 | 195,803 | |||||||||
| Pinnacle Bidco PLC |
||||||||||||
| 5.50%, 02/15/25 (Call 01/15/24)(a) |
EUR | 100 | 104,447 | |||||||||
| 6.38%, 02/15/25 (Call 05/09/23)(a) |
GBP | 100 | 119,005 | |||||||||
| Rolls-Royce PLC |
||||||||||||
| 0.88%, 05/09/24 (Call 02/09/24)(a) |
EUR | 100 | 105,925 | |||||||||
| 1.63%, 05/09/28 (Call 02/09/28)(a) |
EUR | 100 | 91,176 | |||||||||
| 3.38%, 06/18/26 |
GBP | 100 | 113,639 | |||||||||
| 4.63%, 02/16/26 (Call 11/16/25)(a) |
EUR | 100 | 107,895 | |||||||||
| Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(a) |
EUR | 100 | 94,088 | |||||||||
| Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/23)(a) |
GBP | 200 | 230,118 | |||||||||
| Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a) |
GBP | 100 | 108,987 | |||||||||
| Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a) |
EUR | 100 | 85,841 | |||||||||
| Virgin Media Secured Finance PLC |
||||||||||||
| 4.13%, 08/15/30 (Call 08/15/25)(a) |
GBP | 100 | 97,947 | |||||||||
| 4.25%, 01/15/30 (Call 10/15/24)(a) |
GBP | 100 | 99,397 | |||||||||
| 5.00%, 04/15/27 (Call 04/15/24)(a) |
GBP | 200 | 231,947 | |||||||||
| Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(a) |
GBP | 100 | 103,220 | |||||||||
| Vmed O2 UK Financing I PLC |
||||||||||||
| 3.25%, 01/31/31 (Call 01/31/26)(a) |
EUR | 100 | 88,073 | |||||||||
| 4.00%, 01/31/29 (Call 01/31/24)(a) |
GBP | 100 | 101,664 | |||||||||
| 4.50%, 07/15/31 (Call 07/15/26)(a) |
GBP | 200 | 195,771 | |||||||||
| Vodafone Group PLC |
||||||||||||
| 2.63%, 08/27/80 (Call 05/27/26)(a)(b) |
EUR | 100 | 98,837 | |||||||||
| 3.00%, 08/27/80 (Call 05/27/30)(a)(b) |
EUR | 150 | 134,199 | |||||||||
| 4.20%, 10/03/78 (Call 07/03/28)(a)(b) |
EUR | 100 | 100,338 | |||||||||
|
|
|
|||||||||||
| 6,108,954 | ||||||||||||
| United States — 12.9% | ||||||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl |
||||||||||||
| 3.63%, 06/01/28 (Call 06/01/24)(a) |
EUR | 100 | 89,942 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 4.88%, 06/01/28 (Call 06/01/24)(a) |
GBP | 100 | $ | 101,748 | ||||||||
| Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(a)(b) |
EUR | 100 | 89,047 | |||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/29 (Call 05/15/24)(a) |
EUR | 100 | 80,512 | |||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |
||||||||||||
| 2.13%, 08/15/26 (Call 08/15/23)(a) |
EUR | 100 | 97,557 | |||||||||
| 4.75%, 07/15/27 (Call 07/15/23)(a) |
GBP | 100 | 99,603 | |||||||||
| Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a) |
EUR | 100 | 95,513 | |||||||||
| Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/23)(a) |
EUR | 100 | 105,227 | |||||||||
| Avis Budget Finance PLC, 4.13%, 11/15/24 (Call 05/30/23)(a) |
EUR | 100 | 109,036 | |||||||||
| Ball Corp., 1.50%, 03/15/27 (Call 12/15/26) |
EUR | 100 | 98,078 | |||||||||
| Belden Inc., 3.88%, 03/15/28 (Call 03/06/24)(a) |
EUR | 150 | 151,794 | |||||||||
| Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/23)(a) |
EUR | 100 | 108,764 | |||||||||
| Brookfield Property Finance ULC |
||||||||||||
| 3.93%, 08/24/25 (Call 07/24/25) |
CAD | 100 | 67,205 | |||||||||
| 4.00%, 09/30/26 (Call 08/30/26) |
CAD | 75 | 47,973 | |||||||||
| 7.13%, 02/13/28 (Call 01/13/28) |
CAD | 75 | 51,897 | |||||||||
| Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29) |
EUR | 100 | 55,956 | |||||||||
| Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/24)(a) |
EUR | 150 | 138,185 | |||||||||
| Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/23) |
EUR | 100 | 101,396 | |||||||||
| Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/23)(a) |
EUR | 100 | 105,350 | |||||||||
| Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)(a) |
EUR | 100 | 90,472 | |||||||||
| Coty Inc., 3.88%, 04/15/26 (Call 04/15/24)(a) |
EUR | 100 | 105,523 | |||||||||
| Crown European Holdings SA |
||||||||||||
| 2.63%, 09/30/24 (Call 03/30/24)(a) |
EUR | 100 | 107,505 | |||||||||
| 2.88%, 02/01/26 (Call 08/01/25)(a) |
EUR | 100 | 105,668 | |||||||||
| 3.38%, 05/15/25 (Call 11/15/24)(a) |
EUR | 100 | 107,911 | |||||||||
| Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/23)(a) |
EUR | 100 | 107,252 | |||||||||
| Encore Capital Group Inc. |
||||||||||||
| 4.88%, 10/15/25 (Call 10/15/23)(a) |
EUR | 100 | 100,438 | |||||||||
| 5.38%, 02/15/26 (Call 11/15/23)(a) |
GBP | 100 | 111,786 | |||||||||
| Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/16/24)(a) |
EUR | 100 | 86,738 | |||||||||
| Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26) |
CAD | 100 | 65,509 | |||||||||
| Ford Credit Canada Co. |
||||||||||||
| 4.46%, 11/13/24 |
CAD | 75 | 53,826 | |||||||||
| 7.00%, 02/10/26 |
CAD | 100 | 74,065 | |||||||||
| Ford Motor Credit Co. LLC |
||||||||||||
| 1.36%, 02/07/25 |
EUR | 100 | 103,217 | |||||||||
| 1.74%, 07/19/24 |
EUR | 100 | 105,613 | |||||||||
| 2.33%, 11/25/25 |
EUR | 100 | 102,438 | |||||||||
| 2.39%, 02/17/26 |
EUR | 125 | 127,413 | |||||||||
| 2.75%, 06/14/24 |
GBP | 100 | 119,397 | |||||||||
| 3.25%, 09/15/25 |
EUR | 200 | 210,641 | |||||||||
| 4.54%, 03/06/25 |
GBP | 100 | 120,113 | |||||||||
| 4.87%, 08/03/27 |
EUR | 100 | 106,966 | |||||||||
| 6.86%, 06/05/26 |
GBP | 100 | 125,215 | |||||||||
| Goodyear Europe BV, 2.75%, 08/15/28 (Call 08/15/24)(a) |
EUR | 100 | 91,018 | |||||||||
| International Game Technology PLC |
||||||||||||
| 2.38%, 04/15/28 (Call 04/15/24)(a) |
EUR | 100 | 98,261 | |||||||||
| 3.50%, 06/15/26 (Call 06/15/23) |
EUR | 150 | 160,221 | |||||||||
| IQVIA Inc. |
||||||||||||
| 1.75%, 03/15/26 (Call 03/15/24)(a) |
EUR | 100 | 101,479 | |||||||||
| 2.25%, 01/15/28 (Call 07/15/23)(a) |
EUR | 150 | 143,312 | |||||||||
| 2.25%, 03/15/29 (Call 03/15/24)(a) |
EUR | 200 | 182,709 | |||||||||
| 2.88%, 06/15/28 (Call 06/15/23)(a) |
EUR | 100 | 96,976 | |||||||||
| Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/08/23)(a) |
GBP | 100 | 119,328 | |||||||||
| 14 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par/ Shares (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/24) |
EUR | 100 | $ | 104,224 | ||||||||
| Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/23)(a)(b) |
EUR | 100 | 100,937 | |||||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
||||||||||||
| 2.50%, 03/24/26 (Call 02/24/26) |
GBP | 100 | 98,470 | |||||||||
| 3.33%, 03/24/25 (Call 12/24/24) |
EUR | 100 | 94,743 | |||||||||
| 3.38%, 04/24/30 (Call 01/24/30) |
GBP | 100 | 79,843 | |||||||||
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a) |
EUR | 100 | 94,922 | |||||||||
| OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a) |
EUR | 100 | 107,745 | |||||||||
| Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)(a) |
EUR | 100 | 90,197 | |||||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/28 (Call 04/30/24)(a) |
EUR | 200 | 190,211 | |||||||||
| Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(a) |
EUR | 100 | 95,898 | |||||||||
| Silgan Holdings Inc. |
||||||||||||
| 2.25%, 06/01/28 (Call 03/01/24) |
EUR | 100 | 93,854 | |||||||||
| 3.25%, 03/15/25 (Call 05/30/23) |
EUR | 100 | 107,101 | |||||||||
| Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/23)(a) |
EUR | 100 | 105,125 | |||||||||
| Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a) |
EUR | 100 | 96,359 | |||||||||
| WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a) |
EUR | 100 | 86,125 | |||||||||
|
|
|
|||||||||||
| 6,571,547 | ||||||||||||
|
|
|
|||||||||||
| Total Corporate Bonds & Notes — 98.4% |
50,286,839 | |||||||||||
|
|
|
|||||||||||
| Common Stocks |
||||||||||||
| Jersey — 0.0% | ||||||||||||
| Sentry Holdings Ltd.Class A |
0 | (h) | — | |||||||||
|
|
|
|||||||||||
| Total Common Stocks — 0.0% |
— | |||||||||||
|
|
|
|||||||||||
| Total Long-Term Investments — 98.4% |
50,286,839 | |||||||||||
|
|
|
|||||||||||
| Security |
Shares (000) |
Value | ||||||||||
|
|
||||||||||||
| Short-Term Securities |
||||||||||||
| Money Market Funds — 0.0% | ||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(i)(j) |
20 | $ | 20,000 | |||||||||
|
|
|
|||||||||||
| Total Short-Term Securities — 0.0% |
20,000 | |||||||||||
|
|
|
|||||||||||
| Total Investments — 98.4% |
50,306,839 | |||||||||||
| Other Assets Less Liabilities — 1.6% |
813,729 | |||||||||||
|
|
|
|||||||||||
| Net Assets — 100.0% |
$ | 51,120,568 | ||||||||||
|
|
|
|||||||||||
| (a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Issuer filed for bankruptcy and/or is in default. |
| (e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (f) | Non-income producing security. |
| (g) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (h) | Rounds to less than 1,000. |
| (i) | Affiliate of the Fund. |
| (j) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/23 |
Shares Held at 04/30/23 (000) |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 10,000 | $ 10,000 | (a) | $ | — | $ | — | $ | — | $ | 20,000 | 20 | $ | 195 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| S C H E D U L E O F I N V E S T M E N T S |
15 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® International High Yield Bond ETF |
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 to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Corporate Bonds & Notes |
$ | — | $ | 50,286,839 | $ | — | $ | 50,286,839 | ||||||||
| Common Stocks |
— | — | — | — | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
20,000 | — | — | 20,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 20,000 | $ | 50,286,839 | $ | — | $ | 50,306,839 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Corporate Bonds & Notes |
||||||||
| Argentina — 0.9% | ||||||||
| MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/24)(a) |
$ | 500 | $ | 350,562 | ||||
| Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/24)(a) |
450 | 388,969 | ||||||
| Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/23)(a) |
450 | 386,803 | ||||||
| YPF SA |
||||||||
| 6.95%, 07/21/27(a) |
650 | 468,000 | ||||||
| 7.00%, 12/15/47 (Call 06/15/47)(a) |
450 | 276,131 | ||||||
| 8.50%, 07/28/25(a) |
925 | 767,634 | ||||||
| YPF Sociedad Anonima |
||||||||
| 7.00%, 09/30/33 (Call 03/30/33) |
475 | 308,988 | ||||||
| 9.00%, 02/12/26 (Call 11/12/25) |
535 | 506,541 | ||||||
|
|
|
|||||||
| 3,453,628 | ||||||||
| Australia — 0.2% | ||||||||
| Anglo American Capital PLC, 2.88%, 03/17/31 |
||||||||
| (Call 12/17/30)(a) |
400 | 336,950 | ||||||
| ICBCIL Finance Co. Ltd., 1.75%, 08/02/26(a) |
200 | 180,725 | ||||||
| Pioneer Reward Ltd., 2.00%, 04/09/26(a) |
200 | 185,038 | ||||||
|
|
|
|||||||
| 702,713 | ||||||||
| Azerbaijan — 0.2% | ||||||||
| International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a) |
700 | 660,188 | ||||||
|
|
|
|||||||
| Bahrain — 0.3% | ||||||||
| AUB Sukuk Ltd., 2.62%, 09/09/26(a) |
600 | 540,675 | ||||||
| BBK BSC, 5.50%, 07/09/24(a) |
200 | 196,600 | ||||||
| GFH Sukuk Ltd., 7.50%, 01/28/25(a) |
400 | 394,200 | ||||||
|
|
|
|||||||
| 1,131,475 | ||||||||
| Brazil — 5.4% | ||||||||
| Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/23) |
150 | 139,388 | ||||||
| Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a) |
200 | 184,350 | ||||||
| Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/24)(a) |
800 | 648,000 | ||||||
| Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25) |
200 | 186,037 | ||||||
| Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24) |
150 | 39,403 | ||||||
| Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24) |
200 | 141,163 | ||||||
| B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a) |
200 | 166,600 | ||||||
| Banco Bradesco SA/Cayman Islands, 4.38%, 03/18/27(a)(b) |
400 | 384,800 | ||||||
| Banco BTG Pactual SA/Cayman Islands |
||||||||
| 2.75%, 01/11/26 (Call 12/11/25)(a) |
200 | 182,100 | ||||||
| 4.50%, 01/10/25 (Call 12/10/24)(a)(b) |
200 | 193,412 | ||||||
| Banco do Brasil SA, 6.25%, 04/18/30(c) |
200 | 198,300 | ||||||
| Banco do Brasil SA/Cayman |
||||||||
| 3.25%, 09/30/26(a) |
200 | 185,787 | ||||||
| 4.88%, 01/11/29(a) |
400 | 377,325 | ||||||
| 6.25%, (Call 04/15/24)(a)(d)(e) |
400 | 363,000 | ||||||
| 9.00%, (Call 06/18/24)(a)(b)(d)(e) |
400 | 401,600 | ||||||
| Banco Votorantim SA, 4.38%, 07/29/25(a) |
200 | 192,600 | ||||||
| Braskem Netherlands Finance BV |
||||||||
| 4.50%, 01/10/28 (Call 10/10/27)(a) |
200 | 182,440 | ||||||
| 4.50%, 01/31/30(a) |
400 | 335,880 | ||||||
| 5.88%, 01/31/50(a) |
200 | 151,413 | ||||||
| 7.25%, 02/13/33 (Call 11/13/32)(c) |
200 | 190,595 | ||||||
| 7.25%, 02/13/33 (Call 11/13/32)(a) |
200 | 190,595 | ||||||
| 8.50%, 01/23/81 (Call 10/23/25), |
200 | 198,125 | ||||||
| BRF SA |
||||||||
| 4.88%, 01/24/30 (Call 10/24/28)(a) |
200 | 155,375 | ||||||
| 5.75%, 09/21/50 (Call 03/21/50)(a) |
200 | 123,208 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Brazil (continued) | ||||||||
| Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 |
||||||||
| (Call 12/05/23)(a) |
$ | 200 | $ | 203,060 | ||||
| Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a) |
200 | 170,830 | ||||||
| Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/24)(a)(b) |
200 | 199,000 | ||||||
| Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a) |
200 | 179,912 | ||||||
| CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(a) |
200 | 188,537 | ||||||
| CSN Resources SA |
||||||||
| 4.63%, 06/10/31 (Call 06/10/26)(a) |
200 | 153,350 | ||||||
| 5.88%, 04/08/32 (Call 04/08/27)(a) |
200 | 163,163 | ||||||
| Embraer Netherlands Finance BV |
||||||||
| 5.05%, 06/15/25(b) |
300 | 293,625 | ||||||
| 5.40%, 02/01/27(b) |
330 | 317,625 | ||||||
| Fibria Overseas Finance Ltd., 5.50%, 01/17/27(b) |
300 | 301,200 | ||||||
| FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23) |
200 | 198,000 | ||||||
| Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a) |
200 | 160,663 | ||||||
| Guara Norte Sarl, 5.20%, 06/15/34 |
182 | 153,886 | ||||||
| GUSAP III LP, 4.25%, 01/21/30 (Call 07/21/29)(a) |
200 | 185,000 | ||||||
| InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/29/23)(a) |
200 | 136,850 | ||||||
| Itau Unibanco Holding SA/Cayman Island |
||||||||
| 3.25%, 01/24/25(a) |
200 | 193,287 | ||||||
| 3.88%, 04/15/31 (Call 04/15/26), |
200 | 181,525 | ||||||
| 4.50%, 11/21/29 (Call 11/21/24), |
200 | 191,162 | ||||||
| 4.63%, (Call 02/27/25), |
200 | 156,413 | ||||||
| 7.72%, (Call 06/12/23), |
200 | 191,450 | ||||||
| 7.86%, (Call 09/19/23), |
200 | 191,990 | ||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |
||||||||
| 3.00%, 05/15/32 (Call 02/15/32)(a) |
150 | 118,077 | ||||||
| 5.75%, 04/01/33 (Call 01/01/33)(a) |
650 | 622,931 | ||||||
| Klabin Austria GmbH |
||||||||
| 3.20%, 01/12/31 (Call 10/12/30)(a) |
400 | 319,620 | ||||||
| 7.00%, 04/03/49 (Call 10/03/48)(a) |
200 | 193,600 | ||||||
| MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(a) |
200 | 146,315 | ||||||
| MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a) |
386 | 296,349 | ||||||
| MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30) |
200 | 155,038 | ||||||
| Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26) |
400 | 313,800 | ||||||
| Movida Europe SA,
5.25%, 02/08/31 |
200 | 147,500 | ||||||
| Natura &Co. Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)(a) |
200 | 177,250 | ||||||
| Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a) |
200 | 165,725 | ||||||
| NBM U.S. Holdings Inc. |
||||||||
| 6.63%, 08/06/29 (Call 08/06/24)(a)(b) |
200 | 179,413 | ||||||
| 7.00%, 05/14/26 (Call 05/14/23)(a)(b) |
200 | 194,060 | ||||||
| Nexa Resources SA |
||||||||
| 5.38%, 05/04/27 (Call 02/04/27)(a) |
600 | 564,000 | ||||||
| 6.50%, 01/18/28 (Call 10/18/27)(a) |
400 | 388,950 | ||||||
| Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, 12/01/26 (Call 05/29/23)(a) |
200 | 97,577 | ||||||
| Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26 (Call 05/29/23)(a) |
309 | 60,228 | ||||||
| Petrobras Global Finance BV |
||||||||
| 5.09%, 01/15/30 |
150 | 141,216 | ||||||
| 5.30%, 01/27/25(b) |
150 | 148,950 | ||||||
| 5.50%, 06/10/51 (Call 12/10/50) |
150 | 118,575 | ||||||
| 5.60%, 01/03/31 (Call 10/03/30)(b) |
300 | 286,837 | ||||||
| 6.00%, 01/27/28 |
295 | 294,063 | ||||||
| 6.75%, 01/27/41 |
150 | 142,950 | ||||||
| 6.85%, (d) |
500 | 435,406 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
17 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Brazil (continued) | ||||||||
| 6.88%, 01/20/40(b) |
$ | 148 | $ | 143,310 | ||||
| 6.90%, 03/19/49(b) |
150 | 137,841 | ||||||
| 7.25%, 03/17/44 |
250 | 246,844 | ||||||
| 7.38%, 01/17/27(b) |
150 | 155,981 | ||||||
| Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a) |
200 | 184,500 | ||||||
| Raizen Fuels Finance SA, 5.30%, 01/20/27(a) |
200 | 196,540 | ||||||
| Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a) |
200 | 181,850 | ||||||
| Rumo Luxembourg Sarl, 5.25%, 01/10/28 (Call 01/10/24)(a) |
200 | 185,725 | ||||||
| Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(a) |
400 | 294,075 | ||||||
| Suzano Austria GmbH |
||||||||
| 2.50%, 09/15/28 (Call 07/15/28) |
100 | 84,019 | ||||||
| 3.13%, 01/15/32 (Call 10/15/31)(b) |
300 | 237,750 | ||||||
| 3.75%, 01/15/31 (Call 10/15/30) |
500 | 422,000 | ||||||
| 5.00%, 01/15/30 (Call 10/15/29) |
400 | 374,400 | ||||||
| 6.00%, 01/15/29 (Call 10/15/28) |
200 | 198,620 | ||||||
| 7.00%, 03/16/47 (Call 09/16/46)(a) |
200 | 200,250 | ||||||
| Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/23)(a) |
200 | 184,140 | ||||||
| Usiminas International Sarl, 5.88%, 07/18/26 |
||||||||
| (Call 07/18/23)(a) |
200 | 192,725 | ||||||
| Vale Overseas Ltd. |
||||||||
| 3.75%, 07/08/30 (Call 04/08/30) |
450 | 400,477 | ||||||
| 6.25%, 08/10/26(b) |
150 | 154,733 | ||||||
| 6.88%, 11/21/36 |
500 | 517,850 | ||||||
| 6.88%, 11/10/39 |
250 | 259,422 | ||||||
| XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a) |
200 | 176,520 | ||||||
|
|
|
|||||||
| 20,460,026 | ||||||||
| Burkina Faso — 0.1% | ||||||||
| Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a) |
400 | 346,825 | ||||||
|
|
|
|||||||
| Canada — 0.0% | ||||||||
| China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25), (5-year CMT + 2.750%)(a)(e) |
200 | 188,350 | ||||||
|
|
|
|||||||
| Cayman Islands — 0.0% | ||||||||
| Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 |
||||||||
| (Call 05/30/23)(a)(f) |
400 | 575 | ||||||
|
|
|
|||||||
| Chile — 3.9% | ||||||||
| AES Andes SA., 7.13%, 03/26/79 (Call 07/06/24), |
||||||||
| (5-year USD Swap + 4.644%)(a)(e) |
400 | 376,800 | ||||||
| Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(a) |
400 | 349,825 | ||||||
| Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a) |
995 | 716,450 | ||||||
| Antofagasta PLC |
||||||||
| 2.38%, 10/14/30 (Call 07/14/30)(a) |
200 | 162,413 | ||||||
| 5.63%, 05/13/32 (Call 02/13/32)(a) |
600 | 597,300 | ||||||
| Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)(a) |
400 | 342,000 | ||||||
| Banco de Credito e Inversiones SA |
||||||||
| 2.88%, 10/14/31 (Call 07/14/31)(a) |
400 | 325,950 | ||||||
| 3.50%, 10/12/27(a)(b) |
400 | 366,575 | ||||||
| Banco Santander Chile |
||||||||
| 2.70%, 01/10/25 (Call 12/10/24)(a)(b) |
450 | 431,100 | ||||||
| 3.18%, 10/26/31 (Call 07/28/31)(a)(b) |
400 | 343,450 | ||||||
| Celulosa Arauco y Constitucion SA |
||||||||
| 4.20%, 01/29/30 (Call 10/29/29)(a)(b) |
400 | 370,950 | ||||||
| 4.25%, 04/30/29 (Call 01/30/29)(a) |
400 | 372,825 | ||||||
| 4.50%, 08/01/24 (Call 05/01/24) |
200 | 196,538 | ||||||
| 5.15%, 01/29/50 (Call 07/29/49)(a) |
400 | 345,450 | ||||||
| 5.50%, 04/30/49 (Call 10/30/48)(a) |
400 | 357,450 | ||||||
| Cencosud SA |
||||||||
| 4.38%, 07/17/27 (Call 04/17/27)(a)(b) |
800 | 769,150 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Chile (continued) | ||||||||
| 5.15%, 02/12/25 (Call 11/12/24)(a) |
$ | 400 | $ | 397,700 | ||||
| Cia. Cervecerias Unidas SA, 3.35%, 01/19/32 |
||||||||
| (Call 10/19/31)(a) |
400 | 341,120 | ||||||
| Colbun SA |
||||||||
| 3.15%, 03/06/30 (Call 12/06/29)(a) |
400 | 349,450 | ||||||
| 3.15%, 01/19/32 (Call 10/19/31)(a) |
400 | 339,450 | ||||||
| 3.95%, 10/11/27 (Call 07/11/27)(a) |
400 | 377,200 | ||||||
| Empresa Nacional de Telecomunicaciones SA |
||||||||
| 3.05%, 09/14/32 (Call 06/14/32)(a) |
800 | 639,150 | ||||||
| 4.75%, 08/01/26 (Call 05/03/26)(a) |
200 | 194,725 | ||||||
| Enel Americas SA,
4.00%, 10/25/26 |
462 | 446,047 | ||||||
| Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28) |
900 | 875,981 | ||||||
| Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(a) |
400 | 327,700 | ||||||
| Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(a) |
400 | 310,575 | ||||||
| GNL Quintero SA, 4.63%, 07/31/29(a) |
459 | 445,486 | ||||||
| Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a) |
900 | 732,825 | ||||||
| Inversiones CMPC SA |
||||||||
| 3.00%, 04/06/31 (Call 01/06/31)(a) |
400 | 334,325 | ||||||
| 3.85%, 01/13/30 (Call 10/13/29)(a) |
400 | 360,075 | ||||||
| 4.38%, 04/04/27(a) |
400 | 387,075 | ||||||
| 4.75%, 09/15/24 (Call 06/15/24)(a) |
400 | 395,450 | ||||||
| Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)(a) |
500 | 524,781 | ||||||
| Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)(a) |
400 | 276,750 | ||||||
| Telefonica Moviles Chile SA, 3.54%, 11/18/31 |
||||||||
| (Call 08/18/31)(a) |
400 | 323,950 | ||||||
|
|
|
|||||||
| 14,804,041 | ||||||||
| China — 9.0% | ||||||||
| Abu Dhabi National Energy Co. PJSC, 4.00%, 10/03/49(a) |
200 | 173,663 | ||||||
| Agile Group Holdings Ltd., 13.48%, (Call 05/29/23), |
||||||||
| (5-year CMT + 9.216%)(a)(d)(e) |
200 | 79,350 | ||||||
| Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24(a) |
200 | 191,162 | ||||||
| AIA Group Ltd. |
||||||||
| 2.70%, (Call 04/07/26), |
200 | 174,490 | ||||||
| 3.20%, 09/16/40 (Call 03/16/40)(a)(b) |
400 | 300,950 | ||||||
| Alibaba Group Holding Ltd. |
||||||||
| 2.13%, 02/09/31 (Call 11/09/30)(b) |
400 | 330,488 | ||||||
| 2.70%, 02/09/41 (Call 08/09/40) |
200 | 134,288 | ||||||
| 3.25%, 02/09/61 (Call 08/09/60) |
200 | 125,475 | ||||||
| 3.40%, 12/06/27 (Call 09/06/27) |
500 | 471,337 | ||||||
| 3.60%, 11/28/24 (Call 08/28/24) |
200 | 195,150 | ||||||
| 4.00%, 12/06/37 (Call 06/06/37) |
400 | 345,450 | ||||||
| 4.20%, 12/06/47 (Call 06/06/47) |
200 | 159,538 | ||||||
| 4.50%, 11/28/34 (Call 05/28/34) |
200 | 188,662 | ||||||
| Amipeace Ltd. |
||||||||
| 1.75%, 11/09/26(a) |
400 | 364,075 | ||||||
| 2.50%, 12/05/24(a) |
200 | 193,100 | ||||||
| Baidu Inc. |
||||||||
| 2.38%, 08/23/31 (Call 05/23/31)(b) |
200 | 164,850 | ||||||
| 3.08%, 04/07/25 (Call 03/07/25) |
400 | 384,450 | ||||||
| 4.13%, 06/30/25 |
200 | 195,725 | ||||||
| Bank of China Ltd. |
||||||||
| 5.00%, 11/13/24(a)(b) |
400 | 398,392 | ||||||
| 5.62%, 04/28/25, (1-day SOFR + 0.780%)(a)(e) |
200 | 199,975 | ||||||
| Bank of China Ltd./Hong Kong, 3.88%, 06/30/25(a) |
200 | 196,412 | ||||||
| Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(a) |
400 | 365,825 | ||||||
| Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25), (5-year CMT + 3.345%)(a)(d)(e) |
600 | 578,175 | ||||||
| Beijing Gas Singapore Capital Corp., 1.88%, 01/18/25(a) |
200 | 189,850 | ||||||
| 18 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| China (continued) | ||||||||
| Bluestar Finance Holdings Ltd., 3.88%, (Call 06/24/23)(a)(d)(e) |
$ | 200 | $ | 199,225 | ||||
| CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26(a) |
200 | 181,100 | ||||||
| CCCI Treasure Ltd., 3.43%, (Call 11/21/24), |
||||||||
| (5-year CMT + 4.998%)(a)(d)(e) |
200 | 192,750 | ||||||
| CDBL Funding 2, 2.00%, 03/04/26(a) |
200 | 184,038 | ||||||
| Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(a) |
200 | 174,725 | ||||||
| Chalco Hong Kong Investment Co. Ltd., 2.10%, 07/28/26 (Call 06/28/26)(a) |
200 | 183,163 | ||||||
| China Cinda 2020 I Management Ltd. |
||||||||
| 2.50%, 03/18/25 (Call 02/18/25)(a) |
200 | 188,475 | ||||||
| 3.00%, 01/20/31 (Call 10/20/30)(a) |
200 | 159,163 | ||||||
| China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a) |
400 | 388,575 | ||||||
| China Cinda Finance 2017 I Ltd. |
||||||||
| 4.75%, 02/08/28(a) |
200 | 192,287 | ||||||
| 4.75%, 02/21/29(a) |
200 | 190,100 | ||||||
| China Construction Bank Corp. |
||||||||
| 2.45%, 06/24/30 (Call 06/24/25), |
200 | 188,975 | ||||||
| 2.85%, 01/21/32 (Call 01/21/27), |
200 | 188,412 | ||||||
| 4.25%, 02/27/29 (Call 02/27/24), (5-year CMT + 1.880%)(a)(e) |
400 | 396,700 | ||||||
| 5.31%, 12/21/24, (1-day SOFR + 0.500%)(a)(e) |
200 | 199,162 | ||||||
| China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25(a) |
200 | 185,537 | ||||||
| China Construction Bank Corp./London, 3.13%, 05/17/25(a) |
200 | 194,100 | ||||||
| China Great Wall International Holdings III Ltd., 3.88%, 08/31/27(a) |
200 | 169,500 | ||||||
| China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(a) |
200 | 186,787 | ||||||
| China Overseas Finance Cayman VI Ltd., 6.45%, 06/11/34(a) |
200 | 213,000 | ||||||
| China Overseas Finance Cayman VIII Ltd., 2.75%, 03/02/30(a) |
200 | 173,600 | ||||||
| China Railway Xunjie Co. Ltd., 4.00%, 07/06/27(a) |
200 | 196,850 | ||||||
| China Resources Land Ltd., 3.75%, (Call 12/09/24), (5-year CMT + 5.139%)(a)(d)(e) |
400 | 386,125 | ||||||
| China State Construction Finance Cayman I Ltd., 3.40%, (Call 06/08/26), (5-year CMT + |
200 | 187,662 | ||||||
| China Taiping Insurance Holdings Co. Ltd., |
400 | 410,500 | ||||||
| CICC Hong Kong Finance MTN Ltd., 5.42%, 11/22/25(a) |
400 | 404,075 | ||||||
| CITIC Ltd. |
||||||||
| 2.85%, 02/25/30(a) |
200 | 176,913 | ||||||
| 2.88%, 02/17/27 (Call 01/17/27)(a) |
200 | 188,225 | ||||||
| 3.88%, 02/28/27(a) |
200 | 195,037 | ||||||
| CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(a) |
200 | 180,350 | ||||||
| CMB International Leasing Management Ltd., 1.88%, 08/12/25(a) |
200 | 185,287 | ||||||
| CMHI Finance BVI Co. Ltd. |
||||||||
| 3.50%, (Call 10/09/23)(a)(d)(e) |
200 | 198,100 | ||||||
| 4.00%, 06/01/27 (Call 05/01/27)(a) |
200 | 196,119 | ||||||
| CMS International Gemstone Ltd., 1.30%, 09/16/24(a) |
200 | 189,162 | ||||||
| CNOOC Finance 2013 Ltd. |
||||||||
| 2.88%, 09/30/29 (Call 06/30/29) |
200 | 184,037 | ||||||
| 3.30%, 09/30/49 (Call 03/30/49) |
200 | 144,250 | ||||||
| CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28(b) |
400 | 400,700 | ||||||
| CNOOC Petroleum North America ULC |
||||||||
| 5.88%, 03/10/35 |
100 | 106,019 | ||||||
| 6.40%, 05/15/37 |
400 | 445,000 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| China (continued) | ||||||||
| 7.50%, 07/30/39 |
$ | 150 | $ | 183,563 | ||||
| COSL Singapore Capital Ltd., 4.50%, 07/30/25(a) |
200 | 197,975 | ||||||
| Country Garden Holdings Co. Ltd. |
||||||||
| 3.13%, 10/22/25 (Call 09/22/25)(a) |
200 | 98,000 | ||||||
| 3.30%, 01/12/31 (Call 10/12/30)(a) |
200 | 75,850 | ||||||
| 4.20%, 02/06/26 (Call 02/06/24)(a) |
200 | 96,038 | ||||||
| 5.13%, 01/17/25 (Call 01/17/24)(a) |
200 | 127,000 | ||||||
| 5.40%, 05/27/25 (Call 05/29/23)(a) |
200 | 116,163 | ||||||
| 7.25%, 04/08/26 (Call 04/08/24)(a) |
200 | 103,413 | ||||||
| CSCIF Asia Ltd., 1.13%, 06/10/24(a) |
200 | 191,600 | ||||||
| Easy Tactic Ltd. |
||||||||
| 7.50%, 07/11/25 (Call 05/30/23), (7.50% PIK)(g) |
306 | 55,738 | ||||||
| 7.50%, 07/11/27 (Call 05/30/23), (7.50% PIK)(g) |
357 | 60,954 | ||||||
| 7.50%, 07/11/28 (Call 05/30/23), (7.50% PIK)(g) |
156 | 21,593 | ||||||
| Emirates NBD Bank PJSC,
6.13%, |
400 | 395,325 | ||||||
| ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a) |
200 | 178,500 | ||||||
| ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(a) |
200 | 169,000 | ||||||
| Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)(a) |
400 | 291,700 | ||||||
| Franshion Brilliant Ltd., 6.00%, (Call 02/08/26), |
200 | 179,600 | ||||||
| Fuqing Investment management Co., 3.25%, 06/23/25(a) |
200 | 169,788 | ||||||
| Galaxy Pipeline Assets Bidco Ltd., 2.16%, 03/31/34(a) |
532 | 461,170 | ||||||
| Horse Gallop Finance Ltd., 1.70%, 07/28/25(a) |
200 | 185,700 | ||||||
| Huarong Finance 2017 Co. Ltd. |
||||||||
| 4.25%, 11/07/27(a) |
400 | 333,575 | ||||||
| 4.75%, 04/27/27(a) |
200 | 173,225 | ||||||
| Huarong Finance 2019 Co. Ltd. |
||||||||
| 3.38%, 02/24/30 (Call 11/24/29)(a) |
200 | 146,413 | ||||||
| 4.50%, 05/29/29(a) |
200 | 158,413 | ||||||
| Huarong Finance II Co. Ltd., 5.50%, 01/16/25(a) |
200 | 189,725 | ||||||
| ICBCIL Finance Co. Ltd. |
||||||||
| 1.63%, 11/02/24(a) |
200 | 190,100 | ||||||
| 2.70%, 01/27/27(a) |
200 | 186,850 | ||||||
| Indonesia Government International Bond, 3.54%, 11/08/27 |
250 | 242,703 | ||||||
| Industrial & Commercial Bank of China Ltd. |
||||||||
| 3.20%, (Call 09/24/26), (5-year CMT
+ |
1,200 | 1,124,850 | ||||||
| 4.50%, 01/19/26 |
200 | 199,912 | ||||||
| Industrial & Commercial Bank of China Ltd./Hong Kong |
||||||||
| 1.63%, 10/28/26(a) |
200 | 181,225 | ||||||
| 2.95%, 06/01/25(a) |
200 | 193,287 | ||||||
| Industrial & Commercial Bank of China Ltd./Singapore |
||||||||
| 1.00%, 10/28/24(a) |
200 | 189,412 | ||||||
| 1.20%, 09/09/25(a) |
200 | 184,662 | ||||||
| Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24), (5-year CMT + 1.650%)(a)(e) |
200 | 193,600 | ||||||
| Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24(a) |
200 | 191,850 | ||||||
| JD.com Inc., 3.88%, 04/29/26 |
200 | 193,912 | ||||||
| Legend Fortune Ltd., 1.38%, 06/02/24(a) |
200 | 192,287 | ||||||
| Lenovo Group Ltd. |
||||||||
| 3.42%, 11/02/30 (Call 08/02/30)(a) |
200 | 168,288 | ||||||
| 5.83%, 01/27/28 (Call 12/27/27)(a) |
200 | 201,475 | ||||||
| Leviathan Bond Ltd. |
||||||||
| 6.13%, 06/30/25 (Call 03/30/25)(a)(c) |
520 | 502,060 | ||||||
| 6.75%, 06/30/30 (Call 12/30/29)(a)(c) |
325 | 300,584 | ||||||
| Longfor Group Holdings Ltd., 3.95%, 09/16/29(a) |
200 | 149,500 | ||||||
| MCC Holding Hong Kong Corp. Ltd., 2.95%, (Call 04/20/24)(a)(d)(e) |
200 | 194,850 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
19 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| China (continued) | ||||||||
| Meituan |
||||||||
| 2.13%, 10/28/25 (Call 09/28/25)(a) |
$ | 200 | $ | 183,288 | ||||
| 3.05%, 10/28/30 (Call 07/28/30)(a) |
200 | 158,475 | ||||||
| Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 04/26/24)(a) |
600 | 551,250 | ||||||
| NWD MTN Ltd., 4.13%, 07/18/29(a) |
200 | 168,288 | ||||||
| Ooredoo International Finance Ltd., 2.63%, 04/08/31(a) |
1,000 | 872,375 | ||||||
| Prosus NV |
||||||||
| 3.26%, 01/19/27 (Call 12/19/26)(a) |
600 | 546,675 | ||||||
| 4.19%, 01/19/32 (Call 10/19/31)(a) |
800 | 676,000 | ||||||
| 4.85%, 07/06/27 (Call 04/06/27)(a) |
400 | 384,700 | ||||||
| Prudential Funding Asia PLC, 3.13%, 04/14/30 |
200 | 180,500 | ||||||
| RKPF Overseas 2020 A Ltd., 5.13%, 07/26/26 (Call 07/26/24)(a) |
200 | 113,350 | ||||||
| Saudi Arabian Oil Co., 3.50%, 11/24/70 (Call 05/24/70)(a) |
800 | 540,800 | ||||||
| Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a) |
200 | 159,600 | ||||||
| SF Holding Investment 2021 Ltd., 3.13%, 11/17/31(a) |
200 | 172,413 | ||||||
| SF Holding Investment Ltd., 2.38%, 11/17/26(a) |
200 | 183,100 | ||||||
| Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(a) |
200 | 173,250 | ||||||
| Shanghai Pudong Development Bank Co. Ltd./Hong Kong, 0.88%, 07/13/24(a) |
200 | 191,350 | ||||||
| Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a) |
200 | 50,500 | ||||||
| Sino-Ocean Land Treasure IV Ltd., 2.70%, 01/13/25 (Call 12/13/24)(a) |
200 | 65,413 | ||||||
| State Elite Global Ltd., 6.04%, 10/24/24, |
200 | 199,537 | ||||||
| Tencent Holdings Ltd. |
||||||||
| 1.81%, 01/26/26 (Call 12/26/25)(a) |
200 | 184,225 | ||||||
| 2.39%, 06/03/30 (Call 03/03/30)(a)(b) |
200 | 169,340 | ||||||
| 2.88%, 04/22/31 (Call 01/22/31)(a) |
200 | 173,038 | ||||||
| 3.24%, 06/03/50 (Call 12/03/49)(a)(b) |
200 | 133,163 | ||||||
| 3.58%, 04/11/26 (Call 02/11/26)(a)(b) |
200 | 192,662 | ||||||
| 3.60%, 01/19/28 (Call 10/19/27)(a)(b) |
300 | 283,924 | ||||||
| 3.68%, 04/22/41 (Call 10/22/40)(a) |
200 | 155,750 | ||||||
| 3.84%, 04/22/51 (Call 10/22/50)(a)(b) |
200 | 148,725 | ||||||
| 3.93%, 01/19/38 (Call 07/19/37)(a) |
200 | 169,250 | ||||||
| 3.94%, 04/22/61 (Call 10/22/60)(a) |
200 | 144,500 | ||||||
| 3.98%, 04/11/29 (Call 01/11/29)(a)(b) |
400 | 379,325 | ||||||
| 4.53%, 04/11/49 (Call 10/11/48)(a) |
200 | 168,725 | ||||||
| Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25(a) |
600 | 562,800 | ||||||
| Vanke Real Estate Hong Kong Co. Ltd., 4.20%, 06/07/24(a) |
200 | 194,912 | ||||||
| Vigorous Champion International Ltd., 2.75%, 06/02/25(a) |
200 | 188,475 | ||||||
| Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)(b) |
400 | 321,428 | ||||||
| West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a) |
200 | 156,288 | ||||||
| Westwood Group Holdings Ltd., 2.80%, 01/20/26(a) |
200 | 183,350 | ||||||
| Xiaomi Best Time International Ltd., 3.38%, 04/29/30 (Call 01/29/30)(a) |
200 | 162,163 | ||||||
| Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a) |
200 | 167,788 | ||||||
| ZhongAn Online P&C Insurance Co. Ltd., 3.13%, 07/16/25 (Call 04/16/25)(a) |
200 | 169,913 | ||||||
|
|
|
|||||||
| 34,126,653 | ||||||||
| Colombia — 4.1% | ||||||||
| ABRA Global Finance, 11.50%, 03/02/28(b) |
600 | 484,500 | ||||||
| AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a) |
400 | 282,250 | ||||||
| Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a) |
950 | 790,875 | ||||||
| Avianca Midco 2 PLC, 9.00%, 12/01/28 (Call 12/01/24)(c) |
200 | 166,500 | ||||||
| Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(d)(e) |
400 | 271,250 | ||||||
| Banco de Bogota SA, 6.25%, 05/12/26(a) |
800 | 773,150 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Colombia (continued) | ||||||||
| Bancolombia SA |
||||||||
| 3.00%, 01/29/25 (Call 12/29/24) |
$ | 600 | $ | 567,300 | ||||
| 4.63%, 12/18/29 (Call 12/18/24), |
400 | 339,200 | ||||||
| 6.91%, 10/18/27, (5-year CMT + 2.929%)(e) |
600 | 561,000 | ||||||
| Canacol Energy Ltd., 5.75%, 11/24/28 |
400 | 314,250 | ||||||
| Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a) |
400 | 298,575 | ||||||
| Ecopetrol SA |
||||||||
| 4.13%, 01/16/25 |
833 | 796,306 | ||||||
| 4.63%, 11/02/31 (Call 08/02/31)(b) |
1,000 | 743,000 | ||||||
| 5.38%, 06/26/26 (Call 03/26/26)(b) |
985 | 929,742 | ||||||
| 5.88%, 05/28/45 |
1,450 | 943,587 | ||||||
| 5.88%, 11/02/51 (Call 05/02/51)(b) |
550 | 347,806 | ||||||
| 6.88%, 04/29/30 (Call 01/29/30) |
1,500 | 1,336,875 | ||||||
| 7.38%, 09/18/43 |
575 | 460,108 | ||||||
| 8.88%, 01/13/33 (Call 10/13/32) |
1,450 | 1,401,969 | ||||||
| EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25) |
400 | 253,400 | ||||||
| Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a) |
400 | 330,950 | ||||||
| Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a) |
600 | 455,738 | ||||||
| Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26) |
400 | 381,325 | ||||||
| Millicom International Cellular SA |
||||||||
| 4.50%, 04/27/31 (Call 04/27/26)(a) |
800 | 615,296 | ||||||
| 6.25%, 03/25/29 (Call 03/25/24)(a)(b) |
540 | 482,490 | ||||||
| Oleoducto Central SA, 4.00%, 07/14/27 (Call 04/14/27)(a) |
400 | 351,825 | ||||||
| Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(a) |
400 | 324,450 | ||||||
| Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a) |
400 | 296,200 | ||||||
| Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(a)(b) |
400 | 384,450 | ||||||
|
|
|
|||||||
| 15,684,367 | ||||||||
| Egypt — 0.2% | ||||||||
| Banco do Brasil SA/Cayman, 4.63%, 01/15/25 |
200 | 195,550 | ||||||
| YPF SA, 9.00%, 06/30/29 (Call 12/30/28) |
650 | 516,750 | ||||||
|
|
|
|||||||
| 712,300 | ||||||||
| Ghana — 0.5% | ||||||||
| Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 05/30/23)(a) |
600 | 530,363 | ||||||
| Tullow Oil PLC |
||||||||
| 7.00%, 03/01/25 (Call 05/30/23)(a) |
600 | 364,050 | ||||||
| 10.25%, 05/15/26 (Call 05/15/23)(a) |
1,378 | 1,068,208 | ||||||
|
|
|
|||||||
| 1,962,621 | ||||||||
| Guatemala — 0.5% | ||||||||
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a) |
800 | 746,400 | ||||||
| CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a) |
800 | 657,900 | ||||||
| Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a) |
600 | 553,238 | ||||||
|
|
|
|||||||
| 1,957,538 | ||||||||
| Hong Kong — 4.6% | ||||||||
| Adani Green Energy Ltd., 4.38%, 09/08/24(a) |
200 | 179,500 | ||||||
| AIA Group Ltd. |
||||||||
| 3.20%, 03/11/25 (Call 12/11/24)(a) |
200 | 194,336 | ||||||
| 3.38%, 04/07/30 (Call 01/07/30)(a) |
200 | 184,788 | ||||||
| 3.60%, 04/09/29 (Call 01/09/29)(a) |
200 | 189,287 | ||||||
| 3.90%, 04/06/28 (Call 01/06/28)(a) |
200 | 193,685 | ||||||
| 4.50%, 03/16/46 (Call 09/16/45)(a) |
200 | 179,954 | ||||||
| 4.95%, 04/04/33 (Call 01/04/33)(c) |
200 | 202,253 | ||||||
| 20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Hong Kong (continued) | ||||||||
| 5.63%, 10/25/27 (Call 09/25/27)(a)(b) |
$ | 200 | $ | 208,537 | ||||
| Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23), (5-year CMT + 3.036%)(a)(d)(e) |
600 | 600,112 | ||||||
| Bank of Communications Hong Kong Ltd., 2.30%, 07/08/31 (Call 07/08/26), |
250 | 227,703 | ||||||
| Bank of East Asia Ltd. (The) |
||||||||
| 5.83%, (Call 10/21/25), |
250 | 218,484 | ||||||
| 5.88%, (Call 09/19/24), |
250 | 227,937 | ||||||
| 6.75%, 03/15/27 (Call 03/15/26)(a)(e) |
250 | 249,951 | ||||||
| Bocom Leasing Management Hong Kong Co. Ltd., 6.20%, 12/10/24, |
400 | 398,325 | ||||||
| CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26), |
200 | 161,288 | ||||||
| Castle Peak Power Finance Co. Ltd., 3.25%, 07/25/27(a) |
200 | 191,600 | ||||||
| Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a) |
200 | 193,975 | ||||||
| Celestial Miles Ltd., 5.75%, (Call 07/31/24), (5-year CMT + 8.205%)(a)(d)(e) |
200 | 196,662 | ||||||
| China CITIC Bank International Ltd. |
||||||||
| 4.63%, 02/28/29 (Call 02/28/24), |
250 | 248,250 | ||||||
| 4.80%, (Call 04/22/27), |
250 | 242,625 | ||||||
| 7.10%, (Call 11/06/23), |
200 | 201,287 | ||||||
| CLP Power HK Finance Ltd., 3.55%, (Call 11/06/24), (5-year CMT + 2.041%)(a)(d)(e) |
200 | 191,600 | ||||||
| CNCBINV 1 BVI Ltd., 1.75%, 11/17/24(a) |
200 | 189,287 | ||||||
| FWD Group Ltd. |
||||||||
| 6.38%, (Call 09/13/24), |
450 | 411,553 | ||||||
| 8.05%, (Call 06/15/23), |
200 | 185,850 | ||||||
| Henderson Land MTN Ltd., 2.38%, 05/27/25(a) |
200 | 188,787 | ||||||
| HKT Capital No. 4 Ltd., 3.00%, 07/14/26(a) |
200 | 187,850 | ||||||
| HKT Capital No. 6 Ltd., 3.00%, 01/18/32 (Call 10/18/31)(a) |
200 | 172,100 | ||||||
| Hongkong Electric Finance Ltd. |
||||||||
| 1.88%, 08/27/30 (Call 02/27/30)(a) |
200 | 165,350 | ||||||
| 2.88%, 05/03/26(a) |
400 | 380,075 | ||||||
| Hongkong Land Finance Cayman Islands Co. Ltd. (The) |
||||||||
| 2.25%, 07/15/31 (Call 04/15/31)(a) |
200 | 167,038 | ||||||
| 2.88%, 05/27/30 (Call 02/27/30)(a) |
200 | 178,475 | ||||||
| HPHT Finance 21 II Ltd., 1.50%, 09/17/26 (Call 08/17/26)(a) |
200 | 179,038 | ||||||
| HPHT Finance 21 Ltd., 2.00%, 03/19/26 (Call 02/19/26)(a) |
200 | 184,538 | ||||||
| Hysan MTN Ltd., 2.82%, 09/04/29(a) |
200 | 178,538 | ||||||
| IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(a) |
200 | 188,163 | ||||||
| Inventive Global Investments Ltd., 1.65%, 09/03/25(a) |
200 | 184,350 | ||||||
| JMH Co. Ltd., 2.50%, 04/09/31 (Call 01/09/31)(a) |
200 | 170,600 | ||||||
| Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(a) |
200 | 167,663 | ||||||
| Li & Fung Ltd., 5.25%, (Call 05/03/23)(a)(d) |
200 | 108,788 | ||||||
| Link Finance Cayman 2009 Ltd. (The) |
||||||||
| 2.75%, 01/19/32(a) |
200 | 173,350 | ||||||
| 2.88%, 07/21/26(a) |
200 | 189,725 | ||||||
| Melco Resorts Finance Ltd. |
||||||||
| 4.88%, 06/06/25 (Call 06/06/23)(a) |
400 | 376,075 | ||||||
| 5.38%, 12/04/29 (Call 12/04/24)(a) |
800 | 661,900 | ||||||
| 5.63%, 07/17/27 (Call 07/17/23)(a)(b) |
600 | 535,237 | ||||||
| 5.75%, 07/21/28 (Call 07/21/23)(a) |
1,000 | 872,500 | ||||||
| MTR Corp. Ltd., 1.63%, 08/19/30(a) |
400 | 333,825 | ||||||
| Nan Fung Treasury III Ltd.,
5.00%, |
200 | 154,913 | ||||||
| Nan Fung Treasury Ltd., 3.63%, 08/27/30(a) |
200 | 172,725 | ||||||
| Nanyang Commercial Bank Ltd., 3.80%, 11/20/29 (Call 11/20/24), (5-year CMT + 2.18%)(a)(e) |
250 | 239,812 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Hong Kong (continued) | ||||||||
| New World China Land Ltd., 4.75%, 01/23/27(a) |
$ | 200 | $ | 186,600 | ||||
| NWD Finance BVI Ltd. |
||||||||
| 4.13%, (Call 03/10/28), |
400 | 295,325 | ||||||
| 4.80%, (Call 09/09/23)(a)(d) |
200 | 124,250 | ||||||
| 5.25%, (Call 03/22/26), |
200 | 173,288 | ||||||
| 6.15%, (Call 03/16/25)(a)(d)(e) |
200 | 184,000 | ||||||
| 6.25%, (Call 03/07/24)(a)(d) |
200 | 154,850 | ||||||
| PCPD Capital Ltd.,
5.13%, 06/18/26 |
200 | 154,000 | ||||||
| Phoenix Lead Ltd., 4.85%, (Call 08/23/23)(a)(d) |
200 | 169,288 | ||||||
| Prudential PLC |
||||||||
| 2.95%, 11/03/33 (Call 08/03/28), |
200 | 170,288 | ||||||
| 4.88%, (Call 07/20/23)(a)(d) |
400 | 347,325 | ||||||
| Sands China Ltd. |
||||||||
| 4.30%, 01/08/26 (Call 12/08/25) |
600 | 562,800 | ||||||
| 5.63%, 08/08/25 (Call 06/08/25) |
1,200 | 1,171,224 | ||||||
| SingTel Group Treasury Pte Ltd., 1.88%, 06/10/30 (Call 03/10/30)(a) |
600 | 506,925 | ||||||
| Sun Hung Kai Properties Capital Market Ltd. |
||||||||
| 2.88%, 01/21/30(a) |
200 | 179,350 | ||||||
| 3.75%, 02/25/29(a) |
200 | 191,350 | ||||||
| Swire Pacific MTN Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(a) |
200 | 177,975 | ||||||
| Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(a) |
200 | 194,287 | ||||||
| Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28(a) |
200 | 190,350 | ||||||
|
|
|
|||||||
| 17,513,719 | ||||||||
| Hungary — 0.1% | ||||||||
| OTP Bank Nyrt, 8.75%, 05/15/33 (Call 02/15/28), |
500 | 483,844 | ||||||
|
|
|
|||||||
| India — 4.5% | ||||||||
| ABJA Investment Co. Pte Ltd. |
||||||||
| 5.45%, 01/24/28(a) |
400 | 391,450 | ||||||
| 5.95%, 07/31/24(a) |
400 | 398,075 | ||||||
| Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(a) |
400 | 292,575 | ||||||
| Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a) |
200 | 190,600 | ||||||
| Adani Ports & Special Economic Zone Ltd. |
||||||||
| 3.10%, 02/02/31(a) |
200 | 135,500 | ||||||
| 3.38%, 07/24/24(a) |
200 | 191,100 | ||||||
| 4.20%, 08/04/27 (Call 02/04/27)(a) |
400 | 336,200 | ||||||
| 4.38%, 07/03/29(a) |
400 | 311,820 | ||||||
| Adani Transmission Ltd., 4.00%, 08/03/26(a) |
200 | 170,163 | ||||||
| Axis Bank Ltd., 4.10%, (Call 09/08/26), |
200 | 169,500 | ||||||
| Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a) |
200 | 195,796 | ||||||
| Bharti Airtel Ltd. |
||||||||
| 3.25%, 06/03/31 (Call 03/05/31)(a) |
200 | 174,100 | ||||||
| 4.38%, 06/10/25(a) |
400 | 393,325 | ||||||
| BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(a) |
200 | 192,725 | ||||||
| CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a) |
400 | 350,700 | ||||||
| Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a) |
186 | 166,214 | ||||||
| Delhi International Airport Ltd., 6.13%, 10/31/26(a) |
400 | 385,700 | ||||||
| Greenko Dutch BV,
3.85%, 03/29/26 |
376 | 338,118 | ||||||
| Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a) |
382 | 328,520 | ||||||
| Greenko Solar Mauritius Ltd. |
||||||||
| 5.55%, 01/29/25 |
400 | 384,825 | ||||||
| 5.95%, 07/29/26 (Call 07/29/23)(a) |
200 | 187,538 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
21 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| India (continued) | ||||||||
| Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a) |
$ | 200 | $ | 189,250 | ||||
| HDFC Bank Ltd., 3.70%, (Call 08/25/26), |
400 | 343,106 | ||||||
| HDFC Bank Ltd./Gift City, 5.69%, 03/02/26(a) |
400 | 405,540 | ||||||
| Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a) |
200 | 190,600 | ||||||
| ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a) |
450 | 435,459 | ||||||
| Indian Railway Finance Corp. Ltd. |
||||||||
| 2.80%, 02/10/31(a) |
200 | 168,475 | ||||||
| 3.25%, 02/13/30(a) |
200 | 177,038 | ||||||
| 3.57%, 01/21/32(a)(b) |
400 | 355,200 | ||||||
| 3.84%, 12/13/27(a) |
200 | 190,037 | ||||||
| JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/17/26)(a) |
177 | 147,552 | ||||||
| JSW Steel Ltd. |
||||||||
| 3.95%, 04/05/27 (Call 10/05/26)(a) |
400 | 351,200 | ||||||
