| Schedule of Investments (unaudited) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Corporate Bonds & Notes(a) | ||||||||
| Argentina — 0.9% | ||||||||
| Arcor SAIC, 6.00%, 07/06/23 (Call 03/21/22)(b) | $ | 300 | $ | 291,619 | ||||
| Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)(b) | 300 | 306,337 | ||||||
| MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)(c) | 400 | 360,240 | ||||||
| MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 03/02/22)(b) | 450 | 354,741 | ||||||
| Pampa Energia SA, 7.50%, 01/24/27 (Call 03/02/22)(b) | 400 | 338,100 | ||||||
| Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b) | 300 | 268,500 | ||||||
| YPF SA | ||||||||
| 6.95%, 07/21/27(b) | 550 | 353,994 | ||||||
| 7.00%, 12/15/47 (Call 06/15/47)(b) | 300 | 180,000 | ||||||
| 8.50%, 07/28/25(b) | 800 | 604,400 | ||||||
| 8.75%, 04/04/24(b) | 491 | 444,447 | ||||||
| YPF Sociedad Anonima | ||||||||
| 1.50%, 09/30/33 (Call 03/30/33)(b) | 350 | 175,875 | ||||||
| 2.50%, 06/30/29 (Call 12/30/28)(b) | 450 | 266,062 | ||||||
| 4.00%, 02/12/26 (Call 11/12/25)(b) | 500 | 406,200 | ||||||
| 4,350,515 | ||||||||
| Azerbaijan — 0.3% | ||||||||
| Southern Gas Corridor CJSC, 6.88%, 03/24/26(b) | 1,200 | 1,366,350 | ||||||
| Bahrain — 0.4% | ||||||||
| AUB Sukuk Ltd., 2.62%, 09/09/26(b) | 400 | 394,500 | ||||||
| BBK BSC, 5.50%, 07/09/24(b) | 400 | 412,075 | ||||||
| GFH Sukuk Ltd., 7.50%, 01/28/25(b) | 400 | 396,024 | ||||||
| Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(b) | 600 | 641,868 | ||||||
| 1,844,467 | ||||||||
| Barbados — 0.1% | ||||||||
| Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(b) | 400 | 405,000 | ||||||
| Brazil — 9.8% | ||||||||
| Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)(d) | 400 | 388,600 | ||||||
| Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)(b) | 200 | 204,288 | ||||||
| Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)(b) | 400 | 398,750 | ||||||
| Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24)(b) | 300 | 316,950 | ||||||
| Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)(d) | 400 | 361,075 | ||||||
| B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)(b)(c) | 400 | 350,650 | ||||||
| B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(d) | 400 | 369,950 | ||||||
| Banco Bradesco SA/Cayman Islands | ||||||||
| 3.20%, 01/27/25(b) | 400 | 400,680 | ||||||
| 4.38%, 03/18/27(d) | 200 | 203,320 | ||||||
| Banco BTG Pactual SA/Cayman Islands | ||||||||
| 2.75%, 01/11/26 (Call 12/11/25)(b) | 400 | 375,700 | ||||||
| 4.50%, 01/10/25 (Call 12/10/24)(b) | 800 | 805,150 | ||||||
| 7.75%, 02/15/29 (Call 02/15/24)(b)(e) | 200 | 208,625 | ||||||
| Banco do Brasil SA/Cayman | ||||||||
| 3.25%, 09/30/26(d) | 400 | 388,575 | ||||||
| 3.25%, 09/30/26(b) | 200 | 194,288 | ||||||
| 4.63%, 01/15/25(b) | 800 | 831,400 | ||||||
| 4.75%, 03/20/24(b) | 600 | 622,987 | ||||||
| 4.88%, 04/19/23(b) | 600 | 620,040 | ||||||
| 6.25%, (Call 04/15/24)(b)(e)(f) | 1,000 | 986,875 | ||||||
| 9.00%, (Call 06/18/24)(b)(c)(e)(f) | 1,400 | 1,492,750 | ||||||
| 9.25%, (Call 04/15/23)(b) | 800 | 839,800 | ||||||
| Banco Votorantim SA, 4.38%, 07/29/25(b) | 400 | 408,000 | ||||||
| Security | Par (000) | Value | ||||||
| Brazil (continued) | ||||||||
| Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/24/25)(b)(e) | $ | 400 | $ | 457,200 | ||||
| BRF SA | ||||||||
| 4.88%, 01/24/30 (Call 10/24/29)(b) | 400 | 393,200 | ||||||