| 5.05%, 04/05/32 (Call 10/05/31)(a) |
200 | 160,850 | ||||||
| Network i2i Ltd. |
||||||||
| 3.98%, (Call 06/03/26)(d) |
200 | 176,288 | ||||||
| 5.65%, (Call 01/11/25), (5-year CMT
+ |
600 | 575,175 | ||||||
| NTPC Ltd., 4.25%, 02/26/26(a) |
400 | 390,325 | ||||||
| Oil India International Pte Ltd., 4.00%, 04/21/27(a) |
200 | 191,537 | ||||||
| Oil India Ltd., 5.13%, 02/04/29(a) |
400 | 398,575 | ||||||
| ONGC Videsh Ltd., 4.63%, 07/15/24(a) |
200 | 198,100 | ||||||
| ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a) |
200 | 190,225 | ||||||
| Periama Holdings LLC/DE, 5.95%, 04/19/26(a) |
400 | 384,920 | ||||||
| Power Finance Corp. Ltd. |
||||||||
| 3.35%, 05/16/31(a) |
200 | 170,100 | ||||||
| 3.95%, 04/23/30(a)(b) |
200 | 180,020 | ||||||
| 4.50%, 06/18/29(a) |
400 | 380,950 | ||||||
| 6.15%, 12/06/28(a) |
200 | 207,162 | ||||||
| REC Ltd. |
||||||||
| 2.25%, 09/01/26(a) |
400 | 361,075 | ||||||
| 3.38%, 07/25/24(a) |
200 | 194,952 | ||||||
| 5.63%, 04/11/28(c) |
400 | 401,572 | ||||||
| Reliance Industries Ltd. |
||||||||
| 2.88%, 01/12/32(a) |
850 | 711,503 | ||||||
| 3.63%, 01/12/52(a) |
650 | 462,841 | ||||||
| 3.67%, 11/30/27(a) |
500 | 474,156 | ||||||
| 3.75%, 01/12/62(a) |
400 | 279,500 | ||||||
| 4.13%, 01/28/25(a) |
250 | 246,219 | ||||||
| 6.25%, 10/19/40(a) |
250 | 265,937 | ||||||
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a) |
200 | 168,725 | ||||||
| State Bank of India/London, 1.80%, 07/13/26(a) |
200 | 180,788 | ||||||
| UPL Corp. Ltd., 4.63%, 06/16/30(a) |
200 | 169,600 | ||||||
| Vedanta Resources Finance II PLC |
||||||||
| 8.95%, 03/11/25 (Call 09/11/24)(a) |
800 | 566,000 | ||||||
| 9.25%, 04/23/26 (Call 04/23/24)(a)(b) |
200 | 131,250 | ||||||
| Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 08/09/23)(a) |
200 | 128,100 | ||||||
| Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)(a) |
200 | 180,725 | ||||||
|
|
|
|||||||
| 17,165,171 | ||||||||
| Indonesia — 2.6% | ||||||||
| Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/23)(a) |
500 | 480,719 | ||||||
| Bank Mandiri Persero Tbk PT, 4.75%, 05/13/25(a) |
600 | 592,612 | ||||||
| Bank Negara Indonesia Persero Tbk PT |
||||||||
| 3.75%, 03/30/26(a) |
400 | 368,450 | ||||||
| 4.30%, (Call 03/24/27), (5-year CMT
+ |
400 | 331,450 | ||||||
| Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 09/14/23)(a) |
400 | 375,950 | ||||||
| Freeport Indonesia PT |
||||||||
| 4.76%, 04/14/27 (Call 03/14/27)(a) |
500 | 492,906 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Indonesia (continued) | ||||||||
| 5.32%, 04/14/32 (Call 01/14/32)(a) |
$ | 1,000 | $ | 961,437 | ||||
| 6.20%, 04/14/52 (Call 10/14/51) |
700 | 645,750 | ||||||
| Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/23)(a) |
500 | 493,688 | ||||||
| Indofood CBP Sukses Makmur Tbk PT |
||||||||
| 3.40%, 06/09/31 (Call 12/09/30)(a) |
1,000 | 849,250 | ||||||
| 3.54%, 04/27/32 (Call 10/27/31)(a) |
600 | 508,613 | ||||||
| 4.75%, 06/09/51 (Call 12/09/50)(a) |
400 | 295,200 | ||||||
| LLPL Capital Pte Ltd., 6.88%, 02/04/39(a) |
496 | 445,021 | ||||||
| Medco Bell Pte Ltd., 6.38%, 01/30/27 |
600 | 547,050 | ||||||
| Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a) |
400 | 383,950 | ||||||
| Minejesa Capital BV |
||||||||
| 4.63%, 08/10/30(a) |
1,000 | 881,875 | ||||||
| 5.63%, 08/10/37(a) |
800 | 635,150 | ||||||
| Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(a) |
600 | 517,988 | ||||||
|
|
|
|||||||
| 9,807,059 | ||||||||
| Israel — 3.0% | ||||||||
| Bank Hapoalim BM, 3.26%, 01/21/32 (Call 10/21/26), |
600 | 499,800 | ||||||
| Bank Leumi Le-Israel BM |
||||||||
| 3.28%, 01/29/31 (Call 01/29/26), |
400 | 349,125 | ||||||
| 5.13%, 07/27/27 (Call 06/27/27)(a)(c) |
400 | 395,450 | ||||||
| 7.13%, 07/18/33 (Call 07/18/28), |
400 | 387,575 | ||||||
| Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(a)(c) |
372 | 322,431 | ||||||
| ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(a)(c) |
500 | 493,219 | ||||||
| Israel Discount Bank Ltd., 5.38%, 01/26/28 (Call 12/26/27)(c) |
600 | 595,800 | ||||||
| Israel Electric Corp. Ltd. |
||||||||
| 3.75%, 02/22/32(a)(c) |
400 | 351,575 | ||||||
| 4.25%, 08/14/28(a)(c) |
800 | 763,150 | ||||||
| Series 6, 5.00%, 11/12/24(a)(c) |
700 | 692,912 | ||||||
| Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26), (5-year CMT + 2.250%)(a)(c)(e) |
400 | 340,325 | ||||||
| Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(b) |
550 | 500,800 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV |
||||||||
| 3.15%, 10/01/26(b) |
2,125 | 1,915,156 | ||||||
| 4.10%, 10/01/46 |
1,350 | 892,249 | ||||||
| 4.75%, 05/09/27 (Call 02/09/27)(b) |
600 | 558,487 | ||||||
| 5.13%, 05/09/29 (Call 02/09/29) |
550 | 510,125 | ||||||
| 6.75%, 03/01/28 (Call 12/01/27) |
900 | 897,750 | ||||||
| 7.88%, 09/15/29 (Call 06/15/29)(b) |
600 | 626,700 | ||||||
| 8.13%, 09/15/31 (Call 06/15/31)(b) |
400 | 420,504 | ||||||
|
|
|
|||||||
| 11,513,133 | ||||||||
| Jamaica — 0.2% | ||||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd. |
||||||||
| 8.75%, 05/25/24 (Call 05/27/23)(a) |
250 | 225,516 | ||||||
| 8.75%, 05/25/24 (Call 05/15/23)(a) |
550 | 495,962 | ||||||
|
|
|
|||||||
| 721,478 | ||||||||
| Jordan — 0.1% | ||||||||
| Hikma Finance USA LLC, 3.25%, 07/09/25(a) |
400 | 380,450 | ||||||
|
|
|
|||||||
| Kazakhstan — 1.5% | ||||||||
| Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(a)(c) |
530 | 472,131 | ||||||
| 22 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Kazakhstan (continued) | ||||||||
| KazMunayGas National Co. JSC |
||||||||
| 3.50%, 04/14/33 (Call 10/14/32)(a) |
$ | 800 | $ | 613,650 | ||||
| 4.75%, 04/19/27(a) |
600 | 570,960 | ||||||
| 5.38%, 04/24/30(a) |
1,000 | 916,490 | ||||||
| 5.75%, 04/19/47(a) |
800 | 631,150 | ||||||
| 6.38%, 10/24/48(a) |
1,300 | 1,093,462 | ||||||
| Tengizchevroil Finance Co. International Ltd. |
||||||||
| 2.63%, 08/15/25 (Call 05/15/25)(a) |
400 | 357,075 | ||||||
| 3.25%, 08/15/30 (Call 02/15/30)(a) |
800 | 601,900 | ||||||
| 4.00%, 08/15/26(a) |
700 | 622,256 | ||||||
|
|
|
|||||||
| 5,879,074 | ||||||||
| Kuwait — 2.0% | ||||||||
| Boubyan Sukuk Ltd. |
||||||||
| 2.59%, 02/18/25(a) |
600 | 573,675 | ||||||
| 3.39%, 03/29/27(a) |
400 | 381,700 | ||||||
| Burgan Bank SAK |
||||||||
| 2.75%, 12/15/31 (Call 09/15/26), |
400 | 309,950 | ||||||
| 5.75%, (Call 07/09/24), |
400 | 352,700 | ||||||
| Equate Petrochemical BV |
||||||||
| 2.63%, 04/28/28 (Call 01/28/28)(a) |
600 | 530,550 | ||||||
| 4.25%, 11/03/26(a) |
1,000 | 975,187 | ||||||
| Kuwait Projects Co. SPC Ltd. |
||||||||
| 4.23%, 10/29/26(a) |
600 | 529,238 | ||||||
| 4.50%, 02/23/27(a) |
400 | 340,450 | ||||||
| Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(a)(c) |
400 | 378,825 | ||||||
| MEGlobal Canada ULC |
||||||||
| 5.00%, 05/18/25(a) |
600 | 595,988 | ||||||
| 5.88%, 05/18/30(a) |
600 | 612,112 | ||||||
| NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), |
800 | 716,900 | ||||||
| NBK Tier 1 Financing 2 Ltd.,
4.50%, |
600 | 551,550 | ||||||
| NBK Tier 1 Financing Ltd.,
3.63%, |
400 | 344,668 | ||||||
| Warba Sukuk Ltd., 2.98%, 09/24/24(a) |
400 | 388,075 | ||||||
|
|
|
|||||||
| 7,581,568 | ||||||||
| Luxembourg — 0.3% | ||||||||
| Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24) |
1,400 | 1,116,808 | ||||||
|
|
|
|||||||
| Macau — 2.8% | ||||||||
| Champion Path Holdings Ltd. |
||||||||
| 4.50%, 01/27/26 (Call 01/27/24)(a) |
400 | 352,075 | ||||||
| 4.85%, 01/27/28 (Call 01/27/25)(a) |
500 | 414,938 | ||||||
| MGM China Holdings Ltd. |
||||||||
| 4.75%, 02/01/27 (Call 02/01/24)(a) |
600 | 542,737 | ||||||
| 5.25%, 06/18/25 (Call 06/18/23)(a) |
400 | 380,325 | ||||||
| 5.88%, 05/15/26 (Call 05/09/23)(a) |
500 | 476,875 | ||||||
| Sands China Ltd. |
||||||||
| 2.80%, 03/08/27 (Call 02/08/27) |
600 | 520,800 | ||||||
| 3.35%, 03/08/29 (Call 01/08/29) |
800 | 670,900 | ||||||
| 3.75%, 08/08/31 (Call 05/08/31) |
300 | 246,000 | ||||||
| 4.88%, 06/18/30 (Call 03/18/30) |
600 | 543,300 | ||||||
| 5.90%, 08/08/28 (Call 05/08/28) |
1,600 | 1,538,000 | ||||||
| Studio City Finance Ltd. |
||||||||
| 5.00%, 01/15/29 (Call 01/15/24)(a) |
700 | 548,450 | ||||||
| 6.00%, 07/15/25 (Call 07/07/23)(a) |
400 | 365,500 | ||||||
| 6.50%, 01/15/28 (Call 07/07/23)(a) |
600 | 514,800 | ||||||
| Wynn Macau Ltd. |
||||||||
| 4.88%, 10/01/24 (Call 05/29/23)(a) |
400 | 385,450 | ||||||
| 5.13%, 12/15/29 (Call 12/15/24)(a) |
600 | 493,987 | ||||||
| 5.50%, 01/15/26 (Call 06/15/23)(a) |
1,000 | 926,250 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Macau (continued) | ||||||||
| 5.50%, 10/01/27 (Call 10/01/23)(a) |
$ | 600 | $ | 534,750 | ||||
| 5.63%, 08/26/28 (Call 08/26/23)(a) |
1,200 | 1,043,250 | ||||||
|
|
|
|||||||
| 10,498,387 | ||||||||
| Malaysia — 1.7% | ||||||||
| Axiata SPV2 Bhd |
||||||||
| 2.16%, 08/19/30 (Call 05/19/30)(a) |
600 | 514,613 | ||||||
| 4.36%, 03/24/26(a) |
400 | 394,700 | ||||||
| Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(a) |
600 | 433,500 | ||||||
| CIMB Bank Bhd |
||||||||
| 2.13%, 07/20/27(a) |
400 | 365,450 | ||||||
| 5.99%, 10/09/24, (3-mo. LIBOR US + 0.780%)(a)(e) |
600 | 599,550 | ||||||
| Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(a) |
800 | 643,000 | ||||||
| Gohl Capital Ltd., 4.25%, 01/24/27(a) |
1,300 | 1,223,560 | ||||||
| Malayan Banking Bhd, 5.67%, 08/16/24, (3-mo. LIBOR US + 0.800%)(a)(e) |
600 | 599,737 | ||||||
| Misc Capital Two Labuan Ltd., 3.75%, 04/06/27 (Call 03/06/27)(a) |
400 | 379,825 | ||||||
| RBH Bank, 1.66%, 06/29/26(a) |
400 | 362,325 | ||||||
| TNB Global Ventures Capital Bhd |
||||||||
| 3.24%, 10/19/26(a) |
600 | 563,737 | ||||||
| 4.85%, 11/01/28(a) |
500 | 501,188 | ||||||
|
|
|
|||||||
| 6,581,185 | ||||||||
| Mexico — 4.9% | ||||||||
| Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)(a) |
200 | 193,287 | ||||||
| Alpek SAB de CV |
||||||||
| 3.25%, 02/25/31 (Call 11/25/30)(a) |
200 | 163,038 | ||||||
| 4.25%, 09/18/29 (Call 06/18/29)(a) |
200 | 179,663 | ||||||
| Alsea SAB de CV,
7.75%, 12/14/26 |
200 | 197,750 | ||||||
| America Movil SAB de CV |
||||||||
| 2.88%, 05/07/30 (Call 02/07/30) |
400 | 357,825 | ||||||
| 3.63%, 04/22/29 (Call 01/22/29) |
200 | 188,350 | ||||||
| 4.38%, 07/16/42 |
200 | 180,000 | ||||||
| 4.38%, 04/22/49 (Call 10/22/48) |
400 | 357,325 | ||||||
| 4.70%, 07/21/32 (Call 04/21/32) |
400 | 396,450 | ||||||
| 5.38%, 04/04/32 (Call 01/04/32)(a) |
200 | 181,280 | ||||||
| 6.13%, 03/30/40 |
700 | 759,194 | ||||||
| 6.38%, 03/01/35 |
250 | 277,078 | ||||||
| Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
||||||||
| 4.13%, 06/06/24(a) |
300 | 294,322 | ||||||
| 4.38%, 04/11/27 (Call 01/11/27)(a) |
150 | 142,622 | ||||||
| Banco Mercantil del Norte SA/Grand Cayman |
||||||||
| 5.88%, (Call 01/24/27), (5-year CMT
+ |
200 | 173,375 | ||||||
| 6.63%, (Call 01/24/32)(a)(d)(e) |
200 | 161,500 | ||||||
| 6.75%, (Call 06/27/24), (5-year CMT
+ |
200 | 191,600 | ||||||
| 7.50%, (Call 06/27/29)(a)(d)(e) |
200 | 176,288 | ||||||
| 8.38%, (Call 10/14/30)(a)(d)(e) |
200 | 188,450 | ||||||
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand |
||||||||
| 5.38%, 04/17/25(a) |
700 | 695,975 | ||||||
| 5.95%, 10/01/28 (Call 10/01/23) |
200 | 196,250 | ||||||
| BBVA Bancomer SA/Texas |
||||||||
| 1.88%, 09/18/25(a) |
200 | 184,037 | ||||||
| 5.13%, 01/18/33 (Call 01/18/28), |
600 | 529,237 | ||||||
| 5.88%, 09/13/34 (Call 09/13/29), |
200 | 179,663 | ||||||
| Becle SAB de CV,
2.50%, 10/14/31 |
200 | 162,788 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
23 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Mexico (continued) | ||||||||
| Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(a) |
$ | 200 | $ | 160,056 | ||||
| Braskem Idesa SAPI |
||||||||
| 6.99%, 02/20/32 (Call 02/20/27)(a) |
200 | 141,850 | ||||||
| 7.45%, 11/15/29 (Call 11/15/24)(a) |
400 | 312,300 | ||||||
| Cemex SAB de CV |
||||||||
| 3.88%, 07/11/31 (Call 07/11/26)(a) |
200 | 166,538 | ||||||
| 5.20%, 09/17/30 (Call 09/17/25)(a) |
200 | 185,162 | ||||||
| 5.45%, 11/19/29 (Call 11/19/24)(a) |
400 | 381,250 | ||||||
| 7.38%, 06/05/27 (Call 06/05/23)(a) |
400 | 414,075 | ||||||
| 9.13%, (Call 03/14/28)(b)(c)(d)(e) |
400 | 395,780 | ||||||
| Cemex SAB De CV, 5.13%, (Call 06/08/26), |
200 | 176,185 | ||||||
| Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(a) |
200 | 187,412 | ||||||
| Coca-Cola Femsa SAB de CV |
||||||||
| 1.85%, 09/01/32 (Call 06/01/32) |
450 | 356,428 | ||||||
| 2.75%, 01/22/30 (Call 10/22/29) |
200 | 178,975 | ||||||
| Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(b) |
328 | 314,402 | ||||||
| FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37) |
370 | 311,833 | ||||||
| Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49) |
550 | 426,697 | ||||||
| Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a) |
400 | 303,825 | ||||||
| Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a) |
200 | 179,125 | ||||||
| Grupo Bimbo SAB de CV |
||||||||
| 3.88%, 06/27/24 |
200 | 196,662 | ||||||
| 4.00%, 09/06/49 (Call 03/06/49) |
200 | 160,600 | ||||||
| 4.70%, 11/10/47 (Call 05/10/47)(a)(b) |
200 | 180,250 | ||||||
| 4.88%, 06/27/44(a) |
200 | 183,475 | ||||||
| Grupo Televisa SAB |
||||||||
| 5.00%, 05/13/45 (Call 11/13/44) |
400 | 353,325 | ||||||
| 5.25%, 05/24/49 (Call 11/24/48) |
200 | 183,870 | ||||||
| 6.13%, 01/31/46 (Call 06/30/45)(b) |
200 | 205,725 | ||||||
| 6.63%, 01/15/40 |
200 | 212,250 | ||||||
| Industrias Penoles SAB de CV |
||||||||
| 4.15%, 09/12/29 (Call 06/12/29)(a) |
400 | 375,700 | ||||||
| 4.75%, 08/06/50 (Call 02/06/50)(a) |
200 | 163,038 | ||||||
| Infraestructura Energetica Nova SAB de CV |
||||||||
| 4.75%, 01/15/51 (Call 07/15/50)(a) |
200 | 150,475 | ||||||
| 4.88%, 01/14/48(a) |
200 | 152,663 | ||||||
| Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/31 (Call 04/01/31)(a) |
200 | 171,750 | ||||||
| Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a) |
200 | 155,225 | ||||||
| Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)(a) |
200 | 148,500 | ||||||
| Orbia Advance Corp. SAB de CV |
||||||||
| 1.88%, 05/11/26 (Call 04/11/26)(a)(b) |
200 | 179,470 | ||||||
| 2.88%, 05/11/31 (Call 02/11/31)(a) |
200 | 161,750 | ||||||
| 4.00%, 10/04/27 (Call 07/04/27)(a) |
200 | 188,037 | ||||||
| 5.50%, 01/15/48 (Call 07/15/47)(a) |
200 | 163,725 | ||||||
| 5.88%, 09/17/44(a) |
200 | 173,100 | ||||||
| Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a)(b) |
400 | 384,450 | ||||||
| Sigma Finance Netherlands BV, 4.88%, 03/27/28 (Call 12/27/27)(a) |
200 | 194,225 | ||||||
| Southern Copper Corp. |
||||||||
| 3.88%, 04/23/25 |
150 | 145,950 | ||||||
| 5.25%, 11/08/42 |
326 | 316,383 | ||||||
| 5.88%, 04/23/45 |
420 | 437,929 | ||||||
| 6.75%, 04/16/40 |
475 | 531,287 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Mexico (continued) | ||||||||
| 7.50%, 07/27/35 |
$ | 200 | $ | 234,000 | ||||
| Total Play Telecomunicaciones SA de CV, 6.38%, 09/20/28 (Call 09/30/25)(a) |
400 | 250,000 | ||||||
| Trust Fibra Uno |
||||||||
| 4.87%, 01/15/30 (Call 10/28/29)(a) |
400 | 338,200 | ||||||
| 5.25%, 01/30/26 (Call 10/30/25)(a) |
200 | 190,975 | ||||||
| 6.39%, 01/15/50 (Call 07/28/49)(a) |
200 | 150,000 | ||||||
| 6.95%, 01/30/44 (Call 07/30/43)(a) |
200 | 165,500 | ||||||
|
|
|
|||||||
| 18,497,729 | ||||||||
| Moldova — 0.1% | ||||||||
| Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a) |
400 | 268,575 | ||||||
|
|
|
|||||||
| Morocco — 0.5% | ||||||||
| OCP SA |
||||||||
| 3.75%, 06/23/31 (Call 03/23/31)(a) |
700 | 586,600 | ||||||
| 4.50%, 10/22/25(a) |
400 | 388,450 | ||||||
| 5.13%, 06/23/51 (Call 12/23/50)(a) |
600 | 441,300 | ||||||
| 6.88%, 04/25/44(a) |
400 | 368,825 | ||||||
|
|
|
|||||||
| 1,785,175 | ||||||||
| Nigeria — 0.6% | ||||||||
| Access Bank PLC |
||||||||
| 6.13%, 09/21/26(a) |
600 | 474,863 | ||||||
| 9.13%, (Call 10/07/26), (5-year CMT
+ |
400 | 303,575 | ||||||
| IHS Holding Ltd. |
||||||||
| 5.63%, 11/29/26 (Call 11/29/23)(a) |
400 | 333,075 | ||||||
| 6.25%, 11/29/28 (Call 11/29/24)(a) |
400 | 318,700 | ||||||
| IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/23)(a) |
600 | 526,237 | ||||||
| SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/24)(a) |
600 | 478,425 | ||||||
|
|
|
|||||||
| 2,434,875 | ||||||||
| Oman — 0.2% | ||||||||
| Bank Muscat SAOG, 4.75%, 03/17/26(a) |
400 | 385,575 | ||||||
| Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a) |
550 | 571,931 | ||||||
|
|
|
|||||||
| 957,506 | ||||||||
| Panama — 0.7% | ||||||||
| AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(a) |
1,000 | 862,510 | ||||||
| Banco General SA,
4.13%, 08/07/27 |
400 | 374,825 | ||||||
| C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)(a) |
1,000 | 867,500 | ||||||
| Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a) |
600 | 492,375 | ||||||
|
|
|
|||||||
| 2,597,210 | ||||||||
| Paraguay — 0.2% | ||||||||
| Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(f) |
548 | 372,552 | ||||||
| Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/24)(a) |
400 | 368,200 | ||||||
|
|
|
|||||||
| 740,752 | ||||||||
| Peru — 1.8% | ||||||||
| Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)(a)(b) |
500 | 478,000 | ||||||
| Banco de Credito del Peru SA |
||||||||
| 3.13%, 07/01/30 (Call 07/01/25), |
650 | 596,294 | ||||||
| 3.25%, 09/30/31 (Call 09/30/26), |
400 | 349,450 | ||||||
| Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)(a) |
400 | 347,450 | ||||||
| 24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Peru (continued) | ||||||||
| Consorcio Transmantaro SA |
||||||||
| 4.70%, 04/16/34 (Call 01/16/34)(a)(b) |
$ | 600 | $ | 548,738 | ||||
| 5.20%, 04/11/38 (Call 01/11/38)(a) |
400 | 365,325 | ||||||
| Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(a) |
400 | 374,075 | ||||||
| Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a)(b) |
349 | 332,841 | ||||||
| InRetail Consumer,
3.25%, 03/22/28 |
600 | 513,863 | ||||||
| Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(a) |
600 | 550,987 | ||||||
| Lima Metro Line 2 Finance Ltd. |
||||||||
| 4.35%, 04/05/36(a) |
541 | 478,060 | ||||||
| 5.88%, 07/05/34(a) |
367 | 353,340 | ||||||
| Minsur SA, 4.50%, 10/28/31(a) |
400 | 346,550 | ||||||
| Peru LNG Srl, 5.38%, 03/22/30(a)(b) |
800 | 637,000 | ||||||
| Transportadora de Gas del Peru SA, 4.25%, 04/30/28(a) |
600 | 569,737 | ||||||
|
|
|
|||||||
| 6,841,710 | ||||||||
| Philippines — 1.4% | ||||||||
| BDO Unibank Inc., 2.13%, 01/13/26(a) |
600 | 549,112 | ||||||
| Globe Telecom Inc., 4.20%, (Call 08/02/26), |
400 | 368,200 | ||||||
| JGSH Philippines Ltd., 4.13%, 07/09/30(a) |
400 | 357,700 | ||||||
| Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a) |
600 | 537,000 | ||||||
| Metropolitan Bank & Trust Co., 2.13%, 01/15/26(a) |
400 | 364,700 | ||||||
| Petron Corp., 5.95%, (Call 04/19/26), |
600 | 528,000 | ||||||
| Philippine National Bank, 3.28%, 09/27/24(a) |
400 | 385,450 | ||||||
| San Miguel Crop., 5.50%, (Call 07/29/25), |
400 | 360,450 | ||||||
| SMC Global Power Holdings Corp. |
||||||||
| 5.45%, (Call 12/09/26), (5-year CMT
+ |
400 | 302,950 | ||||||
| 5.70%, (Call 01/21/26), (5-year CMT
+ |
600 | 483,675 | ||||||
| 6.50%, (Call 04/25/24), (5-year CMT
+ |
500 | 444,469 | ||||||
| 7.00%, (Call 10/21/25), (5-year CMT
+ |
600 | 513,600 | ||||||
|
|
|
|||||||
| 5,195,306 | ||||||||
| Poland — 0.1% | ||||||||
| Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a) |
600 | 484,688 | ||||||
|
|
|
|||||||
| Qatar — 3.0% | ||||||||
| ABQ Finance Co., 2.00%, 07/06/26(a) |
400 | 362,700 | ||||||
| ABQ Finance Ltd. |
||||||||
| 1.88%, 09/08/25(a) |
600 | 554,363 | ||||||
| 3.13%, 09/24/24(a) |
400 | 386,825 | ||||||
| CBQ Finance Ltd., 2.00%, 09/15/25(a) |
400 | 373,200 | ||||||
| Commercial Bank PSQC (The), 4.50%, (Call 03/03/26), (5-year CMT + 3.874%)(a)(d)(e) |
400 | 360,825 | ||||||
| Doha Finance Ltd., 2.38%, 03/31/26(a) |
700 | 647,631 | ||||||
| MAR Sukuk Ltd. |
||||||||
| 2.21%, 09/02/25(a) |
600 | 562,425 | ||||||
| 3.03%, 11/13/24(a) |
400 | 386,450 | ||||||
| Nakilat Inc., 6.07%, 12/31/33(a) |
847 | 882,061 | ||||||
| Ooredoo International Finance Ltd. |
||||||||
| 3.75%, 06/22/26(a) |
400 | 389,075 | ||||||
| 3.88%, 01/31/28(a) |
400 | 388,575 | ||||||
| 4.50%, 01/31/43(a) |
200 | 193,975 | ||||||
| 5.00%, 10/19/25(a) |
600 | 604,050 | ||||||
| QIB Sukuk Ltd. |
||||||||
| 1.95%, 10/27/25(a) |
700 | 649,819 | ||||||
| 6.18%, 02/07/25, (3-mo. LIBOR US
+ |
600 | 601,987 | ||||||
| QNB Finance Ltd. |
||||||||
| 1.38%, 01/26/26(a) |
850 | 774,191 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Qatar (continued) | ||||||||
| 1.63%, 09/22/25(a) |
$ | 600 | $ | 556,050 | ||||
| 2.63%, 05/12/25(a) |
600 | 572,737 | ||||||
| 2.75%, 02/12/27(a) |
700 | 649,600 | ||||||
| Ras Laffan Liquefied Natural Gas Co. Ltd. III |
||||||||
| 5.84%, 09/30/27(a) |
642 | 654,049 | ||||||
| 6.33%, 09/30/27(a) |
377 | 385,465 | ||||||
| SingTel Group Treasury Pte Ltd., 2.38%, 08/28/29 (Call 05/28/29)(a) |
400 | 354,825 | ||||||
|
|
|
|||||||
| 11,290,878 | ||||||||
| Saudi Arabia — 4.6% | ||||||||
| Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25), (5-year CMT + 2.974%)(a)(e) |
400 | 376,575 | ||||||
| Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a) |
200 | 185,225 | ||||||
| Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a) |
300 | 291,056 | ||||||
| BSF Finance, 5.50%, 11/23/27(a) |
400 | 410,325 | ||||||
| Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)(a) |
200 | 185,600 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a) |
200 | 198,037 | ||||||
| EIG Pearl Holdings Sarl |
||||||||
| 3.55%, 08/31/36(a) |
600 | 517,050 | ||||||
| 4.39%, 11/30/46(a) |
500 | 399,937 | ||||||
| GLP China Holdings Ltd., 2.95%, 03/29/26(a) |
200 | 124,725 | ||||||
| Greensaif Pipelines Bidco Sarl |
||||||||
| 6.13%, 02/23/38(c) |
600 | 628,800 | ||||||
| 6.51%, 02/23/42(c) |
600 | 639,675 | ||||||
| Riyad Sukuk Ltd., 3.17%, 02/25/30 (Call 02/25/25), (5-year CMT + 1.791%)(a)(e) |
600 | 570,487 | ||||||
| Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27), (5-year CMT + 2.170%)(a)(d)(e) |
400 | 366,950 | ||||||
| SA Global Sukuk Ltd. |
||||||||
| 0.95%, 06/17/24 (Call 05/17/24)(a) |
200 | 190,538 | ||||||
| 1.60%, 06/17/26 (Call 05/17/26)(a) |
900 | 825,919 | ||||||
| 2.69%, 06/17/31 (Call 03/17/31)(a) |
1,100 | 980,581 | ||||||
| SABIC Capital I BV |
||||||||
| 2.15%, 09/14/30 (Call 06/14/30)(a) |
200 | 169,600 | ||||||
| 3.00%, 09/14/50 (Call 03/14/50)(a) |
200 | 144,663 | ||||||
| SABIC Capital II BV, 4.50%, 10/10/28(a) |
400 | 399,075 | ||||||
| Samba Funding Ltd. |
||||||||
| 2.75%, 10/02/24(a) |
400 | 385,950 | ||||||
| 2.90%, 01/29/27(a) |
200 | 187,788 | ||||||
| Saudi Arabian Oil Co. |
||||||||
| 1.63%, 11/24/25 (Call 10/24/25)(a) |
400 | 370,825 | ||||||
| 2.25%, 11/24/30 (Call 08/24/30)(a) |
1,000 | 851,125 | ||||||
| 3.25%, 11/24/50 (Call 05/24/50)(a) |
900 | 645,356 | ||||||
| 3.50%, 04/16/29(a) |
1,300 | 1,225,900 | ||||||
| 4.25%, 04/16/39(a) |
1,800 | 1,651,275 | ||||||
| 4.38%, 04/16/49(a) |
1,200 | 1,059,225 | ||||||
| Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a) |
400 | 392,700 | ||||||
| Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a) |
600 | 611,925 | ||||||
| Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/28(a) |
400 | 409,200 | ||||||
| Saudi Electricity Global Sukuk Co. 5 |
||||||||
| 1.74%, 09/17/25(a) |
400 | 373,950 | ||||||
| 2.41%, 09/17/30(a) |
200 | 175,288 | ||||||
| Saudi Telecom Co., 3.89%, 05/13/29(a) |
400 | 386,450 | ||||||
| SNB Sukuk Ltd., 2.34%, 01/19/27(a) |
400 | 367,575 | ||||||
| TMS Issuer Sarl, 5.78%, 08/23/32(c) |
600 | 628,612 | ||||||
|
|
|
|||||||
| 17,327,962 | ||||||||
| S C H E D U L E O F I N V E S T M E N T S |
25 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Singapore — 4.2% | ||||||||
| BOC Aviation Ltd. |
||||||||
| 1.75%, 01/21/26 (Call 12/21/25)(a) |
$ | 300 | $ | 273,806 | ||||
| 2.63%, 09/17/30 (Call 06/17/30)(a)(b) |
600 | 518,550 | ||||||
| 3.00%, 09/11/29 (Call 06/11/29)(a) |
500 | 448,485 | ||||||
| 3.25%, 04/29/25 (Call 03/29/25)(a) |
600 | 576,675 | ||||||
| 3.50%, 10/10/24 (Call 09/10/24)(a) |
400 | 389,825 | ||||||
| 3.50%, 09/18/27 (Call 06/18/27)(a) |
400 | 378,950 | ||||||
| 3.88%, 04/27/26 (Call 01/27/26)(a) |
300 | 288,806 | ||||||
| DBS Group Holdings Ltd. |
||||||||
| 1.17%, 11/22/24(a) |
400 | 379,575 | ||||||
| 1.19%, 03/15/27(a) |
400 | 357,075 | ||||||
| 3.30%, (Call 02/27/25), (5-year CMT
+ |
800 | 753,150 | ||||||
| 4.52%, 12/11/28 (Call 12/11/23), |
600 | 596,400 | ||||||
| Flex Ltd. |
||||||||
| 3.75%, 02/01/26 (Call 01/01/26) |
450 | 431,775 | ||||||
| 4.75%, 06/15/25 (Call 03/15/25) |
484 | 476,226 | ||||||
| 4.88%, 06/15/29 (Call 03/15/29) |
399 | 386,408 | ||||||
| 4.88%, 05/12/30 (Call 02/12/30) |
315 | 306,397 | ||||||
| GLP Pte Ltd. |
||||||||
| 3.88%, 06/04/25(a) |
800 | 554,650 | ||||||
| 4.50%, (Call 12/31/26), (5-year CMT
+ |
400 | 159,825 | ||||||
| Oversea-Chinese Banking Corp. Ltd. |
||||||||
| 1.83%, 09/10/30 (Call 09/10/25), |
800 | 733,376 | ||||||
| 4.25%, 06/19/24(a)(b) |
600 | 594,112 | ||||||
| 4.60%, 06/15/32 (Call 06/15/27), |
400 | 391,575 | ||||||
| Puma International Financing SA, 5.00%, 01/24/26 (Call 05/08/23)(a) |
700 | 630,131 | ||||||
| Singapore Airlines Ltd. |
||||||||
| 3.00%, 07/20/26 (Call 06/20/26)(a) |
200 | 190,725 | ||||||
| 3.38%, 01/19/29 (Call 11/19/28)(a) |
400 | 375,450 | ||||||
| Singapore Telecommunications Ltd., 7.38%, 12/01/31(a) |
332 | 398,151 | ||||||
| SingTel Group Treasury Pte Ltd. |
||||||||
| 2.38%, 10/03/26(a) |
200 | 186,350 | ||||||
| 3.25%, 06/30/25(a) |
300 | 291,806 | ||||||
| 3.88%, 08/28/28 (Call 05/28/28)(a) |
400 | 390,325 | ||||||
| ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(a) |
400 | 376,575 | ||||||
| Ste Transcore Holdings Inc., 3.38%, 05/05/27 (Call 02/05/27)(a) |
600 | 580,950 | ||||||
| United Overseas Bank Ltd, 3.06%, 04/07/25(a) |
600 | 583,425 | ||||||
| United Overseas Bank Ltd. |
||||||||
| 1.25%, 04/14/26(a) |
600 | 546,113 | ||||||
| 1.75%, 03/16/31 (Call 03/16/26), |
400 | 359,075 | ||||||
| 2.00%, 10/14/31 (Call 10/14/26), |
400 | 354,200 | ||||||
| 3.75%, 04/15/29 (Call 04/15/24), |
200 | 196,587 | ||||||
| 3.86%, 10/07/32 (Call 10/07/27), |
600 | 566,592 | ||||||
| 3.88%, (Call 10/19/23), (5-year USD Swap + 1.794%)(a)(d)(e) |
600 | 589,237 | ||||||
| Vena Energy Capital Pte Ltd., 3.13%, 02/26/25(a) |
200 | 187,663 | ||||||
|
|
|
|||||||
| 15,798,996 | ||||||||
| South Africa — 1.9% | ||||||||
| Absa Group Ltd., 6.38%, (Call 05/28/26), |
400 | 364,700 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| South Africa (continued) | ||||||||
| Anglo American Capital PLC |
||||||||
| 3.88%, 03/16/29 (Call 01/16/29)(a) |
$ | 400 | $ | 369,325 | ||||
| 4.75%, 04/10/27(a) |
1,600 | 1,571,800 | ||||||
| 5.50%, 05/02/33 (Call 02/02/33)(c) |
400 | 400,644 | ||||||
| AngloGold Ashanti Holdings PLC |
||||||||
| 3.38%, 11/01/28 (Call 09/01/28)(b) |
600 | 537,487 | ||||||
| 3.75%, 10/01/30 (Call 07/01/30) |
500 | 438,375 | ||||||
| Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(a) |
400 | 362,700 | ||||||
| Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29 (Call 02/15/29)(a) |
400 | 407,700 | ||||||
| Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 05/30/23)(a) |
400 | 248,700 | ||||||
| MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a) |
400 | 397,825 | ||||||
| Sasol Financing USA LLC |
||||||||
| 4.38%, 09/18/26 (Call 09/18/25) |
400 | 361,325 | ||||||
| 5.50%, 03/18/31 (Call 03/18/30)(b) |
500 | 413,688 | ||||||
| 6.50%, 09/27/28 (Call 06/27/28)(b) |
600 | 553,050 | ||||||
| 8.75%, 05/03/29 (Call 03/03/29)(c) |
200 | 200,800 | ||||||
| Stillwater Mining Co. |
||||||||
| 4.00%, 11/16/26 (Call 11/16/23)(a) |
400 | 358,825 | ||||||
| 4.50%, 11/16/29 (Call 11/16/25)(a) |
400 | 329,700 | ||||||
|
|
|
|||||||
| 7,316,644 | ||||||||
| South Korea — 3.8% | ||||||||
| Hana Bank |
||||||||
| 1.25%, 12/16/26(a) |
400 | 352,575 | ||||||
| 3.25%, 03/30/27(a) |
200 | 190,975 | ||||||
| Hanwha Life Insurance Co. Ltd., 3.38%, 02/04/32 (Call 02/04/27), (5-year CMT + 1.850%)(a)(e) |
400 | 355,325 | ||||||
| Hyundai Capital Services Inc., 1.25%, 02/08/26(a) |
200 | 179,288 | ||||||
| Kookmin Bank |
||||||||
| 1.38%, 05/06/26(a) |
200 | 180,725 | ||||||
| 1.75%, 05/04/25(a) |
400 | 376,200 | ||||||
| 2.50%, 11/04/30(a)(b) |
200 | 165,163 | ||||||
| 4.35%, (Call 07/02/24), (5-year CMT
+ |
200 | 192,975 | ||||||
| 4.63%, 04/21/28(c) |
200 | 200,902 | ||||||
| Korea East-West Power Co. Ltd. |
||||||||
| 1.75%, 05/06/25(a) |
200 | 187,725 | ||||||
| 3.60%, 05/06/25 |
200 | 194,412 | ||||||
| Korea Electric Power Corp. |
||||||||
| 1.13%, 06/15/25(a) |
200 | 185,288 | ||||||
| 2.50%, 06/24/24(a) |
200 | 194,850 | ||||||
| Korea Gas Corp. |
||||||||
| 3.50%, 07/21/25(a)(b) |
400 | 389,075 | ||||||
| 3.50%, 07/02/26(a) |
200 | 192,475 | ||||||
| 6.25%, 01/20/42(a)(b) |
600 | 702,750 | ||||||
| KT Corp., 4.00%, 08/08/25(a) |
200 | 195,912 | ||||||
| Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (Call 06/15/27), (5-year CMT + 2.887%)(a)(e) |
400 | 383,200 | ||||||
| LG Chem Ltd. |
||||||||
| 1.38%, 07/07/26(a) |
400 | 357,325 | ||||||
| 2.38%, 07/07/31(a) |
400 | 331,200 | ||||||
| 3.25%, 10/15/24(a) |
200 | 194,600 | ||||||
| 3.63%, 04/15/29(a) |
200 | 189,288 | ||||||
| NAVER Corp., 1.50%, 03/29/26(a) |
400 | 360,825 | ||||||
| NongHyup Bank, 1.25%, 07/20/25(a) |
200 | 184,663 | ||||||
| POSCO |
||||||||
| 2.75%, 07/15/24(a) |
200 | 194,537 | ||||||
| 4.38%, 08/04/25(a) |
400 | 394,075 | ||||||
| 5.63%, 01/17/26(a) |
400 | 405,950 | ||||||
| 26 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| South Korea (continued) | ||||||||
| 5.75%, 01/17/28(a) |
$ | 600 | $ | 622,800 | ||||
| Shinhan Bank Co. Ltd. |
||||||||
| 1.38%, 10/21/26(a) |
400 | 356,200 | ||||||
| 3.88%, 03/24/26(a)(b) |
200 | 190,350 | ||||||
| 4.38%, 04/13/32(a)(b) |
200 | 185,788 | ||||||
| 6.97%, 04/24/25, (3-mo. LIBOR US + 1.700%)(a)(e) |
400 | 406,325 | ||||||
| Shinhan Financial Group Co. Ltd. |
||||||||
| 1.35%, 01/10/26(a) |
400 | 364,075 | ||||||
| 2.88%, (Call 05/12/26), |
400 | 350,200 | ||||||
| 3.34%, 02/05/30 (Call 02/05/25), |
200 | 191,412 | ||||||
| 5.88%, (Call 08/13/23), |
200 | 197,787 | ||||||
| SK Battery America Inc., 2.13%, 01/26/26(a) |
400 | 352,575 | ||||||
| SK Hynix Inc. |
||||||||
| 1.50%, 01/19/26(a) |
600 | 530,010 | ||||||
| 2.38%, 01/19/31(a) |
400 | 300,575 | ||||||
| 3.00%, 09/17/24(a) |
200 | 192,162 | ||||||
| 6.25%, 01/17/26(a) |
400 | 400,076 | ||||||
| 6.38%, 01/17/28(a) |
800 | 802,848 | ||||||
| 6.50%, 01/17/33(a) |
400 | 396,950 | ||||||
| Woori Bank |
||||||||
| 0.75%, 02/01/26(a)(b) |
400 | 357,950 | ||||||
| 2.00%, 01/20/27(a) |
200 | 183,100 | ||||||
| 4.25%, (Call 10/04/24), |
200 | 189,850 | ||||||
| 4.88%, 01/26/28(a) |
400 | 405,200 | ||||||
|
|
|
|||||||
| 14,408,511 | ||||||||
| Spain — 0.2% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA |
||||||||
| 1.13%, 09/18/25 |
200 | 181,924 | ||||||
| 5.86%, 09/14/26 (Call 09/14/25), |
200 | 199,447 | ||||||
| 6.13%, (Call 11/16/27), |
200 | 160,000 | ||||||
| 6.13%, 09/14/28 (Call 09/14/27), |
200 | 204,154 | ||||||
|
|
|
|||||||
| 745,525 | ||||||||
| Supranational — 0.4% | ||||||||
| Africa Finance Corp., 2.88%, 04/28/28(a) |
600 | 489,000 | ||||||
| African Export-Import Bank (The), 2.63%, 05/17/26 (Call 04/17/26)(a) |
600 | 538,500 | ||||||
| Eastern & Southern African Trade & Development Bank (The), 4.13%, 06/30/28(a) |
600 | 500,880 | ||||||
|
|
|
|||||||
| 1,528,380 | ||||||||
| Switzerland — 0.1% | ||||||||
| Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/04/23)(a) |
400 | 234,000 | ||||||
|
|
|
|||||||
| Taiwan — 3.3% | ||||||||
| Formosa Group Cayman Ltd., 3.38%, 04/22/25(a) |
800 | 771,650 | ||||||
| Foxconn Far East Ltd. |
||||||||
| 1.63%, 10/28/25(a) |
600 | 550,987 | ||||||
| 2.50%, 10/28/30(a) |
400 | 335,825 | ||||||
| TSMC Arizona Corp. |
||||||||
| 1.75%, 10/25/26 (Call 09/25/26) |
1,000 | 906,860 | ||||||
| 2.50%, 10/25/31 (Call 07/25/31) |
1,200 | 1,026,225 | ||||||
| 3.13%, 10/25/41 (Call 04/25/41) |
800 | 647,728 | ||||||
| 3.25%, 10/25/51 (Call 04/25/51)(b) |
800 | 625,000 | ||||||
| 3.88%, 04/22/27 (Call 03/22/27) |
800 | 784,900 | ||||||
| 4.13%, 04/22/29 (Call 02/22/29) |
200 | 196,140 | ||||||
| 4.25%, 04/22/32 (Call 01/22/32) |
900 | 888,075 | ||||||
| Security | Par (000) |
Value | ||||||
| Taiwan (continued) | ||||||||
| 4.50%, 04/22/52 (Call 10/22/51)(b) |
$ | 900 | $ | 878,625 | ||||
| TSMC Global Ltd. |
||||||||
| 0.75%, 09/28/25 (Call 08/28/25)(a) |
800 | 727,650 | ||||||
| 1.00%, 09/28/27 (Call 07/28/27)(a) |
600 | 518,738 | ||||||
| 1.25%, 04/23/26 (Call 03/23/26)(a) |
800 | 726,120 | ||||||
| 1.38%, 09/28/30 (Call 06/28/30)(a) |
900 | 722,419 | ||||||
| 1.75%, 04/23/28 (Call 02/23/28) |
800 | 705,096 | ||||||
| 2.25%, 04/23/31 (Call 01/23/31)(a) |
1,100 | 926,805 | ||||||
| 4.63%, 07/22/32 (Call 04/22/32)(a) |
600 | 608,838 | ||||||
|
|
|
|||||||
| 12,547,681 | ||||||||
| Tanzania — 0.2% | ||||||||
| HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 05/30/23)(a) |
800 | 751,400 | ||||||
|
|
|
|||||||
| Thailand — 2.4% | ||||||||
| Bangkok Bank PCL/Hong Kong |
||||||||
| 3.47%, 09/23/36 (Call 09/23/31), |
800 | 656,150 | ||||||
| 3.73%, 09/25/34 (Call 09/25/29), |
1,000 | 859,562 | ||||||
| 4.30%, 06/15/27 (Call 05/15/27)(a) |
600 | 593,430 | ||||||
| 4.45%, 09/19/28(a)(b) |
400 | 395,825 | ||||||
| 5.00%, (Call 09/23/25)(d) |
600 | 559,987 | ||||||
| GC Treasury Center Co. Ltd. |
||||||||
| 2.98%, 03/18/31 (Call 12/18/30)(a) |
500 | 418,688 | ||||||
| 4.30%, 03/18/51 (Call 09/18/50)(a) |
400 | 298,500 | ||||||
| 4.40%, 03/30/32 (Call 09/30/31)(a) |
1,000 | 919,875 | ||||||
| Kasikornbank PCL, 5.46%, 03/07/28(a) |
200 | 205,306 | ||||||
| Kasikornbank PCL/Hong Kong |
||||||||
| 3.34%, 10/02/31 (Call 10/02/26), |
600 | 537,675 | ||||||
| 5.28%, (Call 10/14/25), |
600 | 557,362 | ||||||
| Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26), (5-year CMT + 3.530%)(a)(d)(e) |
600 | 543,113 | ||||||
| PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(b) |
400 | 271,000 | ||||||
| PTTEP Treasury Center Co. Ltd. |
||||||||
| 2.59%, 06/10/27 (Call 04/10/27)(a) |
600 | 555,488 | ||||||
| 3.90%, 12/06/59(a)(b) |
400 | 290,500 | ||||||
| Siam Commercial Bank PCL/Cayman Islands, 4.40%, 02/11/29(a) |
400 | 392,700 | ||||||
| Thaioil Treasury Center Co. Ltd. |
||||||||
| 3.50%, 10/17/49(a) |
600 | 386,175 | ||||||
| 3.75%, 06/18/50(a)(b) |
600 | 400,425 | ||||||
| 5.38%, 11/20/48(a) |
400 | 341,500 | ||||||
|
|
|
|||||||
| 9,183,261 | ||||||||
| Turkey — 2.8% | ||||||||
| Akbank TAS |
||||||||
| 5.13%, 03/31/25(a) |
400 | 377,575 | ||||||
| 6.80%, 02/06/26(a) |
500 | 476,250 | ||||||
| 6.80%, 06/22/31 (Call 06/22/26), |
400 | 358,200 | ||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a) |
400 | 315,700 | ||||||
| Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a) |
600 | 500,925 | ||||||
| Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a) |
400 | 353,200 | ||||||
| DBS Group Holdings Ltd., 1.82%, 03/10/31 (Call 03/10/26), (5-year CMT + 1.100%)(a)(e) |
200 | 180,725 | ||||||
| KOC Holding AS,
6.50%, 03/11/25 |
700 | 687,225 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
27 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Turkey (continued) | ||||||||
| Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/23)(a) |
$ | 400 | $ | 383,450 | ||||
| QNB Finansbank AS, 6.88%, 09/07/24(a) |
400 | 398,325 | ||||||
| Turk Telekomunikasyon AS |
||||||||
| 4.88%, 06/19/24(a) |
200 | 188,975 | ||||||
| 6.88%, 02/28/25(a) |
600 | 569,737 | ||||||
| Turkcell Iletisim Hizmetleri AS |
||||||||
| 5.75%, 10/15/25(a) |
400 | 376,575 | ||||||
| 5.80%, 04/11/28 (Call 01/11/28)(a) |
365 | 320,584 | ||||||
| Turkiye Garanti Bankasi AS, 7.18%, 05/24/27, |
600 | 552,675 | ||||||
| Turkiye Is Bankasi AS |
||||||||
| 7.00%, 06/29/28 (Call 06/29/23), |
600 | 581,737 | ||||||
| 7.75%, 01/22/30 (Call 01/22/25), |
500 | 471,500 | ||||||
| Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/18/24)(a) |
400 | 379,950 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a) |
600 | 581,362 | ||||||
| Turkiye Vakiflar Bankasi TAO, 6.50%, 01/08/26(a) |
500 | 463,688 | ||||||
| Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a) |
600 | 519,863 | ||||||
| Yapi ve Kredi Bankasi AS |
||||||||
| 5.85%, 06/21/24(a) |
400 | 389,200 | ||||||
| 7.88%, 01/22/31 (Call 01/22/26), |
400 | 374,450 | ||||||
| 8.25%, 10/15/24(a) |
400 | 399,700 | ||||||
| 13.88%, (Call 01/15/24), |
500 | 511,188 | ||||||
|
|
|
|||||||
| 10,712,759 | ||||||||
| Ukraine — 0.0% | ||||||||
| Metinvest BV, 7.75%, 10/17/29(a) |
400 | 223,575 | ||||||
|
|
|
|||||||
| United Arab Emirates — 4.9% | ||||||||
| Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27(a) |
400 | 380,200 | ||||||
| Abu Dhabi National Energy Co. PJSC |
||||||||
| 2.00%, 04/29/28 (Call 01/29/28)(a) |
600 | 540,000 | ||||||
| 3.40%, 04/29/51 (Call 10/29/50)(a) |
400 | 308,075 | ||||||
| 4.38%, 04/23/25(a) |
200 | 198,787 | ||||||
| 4.38%, 06/22/26(a) |
200 | 199,850 | ||||||
| 4.38%, 01/24/29(c) |
400 | 402,000 | ||||||
| 4.70%, 04/24/33(c) |
200 | 203,250 | ||||||
| 4.88%, 04/23/30(a) |
400 | 414,075 | ||||||
| 6.50%, 10/27/36(a) |
300 | 345,431 | ||||||
| Abu Dhabi Ports Co. PJSC, 2.50%, 05/06/31 (Call 02/06/31)(a) |
300 | 257,775 | ||||||
| ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23), (5-year CMT + 4.270%)(a)(d)(e) |
400 | 398,575 | ||||||
| Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(a) |
400 | 379,325 | ||||||
| Arada Sukuk Ltd., 8.13%, 06/08/27 |
200 | 204,725 | ||||||
| BOS Funding Ltd. |
||||||||
| 4.00%, 09/18/24(a) |
200 | 193,600 | ||||||
| 7.00%, 03/14/28(a) |
200 | 203,100 | ||||||
| CBQ Finance Ltd., 2.00%, 05/12/26(a) |
600 | 552,300 | ||||||
| China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24(a) |
200 | 189,611 | ||||||
| Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(d)(e) |
200 | 195,350 | ||||||
| DIB Sukuk Ltd. |
||||||||
| 1.96%, 06/22/26(a) |
400 | 365,200 | ||||||
| Security | Par (000) |
Value | ||||||
| United Arab Emirates (continued) | ||||||||
| 2.74%, 02/16/27(a) |
$ | 200 | $ | 186,038 | ||||
| 2.95%, 02/20/25(a) |
200 | 192,495 | ||||||
| 2.95%, 01/16/26(a) |
800 | 758,400 | ||||||
| 4.80%, 08/16/28(a) |
200 | 200,850 | ||||||
| 5.49%, 11/30/27(a) |
400 | 413,200 | ||||||
| DIB Tier 1 Sukuk 3 Ltd.,
6.25%, |
400 | 399,075 | ||||||
| DIB Tier 1 Sukuk 4 Ltd.,
4.63%, |
400 | 376,950 | ||||||
| EI Sukuk Co. Ltd., 1.83%, 09/23/25(a) |
400 | 370,950 | ||||||
| Emaar Sukuk Ltd. |
||||||||
| 3.64%, 09/15/26(a) |
200 | 189,725 | ||||||
| 3.70%, 07/06/31(a) |
200 | 183,913 | ||||||
| 3.88%, 09/17/29(a) |
400 | 380,450 | ||||||
| EMG Sukuk Ltd., 4.56%, 06/18/24(a) |
200 | 196,475 | ||||||
| Emirates NBD Bank PJSC |
||||||||
| 1.64%, 01/13/26(a) |
400 | 366,700 | ||||||
| 4.25%, (Call 02/27/27)(a)(d)(e) |
200 | 177,475 | ||||||
| 5.63%, 10/21/27(a) |
200 | 208,050 | ||||||
| 6.13%, (Call 03/20/25)(a)(d)(e) |
400 | 395,325 | ||||||
| Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(a) |
200 | 195,600 | ||||||
| Energean Israel Finance Ltd., 4.88%, 03/30/26 (Call 12/30/25)(a)(c) |
405 | 371,663 | ||||||
| Esic Sukuk Ltd., 3.94%, 07/30/24(a) |
200 | 194,225 | ||||||
| Fab Sukuk Co. Ltd. |
||||||||
| 1.41%, 01/14/26(a) |
200 | 182,788 | ||||||
| 2.50%, 01/21/25(a) |
200 | 191,225 | ||||||
| 2.59%, 03/02/27(a) |
200 | 186,475 | ||||||
| 4.58%, 01/17/28(a) |
400 | 402,200 | ||||||
| First Abu Dhabi Bank PJSC |
||||||||
| 4.38%, 04/24/28(a) |
200 | 197,975 | ||||||
| 4.50%, (Call 04/05/26), (5-year CMT
+ |
400 | 377,825 | ||||||
| 5.13%, 10/13/27(a) |
200 | 205,412 | ||||||
| 6.11%, 07/08/24, (3-mo. LIBOR US
+ |
200 | 200,225 | ||||||
| Galaxy Pipeline Assets Bidco Ltd. |
||||||||
| 1.75%, 09/30/27(a) |
292 | 272,201 | ||||||
| 2.63%, 03/31/36(a) |
800 | 658,400 | ||||||
| 2.94%, 09/30/40(a) |
950 | 780,539 | ||||||
| 3.25%, 09/30/40(a) |
400 | 318,075 | ||||||
| GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 |
400 | 390,325 | ||||||
| MAF Global Securities Ltd., 7.88%, (Call 06/30/27), (5-year CMT + 4.893%)(a)(d)(e) |
400 | 404,950 | ||||||
| MAF Sukuk Ltd. |
||||||||
| 3.93%, 02/28/30(a) |
200 | 189,100 | ||||||
| 4.64%, 05/14/29(a) |
200 | 197,662 | ||||||
| Mashreqbank PSC, 7.88%, 02/24/33 (Call 11/24/27), (5-year CMT + 3.997%)(a)(e) |
200 | 208,225 | ||||||
| National Central Cooling Co. PJSC, 2.50%, 10/21/27(a) |
200 | 180,663 | ||||||
| Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(a) |
200 | 140,480 | ||||||
| Ruwais Power Co. PJSC, 6.00%, 08/31/36(a) |
200 | 211,000 | ||||||
| Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/24) |
350 | 317,144 | ||||||
| SIB Sukuk Co. III Ltd., 2.85%, 06/23/25(a) |
200 | 191,163 | ||||||
| Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(a) |
194 | 161,103 | ||||||
| Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(a) |
200 | 202,475 | ||||||
|
|
|
|||||||
| 18,456,418 | ||||||||
| United Kingdom — 2.4% | ||||||||
| CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a) |
400 | 376,368 | ||||||
| CK Hutchison International 17 II Ltd., 3.25%, 09/29/27(a) |
200 | 190,225 | ||||||
| CK Hutchison International 17 Ltd., 3.50%, 04/05/27(a) |
200 | 193,100 | ||||||
| 28 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| United Kingdom (continued) | ||||||||
| CK Hutchison International 19 Ltd., 3.38%, 09/06/49 (Call 03/06/49) |
$ | 200 | $ | 155,413 | ||||
| CK Hutchison International 20 Ltd. |
||||||||
| 2.50%, 05/08/30 (Call 02/08/30)(a) |
400 | 348,684 | ||||||
| 3.38%, 05/08/50 (Call 11/08/49) |
200 | 152,262 | ||||||
| CK Hutchison International 21 Co. |
||||||||
| 1.50%, 04/15/26 (Call 03/15/26)(a) |
200 | 183,440 | ||||||
| 2.50%, 04/15/31 (Call 01/15/31)(a) |
400 | 344,450 | ||||||
| CK Hutchison International 23 Ltd., 4.75%, 04/21/28 (Call 03/21/28)(c) |
200 | 201,683 | ||||||
| Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(a) |
400 | 393,200 | ||||||
| Hutchison Whampoa International Ltd., 7.45%, 11/24/33(a) |
205 | 249,882 | ||||||
| Standard Chartered PLC |
||||||||
| 2.68%, 06/29/32 (Call 06/29/31), |
1,000 | 794,080 | ||||||
| 3.60%, 01/12/33 (Call 01/12/32), |
200 | 162,725 | ||||||
| 4.30%, (Call 08/19/28)(d) |
600 | 422,100 | ||||||
| 4.31%, 05/21/30 (Call 05/21/29), |
600 | 554,550 | ||||||
| 4.64%, 04/01/31 (Call 04/01/30), |
500 | 466,332 | ||||||
| 4.75%, (Call 01/14/31), |
200 | 138,100 | ||||||
| 6.00%, (Call 07/26/25), |
400 | 378,400 | ||||||
| 6.17%, 01/09/27 (Call 01/09/26), |
1,200 | 1,212,144 | ||||||
| 6.30%, 01/09/29 (Call 01/09/28), |
800 | 815,360 | ||||||
| 7.75%, (Call 08/15/27), |
400 | 386,436 | ||||||
| 7.77%, 11/16/28 (Call 11/16/27), |
800 | 861,328 | ||||||
|
|
|
|||||||
| 8,980,262 | ||||||||
| United States — 2.1% | ||||||||
| Anglo American Capital PLC |
||||||||
| 2.63%, 09/10/30 (Call 06/10/30)(a) |
600 | 501,487 | ||||||
| 3.95%, 09/10/50 (Call 03/10/50) |
400 | 301,825 | ||||||
| 4.75%, 03/16/52 (Call 09/16/51) |
600 | 505,612 | ||||||
| 5.63%, 04/01/30 (Call 01/01/30) |
600 | 606,487 | ||||||
| GCC SAB de CV, 3.61%, 04/20/32 (Call 01/20/32)(a) |
200 | 168,413 | ||||||
| Huarong Finance II Co. Ltd., 5.00%, 11/19/25(a) |
200 | 183,225 | ||||||
| JBS USA LUX SA/JBS USA Food Co/JBS USA Finance Inc. |
||||||||
| 2.50%, 01/15/27 (Call 12/15/26)(a) |
200 | 178,474 | ||||||
| 3.00%, 02/02/29 (Call 12/02/28)(a) |
200 | 171,849 | ||||||
| 3.63%, 01/15/32 (Call 01/15/27)(a) |
200 | 167,593 | ||||||
| 3.75%, 12/01/31 (Call 12/01/26)(a) |
400 | 332,601 | ||||||
| 4.38%, 02/02/52 (Call 08/02/51)(a) |
300 | 210,939 | ||||||
| 5.13%, 02/01/28 (Call 01/01/28)(a) |
103 | 100,608 | ||||||
| 6.50%, 12/01/52 (Call 06/01/52) |
250 | 235,585 | ||||||
| Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a) |
390 | 335,400 | ||||||
| Prosus NV |
||||||||
| 3.06%, 07/13/31 (Call 04/13/31)(a) |
1,400 | 1,093,925 | ||||||
| 3.68%, 01/21/30 (Call 10/21/29)(a) |
800 | 677,650 | ||||||
| 3.83%, 02/08/51 (Call 08/08/50)(a) |
1,100 | 685,300 | ||||||
| 4.03%, 08/03/50 (Call 02/03/50)(a) |
600 | 384,000 | ||||||
| 4.99%, 01/19/52 (Call 07/19/51)(a) |
900 | 661,106 | ||||||
| Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a)(b) |
400 | 384,000 | ||||||
|
|
|
|||||||
| 7,886,079 | ||||||||
| Security | Par/ Shares (000) |
Value | ||||||
| Vietnam — 0.1% | ||||||||
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a) |
$ | 500 | $ | 432,920 | ||||
|
|
|
|||||||
| Zambia — 0.8% | ||||||||
| First Quantum Minerals Ltd. |
||||||||
| 6.88%, 03/01/26 (Call 03/01/24)(a) |
850 | 830,875 | ||||||
| 6.88%, 10/15/27 (Call 10/15/23)(a) |
1,200 | 1,160,850 | ||||||
| 7.50%, 04/01/25 (Call 05/08/23)(a) |
1,000 | 994,850 | ||||||
|
|
|
|||||||
| 2,986,575 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes — 96.4% |
|
366,048,528 | ||||||
|
|
|
|||||||
| Foreign Government and Agency Obligations(h) |
| |||||||
| South Korea — 0.7% | ||||||||
| Industrial Bank of Korea |
||||||||
| 0.63%, 09/17/24(a) |
200 | 189,163 | ||||||
| 1.04%, 06/22/25(a)(b) |
400 | 368,950 | ||||||
| Korea Electric Power Corp. |
||||||||
| 3.63%, 06/14/25(a) |
400 | 390,415 | ||||||
| 5.38%, 04/06/26(a) |
200 | 202,912 | ||||||
| Korea Expressway Corp. |
||||||||
| 1.13%, 05/17/26(a)(b) |
200 | 179,178 | ||||||
| 3.63%, 05/18/25(a) |
400 | 390,200 | ||||||
| Korea Gas Corp., 3.88%, 07/13/27(a) |
200 | 196,710 | ||||||
| Korea Hydro & Nuclear Power Co. Ltd. |
||||||||
| 1.25%, 04/27/26(a) |
400 | 360,128 | ||||||
| 4.25%, 07/27/27(a) |
400 | 396,325 | ||||||
|
|
|
|||||||
| 2,673,981 | ||||||||
| Supranational — 0.7% | ||||||||
| Africa Finance Corp. |
||||||||
| 3.13%, 06/16/25(a) |
400 | 368,500 | ||||||
| 3.75%, 10/30/29(a) |
400 | 327,000 | ||||||
| 4.38%, 04/17/26(a) |
600 | 561,000 | ||||||
| African Export-Import Bank (The) |
||||||||
| 3.80%, 05/17/31 (Call 02/17/31)(a) |
600 | 486,000 | ||||||
| 3.99%, 09/21/29 (Call 06/23/29)(a) |
600 | 507,750 | ||||||
| 4.13%, 06/20/24(a) |
400 | 388,500 | ||||||
|
|
|
|||||||
| 2,638,750 | ||||||||
| Turkey — 0.1% | ||||||||
| Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a) |
600 | 532,500 | ||||||
|
|
|
|||||||
| Total Foreign Government and Agency |
|
5,845,231 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 97.9% |
|
371,893,759 | ||||||
|
|
|
|||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 7.7% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(i)(j)(k) |
24,642 | 24,649,806 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
29 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
| Security | Shares (000) |
Value | ||||||
|
|
||||||||
| Money Market Funds (continued) | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(i)(j) |
4,407 | $ | 4,407,000 | |||||
|
|
|
|||||||
| Total Short-Term Securities — 7.7% |
29,056,806 | |||||||
|
|
|
|||||||
| Total Investments — 105.6% |
400,950,565 | |||||||
| Liabilities in Excess of Other Assets — (5.6)% |
|
(21,124,019 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
$ | 379,826,546 | ||||||
|
|
|
|||||||
| (a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (b) | All or a portion of this security is on loan. |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Perpetual security with no stated maturity date. |
| (e) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (f) | Zero-coupon bond. |
| (g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (h) | U.S. dollar denominated security issued by foreign domiciled entity. |
| (i) | Affiliate of the Fund. |
| (j) | Annualized 7-day yield as of period end. |
| (k) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/23 |
Shares Held at 04/30/23 (000) |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 17,956,028 | $ | 6,682,076 | (a) | $ | — | $ | 2,619 | $ | 9,083 | $ | 24,649,806 | 24,642 | $ | 98,712 | (b) | $ | — | |||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares |
3,897,000 | 510,000 | (a) | — | — | — | 4,407,000 | 4,407 | 49,637 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 2,619 | $ | 9,083 | $ | 29,056,806 | $ | 148,349 | $ | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
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 to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Corporate Bonds & Notes |
$ | — | $ | 366,048,528 | $ | — | $ | 366,048,528 | ||||||||
| Foreign Government and Agency Obligations |
— | 5,845,231 | — | 5,845,231 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
29,056,806 | — | — | 29,056,806 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 29,056,806 | $ | 371,893,759 | $ | — | $ | 400,950,565 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Corporate Bonds & Notes |
||||||||
| Argentina — 0.6% | ||||||||
| MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/24)(a) |
$ | 300 | $ | 210,337 | ||||
| Pampa Energia SA,
7.50%, 01/24/27 |
250 | 216,094 | ||||||
| Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/23)(a) |
300 | 257,869 | ||||||
| YPF SA |
||||||||
| 6.95%, 07/21/27(a) |
400 | 288,000 | ||||||
| 7.00%, 12/15/47 (Call 06/15/47)(a) |
250 | 153,406 | ||||||
| 8.50%, 07/28/25(a) |
600 | 497,925 | ||||||
| YPF Sociedad Anonima |
||||||||
| 7.00%, 09/30/33 (Call 03/30/33) |
300 | 195,150 | ||||||
| 9.00%, 02/12/26 (Call 11/12/25) |
323 | 305,671 | ||||||
|
|
|
|||||||
| 2,124,452 | ||||||||
| Azerbaijan — 0.5% | ||||||||
| International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a) |
550 | 518,719 | ||||||
| Southern Gas Corridor CJSC, 6.88%, 03/24/26(a) |
1,000 | 1,024,875 | ||||||
|
|
|
|||||||
| 1,543,594 | ||||||||
| Bahrain — 0.4% | ||||||||
| AUB Sukuk Ltd., 2.62%, 09/09/26(a) |
400 | 360,450 | ||||||
| BBK BSC, 5.50%, 07/09/24(a) |
200 | 196,600 | ||||||
| GFH Sukuk Ltd., 7.50%, 01/28/25(a) |
200 | 197,100 | ||||||
| Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(a) |
600 | 613,425 | ||||||
|
|
|
|||||||
| 1,367,575 | ||||||||
| Brazil — 8.4% | ||||||||
| Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)(a)(b) |
249 | 215,827 | ||||||
| Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/23) |
200 | 185,850 | ||||||
| Aegea Finance Sarl,
6.75%, 05/20/29 |
200 | 184,350 | ||||||
| Altice Financing SA, 5.00%, 01/15/28 |
500 | 405,000 | ||||||
| Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25) |
400 | 372,075 | ||||||
| Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24) |
300 | 78,806 | ||||||
| Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24) |
400 | 282,325 | ||||||
| B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a) |
400 | 333,200 | ||||||
| Banco Bradesco SA/Cayman Islands |
||||||||
| 3.20%, 01/27/25(a) |
400 | 382,450 | ||||||
| 4.38%, 03/18/27(a)(b) |
200 | 192,400 | ||||||
| Banco BTG Pactual SA/Cayman Islands |
||||||||
| 2.75%, 01/11/26 (Call 12/11/25)(a) |
200 | 182,100 | ||||||
| 4.50%, 01/10/25 (Call 12/10/24)(a) |
600 | 580,237 | ||||||
| 7.75%, 02/15/29 (Call 02/15/24), (5-year CMT + 5.257%)(a)(c) |
200 | 199,162 | ||||||
| Banco do Brasil SA, 6.25%, 04/18/30(d) |
200 | 198,300 | ||||||
| Banco do Brasil SA/Cayman |
||||||||
| 3.25%, 09/30/26(a) |
400 | 371,575 | ||||||
| 4.88%, 01/11/29(a) |
200 | 188,663 | ||||||
| 6.25%, (Call 04/15/24)(a)(c)(e) |
1,000 | 907,500 | ||||||
| 9.00%, (Call 06/18/24)(a)(c)(e) |
1,000 | 1,004,000 | ||||||
| Banco Votorantim SA, 4.38%, 07/29/25(a) |
200 | 192,600 | ||||||
| Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/23/25), (5-year CMT + 8.220%)(a)(c) |
400 | 396,250 | ||||||
| BRF SA |
||||||||
| 4.88%, 01/24/30 (Call 10/24/28)(a) |
400 | 310,750 | ||||||
| 5.75%, 09/21/50 (Call 03/21/50)(a) |
400 | 246,416 | ||||||
| Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a) |
400 | 406,120 | ||||||
| Centrais Eletricas Brasileiras
SA |
200 | 189,970 | ||||||
| Security | Par (000) |
Value | ||||||
| Brazil (continued) | ||||||||
| 4.63%, 02/04/30(a) |
$ | 400 | $ | 341,660 | ||||
| Cosan Luxembourg SA, 7.00%, 01/20/27 |
400 | 398,000 | ||||||
| Cosan Overseas Ltd., 8.25%, (Call 05/05/23)(a)(e) |
200 | 199,225 | ||||||
| Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(a) |
400 | 359,825 | ||||||
| CSN Inova Ventures,
6.75%, 01/28/28 |
600 | 565,612 | ||||||
| CSN Resources SA |
||||||||
| 4.63%, 06/10/31 (Call 06/10/26)(a) |
600 | 460,050 | ||||||
| 5.88%, 04/08/32 (Call 04/08/27)(a) |
200 | 163,163 | ||||||
| Embraer Netherlands Finance BV |
||||||||
| 5.05%, 06/15/25 |
605 | 592,144 | ||||||
| 5.40%, 02/01/27(b) |
300 | 288,750 | ||||||
| 6.95%, 01/17/28 (Call 10/17/27)(a) |
400 | 403,220 | ||||||
| FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23) |
400 | 396,000 | ||||||
| Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(a) |
200 | 160,663 | ||||||
| Guara Norte Sarl, 5.20%, 06/15/34 |
364 | 307,773 | ||||||
| InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/29/23)(a) |
400 | 273,700 | ||||||
| Itau Unibanco Holding SA/Cayman Island |
||||||||
| 3.25%, 01/24/25(a) |
200 | 193,287 | ||||||
| 3.88%, 04/15/31 (Call 04/15/26), |
400 | 363,050 | ||||||
| 4.50%, 11/21/29 (Call 11/21/24), |
400 | 382,325 | ||||||
| 4.63%, (Call 02/27/25), |
200 | 156,413 | ||||||
| 7.72%, (Call 06/12/23), |
600 | 574,350 | ||||||
| 7.86%, (Call 09/19/23), |
400 | 383,980 | ||||||
| Klabin Austria GmbH |
||||||||
| 3.20%, 01/12/31 (Call 10/12/30)(a) |
200 | 159,810 | ||||||
| 5.75%, 04/03/29 (Call 01/03/29)(a) |
400 | 389,000 | ||||||
| 7.00%, 04/03/49 (Call 10/03/48)(a) |
400 | 387,200 | ||||||
| MARB BondCo PLC,
3.95%, 01/29/31 |
600 | 438,945 | ||||||
| MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a) |
773 | 592,698 | ||||||
| MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30) |
400 | 310,075 | ||||||
| Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(a) |
600 | 470,700 | ||||||
| Movida Europe SA,
5.25%, 02/08/31 |
400 | 295,000 | ||||||
| Natura &Co. Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)(a) |
400 | 354,500 | ||||||
| Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a) |
400 | 331,450 | ||||||
| NBM U.S. Holdings Inc. |
||||||||
| 6.63%, 08/06/29 (Call 08/06/24)(a)(b) |
200 | 179,413 | ||||||
| 7.00%, 05/14/26 (Call 05/14/23)(a)(b) |
400 | 388,120 | ||||||
| Nexa Resources SA |
||||||||
| 5.38%, 05/04/27 (Call 02/04/27)(a) |
400 | 376,000 | ||||||
| 6.50%, 01/18/28 (Call 10/18/27)(a) |
200 | 194,475 | ||||||
| Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, 12/01/26 (Call 05/29/23)(a) |
453 | 220,713 | ||||||
| Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26 (Call 05/29/23)(a) |
950 | 185,507 | ||||||
| Petrobras Global Finance BV |
||||||||
| 5.09%, 01/15/30 |
250 | 235,359 | ||||||
| 5.30%, 01/27/25(b) |
350 | 347,550 | ||||||
| 5.50%, 06/10/51 (Call 12/10/50) |
350 | 276,675 | ||||||
| 5.60%, 01/03/31 (Call 10/03/30)(b) |
575 | 549,772 | ||||||
| 6.00%, 01/27/28(b) |
626 | 624,012 | ||||||
| 6.75%, 01/27/41 |
300 | 285,900 | ||||||
| 6.85%, (b)(e) |
850 | 740,191 | ||||||
| 6.88%, 01/20/40(b) |
350 | 338,909 | ||||||
| 6.90%, 03/19/49(b) |
400 | 367,575 | ||||||
| 7.25%, 03/17/44(b) |
416 | 410,748 | ||||||
| 7.38%, 01/17/27(b) |
400 | 415,950 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
31 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Brazil (continued) | ||||||||
| Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a) |
$ | 400 | $ | 369,000 | ||||
| Rede D’or Finance Sarl |
||||||||
| 4.50%, 01/22/30 (Call 10/22/29)(a)(b) |
300 | 252,090 | ||||||
| 4.95%, 01/17/28 (Call 10/17/27)(a) |
400 | 363,700 | ||||||
| Rumo Luxembourg Sarl |
||||||||
| 4.20%, 01/18/32 (Call 01/18/27) |
200 | 160,250 | ||||||
| 5.25%, 01/10/28 (Call 01/10/24)(a) |
200 | 185,725 | ||||||
| Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(a) |
400 | 294,075 | ||||||
| StoneCo Ltd.,
3.95%, 06/16/28 |
300 | 224,681 | ||||||
| Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/23)(a) |
200 | 184,140 | ||||||
| Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a) |
400 | 385,450 | ||||||
| XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a) |
400 | 353,040 | ||||||
|
|
|
|||||||
| 27,607,514 | ||||||||
| Burkina Faso — 0.1% | ||||||||
| Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a) |
200 | 173,413 | ||||||
|
|
|
|||||||
| Cayman Islands — 0.0% | ||||||||
| Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 05/30/23)(a)(f) |
900 | 1,294 | ||||||
|
|
|
|||||||
| Chile — 0.2% | ||||||||
| AES Andes SA., 7.13%, 03/26/79 (Call 07/06/24), (5-year USD Swap + 4.644%)(a)(c) |
200 | 188,400 | ||||||
| Agrosuper SA,
4.60%, 01/20/32 |
200 | 174,912 | ||||||
| Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)(a) |
400 | 419,825 | ||||||
|
|
|
|||||||
| 783,137 | ||||||||
| China — 4.8% | ||||||||
| Agile Group Holdings Ltd., 7.88%, (Call 07/31/24), (5-year CMT + 11.294%)(a)(c)(e) |
600 | 173,175 | ||||||
| Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25), (5-year CMT + 3.345%)(a)(c)(e) |
1,500 | 1,445,437 | ||||||
| Central Plaza Development Ltd., 5.75%, (Call 11/14/24), (5-year CMT + 8.066%)(a)(c)(e) |
400 | 353,200 | ||||||
| China Hongqiao Group Ltd., 6.25%, 06/08/24(a) |
200 | 194,225 | ||||||
| China SCE Group Holdings Ltd., 7.00%, 05/02/25 (Call 05/02/23)(a) |
200 | 71,000 | ||||||
| China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(a) |
200 | 195,850 | ||||||
| Country Garden Holdings Co. Ltd. |
||||||||
| 2.70%, 07/12/26 (Call 06/12/26)(a) |
400 | 183,575 | ||||||
| 3.13%, 10/22/25 (Call 09/22/25)(a) |
400 | 196,000 | ||||||
| 3.30%, 01/12/31 (Call 10/12/30)(a) |
400 | 151,700 | ||||||
| 3.88%, 10/22/30 (Call 07/22/30)(a) |
400 | 159,825 | ||||||
| 5.13%, 01/17/25 (Call 01/17/24)(a) |
400 | 254,000 | ||||||
| 5.13%, 01/14/27 (Call 01/14/24)(a) |
200 | 90,975 | ||||||
| 5.40%, 05/27/25 (Call 05/29/23)(a) |
200 | 116,163 | ||||||
| 6.15%, 09/17/25 (Call 09/17/23)(a) |
400 | 227,950 | ||||||
| 7.25%, 04/08/26 (Call 04/08/24)(a) |
1,000 | 517,062 | ||||||
| Ease Trade Global Ltd., 4.00%, 11/10/25(a) |
400 | 372,325 | ||||||
| Easy Tactic Ltd. |
||||||||
| 7.50%, 07/11/25 (Call 05/30/23), |
622 | 113,528 | ||||||
| 7.50%, 07/11/27 (Call 05/30/23), |
1,215 | 207,100 | ||||||
| 7.50%, 07/11/28 (Call 05/30/23), |
726 | 100,767 | ||||||
| Emirates NBD Bank PJSC,
6.13%, |
400 | 395,325 | ||||||
| ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a) |
400 | 357,000 | ||||||
| Fortune Star BVI Ltd. |
200 | 126,350 | ||||||
| Security | Par (000) |
Value | ||||||
| China (continued) | ||||||||
| 5.05%, 01/27/27 (Call 01/27/25)(a) |
$ | 200 | $ | 122,413 | ||||
| 5.95%, 10/19/25 (Call 10/19/23)(a) |
400 | 291,700 | ||||||
| Franshion Brilliant Ltd., 6.00%, (Call 02/08/26), |
200 | 179,600 | ||||||
| Greenland Global Investment Ltd., 5.88%, 07/03/26 (Call 05/05/23)(a) |
200 | 46,975 | ||||||
| Guojing Capital BVI Ltd., 6.30%, 12/02/25(a) |
200 | 200,663 | ||||||
| Huarong Finance 2017 Co. Ltd. |
||||||||
| 4.25%, 11/07/27(a) |
600 | 500,362 | ||||||
| 4.75%, 04/27/27(a) |
600 | 519,675 | ||||||
| Huarong Finance 2019 Co. Ltd. |
||||||||
| 3.25%, 11/13/24 (Call 10/13/24)(a) |
200 | 185,600 | ||||||
| 3.38%, 02/24/30 (Call 11/24/29)(a) |
600 | 439,237 | ||||||
| Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26), (5-year CMT + 2.368%)(a)(c)(e) |
3,100 | 2,905,862 | ||||||
| KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 11/10/23)(a) |
400 | 86,950 | ||||||
| Lenovo Group Ltd., 5.88%, 04/24/25(a) |
600 | 603,112 | ||||||
| Leviathan Bond Ltd. |
||||||||
| 6.13%, 06/30/25 (Call 03/30/25)(a)(d) |
275 | 265,513 | ||||||
| 6.75%, 06/30/30 (Call 12/30/29)(a)(d) |
250 | 231,219 | ||||||
| Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 04/26/24)(a)(b) |
300 | 275,625 | ||||||
| NWD MTN Ltd., 4.13%, 07/18/29(a) |
400 | 336,575 | ||||||
| Overseas Chinese Town Asia Holdings Ltd., 4.50%, (Call 07/15/23)(a)(c)(e) |
200 | 198,038 | ||||||
| Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24 (Call 08/10/23)(a) |
400 | 79,500 | ||||||
| RKPF Overseas 2020 A Ltd. |
||||||||
| 5.13%, 07/26/26 (Call 07/26/24)(a) |
200 | 113,350 | ||||||
| 5.20%, 01/12/26 (Call 01/12/24)(a) |
400 | 251,200 | ||||||
| Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a) |
400 | 319,200 | ||||||
| Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 08/24/23)(a) |
200 | 182,100 | ||||||
| Sino-Ocean Land Treasure Finance II Ltd., |
200 | 50,500 | ||||||
| Sino-Ocean Land Treasure III Ltd., 6.95%, (Call 09/21/27), (5-year CMT + 3.256%)(a)(c)(e) |
400 | 70,700 | ||||||
| Sino-Ocean Land Treasure IV Ltd. |
||||||||
| 2.70%, 01/13/25 (Call 12/13/24)(a) |
200 | 65,413 | ||||||
| 4.75%, 08/05/29 (Call 05/05/29)(a) |
400 | 97,450 | ||||||
| Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25(a) |
400 | 375,200 | ||||||
| West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(a) |
400 | 312,575 | ||||||
| Wheelock MTN BVI Ltd., 2.38%, 01/25/26(a) |
200 | 186,725 | ||||||
| Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(a) |
400 | 335,575 | ||||||
|
|
|
|||||||
| 15,831,139 | ||||||||
| Colombia — 3.1% | ||||||||
| ABRA Global Finance, 11.50%, 03/02/28 |
400 | 323,000 | ||||||
| AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(a) |
400 | 282,250 | ||||||
| Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(a) |
850 | 707,625 | ||||||
| Banco Davivienda SA, 6.65%, (Call 04/22/31)(a)(c)(e) |
200 | 135,625 | ||||||
| Banco de Bogota SA, 6.25%, 05/12/26(a) |
600 | 579,862 | ||||||
| Bancolombia SA |
||||||||
| 3.00%, 01/29/25 (Call 12/29/24)(b) |
600 | 567,300 | ||||||
| 4.63%, 12/18/29 (Call 12/18/24), |
200 | 169,600 | ||||||
| 6.91%, 10/18/27, (5-year CMT + 2.929%)(c) |
400 | 374,000 | ||||||
| Canacol Energy Ltd., 5.75%, 11/24/28 |
200 | 157,125 | ||||||
| Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(a) |
200 | 149,288 | ||||||
| 32 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Colombia (continued) | ||||||||
| Ecopetrol SA |
||||||||
| 4.13%, 01/16/25 |
$ | 560 | $ | 535,332 | ||||
| 4.63%, 11/02/31 (Call 08/02/31)(b) |
600 | 445,800 | ||||||
| 5.38%, 06/26/26 (Call 03/26/26)(b) |
750 | 707,925 | ||||||
| 5.88%, 05/28/45 |
990 | 644,242 | ||||||
| 5.88%, 11/02/51 (Call 05/02/51)(b) |
405 | 256,112 | ||||||
| 6.88%, 04/29/30 (Call 01/29/30) |
950 | 846,687 | ||||||
| 7.38%, 09/18/43 |
400 | 320,075 | ||||||
| 8.88%, 01/13/33 (Call 10/13/32) |
1,000 | 966,875 | ||||||
| EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25) |
400 | 253,400 | ||||||
| Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(a) |
200 | 165,475 | ||||||
| Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(a) |
600 | 455,737 | ||||||
| Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26) |
200 | 190,663 | ||||||
| Millicom International Cellular SA |
||||||||
| 4.50%, 04/27/31 (Call 04/27/26)(a) |
400 | 307,648 | ||||||
| 6.25%, 03/25/29 (Call 03/25/24)(a)(b) |
360 | 321,660 | ||||||
| Oleoducto Central SA, 4.00%, 07/14/27 (Call 04/14/27)(a) |
200 | 175,913 | ||||||
| Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(a) |
400 | 296,200 | ||||||
|
|
|
|||||||
| 10,335,419 | ||||||||
| Egypt — 0.3% | ||||||||
| Banco do Brasil SA/Cayman, 4.63%, 01/15/25 |
600 | 586,650 | ||||||
| YPF SA, 9.00%, 06/30/29 (Call 12/30/28) |
400 | 318,000 | ||||||
|
|
|
|||||||
| 904,650 | ||||||||
| Ghana — 0.4% | ||||||||
| Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 05/30/23)(a) |
400 | 353,575 | ||||||
| Tullow Oil PLC |
||||||||
| 7.00%, 03/01/25 (Call 05/30/23)(a) |
400 | 242,700 | ||||||
| 10.25%, 05/15/26 (Call 05/15/23)(a) |
906 | 702,320 | ||||||
|
|
|
|||||||
| 1,298,595 | ||||||||
| Guatemala — 0.4% | ||||||||
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(a) |
600 | 559,800 | ||||||
| CT Trust, 5.13%, 02/03/32 (Call 02/03/27)(a) |
400 | 328,950 | ||||||
| Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(a) |
400 | 368,825 | ||||||
|
|
|
|||||||
| 1,257,575 | ||||||||
| Hong Kong — 3.3% | ||||||||
| Adani Green Energy Ltd., 4.38%, 09/08/24(a) |
400 | 359,000 | ||||||
| Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25), (5-year CMT + 2.525%)(a)(c)(e) |
250 | 241,297 | ||||||
| Bank of East Asia Ltd. (The) |
||||||||
| 5.83%, (Call 10/21/25), (5-year CMT
+ |
250 | 218,484 | ||||||
| 5.88%, (Call 09/19/24), (5-year CMT
+ |
250 | 227,938 | ||||||
| CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26), |
400 | 322,575 | ||||||
| Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(a) |
400 | 387,950 | ||||||
| Celestial Miles Ltd., 5.75%, (Call 07/31/24), (5-year CMT + 8.205%)(a)(c)(e) |
600 | 589,987 | ||||||
| China Citic Bank, 3.25%, (Call 07/29/26), (5-year CMT + 2.530%)(a)(c)(e) |
250 | 232,000 | ||||||
| China CITIC Bank International Ltd. |
||||||||
| 4.80%, (Call 04/22/27), (5-year CMT
+ |
250 | 242,625 | ||||||
| 7.10%, (Call 11/06/23), (5-year CMT
+ |
400 | 402,575 | ||||||
| FWD Group Ltd. |
||||||||
| 5.75%, 07/09/24(a) |
400 | 391,200 | ||||||
| 6.38%, (Call 09/13/24), (5-year CMT
+ |
400 | 365,825 | ||||||
| 8.05%, (Call 06/15/23), (5-year CMT
+ |
400 | 371,700 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Hong Kong (continued) | ||||||||
| Henderson Land MTN Ltd., 2.38%, 05/27/25(a) |
$ | 200 | $ | 188,788 | ||||
| Lai Sun MTN Ltd., 5.00%, 07/28/26(a) |
200 | 156,600 | ||||||
| Li & Fung Ltd. |
||||||||
| 5.00%, 08/18/25 (Call 07/18/25)(a) |
200 | 184,913 | ||||||
| 5.25%, (Call 05/03/23)(a)(e) |
400 | 217,575 | ||||||
| Melco Resorts Finance Ltd. |
||||||||
| 4.88%, 06/06/25 (Call 06/06/23)(a) |
400 | 376,075 | ||||||
| 5.38%, 12/04/29 (Call 12/04/24)(a) |
600 | 496,425 | ||||||
| 5.63%, 07/17/27 (Call 07/17/23)(a)(b) |
400 | 356,825 | ||||||
| 5.75%, 07/21/28 (Call 07/21/23)(a) |
400 | 349,000 | ||||||
| Nanyang Commercial Bank Ltd., 6.50%, (Call 04/28/27), (5-year CMT + 3.509%)(a)(c)(e) |
250 | 238,172 | ||||||
| New World China Land Ltd., 4.75%, 01/23/27(a) |
400 | 373,200 | ||||||
| NWD Finance BVI Ltd. |
||||||||
| 4.13%, (Call 03/10/28), (5-year CMT
+ |
600 | 442,987 | ||||||
| 4.80%, (Call 09/09/23)(a)(e) |
400 | 248,500 | ||||||
| 5.25%, (Call 03/22/26), (5-year CMT
+ |
600 | 519,862 | ||||||
| 6.25%, (Call 03/07/24)(a)(e) |
600 | 464,550 | ||||||
| NWD MTN Ltd., 4.50%, 05/19/30(a) |
400 | 337,575 | ||||||
| PCPD Capital Ltd.,
5.13%, 06/18/26 |
400 | 308,000 | ||||||
| Sands China Ltd. |
||||||||
| 4.30%, 01/08/26 (Call 12/08/25)(b) |
400 | 375,200 | ||||||
| 5.63%, 08/08/25 (Call 06/08/25) |
1,000 | 976,020 | ||||||
|
|
|
|||||||
| 10,963,423 | ||||||||
| Hungary — 0.1% | ||||||||
| OTP Bank Nyrt, 8.75%, 05/15/33 (Call 02/15/28), |
400 | 387,075 | ||||||
|
|
|
|||||||
| India — 2.1% | ||||||||
| ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(a) |
425 | 422,955 | ||||||
| Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a) |
200 | 190,600 | ||||||
| Axis Bank Ltd., 4.10%, (Call 09/08/26), |
200 | 169,500 | ||||||
| CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(a) |
400 | 350,700 | ||||||
| Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(a) |
186 | 166,214 | ||||||
| Delhi International Airport Ltd. |
||||||||
| 6.13%, 10/31/26(a) |
400 | 385,700 | ||||||
| 6.45%, 06/04/29(a) |
200 | 185,975 | ||||||
| Greenko Dutch BV,
3.85%, 03/29/26 |
564 | 507,177 | ||||||
| Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(a) |
573 | 492,780 | ||||||
| Greenko Solar Mauritius Ltd. |
||||||||
| 5.55%, 01/29/25 |
200 | 192,412 | ||||||
| 5.95%, 07/29/26 (Call 07/29/23)(a) |
200 | 187,538 | ||||||
| Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25 (Call 04/06/24)(a) |
400 | 378,500 | ||||||
| HDFC Bank Ltd., 3.70%, (Call 08/25/26), |
600 | 514,659 | ||||||
| JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/17/26)(a) |
354 | 295,103 | ||||||
| JSW Steel Ltd. |
||||||||
| 3.95%, 04/05/27 (Call 10/05/26)(a) |
200 | 175,600 | ||||||
| 5.05%, 04/05/32 (Call 10/05/31)(a) |
200 | 160,850 | ||||||
| Network i2i Ltd. |
||||||||
| 3.98%, (Call 06/03/26)(e) |
200 | 176,288 | ||||||
| 5.65%, (Call 01/11/25), (5-year CMT
+ |
600 | 575,175 | ||||||
| Periama Holdings LLC/DE, 5.95%, 04/19/26(a) |
400 | 384,920 | ||||||
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(a) |
200 | 168,725 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
33 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| India (continued) | ||||||||
| Vedanta Resources Finance II PLC |
||||||||
| 8.95%, 03/11/25 (Call 09/11/24)(a) |
$ | 600 | $ | 424,500 | ||||
| 9.25%, 04/23/26 (Call 04/23/24)(a)(b) |
400 | 262,500 | ||||||
| Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 08/09/23)(a) |
400 | 256,200 | ||||||
|
|
|
|||||||
| 7,024,571 | ||||||||
| Indonesia — 0.6% | ||||||||
| Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/23)(a) |
250 | 240,360 | ||||||
| Bank Negara Indonesia Persero Tbk PT |
||||||||
| 3.75%, 03/30/26(a) |
600 | 552,675 | ||||||
| 4.30%, (Call 03/24/27), (5-year CMT
+ |
200 | 165,725 | ||||||
| Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/23)(a) |
350 | 345,581 | ||||||
| Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(a) |
400 | 364,700 | ||||||
| Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a) |
200 | 191,975 | ||||||
|
|
|
|||||||
| 1,861,016 | ||||||||
| Israel — 1.5% | ||||||||
| Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(a)(d) |
300 | 260,025 | ||||||
| Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(b) |
500 | 455,273 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV |
||||||||
| 3.15%, 10/01/26(b) |
1,700 | 1,532,125 | ||||||
| 4.10%, 10/01/46 |
900 | 594,832 | ||||||
| 4.75%, 05/09/27 (Call 02/09/27) |
500 | 465,406 | ||||||
| 5.13%, 05/09/29 (Call 02/09/29)(b) |
400 | 371,000 | ||||||
| 6.75%, 03/01/28 (Call 12/01/27) |
600 | 598,500 | ||||||
| 7.88%, 09/15/29 (Call 06/15/29) |
300 | 313,350 | ||||||
| 8.13%, 09/15/31 (Call 06/15/31)(b) |
300 | 315,378 | ||||||
|
|
|
|||||||
| 4,905,889 | ||||||||
| Jamaica — 0.2% | ||||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd. |
||||||||
| 8.75%, 05/25/24 (Call 05/27/23)(a) |
400 | 360,825 | ||||||
| 8.75%, 05/25/24 (Call 05/15/23)(a) |
300 | 270,525 | ||||||
|
|
|
|||||||
| 631,350 | ||||||||
| Kazakhstan — 0.4% | ||||||||
| Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(a)(d) |
325 | 289,514 | ||||||
| Tengizchevroil Finance Co. International Ltd. |
||||||||
| 2.63%, 08/15/25 (Call 05/15/25)(a) |
400 | 357,075 | ||||||
| 3.25%, 08/15/30 (Call 02/15/30)(a) |
400 | 300,950 | ||||||
| 4.00%, 08/15/26(a) |
400 | 355,575 | ||||||
|
|
|
|||||||
| 1,303,114 | ||||||||
| Kuwait — 0.3% | ||||||||
| Burgan Bank SAK, 5.75%, (Call 07/09/24), |
200 | 176,350 | ||||||
| Kuwait Projects Co. SPC Ltd. |
||||||||
| 4.23%, 10/29/26(a) |
400 | 352,825 | ||||||
| 4.50%, 02/23/27(a) |
200 | 170,225 | ||||||
| Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(a)(d) |
350 | 331,472 | ||||||
|
|
|
|||||||
| 1,030,872 | ||||||||
| Luxembourg — 0.2% | ||||||||
| Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24) |
1,000 | 797,720 | ||||||
|
|
|
|||||||
| Macau — 1.8% | ||||||||
| Champion Path Holdings Ltd. |
||||||||
| 4.50%, 01/27/26 (Call 01/27/24)(a) |
200 | 176,038 | ||||||
| 4.85%, 01/27/28 (Call 01/27/25)(a) |
200 | 165,975 | ||||||
| MGM China Holdings Ltd. |
||||||||
| 4.75%, 02/01/27 (Call 02/01/24)(a) |
200 | 180,912 | ||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Macau (continued) | ||||||||
| 5.25%, 06/18/25 (Call 06/18/23)(a) |
$ | 200 | $ | 190,162 | ||||
| 5.88%, 05/15/26 (Call 05/09/23)(a) |
400 | 381,500 | ||||||
| Sands China Ltd. |
||||||||
| 2.80%, 03/08/27 (Call 02/08/27) |
300 | 260,400 | ||||||
| 3.35%, 03/08/29 (Call 01/08/29) |
400 | 335,450 | ||||||
| 3.75%, 08/08/31 (Call 05/08/31) |
200 | 164,000 | ||||||
| 4.88%, 06/18/30 (Call 03/18/30) |
400 | 362,200 | ||||||
| 5.90%, 08/08/28 (Call 05/08/28) |
800 | 769,000 | ||||||
| Studio City Finance Ltd. |
||||||||
| 5.00%, 01/15/29 (Call 01/15/24)(a) |
800 | 626,800 | ||||||
| 6.50%, 01/15/28 (Call 07/07/23)(a) |
200 | 171,600 | ||||||
| Wynn Macau Ltd. |
||||||||
| 4.88%, 10/01/24 (Call 05/29/23)(a) |
200 | 192,725 | ||||||
| 5.13%, 12/15/29 (Call 12/15/24)(a) |
400 | 329,325 | ||||||
| 5.50%, 01/15/26 (Call 05/29/23)(a) |
600 | 555,750 | ||||||
| 5.50%, 10/01/27 (Call 10/01/23)(a) |
400 | 356,500 | ||||||
| 5.63%, 08/26/28 (Call 08/26/23)(a) |
800 | 695,500 | ||||||
|
|
|
|||||||
| 5,913,837 | ||||||||
| Mexico — 8.1% | ||||||||
| Alsea SAB de CV,
7.75%, 12/14/26 |
200 | 197,750 | ||||||
| Banco Mercantil del Norte SA/Grand Cayman |
||||||||
| 5.88%, (Call 01/24/27), (5-year CMT
+ |
400 | 346,750 | ||||||
| 6.63%, (Call 01/24/32)(a)(c)(e) |
200 | 161,500 | ||||||
| 6.75%, (Call 06/27/24), (5-year CMT
+ |
300 | 287,400 | ||||||
| 7.50%, (Call 06/27/29)(a)(c)(e) |
200 | 176,288 | ||||||
| 7.63%, (Call 01/06/28)(e) |
400 | 363,825 | ||||||
| 8.38%, (Call 10/14/30)(a)(c)(e) |
200 | 188,450 | ||||||
| BBVA Bancomer SA/Texas |
||||||||
| 5.13%, 01/18/33 (Call 01/18/28), |
600 | 529,237 | ||||||
| 5.88%, 09/13/34 (Call 09/13/29), |
350 | 314,409 | ||||||
| Braskem Idesa SAPI |
||||||||
| 6.99%, 02/20/32 (Call 02/20/27)(a) |
700 | 496,475 | ||||||
| 7.45%, 11/15/29 (Call 11/15/24)(a) |
400 | 312,300 | ||||||
| Cemex SAB de CV |
||||||||
| 3.88%, 07/11/31 (Call 07/11/26)(a) |
500 | 416,344 | ||||||
| 5.20%, 09/17/30 (Call 09/17/25)(a) |
400 | 370,325 | ||||||
| 5.45%, 11/19/29 (Call 11/19/24)(a) |
400 | 381,250 | ||||||
| 7.38%, 06/05/27 (Call 06/05/23)(a) |
400 | 414,075 | ||||||
| 9.13%, (Call 03/14/28)(b)(d)(e) |
500 | 494,725 | ||||||
| Cemex SAB De CV, 5.13%, (Call 06/08/26), (5-year CMT + 4.534%)(a)(b)(c)(e) |
500 | 440,463 | ||||||
| Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)(a) |
300 | 268,688 | ||||||
| Nemak SAB de CV,
3.63%, 06/28/31 |
200 | 148,500 | ||||||
| Petroleos Mexicanos |
||||||||
| 4.50%, 01/23/26(b) |
500 | 452,952 | ||||||
| 5.35%, 02/12/28(b) |
953 | 789,977 | ||||||
| 5.95%, 01/28/31 (Call 10/28/30) |
1,800 | 1,330,920 | ||||||
| 6.35%, 02/12/48 |
800 | 468,560 | ||||||
| 6.38%, 01/23/45(b) |
550 | 328,281 | ||||||
| 6.49%, 01/23/27 (Call 11/23/26) |
748 | 669,460 | ||||||
| 6.50%, 03/13/27(b) |
2,050 | 1,827,370 | ||||||
| 6.50%, 01/23/29(b) |
625 | 526,266 | ||||||
| 6.50%, 06/02/41(b) |
800 | 506,000 | ||||||
| 6.63%, 06/15/35(b) |
1,400 | 972,538 | ||||||
| 6.70%, 02/16/32 (Call 11/16/31) |
3,450 | 2,650,031 | ||||||
| 6.75%, 09/21/47(b) |
2,650 | 1,631,075 | ||||||
| 6.84%, 01/23/30 (Call 10/23/29) |
1,200 | 965,070 | ||||||
| 34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Mexico (continued) | ||||||||
| 6.88%, 08/04/26(b) |
$ | 1,300 | $ | 1,219,075 | ||||
| 6.95%, 01/28/60 (Call 07/28/59) |
1,900 | 1,150,925 | ||||||
| 7.69%, 01/23/50 (Call 07/23/49) |
4,000 | 2,665,000 | ||||||
| 8.75%, 06/02/29 (Call 04/02/29)(b) |
1,000 | 915,625 | ||||||
| 10.00%, 02/07/33 (Call 11/07/32)(b)(d) |
1,000 | 927,000 | ||||||
| Total Play Telecomunicaciones SA de CV |
||||||||
| 6.38%, 09/20/28 (Call 09/30/25)(a) |
200 | 125,000 | ||||||
| 7.50%, 11/12/25 (Call 11/12/23) |
400 | 276,120 | ||||||
|
|
|
|||||||
| 26,705,999 | ||||||||
| Moldova — 0.0% | ||||||||
| Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(a) |
200 | 134,288 | ||||||
|
|
|
|||||||
| Morocco — 0.4% | ||||||||
| OCP SA |
||||||||
| 3.75%, 06/23/31 (Call 03/23/31)(a) |
200 | 167,600 | ||||||
| 4.50%, 10/22/25(a) |
400 | 388,450 | ||||||
| 5.13%, 06/23/51 (Call 12/23/50)(a) |
400 | 294,200 | ||||||
| 6.88%, 04/25/44(a) |
400 | 368,825 | ||||||
|
|
|
|||||||
| 1,219,075 | ||||||||
| Nigeria — 0.5% | ||||||||
| Access Bank PLC |
||||||||
| 6.13%, 09/21/26(a) |
200 | 158,288 | ||||||
| 9.13%, (Call 10/07/26), (5-year CMT
+ |
200 | 151,788 | ||||||
| IHS Holding Ltd. |
||||||||
| 5.63%, 11/29/26 (Call 11/29/23)(a) |
200 | 166,537 | ||||||
| 6.25%, 11/29/28 (Call 11/29/24)(a) |
200 | 159,350 | ||||||
| IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/23)(a) |
600 | 526,237 | ||||||
| SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/24)(a) |
400 | 318,950 | ||||||
|
|
|
|||||||
| 1,481,150 | ||||||||
| Oman — 0.2% | ||||||||
| Bank Muscat SAOG, 4.75%, 03/17/26(a) |
400 | 385,575 | ||||||
| Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a) |
250 | 259,969 | ||||||
|
|
|
|||||||
| 645,544 | ||||||||
| Panama — 0.2% | ||||||||
| C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)(a) |
600 | 520,500 | ||||||
| Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a) |
200 | 164,125 | ||||||
|
|
|
|||||||
| 684,625 | ||||||||
| Paraguay — 0.2% | ||||||||
| Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(a)(f) |
457 | 310,460 | ||||||
| Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/24)(a) |
400 | 368,200 | ||||||
|
|
|
|||||||
| 678,660 | ||||||||
| Peru — 0.7% | ||||||||
| Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)(a) |
400 | 347,450 | ||||||
| Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a) |
175 | 166,421 | ||||||
| InRetail Consumer,
3.25%, 03/22/28 |
400 | 342,575 | ||||||
| Minsur SA, 4.50%, 10/28/31(a) |
200 | 173,275 | ||||||
| Peru LNG Srl, 5.38%, 03/22/30(a) |
400 | 318,500 | ||||||
| Petroleos del Peru SA |
||||||||
| 4.75%, 06/19/32(a) |
400 | 296,438 | ||||||
| 5.63%, 06/19/47(a) |
1,100 | 697,400 | ||||||
|
|
|
|||||||
| 2,342,059 | ||||||||
| Security | Par (000) |
Value | ||||||
|
|
||||||||
| Philippines — 0.7% | ||||||||
| Globe Telecom Inc., 4.20%, (Call 08/02/26), |
$ | 400 | $ | 368,200 | ||||
| JGSH Philippines Ltd., 4.13%, 07/09/30(a) |
400 | 357,700 | ||||||
| Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(a) |
200 | 179,000 | ||||||
| Petron Corp., 5.95%, (Call 04/19/26), |
200 | 176,000 | ||||||
| San Miguel Crop., 5.50%, (Call 07/29/25), |
200 | 180,225 | ||||||
| SMC Global Power Holdings Corp. |
||||||||
| 5.45%, (Call 12/09/26), (5-year CMT
+ |
400 | 302,950 | ||||||
| 5.70%, (Call 01/21/26), (5-year CMT
+ |
200 | 161,225 | ||||||
| 6.50%, (Call 04/25/24), (5-year CMT
+ |
400 | 355,575 | ||||||
| 7.00%, (Call 10/21/25), (5-year CMT
+ |
400 | 342,400 | ||||||
|
|
|
|||||||
| 2,423,275 | ||||||||
| Poland — 0.1% | ||||||||
| Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(a) |
400 | 323,125 | ||||||
|
|
|
|||||||
| Qatar — 0.1% | ||||||||
| Commercial Bank PSQC (The), 4.50%, (Call 03/03/26), (5-year CMT + 3.874%)(a)(c)(e) |
400 | 360,825 | ||||||
|
|
|
|||||||
| Saudi Arabia — 0.4% | ||||||||
| Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a) |
400 | 370,450 | ||||||
| Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a) |
200 | 194,037 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a) |
400 | 396,075 | ||||||
| Riyad Tier 1 Sukuk Ltd., 4.00%, (Call 02/16/27), |
400 | 366,950 | ||||||
|
|
|
|||||||
| 1,327,512 | ||||||||
| Singapore — 0.3% | ||||||||
| GLP Pte Ltd., 4.50%, (Call 12/31/26), |
400 | 159,825 | ||||||
| Puma International Financing SA, 5.00%, 01/24/26 (Call 05/08/23)(a) |
400 | 360,075 | ||||||
| Singapore Airlines Ltd. |
||||||||
| 3.00%, 07/20/26 (Call 06/20/26)(a) |
200 | 190,725 | ||||||
| 3.38%, 01/19/29 (Call 11/19/28)(a) |
400 | 375,450 | ||||||
|
|
|
|||||||
| 1,086,075 | ||||||||
| South Africa — 1.3% | ||||||||
| Absa Group Ltd., 6.38%, (Call 05/28/26), (5-year CMT + 5.411%)(a)(c)(e) |
200 | 182,350 | ||||||
| Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(a) |
400 | 362,700 | ||||||
| Eskom Holdings SOC Ltd. |
||||||||
| 6.35%, 08/10/28(a) |
600 | 564,891 | ||||||
| 7.13%, 02/11/25(a) |
460 | 447,724 | ||||||
| Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 05/30/23)(a) |
400 | 248,700 | ||||||
| MTN Mauritius Investments Ltd., 6.50%, 10/13/26(a) |
200 | 198,912 | ||||||
| Sasol Financing USA LLC |
||||||||
| 4.38%, 09/18/26 (Call 09/18/25)(b) |
200 | 180,663 | ||||||
| 5.50%, 03/18/31 (Call 03/18/30) |
400 | 330,950 | ||||||
| 6.50%, 09/27/28 (Call 06/27/28) |
400 | 368,700 | ||||||
| 8.75%, 05/03/29 (Call 03/03/29)(d) |
200 | 200,800 | ||||||
| Stillwater Mining Co. |
||||||||
| 4.00%, 11/16/26 (Call 11/16/23)(a) |
200 | 179,413 | ||||||
| 4.50%, 11/16/29 (Call 11/16/25)(a) |
400 | 329,700 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
35 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| South Africa (continued) | ||||||||
| Transnet SOC Ltd. |
||||||||
| 8.25%, 02/06/28(d) |
$ | 400 | $ | 395,825 | ||||
| 8.25%, 02/06/28(a) |
200 | 197,912 | ||||||
|
|
|
|||||||
| 4,189,240 | ||||||||
| South Korea — 0.1% | ||||||||
| Woori Bank, 4.25%, (Call 10/04/24), (5-year CMT + 2.664%)(a)(c)(e) |
200 | 189,850 | ||||||
|
|
|
|||||||
| Spain — 0.1% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA, 6.13%, (Call 11/16/27), (5-year USD Swap + |
400 | 320,000 | ||||||
|
|
|
|||||||
| Supranational — 0.1% | ||||||||
| Eastern & Southern African Trade & Development Bank (The), 4.13%, 06/30/28(a) |
400 | 333,920 | ||||||
|
|
|
|||||||
| Switzerland — 0.0% | ||||||||
| Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/30/23)(a) |
200 | 117,000 | ||||||
|
|
|
|||||||
| Tanzania — 0.1% | ||||||||
| HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 05/30/23)(a) |
400 | 375,700 | ||||||
|
|
|
|||||||
| Thailand — 0.5% | ||||||||
| Bangkok Bank PCL/Hong Kong |
||||||||
| 3.73%, 09/25/34 (Call 09/25/29), (5-year CMT + 1.900%)(a)(c) |
600 | 515,737 | ||||||
| 5.00%, (Call 09/23/25)(e) |
400 | 373,325 | ||||||
| Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26), (5-year CMT + 1.700%)(a)(c) |
600 | 537,675 | ||||||
| Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26), (5-year CMT + 3.530%)(a)(c)(e) |
400 | 362,075 | ||||||
|
|
|
|||||||
| 1,788,812 | ||||||||
| Turkey — 2.0% | ||||||||
| Akbank TAS |
||||||||
| 5.13%, 03/31/25(a) |
200 | 188,788 | ||||||
| 6.80%, 02/06/26(a) |
200 | 190,500 | ||||||
| 6.80%, 06/22/31 (Call 06/22/26), (5-year CMT + 6.015%)(a)(c) |
400 | 358,200 | ||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(a) |
200 | 157,850 | ||||||
| Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(a) |
400 | 333,950 | ||||||
| Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)(a) |
200 | 176,600 | ||||||
| KOC Holding AS,
6.50%, 03/11/25 |
400 | 392,700 | ||||||
| Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/23)(a) |
400 | 383,450 | ||||||
| QNB Finansbank AS, 6.88%, 09/07/24(a) |
400 | 398,325 | ||||||
| Turk Telekomunikasyon AS |
||||||||
| 4.88%, 06/19/24(a) |
200 | 188,975 | ||||||
| 6.88%, 02/28/25(a) |
200 | 189,912 | ||||||
| Turkcell Iletisim Hizmetleri AS |
||||||||
| 5.75%, 10/15/25(a) |
200 | 188,288 | ||||||
| 5.80%, 04/11/28 (Call 01/11/28)(a) |
200 | 175,663 | ||||||
| Turkiye Garanti Bankasi AS, 7.18%, 05/24/27, |
400 | 368,450 | ||||||
| Turkiye Is Bankasi AS |
||||||||
| 7.00%, 06/29/28 (Call 06/29/23), (5-year USD Swap + 5.117%)(a)(c) |
200 | 193,912 | ||||||
| 7.75%, 01/22/30 (Call 01/22/25), (5-year CMT + 6.119%)(a)(c) |
400 | 377,200 | ||||||
| Security | Par (000) |
Value | ||||||
| Turkey (continued) | ||||||||
| Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/18/24)(a) |
$ | 400 | $ | 379,950 | ||||
| Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a) |
300 | 290,681 | ||||||
| Turkiye Vakiflar Bankasi TAO, 6.50%, 01/08/26(a) |
400 | 370,950 | ||||||
| Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(a) |
400 | 346,575 | ||||||
| Yapi ve Kredi Bankasi AS |
||||||||
| 5.85%, 06/21/24(a) |
300 | 291,900 | ||||||
| 7.88%, 01/22/31 (Call 01/22/26), (5-year CMT + 7.415%)(a)(c) |
200 | 187,225 | ||||||
| 8.25%, 10/15/24(a) |
200 | 199,850 | ||||||
| 13.88%, (Call 01/15/24), (5-year USD Swap + 11.245%)(a)(c)(e) |
400 | 408,950 | ||||||
|
|
|
|||||||
| 6,738,844 | ||||||||
| Ukraine — 0.0% | ||||||||
| Metinvest BV, 7.75%, 10/17/29(a) |
200 | 111,788 | ||||||
|
|
|
|||||||
| United Arab Emirates — 1.5% | ||||||||
| ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23), (5-year CMT + 4.270%)(a)(c)(e) |
400 | 398,575 | ||||||
| Arada Sukuk Ltd., 8.13%, 06/08/27 |
200 | 204,725 | ||||||
| Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(a)(c)(e) |
400 | 390,700 | ||||||
| DIB Tier 1 Sukuk 3 Ltd.,
6.25%, |
400 | 399,075 | ||||||
| DIB Tier 1 Sukuk 4 Ltd.,
4.63%, |
400 | 376,950 | ||||||
| DP World Salaam, 6.00%, (Call 10/01/25), (5-year CMT + 5.750%)(a)(c)(e) |
800 | 798,250 | ||||||
| Emirates NBD Bank PJSC |
||||||||
| 4.25%, (Call 02/27/27)(a)(c)(e) |
400 | 354,950 | ||||||
| 6.13%, (Call 03/20/25)(a)(c)(e) |
400 | 395,325 | ||||||
| Energean Israel Finance Ltd., 4.88%, 03/30/26 (Call 12/30/25)(a)(d) |
350 | 321,190 | ||||||
| GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 05/29/23)(a) |
400 | 390,325 | ||||||
| MAF Global Securities Ltd., 7.88%, (Call 06/30/27), (5-year CMT + 4.893%)(a)(c)(e) |
200 | 202,475 | ||||||
| Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(a) |
200 | 140,480 | ||||||
| Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/24) |
470 | 425,879 | ||||||
|
|
|
|||||||
| 4,798,899 | ||||||||
| United Kingdom — 0.7% | ||||||||
| Huarong Finance 2017 Co. Ltd., 4.95%, 11/07/47(a) |
400 | 255,950 | ||||||
| Standard Chartered PLC |
||||||||
| 4.30%, (Call 08/19/28)(e) |
800 | 562,800 | ||||||
| 4.75%, (Call 01/14/31), (5-year CMT |
600 | 414,300 | ||||||
| 6.00%, (Call 07/26/25), (5-year CMT |
400 | 378,400 | ||||||
| 7.75%, (Call 08/15/27), (5-year CMT |
600 | 579,654 | ||||||
|
|
|
|||||||
| 2,191,104 | ||||||||
| United States — 0.2% | ||||||||
| Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a) |
300 | 258,000 | ||||||
| Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a)(b) |
200 | 192,000 | ||||||
| Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24(a) |
200 | 79,725 | ||||||
|
|
|
|||||||
| 529,725 | ||||||||
| Vietnam — 0.1% | ||||||||
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a) |
250 | 216,460 | ||||||
|
|
|
|||||||
| Zambia — 0.6% | ||||||||
| First Quantum Minerals Ltd. |
||||||||
| 6.88%, 03/01/26 (Call 03/01/24)(a) |
600 | 586,500 | ||||||
| 36 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Zambia (continued) | ||||||||
| 6.88%, 10/15/27 (Call 10/15/23)(a) |
$ | 800 | $ | 773,900 | ||||
| 7.50%, 04/01/25 (Call 05/08/23)(a) |
600 | 596,910 | ||||||
|
|
|
|||||||
| 1,957,310 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes — 48.9% |
161,318,088 | |||||||
|
|
|
|||||||
| Foreign Government and Agency Obligations(h) |
| |||||||
| Angola — 1.0% | ||||||||
| Angolan Government International Bond |
||||||||
| 8.00%, 11/26/29(a) |
800 | 672,900 | ||||||
| 8.25%, 05/09/28(a) |
800 | 699,150 | ||||||
| 8.75%, 04/14/32(a) |
1,100 | 909,769 | ||||||
| 9.13%, 11/26/49(a) |
600 | 447,675 | ||||||
| 9.38%, 05/08/48(a) |
800 | 613,150 | ||||||
|
|
|
|||||||
| 3,342,644 | ||||||||
| Argentina — 2.3% | ||||||||
| Argentine Republic Government International Bond |
||||||||
| 0.50%, 07/09/30 (Call 05/29/23)(i) |
7,803 | 1,896,246 | ||||||
| 1.00%, 07/09/29 (Call 05/30/23)(b) |
1,381 | 327,351 | ||||||
| 1.50%, 07/09/35 (Call 05/29/23)(i) |
10,214 | 2,271,390 | ||||||
| 1.50%, 07/09/46 (Call 05/29/23)(b)(i) |
1,046 | 239,897 | ||||||
| 3.50%, 07/09/41 (Call 05/29/23)(b)(i) |
5,204 | 1,300,252 | ||||||
| 3.88%, 01/09/38 (Call 05/29/23)(i) |
5,699 | 1,573,503 | ||||||
|
|
|
|||||||
| 7,608,639 | ||||||||
| Azerbaijan — 0.1% | ||||||||
| Republic of Azerbaijan International Bond, 3.50%, 09/01/32(a) |
600 | 521,175 | ||||||
|
|
|
|||||||
| Bahrain — 2.5% | ||||||||
| Bahrain Government International Bond |
||||||||
| 5.25%, 01/25/33(a) |
600 | 517,987 | ||||||
| 5.45%, 09/16/32(a) |
600 | 535,425 | ||||||
| 5.63%, 09/30/31(a) |
400 | 368,825 | ||||||
| 5.63%, 05/18/34(a) |
600 | 524,925 | ||||||
| 6.00%, 09/19/44(a) |
600 | 471,300 | ||||||
| 6.75%, 09/20/29(a) |
600 | 596,550 | ||||||
| 7.00%, 01/26/26(a) |
600 | 614,925 | ||||||
| 7.00%, 10/12/28(a) |
700 | 715,444 | ||||||
| 7.38%, 05/14/30(a) |
400 | 411,200 | ||||||
| 7.75%, 04/18/35 |
400 | 402,000 | ||||||
| CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(a) |
400 | 411,825 | ||||||
| CBB International Sukuk Programme Co. |
||||||||
| 3.88%, 05/18/29(a) |
550 | 495,791 | ||||||
| 3.95%, 09/16/27(a) |
500 | 479,781 | ||||||
| 4.50%, 03/30/27(a) |
600 | 583,800 | ||||||
| 6.25%, 11/14/24(a) |
600 | 603,300 | ||||||
| 6.25%, 10/18/30(d) |
400 | 404,000 | ||||||
|
|
|
|||||||
| 8,137,078 | ||||||||
| Bolivia — 0.1% | ||||||||
| Bolivian Government International Bond, 4.50%, 03/20/28(a) |
400 | 222,075 | ||||||
|
|
|
|||||||
| Brazil — 4.9% | ||||||||
| Brazilian Government International Bond |
||||||||
| 2.88%, 06/06/25(b) |
1,000 | 956,125 | ||||||
| 3.75%, 09/12/31(b) |
934 | 806,918 | ||||||
| 3.88%, 06/12/30 |
1,700 | 1,518,631 | ||||||