| 5.75%, 09/21/50 (Call 03/21/50)(b) | 600 | 563,737 | ||||||
| Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b) | 600 | 664,612 | ||||||
| Centrais Eletricas Brasileiras SA | ||||||||
| 3.63%, 02/04/25(b)(c) | 400 | 399,450 | ||||||
| 4.63%, 02/04/30(b) | 400 | 384,600 | ||||||
| Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 02/28/22)(b) | 600 | 618,750 | ||||||
| Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(b) | 600 | 616,987 | ||||||
| CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(b) | 800 | 835,512 | ||||||
| CSN Resources SA | ||||||||
| 4.63%, 06/10/31 (Call 06/10/26)(b) | 600 | 566,550 | ||||||
| 7.63%, 04/17/26 (Call 04/17/22)(b)(c) | 400 | 416,575 | ||||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | 850 | 871,409 | ||||||
| 5.40%, 02/01/27 | 300 | 306,938 | ||||||
| 6.95%, 01/17/28(b) | 400 | 432,500 | ||||||
| FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)(b) | 400 | 426,000 | ||||||
| Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(b) | 400 | 371,000 | ||||||
| Gol Finance SA | ||||||||
| 7.00%, 01/31/25 (Call 02/28/22)(b) | 400 | 344,630 | ||||||
| 8.00%, 06/30/26 (Call 12/24/22)(b) | 400 | 369,700 | ||||||
| Guara Norte Sarl, 5.20%, 06/15/34(b) | 576 | 537,870 | ||||||
| Hidrovias International Finance SARL, 4.95%, 02/08/31 (Call 02/08/26)(b) | 400 | 363,500 | ||||||
| InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 02/28/22)(b) | 400 | 348,000 | ||||||
| Itau Unibanco Holding SA/Cayman Island | ||||||||
| 3.25%, 01/24/25(b)(c) | 400 | 401,700 | ||||||
| 3.88%, 04/15/31 (Call 01/15/26)(b)(e) | 400 | 377,575 | ||||||
| 4.50%, 11/21/29 (Call 11/21/24)(b)(c)(e) | 600 | 591,487 | ||||||
| 4.63%, (Call 02/27/25)(b)(e)(f) | 400 | 371,380 | ||||||
| 5.13%, 05/13/23(b)(c) | 920 | 955,236 | ||||||
| 6.13%, (Call 12/12/22)(b)(e)(f) | 800 | 791,260 | ||||||
| 6.50%, (Call 03/19/23)(b)(c)(e)(f) | 400 | 400,825 | ||||||
| JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)(b) | 200 | 178,750 | ||||||
| Klabin Austria GmbH | ||||||||
| 3.20%, 01/12/31 (Call 10/12/30)(b) | 400 | 358,552 | ||||||
| 5.75%, 04/03/29 (Call 01/03/29)(b)(c) | 600 | 642,672 | ||||||
| 7.00%, 04/03/49 (Call 10/03/48)(b) | 400 | 435,552 | ||||||
| Klabin Finance SA, 4.88%, 09/19/27(b) | 200 | 208,690 | ||||||
| Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)(d) | 400 | 392,320 | ||||||
| MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(b) | 1,000 | 916,860 | ||||||
| MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(b) | 1,200 | 1,144,800 | ||||||
| Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(b) | 800 | 740,000 | ||||||
| Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(b) | 600 | 528,113 | ||||||
| Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(b) | 600 | 582,555 | ||||||
| NBM U.S. Holdings Inc. | ||||||||
| 6.63%, 08/06/29 (Call 08/06/24)(b)(c) | 400 | 428,060 | ||||||
| 7.00%, 05/14/26 (Call 05/14/22)(b) | 600 | 626,100 | ||||||
| Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(b) | 400 | 414,000 | ||||||
| Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 02/28/22)(b)(c)(g) | 488 | 261,506 | ||||||
| Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 02/28/22)(b)(h) | 900 | 5,400 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Brazil (continued) | ||||||||
| Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 02/28/22)(b)(g) | $ | 1,034 | $ | 205,140 | ||||