| 4.25%, 01/07/25(b) |
2,100 | 2,076,112 | ||||||
| 4.50%, 05/30/29 (Call 02/28/29) |
1,000 | 948,313 | ||||||
| 4.63%, 01/13/28 (Call 10/13/27)(b) |
1,400 | 1,370,512 | ||||||
| Security | Par (000) |
Value | ||||||
| Brazil (continued) | ||||||||
| 4.75%, 01/14/50 (Call 07/14/49)(b) |
$ | 2,050 | $ | 1,509,056 | ||||
| 5.00%, 01/27/45(b) |
1,700 | 1,335,881 | ||||||
| 5.63%, 01/07/41(b) |
1,100 | 974,394 | ||||||
| 5.63%, 02/21/47 |
1,500 | 1,268,250 | ||||||
| 6.00%, 04/07/26(b) |
1,000 | 1,036,438 | ||||||
| 6.00%, 10/20/33 |
700 | 687,225 | ||||||
| 7.13%, 01/20/37 |
800 | 854,900 | ||||||
| 8.25%, 01/20/34(b) |
650 | 748,638 | ||||||
|
|
|
|||||||
| 16,091,393 | ||||||||
| Colombia — 3.8% | ||||||||
| Colombia Government International Bond |
||||||||
| 3.00%, 01/30/30 (Call 10/30/29) |
700 | 535,631 | ||||||
| 3.13%, 04/15/31 (Call 01/15/31) |
1,200 | 888,225 | ||||||
| 3.25%, 04/22/32 (Call 01/22/32) |
1,000 | 720,812 | ||||||
| 3.88%, 04/25/27 (Call 01/25/27) |
1,000 | 898,312 | ||||||
| 3.88%, 02/15/61 (Call 08/15/60)(b) |
600 | 328,613 | ||||||
| 4.13%, 02/22/42 (Call 08/22/41) |
600 | 371,738 | ||||||
| 4.13%, 05/15/51 (Call 11/15/50) |
800 | 470,650 | ||||||
| 4.50%, 01/28/26 (Call 10/28/25) |
800 | 758,400 | ||||||
| 4.50%, 03/15/29 (Call 12/15/28)(b) |
800 | 694,900 | ||||||
| 5.00%, 06/15/45 (Call 12/15/44) |
2,400 | 1,606,200 | ||||||
| 5.20%, 05/15/49 (Call 11/15/48) |
1,450 | 976,303 | ||||||
| 5.63%, 02/26/44 (Call 08/26/43) |
1,200 | 872,850 | ||||||
| 6.13%, 01/18/41 |
1,100 | 864,394 | ||||||
| 7.38%, 09/18/37(b) |
900 | 834,919 | ||||||
| 7.50%, 02/02/34 (Call 11/02/33) |
1,200 | 1,145,100 | ||||||
| 8.00%, 04/20/33 (Call 01/20/33)(b) |
689 | 686,115 | ||||||
|
|
|
|||||||
| 12,653,162 | ||||||||
| Costa Rica — 0.7% | ||||||||
| Costa Rica Government International Bond |
||||||||
| 6.13%, 02/19/31(a)(b) |
400 | 402,575 | ||||||
| 6.55%, 04/03/34 (Call 01/03/34)(d) |
600 | 611,250 | ||||||
| 7.00%, 04/04/44(a) |
650 | 639,153 | ||||||
| 7.16%, 03/12/45(a) |
600 | 596,738 | ||||||
|
|
|
|||||||
| 2,249,716 | ||||||||
| Dominican Republic — 3.4% | ||||||||
| Dominican Republic International Bond |
||||||||
| 4.50%, 01/30/30(a) |
1,000 | 883,000 | ||||||
| 4.88%, 09/23/32(a) |
1,500 | 1,289,344 | ||||||
| 5.30%, 01/21/41(a) |
700 | 552,475 | ||||||
| 5.50%, 01/27/25(a) |
625 | 618,476 | ||||||
| 5.50%, 02/22/29 (Call 12/22/28)(a) |
850 | 808,722 | ||||||
| 5.88%, 01/30/60(a) |
1,650 | 1,257,919 | ||||||
| 5.95%, 01/25/27(a) |
850 | 842,191 | ||||||
| 6.00%, 07/19/28(a) |
650 | 639,966 | ||||||
| 6.00%, 02/22/33 (Call 11/22/32)(a) |
850 | 793,050 | ||||||
| 6.40%, 06/05/49(a) |
800 | 669,900 | ||||||
| 6.50%, 02/15/48(a) |
450 | 383,287 | ||||||
| 6.85%, 01/27/45(a) |
1,000 | 898,000 | ||||||
| 6.88%, 01/29/26(a) |
700 | 712,381 | ||||||
| 7.45%, 04/30/44(a) |
750 | 726,234 | ||||||
|
|
|
|||||||
| 11,074,945 | ||||||||
| Ecuador — 1.0% | ||||||||
| Ecuador Government International Bond |
||||||||
| 0.00%, 07/31/30(a)(f) |
542 | 165,441 | ||||||
| 1.50%, 07/31/40(a)(i) |
1,573 | 511,551 | ||||||
| 2.50%, 07/31/35(a)(i) |
4,240 | 1,548,592 | ||||||
| 5.50%, 07/31/30(a)(i) |
1,906 | 1,001,383 | ||||||
|
|
|
|||||||
| 3,226,967 | ||||||||
| S C H E D U L E O F I N V E S T M E N T S |
37 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Egypt — 2.1% | ||||||||
| Egypt Government International Bond |
||||||||
| 5.80%, 09/30/27(a) |
$ | 600 | $ | 367,988 | ||||
| 5.88%, 06/11/25(a) |
800 | 574,150 | ||||||
| 5.88%, 02/16/31(a) |
800 | 425,650 | ||||||
| 6.59%, 02/21/28(a) |
600 | 368,362 | ||||||
| 7.05%, 01/15/32(a) |
600 | 330,300 | ||||||
| 7.30%, 09/30/33(a) |
500 | 268,844 | ||||||
| 7.50%, 01/31/27(a) |
1,000 | 668,937 | ||||||
| 7.50%, 02/16/61(a) |
600 | 298,800 | ||||||
| 7.60%, 03/01/29(a) |
800 | 488,650 | ||||||
| 7.63%, 05/29/32(a) |
1,000 | 557,375 | ||||||
| 7.90%, 02/21/48(a) |
850 | 425,956 | ||||||
| 8.50%, 01/31/47(a) |
1,300 | 684,369 | ||||||
| 8.70%, 03/01/49(a) |
600 | 317,363 | ||||||
| 8.88%, 05/29/50(a) |
1,000 | 529,250 | ||||||
| Egyptian Financial Co. for Sovereign Taskeek (The), 10.88%, 02/28/26(b)(d) |
600 | 492,487 | ||||||
|
|
|
|||||||
| 6,798,481 | ||||||||
| El Salvador — 0.2% | ||||||||
| El Salvador Government International Bond |
||||||||
| 7.12%, 01/20/50 (Call 07/06/49)(a) |
550 | 266,681 | ||||||
| 7.65%, 06/15/35(a) |
450 | 225,084 | ||||||
| 9.50%, 07/15/52 (Call 01/15/52)(a) |
550 | 300,438 | ||||||
|
|
|
|||||||
| 792,203 | ||||||||
| Ethiopia — 0.1% | ||||||||
| Ethiopia International Bond, 6.63%, 12/11/24(a) |
600 | 417,300 | ||||||
|
|
|
|||||||
| Gabon — 0.1% | ||||||||
| Gabon Government International Bond, 6.63%, 02/06/31(a) |
400 | 295,075 | ||||||
|
|
|
|||||||
| Ghana — 0.6% | ||||||||
| Ghana Government International Bond |
||||||||
| 6.38%, 02/11/27(a)(j)(k) |
800 | 297,400 | ||||||
| 7.63%, 05/16/29(a)(j)(k) |
500 | 181,813 | ||||||
| 7.75%, 04/07/29(a)(j)(k) |
600 | 219,300 | ||||||
| 7.88%, 02/11/35(a)(j)(k) |
400 | 144,950 | ||||||
| 8.13%, 01/18/26(a)(j)(k) |
470 | 186,032 | ||||||
| 8.13%, 03/26/32(a)(j)(k) |
500 | 181,031 | ||||||
| 8.63%, 04/07/34(a)(j)(k) |
400 | 144,700 | ||||||
| 8.63%, 06/16/49(a)(j)(k) |
600 | 204,487 | ||||||
| 8.95%, 03/26/51(a)(j)(k) |
500 | 173,063 | ||||||
| 10.75%, 10/14/30(a)(j)(k) |
400 | 269,575 | ||||||
|
|
|
|||||||
| 2,002,351 | ||||||||
| Guatemala — 0.2% | ||||||||
| Guatemala Government Bond, 6.13%, 06/01/50 (Call 12/01/49)(a)(b) |
700 | 656,163 | ||||||
|
|
|
|||||||
| Iraq — 0.2% | ||||||||
| Iraq International Bond, 5.80%, 01/15/28 (Call 06/12/23)(a) |
781 | 728,174 | ||||||
|
|
|
|||||||
| Ivory Coast — 0.1% | ||||||||
| Ivory Coast Government International Bond, 6.13%, 06/15/33(a) |
600 | 504,863 | ||||||
|
|
|
|||||||
| Jamaica — 0.8% | ||||||||
| Jamaica Government International Bond |
||||||||
| 6.75%, 04/28/28(b) |
800 | 841,650 | ||||||
| 7.88%, 07/28/45(b) |
900 | 1,050,356 | ||||||
| 8.00%, 03/15/39(b) |
600 | 725,175 | ||||||
|
|
|
|||||||
| 2,617,181 | ||||||||
| Security | Par (000) |
Value | ||||||
| Jordan — 0.8% | ||||||||
| Jordan Government International Bond |
||||||||
| 5.75%, 01/31/27(a) |
$ | 400 | $ | 381,825 | ||||
| 5.85%, 07/07/30(a) |
900 | 806,231 | ||||||
| 6.13%, 01/29/26(a) |
400 | 392,450 | ||||||
| 7.38%, 10/10/47(a) |
400 | 336,575 | ||||||
| 7.50%, 01/13/29(d) |
600 | 600,488 | ||||||
|
|
|
|||||||
| 2,517,569 | ||||||||
| Kenya — 0.7% | ||||||||
| Republic of Kenya Government International Bond |
||||||||
| 6.30%, 01/23/34(a) |
400 | 259,950 | ||||||
| 6.88%, 06/24/24(a) |
800 | 689,150 | ||||||
| 7.25%, 02/28/28(a) |
600 | 459,675 | ||||||
| 8.00%, 05/22/32(a) |
600 | 447,675 | ||||||
| 8.25%, 02/28/48(a) |
600 | 398,175 | ||||||
|
|
|
|||||||
| 2,254,625 | ||||||||
| Lebanon — 0.1% | ||||||||
| Lebanon Government International Bond |
||||||||
| 6.00%, 01/27/23(a)(j)(k) |
500 | 28,844 | ||||||
| 6.10%, 10/04/24(j)(k) |
730 | 42,112 | ||||||
| 6.60%, 11/27/26(a)(j)(k) |
760 | 43,367 | ||||||
| 6.65%, 02/26/30(a)(j)(k) |
760 | 42,893 | ||||||
| 6.75%, 11/29/27(a)(j)(k) |
470 | 26,819 | ||||||
| 6.85%, 03/23/27(a)(j)(k) |
800 | 45,650 | ||||||
| 7.00%, 03/23/32(a)(j)(k) |
475 | 27,105 | ||||||
|
|
|
|||||||
| 256,790 | ||||||||
| Morocco — 0.6% | ||||||||
| Morocco Government International Bond |
||||||||
| 3.00%, 12/15/32(a) |
400 | 322,950 | ||||||
| 4.00%, 12/15/50(a) |
600 | 409,987 | ||||||
| 5.95%, 03/08/28(d) |
600 | 615,300 | ||||||
| 6.50%, 09/08/33(d) |
700 | 724,194 | ||||||
|
|
|
|||||||
| 2,072,431 | ||||||||
| Nigeria — 1.6% | ||||||||
| Nigeria Government International Bond |
||||||||
| 6.13%, 09/28/28(a) |
800 | 607,150 | ||||||
| 6.50%, 11/28/27(a) |
600 | 476,550 | ||||||
| 7.14%, 02/23/30(a) |
714 | 533,179 | ||||||
| 7.38%, 09/28/33(a) |
600 | 413,550 | ||||||
| 7.63%, 11/21/25(a) |
300 | 271,088 | ||||||
| 7.63%, 11/28/47(a) |
600 | 372,675 | ||||||
| 7.70%, 02/23/38(a) |
600 | 394,237 | ||||||
| 7.88%, 02/16/32(a) |
800 | 590,400 | ||||||
| 8.25%, 09/28/51(a) |
600 | 390,300 | ||||||
| 8.38%, 03/24/29(a) |
800 | 650,150 | ||||||
| 8.75%, 01/21/31(a) |
600 | 475,050 | ||||||
|
|
|
|||||||
| 5,174,329 | ||||||||
| Oman — 3.7% | ||||||||
| Oman Government International Bond |
||||||||
| 4.75%, 06/15/26(a) |
1,000 | 978,000 | ||||||
| 4.88%, 02/01/25(a) |
200 | 197,725 | ||||||
| 5.38%, 03/08/27(a) |
1,000 | 994,563 | ||||||
| 5.63%, 01/17/28(a) |
1,400 | 1,408,137 | ||||||
| 6.00%, 08/01/29(a) |
1,000 | 1,020,187 | ||||||
| 6.25%, 01/25/31(a) |
1,000 | 1,035,500 | ||||||
| 6.50%, 03/08/47(a) |
1,000 | 935,813 | ||||||
| 6.75%, 10/28/27(a) |
800 | 841,900 | ||||||
| 6.75%, 01/17/48(a) |
1,400 | 1,351,262 | ||||||
| 7.00%, 01/25/51(a) |
400 | 397,700 | ||||||
| 7.38%, 10/28/32(a) |
600 | 668,175 | ||||||
| 38 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Oman (continued) | ||||||||
| Oman Sovereign Sukuk Co. |
||||||||
| 4.40%, 06/01/24(a) |
$ | 800 | $ | 787,650 | ||||
| 4.88%, 06/15/30(a) |
800 | 806,400 | ||||||
| 5.93%, 10/31/25(a) |
800 | 816,900 | ||||||
|
|
|
|||||||
| 12,239,912 | ||||||||
| Pakistan — 0.3% | ||||||||
| Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/29(a) |
400 | 169,575 | ||||||
| Pakistan Government International Bond |
||||||||
| 6.00%, 04/08/26(a) |
700 | 250,163 | ||||||
| 6.88%, 12/05/27(a) |
750 | 261,703 | ||||||
| 7.38%, 04/08/31(a) |
800 | 268,650 | ||||||
|
|
|
|||||||
| 950,091 | ||||||||
| Paraguay — 0.4% | ||||||||
| Paraguay Government International Bond |
||||||||
| 4.95%, 04/28/31 (Call 01/28/31)(a) |
400 | 386,450 | ||||||
| 5.40%, 03/30/50 (Call 09/30/49)(a) |
600 | 511,237 | ||||||
| 6.10%, 08/11/44(a) |
400 | 380,700 | ||||||
|
|
|
|||||||
| 1,278,387 | ||||||||
| Senegal — 0.2% | ||||||||
| Senegal Government International Bond |
||||||||
| 6.25%, 05/23/33(a) |
500 | 392,437 | ||||||
| 6.75%, 03/13/48(a) |
600 | 400,050 | ||||||
|
|
|
|||||||
| 792,487 | ||||||||
| Serbia — 0.3% | ||||||||
| Serbia International Bond |
||||||||
| 2.13%, 12/01/30(a) |
535 | 416,732 | ||||||
| 6.50%, 09/26/33(a) |
500 | 507,281 | ||||||
|
|
|
|||||||
| 924,013 | ||||||||
| South Africa — 2.5% | ||||||||
| Republic of South Africa Government International Bond |
||||||||
| 4.30%, 10/12/28(b) |
1,000 | 897,062 | ||||||
| 4.85%, 09/27/27 |
400 | 380,075 | ||||||
| 4.85%, 09/30/29 |
1,100 | 986,769 | ||||||
| 4.88%, 04/14/26 |
604 | 584,106 | ||||||
| 5.00%, 10/12/46 |
600 | 407,925 | ||||||
| 5.38%, 07/24/44 |
500 | 363,687 | ||||||
| 5.65%, 09/27/47(b) |
800 | 577,900 | ||||||
| 5.75%, 09/30/49 |
1,350 | 970,144 | ||||||
| 5.88%, 09/16/25(b) |
986 | 984,028 | ||||||
| 5.88%, 06/22/30 |
900 | 843,075 | ||||||
| 5.88%, 04/20/32 |
600 | 544,612 | ||||||
| 7.30%, 04/20/52 |
700 | 597,319 | ||||||
|
|
|
|||||||
| 8,136,702 | ||||||||
| Sri Lanka — 0.5% | ||||||||
| Sri Lanka Government International Bond |
||||||||
| 6.20%, 05/11/27(a)(j)(k) |
700 | 229,162 | ||||||
| 6.75%, 04/18/28(a)(j)(k) |
700 | 229,600 | ||||||
| 6.83%, 07/18/26(a)(j)(k) |
600 | 209,550 | ||||||
| 6.85%, 03/14/24(a)(j)(k) |
600 | 198,300 | ||||||
| 6.85%, 11/03/25(a)(j)(k) |
900 | 315,450 | ||||||
| 7.55%, 03/28/30(a)(j)(k) |
400 | 131,200 | ||||||
| 7.85%, 03/14/29(a)(j)(k) |
700 | 229,250 | ||||||
|
|
|
|||||||
| 1,542,512 | ||||||||
| Trinidad And Tobago — 0.1% | ||||||||
| Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(a) |
400 | 390,575 | ||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
| Tunisia — 0.1% | ||||||||
| Tunisian Republic, 5.75%, 01/30/25(a) |
$ | 400 | $ | 203,325 | ||||
|
|
|
|||||||
| Turkey — 11.0% | ||||||||
| Hazine Mustesarligi Varlik Kiralama AS |
||||||||
| 4.49%, 11/25/24(a) |
400 | 382,075 | ||||||
| 5.13%, 06/22/26(a) |
1,200 | 1,091,100 | ||||||
| 7.25%, 02/24/27(a) |
1,500 | 1,436,531 | ||||||
| 9.76%, 11/13/25(a) |
1,400 | 1,432,637 | ||||||
| Turkey Government International Bond |
||||||||
| 4.25%, 03/13/25 |
1,000 | 927,375 | ||||||
| 4.25%, 04/14/26 |
900 | 802,294 | ||||||
| 4.75%, 01/26/26(b) |
800 | 728,150 | ||||||
| 4.88%, 10/09/26 |
1,500 | 1,341,375 | ||||||
| 4.88%, 04/16/43 |
1,570 | 1,046,307 | ||||||
| 5.13%, 02/17/28 |
1,000 | 870,188 | ||||||
| 5.25%, 03/13/30(b) |
1,100 | 903,238 | ||||||
| 5.60%, 11/14/24 |
1,100 | 1,055,175 | ||||||
| 5.75%, 05/11/47 |
1,800 | 1,277,775 | ||||||
| 5.88%, 06/26/31 |
900 | 747,450 | ||||||
| 5.95%, 01/15/31 |
1,200 | 1,004,100 | ||||||
| 6.00%, 03/25/27(b) |
1,700 | 1,559,537 | ||||||
| 6.00%, 01/14/41 |
1,500 | 1,126,219 | ||||||
| 6.13%, 10/24/28 |
1,500 | 1,343,250 | ||||||
| 6.35%, 08/10/24(b) |
1,050 | 1,027,556 | ||||||
| 6.38%, 10/14/25 |
1,500 | 1,422,937 | ||||||
| 6.50%, 09/20/33 |
900 | 760,950 | ||||||
| 6.63%, 02/17/45 |
1,600 | 1,262,800 | ||||||
| 6.75%, 05/30/40 |
1,050 | 844,134 | ||||||
| 6.88%, 03/17/36 |
1,300 | 1,108,494 | ||||||
| 7.25%, 03/05/38 |
500 | 445,406 | ||||||
| 7.38%, 02/05/25(b) |
1,570 | 1,545,763 | ||||||
| 7.63%, 04/26/29 |
1,400 | 1,323,263 | ||||||
| 8.00%, 02/14/34 |
750 | 743,813 | ||||||
| 8.60%, 09/24/27 |
1,000 | 995,500 | ||||||
| 9.13%, 07/13/30 |
500 | 499,000 | ||||||
| 9.38%, 03/14/29 |
1,100 | 1,109,488 | ||||||
| 9.38%, 01/19/33 |
1,200 | 1,208,850 | ||||||
| 9.88%, 01/15/28 |
1,800 | 1,856,587 | ||||||
| 11.88%, 01/15/30 |
700 | 817,819 | ||||||
| Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(a) |
200 | 177,500 | ||||||
|
|
|
|||||||
| 36,224,636 | ||||||||
| Ukraine — 0.4% | ||||||||
| Ukraine Government International Bond |
||||||||
| 6.88%, 05/21/31(a)(j)(k) |
800 | 129,150 | ||||||
| 7.25%, 03/15/35(a)(j)(k) |
1,200 | 194,475 | ||||||
| 7.38%, 09/25/34(a)(j)(k) |
1,400 | 225,137 | ||||||
| 7.75%, 09/01/25(a)(j)(k) |
625 | 118,867 | ||||||
| 7.75%, 09/01/26(a)(j)(k) |
850 | 144,659 | ||||||
| 7.75%, 09/01/27(a)(j)(k) |
600 | 103,613 | ||||||
| 7.75%, 09/01/28(a)(j)(k) |
800 | 137,900 | ||||||
| 7.75%, 09/01/29(a)(j)(k) |
750 | 129,047 | ||||||
| 9.75%, 11/01/30(a)(j)(k) |
800 | 142,150 | ||||||
|
|
|
|||||||
| 1,324,998 | ||||||||
| United Arab Emirates — 1.1% | ||||||||
| Emirate of Dubai Government International Bonds |
||||||||
| 3.90%, 09/09/50(a) |
600 | 440,550 | ||||||
| 5.25%, 01/30/43(a) |
600 | 568,050 | ||||||
| Finance Department Government of Sharjah |
||||||||
| 4.00%, 07/28/50(a) |
500 | 323,844 | ||||||
| 6.50%, 11/23/32(d) |
500 | 520,000 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
39 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par/ Shares (000) |
Value | ||||||
|
|
||||||||
| United Arab Emirates (continued) | ||||||||
| Sharjah Sukuk Program Ltd. |
||||||||
| 2.94%, 06/10/27(a) |
$ | 400 | $ | 365,075 | ||||
| 3.23%, 10/23/29(a) |
500 | 445,875 | ||||||
| 3.85%, 04/03/26(a) |
400 | 384,825 | ||||||
| 4.23%, 03/14/28(a) |
800 | 765,650 | ||||||
|
|
|
|||||||
| 3,813,869 | ||||||||
| Vietnam — 0.2% | ||||||||
| Vietnam Government International Bond, 4.80%, 11/19/24(a) |
600 | 584,738 | ||||||
|
|
|
|||||||
| Zambia — 0.1% | ||||||||
| Zambia Government International Bond |
||||||||
| 8.50%, 04/14/24(a)(j)(k) |
400 | 186,950 | ||||||
| 8.97%, 07/30/27(a)(j)(k) |
600 | 276,675 | ||||||
|
|
|
|||||||
| 463,625 | ||||||||
|
|
|
|||||||
| Total Foreign Government and Agency Obligations — 48.9% |
161,085,199 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 97.8% |
322,403,287 | |||||||
|
|
|
|||||||
| Short-Term Securities |
| |||||||
| Money Market Funds — 12.7% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(l)(m)(n) |
39,214 | 39,226,179 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(l)(m) |
2,559 | 2,559,000 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 12.7% |
41,785,179 | |||||||
|
|
|
|||||||
| Total Investments — 110.5% |
364,188,466 | |||||||
| Liabilities in Excess of Other Assets — (10.5)% |
|
(34,751,337 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
$ | 329,437,129 | ||||||
|
|
|
|||||||
| (a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (b) | All or a portion of this security is on loan. |
| (c) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (e) | Perpetual security with no stated maturity date. |
| (f) | Zero-coupon bond. |
| (g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (h) | U.S. dollar denominated security issued by foreign domiciled entity. |
| (i) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (j) | Issuer filed for bankruptcy and/or is in default. |
| (k) | Non-income producing security. |
| (l) | Affiliate of the Fund. |
| (m) | Annualized 7-day yield as of period end. |
| (n) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/23 |
Shares Held at 04/30/23 (000) |
Income | Capital Gain Distributions from |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 34,730,604 | $ | 4,476,516 | (a) | $ | — | $ | 4,413 | $ | 14,646 | $ | 39,226,179 | 39,214 | $ | 161,810 | (b) | $ | — | |||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares |
2,469,000 | 90,000 | (a) | — | — | — | 2,559,000 | 2,559 | 45,827 | 2 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 4,413 | $ | 14,646 | $ | 41,785,179 | $ | 207,637 | $ | 2 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| 40 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM High Yield Bond ETF |
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 to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Corporate Bonds & Notes |
$ | — | $ | 161,318,088 | $ | — | $ | 161,318,088 | ||||||||
| Foreign Government and Agency Obligations |
— | 161,085,199 | — | 161,085,199 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
41,785,179 | — | — | 41,785,179 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 41,785,179 | $ | 322,403,287 | $ | — | $ | 364,188,466 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| S C H E D U L E O F I N V E S T M E N T S |
41 |
| Schedule of Investments (unaudited) April 30, 2023 |
iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| Foreign Government and Agency Obligations |
| |||||||||||
| Brazil — 5.2% | ||||||||||||
| Brazil Letras do Tesouro Nacional |
||||||||||||
| 0.00%, 01/01/24(a) |
BRL | 40,167 | $ | 7,409,937 | ||||||||
| 0.00%, 07/01/24(a) |
BRL | 13,097 | 2,287,942 | |||||||||
| 0.00%, 07/01/25(a) |
BRL | 16,378 | 2,574,128 | |||||||||
| 0.00%, 01/01/26(a) |
BRL | 24,600 | 3,651,920 | |||||||||
| 0.00%, 07/01/26(a) |
BRL | 6,644 | 932,197 | |||||||||
| Brazil Notas do Tesouro Nacional |
||||||||||||
| Series F, 10.00%, 01/01/25 |
BRL | 14,204 | 2,761,111 | |||||||||
| Series F, 10.00%, 01/01/29 |
BRL | 11,040 | 2,029,870 | |||||||||
| Series F, 10.00%, 01/01/31 |
BRL | 5,000 | 898,359 | |||||||||
| Brazil Notas do Tesouro Nacional Serie F |
||||||||||||
| 10.00%, 01/01/33 |
BRL | 2,974 | 522,410 | |||||||||
| Series F, 10.00%, 01/01/27 |
BRL | 15,067 | 2,864,930 | |||||||||
| Brazilian Government International Bond |
||||||||||||
| 8.50%, 01/05/24 |
BRL | 500 | 96,706 | |||||||||
| 10.25%, 01/10/28 |
BRL | 1,420 | 272,064 | |||||||||
|
|
|
|||||||||||
| 26,301,574 | ||||||||||||
| Chile — 4.2% | ||||||||||||
| Bonos de la Tesoreria de la Republica en pesos |
||||||||||||
| 2.30%, 10/01/28(b)(c) |
CLP | 780,000 | 817,497 | |||||||||
| 2.50%, 03/01/25 |
CLP | 4,185,000 | 4,787,370 | |||||||||
| 4.50%, 03/01/26 |
CLP | 2,570,000 | 3,027,139 | |||||||||
| 4.70%, 09/01/30(b)(c) |
CLP | 2,730,000 | 3,219,787 | |||||||||
| 5.00%, 10/01/28(b)(c) |
CLP | 1,035,000 | 1,235,899 | |||||||||
| 5.00%, 03/01/35 |
CLP | 2,920,000 | 3,485,139 | |||||||||
| 6.00%, 01/01/43 |
CLP | 2,630,000 | 3,496,507 | |||||||||
| 7.00%, 05/01/34(b) |
CLP | 760,000 | 1,068,246 | |||||||||
|
|
|
|||||||||||
| 21,137,584 | ||||||||||||
| China — 14.7% | ||||||||||||
| China Government Bond |
||||||||||||
| 1.99%, 04/09/25 |
CNY | 14,330 | 2,052,623 | |||||||||
| 2.18%, 08/25/25 |
CNY | 9,840 | 1,411,838 | |||||||||
| 2.24%, 05/25/25 |
CNY | 8,340 | 1,199,454 | |||||||||
| 2.26%, 02/24/25 |
CNY | 8,150 | 1,174,734 | |||||||||
| 2.28%, 11/25/25 |
CNY | 8,790 | 1,263,861 | |||||||||
| 2.37%, 01/20/27 |
CNY | 9,050 | 1,297,011 | |||||||||
| 2.44%, 10/15/27 |
CNY | 8,660 | 1,241,888 | |||||||||
| 2.46%, 02/15/26 |
CNY | 7,260 | 1,047,894 | |||||||||
| 2.47%, 09/02/24 |
CNY | 13,510 | 1,954,089 | |||||||||
| 2.48%, 04/15/27 |
CNY | 7,750 | 1,113,696 | |||||||||
| 2.50%, 07/25/27 |
CNY | 12,100 | 1,739,886 | |||||||||
| 2.60%, 09/01/32 |
CNY | 8,240 | 1,167,123 | |||||||||
| 2.62%, 04/15/28 |
CNY | 3,740 | 539,610 | |||||||||
| 2.62%, 09/25/29 |
CNY | 9,330 | 1,334,655 | |||||||||
| 2.64%, 01/15/28 |
CNY | 6,790 | 980,117 | |||||||||
| 2.68%, 05/21/30 |
CNY | 14,870 | 2,131,750 | |||||||||
| 2.69%, 08/12/26 |
CNY | 12,700 | 1,842,272 | |||||||||
| 2.69%, 08/15/32 |
CNY | 9,470 | 1,351,047 | |||||||||
| 2.75%, 06/15/29 |
CNY | 9,430 | 1,362,210 | |||||||||
| 2.75%, 02/17/32 |
CNY | 9,340 | 1,340,550 | |||||||||
| 2.76%, 05/15/32 |
CNY | 8,120 | 1,166,349 | |||||||||
| 2.79%, 12/15/29 |
CNY | 9,340 | 1,348,947 | |||||||||
| 2.80%, 03/24/29 |
CNY | 9,140 | 1,324,930 | |||||||||
| 2.80%, 03/25/30 |
CNY | 5,640 | 815,867 | |||||||||
| 2.80%, 11/15/32 |
CNY | 8,850 | 1,274,925 | |||||||||
| 2.84%, 04/08/24 |
CNY | 12,590 | 1,828,131 | |||||||||
| 2.85%, 06/04/27 |
CNY | 15,810 | 2,304,330 | |||||||||
| 2.88%, 02/25/33 |
CNY | 6,210 | 901,875 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| China (continued) | ||||||||||||
| 2.89%, 11/18/31 |
CNY | 8,850 | $ | 1,284,510 | ||||||||
| 2.91%, 10/14/28 |
CNY | 11,790 | 1,721,221 | |||||||||
| 2.94%, 10/17/24 |
CNY | 9,960 | 1,451,401 | |||||||||
| 3.01%, 05/13/28 |
CNY | 12,310 | 1,807,720 | |||||||||
| 3.02%, 10/22/25 |
CNY | 14,230 | 2,084,715 | |||||||||
| 3.02%, 05/27/31 |
CNY | 13,660 | 2,004,896 | |||||||||
| 3.03%, 03/11/26 |
CNY | 12,870 | 1,888,479 | |||||||||
| 3.12%, 12/05/26 |
CNY | 10,590 | 1,559,883 | |||||||||
| 3.12%, 10/25/52 |
CNY | 7,490 | 1,070,514 | |||||||||
| 3.13%, 11/21/29 |
CNY | 12,860 | 1,903,416 | |||||||||
| 3.19%, 04/11/24 |
CNY | 12,320 | 1,795,697 | |||||||||
| 3.19%, 04/15/53 |
CNY | 2,740 | 398,613 | |||||||||
| 3.22%, 12/06/25 |
CNY | 9,140 | 1,346,959 | |||||||||
| 3.25%, 06/06/26 |
CNY | 12,090 | 1,787,755 | |||||||||
| 3.25%, 11/22/28 |
CNY | 8,150 | 1,216,377 | |||||||||
| 3.27%, 11/19/30 |
CNY | 15,390 | 2,310,728 | |||||||||
| 3.28%, 12/03/27 |
CNY | 14,130 | 2,103,139 | |||||||||
| 3.29%, 05/23/29 |
CNY | 12,730 | 1,907,688 | |||||||||
| 3.32%, 04/15/52 |
CNY | 7,000 | 1,034,856 | |||||||||
| 3.53%, 10/18/51 |
CNY | 6,110 | 937,338 | |||||||||
| 3.72%, 04/12/51 |
CNY | 7,820 | 1,240,374 | |||||||||
| 3.81%, 09/14/50 |
CNY | 12,510 | 2,007,483 | |||||||||
|
|
|
|||||||||||
| 73,375,424 | ||||||||||||
| Colombia — 4.2% | ||||||||||||
| Colombia Government International Bond, 9.85%, 06/28/27 |
COP | 745,000 | 146,337 | |||||||||
| Colombian TES |
||||||||||||
| 9.25%, 05/28/42 |
COP | 8,531,300 | 1,419,765 | |||||||||
| Series B, 5.75%, 11/03/27 |
COP | 7,954,600 | 1,363,279 | |||||||||
| Series B, 6.00%, 04/28/28 |
COP | 12,886,400 | 2,190,510 | |||||||||
| Series B, 6.25%, 11/26/25 |
COP | 9,146,700 | 1,734,295 | |||||||||
| Series B, 6.25%, 07/09/36 |
COP | 5,246,700 | 698,170 | |||||||||
| Series B, 7.00%, 03/26/31 |
COP | 13,722,600 | 2,220,831 | |||||||||
| Series B, 7.00%, 06/30/32 |
COP | 11,511,900 | 1,797,589 | |||||||||
| Series B, 7.25%, 10/18/34 |
COP | 12,748,800 | 1,928,826 | |||||||||
| Series B, 7.25%, 10/26/50 |
COP | 9,300,000 | 1,207,842 | |||||||||
| Series B, 7.50%, 08/26/26 |
COP | 12,658,500 | 2,415,738 | |||||||||
| Series B, 7.75%, 09/18/30 |
COP | 9,991,700 | 1,721,043 | |||||||||
| Series B, 10.00%, 07/24/24 |
COP | 9,833,200 | 2,073,109 | |||||||||
|
|
|
|||||||||||
| 20,917,334 | ||||||||||||
| Czech Republic — 4.5% | ||||||||||||
| Czech Republic Government Bond |
||||||||||||
| 0.00%, 12/12/24(a) |
CZK | 9,540 | 408,560 | |||||||||
| 0.05%, 11/29/29 |
CZK | 19,930 | 695,647 | |||||||||
| 0.25%, 02/10/27 |
CZK | 38,630 | 1,526,174 | |||||||||
| 0.95%, 05/15/30(c) |
CZK | 36,560 | 1,346,015 | |||||||||
| 1.00%, 06/26/26(c) |
CZK | 36,780 | 1,526,314 | |||||||||
| 1.20%, 03/13/31 |
CZK | 36,310 | 1,331,692 | |||||||||
| 1.25%, 02/14/25 |
CZK | 29,840 | 1,303,274 | |||||||||
| 1.50%, 04/24/40 |
CZK | 13,730 | 409,318 | |||||||||
| 1.75%, 06/23/32 |
CZK | 36,610 | 1,361,734 | |||||||||
| 1.95%, 07/30/37 |
CZK | 11,830 | 406,599 | |||||||||
| 2.00%, 10/13/33 |
CZK | 39,980 | 1,477,909 | |||||||||
| 2.40%, 09/17/25(c) |
CZK | 36,800 | 1,617,716 | |||||||||
| 2.50%, 08/25/28(c) |
CZK | 37,990 | 1,600,794 | |||||||||
| 2.75%, 07/23/29 |
CZK | 37,500 | 1,582,202 | |||||||||
| 3.50%, 05/30/35 |
CZK | 8,930 | 378,933 | |||||||||
| 4.20%, 12/04/36(c) |
CZK | 23,460 | 1,056,458 | |||||||||
| 5.00%, 09/30/30 |
CZK | 25,310 | 1,217,523 | |||||||||
| 42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Czech Republic (continued) | ||||||||||||
| 5.50%, 12/12/28 |
CZK | 17,690 | $ | 861,770 | ||||||||
| 5.70%, 05/25/24(c) |
CZK | 22,710 | 1,064,449 | |||||||||
| 6.00%, 02/26/26 |
CZK | 24,280 | 1,160,459 | |||||||||
|
|
|
|||||||||||
| 22,333,540 | ||||||||||||
| Dominican Republic — 4.4% | ||||||||||||
| Dominican Republic International Bond |
||||||||||||
| 9.75%, 06/05/26(c) |
DOP | 573,300 | 10,386,487 | |||||||||
| 13.63%, 02/03/33 (Call 11/03/32)(c) |
DOP | 534,650 | 11,493,847 | |||||||||
|
|
|
|||||||||||
| 21,880,334 | ||||||||||||
| Egypt — 3.9% | ||||||||||||
| Egypt Government Bond |
||||||||||||
| 13.54%, 01/14/25 |
EGP | 21,307 | 588,304 | |||||||||
| 14.06%, 01/12/26 |
EGP | 147,209 | 3,856,718 | |||||||||
| 14.29%, 01/05/28 |
EGP | 48,756 | 1,159,556 | |||||||||
| 14.35%, 09/10/24 |
EGP | 26,886 | 767,680 | |||||||||
| 14.37%, 10/20/25 |
EGP | 108,405 | 2,903,951 | |||||||||
| 14.40%, 09/10/29 |
EGP | 22,306 | 500,942 | |||||||||
| 14.48%, 04/06/26 |
EGP | 110,489 | 2,845,932 | |||||||||
| 14.53%, 09/14/24 |
EGP | 80,754 | 2,314,199 | |||||||||
| 14.56%, 07/06/26 |
EGP | 47,947 | 1,236,792 | |||||||||
| 14.56%, 10/13/27 |
EGP | 76,013 | 1,844,693 | |||||||||
| 14.66%, 10/06/30 |
EGP | 29,769 | 657,861 | |||||||||
| 16.10%, 05/07/29 |
EGP | 25,844 | 629,295 | |||||||||
|
|
|
|||||||||||
| 19,305,923 | ||||||||||||
| Hungary — 4.4% | ||||||||||||
| Hungary Government Bond |
||||||||||||
| 1.00%, 11/26/25 |
HUF | 749,550 | 1,755,960 | |||||||||
| 1.50%, 04/22/26 |
HUF | 657,370 | 1,521,848 | |||||||||
| 1.50%, 08/26/26 |
HUF | 446,820 | 1,016,609 | |||||||||
| 2.00%, 05/23/29 |
HUF | 518,050 | 1,090,639 | |||||||||
| 2.25%, 04/20/33 |
HUF | 693,140 | 1,302,090 | |||||||||
| 2.25%, 06/22/34 |
HUF | 219,350 | 393,591 | |||||||||
| 2.50%, 10/24/24 |
HUF | 634,050 | 1,627,402 | |||||||||
| 2.75%, 12/22/26 |
HUF | 537,790 | 1,261,000 | |||||||||
| 3.00%, 06/26/24 |
HUF | 399,500 | 1,055,290 | |||||||||
| 3.00%, 10/27/27 |
HUF | 673,180 | 1,552,333 | |||||||||
| 3.00%, 08/21/30 |
HUF | 614,280 | 1,336,791 | |||||||||
| 3.00%, 10/27/38 |
HUF | 468,020 | 814,313 | |||||||||
| 3.00%, 04/25/41 |
HUF | 273,380 | 454,379 | |||||||||
| 3.25%, 10/22/31 |
HUF | 905,610 | 1,934,045 | |||||||||
| 4.50%, 03/23/28 |
HUF | 355,340 | 878,166 | |||||||||
| 4.75%, 11/24/32 |
HUF | 371,410 | 877,612 | |||||||||
| 5.50%, 06/24/25 |
HUF | 659,340 | 1,734,634 | |||||||||
| 6.75%, 10/22/28 |
HUF | 443,150 | 1,200,632 | |||||||||
|
|
|
|||||||||||
| 21,807,334 | ||||||||||||
| Indonesia — 6.5% | ||||||||||||
| Indonesia Treasury Bond |
||||||||||||
| 5.13%, 04/15/27 |
IDR | 12,531,000 | 822,954 | |||||||||
| 5.50%, 04/15/26 |
IDR | 21,688,000 | 1,452,948 | |||||||||
| 6.13%, 05/15/28 |
IDR | 12,019,000 | 813,208 | |||||||||
| 6.25%, 06/15/36 |
IDR | 5,099,000 | 330,498 | |||||||||
| 6.38%, 08/15/28 |
IDR | 5,193,000 | 355,428 | |||||||||
| 6.38%, 04/15/32 |
IDR | 24,894,000 | 1,677,503 | |||||||||
| 6.38%, 07/15/37 |
IDR | 1,705,000 | 111,575 | |||||||||
| 6.50%, 06/15/25 |
IDR | 20,762,000 | 1,423,159 | |||||||||
| 6.50%, 02/15/31 |
IDR | 30,756,000 | 2,092,331 | |||||||||
| 6.63%, 05/15/33 |
IDR | 15,996,000 | 1,092,465 | |||||||||
| 7.00%, 05/15/27 |
IDR | 12,855,000 | 899,188 | |||||||||
| 7.00%, 09/15/30 |
IDR | 29,945,000 | 2,097,283 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Indonesia (continued) | ||||||||||||
| 7.00%, 02/15/33 |
IDR | 13,893,000 | $ | 978,505 | ||||||||
| 7.13%, 06/15/42 |
IDR | 16,318,000 | 1,133,088 | |||||||||
| 7.13%, 06/15/43 |
IDR | 1,508,000 | 104,946 | |||||||||
| 7.50%, 08/15/32 |
IDR | 4,501,000 | 324,156 | |||||||||
| 7.50%, 06/15/35 |
IDR | 20,582,000 | 1,478,505 | |||||||||
| 7.50%, 05/15/38 |
IDR | 12,915,000 | 923,338 | |||||||||
| 7.50%, 04/15/40 |
IDR | 19,272,000 | 1,383,112 | |||||||||
| 8.13%, 05/15/24 |
IDR | 8,563,000 | 595,091 | |||||||||
| 8.25%, 05/15/29 |
IDR | 18,948,000 | 1,409,798 | |||||||||
| 8.25%, 06/15/32 |
IDR | 5,264,000 | 395,529 | |||||||||
| 8.25%, 05/15/36 |
IDR | 16,128,000 | 1,223,068 | |||||||||
| 8.38%, 03/15/24 |
IDR | 19,505,000 | 1,353,803 | |||||||||
| 8.38%, 09/15/26 |
IDR | 16,771,000 | 1,216,612 | |||||||||
| 8.38%, 03/15/34 |
IDR | 24,690,000 | 1,889,197 | |||||||||
| 8.38%, 04/15/39 |
IDR | 6,447,000 | 498,202 | |||||||||
| 8.75%, 05/15/31 |
IDR | 7,582,000 | 582,387 | |||||||||
| 9.00%, 03/15/29 |
IDR | 17,827,000 | 1,365,418 | |||||||||
| 9.50%, 07/15/31 |
IDR | 2,585,000 | 206,606 | |||||||||
| 10.50%, 08/15/30 |
IDR | 2,359,000 | 196,744 | |||||||||
| 11.00%, 09/15/25 |
IDR | 2,856,000 | 213,979 | |||||||||
| Perusahaan Penerbit SBSN Indonesia |
||||||||||||
| 4.88%, 07/15/26 |
IDR | 4,867,000 | 317,078 | |||||||||
| 6.38%, 03/15/34 |
IDR | 9,639,000 | 624,232 | |||||||||
| 6.63%, 10/15/24 |
IDR | 6,528,000 | 447,073 | |||||||||
| 8.88%, 11/15/31 |
IDR | 5,023,000 | 384,871 | |||||||||
|
|
|
|||||||||||
| 32,413,878 | ||||||||||||
| Malaysia — 4.4% | ||||||||||||
| Malaysia Government Bond |
||||||||||||
| 2.63%, 04/15/31 |
MYR | 2,404 | 497,211 | |||||||||
| 3.48%, 06/14/24 |
MYR | 2,682 | 604,531 | |||||||||
| 3.50%, 05/31/27 |
MYR | 2,045 | 459,427 | |||||||||
| 3.58%, 07/15/32 |
MYR | 2,356 | 522,567 | |||||||||
| 3.73%, 06/15/28 |
MYR | 3,848 | 873,303 | |||||||||
| 3.76%, 05/22/40 |
MYR | 3,546 | 769,118 | |||||||||
| 3.83%, 07/05/34 |
MYR | 2,773 | 617,334 | |||||||||
| 3.88%, 03/14/25 |
MYR | 2,808 | 637,949 | |||||||||
| 3.89%, 08/15/29 |
MYR | 2,527 | 573,417 | |||||||||
| 3.90%, 11/30/26 |
MYR | 3,133 | 715,298 | |||||||||
| 3.90%, 11/16/27 |
MYR | 4,027 | 919,805 | |||||||||
| 3.91%, 07/15/26 |
MYR | 1,647 | 375,599 | |||||||||
| 3.96%, 09/15/25 |
MYR | 3,976 | 906,676 | |||||||||
| 4.06%, 09/30/24 |
MYR | 960 | 218,281 | |||||||||
| 4.07%, 06/15/50 |
MYR | 4,102 | 897,262 | |||||||||
| 4.18%, 07/15/24 |
MYR | 1,373 | 311,981 | |||||||||
| 4.25%, 05/31/35 |
MYR | 2,642 | 609,102 | |||||||||
| 4.50%, 04/30/29 |
MYR | 1,473 | 345,314 | |||||||||
| 4.70%, 10/15/42 |
MYR | 1,953 | 479,233 | |||||||||
| 4.76%, 04/07/37 |
MYR | 3,493 | 848,907 | |||||||||
| 4.89%, 06/08/38 |
MYR | 2,116 | 526,047 | |||||||||
| 4.92%, 07/06/48 |
MYR | 1,783 | 449,945 | |||||||||
| Malaysia Government Investment Issue |
||||||||||||
| 3.42%, 09/30/27 |
MYR | 3,644 | 815,143 | |||||||||
| 3.45%, 07/15/36 |
MYR | 2,694 | 569,270 | |||||||||
| 3.47%, 10/15/30 |
MYR | 3,930 | 862,900 | |||||||||
| 3.66%, 10/15/24 |
MYR | 2,273 | 513,406 | |||||||||
| 3.73%, 03/31/26 |
MYR | 3,936 | 892,136 | |||||||||
| 3.99%, 10/15/25 |
MYR | 3,519 | 803,441 | |||||||||
| 4.13%, 08/15/25 |
MYR | 1,522 | 347,960 | |||||||||
| 4.13%, 07/09/29 |
MYR | 3,004 | 687,947 | |||||||||
| 4.19%, 10/07/32 |
MYR | 3,572 | 824,127 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
43 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Malaysia (continued) | ||||||||||||
| 4.25%, 09/30/30 |
MYR | 1,305 | $ | 302,328 | ||||||||
| 4.26%, 07/26/27 |
MYR | 1,715 | 396,455 | |||||||||
| 4.29%, 08/14/43 |
MYR | 715 | 165,520 | |||||||||
| 4.37%, 10/31/28 |
MYR | 3,718 | 866,980 | |||||||||
| Malaysia Investment Issue Bond, 4.42%, 09/30/41 |
MYR | 3,150 | 734,863 | |||||||||
|
|
|
|||||||||||
| 21,940,783 | ||||||||||||
| Mexico — 5.6% | ||||||||||||
| Mexican Bonos |
||||||||||||
| 5.00%, 03/06/25 |
MXN | 20,355 | 1,030,526 | |||||||||
| 5.50%, 03/04/27 |
MXN | 32,879 | 1,614,228 | |||||||||
| 7.50%, 05/26/33 |
MXN | 12,057 | 613,127 | |||||||||
| Series M, 5.75%, 03/05/26 |
MXN | 64,908 | 3,267,275 | |||||||||
| Series M, 7.75%, 05/29/31 |
MXN | 64,790 | 3,387,117 | |||||||||
| Series M, 7.75%, 11/23/34 |
MXN | 10,400 | 532,870 | |||||||||
| Series M, 7.75%, 11/13/42 |
MXN | 38,298 | 1,864,711 | |||||||||
| Series M, 8.00%, 12/07/23 |
MXN | 25,716 | 1,402,696 | |||||||||
| Series M, 8.00%, 09/05/24 |
MXN | 47,539 | 2,546,516 | |||||||||
| Series M, 8.00%, 11/07/47 |
MXN | 37,986 | 1,888,645 | |||||||||
| Series M 20, 7.50%, 06/03/27 |
MXN | 51,248 | 2,700,411 | |||||||||
| Series M 20, 8.50%, 05/31/29 |
MXN | 39,216 | 2,151,798 | |||||||||
| Series M 20, 10.00%, 12/05/24 |
MXN | 38,580 | 2,122,141 | |||||||||
| Series M 30, 8.50%, 11/18/38 |
MXN | 30,907 | 1,639,413 | |||||||||
| Series M 30, 10.00%, 11/20/36 |
MXN | 8,523 | 518,072 | |||||||||
| Mexico Bonos, 8.00%, 07/31/53 |
MXN | 17,656 | 868,028 | |||||||||
|
|
|
|||||||||||
| 28,147,574 | ||||||||||||
| Peru — 4.5% | ||||||||||||
| Peru Government Bond |
||||||||||||
| 5.35%, 08/12/40 |
PEN | 6,181 | 1,313,668 | |||||||||
| 5.40%, 08/12/34 |
PEN | 8,314 | 1,887,534 | |||||||||
| 5.70%, 08/12/24 |
PEN | 5,031 | 1,344,007 | |||||||||
| 5.94%, 02/12/29 |
PEN | 12,418 | 3,160,330 | |||||||||
| 6.15%, 08/12/32 |
PEN | 12,220 | 3,014,373 | |||||||||
| 6.35%, 08/12/28 |
PEN | 11,582 | 3,037,107 | |||||||||
| 6.90%, 08/12/37 |
PEN | 12,098 | 3,071,703 | |||||||||
| 6.95%, 08/12/31 |
PEN | 11,955 | 3,144,252 | |||||||||
| 8.20%, 08/12/26 |
PEN | 9,008 | 2,538,862 | |||||||||
|
|
|
|||||||||||
| 22,511,836 | ||||||||||||
| Poland — 4.5% | ||||||||||||
| Republic of Poland Government Bond |
||||||||||||
| 0.25%, 10/25/26 |
PLN | 7,769 | 1,548,312 | |||||||||
| 0.75%, 04/25/25 |
PLN | 7,300 | 1,588,773 | |||||||||
| 1.25%, 10/25/30 |
PLN | 9,079 | 1,591,339 | |||||||||
| 1.75%, 04/25/32 |
PLN | 9,609 | 1,662,880 | |||||||||
| 2.25%, 10/25/24 |
PLN | 7,866 | 1,798,270 | |||||||||
| 2.50%, 04/25/24 |
PLN | 7,042 | 1,640,889 | |||||||||
| 2.50%, 07/25/26 |
PLN | 10,832 | 2,346,001 | |||||||||
| 2.50%, 07/25/27 |
PLN | 7,559 | 1,590,930 | |||||||||
| 2.75%, 04/25/28 |
PLN | 8,798 | 1,833,267 | |||||||||
| 2.75%, 10/25/29 |
PLN | 11,381 | 2,287,876 | |||||||||
| 3.25%, 07/25/25 |
PLN | 9,097 | 2,066,075 | |||||||||
| 3.75%, 05/25/27 |
PLN | 8,262 | 1,840,305 | |||||||||
| 7.50%, 07/25/28 |
PLN | 2,580 | 661,678 | |||||||||
|
|
|
|||||||||||
| 22,456,595 | ||||||||||||
| Romania — 4.4% | ||||||||||||
| Romania Government Bond |
||||||||||||
| 2.50%, 10/25/27 |
RON | 5,620 | 1,039,051 | |||||||||
| 3.25%, 04/29/24 |
RON | 5,660 | 1,229,007 | |||||||||
| 3.25%, 06/24/26 |
RON | 5,805 | 1,167,048 | |||||||||
| 3.50%, 11/25/25 |
RON | 4,930 | 1,015,712 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Romania (continued) | ||||||||||||
| 3.65%, 07/28/25 |
RON | 5,100 | $ | 1,069,654 | ||||||||
| 3.65%, 09/24/31 |
RON | 7,110 | 1,232,842 | |||||||||
| 3.70%, 11/25/24 |
RON | 5,675 | 1,216,758 | |||||||||
| 4.15%, 01/26/28 |
RON | 5,485 | 1,082,302 | |||||||||
| 4.15%, 10/24/30 |
RON | 6,110 | 1,128,981 | |||||||||
| 4.25%, 04/28/36 |
RON | 4,025 | 666,325 | |||||||||
| 4.50%, 06/17/24 |
RON | 5,675 | 1,243,100 | |||||||||
| 4.75%, 02/24/25 |
RON | 6,200 | 1,343,489 | |||||||||
| 4.75%, 10/11/34 |
RON | 6,685 | 1,200,222 | |||||||||
| 4.85%, 04/22/26 |
RON | 6,020 | 1,273,191 | |||||||||
| 4.85%, 07/25/29 |
RON | 6,910 | 1,363,468 | |||||||||
| 5.00%, 02/12/29 |
RON | 5,985 | 1,199,850 | |||||||||
| 5.80%, 07/26/27 |
RON | 6,230 | 1,328,929 | |||||||||
| 6.70%, 02/25/32 |
RON | 6,895 | 1,482,944 | |||||||||
| 8.25%, 09/29/32 |
RON | 3,595 | 850,874 | |||||||||
|
|
|
|||||||||||
| 22,133,747 | ||||||||||||
| Serbia — 4.4% | ||||||||||||
| Serbia Treasury Bonds |
||||||||||||
| 4.50%, 01/11/26 |
RSD | 798,830 | 7,295,502 | |||||||||
| 4.50%, 08/20/32 |
RSD | 972,290 | 7,858,774 | |||||||||
| 5.88%, 02/08/28 |
RSD | 754,640 | 7,135,560 | |||||||||
|
|
|
|||||||||||
| 22,289,836 | ||||||||||||
| South Africa — 4.3% | ||||||||||||
| Republic of South Africa Government Bond |
||||||||||||
| 6.25%, 03/31/36 |
ZAR | 19,712 | 706,094 | |||||||||
| 6.50%, 02/28/41 |
ZAR | 15,913 | 531,457 | |||||||||
| 7.00%, 02/28/31 |
ZAR | 26,012 | 1,152,769 | |||||||||
| 8.00%, 01/31/30 |
ZAR | 62,617 | 3,064,697 | |||||||||
| 8.25%, 03/31/32 |
ZAR | 52,424 | 2,441,876 | |||||||||
| 8.50%, 01/31/37 |
ZAR | 45,483 | 1,953,932 | |||||||||
| 8.75%, 01/31/44 |
ZAR | 36,156 | 1,499,805 | |||||||||
| 8.75%, 02/28/48 |
ZAR | 68,940 | 2,833,872 | |||||||||
| 8.88%, 02/28/35 |
ZAR | 44,926 | 2,060,130 | |||||||||
| 9.00%, 01/31/40 |
ZAR | 35,768 | 1,551,808 | |||||||||
| 10.50%, 12/21/26 |
ZAR | 64,458 | 3,704,812 | |||||||||
|
|
|
|||||||||||
| 21,501,252 | ||||||||||||
| Thailand — 4.4% | ||||||||||||
| Thailand Government Bond |
||||||||||||
| 0.75%, 06/17/24 |
THB | 34,307 | 993,368 | |||||||||
| 0.75%, 09/17/24 |
THB | 43,007 | 1,241,737 | |||||||||
| 0.95%, 06/17/25 |
THB | 36,119 | 1,036,911 | |||||||||
| 1.00%, 06/17/27 |
THB | 46,065 | 1,292,511 | |||||||||
| 1.45%, 12/17/24 |
THB | 40,897 | 1,189,798 | |||||||||
| 1.59%, 12/17/35 |
THB | 32,022 | 829,034 | |||||||||
| 1.60%, 12/17/29 |
THB | 31,441 | 880,459 | |||||||||
| 1.60%, 06/17/35 |
THB | 16,885 | 438,999 | |||||||||
| 2.00%, 12/17/31 |
THB | 48,563 | 1,367,490 | |||||||||
| 2.00%, 06/17/42 |
THB | 18,712 | 466,464 | |||||||||
| 2.13%, 12/17/26 |
THB | 35,562 | 1,044,352 | |||||||||
| 2.35%, 06/17/26 |
THB | 19,439 | 575,136 | |||||||||
| 2.40%, 12/17/23 |
THB | 24,807 | 730,325 | |||||||||
| 2.65%, 06/17/28 |
THB | 20,989 | 626,374 | |||||||||
| 2.88%, 12/17/28 |
THB | 33,307 | 1,008,306 | |||||||||
| 2.88%, 06/17/46 |
THB | 28,570 | 801,629 | |||||||||
| 3.30%, 06/17/38 |
THB | 36,312 | 1,113,565 | |||||||||
| 3.35%, 06/17/33 |
THB | 11,954 | 375,012 | |||||||||
| 3.39%, 06/17/37 |
THB | 12,389 | 389,679 | |||||||||
| 3.40%, 06/17/36 |
THB | 32,492 | 1,013,071 | |||||||||
| 3.45%, 06/17/43 |
THB | 16,182 | 502,911 | |||||||||
| 44 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Thailand (continued) | ||||||||||||
| 3.65%, 06/20/31 |
THB | 31,281 | $ | 989,626 | ||||||||
| 3.78%, 06/25/32 |
THB | 35,535 | 1,146,322 | |||||||||
| 3.85%, 12/12/25 |
THB | 30,573 | 938,129 | |||||||||
| 4.88%, 06/22/29 |
THB | 32,614 | 1,095,073 | |||||||||
|
|
|
|||||||||||
| 22,086,281 | ||||||||||||
| Turkey — 4.2% | ||||||||||||
| Turkey Government Bond |
||||||||||||
| 8.00%, 03/12/25 |
TRY | 26,996 | 1,199,115 | |||||||||
| 9.00%, 07/24/24 |
TRY | 29,312 | 1,384,873 | |||||||||
| 10.40%, 03/20/24 |
TRY | 13,422 | 645,862 | |||||||||
| 10.50%, 08/11/27 |
TRY | 97,846 | 3,968,886 | |||||||||
| 10.60%, 02/11/26 |
TRY | 49,067 | 2,156,763 | |||||||||
| 11.00%, 02/24/27 |
TRY | 29,710 | 1,235,635 | |||||||||
| 11.70%, 11/13/30 |
TRY | 54,432 | 2,442,974 | |||||||||
| 12.40%, 03/08/28 |
TRY | 16,341 | 746,840 | |||||||||
| 12.60%, 10/01/25 |
TRY | 70,643 | 3,355,738 | |||||||||
| 16.90%, 09/02/26 |
TRY | 77,677 | 3,969,408 | |||||||||
|
|
|
|||||||||||
| 21,106,094 | ||||||||||||
| Uruguay — 4.4% | ||||||||||||
| Uruguay Government International Bond |
||||||||||||
| 8.25%, 05/21/31 |
UYU | 574,331 | 13,356,831 | |||||||||
| 8.50%, 03/15/28(c) |
UYU | 355,530 | 8,615,333 | |||||||||
|
|
|
|||||||||||
| 21,972,164 | ||||||||||||
|
|
|
|||||||||||
| Total Long-Term Investments — 97.1% |
485,619,087 | |||||||||||
|
|
|
|||||||||||
| Security | Shares (000) |
Value | ||||||||
| Short-Term Securities |
||||||||||
| Money Market Funds — 0.0% | ||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(d)(e) |
200 | $ | 200,000 | |||||||
|
|
|
|||||||||
| Total Short-Term Securities — 0.0% |
200,000 | |||||||||
|
|
|
|||||||||
| Total Investments — 97.1% |
485,819,087 | |||||||||
| Other Assets Less Liabilities — 2.9% |
14,359,058 | |||||||||
|
|
|
|||||||||
| Net Assets — 100.0% |
$ | 500,178,145 | ||||||||
|
|
|
|||||||||
| (a) | Zero-coupon bond. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/23 |
Shares Held at 04/30/23 (000) |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 440,000 | $ | — | $ | (240,000 | )(a) | $ | — | $ | — | $ | 200,000 | 200 | $ | 28,100 | $ | 5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Foreign Government and Agency Obligations |
$ | — | $ | 485,619,087 | $ | — | $ | 485,619,087 | ||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
200,000 | — | — | 200,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 200,000 | $ | 485,619,087 | $ | — | $ | 485,819,087 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| S C H E D U L E O F I N V E S T M E N T S |
45 |
| Schedule of Investments (unaudited) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Corporate Bonds & Notes |
||||||||||||
| Australia — 0.6% | ||||||||||||
| AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/24)(a) |
USD | 50 | $ | 46,467 | ||||||||
| Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(b)(c) |
EUR | 100 | 91,627 | |||||||||
| FMG Resources August 2006 Pty Ltd. |
||||||||||||
| 4.38%, 04/01/31 (Call 01/01/31)(a) |
USD | 175 | 151,949 | |||||||||
| 4.50%, 09/15/27 (Call 06/15/27)(a) |
USD | 80 | 76,128 | |||||||||
| 5.13%, 05/15/24 (Call 02/15/24)(a) |
USD | 50 | 49,748 | |||||||||
| FMG Resources August Pty. Ltd. |
||||||||||||
| 5.88%, 04/15/30 (Call 01/15/30)(a) |
USD | 80 | 77,333 | |||||||||
| 6.13%, 04/15/32 (Call 01/15/32)(a)(d) |
USD | 100 | 96,750 | |||||||||
| Iliad Holding SASU, 6.50%, 10/15/26 (Call 10/15/23)(a) |
USD | 125 | 120,312 | |||||||||
| Level 3 Financing Inc., 3.40%, 03/01/27 (Call 01/01/27)(a) |
USD | 75 | 58,500 | |||||||||
| Mineral Resources Ltd. |
||||||||||||
| 8.00%, 11/01/27 (Call 11/01/24)(a) |
USD | 70 | 71,138 | |||||||||
| 8.13%, 05/01/27 (Call 05/01/23)(a) |
USD | 50 | 50,500 | |||||||||
| 8.50%, 05/01/30 (Call 05/01/25)(a) |
USD | 70 | 70,750 | |||||||||
|
|
|
|||||||||||
| 961,202 | ||||||||||||
| Austria — 0.1% | ||||||||||||
| ams-OSRAM AG,
6.00%, 07/31/25 |
EUR | 100 | 102,269 | |||||||||
| Benteler International AG, 9.38%, 05/15/28 (Call 05/15/25) |
EUR | 100 | 110,190 | |||||||||
|
|
|
|||||||||||
| 212,459 | ||||||||||||
| Belgium — 0.3% | ||||||||||||
| Azelis Finance NV, 5.75%, 03/15/28 (Call 03/15/25)(b) |
EUR | 100 | 110,543 | |||||||||
| Ontex Group NV,
3.50%, 07/15/26 |
EUR | 100 | 96,843 | |||||||||
| Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/23)(a) |
USD | 200 | 186,975 | |||||||||
|
|
|
|||||||||||
| 394,361 | ||||||||||||
| Canada — 3.7% | ||||||||||||
| 1011778 BC ULC/New Red Finance Inc. |
||||||||||||
| 3.50%, 02/15/29 (Call 02/15/24)(a) |
USD | 70 | 62,754 | |||||||||
| 3.88%, 01/15/28 (Call 09/15/23)(a) |
USD | 195 | 182,744 | |||||||||
| 4.00%, 10/15/30 (Call 10/15/25)(a) |
USD | 325 | 283,803 | |||||||||
| 4.38%, 01/15/28 (Call 11/15/23)(a) |
USD | 95 | 89,276 | |||||||||
| 5.75%, 04/15/25 (Call 04/15/24)(a) |
USD | 40 | 40,179 | |||||||||
| Air Canada |
||||||||||||
| 3.88%, 08/15/26 (Call 02/15/26)(a) |
USD | 150 | 138,938 | |||||||||
| 4.63%, 08/15/29 (Call 02/15/26)(a) |
CAD | 288 | 188,440 | |||||||||
| AutoCanada Inc.,
5.75%, 02/07/29 |
CAD | 150 | 93,857 | |||||||||
| Bausch Health Companies Inc., 6.13%, 02/01/27 (Call 02/01/24)(a) |
USD | 115 | 83,323 | |||||||||
| Bausch Health Cos. Inc., 5.25%, 02/15/31 (Call 02/15/26)(a) |
USD | 125 | 59,938 | |||||||||
| Baytex Energy Corp., 8.50%, 04/30/30 (Call 04/30/26)(d) |
USD | 100 | 100,500 | |||||||||
| Bombardier Inc. |
||||||||||||
| 6.00%, 02/15/28 (Call 02/15/24)(a) |
USD | 90 | 85,266 | |||||||||
| 7.13%, 06/15/26 (Call 06/15/23)(a) |
USD | 150 | 149,272 | |||||||||
| 7.50%, 03/15/25 (Call 05/29/23)(a) |
USD | 22 | 22,000 | |||||||||
| 7.50%, 02/01/29 (Call 02/01/26)(a)(d) |
USD | 75 | 73,688 | |||||||||
| 7.88%, 04/15/27 (Call 04/15/24)(a)(d) |
USD | 225 | 224,482 | |||||||||
| Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC |
||||||||||||
| 4.88%, 02/15/30 (Call 02/15/25)(a) |
USD | 50 | 39,296 | |||||||||
| 6.25%, 09/15/27 (Call 09/15/23)(a) |
USD | 82 | 75,133 | |||||||||
| CSC Holdings LLC, 3.38%, 02/15/31 (Call 02/15/26)(a)(d) |
USD | 125 | 85,910 | |||||||||
| Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26), (3-mo. LIBOR US + 5.440%)(c) |
USD | 125 | 119,564 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Canada (continued) | ||||||||||||
| Ford Motor Credit Co. LLC, 4.13%, 08/17/27 (Call 06/17/27) |
USD | 160 | $ | 146,834 | ||||||||
| Garda World Security Corp. |
||||||||||||
| 4.63%, 02/15/27 (Call 02/15/24)(a) |
USD | 60 | 55,047 | |||||||||
| 6.00%, 06/01/29 (Call 06/01/24)(a) |
USD | 50 | 41,125 | |||||||||
| 7.75%, 02/15/28 (Call 02/15/25)(a) |
USD | 55 | 55,275 | |||||||||
| 9.50%, 11/01/27 (Call 11/01/23)(a) |
USD | 75 | 71,923 | |||||||||
| GFL Environmental Inc. |
||||||||||||
| 3.50%, 09/01/28 (Call 03/01/28)(a) |
USD | 60 | 54,577 | |||||||||
| 3.75%, 08/01/25 (Call 08/01/23)(a) |
USD | 80 | 77,207 | |||||||||
| 4.00%, 08/01/28 (Call 08/01/23)(a)(d) |
USD | 95 | 86,586 | |||||||||
| 4.25%, 06/01/25 (Call 06/01/23)(a) |
USD | 75 | 73,003 | |||||||||
| 4.38%, 08/15/29 (Call 08/15/24)(a) |
USD | 65 | 58,992 | |||||||||
| 4.75%, 06/15/29 (Call 06/15/24)(a)(d) |
USD | 70 | 65,100 | |||||||||
| 5.13%, 12/15/26 (Call 12/15/23)(a) |
USD | 54 | 53,250 | |||||||||
| Iccrea Banca SpA, 2.25%, 10/20/25 (Call 10/20/24), (3-mo. EURIBOR + 2.750%)(b)(c) |
EUR | 100 | 105,871 | |||||||||
| Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25 (Call 10/15/23)(a) |
USD | 85 | 84,576 | |||||||||
| Kronos Acquisition Holdings Inc./KIK Custom Products Inc. |
||||||||||||
| 5.00%, 12/31/26 (Call 06/30/23)(a) |
USD | 45 | 41,839 | |||||||||
| 7.00%, 12/31/27 (Call 12/31/23)(a) |
USD | 70 | 61,642 | |||||||||
| Mattamy Group Corp. |
||||||||||||
| 4.63%, 03/01/30 (Call 03/01/25)(a) |
USD | 70 | 61,253 | |||||||||
| 5.25%, 12/15/27 (Call 12/15/23)(a)(d) |
USD | 60 | 55,801 | |||||||||
| MEG Energy Corp. |
||||||||||||
| 5.88%, 02/01/29 (Call 02/01/24)(a) |
USD | 75 | 72,000 | |||||||||
| 7.13%, 02/01/27 (Call 02/01/24)(a) |
USD | 60 | 61,500 | |||||||||
| Melco Resorts Finance Ltd., 5.25%, 04/26/26 (Call 04/26/24)(a)(d) |
USD | 50 | 46,250 | |||||||||
| Methanex Corp. |
||||||||||||
| 5.13%, 10/15/27 (Call 04/15/27)(d) |
USD | 85 | 81,175 | |||||||||
| 5.25%, 12/15/29 (Call 09/15/29) |
USD | 90 | 84,488 | |||||||||
| NOVA Chemicals Corp. |
||||||||||||
| 4.25%, 05/15/29 (Call 05/15/24)(a)(d) |
USD | 57 | 46,289 | |||||||||
| 4.88%, 06/01/24 (Call 03/03/24)(a) |
USD | 130 | 128,213 | |||||||||
| 5.00%, 05/01/25 (Call 01/31/25)(a) |
USD | 54 | 52,223 | |||||||||
| 5.25%, 06/01/27 (Call 03/03/27)(a) |
USD | 125 | 113,385 | |||||||||
| NuVista Energy Ltd., 7.88%, 07/23/26 (Call 07/19/23)(a) |
CAD | 100 | 74,931 | |||||||||
| Open Text Corp. |
||||||||||||
| 3.88%, 02/15/28 (Call 02/15/24)(a) |
USD | 115 | 102,051 | |||||||||
| 3.88%, 12/01/29 (Call 12/01/24)(a) |
USD | 105 | 88,200 | |||||||||
| Open Text Holdings Inc. |
||||||||||||
| 4.13%, 02/15/30 (Call 02/15/25)(a) |
USD | 100 | 85,399 | |||||||||
| 4.13%, 12/01/31 (Call 12/01/26)(a) |
USD | 68 | 56,391 | |||||||||
| Parkland Corp. |
||||||||||||
| 3.88%, 06/16/26 (Call 06/16/23)(a) |
CAD | 125 | 85,697 | |||||||||
| 4.50%, 10/01/29 (Call 10/01/24)(a) |
USD | 95 | 83,244 | |||||||||
| 4.63%, 05/01/30 (Call 05/01/25)(a) |
USD | 80 | 69,947 | |||||||||
| 5.88%, 07/15/27 (Call 07/15/23)(a) |
USD | 65 | 63,341 | |||||||||
| Ritchie Bros Holdings Inc. |
||||||||||||
| 6.75%, 03/15/28 (Call 03/15/25)(a) |
USD | 60 | 62,100 | |||||||||
| 7.75%, 03/15/31 (Call 03/15/26)(a)(d) |
USD | 95 | 100,981 | |||||||||
| Rogers Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + 3.590%)(a)(c) |
USD | 26 | 23,510 | |||||||||
| SNC-Lavalin Group Inc., 7.00%, 06/12/26 (Call 06/01/26) |
CAD | 25 | 18,689 | |||||||||
| Superior Plus LP, 4.25%, 05/18/28 (Call 05/18/24)(a) |
CAD | 50 | 32,817 | |||||||||
| Tamarack Valley Energy Ltd., 7.25%, 05/10/27 (Call 05/10/24)(a) |
CAD | 100 | 70,534 | |||||||||
| 46 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Canada (continued) | ||||||||||||
| Telesat Canada/Telesat LLC |
||||||||||||
| 4.88%, 06/01/27 (Call 12/01/23)(a)(d) |
USD | 35 | $ | 18,891 | ||||||||
| 5.63%, 12/06/26 (Call 12/06/23)(a)(d) |
USD | 60 | 33,541 | |||||||||
| Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/23)(a) |
USD | 90 | 80,737 | |||||||||
| Videotron Ltd. |
||||||||||||
| 3.13%, 01/15/31 (Call 01/15/26) |
CAD | 100 | 58,601 | |||||||||
| 3.63%, 06/15/28 (Call 06/15/24)(a) |
CAD | 150 | 96,696 | |||||||||
| 3.63%, 06/15/29 (Call 06/15/24)(a)(d) |
USD | 75 | 64,819 | |||||||||
| 4.50%, 01/15/30 (Call 10/15/24) |
CAD | 110 | 71,975 | |||||||||
| 5.13%, 04/15/27 (Call 04/15/24)(a) |
USD | 60 | 57,976 | |||||||||
| 5.38%, 06/15/24 (Call 03/15/24)(a) |
USD | 50 | 49,862 | |||||||||
|
|
|
|||||||||||
| 5,684,717 | ||||||||||||
| Cayman Islands — 0.1% | ||||||||||||
| UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/23)(b) |
EUR | 100 | 95,566 | |||||||||
|
|
|
|||||||||||
| China — 0.1% | ||||||||||||
| Leviathan Bond Ltd. |
||||||||||||
| 6.13%, 06/30/25 (Call 03/30/25)(a)(b) |
USD | 80 | 77,940 | |||||||||
| 6.75%, 06/30/30 (Call 12/30/29)(a)(b) |
USD | 60 | 55,680 | |||||||||
|
|
|
|||||||||||
| 133,620 | ||||||||||||
| Czech Republic — 0.1% | ||||||||||||
| Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30(b) |
EUR | 100 | 111,101 | |||||||||
|
|
|
|||||||||||
| Finland — 0.1% | ||||||||||||
| Huhtamaki Oyj,
4.25%, 06/09/27 |
EUR | 100 | 107,221 | |||||||||
| Nokia OYJ, 2.00%, 03/11/26 (Call 12/11/25)(b) |
EUR | 100 | 104,443 | |||||||||
|
|
|
|||||||||||
| 211,664 | ||||||||||||
| France — 4.8% | ||||||||||||
| Accor SA |
||||||||||||
| 2.38%, 11/29/28 (Call 08/29/28)(b) |
EUR | 100 | 98,221 | |||||||||
| 3.00%, 02/04/26 (Call 11/04/25)(b) |
EUR | 100 | 105,844 | |||||||||
| Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/23)(b) |
EUR | 100 | 104,611 | |||||||||
| Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a) |
USD | 250 | 187,500 | |||||||||
| Altice France SA/France |
||||||||||||
| 2.13%, 02/15/25 (Call 01/29/24)(b) |
EUR | 100 | 100,672 | |||||||||
| 2.50%, 01/15/25 (Call 09/15/23)(b) |
EUR | 100 | 101,908 | |||||||||
| 3.38%, 01/15/28 (Call 05/29/23)(b) |
EUR | 100 | 83,813 | |||||||||
| 4.13%, 01/15/29 (Call 09/15/23)(b) |
EUR | 200 | 164,048 | |||||||||
| 5.13%, 01/15/29 (Call 09/15/23)(a) |
USD | 25 | 18,610 | |||||||||
| 5.13%, 07/15/29 (Call 04/15/24)(a) |
USD | 300 | 222,033 | |||||||||
| 5.50%, 01/15/28 (Call 09/15/23)(a) |
USD | 100 | 78,755 | |||||||||
| 5.88%, 02/01/27 (Call 08/01/23)(b) |
EUR | 100 | 95,103 | |||||||||
| 8.13%, 02/01/27 (Call 08/01/23)(a)(d) |
USD | 150 | 134,012 | |||||||||
| Atos SE |
||||||||||||
| 1.00%, 11/12/29 (Call 08/12/29)(b) |
EUR | 100 | 72,071 | |||||||||
| 2.50%, 11/07/28 (Call 08/07/28)(b) |
EUR | 100 | 81,873 | |||||||||
| Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/01/24)(b) |
EUR | 100 | 107,162 | |||||||||
| CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(b) |
EUR | 200 | 175,154 | |||||||||
| Casino Guichard Perrachon SA |
||||||||||||
| 3.58%, 02/07/25 (Call 11/07/24)(b) |
EUR | 100 | 22,206 | |||||||||
| 5.25%, 04/15/27 (Call 04/15/24)(b) |
EUR | 100 | 25,612 | |||||||||
| Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(b) |
EUR | 100 | 88,951 | |||||||||
| Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(b) |
EUR | 100 | 78,081 | |||||||||
| Elior Group SA,
3.75%, 07/15/26 |
EUR | 100 | 95,627 | |||||||||
| Elis SA |
||||||||||||
| 1.00%, 04/03/25 (Call 01/03/25)(b) |
EUR | 100 | 103,561 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| France (continued) | ||||||||||||
| 1.63%, 04/03/28 (Call 01/03/28)(b) |
EUR | 100 | $ | 96,976 | ||||||||
| 2.88%, 02/15/26 (Call 11/15/25)(b) |
EUR | 100 | 105,828 | |||||||||
| Emeria SASU, 3.38%, 03/31/28 (Call 03/31/24)(b) |
EUR | 100 | 86,150 | |||||||||
| Faurecia SE |
||||||||||||
| 2.38%, 06/15/27 (Call 06/15/23)(b) |
EUR | 100 | 94,928 | |||||||||
| 2.38%, 06/15/29 (Call 06/15/24)(b) |
EUR | 100 | 87,992 | |||||||||
| 2.63%, 06/15/25 (Call 06/15/23)(b) |
EUR | 235 | 245,988 | |||||||||
| 2.75%, 02/15/27 (Call 02/15/24)(b) |
EUR | 100 | 97,515 | |||||||||
| 3.13%, 06/15/26 (Call 06/15/23)(b) |
EUR | 100 | 102,974 | |||||||||
| Fnac Darty SA, 2.63%, 05/30/26 (Call 05/15/23)(b) |
EUR | 100 | 103,639 | |||||||||
| Getlink SE, 3.50%, 10/30/25 (Call 10/30/23)(b) |
EUR | 100 | 107,010 | |||||||||
| Iliad Holding SASU |
||||||||||||
| 5.13%, 10/15/26 (Call 10/15/23)(b) |
EUR | 100 | 104,380 | |||||||||
| 5.63%, 10/15/28 (Call 10/15/24)(b) |
EUR | 100 | 100,302 | |||||||||
| 7.00%, 10/15/28 (Call 10/15/24)(a) |
USD | 125 | 118,569 | |||||||||
| iliad SA |
||||||||||||
| 1.50%, 10/14/24 (Call 07/14/24)(b) |
EUR | 100 | 105,131 | |||||||||
| 1.88%, 04/25/25 (Call 01/25/25)(b) |
EUR | 200 | 206,457 | |||||||||
| 1.88%, 02/11/28 (Call 11/11/27)(b) |
EUR | 100 | 91,695 | |||||||||
| 2.38%, 06/17/26 (Call 03/17/26)(b) |
EUR | 100 | 100,624 | |||||||||
| 5.63%, 02/15/30 (Call 11/15/29)(b) |
EUR | 100 | 105,484 | |||||||||
| IM Group SAS, 8.00%, 03/01/28 (Call 03/01/25)(b) |
EUR | 100 | 105,865 | |||||||||
| IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/23)(b) |
EUR | 100 | 108,067 | |||||||||
| Kapla Holding SAS, 3.38%, 12/15/26 (Call 12/15/23)(b) |
EUR | 100 | 97,901 | |||||||||
| La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/08/23)(b) |
EUR | 100 | 78,813 | |||||||||
| Loxam SAS |
||||||||||||
| 2.88%, 04/15/26 (Call 04/10/24)(b) |
EUR | 100 | 101,791 | |||||||||
| 3.25%, 01/14/25 (Call 07/15/23)(b) |
EUR | 125 | 134,178 | |||||||||
| 6.38%, 05/15/28(b) |
EUR | 100 | 109,560 | |||||||||
| Lune Holdings Sarl, 5.63%, 11/15/28 (Call 11/15/24)(b) |
EUR | 100 | 93,984 | |||||||||
| Nexans SA, 5.50%, 04/05/28 (Call 01/05/28)(b) |
EUR | 100 | 112,150 | |||||||||
| Paprec Holding SA, 4.00%, 03/31/25 (Call 05/29/23)(b) |
EUR | 100 | 107,594 | |||||||||
| Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(b) |
EUR | 100 | 97,733 | |||||||||
| RCI Banque SA,
2.63%, 02/18/30 |
EUR | 100 | 101,172 | |||||||||
| Renault SA |
||||||||||||
| 1.13%, 10/04/27 (Call 07/04/27)(b) |
EUR | 100 | 89,541 | |||||||||
| 1.25%, 06/24/25 (Call 03/24/25)(b) |
EUR | 100 | 102,413 | |||||||||
| 2.38%, 05/25/26 (Call 02/25/26)(b) |
EUR | 300 | 301,669 | |||||||||
| 2.50%, 06/02/27 (Call 03/02/27)(b) |
EUR | 200 | 194,756 | |||||||||
| Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(b) |
EUR | 100 | 96,025 | |||||||||
| SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(b) |
EUR | 100 | 95,185 | |||||||||
| SPIE SA, 2.63%, 06/18/26 (Call 12/18/25)(b) |
EUR | 100 | 103,784 | |||||||||
| Tereos Finance Groupe, 4.75%, 04/30/27 (Call 04/30/24)(b) |
EUR | 100 | 103,671 | |||||||||
| Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/30/23)(b) |
EUR | 100 | 113,057 | |||||||||
| Valeo |
||||||||||||
| 1.50%, 06/18/25 (Call 03/18/25)(b) |
EUR | 100 | 104,020 | |||||||||
| 5.38%, 05/28/27 (Call 02/28/27)(b) |
EUR | 200 | 220,579 | |||||||||
| Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)(b) |
EUR | 100 | 97,324 | |||||||||
|
|
|
|||||||||||
| 7,277,902 | ||||||||||||
| Germany — 3.3% | ||||||||||||
| Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 05/08/23)(b) |
EUR | 100 | 95,134 | |||||||||
| Bayer AG |
||||||||||||
| 2.38%, 11/12/79 (Call 02/12/25)(b)(c) |
EUR | 100 | 102,123 | |||||||||
| 3.13%, 11/12/79 (Call 08/12/27)(b) |
EUR | 100 | 94,760 | |||||||||
| 3.75%, 07/01/74 (Call 07/01/24)(b)(c) |
EUR | 200 | 213,156 | |||||||||
| 5.38%, 03/25/82 (Call 06/25/30)(b)(c) |
EUR | 100 | 100,743 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
47 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Germany (continued) | ||||||||||||
| CECONOMY AG,
1.75%, 06/24/26 |
EUR | 100 | $ | 79,544 | ||||||||
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(b) |
EUR | 100 | 100,393 | |||||||||
| Commerzbank AG |
||||||||||||
| 4.00%, 03/23/26(b) |
EUR | 100 | 106,696 | |||||||||
| 4.00%, 03/30/27(b) |
EUR | 80 | 85,480 | |||||||||
| 4.00%, 12/05/30 (Call 09/05/25)(b)(c) |
EUR | 100 | 103,965 | |||||||||
| 8.63%, 02/28/33 (Call 11/28/27)(b)(c) |
GBP | 100 | 125,674 | |||||||||
| CT Investment GmbH, 5.50%, 04/15/26 (Call 04/15/24)(b) |
EUR | 100 | 97,379 | |||||||||
| Deutsche Lufthansa AG |
||||||||||||
| 1.63%, 11/16/23 (Call 10/16/23)(b) |
EUR | 100 | 108,222 | |||||||||
| 2.88%, 02/11/25 (Call 01/11/25)(b) |
EUR | 100 | 106,156 | |||||||||
| 2.88%, 05/16/27 (Call 02/16/27)(b) |
EUR | 100 | 100,333 | |||||||||
| 3.00%, 05/29/26 (Call 02/28/26)(b) |
EUR | 100 | 103,180 | |||||||||
| 3.50%, 07/14/29 (Call 04/14/29)(b) |
EUR | 100 | 98,307 | |||||||||
| 4.38%, 08/12/75 (Call 02/12/26)(b)(c) |
EUR | 100 | 98,208 | |||||||||
| Douglas GmbH,
6.00%, 04/08/26 |
EUR | 200 | 195,491 | |||||||||
| Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(b)(c) |
EUR | 100 | 91,709 | |||||||||
| Gruenenthal GmbH, 6.75%, 05/15/30 |
EUR | 100 | 110,752 | |||||||||
| Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(b) |
EUR | 100 | 100,858 | |||||||||
| Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(b) |
EUR | 100 | 83,988 | |||||||||
| Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 04/30/24)(b) |
EUR | 200 | 214,065 | |||||||||
| PCF GmbH, 4.75%, 04/15/26 (Call 04/15/24)(b) |
EUR | 100 | 92,623 | |||||||||
| ProGroup AG, 3.00%, 03/31/26 (Call 05/29/23)(b) |
EUR | 100 | 103,035 | |||||||||
| Renk AG/Frankfurt am Main, 5.75%, 07/15/25 (Call 06/15/23)(b) |
EUR | 100 | 107,576 | |||||||||
| Schaeffler AG |
||||||||||||
| 2.88%, 03/26/27 (Call 12/26/26)(b) |
EUR | 75 | 77,855 | |||||||||
| 3.38%, 10/12/28 (Call 07/12/28)(b) |
EUR | 100 | 99,163 | |||||||||
| Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/23)(b) |
EUR | 88 | 91,174 | |||||||||
| Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/24)(b) |
EUR | 100 | 103,847 | |||||||||
| Tele Columbus AG, 3.88%, 05/02/25 (Call 05/02/23)(b) |
EUR | 100 | 70,969 | |||||||||
| thyssenkrupp AG, 2.50%, 02/25/25(b) |
EUR | 100 | 106,924 | |||||||||
| TK Elevator Holdco GmbH |
||||||||||||
| 6.63%, 07/15/28 (Call 07/15/23)(b) |
EUR | 90 | 82,326 | |||||||||
| 7.63%, 07/15/28 (Call 07/15/23)(a)(d) |
USD | 50 | 44,693 | |||||||||
| TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(b) |
EUR | 100 | 98,205 | |||||||||
| TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a) |
USD | 200 | 186,591 | |||||||||
| TUI Cruises GmbH, 6.50%, 05/15/26 (Call 05/15/23)(b) |
EUR | 100 | 97,983 | |||||||||
| ZF Europe Finance BV |
||||||||||||
| 2.00%, 02/23/26 (Call 12/23/25)(b) |
EUR | 100 | 100,207 | |||||||||
| 2.50%, 10/23/27 (Call 07/23/27)(b) |
EUR | 100 | 95,688 | |||||||||
| 3.00%, 10/23/29 (Call 07/23/29)(b) |
EUR | 100 | 91,821 | |||||||||
| ZF Finance GmbH |
||||||||||||
| 2.00%, 05/06/27 (Call 02/06/27)(b) |
EUR | 100 | 95,135 | |||||||||
| 2.25%, 05/03/28 (Call 02/03/28)(b) |
EUR | 100 | 92,331 | |||||||||
| 2.75%, 05/25/27 (Call 02/25/27)(b) |
EUR | 100 | 97,760 | |||||||||
| 5.75%, 08/03/26 (Call 07/03/26)(b) |
EUR | 100 | 110,547 | |||||||||
| ZF North America Capital Inc. |
||||||||||||
| 4.75%, 04/29/25(a) |
USD | 125 | 122,342 | |||||||||
| 6.88%, 04/14/28 (Call 03/14/28)(a) |
USD | 75 | 77,115 | |||||||||
| 7.13%, 04/14/30 (Call 02/14/30)(a) |
USD | 75 | 77,438 | |||||||||
|
|
|
|||||||||||
| 5,039,664 | ||||||||||||
| Security | Par (000) |
Value |
||||||||||
| Gibraltar — 0.1% | ||||||||||||
| 888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(b) |
EUR | 100 | $ | 99,180 | ||||||||
|
|
|
|||||||||||
| Greece — 0.7% | ||||||||||||
| Alpha Bank SA |
||||||||||||
| 2.50%, 03/23/28 (Call 03/23/27)(b)(c) |
EUR | 100 | 90,131 | |||||||||
| 7.50%, 06/16/27 (Call 06/16/26)(b)(c) |
EUR | 100 | 109,140 | |||||||||
| Eurobank Ergasias Services & Holdings SA, 10.00%, 12/06/32 (Call 12/06/27)(b)(c) |
EUR | 100 | 110,709 | |||||||||
| Eurobank SA |
||||||||||||
| 2.00%, 05/05/27 (Call 05/05/26)(b)(c) |
EUR | 100 | 94,074 | |||||||||
| 7.00%, 01/26/29 (Call 01/26/28)(b)(c) |
EUR | 100 | 108,568 | |||||||||
| National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(b)(c) |
EUR | 100 | 100,901 | |||||||||
| Piraeus Bank SA,
8.25%, 01/28/27 |
EUR | 100 | 109,944 | |||||||||
| Piraeus Financial Holdings SA, 5.50%, 02/19/30 (Call 02/19/25)(b)(c) |
EUR | 100 | 92,494 | |||||||||
| Public Power Corp. SA, 4.38%, 03/30/26 (Call 05/29/23)(b) |
EUR | 100 | 104,280 | |||||||||
| Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/15/24)(b) |
EUR | 100 | 106,524 | |||||||||
|
|
|
|||||||||||
| 1,026,765 | ||||||||||||
| Hong Kong — 0.1% | ||||||||||||
| Melco Resorts Finance Ltd. |
||||||||||||
| 5.63%, 07/17/27 (Call 07/17/23)(a) |
USD | 50 | 45,110 | |||||||||
| 5.75%, 07/21/28 (Call 07/21/23)(a)(d) |
USD | 125 | 109,269 | |||||||||
|
|
|
|||||||||||
| 154,379 | ||||||||||||
| Ireland — 0.7% | ||||||||||||
| AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. LIBOR US + |
USD | 75 | 70,956 | |||||||||
| AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24), (5-year CMT + 4.535%)(c)(d) |
USD | 75 | 70,163 | |||||||||
| AIB Group PLC |
||||||||||||
| 1.88%, 11/19/29 (Call 11/19/24)(b)(c) |
EUR | 100 | 103,083 | |||||||||
| 2.88%, 05/30/31 (Call 05/30/26)(b)(c) |
EUR | 100 | 99,940 | |||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26 (Call 08/15/23)(a) |
USD | 125 | 117,726 | |||||||||
| Bank of Ireland Group PLC |
||||||||||||
| 1.38%, 08/11/31 (Call 05/11/26)(b)(c) |
EUR | 100 | 94,833 | |||||||||
| 6.75%, 03/01/33 (Call 12/01/27)(b)(c) |
EUR | 100 | 111,405 | |||||||||
| C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)(a) |
USD | 150 | 131,619 | |||||||||
| eircom Finance DAC, 3.50%, 05/15/26 (Call 05/15/23)(b) |
EUR | 125 | 129,808 | |||||||||
| Permanent TSB Group Holdings PLC, 5.25%, 06/30/25 (Call 06/30/24)(b)(c) |
EUR | 100 | 108,970 | |||||||||
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a) |
USD | 75 | 67,134 | |||||||||
|
|
|
|||||||||||
| 1,105,637 | ||||||||||||
| Israel — 1.1% | ||||||||||||
| Energean Israel Finance Ltd., 5.88%, 03/30/31 (Call 09/30/30)(a)(b) |
USD | 70 | 61,066 | |||||||||
| Teva Pharmaceutical Finance Netherlands II BV |
||||||||||||
| 3.75%, 05/09/27 (Call 02/09/27) |
EUR | 100 | 99,271 | |||||||||
| 4.38%, 05/09/30 (Call 02/09/30) |
EUR | 250 | 231,190 | |||||||||
| 4.50%, 03/01/25 (Call 12/01/24) |
EUR | 100 | 108,441 | |||||||||
| 6.00%, 01/31/25 (Call 01/31/24) |
EUR | 100 | 111,333 | |||||||||
| 7.38%, 09/15/29 |
EUR | 100 | 111,234 | |||||||||
| 7.88%, 09/15/31 (Call 06/15/31) |
EUR | 100 | 112,876 | |||||||||
| Teva Pharmaceutical Finance Netherlands III BV |
||||||||||||
| 3.15%, 10/01/26 |
USD | 360 | 326,272 | |||||||||
| 48 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Israel (continued) | ||||||||||||
| 4.75%, 05/09/27 (Call 02/09/27)(d) |
USD | 125 | $ | 117,281 | ||||||||
| 5.13%, 05/09/29 (Call 02/09/29) |
USD | 125 | 115,938 | |||||||||
| 6.75%, 03/01/28 (Call 12/01/27)(d) |
USD | 150 | 150,225 | |||||||||
| 7.88%, 09/15/29 (Call 06/15/29) |
USD | 75 | 78,511 | |||||||||
| 8.13%, 09/15/31 (Call 06/15/31) |
USD | 50 | 52,463 | |||||||||
|
|
|
|||||||||||
| 1,676,101 | ||||||||||||
| Italy — 4.9% | ||||||||||||
| Almaviva-The Italian Innovation Co. SpA, 4.88%, 10/30/26 (Call 10/30/23)(b) |
EUR | 100 | 103,405 | |||||||||
| Atlantia SpA |
||||||||||||
| 1.63%, 02/03/25(b) |
EUR | 100 | 103,980 | |||||||||
| 1.88%, 07/13/27 (Call 04/13/27)(b) |
EUR | 100 | 96,484 | |||||||||
| 1.88%, 02/12/28 (Call 11/12/27)(b) |
EUR | 100 | 92,090 | |||||||||
| Azzurra Aeroporti SpA, 2.63%, 05/30/27 (Call 02/28/27)(b) |
EUR | 100 | 97,172 | |||||||||
| Banca IFIS SpA, 6.13%, 01/19/27(b) |
EUR | 100 | 109,554 | |||||||||
| Banca Monte dei Paschi di Siena SpA |
||||||||||||
| 2.63%, 04/28/25(b) |
EUR | 100 | 102,255 | |||||||||
| 3.63%, 09/24/24(b) |
EUR | 100 | 105,658 | |||||||||
| 6.75%, 03/02/26 (Call 03/02/25), (3-mo. EURIBOR + 3.206%)(b)(c) |
EUR | 100 | 109,363 | |||||||||
| 8.00%, 01/22/30 (Call 01/22/25)(b)(c) |
EUR | 100 | 98,629 | |||||||||
| 10.50%, 07/23/29(b) |
EUR | 100 | 106,854 | |||||||||
| Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(b) |
EUR | 100 | 108,133 | |||||||||
| Banco BPM SpA |
||||||||||||
| 1.75%, 01/28/25(b) |
EUR | 200 | 209,630 | |||||||||
| 3.25%, 01/14/31 (Call 01/14/26)(b)(c) |
EUR | 100 | 98,558 | |||||||||
| 4.88%, 01/18/27(b) |
EUR | 100 | 109,666 | |||||||||
| 5.00%, 09/14/30 (Call 09/14/25)(b)(c) |
EUR | 100 | 106,801 | |||||||||
| 6.00%, 01/21/28 (Call 01/21/27), (3-mo. EURIBOR + 3.300%)(b)(c) |
EUR | 150 | 166,275 | |||||||||
| BPER Banca |
||||||||||||
| 1.38%, 03/31/27 (Call 03/31/26), (3-mo. EURIBOR + 1.750%)(b)(c) |
EUR | 100 | 99,139 | |||||||||
| 3.63%, 11/30/30 (Call 11/30/25)(b)(c) |
EUR | 100 | 101,152 | |||||||||
| 6.13%, 02/01/28 (Call 02/01/27), (3-mo. EURIBOR + 3.600%)(b)(c) |
EUR | 150 | 167,635 | |||||||||
| Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(b) |
EUR | 100 | 96,630 | |||||||||
| Centurion Bidco SpA, 5.88%, 09/30/26 (Call 05/15/23)(b) |
EUR | 100 | 96,616 | |||||||||
| doValue SpA, 3.38%, 07/31/26 (Call 07/31/23)(b) |
EUR | 100 | 98,369 | |||||||||
| Fiber Bidco Spa, 11.00%, 10/25/27 (Call 10/25/24)(b) |
EUR | 100 | 118,466 | |||||||||
| Guala Closures SpA, 3.25%, 06/15/28 (Call 06/15/24)(b) |
EUR | 100 | 94,591 | |||||||||
| Iccrea Banca SpA |
||||||||||||
| 4.75%, 01/18/32 (Call 10/18/26)(b)(c) |
EUR | 100 | 93,609 | |||||||||
| 6.88%, 01/20/28 (Call 01/20/27), (3-mo. EURIBOR + 4.045%)(b)(c) |
EUR | 100 | 112,436 | |||||||||
| IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/24)(b) |
EUR | 100 | 95,675 | |||||||||
| Infrastrutture Wireless Italiane SpA |
||||||||||||
| 1.63%, 10/21/28 (Call 07/21/28)(b) |
EUR | 100 | 97,468 | |||||||||
| 1.75%, 04/19/31 (Call 01/19/31)(b) |
EUR | 100 | 93,580 | |||||||||
| 1.88%, 07/08/26 (Call 04/08/26)(b) |
EUR | 100 | 103,363 | |||||||||
| Intesa Sanpaolo SpA |
||||||||||||
| 2.86%, 04/23/25(b) |
EUR | 100 | 106,597 | |||||||||
| 2.93%, 10/14/30(b) |
EUR | 100 | 89,465 | |||||||||
| 3.93%, 09/15/26(b) |
EUR | 100 | 107,926 | |||||||||
| 4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)(a)(c) |
USD | 85 | 64,562 | |||||||||
| 5.02%, 06/26/24(a) |
USD | 200 | 195,081 | |||||||||
| 5.15%, 06/10/30(b) |
GBP | 100 | 104,077 | |||||||||
| 5.71%, 01/15/26(a)(d) |
USD | 200 | 192,660 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Italy (continued) | ||||||||||||
| Intesa Sanpaolo Vita SpA, 2.38%, 12/22/30(b) |
EUR | 250 | $ | 206,282 | ||||||||
| Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)(b) |
EUR | 100 | 106,838 | |||||||||
| Lottomatica SpA,
9.75%, 09/30/27 |
EUR | 100 | 118,133 | |||||||||
| Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 05/08/23)(b) |
EUR | 100 | 111,138 | |||||||||
| Nexi SpA |
||||||||||||
| 1.63%, 04/30/26 (Call 01/30/26)(b) |
EUR | 200 | 200,820 | |||||||||
| 2.13%, 04/30/29 (Call 01/30/29)(b) |
EUR | 100 | 91,158 | |||||||||
| Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/23)(b) |
EUR | 100 | 110,116 | |||||||||
| Saipem Finance International BV |
||||||||||||
| 2.63%, 01/07/25(b) |
EUR | 100 | 105,643 | |||||||||
| 3.13%, 03/31/28 (Call 12/31/27)(b) |
EUR | 100 | 97,216 | |||||||||
| Telecom Italia SpA |
||||||||||||
| 6.88%, 02/15/28 (Call 11/15/27)(b) |
EUR | 100 | 110,500 | |||||||||
| Series APR, 6.88%, Series APR, 02/15/28 (Call 11/15/27)(b) |
EUR | 100 | 110,373 | |||||||||
| Telecom Italia SpA/Milano |
||||||||||||
| 1.63%, 01/18/29 (Call 10/18/28)(b) |
EUR | 100 | 84,963 | |||||||||
| 2.38%, 10/12/27 (Call 07/12/27)(b) |
EUR | 100 | 94,325 | |||||||||
| 2.75%, 04/15/25 (Call 01/15/25)(b) |
EUR | 100 | 104,150 | |||||||||
| 3.00%, 09/30/25(b) |
EUR | 200 | 207,457 | |||||||||
| 3.63%, 05/25/26(b) |
EUR | 200 | 209,755 | |||||||||
| 5.30%, 05/30/24(a) |
USD | 95 | 93,042 | |||||||||
| UniCredit SpA |
||||||||||||
| 2.00%, 09/23/29 (Call 09/23/24)(b)(c) |
EUR | 200 | 204,192 | |||||||||
| 2.73%, 01/15/32 (Call 01/15/27)(b)(c) |
EUR | 200 | 188,446 | |||||||||
| 5.46%, 06/30/35 (Call 06/30/30), (5-year CMT + 4.750%)(a)(c) |
USD | 185 | 157,569 | |||||||||
| 5.86%, 06/19/32 (Call 06/19/27), (5-year USD ICE Swap + 3.703%)(a)(c) |
USD | 100 | 92,061 | |||||||||
| 7.30%, 04/02/34 (Call 04/02/29), (5-year USD ICE Swap + 4.914%)(a)(c)(d) |
USD | 150 | 143,261 | |||||||||
| Verde Bidco SpA,
4.63%, 10/01/26 |
EUR | 100 | 98,151 | |||||||||
| Webuild SpA |
||||||||||||
| 1.75%, 10/26/24(b) |
EUR | 100 | 103,922 | |||||||||
| 5.88%, 12/15/25 (Call 06/15/25)(b) |
EUR | 100 | 106,479 | |||||||||
|
|
|
|||||||||||
| 7,509,594 | ||||||||||||
| Japan — 0.5% | ||||||||||||
| Rakuten Group Inc. |
||||||||||||
| 5.13%, (Call 04/22/26), (5-year CMT
+ |
USD | 95 | 60,659 | |||||||||
| 6.25%, (Call 04/22/31), (5-year CMT
+ |
USD | 110 | 63,290 | |||||||||
| 10.25%, 11/30/24 (Call 11/28/23)(a) |
USD | 125 | 122,500 | |||||||||
| SoftBank Group Corp. |
||||||||||||
| 2.13%, 07/06/24 (Call 04/06/24)(b) |
EUR | 100 | 104,682 | |||||||||
| 2.88%, 01/06/27 (Call 10/06/26)(b) |
EUR | 200 | 186,790 | |||||||||
| 3.13%, 09/19/25 (Call 06/21/25)(b) |
EUR | 150 | 150,479 | |||||||||
| 5.00%, 04/15/28 (Call 01/16/28)(b) |
EUR | 100 | 96,486 | |||||||||
|
|
|
|||||||||||
| 784,886 | ||||||||||||
| Jersey — 0.1% | ||||||||||||
| Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a) |
USD | 150 | 147,375 | |||||||||
|
|
|
|||||||||||
| Kazakhstan — 0.0% | ||||||||||||
| Energean Israel Finance Ltd., 5.38%, 03/30/28 (Call 09/30/27)(a)(b) |
USD | 81 | 72,364 | |||||||||
|
|
|
|||||||||||
| Kuwait — 0.0% | ||||||||||||
| Leviathan Bond Ltd., 6.50%, 06/30/27 (Call 12/30/26)(a)(b) |
USD | 55 | 52,314 | |||||||||
|
|
|
|||||||||||
| S C H E D U L E O F I N V E S T M E N T S |
49 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Luxembourg — 1.7% | ||||||||||||
| Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a) |
USD | 65 | $ | 59,201 | ||||||||
| Albion Financing 2Sarl, 8.75%, 04/15/27 (Call 10/15/23)(a) |
USD | 50 | 43,171 | |||||||||
| Altice Financing SA |
||||||||||||
| 3.00%, 01/15/28 (Call 01/15/24)(b) |
EUR | 100 | 85,106 | |||||||||
| 4.25%, 08/15/29 (Call 08/15/24)(b) |
EUR | 100 | 85,433 | |||||||||
| 5.00%, 01/15/28 (Call 01/15/24)(a) |
USD | 125 | 101,193 | |||||||||
| 5.75%, 08/15/29 (Call 08/15/24)(a) |
USD | 250 | 199,430 | |||||||||
| Altice Finco SA,
4.75%, 01/15/28 |
EUR | 100 | 78,210 | |||||||||
| Altice France Holding SA |
||||||||||||
| 4.00%, 02/15/28 (Call 05/29/23)(b) |
EUR | 100 | 66,026 | |||||||||
| 6.00%, 02/15/28 (Call 02/15/24)(a)(d) |
USD | 150 | 92,257 | |||||||||
| 8.00%, 05/15/27 (Call 05/15/23)(b) |
EUR | 100 | 78,325 | |||||||||
| 10.50%, 05/15/27 (Call 05/15/23)(a) |
USD | 200 | 147,835 | |||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
||||||||||||
| 3.25%, 09/01/28 (Call 05/15/24)(a) |
USD | 100 | 87,625 | |||||||||
| 4.00%, 09/01/29 (Call 05/15/24)(a)(d) |
USD | 125 | 101,850 | |||||||||
| Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(b) |
EUR | 100 | 98,295 | |||||||||
| Garfunkelux Holdco 3 SA |
||||||||||||
| 6.75%, 11/01/25 (Call 11/01/23)(b) |
EUR | 100 | 83,535 | |||||||||
| 7.75%, 11/01/25 (Call 11/01/23)(b) |
GBP | 100 | 94,130 | |||||||||
| Herens Midco Sarl, 5.25%, 05/15/29 (Call 05/15/24)(b) |
EUR | 100 | 73,806 | |||||||||
| INEOS Finance PLC |
||||||||||||
| 2.88%, 05/01/26 (Call 05/01/23)(b) |
EUR | 100 | 101,606 | |||||||||
| 6.63%, 05/15/28 (Call 02/15/25)(b) |
EUR | 100 | 109,234 | |||||||||
| Loarre Investments Sarl, 6.50%, 05/15/29 (Call 05/15/25)(b) |
EUR | 100 | 103,519 | |||||||||
| Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/23)(b) |
EUR | 200 | 202,296 | |||||||||
| Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(b) |
EUR | 100 | 107,043 | |||||||||
| Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/23)(b) |
EUR | 200 | 191,468 | |||||||||
| Swissport Investments
SA, |
EUR | 100 | 1 | |||||||||
| Vivion Investments Sarl, 3.00%, 08/08/24(b) |
EUR | 200 | 159,423 | |||||||||
|
|
|
|||||||||||
| 2,550,018 | ||||||||||||
| Macau — 0.7% | ||||||||||||
| Melco Resorts Finance Ltd. |
||||||||||||
| 4.88%, 06/06/25 (Call 06/06/23)(a)(d) |
USD | 120 | 113,622 | |||||||||
| 5.38%, 12/04/29 (Call 12/04/24)(a) |
USD | 125 | 104,083 | |||||||||
| MGM China Holdings Ltd. |
||||||||||||
| 4.75%, 02/01/27 (Call 02/01/24)(a) |
USD | 75 | 68,098 | |||||||||
| 5.25%, 06/18/25 (Call 05/09/23)(a) |
USD | 75 | 71,778 | |||||||||
| 5.38%, 05/15/24 (Call 05/15/23)(a) |
USD | 50 | 49,194 | |||||||||
| 5.88%, 05/15/26 (Call 05/15/23)(a) |
USD | 100 | 95,552 | |||||||||
| Studio City Finance Ltd. |
||||||||||||
| 5.00%, 01/15/29 (Call 01/15/24)(a) |
USD | 135 | 105,435 | |||||||||
| 6.50%, 01/15/28 (Call 07/15/23)(a) |
USD | 60 | 51,791 | |||||||||
| Wynn Macau Ltd. |
||||||||||||
| 4.88%, 10/01/24 (Call 05/09/23)(a) |
USD | 75 | 72,577 | |||||||||
| 5.13%, 12/15/29 (Call 12/15/24)(a)(d) |
USD | 100 | 82,678 | |||||||||
| 5.50%, 01/15/26 (Call 06/15/23)(a) |
USD | 125 | 116,029 | |||||||||
| 5.50%, 10/01/27 (Call 10/01/23)(a)(d) |
USD | 100 | 89,125 | |||||||||
| 5.63%, 08/26/28 (Call 08/26/23)(a) |
USD | 150 | 130,875 | |||||||||
|
|
|
|||||||||||
| 1,150,837 | ||||||||||||
| Malaysia — 0.1% | ||||||||||||
| Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a) |
USD | 125 | 100,915 | |||||||||
|
|
|
|||||||||||
| Security | Par (000) |
Value | ||||||||||
| Netherlands — 1.8% | ||||||||||||
| Maxeda DIY Holding BV, 5.88%, 10/01/26 (Call 10/01/23)(b) |
EUR | 100 | $ | 83,160 | ||||||||
| Nobel Bidco BV,
3.13%, 06/15/28 |
EUR | 100 | 81,186 | |||||||||
| Nobian Finance BV, 3.63%, 07/15/26 (Call 07/15/23)(b) |
EUR | 100 | 94,529 | |||||||||
| OI European Group BV, 2.88%, 02/15/25 (Call 05/30/23)(b) |
EUR | 100 | 106,830 | |||||||||
| PPF Telecom Group BV, 3.25%, 09/29/27 (Call 06/29/27)(b) |
EUR | 175 | 177,185 | |||||||||
| Promontoria Holding 264 BV, 6.38%, 03/01/27 (Call 03/01/24)(b) |
EUR | 100 | 110,576 | |||||||||
| Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/24)(b) |
EUR | 150 | 140,582 | |||||||||
| Sensata Technologies BV |
||||||||||||
| 5.00%, 10/01/25(a) |
USD | 85 | 83,772 | |||||||||
| 5.63%, 11/01/24(a) |
USD | 25 | 25,050 | |||||||||
| Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/23)(b) |
EUR | 100 | 87,381 | |||||||||
| Titan Holdings II BV, 5.13%, 07/15/29 (Call 07/15/24)(b) |
EUR | 100 | 84,325 | |||||||||
| Trivium Packaging Finance BV |
||||||||||||
| 3.75%, 08/15/26 (Call 08/15/23)(b) |
EUR | 100 | 101,313 | |||||||||
| 5.50%, 08/15/26 (Call 08/15/23)(a) |
USD | 75 | 72,867 | |||||||||
| 8.50%, 08/15/27 (Call 08/15/23)(a)(d) |
USD | 100 | 96,402 | |||||||||
| United Group BV |
||||||||||||
| 4.00%, 11/15/27 (Call 11/15/23)(b) |
EUR | 100 | 86,178 | |||||||||
| 4.63%, 08/15/28 (Call 08/15/24)(b) |
EUR | 200 | 168,854 | |||||||||
| 4.88%, 07/01/24 (Call 05/29/23)(b) |
EUR | 100 | 109,170 | |||||||||
| UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a) |
USD | 100 | 86,000 | |||||||||
| UPC Holding BV,
5.50%, 01/15/28 |
USD | 50 | 44,983 | |||||||||
| Villa Dutch Bidco BV, 9.00%, 11/03/29 (Call 12/20/25)(b) |
EUR | 100 | 104,734 | |||||||||
| VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a) |
USD | 150 | 124,875 | |||||||||
| VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(b) |
EUR | 100 | 86,284 | |||||||||
| WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(b) |
EUR | 200 | 190,234 | |||||||||
| Ziggo Bond Co. BV |
||||||||||||
| 3.38%, 02/28/30 (Call 02/15/25)(b) |
EUR | 100 | 83,885 | |||||||||
| 5.13%, 02/28/30 (Call 02/15/25)(a) |
USD | 75 | 60,937 | |||||||||
| 6.00%, 01/15/27 (Call 01/15/24)(a)(d) |
USD | 75 | 71,183 | |||||||||
| Ziggo BV |
||||||||||||
| 2.88%, 01/15/30 (Call 10/15/24)(b) |
EUR | 100 | 88,092 | |||||||||
| 4.88%, 01/15/30 (Call 10/15/24)(a) |
USD | 135 | 116,145 | |||||||||
|
|
|
|||||||||||
| 2,766,712 | ||||||||||||
| Portugal — 0.5% | ||||||||||||
| Banco Comercial Portugues SA |
||||||||||||
| 3.87%, 03/27/30 (Call 03/27/25)(b)(c) |
EUR | 100 | 84,060 | |||||||||
| 8.50%, 10/25/25 (Call 10/25/24), (3-mo. EURIBOR + 5.547%)(c) |
EUR | 100 | 111,756 | |||||||||
| EDP - Energias de Portugal SA |
||||||||||||
| 1.50%, 03/14/82 (Call 12/14/26)(b)(c) |
EUR | 200 | 185,662 | |||||||||
| 1.70%, 07/20/80 (Call 04/20/25)(b)(c) |
EUR | 100 | 100,048 | |||||||||
| 1.88%, 08/02/81 (Call 05/02/26)(b)(c) |
EUR | 100 | 96,073 | |||||||||
| 5.94%, 04/23/83 (Call 01/23/28)(b)(c) |
EUR | 100 | 108,405 | |||||||||
| Transportes Aereos Portugueses SA, 5.63%, 12/02/24 (Call 07/02/24)(b) |
EUR | 100 | 107,076 | |||||||||
|
|
|
|||||||||||
| 793,080 | ||||||||||||
| Singapore — 0.1% | ||||||||||||
| Puma International Financing SA, 5.13%, 10/06/24 (Call 05/09/23)(a) |
USD | 200 | 191,927 | |||||||||
|
|
|
|||||||||||
| 50 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Spain — 2.3% | ||||||||||||
| Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(b)(c) |
EUR | 100 | $ | 101,088 | ||||||||
| ACS Actividades de Construccion y Servicios SA, 1.38%, 06/17/25 (Call 03/17/25)(b) |
EUR | 100 | 103,282 | |||||||||
| Banco de Credito Social Cooperativo SA |
||||||||||||
| 1.75%, 03/09/28 (Call 03/09/27)(b)(c) |
EUR | 100 | 87,420 | |||||||||
| 8.00%, 09/22/26 (Call 09/22/25)(b)(c) |
EUR | 100 | 111,227 | |||||||||
| Banco de Sabadell SA |
||||||||||||
| 1.75%, 05/10/24(b) |
EUR | 100 | 106,822 | |||||||||
| 2.63%, 03/24/26 (Call 03/24/25)(b)(c) |
EUR | 100 | 103,923 | |||||||||
| 5.38%, 09/08/26 (Call 09/08/25)(b)(c) |
EUR | 200 | 218,122 | |||||||||
| 5.38%, 12/12/28 (Call 12/12/23)(b)(c) |
EUR | 100 | 107,812 | |||||||||
| 6.00%, 08/16/33 (Call 05/16/28)(b)(c) |
EUR | 100 | 98,991 | |||||||||
| Cellnex Finance Co. SA |
||||||||||||
| 0.75%, 11/15/26 (Call 08/15/26)(b) |
EUR | 200 | 196,123 | |||||||||
| 1.00%, 09/15/27 (Call 06/15/27)(b) |
EUR | 100 | 95,856 | |||||||||
| 1.25%, 01/15/29 (Call 10/15/28)(b) |
EUR | 100 | 92,028 | |||||||||
| 2.00%, 09/15/32 (Call 06/15/32)(b) |
EUR | 100 | 87,347 | |||||||||
| 2.00%, 02/15/33 (Call 11/15/32)(b) |
EUR | 100 | 86,021 | |||||||||
| 2.25%, 04/12/26 (Call 01/12/26)(b) |
EUR | 100 | 104,316 | |||||||||
| Cellnex Telecom SA |
||||||||||||
| 1.75%, 10/23/30 (Call 07/23/30)(b) |
EUR | 200 | 180,496 | |||||||||
| 1.88%, 06/26/29 (Call 03/26/29)(b) |
EUR | 100 | 93,986 | |||||||||
| 2.88%, 04/18/25 (Call 01/18/25)(b) |
EUR | 100 | 107,865 | |||||||||
| Cirsa Finance International Sarl, 4.50%, 03/15/27 (Call 09/15/23)(b) |
EUR | 200 | 193,015 | |||||||||
| ContourGlobal Power Holdings SA, 2.75%, 01/01/26 (Call 01/01/24)(b) |
EUR | 100 | 102,001 | |||||||||
| eDreams ODIGEO SA, 5.50%, 07/15/27 (Call 07/15/24)(b) |
EUR | 100 | 96,858 | |||||||||
| Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(b) |
EUR | 225 | 191,489 | |||||||||
| Grifols SA |
||||||||||||
| 1.63%, 02/15/25 (Call 02/15/24)(b) |
EUR | 100 | 104,169 | |||||||||
| 3.20%, 05/01/25 (Call 05/29/23)(b) |
EUR | 100 | 101,868 | |||||||||
| Grupo-Antolin Irausa SA, 3.38%, 04/30/26 (Call 04/30/23)(b) |
EUR | 100 | 89,812 | |||||||||
| Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(b)(c) |
EUR | 100 | 92,847 | |||||||||
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(b) |
EUR | 100 | 94,785 | |||||||||
| Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(b) |
EUR | 150 | 151,484 | |||||||||
| Unicaja Banco SA |
||||||||||||
| 3.13%, 07/19/32 (Call 01/19/27)(b)(c) |
EUR | 100 | 85,981 | |||||||||
| 7.25%, 11/15/27 (Call 11/15/26)(b)(c) |
EUR | 100 | 111,270 | |||||||||
| Via Celere Desarrollos Inmobiliarios SA, 5.25%, 04/01/26 (Call 04/01/24)(b) |
EUR | 100 | 99,716 | |||||||||
|
|
|
|||||||||||
| 3,598,020 | ||||||||||||
| Sweden — 0.9% | ||||||||||||
| Dometic Group AB, 2.00%, 09/29/28 (Call 06/29/28)(b) |
EUR | 100 | 85,388 | |||||||||
| Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(b)(c) |
EUR | 100 | 74,058 | |||||||||
| Heimstaden AB,
4.25%, 03/09/26 |
EUR | 100 | 72,508 | |||||||||
| Intrum AB |
||||||||||||
| 3.00%, 09/15/27 (Call 09/15/23)(b) |
EUR | 100 | 82,857 | |||||||||
| 3.50%, 07/15/26 (Call 07/15/23)(b) |
EUR | 100 | 90,166 | |||||||||
| 4.88%, 08/15/25 (Call 08/15/23)(b) |
EUR | 200 | 198,320 | |||||||||
| Stena International SA, 7.25%, 02/15/28 (Call 02/15/25)(b) |
EUR | 100 | 111,395 | |||||||||
| Verisure Holding AB |
||||||||||||
| 3.25%, 02/15/27 (Call 05/29/23)(b) |
EUR | 100 | 96,394 | |||||||||
| 3.88%, 07/15/26 (Call 07/15/23)(b) |
EUR | 100 | 101,377 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| Sweden (continued) | ||||||||||||
| 7.13%, 02/01/28 (Call 02/01/25)(b) |
EUR | 100 | $ | 109,543 | ||||||||
| Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(b) |
EUR | 100 | 88,802 | |||||||||
| Volvo Car AB |
||||||||||||
| 2.00%, 01/24/25 (Call 10/24/24)(b) |
EUR | 100 | 104,962 | |||||||||
| 2.50%, 10/07/27 (Call 07/07/27)(b) |
EUR | 100 | 98,453 | |||||||||
|
|
|
|||||||||||
| 1,314,223 | ||||||||||||
| Switzerland — 0.5% | ||||||||||||
| Dufry One BV |
||||||||||||
| 2.00%, 02/15/27 (Call 05/29/23)(b) |
EUR | 100 | 95,304 | |||||||||
| 2.50%, 10/15/24 (Call 05/29/23)(b) |
EUR | 100 | 107,854 | |||||||||
| 3.38%, 04/15/28 (Call 04/15/24)(b) |
EUR | 100 | 96,906 | |||||||||
| SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(b) |
EUR | 100 | 105,981 | |||||||||
| Transocean Inc.,
7.50%, 01/15/26 |
USD | 85 | 78,200 | |||||||||
| VistaJet Malta Finance PLC/XO Management Holding Inc. |
||||||||||||
| 6.38%, 02/01/30 (Call 02/01/25)(a) |
USD | 120 | 103,800 | |||||||||
| 7.88%, 05/01/27 (Call 04/26/24)(a)(d) |
USD | 60 | 56,955 | |||||||||
| Wizz Air Finance Co. BV, 1.00%, 01/19/26 (Call 11/19/25)(b) |
EUR | 100 | 96,773 | |||||||||
|
|
|
|||||||||||
| 741,773 | ||||||||||||
| United Arab Emirates — 0.0% | ||||||||||||
| Energean Israel Finance Ltd., 4.88%, 03/30/26 (Call 12/30/25)(a)(b) |
USD | 85 | 78,490 | |||||||||
|
|
|
|||||||||||
| United Kingdom — 5.3% | ||||||||||||
| B&M European Value Retail SA, 3.63%, 07/15/25 (Call 07/15/23)(b) |
GBP | 100 | 118,409 | |||||||||
| BCP V Modular Services Finance II PLC |
||||||||||||
| 4.75%, 11/30/28 (Call 11/30/24)(b) |
EUR | 150 | 137,903 | |||||||||
| 6.13%, 11/30/28 (Call 11/30/24)(b) |
GBP | 100 | 105,029 | |||||||||
| Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 05/30/23)(b) |
GBP | 275 | 282,475 | |||||||||
| Bellis Finco PLC,
4.00%, 02/16/27 |
GBP | 100 | 85,333 | |||||||||
| British Telecommunications PLC |
||||||||||||
| 1.87%, 08/18/80 (Call 05/18/25)(b)(c) |
EUR | 100 | 98,958 | |||||||||
| 4.25%, 11/23/81 (Call 11/23/26), (5-year CMT + 2.985%)(a)(c) |
USD | 75 | 66,133 | |||||||||
| 4.88%, 11/23/81 (Call 08/23/31), (5-year CMT + 3.493%)(a)(c) |
USD | 70 | 56,525 | |||||||||
| Canary Wharf Group Investment Holdings PLC |
||||||||||||
| 1.75%, 04/07/26 (Call 01/07/26)(b) |
EUR | 100 | 84,911 | |||||||||
| 2.63%, 04/23/25 (Call 03/23/25)(b) |
GBP | 100 | 102,918 | |||||||||
| Co.-Operative Bank Finance PLC (The), 6.00%, 04/06/27 (Call 04/06/26)(b)(c) |
GBP | 100 | 117,193 | |||||||||
| Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/23)(a)(d) |
USD | 250 | 238,310 | |||||||||
| Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 07/15/23)(b) |
GBP | 100 | 94,900 | |||||||||
| Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(b) |
GBP | 100 | 106,371 | |||||||||
| eG Global Finance PLC |
||||||||||||
| 4.38%, 02/07/25 (Call 05/15/23)(b) |
EUR | 100 | 102,465 | |||||||||
| 6.25%, 10/30/25 (Call 10/25/23)(b) |
EUR | 100 | 103,513 | |||||||||
| 6.75%, 02/07/25 (Call 05/15/23)(a) |
USD | 100 | 94,750 | |||||||||
| 8.50%, 10/30/25 (Call 10/30/23)(a) |
USD | 75 | 71,455 | |||||||||
| Energia Group NI FinanceCo PLC/Energia Group ROI Holdings DAC, 4.00%, 09/15/25 (Call 05/08/23)(b) |
EUR | 100 | 105,592 | |||||||||
| Gatwick Airport Finance PLC, 4.38%, 04/07/26 (Call 04/07/24)(b) |
GBP | 100 | 115,931 | |||||||||
| Heathrow Finance PLC, 3.88%, 03/01/27(b)(h) |
GBP | 100 | 109,704 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
51 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United Kingdom (continued) | ||||||||||||
| Hurricane Finance PLC, 8.00%, 10/15/25 (Call 10/15/23)(b) |
GBP | 100 | $ | 115,379 | ||||||||
| Iceland Bondco PLC, 4.63%, 03/15/25 (Call 05/09/23)(b) |
GBP | 100 | 113,085 | |||||||||
| INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 (Call 01/15/24)(b) |
EUR | 100 | 96,349 | |||||||||
| INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/24)(b) |
EUR | 100 | 98,986 | |||||||||
| International Consolidated Airlines Group SA |
||||||||||||
| 1.50%, 07/04/27 (Call 04/04/27)(b) |
EUR | 100 | 90,732 | |||||||||
| 3.75%, 03/25/29 (Call 12/25/28)(b) |
EUR | 100 | 90,746 | |||||||||
| Jaguar Land Rover Automotive PLC |
||||||||||||
| 4.50%, 01/15/26 (Call 10/15/25)(b) |
EUR | 100 | 103,503 | |||||||||
| 4.50%, 10/01/27 (Call 07/01/27)(a) |
USD | 50 | 42,017 | |||||||||
| 5.88%, 01/15/28 (Call 01/15/24)(a) |
USD | 155 | 133,478 | |||||||||
| 6.88%, 11/15/26 (Call 08/15/26)(b) |
EUR | 100 | 107,246 | |||||||||
| Jerrold Finco PLC, 4.88%, 01/15/26 (Call 05/30/23)(b) |
GBP | 100 | 110,304 | |||||||||
| Kane Bidco Ltd.,
6.50%, 02/15/27 |
GBP | 100 | 110,908 | |||||||||
| Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(b) |
GBP | 100 | 94,125 | |||||||||
| Marks & Spencer PLC, 3.75%, 05/19/26 (Call 02/19/26)(b) |
GBP | 100 | 114,127 | |||||||||
| Motion Finco Sarl,
7.00%, 05/15/25 |
EUR | 100 | 111,419 | |||||||||
| NGG Finance PLC |
||||||||||||
| 1.63%, 12/05/79 (Call 09/05/24)(b)(c) |
EUR | 100 | 103,667 | |||||||||
| 2.13%, 09/05/82 (Call 06/05/27)(b) |
EUR | 100 | 92,858 | |||||||||
| 5.63%, 06/18/73 (Call 06/18/25)(b)(c) |
GBP | 200 | 242,895 | |||||||||
| Ocado Group PLC, 3.88%, 10/08/26 (Call 10/08/23)(b) |
GBP | 100 | 92,550 | |||||||||
| Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a)(d) |
USD | 50 | 47,625 | |||||||||
| PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/26 (Call 09/15/23)(b) |
EUR | 100 | 106,918 | |||||||||
| Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/23)(b) |
GBP | 100 | 117,561 | |||||||||
| Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 05/30/23)(b) |
EUR | 100 | 104,448 | |||||||||
| Rolls-Royce PLC |
||||||||||||
| 1.63%, 05/09/28 (Call 02/09/28)(b) |
EUR | 100 | 91,176 | |||||||||
| 3.38%, 06/18/26 |
GBP | 100 | 113,639 | |||||||||
| 3.63%, 10/14/25 (Call 07/14/25)(a) |
USD | 135 | 127,758 | |||||||||
| 4.63%, 02/16/26 (Call 11/16/25)(b) |
EUR | 100 | 107,895 | |||||||||
| 5.75%, 10/15/27 (Call 07/15/27)(a) |
USD | 125 | 124,130 | |||||||||
| Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(b) |
EUR | 100 | 94,088 | |||||||||
| Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 05/30/23)(b) |
GBP | 200 | 230,118 | |||||||||
| Synthomer PLC,
3.88%, 07/01/25 |
EUR | 100 | 101,632 | |||||||||
| TalkTalk Telecom Group PLC, 3.88%, 02/20/25 (Call 02/20/24)(b) |
GBP | 100 | 96,251 | |||||||||
| Thames Water Utilities Finance PLC, 2.88%, 05/03/27(b) |
GBP | 100 | 108,987 | |||||||||
| TVL Finance PLC, 10.25%, 04/28/28 (Call 04/28/25)(b) |
GBP | 100 | 122,078 | |||||||||
| Very Group Funding PLC (The), 6.50%, 08/01/26 (Call 08/01/23)(b) |
GBP | 100 | 95,590 | |||||||||
| Victoria PLC, 3.63%, 08/24/26 (Call 02/28/24)(b) |
EUR | 100 | 88,995 | |||||||||
| Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(d) |
USD | 125 | 105,124 | |||||||||
| Virgin Media Secured Finance PLC |
||||||||||||
| 4.13%, 08/15/30 (Call 08/15/25)(b) |
GBP | 100 | 97,947 | |||||||||
| 4.25%, 01/15/30 (Call 10/15/24)(b) |
GBP | 150 | 149,096 | |||||||||
| 4.50%, 08/15/30 (Call 08/15/25)(a) |
USD | 100 | 85,636 | |||||||||
| 5.25%, 05/15/29 (Call 05/15/24)(b) |
GBP | 100 | 107,089 | |||||||||
| 5.50%, 05/15/29 (Call 05/15/24)(a) |
USD | 125 | 114,796 | |||||||||
| Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(b) |
GBP | 100 | 103,220 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United Kingdom (continued) | ||||||||||||
| Vmed O2 UK Financing I PLC |
||||||||||||
| 3.25%, 01/31/31 (Call 01/31/26)(b) |
EUR | 150 | $ | 132,110 | ||||||||
| 4.25%, 01/31/31 (Call 01/31/26)(a) |
USD | 150 | 124,291 | |||||||||
| 4.75%, 07/15/31 (Call 07/15/26)(a) |
USD | 175 | 148,831 | |||||||||
| Vodafone Group PLC |
||||||||||||
| 2.63%, 08/27/80 (Call 05/27/26)(b)(c) |
EUR | 100 | 98,837 | |||||||||
| 3.00%, 08/27/80 (Call 05/27/30)(b)(c) |