| OI Movel SA, 8.75%, 07/30/26 (Call 07/30/24)(b) | 600 | 613,500 | ||||||
| Oi SA, 10.00%, (12.00% PIK), 07/27/25(g) | 1,075 | 892,250 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 | 965 | 978,510 | ||||||
| 5.30%, 01/27/25 | 500 | 532,281 | ||||||
| 5.50%, 06/10/51 (Call 12/10/50) | 800 | 702,900 | ||||||
| 5.60%, 01/03/31 (Call 10/03/30) | 1,100 | 1,134,100 | ||||||
| 5.75%, 02/01/29 | 400 | 422,096 | ||||||
| 6.00%, 01/27/28(c) | 918 | 979,231 | ||||||
| 6.25%, 03/17/24 | 400 | 429,660 | ||||||
| 6.75%, 01/27/41(c) | 500 | 520,875 | ||||||
| 6.75%, 06/03/50 (Call 12/03/49) | 450 | 449,522 | ||||||
| 6.85%, 06/05/2115 | 1,400 | 1,325,100 | ||||||
| 6.88%, 01/20/40(c) | 500 | 528,000 | ||||||
| 6.90%, 03/19/49 | 700 | 713,300 | ||||||
| 7.25%, 03/17/44 | 686 | 730,247 | ||||||
| 7.38%, 01/17/27 | 751 | 855,013 | ||||||
| 8.75%, 05/23/26(c) | 300 | 360,150 | ||||||
| Petrorio Luxembourg SARL, 6.13%, 06/09/26 (Call 06/09/24)(b) | 400 | 393,075 | ||||||
| Rede D’or Finance Sarl | ||||||||
| 4.50%, 01/22/30 (Call 10/22/29)(b) | 300 | 284,869 | ||||||
| 4.95%, 01/17/28 (Call 10/17/27)(b) | 600 | 600,225 | ||||||
| Rumo Luxembourg Sarl | ||||||||
| 4.20%, 01/18/32 (Call 01/18/27)(b) | 200 | 182,725 | ||||||
| 5.25%, 01/10/28 (Call 01/10/24)(b) | 400 | 409,575 | ||||||
| Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(b) | 400 | 354,950 | ||||||
| StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)(d) | 300 | 251,963 | ||||||
| Ultrapar International SA | ||||||||
| 5.25%, 10/06/26(b) | 400 | 417,400 | ||||||
| 5.25%, 06/06/29(b) | 600 | 609,300 | ||||||
| Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)(b)(c) | 400 | 424,450 | ||||||
| Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(b) | 400 | 410,674 | ||||||
| XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(b) | 400 | 376,750 | ||||||
| 49,898,397 | ||||||||
| Burkina Faso — 0.0% | ||||||||
| Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(c)(d) | 200 | 196,250 | ||||||
| Chile — 0.4% | ||||||||
| AES Andes SA., 7.13%, 03/26/79 (Call 04/07/24)(b)(e) | 400 | 402,520 | ||||||
| EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)(b) | 400 | 353,504 | ||||||
| Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)(b) | 400 | 145,200 | ||||||
| Kenbourne Invest SA, 6.88%, 11/26/24 (Call 02/28/22)(b) | 200 | 205,442 | ||||||
| NagaCorp Ltd., 7.95%, 07/06/24 (Call 07/06/22)(b) | 400 | 370,950 | ||||||
| VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(b) | 400 | 406,000 | ||||||
| 1,883,616 | ||||||||
| China — 4.3% | ||||||||
| Agile Group Holdings Ltd., 7.88%, (Call 07/31/24)(b)(e)(f) | 800 | 204,000 | ||||||
| Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(b)(e)(f) | 1,700 | 1,756,950 | ||||||
| Beijing Enterprises Water Capital Management Holdings Ltd., 4.95%, 05/02/23(b) | 200 | 205,250 | ||||||
| Central Plaza Development Ltd., 5.75%, (Call 11/14/24)(b)(e)(f) | 400 | 358,000 | ||||||
| China Hongqiao Group Ltd., 6.25%, 06/08/24(b) | 200 | 196,500 | ||||||
| China SCE Group Holdings Ltd. | ||||||||
| 7.00%, 05/02/25 (Call 05/02/23)(b) | 400 | 282,000 | ||||||
| 7.38%, 04/09/24 (Call 04/09/22)(b) | 200 | 151,000 | ||||||
| Security | Par (000) | Value | ||||||
| China (continued) | ||||||||
| China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(b) | $ | 400 | $ | 407,264 | ||||
| CIFI Holdings Group Co. Ltd. | ||||||||