EUR | 100 | 89,466 | |||||||||
| 3.25%, 06/04/81 (Call 06/04/26), (5-year CMT + 2.447%)(c) |
USD | 65 | 57,481 | |||||||||
| 4.13%, 06/04/81 (Call 04/04/31), (5-year CMT + 2.767%)(c)(d) |
USD | 120 | 96,562 | |||||||||
| 4.20%, 10/03/78 (Call 07/03/28)(b)(c) |
EUR | 100 | 100,338 | |||||||||
| 7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)(c) |
USD | 230 | 234,048 | |||||||||
|
|
|
|||||||||||
| 8,186,913 | ||||||||||||
| United States — 62.3% | ||||||||||||
| Acrisure LLC/Acrisure Finance Inc. |
||||||||||||
| 4.25%, 02/15/29 (Call 02/15/24)(a) |
USD | 95 | 79,748 | |||||||||
| 6.00%, 08/01/29 (Call 08/01/24)(a) |
USD | 35 | 29,267 | |||||||||
| 7.00%, 11/15/25 (Call 05/30/23)(a)(d) |
USD | 110 | 105,050 | |||||||||
| 10.13%, 08/01/26 (Call 08/01/23)(a) |
USD | 60 | 61,093 | |||||||||
| AdaptHealth LLC |
||||||||||||
| 4.63%, 08/01/29 (Call 02/01/24)(a) |
USD | 60 | 48,892 | |||||||||
| 5.13%, 03/01/30 (Call 03/01/25)(a)(d) |
USD | 85 | 70,338 | |||||||||
| Adient Global Holdings, 8.25%, 04/15/31 (Call 04/15/26) |
USD | 55 | 56,504 | |||||||||
| Adient Global Holdings Ltd. |
||||||||||||
| 3.50%, 08/15/24 (Call 05/15/24)(b) |
EUR | 15 | 15,308 | |||||||||
| 7.00%, 04/15/28 (Call 04/15/25) |
USD | 50 | 51,308 | |||||||||
| ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)(a) |
USD | 110 | 96,458 | |||||||||
| AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a) |
USD | 65 | 66,788 | |||||||||
| Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
||||||||||||
| 3.25%, 03/15/26 (Call 09/15/23)(a) |
USD | 55 | 51,987 | |||||||||
| 3.50%, 03/15/29 (Call 09/15/23)(a)(d) |
USD | 160 | 141,768 | |||||||||
| 4.63%, 01/15/27 (Call 01/15/24)(a) |
USD | 205 | 198,081 | |||||||||
| 4.88%, 02/15/30 (Call 02/15/25)(a) |
USD | 110 | 103,060 | |||||||||
| 5.88%, 02/15/28 (Call 08/15/23)(a) |
USD | 75 | 74,063 | |||||||||
| 6.50%, 02/15/28 (Call 02/15/25)(a) |
USD | 75 | 76,183 | |||||||||
| 7.50%, 03/15/26 (Call 03/15/24)(a) |
USD | 100 | 103,255 | |||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||||||
| 4.25%, 10/15/27 (Call 10/15/23)(a)(d) |
USD | 100 | 92,370 | |||||||||
| 5.88%, 11/01/29 (Call 11/01/24)(a) |
USD | 55 | 47,752 | |||||||||
| 6.75%, 10/15/27 (Call 10/15/23)(a) |
USD | 155 | 144,731 | |||||||||
| 6.75%, 04/15/28 (Call 04/15/25)(a)(d) |
USD | 135 | 134,838 | |||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |
||||||||||||
| 6.00%, 06/01/29 (Call 06/01/24)(a)(d) |
USD | 100 | 78,046 | |||||||||
| 6.63%, 07/15/26 (Call 07/15/23)(a) |
USD | 220 | 211,750 | |||||||||
| 9.75%, 07/15/27 (Call 07/15/23)(a) |
USD | 115 | 106,950 | |||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a) |
USD | 250 | 217,187 | |||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(b) |
EUR | 100 | 89,942 | |||||||||
| Allison Transmission Inc. |
||||||||||||
| 3.75%, 01/30/31 (Call 01/30/26)(a) |
USD | 85 | 72,856 | |||||||||
| 52 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 4.75%, 10/01/27 (Call 10/01/23)(a) |
USD | 60 | $ | 57,409 | ||||||||
| 5.88%, 06/01/29 (Call 06/01/24)(a)(d) |
USD | 90 | 88,238 | |||||||||
| Ally Financial Inc. |
||||||||||||
| 5.75%, 11/20/25 (Call 10/20/25)(d) |
USD | 80 | 77,700 | |||||||||
| 6.70%, 02/14/33 (Call 11/16/32) |
USD | 60 | 54,030 | |||||||||
| Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(b)(c) |
EUR | 100 | 89,047 | |||||||||
| AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)(d) |
USD | 105 | 76,125 | |||||||||
| AMC Networks Inc. |
||||||||||||
| 4.25%, 02/15/29 (Call 02/15/24) |
USD | 135 | 93,555 | |||||||||
| 4.75%, 08/01/25 (Call 08/01/23) |
USD | 110 | 102,025 | |||||||||
| American Airlines Group Inc., 3.75%, 03/01/25(a) |
USD | 40 | 37,605 | |||||||||
| American Airlines Inc. |
||||||||||||
| 7.25%, 02/15/28 (Call 02/15/25)(a) |
USD | 65 | 63,213 | |||||||||
| 11.75%, 07/15/25(a) |
USD | 315 | 346,405 | |||||||||
| American Airlines Inc./AAdvantage Loyalty IP Ltd. |
||||||||||||
| 5.50%, 04/20/26(a) |
USD | 405 | 397,912 | |||||||||
| 5.75%, 04/20/29(a) |
USD | 330 | 313,912 | |||||||||
| American Axle & Manufacturing Inc. |
||||||||||||
| 5.00%, 10/01/29 (Call 10/01/24) |
USD | 60 | 49,806 | |||||||||
| 6.50%, 04/01/27 (Call 04/01/24)(d) |
USD | 70 | 64,869 | |||||||||
| 6.88%, 07/01/28 (Call 07/01/23) |
USD | 50 | 45,058 | |||||||||
| American Builders & Contractors Supply Co. Inc. |
||||||||||||
| 3.88%, 11/15/29 (Call 11/15/24)(a) |
USD | 60 | 51,671 | |||||||||
| 4.00%, 01/15/28 (Call 01/15/24)(a) |
USD | 65 | 59,930 | |||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||||||
| 5.50%, 05/20/25 (Call 02/20/25) |
USD | 75 | 72,934 | |||||||||
| 5.63%, 05/20/24 (Call 03/20/24) |
USD | 35 | 34,817 | |||||||||
| 5.75%, 05/20/27 (Call 02/20/27) |
USD | 75 | 70,922 | |||||||||
| 5.88%, 08/20/26 (Call 05/20/26) |
USD | 70 | 67,693 | |||||||||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |
||||||||||||
| 5.38%, 06/15/29 (Call 06/15/24)(a) |
USD | 80 | 74,797 | |||||||||
| 5.75%, 03/01/27 (Call 03/01/24)(a) |
USD | 95 | 91,675 | |||||||||
| 5.75%, 01/15/28 (Call 01/15/24)(a) |
USD | 80 | 77,500 | |||||||||
| 7.88%, 05/15/26 (Call 05/15/23)(a)(d) |
USD | 60 | 61,606 | |||||||||
| Antero Resources Corp. |
||||||||||||
| 5.38%, 03/01/30 (Call 03/01/25)(a)(d) |
USD | 85 | 79,765 | |||||||||
| 7.63%, 02/01/29 (Call 02/01/24)(a) |
USD | 41 | 41,968 | |||||||||
| Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)(d) |
USD | 70 | 63,963 | |||||||||
| APX Group Inc. |
||||||||||||
| 5.75%, 07/15/29 (Call 07/15/24)(a) |
USD | 75 | 66,938 | |||||||||
| 6.75%, 02/15/27 (Call 02/15/24)(a) |
USD | 90 | 90,099 | |||||||||
| Aramark Services Inc. |
||||||||||||
| 5.00%, 04/01/25 (Call 05/30/23)(a) |
USD | 80 | 79,294 | |||||||||
| 5.00%, 02/01/28 (Call 02/01/24)(a) |
USD | 145 | 137,931 | |||||||||
| 6.38%, 05/01/25 (Call 05/01/23)(a) |
USD | 145 | 145,524 | |||||||||
| Arches Buyer Inc. |
||||||||||||
| 4.25%, 06/01/28 (Call 12/01/23)(a) |
USD | 115 | 99,029 | |||||||||
| 6.13%, 12/01/28 (Call 12/01/23)(a)(d) |
USD | 50 | 43,375 | |||||||||
| Archrock Partners LP/Archrock Partners Finance Corp. |
||||||||||||
| 6.25%, 04/01/28 (Call 04/01/24)(a) |
USD | 100 | 95,994 | |||||||||
| 6.88%, 04/01/27 (Call 04/01/24)(a) |
USD | 50 | 49,277 | |||||||||
| Arconic Corp. |
||||||||||||
| 6.00%, 05/15/25 (Call 05/15/23)(a) |
USD | 70 | 69,862 | |||||||||
| 6.13%, 02/15/28 (Call 02/15/24)(a)(d) |
USD | 115 | 113,562 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
||||||||||||
| 2.00%, 09/01/28 (Call 05/15/24)(b) |
EUR | 100 | $ | 91,394 | ||||||||
| 6.00%, 06/15/27 (Call 06/15/24)(a) |
USD | 75 | 74,770 | |||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |
||||||||||||
| 2.13%, 08/15/26 (Call 08/15/23)(b) |
EUR | 100 | 97,557 | |||||||||
| 4.75%, 07/15/27 (Call 07/15/23)(b) |
GBP | 100 | 99,603 | |||||||||
| 5.25%, 04/30/25 (Call 04/30/23)(a) |
USD | 75 | 73,809 | |||||||||
| 5.25%, 08/15/27 (Call 08/15/23)(a) |
USD | 200 | 170,750 | |||||||||
| Asbury Automotive Group Inc. |
||||||||||||
| 4.50%, 03/01/28 (Call 03/01/24)(d) |
USD | 61 | 56,001 | |||||||||
| 4.63%, 11/15/29 (Call 11/15/24)(a)(d) |
USD | 70 | 62,312 | |||||||||
| 4.75%, 03/01/30 (Call 03/01/25)(d) |
USD | 60 | 53,143 | |||||||||
| 5.00%, 02/15/32 (Call 11/15/26)(a)(d) |
USD | 85 | 73,206 | |||||||||
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
||||||||||||
| 5.88%, 06/30/29 (Call 09/01/24)(a)(d) |
USD | 65 | 57,990 | |||||||||
| 7.00%, 11/01/26 (Call 11/01/23)(a) |
USD | 50 | 48,473 | |||||||||
| Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(b) |
EUR | 100 | 95,513 | |||||||||
| Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a) |
USD | 30 | 24,852 | |||||||||
| ASP Unifrax Holdings Inc. |
||||||||||||
| 5.25%, 09/30/28 (Call 09/30/24)(a) |
USD | 85 | 69,700 | |||||||||
| 7.50%, 09/30/29 (Call 09/30/24)(a) |
USD | 50 | 36,850 | |||||||||
| AssuredPartners Inc. |
||||||||||||
| 5.63%, 01/15/29 (Call 12/15/23)(a) |
USD | 75 | 65,122 | |||||||||
| 7.00%, 08/15/25 (Call 05/30/23)(a)(d) |
USD | 50 | 49,575 | |||||||||
| Audacy Capital Corp. |
||||||||||||
| 6.50%, 05/01/27 (Call 05/01/23)(a) |
USD | 25 | 1,900 | |||||||||
| 6.75%, 03/31/29 (Call 03/31/24)(a) |
USD | 25 | 1,920 | |||||||||
| Avantor Funding Inc. |
||||||||||||
| 2.63%, 11/01/25 (Call 11/01/23)(b) |
EUR | 100 | 105,227 | |||||||||
| 3.88%, 11/01/29 (Call 11/01/24)(a)(d) |
USD | 80 | 71,340 | |||||||||
| 4.63%, 07/15/28 (Call 07/15/23)(a) |
USD | 180 | 169,369 | |||||||||
| Avient Corp. |
||||||||||||
| 5.75%, 05/15/25 (Call 05/15/23)(a) |
USD | 50 | 49,975 | |||||||||
| 7.13%, 08/01/30 (Call 08/01/25)(a)(d) |
USD | 100 | 102,398 | |||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance Inc. |
||||||||||||
| 4.75%, 04/01/28 (Call 04/01/24)(a)(d) |
USD | 50 | 44,875 | |||||||||
| 5.38%, 03/01/29 (Call 03/01/24)(a)(d) |
USD | 90 | 81,718 | |||||||||
| 5.75%, 07/15/27 (Call 07/15/23)(a) |
USD | 40 | 38,114 | |||||||||
| Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/23)(b) |
EUR | 100 | 107,081 | |||||||||
| Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/08/23)(b) |
EUR | 100 | 108,305 | |||||||||
| Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a) |
USD | 75 | 65,088 | |||||||||
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(d) |
USD | 50 | 48,255 | |||||||||
| B&G Foods Inc. |
||||||||||||
| 5.25%, 04/01/25 (Call 05/30/23) |
USD | 110 | 103,950 | |||||||||
| 5.25%, 09/15/27 (Call 03/01/24)(d) |
USD | 80 | 70,122 | |||||||||
| Ball Corp. |
||||||||||||
| 1.50%, 03/15/27 (Call 12/15/26) |
EUR | 100 | 98,078 | |||||||||
| 2.88%, 08/15/30 (Call 05/15/30) |
USD | 150 | 125,891 | |||||||||
| 3.13%, 09/15/31 (Call 06/15/31) |
USD | 90 | 75,013 | |||||||||
| 4.88%, 03/15/26 (Call 12/15/25) |
USD | 95 | 94,050 | |||||||||
| 5.25%, 07/01/25(d) |
USD | 120 | 119,877 | |||||||||
| 6.88%, 03/15/28 (Call 11/15/24)(d) |
USD | 90 | 93,605 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
53 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| Bath & Body Works Inc. |
||||||||||||
| 5.25%, 02/01/28 |
USD | 40 | $ | 38,227 | ||||||||
| 6.63%, 10/01/30 (Call 10/01/25)(a) |
USD | 130 | 124,800 | |||||||||
| 7.50%, 06/15/29 (Call 06/15/24)(d) |
USD | 65 | 66,275 | |||||||||
| Bausch Health Companies Inc., 6.25%, 02/15/29 (Call 02/15/24)(a) |
USD | 125 | 59,019 | |||||||||
| Bausch Health Cos. Inc. |
||||||||||||
| 4.88%, 06/01/28 (Call 06/01/24)(a) |
USD | 200 | 131,972 | |||||||||
| 5.25%, 01/30/30 (Call 01/30/25)(a) |
USD | 150 | 71,425 | |||||||||
| 5.50%, 11/01/25 (Call 05/29/23)(a) |
USD | 220 | 191,400 | |||||||||
| 5.75%, 08/15/27 (Call 08/15/23)(a) |
USD | 85 | 58,944 | |||||||||
| 11.00%, 09/30/28(a) |
USD | 314 | 255,251 | |||||||||
| Belden Inc., 3.88%, 03/15/28 (Call 03/06/24)(b) |
EUR | 150 | 151,794 | |||||||||
| Berry Global Inc.,
5.63%, 07/15/27 |
USD | 80 | 79,091 | |||||||||
| Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a) |
USD | 125 | 113,367 | |||||||||
| Block Inc. |
||||||||||||
| 2.75%, 06/01/26 (Call 05/01/26) |
USD | 125 | 112,760 | |||||||||
| 3.50%, 06/01/31 (Call 03/01/31) |
USD | 105 | 85,575 | |||||||||
| Boyd Gaming Corp. |
||||||||||||
| 4.75%, 12/01/27 (Call 12/01/23)(d) |
USD | 145 | 139,869 | |||||||||
| 4.75%, 06/15/31 (Call 06/15/26)(a) |
USD | 75 | 68,843 | |||||||||
| Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/23)(a)(d) |
USD | 80 | 74,800 | |||||||||
| Brink’s Co. (The) |
||||||||||||
| 4.63%, 10/15/27 (Call 10/15/23)(a) |
USD | 50 | 47,344 | |||||||||
| 5.50%, 07/15/25 (Call 06/18/23)(a) |
USD | 75 | 74,477 | |||||||||
| Brookfield Property Finance ULC |
||||||||||||
| 4.00%, 09/30/26 (Call 08/30/26) |
CAD | 125 | 79,954 | |||||||||
| 7.13%, 02/13/28 (Call 01/13/28) |
CAD | 75 | 51,897 | |||||||||
| Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
||||||||||||
| 4.50%, 04/01/27 (Call 10/01/23)(a) |
USD | 80 | 66,195 | |||||||||
| 5.75%, 05/15/26 (Call 05/15/23)(a)(d) |
USD | 100 | 90,959 | |||||||||
| Buckeye Partners LP |
||||||||||||
| 3.95%, 12/01/26 (Call 09/01/26) |
USD | 50 | 45,500 | |||||||||
| 4.13%, 03/01/25 (Call 02/01/25)(a) |
USD | 75 | 71,973 | |||||||||
| 4.13%, 12/01/27 (Call 09/01/27) |
USD | 35 | 31,397 | |||||||||
| 4.50%, 03/01/28 (Call 12/01/27)(a) |
USD | 75 | 68,156 | |||||||||
| Builders FirstSource Inc. |
||||||||||||
| 4.25%, 02/01/32 (Call 08/01/26)(a)(d) |
USD | 140 | 122,458 | |||||||||
| 5.00%, 03/01/30 (Call 03/01/25)(a) |
USD | 85 | 79,547 | |||||||||
| 6.38%, 06/15/32 (Call 06/15/27)(a) |
USD | 65 | 64,750 | |||||||||
| Caesars Entertainment Inc. |
||||||||||||
| 4.63%, 10/15/29 (Call 10/15/24)(a)(d) |
USD | 140 | 122,850 | |||||||||
| 6.25%, 07/01/25 (Call 07/01/23)(a) |
USD | 355 | 356,017 | |||||||||
| 7.00%, 02/15/30 (Call 02/15/26)(a)(d) |
USD | 230 | 232,293 | |||||||||
| 8.13%, 07/01/27 (Call 07/01/23)(a)(d) |
USD | 210 | 214,200 | |||||||||
| Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/23)(a)(d) |
USD | 110 | 111,224 | |||||||||
| Callon Petroleum Co. |
||||||||||||
| 7.50%, 06/15/30 (Call 06/15/25)(a)(d) |
USD | 75 | 71,273 | |||||||||
| 8.00%, 08/01/28 (Call 08/01/24)(a)(d) |
USD | 75 | 74,029 | |||||||||
| Calpine Corp. |
||||||||||||
| 3.75%, 03/01/31 (Call 03/01/26)(a)(d) |
USD | 110 | 93,495 | |||||||||
| 4.50%, 02/15/28 (Call 02/15/24)(a) |
USD | 155 | 144,541 | |||||||||
| 4.63%, 02/01/29 (Call 02/01/24)(a) |
USD | 65 | 56,332 | |||||||||
| 5.00%, 02/01/31 (Call 02/01/26)(a) |
USD | 110 | 92,675 | |||||||||
| 5.13%, 03/15/28 (Call 03/15/24)(a) |
USD | 150 | 138,716 | |||||||||
| 5.25%, 06/01/26 (Call 06/01/23)(a) |
USD | 47 | 45,756 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 |
USD | 45 | $ | 46,195 | ||||||||
| Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 07/22/24)(a)(d) |
USD | 60 | 56,850 | |||||||||
| Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a) |
USD | 250 | 268,750 | |||||||||
| Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29) |
EUR | 100 | 55,956 | |||||||||
| Carvana Co. |
||||||||||||
| 4.88%, 09/01/29 (Call 09/01/24)(a) |
USD | 50 | 20,331 | |||||||||
| 5.50%, 04/15/27 (Call 04/15/24)(a)(d) |
USD | 45 | 19,350 | |||||||||
| 5.63%, 10/01/25 (Call 10/01/23)(a)(d) |
USD | 55 | 34,739 | |||||||||
| 5.88%, 10/01/28 (Call 10/01/23)(a) |
USD | 50 | 20,967 | |||||||||
| 10.25%, 05/01/30 (Call 05/01/27)(a) |
USD | 230 | 126,097 | |||||||||
| Catalent Pharma Solutions Inc. |
||||||||||||
| 2.38%, 03/01/28 (Call 03/01/24)(b) |
EUR | 100 | 92,123 | |||||||||
| 3.13%, 02/15/29 (Call 02/15/24)(a)(d) |
USD | 60 | 51,158 | |||||||||
| 3.50%, 04/01/30 (Call 04/01/25)(a) |
USD | 95 | 81,557 | |||||||||
| 5.00%, 07/15/27 (Call 07/15/23)(a) |
USD | 50 | 48,000 | |||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||||||
| 4.25%, 02/01/31 (Call 07/01/25)(a) |
USD | 300 | 246,637 | |||||||||
| 4.25%, 01/15/34 (Call 01/15/28)(a) |
USD | 235 | 180,362 | |||||||||
| 4.50%, 08/15/30 (Call 02/15/25)(a) |
USD | 335 | 282,268 | |||||||||
| 4.50%, 05/01/32 (Call 05/01/26) |
USD | 360 | 288,000 | |||||||||
| 4.50%, 06/01/33 (Call 06/01/27)(a) |
USD | 205 | 162,949 | |||||||||
| 4.75%, 03/01/30 (Call 09/01/24)(a) |
USD | 360 | 309,600 | |||||||||
| 4.75%, 02/01/32 (Call 02/01/27)(a)(d) |
USD | 120 | 99,150 | |||||||||
| 5.00%, 02/01/28 (Call 08/01/23)(a) |
USD | 290 | 268,612 | |||||||||
| 5.13%, 05/01/27 (Call 05/01/23)(a) |
USD | 380 | 359,100 | |||||||||
| 5.38%, 06/01/29 (Call 06/01/24)(a) |
USD | 150 | 137,437 | |||||||||
| 5.50%, 05/01/26 (Call 05/01/23)(a) |
USD | 70 | 68,744 | |||||||||
| 6.38%, 09/01/29 (Call 09/01/25)(a)(d) |
USD | 160 | 152,456 | |||||||||
| 7.38%, 03/01/31 (Call 03/01/26)(a)(d) |
USD | 130 | 127,400 | |||||||||
| CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a)(d) |
USD | 145 | 139,742 | |||||||||
| Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24) |
USD | 70 | 65,085 | |||||||||
| Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op |
||||||||||||
| 5.38%, 04/15/27 (Call 04/15/24)(d) |
USD | 60 | 57,468 | |||||||||
| 5.50%, 05/01/25 (Call 05/01/23)(a) |
USD | 75 | 74,771 | |||||||||
| Central Garden & Pet Co. |
||||||||||||
| 4.13%, 10/15/30 (Call 10/15/25) |
USD | 50 | 42,931 | |||||||||
| 4.13%, 04/30/31 (Call 04/30/26)(a)(d) |
USD | 55 | 46,269 | |||||||||
| Century Communities Inc. |
||||||||||||
| 3.88%, 08/15/29 (Call 02/15/29)(a) |
USD | 50 | 43,916 | |||||||||
| 6.75%, 06/01/27 (Call 06/01/23) |
USD | 50 | 50,325 | |||||||||
| Charles River Laboratories International Inc. |
||||||||||||
| 3.75%, 03/15/29 (Call 03/15/24)(a)(d) |
USD | 50 | 43,896 | |||||||||
| 4.00%, 03/15/31 (Call 03/15/26)(a) |
USD | 40 | 34,828 | |||||||||
| 4.25%, 05/01/28 (Call 05/01/23)(a) |
USD | 75 | 68,580 | |||||||||
| Chart Industries Inc. |
||||||||||||
| 7.50%, 01/01/30 (Call 01/01/26)(a) |
USD | 164 | 169,591 | |||||||||
| 9.50%, 01/01/31 (Call 01/01/26)(a) |
USD | 75 | 79,406 | |||||||||
| Chemours Co. (The) |
||||||||||||
| 4.00%, 05/15/26 (Call 05/15/23) |
EUR | 100 | 101,396 | |||||||||
| 4.63%, 11/15/29 (Call 11/15/24)(a) |
USD | 80 | 65,741 | |||||||||
| 5.38%, 05/15/27 (Call 02/15/27) |
USD | 75 | 69,758 | |||||||||
| 5.75%, 11/15/28 (Call 11/15/23)(a)(d) |
USD | 60 | 53,025 | |||||||||
| Chesapeake Energy Corp. |
||||||||||||
| 5.50%, 02/01/26 (Call 02/05/24)(a) |
USD | 30 | 29,688 | |||||||||
| 5.88%, 02/01/29 (Call 02/05/24)(a) |
USD | 57 | 54,528 | |||||||||
| 54 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 6.75%, 04/15/29 (Call 04/15/24)(a) |
USD | 125 | $ | 123,750 | ||||||||
| CHS/Community Health Systems Inc. |
||||||||||||
| 4.75%, 02/15/31 (Call 02/15/26)(a) |
USD | 120 | 96,636 | |||||||||
| 5.25%, 05/15/30 (Call 05/15/25)(a) |
USD | 190 | 158,260 | |||||||||
| 5.63%, 03/15/27 (Call 12/15/23)(a)(d) |
USD | 230 | 212,462 | |||||||||
| 6.00%, 01/15/29 (Call 01/15/24)(a) |
USD | 80 | 70,900 | |||||||||
| 6.13%, 04/01/30 (Call 04/01/25)(a) |
USD | 165 | 117,265 | |||||||||
| 6.88%, 04/01/28 (Call 04/01/24)(a) |
USD | 85 | 62,187 | |||||||||
| 6.88%, 04/15/29 (Call 04/15/24)(a) |
USD | 190 | 140,600 | |||||||||
| 8.00%, 03/15/26 (Call 03/15/24)(a)(d) |
USD | 235 | 232,711 | |||||||||
| 8.00%, 12/15/27 (Call 12/15/23)(a) |
USD | 74 | 73,366 | |||||||||
| Churchill Downs Inc. |
||||||||||||
| 4.75%, 01/15/28 (Call 01/15/24)(a) |
USD | 90 | 85,401 | |||||||||
| 5.50%, 04/01/27 (Call 04/01/24)(a) |
USD | 75 | 73,194 | |||||||||
| 6.75%, 05/01/31 |
USD | 40 | 40,262 | |||||||||
| Cinemark USA Inc. |
||||||||||||
| 5.25%, 07/15/28 (Call 07/15/24)(a)(d) |
USD | 85 | 76,018 | |||||||||
| 5.88%, 03/15/26 (Call 03/15/24)(a) |
USD | 60 | 57,225 | |||||||||
| Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/23)(a) |
USD | 75 | 75,328 | |||||||||
| CITGO Petroleum Corp. |
||||||||||||
| 6.38%, 06/15/26 (Call 06/15/23)(a)(d) |
USD | 90 | 87,896 | |||||||||
| 7.00%, 06/15/25 (Call 06/15/23)(a) |
USD | 145 | 144,275 | |||||||||
| Clarios Global LP,
6.75%, 05/15/25 |
USD | 57 | 57,132 | |||||||||
| Clarios Global LP/Clarios U.S. Finance Co. |
||||||||||||
| 6.25%, 05/15/26 (Call 05/15/23)(a)(d) |
USD | 100 | 99,430 | |||||||||
| 8.50%, 05/15/27 (Call 05/15/23)(a)(d) |
USD | 145 | 145,883 | |||||||||
| Clarios Global LP/Clarios US Finance Co., |
EUR | 100 | 105,350 | |||||||||
| Clarivate Science Holdings Corp. |
||||||||||||
| 3.88%, 07/01/28 (Call 06/30/24)(a) |
USD | 110 | 98,893 | |||||||||
| 4.88%, 07/01/29 (Call 06/30/24)(a)(d) |
USD | 110 | 99,137 | |||||||||
| Clean Harbors Inc. |
||||||||||||
| 4.88%, 07/15/27 (Call 07/15/23)(a) |
USD | 75 | 72,689 | |||||||||
| 6.38%, 02/01/31 (Call 02/01/26)(a) |
USD | 60 | 61,275 | |||||||||
| Clear Channel Outdoor Holdings Inc. |
||||||||||||
| 5.13%, 08/15/27 (Call 08/15/23)(a)(d) |
USD | 155 | 139,889 | |||||||||
| 7.50%, 06/01/29 (Call 06/01/24)(a)(d) |
USD | 100 | 74,000 | |||||||||
| 7.75%, 04/15/28 (Call 04/15/24)(a)(d) |
USD | 125 | 94,559 | |||||||||
| Clearway Energy Operating LLC |
||||||||||||
| 3.75%, 02/15/31 (Call 02/15/26)(a)(d) |
USD | 95 | 81,314 | |||||||||
| 4.75%, 03/15/28 (Call 03/15/24)(a)(d) |
USD | 110 | 104,857 | |||||||||
| Cleveland-Cliffs Inc. |
||||||||||||
| 5.88%, 06/01/27 (Call 06/01/23)(d) |
USD | 95 | 93,069 | |||||||||
| 6.75%, 03/15/26 (Call 03/15/24)(a) |
USD | 65 | 66,105 | |||||||||
| 6.75%, 04/15/30 (Call 04/15/26) |
USD | 90 | 87,566 | |||||||||
| Cloud Software Group Inc., 9.00%, 09/30/29 (Call 09/30/25)(d) |
USD | 359 | 308,187 | |||||||||
| Clydesdale Acquisition Holdings Inc. |
||||||||||||
| 6.63%, 04/15/29 (Call 04/15/25)(a)(d) |
USD | 65 | 63,632 | |||||||||
| 8.75%, 04/15/30 (Call 04/15/25)(a) |
USD | 120 | 110,692 | |||||||||
| CNX Resources Corp. |
||||||||||||
| 6.00%, 01/15/29 (Call 01/15/24)(a) |
USD | 65 | 60,125 | |||||||||
| 7.38%, 01/15/31 (Call 01/15/26)(a) |
USD | 70 | 67,550 | |||||||||
| Coinbase Global Inc. |
||||||||||||
| 3.38%, 10/01/28 (Call 10/01/24)(a) |
USD | 130 | 78,285 | |||||||||
| 3.63%, 10/01/31 (Call 10/01/26)(a) |
USD | 105 | 58,616 | |||||||||
| Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a) |
USD | 95 | 89,537 | |||||||||
| CommScope Inc. |
||||||||||||
| 4.75%, 09/01/29 (Call 09/01/24)(a)(d) |
USD | 140 | 113,056 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 6.00%, 03/01/26 (Call 03/01/24)(a) |
USD | 190 | $ | 181,526 | ||||||||
| 7.13%, 07/01/28 (Call 07/01/23)(a)(d) |
USD | 85 | 60,988 | |||||||||
| 8.25%, 03/01/27 (Call 03/01/24)(a)(d) |
USD | 100 | 77,500 | |||||||||
| CommScope Technologies LLC |
||||||||||||
| 5.00%, 03/15/27 (Call 03/15/24)(a) |
USD | 90 | 61,875 | |||||||||
| 6.00%, 06/15/25 (Call 06/15/23)(a)(d) |
USD | 156 | 146,640 | |||||||||
| Compass Group Diversified Holdings LLC, |
USD | 125 | 112,494 | |||||||||
| Comstock Resources Inc. |
||||||||||||
| 5.88%, 01/15/30 (Call 01/15/25)(a) |
USD | 135 | 116,044 | |||||||||
| 6.75%, 03/01/29 (Call 03/01/24)(a) |
USD | 140 | 126,671 | |||||||||
| Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a) |
USD | 235 | 195,344 | |||||||||
| Consolidated Communications Inc. |
||||||||||||
| 5.00%, 10/01/28 (Call 10/01/23)(a)(d) |
USD | 60 | 43,950 | |||||||||
| 6.50%, 10/01/28 (Call 10/01/23)(a) |
USD | 85 | 66,163 | |||||||||
| Constellium SE |
||||||||||||
| 3.13%, 07/15/29 (Call 07/15/24)(b) |
EUR | 100 | 90,472 | |||||||||
| 3.75%, 04/15/29 (Call 04/15/24)(a)(d) |
USD | 75 | 64,891 | |||||||||
| Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)(a)(d) |
USD | 60 | 45,600 | |||||||||
| Coty Inc. |
||||||||||||
| 3.88%, 04/15/26 (Call 04/15/24)(b) |
EUR | 100 | 105,523 | |||||||||
| 5.00%, 04/15/26 (Call 04/15/24)(a) |
USD | 120 | 117,246 | |||||||||
| 6.50%, 04/15/26 (Call 04/15/24)(a)(d) |
USD | 35 | 34,847 | |||||||||
| Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a) |
USD | 60 | 56,617 | |||||||||
| Covanta Holding Corp. |
||||||||||||
| 4.88%, 12/01/29 (Call 12/01/24)(a) |
USD | 90 | 80,242 | |||||||||
| 5.00%, 09/01/30 (Call 09/01/25) |
USD | 55 | 48,606 | |||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC, |
USD | 150 | 140,050 | |||||||||
| Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a)(d) |
USD | 55 | 54,948 | |||||||||
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |
||||||||||||
| 5.63%, 05/01/27 (Call 05/01/23)(a) |
USD | 75 | 71,947 | |||||||||
| 5.75%, 04/01/25 (Call 05/30/23) |
USD | 55 | 54,228 | |||||||||
| 6.00%, 02/01/29 (Call 02/01/24)(a) |
USD | 70 | 65,975 | |||||||||
| 7.38%, 02/01/31 (Call 02/01/26)(a) |
USD | 65 | 65,000 | |||||||||
| 8.00%, 04/01/29 (Call 04/01/24)(a)(d) |
USD | 35 | 35,613 | |||||||||
| Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(d) |
USD | 45 | 43,763 | |||||||||
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) |
USD | 60 | 57,849 | |||||||||
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/24)(d) |
USD | 75 | 73,648 | |||||||||
| Crown European Holdings SA |
||||||||||||
| 2.63%, 09/30/24 (Call 03/30/24)(b) |
EUR | 100 | 107,505 | |||||||||
| 2.88%, 02/01/26 (Call 08/01/25)(b) |
EUR | 100 | 105,668 | |||||||||
| CrownRock LP/CrownRock Finance Inc. |
||||||||||||
| 5.00%, 05/01/29 (Call 05/01/24)(a) |
USD | 45 | 42,670 | |||||||||
| 5.63%, 10/15/25 (Call 10/15/23)(a) |
USD | 150 | 148,125 | |||||||||
| CSC Holdings LLC |
||||||||||||
| 4.13%, 12/01/30 (Call 12/01/25)(a) |
USD | 125 | 89,660 | |||||||||
| 4.50%, 11/15/31 (Call 11/15/26)(a) |
USD | 175 | 122,887 | |||||||||
| 4.63%, 12/01/30 (Call 12/01/25)(a) |
USD | 275 | 134,084 | |||||||||
| 5.00%, 11/15/31 (Call 11/15/26)(a) |
USD | 60 | 28,670 | |||||||||
| 5.25%, 06/01/24 |
USD | 100 | 97,500 | |||||||||
| 5.38%, 02/01/28 (Call 02/01/24)(a)(d) |
USD | 125 | 102,500 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
55 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| 5.50%, 04/15/27 (Call 04/15/24)(a) |
USD | 125 | $ | 106,875 | ||||||||
| 5.75%, 01/15/30 (Call 01/15/25)(a) |
USD | 250 | 127,500 | |||||||||
| 6.50%, 02/01/29 (Call 02/01/24)(a)(d) |
USD | 200 | 167,000 | |||||||||
| 7.50%, 04/01/28 (Call 04/01/24)(a)(d) |
USD | 125 | 78,125 | |||||||||
| 11.25%, 05/15/28 (Call 05/15/25)(a) |
USD | 125 | 124,531 | |||||||||
| Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a) |
USD | 78 | 30,801 | |||||||||
| CVR Energy Inc. |
||||||||||||
| 5.25%, 02/15/25 (Call 02/15/24)(a)(d) |
USD | 65 | 62,899 | |||||||||
| 5.75%, 02/15/28 (Call 02/15/24)(a) |
USD | 45 | 40,212 | |||||||||
| Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/29/23)(a) |
USD | 50 | 49,511 | |||||||||
| Dana Inc. |
||||||||||||
| 4.25%, 09/01/30 (Call 05/01/26) |
USD | 50 | 40,679 | |||||||||
| 5.38%, 11/15/27 (Call 11/15/23)(d) |
USD | 65 | 61,117 | |||||||||
| 5.63%, 06/15/28 (Call 06/15/23) |
USD | 45 | 41,647 | |||||||||
| Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/23)(b) |
EUR | 100 | 107,252 | |||||||||
| Darling Ingredients Inc. |
||||||||||||
| 5.25%, 04/15/27 (Call 04/15/24)(a) |
USD | 75 | 73,510 | |||||||||
| 6.00%, 06/15/30 (Call 06/15/25)(a)(d) |
USD | 105 | 103,950 | |||||||||
| DaVita Inc. |
||||||||||||
| 3.75%, 02/15/31 (Call 02/15/26)(a) |
USD | 175 | 141,213 | |||||||||
| 4.63%, 06/01/30 (Call 06/01/25)(a) |
USD | 325 | 282,963 | |||||||||
| Delta Air Lines Inc. |
||||||||||||
| 2.90%, 10/28/24 (Call 09/28/24) |
USD | 120 | 116,046 | |||||||||
| 3.75%, 10/28/29 (Call 07/28/29)(d) |
USD | 60 | 53,918 | |||||||||
| 4.38%, 04/19/28 (Call 01/19/28) |
USD | 65 | 61,263 | |||||||||
| 7.38%, 01/15/26 (Call 12/15/25)(d) |
USD | 90 | 94,863 | |||||||||
| Diebold Nixdorf Inc. |
||||||||||||
| 8.50%, 10/15/26 (Call 05/22/23)(a) |
USD | 16 | 2,823 | |||||||||
| 9.38%, 07/15/25 (Call 05/15/23)(a)(d) |
USD | 56 | 25,693 | |||||||||
| Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 |
USD | 425 | 372,937 | |||||||||
| DISH DBS Corp. |
||||||||||||
| 5.25%, 12/01/26 (Call 06/01/26)(a) |
USD | 310 | 236,762 | |||||||||
| 5.75%, 12/01/28 (Call 12/01/27)(a) |
USD | 300 | 213,750 | |||||||||
| 5.88%, 11/15/24 |
USD | 225 | 186,387 | |||||||||
| 7.38%, 07/01/28 (Call 07/01/23) |
USD | 105 | 52,566 | |||||||||
| 7.75%, 07/01/26 |
USD | 225 | 129,937 | |||||||||
| 5.13%, 06/01/29 |
USD | 165 | 74,962 | |||||||||
| DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)(a) |
USD | 413 | 390,801 | |||||||||
| Diversified Healthcare Trust |
||||||||||||
| 4.38%, 03/01/31 (Call 09/01/30)(d) |
USD | 65 | 40,950 | |||||||||
| 4.75%, 02/15/28 (Call 08/15/27) |
USD | 60 | 36,975 | |||||||||
| 9.75%, 06/15/25 (Call 06/15/23) |
USD | 55 | 52,594 | |||||||||
| DPL Inc. |
||||||||||||
| 4.13%, 07/01/25 (Call 04/01/25) |
USD | 55 | 52,828 | |||||||||
| 4.35%, 04/15/29 (Call 01/15/29) |
USD | 50 | 45,675 | |||||||||
| DT Midstream Inc. |
||||||||||||
| 4.13%, 06/15/29 (Call 06/15/24)(a) |
USD | 135 | 119,718 | |||||||||
| 4.38%, 06/15/31 (Call 06/15/26)(a) |
USD | 115 | 100,046 | |||||||||
| Edgewell Personal Care Co. |
||||||||||||
| 4.13%, 04/01/29 (Call 04/01/24)(a) |
USD | 65 | 57,931 | |||||||||
| 5.50%, 06/01/28 (Call 06/01/23)(a) |
USD | 105 | 100,849 | |||||||||
| Edison International, 8.13%, 06/15/53 (Call 03/15/28), (5-year CMT + 3.864%)(c) |
USD | 50 | 51,438 | |||||||||
| Encompass Health Corp. |
||||||||||||
| 4.50%, 02/01/28 (Call 02/01/24) |
USD | 80 | 75,567 | |||||||||
| 4.63%, 04/01/31 (Call 03/30/26) |
USD | 60 | 53,820 | |||||||||
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| 4.75%, 02/01/30 (Call 02/01/25) |
USD | 80 | $ | 73,685 | ||||||||
| Encore Capital Group Inc., 4.25%, 06/01/28 (Call 06/01/24)(b) |
GBP | 100 | 97,430 | |||||||||
| Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/24)(a)(d) |
USD | 100 | 99,631 | |||||||||
| Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/16/24)(b) |
EUR | 100 | 86,738 | |||||||||
| Energizer Holdings Inc. |
||||||||||||
| 4.38%, 03/31/29 (Call 09/30/23)(a) |
USD | 90 | 78,656 | |||||||||
| 4.75%, 06/15/28 (Call 07/01/23)(a) |
USD | 85 | 76,697 | |||||||||
| EnLink Midstream LLC |
||||||||||||
| 5.38%, 06/01/29 (Call 03/01/29)(d) |
USD | 50 | 48,332 | |||||||||
| 5.63%, 01/15/28 (Call 07/15/27)(a) |
USD | 50 | 49,250 | |||||||||
| 6.50%, 09/01/30 (Call 03/01/30)(a)(d) |
USD | 120 | 121,509 | |||||||||
| EnLink Midstream Partners LP |
||||||||||||
| 4.15%, 06/01/25 (Call 03/01/25)(d) |
USD | 56 | 54,232 | |||||||||
| 4.85%, 07/15/26 (Call 04/15/26) |
USD | 65 | 63,319 | |||||||||
| Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)(c) |
USD | 60 | 43,783 | |||||||||
| Entegris Escrow Corp. |
||||||||||||
| 4.75%, 04/15/29 (Call 01/15/29)(a)(d) |
USD | 175 | 162,750 | |||||||||
| 5.95%, 06/15/30 (Call 06/15/25)(a) |
USD | 100 | 95,000 | |||||||||
| Entegris Inc. |
||||||||||||
| 3.63%, 05/01/29 (Call 05/01/24)(a)(d) |
USD | 60 | 51,378 | |||||||||
| 4.38%, 04/15/28 (Call 04/15/24)(a) |
USD | 50 | 45,707 | |||||||||
| EQM Midstream Partners LP |
||||||||||||
| 4.13%, 12/01/26 (Call 09/01/26) |
USD | 35 | 31,806 | |||||||||
| 4.50%, 01/15/29 (Call 07/15/28)(a)(d) |
USD | 80 | 68,135 | |||||||||
| 4.75%, 01/15/31 (Call 07/15/30)(a)(d) |
USD | 135 | 110,741 | |||||||||
| 5.50%, 07/15/28 (Call 04/15/28) |
USD | 85 | 77,456 | |||||||||
| 6.00%, 07/01/25 (Call 04/01/25)(a) |
USD | 60 | 58,887 | |||||||||
| 6.50%, 07/01/27 (Call 01/01/27)(a) |
USD | 100 | 97,510 | |||||||||
| 7.50%, CALL, 06/01/27 (Call 06/01/24)(a) |
USD | 65 | 64,657 | |||||||||
| 7.50%, CALL, 06/01/30 (Call 12/01/29)(a) |
USD | 75 | 72,844 | |||||||||
| Fair Isaac Corp. |
||||||||||||
| 4.00%, 06/15/28 (Call 12/15/23)(a) |
USD | 75 | 70,020 | |||||||||
| 5.25%, 05/15/26 (Call 02/15/26)(a) |
USD | 60 | 59,917 | |||||||||
| Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||||||
| 5.38%, 04/01/26 (Call 04/01/24)(a) |
USD | 90 | 83,700 | |||||||||
| 5.88%, 04/01/29 (Call 04/01/24)(a) |
USD | 95 | 80,275 | |||||||||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. |
||||||||||||
| 4.63%, 01/15/29 (Call 01/15/25)(a)(d) |
USD | 100 | 87,384 | |||||||||
| 6.75%, 01/15/30 (Call 01/15/25)(a) |
USD | 140 | 113,400 | |||||||||
| FirstCash Inc. |
||||||||||||
| 4.63%, 09/01/28 (Call 09/01/23)(a) |
USD | 75 | 68,461 | |||||||||
| 5.63%, 01/01/30 (Call 01/01/25)(a) |
USD | 60 | 55,828 | |||||||||
| FirstEnergy Corp. |
||||||||||||
| 2.65%, 03/01/30 (Call 12/01/29) |
USD | 80 | 68,990 | |||||||||
| Series B, 2.25%, 09/01/30 (Call 06/01/30) |
USD | 60 | 49,904 | |||||||||
| Series B, 4.15%, 07/15/27 (Call 04/15/27) |
USD | 165 | 160,462 | |||||||||
| Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26) |
CAD | 100 | 65,509 | |||||||||
| Ford Credit Canada Co. |
||||||||||||
| 4.46%, 11/13/24 |
CAD | 50 | 35,884 | |||||||||
| 7.00%, 02/10/26 |
CAD | 150 | 111,098 | |||||||||
| Ford Motor Co. |
||||||||||||
| 3.25%, 02/12/32 (Call 11/12/31) |
USD | 280 | 217,350 | |||||||||
| 4.35%, 12/08/26 (Call 09/08/26) |
USD | 25 | 24,149 | |||||||||
| 6.10%, 08/19/32 (Call 05/19/32)(d) |
USD | 195 | 186,238 | |||||||||
| 56 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| Ford Motor Credit Co. LLC |
||||||||||||
| 1.74%, 07/19/24 |
EUR | 200 | $ | 211,227 | ||||||||
| 2.30%, 02/10/25 (Call 01/10/25) |
USD | 25 | 23,316 | |||||||||
| 2.33%, 11/25/25 |
EUR | 100 | 102,438 | |||||||||
| 2.39%, 02/17/26 |
EUR | 100 | 101,930 | |||||||||
| 2.70%, 08/10/26 (Call 07/10/26) |
USD | 210 | 186,375 | |||||||||
| 2.90%, 02/16/28 (Call 12/16/27) |
USD | 200 | 172,750 | |||||||||
| 2.90%, 02/10/29 (Call 12/10/28) |
USD | 100 | 82,841 | |||||||||
| 3.25%, 09/15/25 |
EUR | 100 | 105,320 | |||||||||
| 3.38%, 11/13/25 (Call 10/13/25) |
USD | 200 | 185,770 | |||||||||
| 3.63%, 06/17/31 (Call 03/17/31) |
USD | 25 | 20,603 | |||||||||
| 3.82%, 11/02/27 (Call 08/02/27) |
USD | 120 | 107,791 | |||||||||
| 4.00%, 11/13/30 (Call 08/13/30)(d) |
USD | 200 | 171,500 | |||||||||
| 4.06%, 11/01/24 (Call 10/01/24) |
USD | 225 | 218,900 | |||||||||
| 4.13%, 08/04/25 |
USD | 25 | 23,746 | |||||||||
| 4.27%, 01/09/27 (Call 11/09/26) |
USD | 200 | 185,464 | |||||||||
| 4.39%, 01/08/26 |
USD | 200 | 189,525 | |||||||||
| 4.54%, 08/01/26 (Call 06/01/26) |
USD | 100 | 94,301 | |||||||||
| 4.69%, 06/09/25 (Call 04/09/25) |
USD | 50 | 48,327 | |||||||||
| 4.87%, 08/03/27 |
EUR | 100 | 106,966 | |||||||||
| 4.95%, 05/28/27 (Call 04/28/27) |
USD | 200 | 189,760 | |||||||||
| 5.11%, 05/03/29 (Call 02/03/29) |
USD | 235 | 220,418 | |||||||||
| 5.13%, 06/16/25 (Call 05/16/25) |
USD | 365 | 355,682 | |||||||||
| 6.80%, 05/12/28 (Call 04/12/28) |
USD | 200 | 200,120 | |||||||||
| 6.86%, 06/05/26 |
GBP | 100 | 125,215 | |||||||||
| 6.95%, 03/06/26 (Call 02/06/26) |
USD | 150 | 151,364 | |||||||||
| 7.35%, 11/04/27 (Call 10/04/27) |
USD | 175 | 180,447 | |||||||||
| 7.35%, 03/06/30 (Call 01/06/30) |
USD | 50 | 51,252 | |||||||||
| Fortress Transportation and Infrastructure Investors LLC |
||||||||||||
| 5.50%, 05/01/28 (Call 05/01/24)(a) |
USD | 135 | 123,862 | |||||||||
| 6.50%, 10/01/25 (Call 10/01/23)(a) |
USD | 56 | 55,317 | |||||||||
| 9.75%, 08/01/27 (Call 08/01/23)(a) |
USD | 45 | 46,973 | |||||||||
| Freedom Mortgage Corp. |
||||||||||||
| 6.63%, 01/15/27 (Call 01/15/24)(a)(d) |
USD | 85 | 68,850 | |||||||||
| 7.63%, 05/01/26 (Call 05/01/23)(a) |
USD | 70 | 59,850 | |||||||||
| 8.13%, 11/15/24 (Call 05/30/23)(a) |
USD | 20 | 19,323 | |||||||||
| 8.25%, 04/15/25 (Call 05/30/23)(a)(d) |
USD | 80 | 74,400 | |||||||||
| Frontier Communications Holdings LLC |
||||||||||||
| 5.00%, 05/01/28 (Call 05/01/24)(a)(d) |
USD | 190 | 166,725 | |||||||||
| 5.88%, 10/15/27 (Call 10/15/23)(a)(d) |
USD | 135 | 124,213 | |||||||||
| 5.88%, 11/01/29 (Call 11/01/24) |
USD | 75 | 57,186 | |||||||||
| 6.00%, 01/15/30 (Call 10/15/24)(a) |
USD | 115 | 87,975 | |||||||||
| 6.75%, 05/01/29 (Call 05/01/24)(a)(d) |
USD | 85 | 68,446 | |||||||||
| 8.63%, 03/15/31 (Call 03/15/26)(a) |
USD | 90 | 87,525 | |||||||||
| 8.75%, 05/15/30 (Call 05/15/25)(a) |
USD | 125 | 123,594 | |||||||||
| FXI Holdings Inc. |
||||||||||||
| 7.88%, 11/01/24 (Call 05/30/23)(a)(d) |
USD | 54 | 49,529 | |||||||||
| 12.25%, 11/15/26 (Call 11/15/23)(a)(d) |
USD | 84 | 75,297 | |||||||||
| Gap Inc. (The) |
||||||||||||
| 3.63%, 10/01/29 (Call 10/01/24)(a) |
USD | 95 | 67,272 | |||||||||
| 3.88%, 10/01/31 (Call 10/01/26)(a)(d) |
USD | 89 | 62,105 | |||||||||
| Gartner Inc. |
||||||||||||
| 3.63%, 06/15/29 (Call 06/15/24)(a) |
USD | 65 | 57,668 | |||||||||
| 3.75%, 10/01/30 (Call 10/01/25)(a) |
USD | 100 | 87,125 | |||||||||
| 4.50%, 07/01/28 (Call 07/01/23)(a)(d) |
USD | 85 | 80,163 | |||||||||
| Gen Digital Inc., 5.00%, 04/15/25 (Call 05/09/23)(a) |
USD | 125 | 123,613 | |||||||||
| Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||||||
| 6.50%, 10/01/25 (Call 10/01/23) |
USD | 80 | 78,200 | |||||||||
| 7.75%, 02/01/28 (Call 02/01/24) |
USD | 90 | 88,650 | |||||||||
| 8.00%, 01/15/27 (Call 01/15/24) |
USD | 130 | 129,806 | |||||||||
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| 8.88%, 04/15/30 (Call 04/15/26) |
USD | 30 | $ | 30,068 | ||||||||
| Global Atlantic Fin Co., 4.70%, 10/15/51 |
USD | 95 | 76,435 | |||||||||
| Go Daddy Operating Co. LLC/GD Finance Co. Inc. |
||||||||||||
| 3.50%, 03/01/29 (Call 03/01/24)(a) |
USD | 85 | 73,704 | |||||||||
| 5.25%, 12/01/27 (Call 06/01/23)(a) |
USD | 65 | 62,522 | |||||||||
| Goodyear Tire & Rubber Co. (The) |
||||||||||||
| 4.88%, 03/15/27 (Call 12/15/26)(d) |
USD | 75 | 71,006 | |||||||||
| 5.00%, 05/31/26 (Call 05/31/23)(d) |
USD | 115 | 111,779 | |||||||||
| 5.00%, 07/15/29 (Call 04/15/29)(d) |
USD | 120 | 106,599 | |||||||||
| 5.25%, 04/30/31 (Call 01/30/31)(d) |
USD | 60 | 52,229 | |||||||||
| 5.25%, 07/15/31 (Call 04/15/31) |
USD | 65 | 56,063 | |||||||||
| 5.63%, 04/30/33 (Call 01/30/33) |
USD | 55 | 47,532 | |||||||||
| 9.50%, 05/31/25 (Call 05/31/23) |
USD | 70 | 71,902 | |||||||||
| Grand Canyon University |
||||||||||||
| 4.13%, 10/01/24 |
USD | 75 | 71,442 | |||||||||
| 5.13%, 10/01/28 (Call 08/01/28) |
USD | 60 | 54,429 | |||||||||
| Graphic Packaging International LLC |
||||||||||||
| 3.50%, 03/15/28(a) |
USD | 60 | 54,739 | |||||||||
| 3.75%, 02/01/30 (Call 08/01/29)(a) |
USD | 55 | 49,122 | |||||||||
| Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(d) |
USD | 145 | 93,162 | |||||||||
| Gray Television Inc. |
||||||||||||
| 4.75%, 10/15/30 (Call 10/15/25)(a)(d) |
USD | 85 | 54,639 | |||||||||
| 5.88%, 07/15/26 (Call 07/15/23)(a) |
USD | 100 | 85,000 | |||||||||
| 7.00%, 05/15/27 (Call 05/15/23)(a) |
USD | 75 | 60,659 | |||||||||
| Griffon Corp., 5.75%, 03/01/28 (Call 03/01/24) |
USD | 115 | 105,579 | |||||||||
| GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/23)(a) |
USD | 25 | 24,445 | |||||||||
| H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a) |
USD | 150 | 129,750 | |||||||||
| Hanesbrands Inc. |
||||||||||||
| 4.88%, 05/15/26 (Call 02/15/26)(a)(d) |
USD | 100 | 94,375 | |||||||||
| 9.00%, 02/15/31 (Call 02/15/26)(a)(d) |
USD | 75 | 76,674 | |||||||||
| HAT Holdings I LLC/HAT Holdings II LLC |
||||||||||||
| 3.38%, 06/15/26 (Call 03/15/26)(a) |
USD | 130 | 115,050 | |||||||||
| 6.00%, 04/15/25 (Call 04/15/24)(a)(d) |
USD | 50 | 48,651 | |||||||||
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(d) |
USD | 150 | 139,762 | |||||||||
| Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 05/29/23)(a) |
USD | 65 | 62,327 | |||||||||
| Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/23)(a) |
USD | 135 | 128,682 | |||||||||
| Hertz Corp. (The) |
||||||||||||
| 4.63%, 12/01/26 (Call 12/01/23)(a)(d) |
USD | 60 | 54,156 | |||||||||
| 5.00%, 12/01/29 (Call 12/01/24)(a) |
USD | 125 | 102,417 | |||||||||
| Hess Midstream Operations LP |
||||||||||||
| 4.25%, 02/15/30 (Call 02/15/25)(a) |
USD | 95 | 84,423 | |||||||||
| 5.13%, 06/15/28 (Call 06/15/23)(a) |
USD | 45 | 42,709 | |||||||||
| 5.50%, 10/15/30 (Call 10/15/25)(a) |
USD | 35 | 32,743 | |||||||||
| 5.63%, 02/15/26 (Call 02/15/24)(a) |
USD | 75 | 73,973 | |||||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. |
||||||||||||
| 5.75%, 02/01/29 (Call 02/01/24)(a) |
USD | 80 | 74,727 | |||||||||
| 6.00%, 04/15/30 (Call 04/15/25)(a) |
USD | 70 | 65,420 | |||||||||
| 6.00%, 02/01/31 (Call 02/01/26)(a) |
USD | 80 | 74,180 | |||||||||
| 6.25%, 11/01/28 (Call 11/01/23)(a) |
USD | 50 | 47,972 | |||||||||
| 6.25%, 04/15/32 (Call 04/15/27)(a) |
USD | 50 | 46,639 | |||||||||
| Hilton Domestic Operating Co. Inc. |
||||||||||||
| 3.63%, 02/15/32 (Call 08/15/26)(a) |
USD | 165 | 140,855 | |||||||||
| 3.75%, 05/01/29 (Call 05/01/24)(a) |
USD | 100 | 90,125 | |||||||||
| 4.00%, 05/01/31 (Call 05/01/26)(a)(d) |
USD | 125 | 110,469 | |||||||||
| 4.88%, 01/15/30 (Call 01/15/25)(d) |
USD | 130 | 123,451 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
57 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| 5.38%, 05/01/25 (Call 05/01/23)(a)(d) |
USD | 35 | $ | 34,956 | ||||||||
| 5.75%, 05/01/28 (Call 05/01/23)(a) |
USD | 75 | 74,796 | |||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |
||||||||||||
| 4.88%, 07/01/31 (Call 07/01/26)(a) |
USD | 55 | 48,125 | |||||||||
| 5.00%, 06/01/29 (Call 06/01/24)(a) |
USD | 105 | 95,025 | |||||||||
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/24) |
USD | 85 | 83,894 | |||||||||
| HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a) |
USD | 80 | 61,113 | |||||||||
| Hologic Inc. |
||||||||||||
| 3.25%, 02/15/29 (Call 09/28/23)(a) |
USD | 125 | 112,613 | |||||||||
| 4.63%, 02/01/28 (Call 02/01/24)(a) |
USD | 50 | 48,625 | |||||||||
| Howard Hughes Corp. (The) |
||||||||||||
| 4.13%, 02/01/29 (Call 02/01/24)(a) |
USD | 90 | 76,170 | |||||||||
| 4.38%, 02/01/31 (Call 02/01/26)(a) |
USD | 90 | 73,463 | |||||||||
| 5.38%, 08/01/28 (Call 08/01/23)(a) |
USD | 75 | 67,875 | |||||||||
| Howmet Aerospace Inc. |
||||||||||||
| 3.00%, 01/15/29 (Call 11/15/28) |
USD | 100 | 89,976 | |||||||||
| 5.13%, 10/01/24 (Call 07/01/24) |
USD | 111 | 111,081 | |||||||||
| 6.88%, 05/01/25 (Call 04/01/25) |
USD | 55 | 56,618 | |||||||||
| Hub International Ltd. |
||||||||||||
| 5.63%, 12/01/29 (Call 12/01/24)(a)(d) |
USD | 65 | 57,999 | |||||||||
| 7.00%, 05/01/26 (Call 05/01/23)(a) |
USD | 150 | 149,314 | |||||||||
| Hughes Satellite Systems Corp. |
||||||||||||
| 5.25%, 08/01/26 |
USD | 70 | 66,947 | |||||||||
| 6.63%, 08/01/26(d) |
USD | 75 | 70,875 | |||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||||||
| 4.38%, 02/01/29 (Call 08/01/28) |
USD | 85 | 74,702 | |||||||||
| 4.75%, 09/15/24 (Call 06/15/24) |
USD | 75 | 74,063 | |||||||||
| 5.25%, 05/15/27 (Call 11/15/26) |
USD | 167 | 157,461 | |||||||||
| 6.25%, 05/15/26 (Call 05/15/23) |
USD | 155 | 152,678 | |||||||||
| 6.38%, 12/15/25 (Call 05/30/23) |
USD | 70 | 69,464 | |||||||||
| iHeartCommunications Inc. |
||||||||||||
| 4.75%, 01/15/28 (Call 01/15/24)(a)(d) |
USD | 75 | 58,313 | |||||||||
| 5.25%, 08/15/27 (Call 08/15/23)(a) |
USD | 95 | 74,908 | |||||||||
| 6.38%, 05/01/26 (Call 05/01/23) |
USD | 75 | 64,133 | |||||||||
| 8.38%, 05/01/27 (Call 05/01/23)(d) |
USD | 145 | 94,944 | |||||||||
| Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)(d) |
USD | 225 | 194,839 | |||||||||
| Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)(a) |
USD | 75 | 71,724 | |||||||||
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a) |
USD | 340 | 314,783 | |||||||||
| International Game Technology PLC |
||||||||||||
| 3.50%, 06/15/26 (Call 06/15/23)(b) |
EUR | 150 | 160,221 | |||||||||
| 4.13%, 04/15/26 (Call 04/15/24)(a) |
USD | 100 | 96,354 | |||||||||
| 5.25%, 01/15/29 (Call 01/15/24)(a) |
USD | 100 | 96,037 | |||||||||
| 6.25%, 01/15/27 (Call 07/15/26)(a) |
USD | 85 | 86,169 | |||||||||
| 6.50%, 02/15/25 (Call 08/15/24)(a) |
USD | 90 | 91,115 | |||||||||
| IQVIA Inc. |
||||||||||||
| 2.88%, 09/15/25 (Call 05/08/23)(b) |
EUR | 100 | 107,037 | |||||||||
| 2.88%, 06/15/28 (Call 06/15/23)(b) |
EUR | 300 | 290,928 | |||||||||
| 5.00%, 10/15/26 (Call 10/15/23)(a) |
USD | 50 | 49,125 | |||||||||
| 5.00%, 05/15/27 (Call 05/15/23)(a) |
USD | 185 | 180,455 | |||||||||
| Iron Mountain Inc. |
||||||||||||
| 4.50%, 02/15/31 (Call 02/15/26)(a) |
USD | 110 | 95,951 | |||||||||
| 4.88%, 09/15/27 (Call 09/15/23)(a)(d) |
USD | 110 | 105,273 | |||||||||
| 4.88%, 09/15/29 (Call 09/15/24)(a) |
USD | 95 | 86,806 | |||||||||
| 5.00%, 07/15/28 (Call 07/15/23)(a) |
USD | 65 | 61,181 | |||||||||
| 5.25%, 03/15/28 (Call 12/27/23)(a)(d) |
USD | 115 | 110,623 | |||||||||
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| 5.25%, 07/15/30 (Call 07/15/25)(a)(d) |
USD | 160 | $ | 147,680 | ||||||||
| 5.63%, 07/15/32 (Call 07/15/26)(a) |
USD | 60 | 54,735 | |||||||||
| Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a) |
USD | 105 | 92,394 | |||||||||
| Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/08/23)(b) |
GBP | 100 | 119,328 | |||||||||
| ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a) |
USD | 140 | 116,158 | |||||||||
| Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a) |
USD | 180 | 165,383 | |||||||||
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a) |
USD | 125 | 105,300 | |||||||||
| Jeld-Wen Inc. |
||||||||||||
| 4.63%, 12/15/25 (Call 05/30/23)(a) |
USD | 50 | 48,277 | |||||||||
| 4.88%, 12/15/27 (Call 12/15/23)(a) |
USD | 50 | 43,708 | |||||||||
| Kaiser Aluminum Corp. |
||||||||||||
| 4.50%, 06/01/31 (Call 06/01/26)(a)(d) |
USD | 60 | 47,550 | |||||||||
| 4.63%, 03/01/28 (Call 03/01/24)(a) |
USD | 75 | 65,938 | |||||||||
| Kennedy-Wilson Inc. |
||||||||||||
| 4.75%, 03/01/29 (Call 03/01/24) |
USD | 80 | 63,700 | |||||||||
| 4.75%, 02/01/30 (Call 09/01/24) |
USD | 75 | 57,823 | |||||||||
| 5.00%, 03/01/31 (Call 03/01/26) |
USD | 61 | 46,221 | |||||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/23)(a) |
USD | 100 | 98,465 | |||||||||
| Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)(d) |
USD | 125 | 119,778 | |||||||||
| Kleopatra Holdings 2 SCA, 6.50%, 09/01/26 (Call 03/01/24)(b) |
EUR | 100 | 57,960 | |||||||||
| Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)(d) |
USD | 75 | 51,001 | |||||||||
| LABL Inc. |
||||||||||||
| 5.88%, 11/01/28 (Call 11/01/24)(a) |
USD | 70 | 64,647 | |||||||||
| 6.75%, 07/15/26 (Call 07/15/23)(a) |
USD | 90 | 89,116 | |||||||||
| 8.25%, 11/01/29 (Call 11/01/24)(a) |
USD | 45 | 39,065 | |||||||||
| 10.50%, 07/15/27 (Call 07/15/23)(a) |
USD | 85 | 80,750 | |||||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
||||||||||||
| 4.25%, 02/01/27 (Call 02/01/24)(a) |
USD | 95 | 80,987 | |||||||||
| 4.75%, 06/15/29 (Call 06/15/24)(a) |
USD | 78 | 61,790 | |||||||||
| 5.25%, 10/01/25 (Call 05/15/23)(a) |
USD | 4 | 3,760 | |||||||||
| Lamar Media Corp. |
||||||||||||
| 3.63%, 01/15/31 (Call 01/15/26)(d) |
USD | 80 | 68,752 | |||||||||
| 3.75%, 02/15/28 (Call 02/15/24) |
USD | 50 | 46,253 | |||||||||
| 4.00%, 02/15/30 (Call 02/15/25) |
USD | 60 | 53,819 | |||||||||
| 4.88%, 01/15/29 (Call 01/15/24)(d) |
USD | 50 | 47,511 | |||||||||
| Lamb Weston Holdings Inc. |
||||||||||||
| 4.13%, 01/31/30 (Call 01/31/25)(a) |
USD | 130 | 118,989 | |||||||||
| 4.38%, 01/31/32 (Call 01/31/27)(a) |
USD | 70 | 63,948 | |||||||||
| 4.88%, 05/15/28 (Call 11/15/27)(a) |
USD | 65 | 63,881 | |||||||||
| Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/24)(d) |
USD | 50 | 50,375 | |||||||||
| Las Vegas Sands Corp. |
||||||||||||
| 2.90%, 06/25/25 (Call 05/25/25)(d) |
USD | 75 | 70,965 | |||||||||
| 3.20%, 08/08/24 (Call 07/08/24) |
USD | 200 | 194,000 | |||||||||
| 3.50%, 08/18/26 (Call 06/18/26) |
USD | 110 | 103,140 | |||||||||
| 3.90%, 08/08/29 (Call 05/08/29) |
USD | 75 | 68,353 | |||||||||
| LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a)(d) |
USD | 95 | 75,762 | |||||||||
| LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a) |
USD | 125 | 106,052 | |||||||||
| LCPR Senior Secured Financing DAC |
||||||||||||
| 5.13%, 07/15/29 (Call 07/15/24)(a) |
USD | 100 | 85,750 | |||||||||
| 6.75%, 10/15/27 (Call 10/15/23)(a) |
USD | 140 | 133,534 | |||||||||
| LD Holdings Group LLC |
||||||||||||
| 6.13%, 04/01/28 (Call 04/01/24)(a) |
USD | 65 | 35,978 | |||||||||
| 6.50%, 11/01/25 (Call 11/01/23)(a) |
USD | 75 | 53,063 | |||||||||
| 58 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| Legacy LifePoint Health LLC |
||||||||||||
| 4.38%, 02/15/27 (Call 05/30/23)(a) |
USD | 60 | $ | 50,875 | ||||||||
| 6.75%, 04/15/25 (Call 04/15/24)(a)(d) |
USD | 35 | 33,688 | |||||||||
| Level 3 Financing Inc. |
||||||||||||
| 3.63%, 01/15/29 (Call 01/15/24)(a) |
USD | 110 | 61,863 | |||||||||
| 3.75%, 07/15/29 (Call 01/15/24)(a) |
USD | 115 | 64,688 | |||||||||
| 3.88%, 11/15/29 (Call 08/15/29)(a)(d) |
USD | 75 | 54,750 | |||||||||
| 4.25%, 07/01/28 (Call 07/01/23)(a) |
USD | 125 | 72,813 | |||||||||
| 4.63%, 09/15/27 (Call 09/15/23)(a) |
USD | 120 | 74,130 | |||||||||
| 10.50%, 05/15/30 (Call 05/15/26)(a) |
USD | 120 | 114,900 | |||||||||
| Liberty Mutual Group Inc. |
||||||||||||
| 3.63%, 05/23/59 (Call 05/23/24)(b)(c) |
EUR | 100 | 100,937 | |||||||||
| 4.13%, 12/15/51 (Call 12/15/26), |
USD | 75 | 60,465 | |||||||||
| 4.30%, 02/01/61 (Call 02/03/26)(a) |
USD | 75 | 45,956 | |||||||||
| Life Time Inc. |
||||||||||||
| 5.75%, 01/15/26 (Call 01/15/24)(a) |
USD | 103 | 100,811 | |||||||||
| 8.00%, 04/15/26 (Call 02/01/24)(a)(d) |
USD | 70 | 69,650 | |||||||||
| Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a) |
USD | 45 | 28,238 | |||||||||
| Lithia Motors Inc. |
||||||||||||
| 3.88%, 06/01/29 (Call 06/01/24)(a)(d) |
USD | 120 | 103,828 | |||||||||
| 4.38%, 01/15/31 (Call 10/15/25)(a) |
USD | 40 | 34,400 | |||||||||
| 4.63%, 12/15/27 (Call 12/15/23)(a)(d) |
USD | 50 | 46,737 | |||||||||
| Live Nation Entertainment Inc. |
||||||||||||
| 3.75%, 01/15/28 (Call 01/15/24)(a)(d) |
USD | 60 | 53,911 | |||||||||
| 4.75%, 10/15/27 (Call 10/15/23)(a)(d) |
USD | 120 | 111,300 | |||||||||
| 4.88%, 11/01/24 (Call 05/30/23)(a)(d) |
USD | 75 | 74,761 | |||||||||
| 6.50%, 05/15/27 (Call 05/15/23)(a) |
USD | 135 | 137,472 | |||||||||
| LPL Holdings Inc. |
||||||||||||
| 4.00%, 03/15/29 (Call 03/15/24)(a)(d) |
USD | 70 | 62,678 | |||||||||
| 4.38%, 05/15/31 (Call 05/15/26)(a) |
USD | 35 | 31,025 | |||||||||
| 4.63%, 11/15/27 (Call 11/15/23)(a) |
USD | 45 | 42,454 | |||||||||
| Lumen Technologies Inc. |
||||||||||||
| 4.00%, 02/15/27 (Call 02/15/24)(a) |
USD | 150 | 99,750 | |||||||||
| 4.50%, 01/15/29 (Call 01/15/24)(a)(d) |
USD | 55 | 23,375 | |||||||||
| Macy’s Retail Holdings LLC |
||||||||||||
| 5.88%, 04/01/29 (Call 04/01/24)(a)(d) |
USD | 65 | 59,542 | |||||||||
| 5.88%, 03/15/30 (Call 03/15/25)(a)(d) |
USD | 60 | 53,453 | |||||||||
| 6.13%, 03/15/32 (Call 03/15/27)(a)(d) |
USD | 45 | 39,580 | |||||||||
| Madison IAQ LLC |
||||||||||||
| 4.13%, 06/30/28 (Call 06/30/24)(a) |
USD | 75 | 66,063 | |||||||||
| 5.88%, 06/30/29 (Call 06/30/24)(a) |
USD | 130 | 102,332 | |||||||||
| Mallinckrodt International Finance SA/Mallinckrodt CB LLC |
||||||||||||
| 10.00%, 04/15/25 (Call 04/15/24)(a) |
USD | 71 | 58,930 | |||||||||
| 11.50%, 12/15/28 (Call 06/15/27)(a)(d) |
USD | 75 | 59,209 | |||||||||
| Matador Resources Co., 6.88%, 04/15/28 (Call 04/15/25)(a) |
USD | 25 | 25,146 | |||||||||
| Match Group Holdings II LLC |
||||||||||||
| 3.63%, 10/01/31 (Call 10/01/26)(a)(d) |
USD | 60 | 48,817 | |||||||||
| 4.13%, 08/01/30 (Call 05/01/25)(a) |
USD | 60 | 51,591 | |||||||||
| 4.63%, 06/01/28 (Call 06/01/23)(a)(d) |
USD | 60 | 55,350 | |||||||||
| 5.00%, 12/15/27 (Call 12/15/23)(a) |
USD | 50 | 47,063 | |||||||||
| Mattel Inc. |
||||||||||||
| 3.38%, 04/01/26 (Call 04/01/24)(a) |
USD | 65 | 61,425 | |||||||||
| 3.75%, 04/01/29 (Call 04/01/24)(a)(d) |
USD | 65 | 58,663 | |||||||||
| 5.88%, 12/15/27 (Call 12/15/23)(a)(d) |
USD | 35 | 35,179 | |||||||||
| Mauser Packaging Solutions Holding Co. |
||||||||||||
| 7.88%, 08/15/26 (Call 08/15/24)(a) |
USD | 325 | 329,530 | |||||||||
| 9.25%, 04/15/27 (Call 10/15/24)(a) |
USD | 135 | 128,332 | |||||||||
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| McGraw-Hill Education Inc. |
||||||||||||
| 5.75%, 08/01/28 (Call 08/01/24)(a) |
USD | 100 | $ | 88,912 | ||||||||
| 8.00%, 08/01/29 (Call 08/01/24)(a) |
USD | 95 | 82,040 | |||||||||
| Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(d) |
USD | 85 | 70,788 | |||||||||
| Meritage Homes Corp. |
||||||||||||
| 3.88%, 04/15/29 (Call 10/15/28)(a) |
USD | 50 | 45,126 | |||||||||
| 6.00%, 06/01/25 (Call 03/01/25) |
USD | 60 | 60,686 | |||||||||
| MGM Resorts International |
||||||||||||
| 4.63%, 09/01/26 (Call 06/01/26) |
USD | 47 | 44,973 | |||||||||
| 4.75%, 10/15/28 (Call 07/15/28)(d) |
USD | 90 | 84,754 | |||||||||
| 5.50%, 04/15/27 (Call 01/15/27) |
USD | 86 | 84,090 | |||||||||
| 5.75%, 06/15/25 (Call 03/15/25) |
USD | 90 | 89,851 | |||||||||
| 6.75%, 05/01/25 (Call 05/01/23)(d) |
USD | 60 | 60,644 | |||||||||
| Michaels Companies Inc. (The) |
||||||||||||
| 5.25%, 05/01/28 (Call 11/01/23)(a)(d) |
USD | 90 | 74,049 | |||||||||
| 7.88%, 05/01/29 (Call 04/01/24)(a) |
USD | 165 | 110,643 | |||||||||
| Midcap Financial Issuer Trust |
||||||||||||
| 5.63%, 01/15/30 (Call 01/15/25)(a) |
USD | 50 | 40,905 | |||||||||
| 6.50%, 05/01/28 (Call 05/01/24)(a) |
USD | 115 | 103,787 | |||||||||
| Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(d) |
USD | 265 | 218,201 | |||||||||
| ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a) |
USD | 60 | 48,318 | |||||||||
| ModivCare Inc.,
5.88%, 11/15/25 |
USD | 50 | 47,813 | |||||||||
| Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/24)(a)(d) |
USD | 100 | 89,500 | |||||||||
| Molina Healthcare Inc. |
||||||||||||
| 3.88%, 11/15/30 (Call 08/17/30)(a)(d) |
USD | 90 | 79,200 | |||||||||
| 3.88%, 05/15/32 (Call 02/15/32)(a)(d) |
USD | 85 | 72,930 | |||||||||
| 4.38%, 06/15/28 (Call 06/15/23)(a) |
USD | 55 | 51,563 | |||||||||
| Moss Creek Resources Holdings Inc. |
||||||||||||
| 7.50%, 01/15/26 (Call 01/15/24)(a)(d) |
USD | 70 | 65,605 | |||||||||
| 10.50%, 05/15/27 (Call 05/15/23)(a) |
USD | 75 | 72,976 | |||||||||
| Mozart Debt Merger Sub Inc. |
||||||||||||
| 3.88%, 04/01/29 (Call 10/01/24)(a) |
USD | 505 | 441,875 | |||||||||
| 5.25%, 10/01/29 (Call 10/01/24)(a)(d) |
USD | 290 | 250,814 | |||||||||
| MPH Acquisition Holdings LLC |
||||||||||||
| 5.50%, 09/01/28 (Call 09/01/24)(a) |
USD | 125 | 95,625 | |||||||||
| 5.75%, 11/01/28 (Call 11/01/23)(a)(d) |
USD | 140 | 88,200 | |||||||||
| MPT Operating Partnership LP/MPT Finance Corp. |
||||||||||||
| 3.33%, 03/24/25 (Call 12/24/24) |
EUR | 100 | 94,743 | |||||||||
| 3.38%, 04/24/30 (Call 01/24/30) |
GBP | 125 | 99,804 | |||||||||
| 3.50%, 03/15/31 (Call 03/15/26) |
USD | 160 | 108,952 | |||||||||
| 4.63%, 08/01/29 (Call 08/01/24)(d) |
USD | 100 | 75,996 | |||||||||
| 5.00%, 10/15/27 (Call 09/07/23) |
USD | 175 | 147,184 | |||||||||
| 5.25%, 08/01/26 (Call 08/01/23)(d) |
USD | 40 | 35,690 | |||||||||
| Murphy Oil Corp. |
||||||||||||
| 5.88%, 12/01/27 (Call 12/01/23) |
USD | 30 | 29,618 | |||||||||
| 6.38%, 07/15/28 (Call 07/15/24)(d) |
USD | 60 | 59,773 | |||||||||
| Murphy Oil USA Inc. |
||||||||||||
| 3.75%, 02/15/31 (Call 02/15/26)(a)(d) |
USD | 80 | 68,730 | |||||||||
| 4.75%, 09/15/29 (Call 09/15/24) |
USD | 50 | 46,547 | |||||||||
| Nabors Industries Inc. |
||||||||||||
| 5.75%, 02/01/25 (Call 11/01/24)(d) |
USD | 45 | 43,835 | |||||||||
| 7.38%, 05/15/27 (Call 05/15/24)(a) |
USD | 60 | 58,200 | |||||||||
| Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/23)(a) |
USD | 60 | 56,640 | |||||||||
| Nationstar Mortgage Holdings Inc. |
||||||||||||
| 5.13%, 12/15/30 (Call 12/15/25)(a) |
USD | 80 | 65,825 | |||||||||
| 5.50%, 08/15/28 (Call 08/15/23)(a) |
USD | 75 | 66,938 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
59 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| 5.75%, 11/15/31 (Call 11/15/26)(a)(d) |
USD | 85 | $ | 71,015 | ||||||||
| 6.00%, 01/15/27 (Call 01/15/24)(a) |
USD | 65 | 61,463 | |||||||||
| Navient Corp. |
||||||||||||
| 4.88%, 03/15/28 (Call 06/15/27) |
USD | 55 | 47,226 | |||||||||
| 5.00%, 03/15/27 (Call 09/15/26) |
USD | 85 | 76,490 | |||||||||
| 5.50%, 03/15/29 (Call 06/15/28) |
USD | 90 | 77,609 | |||||||||
| 5.88%, 10/25/24 |
USD | 50 | 49,142 | |||||||||
| 6.75%, 06/25/25 |
USD | 75 | 73,940 | |||||||||
| 6.75%, 06/15/26 |
USD | 50 | 48,883 | |||||||||
| NCL Corp. Ltd. |
||||||||||||
| 3.63%, 12/15/24 (Call 12/15/23)(a)(d) |
USD | 50 | 47,035 | |||||||||
| 5.88%, 03/15/26 (Call 12/15/25)(a)(d) |
USD | 180 | 155,250 | |||||||||
| 5.88%, 02/15/27 (Call 02/15/24)(a)(d) |
USD | 120 | 112,962 | |||||||||
| 7.75%, 02/15/29 (Call 11/15/28)(a)(d) |
USD | 80 | 68,378 | |||||||||
| 8.38%, 02/01/28 (Call 02/01/25)(a) |
USD | 65 | 65,672 | |||||||||
| NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(d) |
USD | 50 | 40,433 | |||||||||
| NCR Corp. |
||||||||||||
| 5.00%, 10/01/28 (Call 08/20/23)(a) |
USD | 95 | 83,032 | |||||||||
| 5.13%, 04/15/29 (Call 04/15/24)(a) |
USD | 135 | 116,772 | |||||||||
| 5.25%, 10/01/30 (Call 10/01/25)(a) |
USD | 40 | 33,623 | |||||||||
| 5.75%, 09/01/27 (Call 09/01/23)(a)(d) |
USD | 40 | 39,153 | |||||||||
| 6.13%, 09/01/29 (Call 09/01/24)(a)(d) |
USD | 60 | 58,838 | |||||||||
| Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)(a) |
USD | 295 | 277,669 | |||||||||
| New Fortress Energy Inc. |
||||||||||||
| 6.50%, 09/30/26 (Call 03/31/24)(a) |
USD | 185 | 170,200 | |||||||||
| 6.75%, 09/15/25 (Call 09/15/23)(a) |
USD | 150 | 143,166 | |||||||||
| Newell Brands Inc. |
||||||||||||
| 4.70%, 04/01/26 (Call 01/01/26) |
USD | 220 | 210,100 | |||||||||
| 4.88%, 06/01/25 (Call 05/01/25) |
USD | 75 | 72,949 | |||||||||
| 6.38%, 09/15/27 (Call 06/15/27)(d) |
USD | 60 | 59,145 | |||||||||
| 6.63%, 09/15/29 (Call 06/15/29)(d) |
USD | 60 | 59,307 | |||||||||
| News Corp. |
||||||||||||
| 3.88%, 05/15/29 (Call 05/15/24)(a) |
USD | 110 | 97,661 | |||||||||
| 5.13%, 02/15/32 (Call 02/15/27)(a)(d) |
USD | 60 | 55,500 | |||||||||
| Nexstar Media Inc. |
||||||||||||
| 4.75%, 11/01/28 (Call 11/01/23)(a)(d) |
USD | 120 | 105,277 | |||||||||
| 5.63%, 07/15/27 (Call 07/15/23)(a) |
USD | 200 | 187,836 | |||||||||
| NextEra Energy Operating Partners LP |
||||||||||||
| 3.88%, 10/15/26 (Call 07/15/26)(a) |
USD | 75 | 70,318 | |||||||||
| 4.25%, 07/15/24 (Call 04/15/24)(a) |
USD | 40 | 39,377 | |||||||||
| 4.50%, 09/15/27 (Call 06/15/27)(a) |
USD | 60 | 56,541 | |||||||||
| NFP Corp. |
||||||||||||
| 4.88%, 08/15/28 (Call 08/15/23)(a)(d) |
USD | 60 | 54,623 | |||||||||
| 6.88%, 08/15/28 (Call 08/15/23)(a) |
USD | 245 | 213,854 | |||||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/24)(a) |
USD | 245 | 236,103 | |||||||||
| Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/26 (Call 08/16/26)(a) |
USD | 125 | 106,677 | |||||||||
| Nissan Motor Acceptance Corp. |
||||||||||||
| 2.00%, 03/09/26 (Call 02/09/26)(a) |
USD | 50 | 44,035 | |||||||||
| 2.75%, 03/09/28 (Call 01/09/28)(a) |
USD | 75 | 62,453 | |||||||||
| NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/24)(a) |
USD | 110 | 102,630 | |||||||||
| Nordstrom Inc. |
||||||||||||
| 4.25%, 08/01/31 (Call 05/01/31) |
USD | 50 | 37,113 | |||||||||
| 4.38%, 04/01/30 (Call 01/01/30)(d) |
USD | 55 | 43,093 | |||||||||
| NortonLifeLock Inc. |
||||||||||||
| 6.75%, 09/30/27 (Call 09/30/24)(a)(d) |
USD | 110 | 110,873 | |||||||||
| 7.13%, 09/30/30 (Call 09/30/25)(a)(d) |
USD | 65 | 65,325 | |||||||||
| Security | Par (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| Novelis Corp. |
||||||||||||
| 3.25%, 11/15/26 (Call 11/15/23)(a) |
USD | 80 | $ | 73,045 | ||||||||
| 3.88%, 08/15/31 (Call 08/15/26)(a) |
USD | 95 | 79,428 | |||||||||
| 4.75%, 01/30/30 (Call 01/30/25)(a) |
USD | 195 | 176,061 | |||||||||
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(b) |
EUR | 100 | 94,922 | |||||||||
| NRG Energy Inc. |
||||||||||||
| 3.38%, 02/15/29 (Call 02/15/24)(a) |
USD | 60 | 50,850 | |||||||||
| 3.63%, 02/15/31 (Call 02/15/26)(a) |
USD | 130 | 105,392 | |||||||||
| 3.88%, 02/15/32 (Call 02/15/27)(a) |
USD | 145 | 117,087 | |||||||||
| 5.25%, 06/15/29 (Call 06/15/24)(a) |
USD | 90 | 83,213 | |||||||||
| 5.75%, 01/15/28 (Call 01/15/24) |
USD | 55 | 53,676 | |||||||||
| NuStar Logistics LP |
||||||||||||
| 5.63%, 04/28/27 (Call 01/28/27)(d) |
USD | 85 | 81,604 | |||||||||
| 5.75%, 10/01/25 (Call 07/01/25) |
USD | 80 | 78,813 | |||||||||
| 6.00%, 06/01/26 (Call 03/01/26) |
USD | 60 | 58,901 | |||||||||
| 6.38%, 10/01/30 (Call 04/01/30) |
USD | 60 | 57,607 | |||||||||
| Occidental Petroleum Corp. |
||||||||||||
| 5.50%, 12/01/25 (Call 09/01/25)(d) |
USD | 60 | 60,270 | |||||||||
| 5.55%, 03/15/26 (Call 12/15/25)(d) |
USD | 130 | 131,153 | |||||||||
| 5.88%, 09/01/25 (Call 06/01/25) |
USD | 105 | 106,559 | |||||||||
| 6.13%, 01/01/31 (Call 07/01/30) |
USD | 120 | 125,262 | |||||||||
| 6.38%, 09/01/28 (Call 03/01/28) |
USD | 65 | 67,913 | |||||||||
| 6.63%, 09/01/30 (Call 03/01/30) |
USD | 185 | 197,487 | |||||||||
| 7.50%, 05/01/31 |
USD | 95 | 105,994 | |||||||||
| 7.88%, 09/15/31 |
USD | 50 | 57,050 | |||||||||
| 8.50%, 07/15/27 (Call 01/15/27) |
USD | 50 | 55,057 | |||||||||
| 8.88%, 07/15/30 (Call 01/15/30) |
USD | 95 | 111,625 | |||||||||
| Office Properties Income Trust |
||||||||||||
| 3.45%, 10/15/31 (Call 07/15/31) |
USD | 45 | 23,171 | |||||||||
| 4.50%, 02/01/25 (Call 11/01/24) |
USD | 70 | 59,488 | |||||||||
| OI European Group BV |
||||||||||||
| 3.13%, 11/15/24 (Call 08/15/24)(b) |
EUR | 100 | 107,745 | |||||||||
| 4.75%, 02/15/30 (Call 11/15/24)(a) |
USD | 65 | 59,629 | |||||||||
| Olin Corp. |
||||||||||||
| 5.00%, 02/01/30 (Call 02/01/24) |
USD | 75 | 69,938 | |||||||||
| 5.13%, 09/15/27 (Call 03/15/24) |
USD | 40 | 38,678 | |||||||||
| 5.63%, 08/01/29 (Call 08/01/24)(d) |
USD | 85 | 82,875 | |||||||||
| Olympus Water U.S. Holding Corp. |
||||||||||||
| 3.88%, 10/01/28 (Call 10/01/24)(b) |
EUR | 100 | 90,197 | |||||||||
| 4.25%, 10/01/28 (Call 10/01/24)(a) |
USD | 125 | 106,406 | |||||||||
| OneMain Finance Corp. |
||||||||||||
| 3.50%, 01/15/27 (Call 01/15/24) |
USD | 75 | 63,866 | |||||||||
| 3.88%, 09/15/28 (Call 09/15/24) |
USD | 60 | 48,453 | |||||||||
| 4.00%, 09/15/30 (Call 09/15/25) |
USD | 100 | 75,880 | |||||||||
| 5.38%, 11/15/29 (Call 05/15/29) |
USD | 95 | 79,919 | |||||||||
| 6.63%, 01/15/28 (Call 07/15/27)(d) |
USD | 85 | 79,009 | |||||||||
| 6.88%, 03/15/25 |
USD | 145 | 142,266 | |||||||||
| 7.13%, 03/15/26 |
USD | 185 | 180,563 | |||||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV |
||||||||||||
| 4.13%, 04/30/28 (Call 04/30/24)(a) |
USD | 250 | 230,000 | |||||||||
| 5.13%, 04/30/31 (Call 04/30/26)(a) |
USD | 225 | 199,969 | |||||||||
| 2.88%, 04/30/28 (Call 04/30/24)(b) |
EUR | 150 | 142,659 | |||||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp. |
||||||||||||
| 4.25%, 01/15/29 (Call 01/15/24)(a) |
USD | 60 | 51,321 | |||||||||
| 4.63%, 03/15/30 (Call 03/15/25)(a) |
USD | 50 | 42,520 | |||||||||
| 5.00%, 08/15/27 (Call 08/15/23)(a)(d) |
USD | 80 | 74,057 | |||||||||
| 6.25%, 06/15/25 (Call 06/15/23)(a)(d) |
USD | 30 | 30,089 | |||||||||
| Owens & Minor Inc. |
||||||||||||
| 4.50%, 03/31/29 (Call 03/31/24)(a)(d) |
USD | 50 | 40,190 | |||||||||
| 60 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 6.63%, 04/01/30 (Call 04/01/25)(a)(d) |
USD | 75 | $ | 65,250 | ||||||||
| Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)(a) |
USD | 85 | 85,319 | |||||||||
| Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(d) |
USD | 115 | 103,644 | |||||||||
| Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)(d) |
USD | 65 | 57,240 | |||||||||
| Paramount Global |
||||||||||||
| 6.25%, 02/28/57 (Call 02/28/27), |
USD | 80 | 61,800 | |||||||||
| 6.38%, 03/30/62 (Call 03/30/27), |
USD | 120 | 103,369 | |||||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
||||||||||||
| 4.88%, 05/15/29 (Call 05/15/24)(a) |
USD | 70 | 60,786 | |||||||||
| 5.88%, 10/01/28 (Call 10/01/23)(a) |
USD | 100 | 92,489 | |||||||||
| 7.50%, 06/01/25 (Call 06/01/23)(a) |
USD | 85 | 85,425 | |||||||||
| PBF Holding Co. LLC/PBF Finance Corp. |
||||||||||||
| 6.00%, 02/15/28 (Call 02/15/24)(d) |
USD | 70 | 64,591 | |||||||||
| 7.25%, 06/15/25 (Call 06/15/23) |
USD | 95 | 94,644 | |||||||||
| PennyMac Financial Services Inc. |
||||||||||||
| 4.25%, 02/15/29 (Call 02/15/24)(a) |
USD | 75 | 61,686 | |||||||||
| 5.38%, 10/15/25 (Call 10/15/23)(a) |
USD | 75 | 70,799 | |||||||||
| 5.75%, 09/15/31 (Call 09/15/26)(a) |
USD | 70 | 58,457 | |||||||||
| Penske Automotive Group Inc. |
||||||||||||
| 3.50%, 09/01/25 (Call 09/01/23) |
USD | 80 | 76,412 | |||||||||
| 3.75%, 06/15/29 (Call 06/15/24) |
USD | 50 | 43,477 | |||||||||
| Performance Food Group Inc. |
||||||||||||
| 4.25%, 08/01/29 (Call 08/01/24)(a) |
USD | 105 | 95,550 | |||||||||
| 5.50%, 10/15/27 (Call 10/15/23)(a)(d) |
USD | 120 | 117,647 | |||||||||
| Perrigo Finance Unlimited Co. |
||||||||||||
| 3.90%, 12/15/24 (Call 09/15/24) |
USD | 65 | 62,946 | |||||||||
| 4.38%, 03/15/26 (Call 12/15/25) |
USD | 115 | 110,975 | |||||||||
| 4.40%, 06/15/30 (Call 03/15/30) |
USD | 85 | 76,819 | |||||||||
| PetSmart Inc./PetSmart Finance Corp. |
||||||||||||
| 4.75%, 02/15/28 (Call 02/15/24)(a) |
USD | 150 | 141,789 | |||||||||
| 7.75%, 02/15/29 (Call 02/15/24)(a) |
USD | 125 | 123,083 | |||||||||
| PG&E Corp. |
||||||||||||
| 5.00%, 07/01/28 (Call 07/01/23)(d) |
USD | 135 | 127,269 | |||||||||
| 5.25%, 07/01/30 (Call 06/15/25) |
USD | 105 | 97,003 | |||||||||
| Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/23)(a) |
USD | 50 | 21,125 | |||||||||
| Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)(a) |
USD | 455 | 409,500 | |||||||||
| Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/23)(a) |
USD | 55 | 54,912 | |||||||||
| Pilgrim’s Pride Corp. |
||||||||||||
| 3.50%, 03/01/32 (Call 09/01/26) |
USD | 100 | 80,375 | |||||||||
| 4.25%, 04/15/31 (Call 04/15/26) |
USD | 115 | 99,960 | |||||||||
| 5.88%, 09/30/27 (Call 09/30/23)(a) |
USD | 105 | 104,740 | |||||||||
| 6.25%, 07/01/33 (Call 04/01/33) |
USD | 75 | 74,163 | |||||||||
| Post Holdings Inc. |
||||||||||||
| 4.50%, 09/15/31 (Call 09/15/26)(a)(d) |
USD | 150 | 131,250 | |||||||||
| 4.63%, 04/15/30 (Call 04/15/25)(a) |
USD | 155 | 140,081 | |||||||||
| 5.50%, 12/15/29 (Call 12/15/24)(a) |
USD | 155 | 147,444 | |||||||||
| 5.63%, 01/15/28 (Call 12/01/23)(a) |
USD | 115 | 112,368 | |||||||||
| 5.75%, 03/01/27 (Call 03/01/24)(a) |
USD | 50 | 49,648 | |||||||||
| PRA Group Inc.,
8.38%, 02/01/28 |
USD | 65 | 65,067 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |
||||||||||||
| 5.63%, 09/01/29 (Call 09/01/24)(a)(d) |
USD | 90 | $ | 65,132 | ||||||||
| 5.88%, 09/01/31 (Call 09/01/26)(a) |
USD | 85 | 59,734 | |||||||||
| Presidio Holdings Inc. |
||||||||||||
| 4.88%, 02/01/27 (Call 02/01/24)(a) |
USD | 75 | 71,065 | |||||||||
| 8.25%, 02/01/28 (Call 02/01/24)(a) |
USD | 55 | 51,838 | |||||||||
| Prestige Brands Inc. |
||||||||||||
| 3.75%, 04/01/31 (Call 04/01/26)(a) |
USD | 85 | 71,877 | |||||||||
| 5.13%, 01/15/28 (Call 01/15/24)(a) |
USD | 35 | 34,010 | |||||||||
| Prime Security Services Borrower LLC/Prime Finance Inc. |
||||||||||||
| 3.38%, 08/31/27 (Call 08/31/26)(a)(d) |
USD | 105 | 93,961 | |||||||||
| 5.25%, 04/15/24(a) |
USD | 40 | 39,776 | |||||||||
| 5.75%, 04/15/26(a)(d) |
USD | 160 | 158,680 | |||||||||
| 6.25%, 01/15/28 (Call 01/15/24)(a)(d) |
USD | 155 | 144,901 | |||||||||
| PTC Inc. |
||||||||||||
| 3.63%, 02/15/25 (Call 02/15/24)(a) |
USD | 75 | 72,358 | |||||||||
| 4.00%, 02/15/28 (Call 02/15/24)(a) |
USD | 50 | 46,563 | |||||||||
| QVC Inc. |
||||||||||||
| 4.38%, 09/01/28 (Call 06/01/28)(d) |
USD | 65 | 32,005 | |||||||||
| 4.45%, 02/15/25 (Call 11/15/24) |
USD | 85 | 62,369 | |||||||||
| 4.75%, 02/15/27 (Call 11/15/26)(d) |
USD | 45 | 22,753 | |||||||||
| 4.85%, 04/01/24 |
USD | 3 | 2,589 | |||||||||
| Rackspace Technology Global Inc. |
||||||||||||
| 3.50%, 02/15/28 (Call 02/15/24)(a) |
USD | 70 | 29,050 | |||||||||
| 5.38%, 12/01/28 (Call 12/01/23)(a) |
USD | 70 | 16,450 | |||||||||
| Radiate Holdco LLC/Radiate Finance Inc. |
||||||||||||
| 4.50%, 09/15/26 (Call 09/15/23)(a)(d) |
USD | 115 | 89,437 | |||||||||
| 6.50%, 09/15/28 (Call 09/15/23)(a) |
USD | 115 | 53,518 | |||||||||
| Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/24)(a)(d) |
USD | 85 | 37,776 | |||||||||
| Range Resources Corp. |
||||||||||||
| 4.75%, 02/15/30 (Call 02/15/25)(a)(d) |
USD | 35 | 32,200 | |||||||||
| 4.88%, 05/15/25 (Call 02/15/25)(d) |
USD | 95 | 93,812 | |||||||||
| 8.25%, 01/15/29 (Call 01/15/24) |
USD | 80 | 83,496 | |||||||||
| Realogy Group LLC/Realogy Co-Issuer Corp. |
||||||||||||
| 5.25%, 04/15/30 (Call 04/15/25)(a) |
USD | 125 | 89,062 | |||||||||
| 5.75%, 01/15/29 (Call 01/15/24)(a) |
USD | 105 | 78,049 | |||||||||
| RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/23)(a)(d) |
USD | 180 | 150,030 | |||||||||
| RHP Hotel Properties LP/RHP Finance Corp. |
||||||||||||
| 4.50%, 02/15/29 (Call 02/15/24)(a)(d) |
USD | 60 | 53,999 | |||||||||
| 4.75%, 10/15/27 (Call 10/15/23) |
USD | 90 | 85,219 | |||||||||
| Rite Aid Corp., 8.00%, 11/15/26 (Call 01/15/24)(a) |
USD | 54 | 29,178 | |||||||||
| RLJ Lodging Trust LP |
||||||||||||
| 3.75%, 07/01/26 (Call 07/01/23)(a) |
USD | 50 | 46,473 | |||||||||
| 4.00%, 09/15/29 (Call 09/15/24)(a) |
USD | 65 | 54,516 | |||||||||
| ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) |
USD | 115 | 97,175 | |||||||||
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |
||||||||||||
| 2.88%, 10/15/26 (Call 10/15/23)(a) |
USD | 145 | 128,918 | |||||||||
| 3.63%, 03/01/29 (Call 03/09/24)(a)(d) |
USD | 80 | 67,528 | |||||||||
| 3.88%, 03/01/31 (Call 03/01/26)(a) |
USD | 155 | 125,550 | |||||||||
| 4.00%, 10/15/33 (Call 10/15/27)(a) |
USD | 90 | 70,425 | |||||||||
| Rockies Express Pipeline LLC |
||||||||||||
| 3.60%, 05/15/25 (Call 04/15/25)(a) |
USD | 50 | 47,423 | |||||||||
| 4.95%, 07/15/29 (Call 04/15/29)(a) |
USD | 70 | 64,642 | |||||||||
| RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/23)(a) |
USD | 95 | 66,717 | |||||||||
| Sabre GLBL Inc. |
||||||||||||
| 7.38%, 09/01/25 (Call 05/30/23)(a) |
USD | 100 | 88,875 | |||||||||
| 9.25%, 04/15/25 (Call 03/16/25)(a) |
USD | 65 | 59,963 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
61 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 11.25%, 12/15/27 (Call 06/15/25)(a) |
USD | 85 | $ | 74,481 | ||||||||
| Samsonite Finco Sarl, 3.50%, 05/15/26 (Call 05/15/23)(b) |
EUR | 100 | 102,115 | |||||||||
| SBA Communications Corp. |
||||||||||||
| 3.13%, 02/01/29 (Call 02/01/24)(d) |
USD | 190 | 162,820 | |||||||||
| 3.88%, 02/15/27 (Call 02/15/24)(d) |
USD | 170 | 158,312 | |||||||||
| Scientific Games International Inc. |
||||||||||||
| 7.00%, 05/15/28 (Call 05/15/23)(a) |
USD | 105 | 105,017 | |||||||||
| 7.25%, 11/15/29 (Call 11/15/24)(a) |
USD | 75 | 75,272 | |||||||||
| 8.63%, 07/01/25 (Call 07/01/23)(a) |
USD | 35 | 35,831 | |||||||||
| SCIH Salt Holdings Inc. |
||||||||||||
| 4.88%, 05/01/28 (Call 05/01/24)(a) |
USD | 125 | 112,495 | |||||||||
| 6.63%, 05/01/29 (Call 05/01/24)(a) |
USD | 75 | 62,250 | |||||||||
| Scotts Miracle-Gro Co. (The) |
||||||||||||
| 4.00%, 04/01/31 (Call 04/01/26)(d) |
USD | 70 | 57,107 | |||||||||
| 4.38%, 02/01/32 (Call 08/01/26) |
USD | 40 | 32,413 | |||||||||
| 4.50%, 10/15/29 (Call 10/15/24)(d) |
USD | 45 | 39,092 | |||||||||
| Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(a)(d) |
USD | 45 | 35,072 | |||||||||
| Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/23)(a) |
USD | 50 | 35,975 | |||||||||
| Seagate HDD Cayman |
||||||||||||
| 4.09%, 06/01/29 (Call 03/01/29)(d) |
USD | 60 | 51,975 | |||||||||
| 4.88%, 06/01/27 (Call 03/01/27) |
USD | 60 | 57,458 | |||||||||
| 9.63%, 12/01/32 (Call 12/01/27)(a) |
USD | 87 | 95,484 | |||||||||
| Sealed Air Corp. |
||||||||||||
| 4.00%, 12/01/27 (Call 09/01/27)(a)(d) |
USD | 48 | 45,004 | |||||||||
| 5.00%, 04/15/29 (Call 04/15/25)(a)(d) |
USD | 50 | 47,981 | |||||||||
| 5.13%, 12/01/24 (Call 09/01/24)(a) |
USD | 30 | 30,000 | |||||||||
| 5.50%, 09/15/25 (Call 06/15/25)(a)(d) |
USD | 60 | 60,135 | |||||||||
| 6.13%, 02/01/28 (Call 02/01/24)(a)(d) |
USD | 70 | 71,145 | |||||||||
| Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/23)(a)(d) |
USD | 165 | 161,287 | |||||||||
| Sensata Technologies BV |
||||||||||||
| 4.00%, 04/15/29 (Call 03/18/24)(a) |
USD | 120 | 108,333 | |||||||||
| 5.88%, 09/01/30 (Call 09/01/25)(a)(d) |
USD | 75 | 73,830 | |||||||||
| Sensata Technologies Inc. |
||||||||||||
| 3.75%, 02/15/31 (Call 02/15/26)(a)(d) |
USD | 55 | 47,781 | |||||||||
| 4.38%, 02/15/30 (Call 11/15/29)(a) |
USD | 65 | 59,259 | |||||||||
| Service Corp. International/U.S. |
||||||||||||
| 3.38%, 08/15/30 (Call 08/15/25) |
USD | 100 | 85,161 | |||||||||
| 4.00%, 05/15/31 (Call 05/15/26)(d) |
USD | 80 | 70,602 | |||||||||
| 4.63%, 12/15/27 (Call 12/15/23) |
USD | 60 | 58,045 | |||||||||
| 5.13%, 06/01/29 (Call 06/01/24) |
USD | 100 | 96,521 | |||||||||
| Service Properties Trust |
||||||||||||
| 3.95%, 01/15/28 (Call 07/15/27) |
USD | 40 | 31,212 | |||||||||
| 4.35%, 10/01/24 (Call 09/01/24) |
USD | 60 | 57,443 | |||||||||
| 4.38%, 02/15/30 (Call 08/15/29) |
USD | 35 | 26,060 | |||||||||
| 4.75%, 10/01/26 (Call 08/01/26) |
USD | 40 | 34,406 | |||||||||
| 4.95%, 02/15/27 (Call 08/15/26) |
USD | 60 | 50,850 | |||||||||
| 4.95%, 10/01/29 (Call 07/01/29) |
USD | 60 | 45,420 | |||||||||
| 5.50%, 12/15/27 (Call 09/15/27) |
USD | 65 | 57,164 | |||||||||
| 7.50%, 09/15/25 (Call 06/15/25)(d) |
USD | 100 | 98,250 | |||||||||
| Silgan Holdings Inc. |
||||||||||||
| 3.25%, 03/15/25 (Call 05/30/23) |
EUR | 100 | 107,101 | |||||||||
| 4.13%, 02/01/28 (Call 10/01/23) |
USD | 60 | 56,100 | |||||||||
| Sinclair Television Group Inc. |
||||||||||||
| 4.13%, 12/01/30 (Call 12/01/25)(a) |
USD | 80 | 63,132 | |||||||||
| 5.50%, 03/01/30 (Call 12/01/24)(a)(d) |
USD | 65 | 50,213 | |||||||||
| Sirius XM Radio Inc. |
||||||||||||
| 3.13%, 09/01/26 (Call 09/01/23)(a)(d) |
USD | 90 | 80,550 | |||||||||
| 3.88%, 09/01/31 (Call 09/01/26)(a) |
USD | 180 | 135,900 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 4.00%, 07/15/28 (Call 07/15/24)(a) |
USD | 225 | $ | 190,403 | ||||||||
| 4.13%, 07/01/30 (Call 07/01/25)(a) |
USD | 145 | 116,323 | |||||||||
| 5.00%, 08/01/27 (Call 08/01/23)(a) |
USD | 190 | 174,800 | |||||||||
| 5.50%, 07/01/29 (Call 07/01/24)(a) |
USD | 155 | 138,223 | |||||||||
| Six Flags Entertainment Corp. |
||||||||||||
| 4.88%, 07/31/24 (Call 05/30/23)(a)(d) |
USD | 85 | 85,018 | |||||||||
| 5.50%, 04/15/27 (Call 04/15/24)(a)(d) |
USD | 65 | 62,156 | |||||||||
| 7.25%, 05/15/31 (Call 05/03/26) |
USD | 100 | 97,750 | |||||||||
| SLM Corp. |
||||||||||||
| 3.13%, 11/02/26 (Call 10/02/26) |
USD | 75 | 65,625 | |||||||||
| 4.20%, 10/29/25 (Call 09/29/25) |
USD | 50 | 46,188 | |||||||||
| SM Energy Co. |
||||||||||||
| 6.50%, 07/15/28 (Call 07/15/24) |
USD | 80 | 75,977 | |||||||||
| 6.63%, 01/15/27 (Call 01/15/24) |
USD | 60 | 58,361 | |||||||||
| SoftBank Group Corp., 4.00%, 09/19/29 (Call 06/21/29)(b) |
EUR | 125 | 108,825 | |||||||||
| Sonic Automotive Inc. |
||||||||||||
| 4.63%, 11/15/29 (Call 11/15/24)(a)(d) |
USD | 40 | 33,550 | |||||||||
| 4.88%, 11/15/31 (Call 11/15/26)(a) |
USD | 77 | 62,178 | |||||||||
| Sotheby’s, 7.38%, 10/15/27 (Call 10/15/23)(a)(d) |
USD | 100 | 93,687 | |||||||||
| Southwestern Energy Co. |
||||||||||||
| 4.75%, 02/01/32 (Call 02/01/27)(d) |
USD | 125 | 110,390 | |||||||||
| 5.38%, 02/01/29 (Call 02/01/24) |
USD | 100 | 94,459 | |||||||||
| 5.38%, 03/15/30 (Call 03/15/25)(d) |
USD | 140 | 130,594 | |||||||||
| Spectrum Brands Inc. |
||||||||||||
| 3.88%, 03/15/31 (Call 03/15/26)(a) |
USD | 55 | 45,100 | |||||||||
| 5.75%, 07/15/25 (Call 07/15/23)(d) |
USD | 51 | 50,618 | |||||||||
| Spirit AeroSystems Inc. |
||||||||||||
| 4.60%, 06/15/28 (Call 03/15/28)(d) |
USD | 75 | 63,369 | |||||||||
| 7.50%, 04/15/25 (Call 04/15/24)(a)(d) |
USD | 150 | 149,060 | |||||||||
| 9.38%, 11/30/29 (Call 11/30/25)(a) |
USD | 105 | 112,875 | |||||||||
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a) |
USD | 145 | 146,448 | |||||||||
| Sprint LLC |
||||||||||||
| 7.13%, 06/15/24 |
USD | 162 | 164,632 | |||||||||
| 7.63%, 03/01/26 (Call 11/01/25) |
USD | 139 | 147,101 | |||||||||
| SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a) |
USD | 145 | 135,602 | |||||||||
| SRS Distribution Inc. |
||||||||||||
| 4.63%, 07/01/28 (Call 07/01/24)(a) |
USD | 65 | 57,434 | |||||||||
| 6.00%, 12/01/29 (Call 12/01/24)(a) |
USD | 110 | 89,619 | |||||||||
| 6.13%, 07/01/29 (Call 07/01/24)(a) |
USD | 50 | 41,483 | |||||||||
| SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/24)(a) |
USD | 225 | 218,264 | |||||||||
| Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a) |
USD | 135 | 116,647 | |||||||||
| Standard Industries Inc./NJ |
||||||||||||
| 2.25%, 11/21/26 (Call 08/21/26)(b) |
EUR | 100 | 96,359 | |||||||||
| 3.38%, 01/15/31 (Call 07/15/25)(a) |
USD | 145 | 114,891 | |||||||||
| 4.38%, 07/15/30 (Call 07/15/25)(a) |
USD | 160 | 138,000 | |||||||||
| 4.75%, 01/15/28 (Call 01/15/24)(a)(d) |
USD | 100 | 93,341 | |||||||||
| 5.00%, 02/15/27 (Call 02/15/24)(a) |
USD | 120 | 114,900 | |||||||||
| Staples Inc. |
||||||||||||
| 7.50%, 04/15/26 (Call 04/15/24)(a) |
USD | 225 | 190,057 | |||||||||
| 10.75%, 04/15/27 (Call 04/15/24)(a)(d) |
USD | 135 | 91,593 | |||||||||
| Starwood Property Trust Inc. |
||||||||||||
| 3.63%, 07/15/26 (Call 01/15/26)(a) |
USD | 50 | 43,227 | |||||||||
| 3.75%, 12/31/24 (Call 09/30/24)(a) |
USD | 50 | 46,775 | |||||||||
| 4.38%, 01/15/27 (Call 07/15/26)(a) |
USD | 70 | 60,211 | |||||||||
| Station Casinos LLC |
||||||||||||
| 4.50%, 02/15/28 (Call 02/15/24)(a) |
USD | 95 | 87,305 | |||||||||
| 4.63%, 12/01/31 (Call 06/01/31)(a) |
USD | 55 | 47,328 | |||||||||
| 62 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| Stericycle Inc. |
||||||||||||
| 3.88%, 01/15/29 (Call 11/15/23)(a) |
USD | 60 | $ | 54,180 | ||||||||
| 5.38%, 07/15/24 (Call 06/07/23)(a) |
USD | 75 | 74,796 | |||||||||
| Studio City Finance Ltd., 6.00%, 07/15/25 (Call 07/15/23)(a) |
USD | 50 | 46,443 | |||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |
USD | 75 | 65,478 | |||||||||
| Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)(d) |
USD | 65 | 61,763 | |||||||||
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)(a) |
USD | 100 | 96,154 | |||||||||
| Sunoco LP/Sunoco Finance Corp. |
||||||||||||
| 4.50%, 05/15/29 (Call 05/15/24) |
USD | 75 | 67,623 | |||||||||
| 4.50%, 04/30/30 (Call 04/30/25) |
USD | 108 | 96,650 | |||||||||
| 5.88%, 03/15/28 (Call 03/15/24) |
USD | 50 | 49,110 | |||||||||
| 6.00%, 04/15/27 (Call 04/15/24) |
USD | 75 | 74,606 | |||||||||
| Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32) |
USD | 85 | 78,120 | |||||||||
| Talen Energy Supply LLC, 8.63%, 06/01/30 (Call 06/01/26)(a) |
USD | 110 | 110,000 | |||||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
||||||||||||
| 5.50%, 01/15/28 (Call 01/15/24)(a) |
USD | 95 | 88,603 | |||||||||
| 6.00%, 03/01/27 (Call 03/01/24)(a) |
USD | 65 | 62,636 | |||||||||
| 6.00%, 12/31/30 (Call 12/31/25)(a) |
USD | 65 | 57,990 | |||||||||
| 6.00%, 09/01/31 (Call 09/01/26)(a) |
USD | 55 | 48,829 | |||||||||
| 7.50%, 10/01/25 (Call 10/01/23)(a) |
USD | 75 | 75,850 | |||||||||
| Taylor Morrison Communities Inc. |
||||||||||||
| 5.13%, 08/01/30 (Call 02/01/30)(a)(d) |
USD | 60 | 56,592 | |||||||||
| 5.75%, 01/15/28 (Call 10/15/27)(a) |
USD | 55 | 54,178 | |||||||||
| 5.88%, 06/15/27 (Call 03/15/27)(a) |
USD | 60 | 59,800 | |||||||||
| TEGNA Inc. |
||||||||||||
| 4.63%, 03/15/28 (Call 03/15/24) |
USD | 125 | 111,131 | |||||||||
| 4.75%, 03/15/26 (Call 03/15/24)(a) |
USD | 55 | 52,645 | |||||||||
| 5.00%, 09/15/29 (Call 09/15/24) |
USD | 120 | 105,291 | |||||||||
| Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(a) |
USD | 90 | 84,565 | |||||||||
| Tempur Sealy International Inc., 3.88%, 10/15/31 (Call 10/15/26)(a) |
USD | 175 | 144,987 | |||||||||
| Tenet Healthcare Corp. |
||||||||||||
| 4.25%, 06/01/29 (Call 06/01/24) |
USD | 175 | 160,562 | |||||||||
| 4.38%, 01/15/30 (Call 12/01/24) |
USD | 180 | 166,118 | |||||||||
| 4.63%, 07/15/24 (Call 05/30/23) |
USD | 47 | 46,589 | |||||||||
| 4.63%, 09/01/24 (Call 09/01/23) |
USD | 50 | 49,688 | |||||||||
| 4.63%, 06/15/28 (Call 06/15/23)(d) |
USD | 100 | 94,750 | |||||||||
| 4.88%, 01/01/26 (Call 03/01/24)(d) |
USD | 250 | 246,289 | |||||||||
| 5.13%, 11/01/27 (Call 11/01/23)(d) |
USD | 170 | 165,234 | |||||||||
| 6.13%, 10/01/28 (Call 10/01/23)(d) |
USD | 285 | 276,450 | |||||||||
| 6.13%, 06/15/30 (Call 06/15/25)(a) |
USD | 235 | 231,475 | |||||||||
| 6.25%, 02/01/27 (Call 02/01/24) |
USD | 160 | 159,280 | |||||||||
| TerraForm Power Operating LLC |
||||||||||||
| 4.75%, 01/15/30 (Call 01/15/25)(a) |
USD | 60 | 55,681 | |||||||||
| 5.00%, 01/31/28 (Call 07/31/27)(a) |
USD | 100 | 95,750 | |||||||||
| Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/23)(a) |
USD | 105 | 81,406 | |||||||||
| TI Automotive Finance PLC, 3.75%, 04/15/29 (Call 04/15/24)(b) |
EUR | 100 | 83,196 | |||||||||
| TKC Holdings Inc. |
||||||||||||
| 6.88%, 05/15/28 (Call 05/15/24)(a) |
USD | 60 | 53,325 | |||||||||
| 10.50%, 05/15/29 (Call 05/15/24)(a)(d) |
USD | 65 | 43,859 | |||||||||
| TransDigm Inc. |
||||||||||||
| 4.63%, 01/15/29 (Call 01/15/24) |
USD | 125 | 113,125 | |||||||||
| Security | Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| 4.88%, 05/01/29 (Call 05/01/24)(d) |
USD | 95 | $ | 86,212 | ||||||||
| 5.50%, 11/15/27 (Call 11/15/23) |
USD | 320 | 307,200 | |||||||||
| 6.25%, 03/15/26 (Call 03/15/24)(a) |
USD | 430 | 432,107 | |||||||||
| 6.38%, 06/15/26 (Call 06/15/23) |
USD | 125 | 124,765 | |||||||||
| 6.75%, 08/15/28 (Call 02/15/25)(a) |
USD | 220 | 223,300 | |||||||||
| 7.50%, 03/15/27 (Call 03/15/24) |
USD | 60 | 60,300 | |||||||||
| TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/23) |
USD | 75 | 75,497 | |||||||||
| Transocean Inc. |
||||||||||||
| 8.75%, 02/15/30 (Call 02/15/26)(a) |
USD | 145 | 145,362 | |||||||||
| 11.50%, 01/30/27 (Call 07/30/23)(a) |
USD | 75 | 76,835 | |||||||||
| Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/24)(a)(d) |
USD | 77 | 75,530 | |||||||||
| Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a) |
USD | 125 | 127,187 | |||||||||
| Travel + Leisure Co. |
||||||||||||
| 4.50%, 12/01/29 (Call 09/01/29)(a)(d) |
USD | 70 | 61,079 | |||||||||
| 6.00%, 04/01/27 (Call 01/01/27) |
USD | 50 | 49,307 | |||||||||
| 6.63%, 07/31/26 (Call 04/30/26)(a) |
USD | 85 | 84,828 | |||||||||
| TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 |
USD | 25 | 24,978 | |||||||||
| Triumph Group Inc. |
||||||||||||
| 7.75%, 08/15/25 (Call 08/15/23)(d) |
USD | 77 | 71,546 | |||||||||
| 9.00%, 03/15/28 (Call 03/15/25)(a) |
USD | 135 | 136,430 | |||||||||
| Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a) |
USD | 130 | 107,900 | |||||||||
| Twilio Inc. |
||||||||||||
| 3.63%, 03/15/29 (Call 03/15/24)(d) |
USD | 75 | 64,029 | |||||||||
| 3.88%, 03/15/31 (Call 03/15/26) |
USD | 45 | 37,549 | |||||||||
| U.S. Foods Inc. |
||||||||||||
| 4.63%, 06/01/30 (Call 06/01/25)(a) |
USD | 55 | 50,291 | |||||||||
| 4.75%, 02/15/29 (Call 02/15/24)(a) |
USD | 105 | 97,764 | |||||||||
| 6.25%, 04/15/25 (Call 04/15/24)(a) |
USD | 85 | 85,465 | |||||||||
| Uber Technologies Inc. |
||||||||||||
| 4.50%, 08/15/29 (Call 08/15/24)(a)(d) |
USD | 160 | 147,391 | |||||||||
| 6.25%, 01/15/28 (Call 12/17/23)(a) |
USD | 75 | 75,682 | |||||||||
| 7.50%, 05/15/25 (Call 05/15/23)(a) |
USD | 105 | 106,575 | |||||||||
| 7.50%, 09/15/27 (Call 09/15/23)(a) |
USD | 150 | 155,175 | |||||||||
| 8.00%, 11/01/26 (Call 11/01/23)(a) |
USD | 165 | 169,041 | |||||||||
| UGI International LLC, 2.50%, 12/01/29 (Call 12/01/24)(b) |
EUR | 100 | 86,153 | |||||||||
| United Airlines Inc. |
||||||||||||
| 4.38%, 04/15/26 (Call 10/15/25)(a) |
USD | 240 | 229,181 | |||||||||
| 4.63%, 04/15/29 (Call 10/15/25)(a) |
USD | 240 | 217,200 | |||||||||
| United Rentals North America Inc. |
||||||||||||
| 3.75%, 01/15/32 (Call 07/15/26) |
USD | 80 | 68,642 | |||||||||
| 3.88%, 11/15/27 (Call 05/09/23) |
USD | 100 | 93,875 | |||||||||
| 3.88%, 02/15/31 (Call 08/15/25)(d) |
USD | 140 | 123,011 | |||||||||
| 4.00%, 07/15/30 (Call 07/15/25)(d) |
USD | 70 | 62,519 | |||||||||
| 4.88%, 01/15/28 (Call 01/15/24) |
USD | 185 | 178,158 | |||||||||
| 5.25%, 01/15/30 (Call 01/15/25) |
USD | 80 | 77,384 | |||||||||
| 5.50%, 05/15/27 (Call 05/15/23) |
USD | 62 | 61,552 | |||||||||
| United Wholesale Mortgage LLC |
||||||||||||
| 5.50%, 11/15/25 (Call 11/15/23)(a) |
USD | 100 | 95,250 | |||||||||
| 5.50%, 04/15/29 (Call 03/30/24)(a) |
USD | 90 | 77,733 | |||||||||
| 5.75%, 06/15/27 (Call 06/15/24)(a) |
USD | 60 | 55,038 | |||||||||
| Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a) |
USD | 75 | 44,243 | |||||||||
| Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |
||||||||||||
| 4.75%, 04/15/28 (Call 04/15/24)(a)(d) |
USD | 90 | 71,550 | |||||||||
| 6.50%, 02/15/29 (Call 02/15/24)(a)(d) |
USD | 130 | 79,162 | |||||||||
| 10.50%, 02/15/28 (Call 09/15/25)(a) |
USD | 279 | 265,399 | |||||||||
| S C H E D U L E O F I N V E S T M E N T S |
63 |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||||||
| United States (continued) | ||||||||||||
| Univision Communications Inc. |
||||||||||||
| 4.50%, 05/01/29 (Call 05/01/24)(a)(d) |
USD | 105 | $ | 90,254 | ||||||||
| 5.13%, 02/15/25 (Call 05/09/23)(a) |
USD | 160 | 157,363 | |||||||||
| 6.63%, 06/01/27 (Call 06/01/23)(a) |
USD | 190 | 183,198 | |||||||||
| 7.38%, 06/30/30 (Call 06/30/25)(a) |
USD | 115 | 110,331 | |||||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
||||||||||||
| 6.88%, 04/01/26 (Call 04/01/24) |
USD | 65 | 64,337 | |||||||||
| 6.88%, 09/01/27 (Call 09/01/23) |
USD | 105 | 102,202 | |||||||||
| Valvoline Inc. |
||||||||||||
| 3.63%, 06/15/31 (Call 06/15/26)(a) |
USD | 75 | 62,344 | |||||||||
| 4.25%, 02/15/30 (Call 02/15/25)(a)(d) |
USD | 35 | 34,327 | |||||||||
| Vector Group Ltd. |
||||||||||||
| 5.75%, 02/01/29 (Call 02/01/24)(a) |
USD | 110 | 98,450 | |||||||||
| 10.50%, 11/01/26 (Call 11/01/23)(a) |
USD | 70 | 70,471 | |||||||||
| Venture Global Calcasieu Pass LLC |
||||||||||||
| 3.88%, 11/01/33 (Call 05/01/33)(a) |
USD | 130 | 109,835 | |||||||||
| 6.25%, 01/15/30 (Call 10/15/29)(a) |
USD | 130 | 131,923 | |||||||||
| 3.88%, 08/15/29 (Call 02/15/29)(a)(d) |
USD | 150 | 135,335 | |||||||||
| 4.13%, 08/15/31 (Call 02/15/31)(a) |
USD | 150 | 132,750 | |||||||||
| Vericast Corp.,
11.00%, 09/15/26 |
USD | 76 | 80,301 | |||||||||
| Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 09/01/23)(a) |
USD | 190 | 143,450 | |||||||||
| Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/23)(a) |
USD | 65 | 65,434 | |||||||||
| ViaSat Inc. |
||||||||||||
| 5.63%, 09/15/25 (Call 05/09/23)(a)(d) |
USD | 65 | 62,084 | |||||||||
| 5.63%, 04/15/27 (Call 04/15/24)(a) |
USD | 85 | 78,837 | |||||||||
| 6.50%, 07/15/28 (Call 06/17/23)(a)(d) |
USD | 50 | 39,535 | |||||||||
| Viking Cruises Ltd. |
||||||||||||
| 5.88%, 09/15/27 (Call 09/15/23)(a)(d) |
USD | 90 | 76,859 | |||||||||
| 7.00%, 02/15/29 (Call 02/15/24)(a)(d) |
USD | 50 | 42,536 | |||||||||
| 13.00%, 05/15/25 (Call 05/15/23)(a) |
USD | 35 | 36,894 | |||||||||
| Vistra Operations Co. LLC |
||||||||||||
| 4.38%, 05/01/29 (Call 05/01/24)(a) |
USD | 160 | 143,206 | |||||||||
| 5.00%, 07/31/27 (Call 07/31/23)(a) |
USD | 140 | 133,340 | |||||||||
| 5.50%, 09/01/26 (Call 09/01/23)(a) |
USD | 125 | 123,141 | |||||||||
| 5.63%, 02/15/27 (Call 02/15/24)(a) |
USD | 145 | 141,375 | |||||||||
| VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/24)(a) |
USD | 95 | 84,664 | |||||||||
| Weatherford International Ltd. |
||||||||||||
| 6.50%, 09/15/28 (Call 09/15/24)(a) |
USD | 55 | 55,000 | |||||||||
| 8.63%, 04/30/30 (Call 10/30/24)(a)(d) |
USD | 175 | 178,500 | |||||||||
| Wesco Aircraft Holdings Inc. |
||||||||||||
| 8.50%, 11/15/24 (Call 11/15/23)(a) |
USD | 74 | 3,719 | |||||||||
| 9.00%, 11/15/26 (Call 11/15/23)(a)(d) |
USD | 89 | 8,633 | |||||||||
| WESCO Distribution Inc. |
||||||||||||
| 7.13%, 06/15/25 (Call 06/15/23)(a) |
USD | 80 | 81,340 | |||||||||
| 7.25%, 06/15/28 (Call 06/15/23)(a) |
USD | 140 | 143,998 | |||||||||
| Western Digital Corp. |
||||||||||||
| 2.85%, 02/01/29 (Call 12/01/28) |
USD | 70 | 55,483 | |||||||||
| 3.10%, 02/01/32 (Call 11/01/31) |
USD | 60 | 43,603 | |||||||||
| 4.75%, 02/15/26 (Call 11/15/25) |
USD | 260 | 247,280 | |||||||||
| Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a) |
USD | 65 | 60,265 | |||||||||
| Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 |
USD | 165 | 136,345 | |||||||||
| WMG Acquisition Corp. |
||||||||||||
| 2.75%, 07/15/28 (Call 07/15/23)(b) |
EUR | 100 | 99,012 | |||||||||
| 3.00%, 02/15/31 (Call 02/15/26)(a)(d) |
USD | 90 | 73,965 | |||||||||
| 3.75%, 12/01/29 (Call 12/01/24)(a) |
USD | 70 | 61,600 | |||||||||
| Security | Par/ Shares (000) |
Value | ||||||||||
|
|
||||||||||||
| United States (continued) | ||||||||||||
| 3.88%, 07/15/30 (Call 07/15/25)(a) |
USD | 50 | $ | 44,038 | ||||||||
| WR Grace Holdings LLC |
||||||||||||
| 4.88%, 06/15/27 (Call 06/15/23)(a) |
USD | 80 | 75,969 | |||||||||
| 5.63%, 08/15/29 (Call 08/15/24)(a) |
USD | 145 | 124,788 | |||||||||
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
||||||||||||
| 5.25%, 05/15/27 (Call 02/15/27)(a)(d) |
USD | 100 | 95,979 | |||||||||
| 5.50%, 03/01/25 (Call 12/01/24)(a) |
USD | 210 | 207,055 | |||||||||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
||||||||||||
| 5.13%, 10/01/29 (Call 07/01/29)(a) |
USD | 100 | 92,288 | |||||||||
| 7.13%, 02/15/31 (Call 11/15/30)(a) |
USD | 65 | 66,645 | |||||||||
| Xerox Holdings Corp. |
||||||||||||
| 5.00%, 08/15/25 (Call 07/15/25)(a)(d) |
USD | 75 | 71,541 | |||||||||
| 5.50%, 08/15/28 (Call 07/15/28)(a) |
USD | 90 | 78,817 | |||||||||
| XHR LP |
||||||||||||
| 4.88%, 06/01/29 (Call 06/01/24)(a) |
USD | 60 | 52,037 | |||||||||
| 6.38%, 08/15/25 (Call 08/15/23)(a) |
USD | 71 | 69,912 | |||||||||
| Yum! Brands Inc. |
||||||||||||
| 3.63%, 03/15/31 (Call 12/15/30)(d) |
USD | 110 | 97,321 | |||||||||
| 4.63%, 01/31/32 (Call 10/01/26)(d) |
USD | 140 | 130,725 | |||||||||
| 4.75%, 01/15/30 (Call 10/15/29)(a) |
USD | 75 | 72,563 | |||||||||
| 5.38%, 04/01/32 (Call 04/01/27)(d) |
USD | 120 | 117,150 | |||||||||
| Zayo Group Holdings Inc. |
||||||||||||
| 4.00%, 03/01/27 (Call 05/30/23)(a) |
USD | 180 | 136,789 | |||||||||
| 6.13%, 03/01/28 (Call 03/01/24)(a)(d) |
USD | 115 | 73,600 | |||||||||
|
|
|
|||||||||||
| 95,378,704 | ||||||||||||
|
|
|
|||||||||||
| Total Long-Term Investments — 97.6% |
149,602,463 | |||||||||||
|
|
|
|||||||||||
| Short-Term Securities |
||||||||||||
| Money Market Funds — 16.5% | ||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(i)(j)(k) |
24,512 | 24,519,682 | ||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(i)(j) |
710 | 710,000 | ||||||||||
|
|
|
|||||||||||
| Total Short-Term Securities — 16.5% |
25,229,682 | |||||||||||
|
|
|
|||||||||||
| Total Investments — 114.1% |
174,832,145 | |||||||||||
| Liabilities in Excess of Other Assets — (14.1)% |
|
(21,656,829 | ) | |||||||||
|
|
|
|||||||||||
| Net Assets — 100.0% |
$ | 153,175,316 | ||||||||||
|
|
|
|||||||||||
| (a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (c) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) | All or a portion of this security is on loan. |
| (e) | Perpetual security with no stated maturity date. |
| (f) | Issuer filed for bankruptcy and/or is in default. |
| (g) | Non-income producing security. |
| (h) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (i) | Affiliate of the Fund. |
| (j) | Annualized 7-day yield as of period end. |
| 64 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) April 30, 2023 |
iShares® US & Intl High Yield Corp Bond ETF |
| (k) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/23 |
Shares Held at (000) |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 15,572,440 | $ | 8,942,313 | (a) | $ | — | $ | (542 | ) | $ | 5,471 | $ | 24,519,682 | 24,512 | $ | 62,998 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares |
1,490,000 | — | (780,000 | )(a) | — | — | 710,000 | 710 | 20,016 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (542 | ) | $ | 5,471 | $ | 25,229,682 | $ | 83,014 | $ | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
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 to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Corporate Bonds & Notes |
$ | — | $ | 149,602,463 | $ | — | $ | 149,602,463 | ||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
25,229,682 | — | — | 25,229,682 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 25,229,682 | $ | 149,602,463 | $ | — | $ | 174,832,145 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| S C H E D U L E O F I N V E S T M E N T S |
65 |
Statements of Assets and Liabilities (unaudited)
April 30, 2023
| iShares International High Yield Bond ETF |
iShares J.P. Morgan EM Corporate Bond ETF |
iShares J.P. Morgan EM High Yield Bond ETF |
iShares J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||
|
|
||||||||||||||||
| ASSETS |
||||||||||||||||
| Investments, at value — unaffiliated(a)(b) |
$ | 50,286,839 | $ | 371,893,759 | $ | 322,403,287 | $ | 485,619,087 | ||||||||
| Investments, at value — affiliated(c) |
20,000 | 29,056,806 | 41,785,179 | 200,000 | ||||||||||||
| Cash |
455 | 6,520 | — | 3,328 | ||||||||||||
| Foreign currency, at value(d) |
421,918 | 1,394 | 962 | 4,814,809 | ||||||||||||
| Receivables: |
||||||||||||||||
| Investments sold |
774,158 | 3,947,852 | 4,416,941 | 5,194,671 | ||||||||||||
| Securities lending income — affiliated |
— | 21,612 | 29,100 | — | ||||||||||||
| Capital shares sold |
46,264 | 2,497,772 | — | 1,882 | ||||||||||||
| Dividends — unaffiliated |
— | — | — | 4,926 | ||||||||||||
| Dividends — affiliated |
30 | 12,621 | 7,694 | 3,832 | ||||||||||||
| Interest — unaffiliated |
761,906 | 4,567,078 | 5,691,308 | 10,061,242 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total assets |
52,311,570 | 412,005,414 | 374,334,471 | 505,903,777 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| LIABILITIES |
||||||||||||||||
| Bank overdraft |
— | — | 55,734 | — | ||||||||||||
| Collateral on securities loaned, at value |
— | 24,668,242 | 39,239,898 | — | ||||||||||||
| Payables: |
||||||||||||||||
| Investments purchased |
1,173,405 | 7,360,324 | 5,371,729 | 5,533,556 | ||||||||||||
| Capital shares redeemed |
— | — | 92,265 | — | ||||||||||||
| Deferred foreign capital gain tax |
— | — | — | 66,664 | ||||||||||||
| Foreign taxes |
— | — | — | 1,452 | ||||||||||||
| Investment advisory fees |
17,597 | 150,302 | 137,716 | 123,960 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total liabilities |
1,191,002 | 32,178,868 | 44,897,342 | 5,725,632 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET ASSETS |
$ | 51,120,568 | $ | 379,826,546 | $ | 329,437,129 | $ | 500,178,145 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET ASSETS CONSIST OF |
||||||||||||||||
| Paid-in capital |
$ | 61,857,799 | $ | 444,075,485 | $ | 493,298,833 | $ | 624,773,417 | ||||||||
| Accumulated loss |
(10,737,231 | ) | (64,248,939 | ) | (163,861,704 | ) | (124,595,272 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET ASSETS |
$ | 51,120,568 | $ | 379,826,546 | $ | 329,437,129 | $ | 500,178,145 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET ASSETVALUE |
||||||||||||||||
| Shares outstanding |
1,100,000 | 8,750,000 | 9,550,000 | 13,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net asset value |
$ | 46.47 | $ | 43.41 | $ | 34.50 | $ | 36.24 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares authorized |
500 million | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Par value |
$ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) Investments, at cost — unaffiliated |
$ | 55,170,031 | $ | 406,047,336 | $ | 398,720,406 | $ | 528,877,408 | ||||||||
| (b) Securities loaned, at value |
$ | — | $ | 23,656,346 | $ | 37,845,623 | $ | — | ||||||||
| (c) Investments, at cost — affiliated |
$ | 20,000 | $ | 29,046,353 | $ | 41,769,189 | $ | 200,000 | ||||||||
| (d) Foreign currency, at cost |
$ | 419,114 | $ | 1,315 | $ | 918 | $ | 4,818,407 | ||||||||
See notes to financial statements.
| 66 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2023
| iShares US & Intl High Yield Corp Bond ETF |
||||
|
|
||||
| ASSETS |
||||
| Investments, at value — unaffiliated(a)(b) |
$ | 149,602,463 | ||
| Investments, at value — affiliated(c) |
25,229,682 | |||
| Cash |
8,545 | |||
| Foreign currency, at value(d) |
55,150 | |||
| Receivables: |
||||
| Investments sold |
1,884,817 | |||
| Securities lending income — affiliated |
14,457 | |||
| Capital shares sold |
1,234,721 | |||
| Dividends — affiliated |
3,870 | |||
| Interest — unaffiliated |
2,419,601 | |||
|
|
|
|||
| Total assets |
180,453,306 | |||
|
|
|
|||
| LIABILITIES |
||||
| Collateral on securities loaned, at value |
24,523,542 | |||
| Payables: |
||||
| Investments purchased |
2,704,367 | |||
| Investment advisory fees |
50,081 | |||
|
|
|
|||
| Total liabilities |
27,277,990 | |||
|
|
|
|||
| NET ASSETS |
$ | 153,175,316 | ||
|
|
|
|||
| NET ASSETS CONSIST OF |
||||
| Paid-in capital |
$ | 175,036,921 | ||
| Accumulated loss |
(21,861,605 | ) | ||
|
|
|
|||
| NET ASSETS |
$ | 153,175,316 | ||
|
|
|
|||
| NET ASSETVALUE |
||||
| Shares outstanding |
3,600,000 | |||
|
|
|
|||
| Net asset value |
$ | 42.55 | ||
|
|
|
|||
| Shares authorized |
500 million | |||
|
|
|
|||
| Par value |
$ | 0.001 | ||
|
|
|
|||
| (a) Investments, at cost — unaffiliated |
$ | 161,173,844 | ||
| (b) Securities loaned, at value |
$ | 23,695,025 | ||
| (c) Investments, at cost — affiliated |
$ | 25,224,367 | ||
| (d) Foreign currency, at cost |
$ | 54,312 | ||
See notes to financial statements.
| F I N A N C I A L S T A T E M E N T S |
67 |
Statements of Operations (unaudited)
Six Months Ended April 30, 2023
| iShares International High Yield Bond ETF |
iShares J.P. Morgan EM Corporate |
iShares J.P. Morgan EM High Yield Bond ETF |
iShares J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||
|
|
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||
| Dividends — affiliated |
$ | 195 | $ | 49,637 | $ | 45,827 | $ | 28,100 | ||||||||
| Interest — unaffiliated |
1,020,737 | 7,624,522 | 12,014,010 | 15,374,576 | ||||||||||||
| Securities lending income — affiliated — net |
— | 98,712 | 161,810 | — | ||||||||||||
| Other income — unaffiliated |
549 | 2,451 | 450 | — | ||||||||||||
| Foreign taxes withheld |
(568 | ) | 83 | 83 | (416,454 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total investment income |
1,020,913 | 7,775,405 | 12,222,180 | 14,986,222 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EXPENSES |
||||||||||||||||
| Investment advisory |
87,484 | 791,799 | 812,718 | 690,006 | ||||||||||||
| Commitment costs |
— | — | — | 2,957 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
87,484 | 791,799 | 812,718 | 692,963 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net investment income |
933,429 | 6,983,606 | 11,409,462 | 14,293,259 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments — unaffiliated(a) |
(767,529 | ) | (4,910,636 | ) | (5,178,371 | ) | (17,984,421 | ) | ||||||||
| Investments — affiliated |
— | 2,619 | 4,413 | — | ||||||||||||
| Capital gain distributions from underlying funds — affiliated |
— | 1 | 2 | 5 | ||||||||||||
| Foreign currency transactions |
55,088 | 27 | — | (130,743 | ) | |||||||||||
| In-kind redemptions — unaffiliated(b) |
(219,749 | ) | (1,208,387 | ) | (673,571 | ) | 262,690 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (932,190 | ) | (6,116,376 | ) | (5,847,527 | ) | (17,852,469 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
| Investments — unaffiliated(c) |
5,785,584 | 28,414,154 | 26,136,064 | 56,393,246 | ||||||||||||
| Investments — affiliated |
— | 9,083 | 14,646 | — | ||||||||||||
| Foreign currency translations |
38,891 | 70 | 86 | 542,031 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 5,824,475 | 28,423,307 | 26,150,796 | 56,935,277 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain |
4,892,285 | 22,306,931 | 20,303,269 | 39,082,808 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 5,825,714 | $ | 29,290,537 | $ | 31,712,731 | $ | 53,376,067 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | — | $ | — | $ | — | $ | (3,375 | ) | |||||||
| (b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
| (c) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | — | $ | — | $ | (59,400 | ) | |||||||
See notes to financial statements.
| 68 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2023
| iShares US & Intl High Yield Corp Bond ETF |
||||
|
|
||||
| INVESTMENT INCOME |
||||
| Dividends — affiliated |
$ | 20,016 | ||
| Interest — unaffiliated |
3,540,931 | |||
| Securities lending income — affiliated — net |
62,998 | |||
| Other income — unaffiliated |
712 | |||
| Foreign taxes withheld |
(299 | ) | ||
|
|
|
|||
| Total investment income |
3,624,358 | |||
|
|
|
|||
| EXPENSES |
||||
| Investment advisory |
235,080 | |||
|
|
|
|||
| Total expenses |
235,080 | |||
|
|
|
|||
| Net investment income |
3,389,278 | |||
|
|
|
|||
| REALIZED AND UNREALIZED GAIN (LOSS) |
||||
| Net realized gain (loss) from: |
||||
| Investments — unaffiliated |
(1,131,301 | ) | ||
| Investments — affiliated |
(542 | ) | ||
| Capital gain distributions from underlying funds — affiliated |
1 | |||
| Foreign currency transactions |
57,567 | |||
| In-kind redemptions — unaffiliated(a) |
(982,494 | ) | ||
|
|
|
|||
| (2,056,769 | ) | |||
|
|
|
|||
| Net change in unrealized appreciation (depreciation) on: |
||||
| Investments — unaffiliated |
7,233,398 | |||
| Investments — affiliated |
5,471 | |||
| Foreign currency translations |
31,511 | |||
|
|
|
|||
| 7,270,380 | ||||
|
|
|
|||
| Net realized and unrealized gain |
5,213,611 | |||
|
|
|
|||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 8,602,889 | ||
|
|
|
|||
| (a) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
| F I N A N C I A L S T A T E M E N T S |
69 |
Statements of Changes in Net Assets
| iShares International High Yield Bond ETF |
iShares J.P. Morgan EM Corporate Bond ETF |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
|||||||||||||||||
|
|
||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||
| Net investment income |
$ | 933,429 | $ | 1,408,096 | $ | 6,983,606 | $ | 14,229,480 | ||||||||||||
| Net realized loss |
(932,190 | ) | (5,099,669 | ) | (6,116,376 | ) | (34,007,022 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) |
5,824,475 | (10,447,043 | ) | 28,423,307 | (61,434,431 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net increase (decrease) in net assets resulting from operations |
5,825,714 | (14,138,616 | ) | 29,290,537 | (81,211,973 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
| From net investment income |
(215,619 | ) | (2,017,426 | ) | (7,208,370 | ) | (15,559,902 | ) | ||||||||||||
| Return of capital |
— | (85,561 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| Decrease in net assets resulting from distributions to shareholders |
(215,619 | ) | (2,102,987 | ) | (7,208,370 | ) | (15,559,902 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
| Net increase (decrease) in net assets derived from capital share transactions |
13,714,718 | (23,123,187 | ) | 71,846,106 | (135,692,796 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| NET ASSETS |
||||||||||||||||||||
| Total increase (decrease) in net assets |
19,324,813 | (39,364,790 | ) | 93,928,273 | (232,464,671 | ) | ||||||||||||||
| Beginning of period |
31,795,755 | 71,160,545 | 285,898,273 | 518,362,944 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| End of period |
$ | 51,120,568 | $ | 31,795,755 | $ | 379,826,546 | $ | 285,898,273 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 70 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
| iShares J.P. Morgan EM High Yield Bond ETF |
iShares J.P. Morgan EM Local Currency Bond ETF |
|||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||
| Net investment income |
$ | 11,409,462 | $ | 24,998,720 | $ | 14,293,259 | $ | 24,817,042 | ||||||||||||||||
| Net realized loss |
(5,847,527 | ) | (43,819,891 | ) | (17,852,469 | ) | (76,305,751 | ) | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) |
26,150,796 | (82,734,878 | ) | 56,935,277 | (58,369,093 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
31,712,731 | (101,556,049 | ) | 53,376,067 | (109,857,802 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||
| Decrease in net assets resulting from distributions to shareholders |
(11,783,631 | ) | (25,663,616 | ) | (3,783,011 | ) | (19,531,059 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
| Net increase (decrease) in net assets derived from capital share transactions |
18,211,481 | (56,838,898 | ) | 104,059,607 | (41,512,997 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||
| Total increase (decrease) in net assets |
38,140,581 | (184,058,563 | ) | 153,652,663 | (170,901,858 | ) | ||||||||||||||||||
| Beginning of period |
291,296,548 | 475,355,111 | 346,525,482 | 517,427,340 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| End of period |
$ | 329,437,129 | $ | 291,296,548 | $ | 500,178,145 | $ | 346,525,482 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| F I N A N C I A L S T A T E M E N T S |
71 |
Statements of Changes in Net Assets (continued)
| iShares US & Intl High Yield Corp Bond ETF |
||||||||||||
|
|
|
|||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
|||||||||||
|
|
||||||||||||
| INCREASE (DECREASE) IN NET ASSETS |
||||||||||||
| OPERATIONS |
||||||||||||
| Net investment income |
$ | 3,389,278 | $ | 5,806,839 | ||||||||
| Net realized loss |
(2,056,769 | ) | (5,745,195 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) |
7,270,380 | (21,725,310 | ) | |||||||||
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
8,602,889 | (21,663,666 | ) | |||||||||
|
|
|
|
|
|||||||||
| DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||
| Decrease in net assets resulting from distributions to shareholders |
(2,797,750 | ) | (6,204,063 | ) | ||||||||
|
|
|
|
|
|||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||
| Net increase (decrease) in net assets derived from capital share transactions |
47,293,106 | (65,519,501 | ) | |||||||||
|
|
|
|
|
|||||||||
| NET ASSETS |
||||||||||||
| Total increase (decrease) in net assets |
53,098,245 | (93,387,230 | ) | |||||||||
| Beginning of period |
100,077,071 | 193,464,301 | ||||||||||
|
|
|
|
|
|||||||||
| End of period |
$ | 153,175,316 | $ | 100,077,071 | ||||||||
|
|
|
|
|
|||||||||
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 72 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
| iShares International High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
|||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 39.74 | $ | 54.74 | $ | 51.94 | $ | 51.05 | $ | 50.66 | $ | 53.04 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net investment income(a) |
0.94 | 1.38 | 1.44 | 1.42 | 1.51 | 1.54 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss)(b) |
6.06 | (14.76 | ) | 2.18 | 0.09 | 0.82 | (3.92 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
7.00 | (13.38 | ) | 3.62 | 1.51 | 2.33 | (2.38 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
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|
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|
|
|||||||||||||||||||||||||||||||||||||
| Distributions(c) |
||||||||||||||||||||||||||||||||||||||||||||||||
| From net investment income |
(0.27 | ) | (1.56 | ) | (0.82 | ) | (0.62 | ) | (1.94 | ) | — | |||||||||||||||||||||||||||||||||||||
| Return of capital |
— | (0.06 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total distributions |
(0.27 | ) | (1.62 | ) | (0.82 | ) | (0.62 | ) | (1.94 | ) | — | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net asset value, end of period |
$ | 46.47 | $ | 39.74 | $ | 54.74 | $ | 51.94 | $ | 51.05 | $ | 50.66 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||||
| Based on net asset value |
17.64 | %(e) | (25.15 | )% | 6.90 | % | 3.00 | % | 4.85 | % | (4.49 | )% | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||||||
| Total expenses |
0.40 | %(g) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net investment income |
4.27 | %(g) | 2.92 | % | 2.56 | % | 2.85 | % | 3.03 | % | 2.87 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net assets, end of period (000) |
$ | 51,121 | $ | 31,796 | $ | 71,161 | $ | 46,750 | $ | 40,838 | $ | 65,858 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Portfolio turnover rate(h) |
16 | % | 23 | % | 33 | % | 46 | % | 34 | % | 31 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| (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 Fund’s 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) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| F I N A N C I A L H I G H L I G H T S |
73 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares J.P. Morgan EM Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 40.27 | $ | 51.32 | $ | 51.13 | $ | 51.29 | $ | 47.68 | $ | 51.33 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net investment income(a) |
0.94 | 1.68 | 1.75 | 2.06 | 2.25 | 2.16 | ||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss)(b) |
3.19 | (10.93 | ) | 0.23 | (0.13 | ) | 3.61 | (3.70 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
4.13 | (9.25 | ) | 1.98 | 1.93 | 5.86 | (1.54 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Distributions from net investment income(c) |
(0.99 | ) | (1.80 | ) | (1.79 | ) | (2.09 | ) | (2.25 | ) | (2.11 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net asset value, end of period |
$ | 43.41 | $ | 40.27 | $ | 51.32 | $ | 51.13 | $ | 51.29 | $ | 47.68 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total Return(d) |
||||||||||||||||||||||||||||||||||||
| Based on net asset value |
10.28 | %(e) | (18.42 | )% | 3.88 | % | 3.94 | % | 12.57 | % | (3.09 | )% | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||
| Total expenses |
0.50 | %(g) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net investment income |
4.41 | %(g) | 3.62 | % | 3.36 | % | 4.08 | % | 4.51 | % | 4.37 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||
| Net assets, end of period (000) |
$ | 379,827 | $ | 285,898 | $ | 518,363 | $ | 214,731 | $ | 166,685 | $ | 71,515 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Portfolio turnover rate(h) |
15 | % | 18 | % | 16 | % | 25 | % | 21 | % | 16 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (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 Fund’s 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) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 74 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares J.P. Morgan EM High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
|||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 32.19 | $ | 43.61 | $ | 43.06 | $ | 46.63 | $ | 45.29 | $ | 50.60 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net investment income(a) |
1.21 | 2.34 | 2.43 | 2.52 | 2.66 | 2.44 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss)(b) |
2.36 | (11.36 | ) | 0.68 | (3.54 | ) | 1.93 | (5.40 | ) | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
3.57 | (9.02 | ) | 3.11 | (1.02 | ) | 4.59 | (2.96 | ) | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Distributions from net investment income(c) |
(1.26 | ) | (2.40 | ) | (2.56 | ) | (2.55 | ) | (3.25 | ) | (2.35 | ) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net asset value, end of period |
$ | 34.50 | $ | 32.19 | $ | 43.61 | $ | 43.06 | $ | 46.63 | $ | 45.29 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||||
| Based on net asset value |
11.11 | %(e) | (21.35 | )% | 7.16 | % | (2.08 | )% | 10.51 | % | (5.96 | )%(f) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||||||||||||
| Total expenses |
0.50 | %(h) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total expenses after fees waived |
0.50 | %(h) | 0.50 | % | 0.49 | % | 0.48 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net investment income |
7.02 | %(h) | 6.13 | % | 5.40 | % | 5.75 | % | 5.75 | % | 5.11 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net assets, end of period (000) |
$ | 329,437 | $ | 291,297 | $ | 475,355 | $ | 303,584 | $ | 333,378 | $ | 398,541 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Portfolio turnover rate(i) |
9 | % | 16 | % | 23 | % | 65 | % | 32 | % | 19 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| (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 Fund’s 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) | Not annualized. |
| (f) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Annualized. |
| (i) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| F I N A N C I A L H I G H L I G H T S |
75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
|||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 32.09 | $ | 41.73 | $ | 41.68 | $ | 45.43 | $ | 43.24 | $ | 46.85 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net investment income(a) |
1.08 | 1.95 | 2.06 | 2.29 | 3.09 | 2.87 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss)(b) |
3.37 | (10.06 | ) | (2.01 | ) | (4.11 | ) | 0.59 | (6.48 | ) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
4.45 | (8.11 | ) | 0.05 | (1.82 | ) | 3.68 | (3.61 | ) | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Distributions from net investment income(c) |
(0.30 | ) | (1.53 | ) | — | (1.93 | ) | (1.49 | ) | — | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net asset value, end of period |
$ | 36.24 | $ | 32.09 | $ | 41.73 | $ | 41.68 | $ | 45.43 | $ | 43.24 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||||
| Based on net asset value |
13.87 | %(e) | (20.04 | )% | 0.12 | % | (4.20 | )% | 8.75 | % | (7.71 | )% | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||||||
| Total expenses |
0.30 | %(g) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.42 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total expenses after fees waived |
0.30 | %(g) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.41 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Net investment income |
6.21 | %(g) | 5.37 | % | 4.72 | % | 5.46 | % | 6.95 | % | 6.19 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
| Net assets, end of period (000) |
$ | 500,178 | $ | 346,525 | $ | 517,427 | $ | 500,100 | $ | 536,078 | $ | 423,732 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Portfolio turnover rate(h) |
19 | % | 47 | % | 29 | % | 43 | % | 44 | % | 51 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
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|
|
|||||||||||||||||||||||||||||||||||||
| (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 Fund’s 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) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 76 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares US & Intl High Yield Corp Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
|||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 40.03 | $ | 49.61 | $ | 47.80 | $ | 48.97 | $ | 48.03 | $ | 50.98 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Net investment income(a) |
1.19 | 2.02 | 2.09 | 2.21 | 2.42 | 2.46 | ||||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss)(b) |
2.35 | (9.53 | ) | 1.99 | (1.27 | ) | 1.17 | (2.80 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
3.54 | (7.51 | ) | 4.08 | 0.94 | 3.59 | (0.34 | ) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Distributions from net investment income(c) |
(1.02 | ) | (2.07 | ) | (2.27 | ) | (2.11 | ) | (2.65 | ) | (2.61 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Net asset value, end of period |
$ | 42.55 | $ | 40.03 | $ | 49.61 | $ | 47.80 | $ | 48.97 | $ | 48.03 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||
| Based on net asset value |
8.86 | %(e) | (15.46 | )% | 8.56 | % | 2.04 | % | 7.74 | % | (0.71 | )% | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||||
| Total expenses |
0.40 | %(g) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Net investment income |
5.77 | %(g) | 4.48 | % | 4.16 | % | 4.65 | % | 5.02 | % | 4.95 | % | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||
| Net assets, end of period (000) |
$ | 153,175 | $ | 100,077 | $ | 193,464 | $ | 176,851 | $ | 176,300 | $ | 211,353 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Portfolio turnover rate(h) |
8 | % | 16 | % | 31 | % | 33 | % | 24 | % | 20 | % | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| (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 Fund’s 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) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| F I N A N C I A L H I G H L I G H T S |
77 |
Notes to Financial Statements (unaudited)
| 1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
| iShares ETF | Diversification Classification |
|||
| International High Yield Bond |
Diversified | |||
| J.P. Morgan EM Corporate Bond |
Diversified | |||
| J.P. Morgan EM High Yield Bond |
Diversified | (a) | ||
| J.P. Morgan EM Local Currency Bond |
Non-diversified | |||
| US & Intl High Yield Corp Bond |
Diversified | |||
| (a) | The Fund’s classification changed from non-diversified to diversified during the reporting period. |
| 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 the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
| 78 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| • | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| • | 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), 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 BFA determines such method does not represent fair value. |
| • | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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 |
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
79 |
Notes to Financial Statements (unaudited) (continued)
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s 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 levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 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.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
|
||||||||||||||||
| iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
|
||||||||||||||||
| J.P. Morgan EM Corporate Bond |
||||||||||||||||
| Barclays Bank PLC |
$ | 924,521 | $ | (924,521 | ) | $ | — | $ | — | |||||||
| Barclays Capital, Inc. |
3,496,915 | (3,496,915 | ) | — | — | |||||||||||
| BMO Capital Markets |
622,455 | (622,455 | ) | — | — | |||||||||||
| BNP Paribas SA |
827,718 | (827,718 | ) | — | — | |||||||||||
| BofA Securities, Inc. |
647,133 | (647,133 | ) | — | — | |||||||||||
| Citigroup Global Markets, Inc. |
1,328,198 | (1,328,198 | ) | — | — | |||||||||||
| Credit Suisse Securities (USA) LLC |
992,304 | (992,304 | ) | — | — | |||||||||||
| DEUTSCHE BANK SECURITIES INC. |
326,067 | (326,067 | ) | — | — | |||||||||||
| HSBC Securities (USA), Inc. |
213,975 | (213,975 | ) | — | — | |||||||||||
| J.P. Morgan Securities LLC |
3,228,893 | (3,228,893 | ) | — | — | |||||||||||
| Jefferies LLC |
2,866,008 | (2,866,008 | ) | — | — | |||||||||||
| Morgan Stanley |
1,024,677 | (1,024,677 | ) | — | — | |||||||||||
| Nomura Securities International, Inc. |
1,688,253 | (1,688,253 | ) | — | — | |||||||||||
| Pershing LLC |
2,197,551 | (2,197,551 | ) | — | — | |||||||||||
| UBS AG |
127,350 | (121,049 | ) | — | 6,301 | (b) | ||||||||||
| Wells Fargo Securities LLC |
3,144,328 | (3,144,328 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 23,656,346 | $ | (23,650,045 | ) | $ | — | $ | 6,301 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 80 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
|
|
||||||||||||||||
| iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
|
||||||||||||||||
| J.P. Morgan EM High Yield Bond |
||||||||||||||||
| Barclays Bank PLC |
$ | 1,662,575 | $ | (1,662,575 | ) | $ | — | $ | — | |||||||
| Barclays Capital, Inc. |
4,649,202 | (4,649,202 | ) | — | — | |||||||||||
| BNP Paribas SA |
2,401,769 | (2,401,769 | ) | — | — | |||||||||||
| BofA Securities, Inc. |
2,128,750 | (2,128,750 | ) | — | — | |||||||||||
| Citigroup Global Markets, Inc. |
2,598,020 | (2,598,020 | ) | — | — | |||||||||||
| Credit Suisse Securities (USA) LLC |
74,665 | (74,665 | ) | — | — | |||||||||||
| Goldman Sachs & Co. LLC |
2,502,055 | (2,502,055 | ) | — | — | |||||||||||
| J.P. Morgan Securities LLC |
10,295,945 | (10,295,945 | ) | — | — | |||||||||||
| Jefferies LLC |
2,150,377 | (2,150,377 | ) | — | — | |||||||||||
| Morgan Stanley |
3,636,030 | (3,636,030 | ) | — | — | |||||||||||
| Nomura Securities International, Inc. |
1,899,084 | (1,899,084 | ) | — | — | |||||||||||
| Pershing LLC |
1,642,786 | (1,642,786 | ) | — | — | |||||||||||
| RBC Capital Markets LLC |
324,548 | (324,548 | ) | — | — | |||||||||||
| Scotia Capital (USA), Inc. |
1,219,461 | (1,219,461 | ) | — | — | |||||||||||
| UBS AG |
255,435 | (255,435 | ) | — | — | |||||||||||
| UBS Securities LLC |
131,250 | (131,250 | ) | — | — | |||||||||||
| Wells Fargo Securities LLC |
273,671 | (273,671 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 37,845,623 | $ | (37,845,623 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| US & Intl High Yield Corp Bond |
||||||||||||||||
| Barclays Bank PLC |
$ | 2,710,596 | $ | (2,710,596 | ) | $ | — | $ | — | |||||||
| Barclays Capital, Inc. |
720,073 | (720,073 | ) | — | — | |||||||||||
| BMO Capital Markets Corp. |
310,334 | (310,334 | ) | — | — | |||||||||||
| BNP Paribas SA |
2,897,898 | (2,897,898 | ) | — | — | |||||||||||
| BofA Securities, Inc. |
526,592 | (526,592 | ) | — | — | |||||||||||
| Citadel Clearing LLC |
129,139 | (129,139 | ) | — | — | |||||||||||
| Citigroup Global Markets, Inc. |
279,536 | (279,536 | ) | — | — | |||||||||||
| Credit Suisse Securities (USA) LLC |
25,808 | (25,808 | ) | — | — | |||||||||||
| Deutsche Bank Securities, Inc. |
802,017 | (802,017 | ) | — | — | |||||||||||
| Goldman Sachs & Co. LLC |
3,575,735 | (3,575,735 | ) | — | — | |||||||||||
| J.P. Morgan Securities LLC |
4,091,933 | (4,091,933 | ) | — | — | |||||||||||
| Jefferies LLC |
361,015 | (361,015 | ) | — | — | |||||||||||
| Morgan Stanley |
849,964 | (849,964 | ) | — | — | |||||||||||
| Nomura Securities International, Inc. |
440,086 | (440,086 | ) | — | — | |||||||||||
| Pershing LLC |
247,538 | (247,538 | ) | — | — | |||||||||||
| RBC Capital Markets LLC |
3,250,893 | (3,250,893 | ) | — | — | |||||||||||
| Scotia Capital (USA), Inc. |
380,998 | (380,998 | ) | — | — | |||||||||||
| State Street Bank & Trust Co. |
1,313,988 | (1,313,988 | ) | — | — | |||||||||||
| TD Prime Services LLC |
538,558 | (538,558 | ) | — | — | |||||||||||
| UBS AG |
31,840 | (31,840 | ) | — | — | |||||||||||
| Wells Fargo Bank, National Association |
23,435 | (23,435 | ) | — | — | |||||||||||
| Wells Fargo Securities LLC |
187,049 | (187,049 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 23,695,025 | $ | (23,695,025 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
| (b) | The market value of the loaned securities is determined as of April 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
| 5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
81 |
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
| iShares ETF | Investment Advisory Fees | |||
| International High Yield Bond |
0.40 | % | ||
| J.P. Morgan EM Corporate Bond |
0.50 | |||
| J.P. Morgan EM High Yield Bond |
0.50 | |||
| J.P. Morgan EM Local Currency Bond |
0.30 | |||
| US & Intl High Yield Corp Bond |
0.40 | |||
Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of BFA, under which BFA pays BIL for services it provides to the iShares International High Yield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF. BFA has entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”, together with BlackRock International Limited, the “Sub-Advisers”), both affiliates of BFA, under which BFA pays BRS for services it provides to the iShares J.P. Morgan EM Local Currency Bond ETF.
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:
| iShares ETF | Amounts | |||
| J.P. Morgan EM Corporate Bond |
$ | 25,068 | ||
| J.P. Morgan EM High Yield Bond |
41,039 | |||
| US & Intl High Yield Corp Bond |
17,035 | |||
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
| 82 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
| 6. | PURCHASES AND SALES |
For the six months ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
| iShares ETF | Purchases | Sales | ||||||
| International High Yield Bond |
$ | 7,828,350 | $ | 6,692,740 | ||||
| J.P. Morgan EM Corporate Bond |
47,742,644 | 48,221,362 | ||||||
| J.P. Morgan EM High Yield Bond |
29,956,627 | 28,760,062 | ||||||
| J.P. Morgan EM Local Currency Bond |
157,000,984 | 83,252,918 | ||||||
| US & Intl High Yield Corp Bond |
10,600,546 | 9,197,616 | ||||||
For the six months ended April 30, 2023, in-kind transactions were as follows:
| iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
| International High Yield Bond |
$ | 17,914,675 | $ | 4,509,930 | ||||
| J.P. Morgan EM Corporate Bond |
77,462,511 | 7,884,495 | ||||||
| J.P. Morgan EM High Yield Bond |
21,134,313 | 4,874,674 | ||||||
| J.P. Morgan EM Local Currency Bond |
41,748,635 | 9,628,532 | ||||||
| US & Intl High Yield Corp Bond |
62,146,597 | 15,994,007 | ||||||
| 7. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of October 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| iShares ETF | Non-Expiring Capital Loss Carryforwards |
|||
| International High Yield Bond |
$ | 5,617,695 | ||
| J.P. Morgan EM Corporate Bond |
23,164,025 | |||
| J.P. Morgan EM High Yield Bond |
81,211,562 | |||
| J.P. Morgan EM Local Currency Bond |
61,839,894 | |||
| US & Intl High Yield Corp Bond |
8,797,963 | |||
As of April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
| International High Yield Bond |
$ | 55,242,115 | $ | 761,805 | $ | (5,697,081 | ) | $ | (4,935,276 | ) | ||||||
| J.P. Morgan EM Corporate Bond |
437,326,921 | 1,401,599 | (37,777,955 | ) | (36,376,356 | ) | ||||||||||
| J.P. Morgan EM High Yield Bond |
442,941,649 | 1,551,354 | (80,304,537 | ) | (78,753,183 | ) | ||||||||||
| J.P. Morgan EM Local Currency Bond |
541,307,353 | 8,823,201 | (64,311,467 | ) | (55,488,266 | ) | ||||||||||
| US & Intl High Yield Corp Bond |
186,613,055 | 1,244,852 | (13,025,762 | ) | (11,780,910 | ) | ||||||||||
| 8. | LINE OF CREDIT |
The iShares J.P. Morgan EM Local Currency Bond ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
83 |
Notes to Financial Statements (unaudited) (continued)
Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended April 30, 2023, the Fund did not borrow under the Syndicated Credit Agreement.
| 9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed
| 84 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
| 10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
85 |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
|
|
||||||||||||||||||||||||
| Six Months Ended 04/30/23 |
Year Ended 10/31/22 |
|||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||||||
|
|
||||||||||||||||||||||||
| International High Yield Bond |
||||||||||||||||||||||||
| Shares sold |
400,000 | $ | 18,329,412 | — | $ | — | ||||||||||||||||||
| Shares redeemed |
(100,000 | ) | (4,614,694 | ) | (500,000 | ) | (23,123,187 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| 300,000 | $ | 13,714,718 | (500,000 | ) | $ | (23,123,187 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| J.P. Morgan EM Corporate Bond |
||||||||||||||||||||||||
| Shares sold |
1,850,000 | $ | 79,894,117 | 1,100,000 | $ | 53,884,330 | ||||||||||||||||||
| Shares redeemed |
(200,000 | ) | (8,048,011 | ) | (4,100,000 | ) | (189,577,126 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| 1,650,000 | $ | 71,846,106 | (3,000,000 | ) | $ | (135,692,796 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| J.P. Morgan EM High Yield Bond |
||||||||||||||||||||||||
| Shares sold |
650,000 | $ | 23,366,088 | 2,400,000 | $ | 98,689,988 | ||||||||||||||||||
| Shares redeemed |
(150,000 | ) | (5,154,607 | ) | (4,250,000 | ) | (155,528,886 | ) | ||||||||||||||||
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| 500,000 | $ | 18,211,481 | (1,850,000 | ) | $ | (56,838,898 | ) | |||||||||||||||||
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| J.P. Morgan EM Local Currency Bond |
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| Shares sold |
3,800,000 | $ | 132,270,464 | 4,200,000 | $ | 161,169,803 | ||||||||||||||||||
| Shares redeemed |
(800,000 | ) | (28,210,857 | ) | (5,800,000 | ) | (202,682,800 | ) | ||||||||||||||||
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| 3,000,000 | $ | 104,059,607 | (1,600,000 | ) | $ | (41,512,997 | ) | |||||||||||||||||
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| US & Intl High Yield Corp Bond |
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| Shares sold |
1,500,000 | $ | 63,925,056 | 500,000 | $ | 21,399,097 | ||||||||||||||||||
| Shares redeemed |
(400,000 | ) | (16,631,950 | ) | (1,900,000 | ) | (86,918,598 | ) | ||||||||||||||||
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| 1,100,000 | $ | 47,293,106 | (1,400,000 | ) | $ | (65,519,501 | ) | |||||||||||||||||
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The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
| 11. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
| 86 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares International High Yield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
| a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
| b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
| c) | Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
| d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
| e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
| S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M |
87 |
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 each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
April 30, 2023
| Total Cumulative Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
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| iShares ETF | Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
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| J.P. Morgan EM High Yield Bond |
$ | 1.262074 | $ | — | $ | — | $ | 1.262074 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||||||
| US & Intl High Yield Corp Bond |
1.015258 | — | — | 1.015258 | 100 | — | — | 100 | ||||||||||||||||||||||||||||
| 88 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
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 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 Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
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 Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
| G E N E R A L I N F O R M A T I O N |
89 |
Glossary of Terms Used in this Report
| Portfolio Abbreviation | ||
| CAB | Capital Appreciation Bonds | |
| CMT | Constant Maturity Treasury | |
| EURIBOR | Euro Interbank Offered Rate | |
| LIBOR | London Interbank Offered Rate | |
| OJSC | Open Joint Stock Company | |
| Portfolio Abbreviation (continued) | ||
| PIK | Payment-in-kind | |
| PJSC | Public Joint Stock Company | |
| REIT | Real Estate Investment Trust | |
| SOFR | Secured Overnight Financing Rate | |
| Currency Abbreviations | ||
| BRL | Brazilian Real | |
| CAD | Canadian Dollar | |
| CLP | Chilean Peso | |
| CNY | Chinese Yuan | |
| COP | Colombian Peso | |
| CZK | Czech Koruna | |
| DOP | Dominican Peso | |
| EGP | Egyptian Pound | |
| EUR | Euro | |
| GBP | British Pound | |
| HUF | Hungarian Forint | |
| IDR | Indonesian Rupiah | |
| MXN | Mexican Peso | |
| MYR | Malaysian Ringgit | |
| PEN | Peru Nuevo Sol | |
| PLN | Polish Zloty | |
| RON | Romanian Leu | |
| RSD | Serbian Dinar | |
| THB | Thai Baht | |
| TRY | Turkish Lira | |
| UYU | Uruguayan Peso | |
| ZAR | South African Rand | |
| 90 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
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., Markit Indices Limited or Morningstar, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
©2023 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-SAR-1002-0423
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(b) Not Applicable
| Item 2. | Code of Ethics. |
Not applicable to this semi-annual report.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual report.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to this semi-annual report.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this semi-annual report.
| Item 6. | Investments. |
(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
(b) Not applicable.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the registrant.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the registrant.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.
| Item 11. | Controls and Procedures. |
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable to the registrant.
| Item 13. | Exhibits. |
(a) (1) Not applicable to this semi-annual report.
(a) (2) Section 302 Certifications are attached.
(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a) (4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares, Inc.
| By: | /s/ Dominik Rohe | |||
| Dominik Rohe, President (Principal Executive Officer) |
Date: June 21, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Dominik Rohe | |||
| Dominik Rohe, President (Principal Executive Officer) |
Date: June 21, 2023
| By: | /s/ Trent Walker | |||
| Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: June 21, 2023