| 4.45%, 08/17/26 (Call 05/17/24)(b) | 200 | 168,000 | ||||||
| 5.95%, 10/20/25 (Call 07/20/23)(b) | 400 | 350,000 | ||||||
| 6.00%, 07/16/25 (Call 01/16/23)(b) | 200 | 176,500 | ||||||
| 6.45%, 11/07/24 (Call 11/07/22)(b) | 400 | 362,000 | ||||||
| Easy Tactic Ltd., 11.75%, 08/02/23(b) | 400 | 140,000 | ||||||
| Easy Trade Global Co.Ltd., 4.00%, 11/10/25(b) | 200 | 200,475 | ||||||
| ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(b) | 600 | 590,712 | ||||||
| Fortune Star BVI Ltd. | ||||||||
| 5.00%, 05/18/26 (Call 05/18/24)(b) | 400 | 372,000 | ||||||
| 5.05%, 01/27/27 (Call 01/27/25)(b) | 400 | 362,000 | ||||||
| 5.95%, 10/19/25 (Call 10/19/23)(b) | 400 | 388,000 | ||||||
| Franshion Brilliant Ltd., 6.00%, (Call 02/08/26)(b)(e)(f) | 400 | 390,120 | ||||||
| Greenland Global Investment Ltd., 5.88%, 07/03/24(b) | 400 | 312,000 | ||||||
| Huarong Finance 2017 Co. Ltd., 4.00%, (Call 11/07/22)(b)(e)(f) | 400 | 398,800 | ||||||
| Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26)(b)(e)(f) | 3,850 | 3,883,688 | ||||||
| International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b) | 550 | 550,000 | ||||||
| KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 02/14/22)(b) | 400 | 220,000 | ||||||
| Lenovo Group Ltd. | ||||||||
| 4.75%, 03/29/23(b) | 600 | 616,800 | ||||||
| 5.88%, 04/24/25(b) | 600 | 650,172 | ||||||
| Overseas Chinese Town Asia Holdings Ltd., 4.50%, (Call 07/15/23)(b)(e)(f) | 400 | 405,988 | ||||||
| Powerlong Real Estate Holdings Ltd. | ||||||||
| 5.95%, 04/30/25 (Call 04/30/23)(b) | 400 | 288,000 | ||||||
| 6.25%, 08/10/24 (Call 08/10/22)(b) | 200 | 154,000 | ||||||
| RKPF Overseas 2020 A Ltd. | ||||||||
| 5.13%, 07/26/26 (Call 07/26/24)(b) | 400 | 334,000 | ||||||
| 5.20%, 01/12/26 (Call 01/12/24)(b) | 200 | 168,000 | ||||||
| Shimao Group Holdings Ltd. | ||||||||
| 3.45%, 01/11/31 (Call 01/11/26)(b) | 600 | 243,000 | ||||||
| 5.20%, 01/30/25 (Call 02/14/22)(b) | 400 | 186,000 | ||||||
| 5.20%, 01/16/27 (Call 09/16/24)(b) | 400 | 174,000 | ||||||
| 5.60%, 07/15/26 (Call 07/15/23)(b) | 600 | 273,000 | ||||||
| 6.13%, 02/21/24 (Call 02/21/22)(b) | 600 | 285,000 | ||||||
| Shui On Development Holding Ltd. | ||||||||
| 5.75%, 11/12/23 (Call 02/28/22)(b) | 600 | 567,000 | ||||||
| 6.15%, 08/24/24 (Call 08/24/22)(b) | 200 | 187,000 | ||||||
| 6.40%, (Call 06/20/22)(b)(e)(f) | 200 | 189,000 | ||||||
| Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)(b)(e)(f) | 400 | 309,700 | ||||||
| SMC Global Power Holdings Corp., 5.45%, (Call 12/09/26)(b)(e)(f) | 400 | 382,500 | ||||||
| Sunac China Holdings Ltd. | ||||||||
| 5.95%, 04/26/24 (Call 01/26/23)(b) | 600 | 351,000 | ||||||
| 6.50%, 07/09/23 (Call 07/09/22)(b) | 400 | 242,000 | ||||||
| 6.50%, 01/10/25 (Call 01/10/23)(b) | 400 | 232,000 | ||||||
| 6.65%, 08/03/24 (Call 08/03/22)(b) | 400 | 238,000 | ||||||
| 7.00%, 07/09/25 (Call 07/09/23)(b) | 400 | 232,000 | ||||||
| 8.35%, 04/19/23 (Call 02/28/22)(b) | 400 | 252,000 | ||||||
| Times China Holdings Ltd. | ||||||||
| 5.55%, 06/04/24 (Call 06/04/23)(b) | 200 | 98,000 | ||||||
| 6.75%, 07/08/25 (Call 07/08/23)(b) | 400 | 192,000 | ||||||
| Wanda Properties International Co. Ltd., 7.25%, 01/29/24(b) | 400 | 369,000 | ||||||
| Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(e)(f) | 600 | 607,471 | ||||||
| West China Cement Ltd., 4.95%, 07/08/26 (Call 07/08/24)(b) | 400 | 371,000 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| China (continued) | ||||||||
| Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(b) | $ | 400 | $ | 405,450 | ||||
| Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(b) | 400 | 374,000 | ||||||
| Yuzhou Group Holdings Co. Ltd. | ||||||||
| 6.35%, 01/13/27 (Call 01/13/25)(b) | 400 | 86,000 | ||||||
| 7.38%, 01/13/26 (Call 01/13/24)(b) | 400 | 86,000 | ||||||
| 21,974,340 | ||||||||
| Colombia — 2.9% | ||||||||
| AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(b) | 400 | 369,320 | ||||||
| Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)(b) | 700 | 697,375 | ||||||
| Banco Davivienda SA, 6.65%, (Call 04/22/31)(b)(e)(f) | 200 | 197,750 | ||||||
| Banco de Bogota SA | ||||||||
| 4.38%, 08/03/27 (Call 05/03/27)(b) | 400 | 399,820 | ||||||
| 6.25%, 05/12/26(b) | 600 | 636,375 | ||||||
| Bancolombia SA | ||||||||
| 3.00%, 01/29/25 (Call 12/29/24) | 600 | 587,925 | ||||||
| 4.63%, 12/18/29 (Call 12/18/24)(c)(e) | 400 | 395,530 | ||||||
| 4.88%, 10/18/27 (Call 10/18/22)(e) | 400 | 397,750 | ||||||
| Canacol Energy Ltd., 5.75%, 11/24/28 (Call 11/24/24)(d) | 200 | 194,100 | ||||||
| Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b) | 400 | 380,500 | ||||||
| Ecopetrol SA | ||||||||
| 4.13%, 01/16/25(c) | 800 | 802,650 | ||||||
| 4.63%, 11/02/31 (Call 08/02/31) | 750 | 689,835 | ||||||
| 5.38%, 06/26/26 (Call 03/26/26)(c) | 750 | 775,500 | ||||||
| 5.88%, 09/18/23 | 1,300 | 1,365,000 | ||||||
| 5.88%, 05/28/45(c) | 1,350 | 1,187,170 | ||||||
| 5.88%, 11/02/51 (Call 05/02/51) | 500 | 428,090 | ||||||
| 6.88%, 04/29/30 (Call 01/29/30) | 1,400 | 1,500,800 | ||||||
| 7.38%, 09/18/43 | 400 | 410,825 | ||||||
| Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(b) | 400 | 376,000 | ||||||
| Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(b) | 600 | 561,112 | ||||||
| Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)(b) | 400 | 410,000 | ||||||
| Millicom International Cellular SA | ||||||||
| 4.50%, 04/27/31 (Call 04/27/26)(b) | 600 | 581,535 | ||||||
| 6.25%, 03/25/29 (Call 03/25/24)(b)(c) | 360 | 377,618 | ||||||
| Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(b) | 200 | 194,110 | ||||||
| Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(b) | 400 | 371,200 | ||||||
| Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(b)(c) | 340 | 340,850 | ||||||
| 14,628,740 | ||||||||
| Congo, The Democratic Republic — 0.1% | ||||||||
| HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b) | 600 | 622,238 | ||||||
| Ghana — 0.4% | ||||||||
| Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b) | 400 | 390,700 | ||||||
| Tullow Oil PLC | ||||||||
| 7.00%, 03/01/25 (Call 02/28/22)(b) | 400 | 336,000 | ||||||
| 10.25%, 05/15/26 (Call 05/15/23)(b) | 1,200 | 1,212,000 | ||||||
| 1,938,700 | ||||||||
| Guatemala — 0.1% | ||||||||
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(d) | 206 | 209,090 | ||||||
| Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(b) | 400 | 414,000 | ||||||
| 623,090 | ||||||||
| Security | Par (000) | Value | ||||||
| Hong Kong — 2.4% | ||||||||
| Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(e)(f) | $ | 250 | $ | 256,500 | ||||
| Bank of East Asia Ltd. (The) | ||||||||
| 5.63%, (Call 05/18/22)(b)(e)(f) | 400 | 401,950 | ||||||
| 5.83%, (Call 10/21/25)(b)(e)(f) | 500 | 515,000 | ||||||
| 5.88%, (Call 09/19/24)(b)(e)(f) | 250 | 256,453 | ||||||
| CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(b)(e)(f) | 600 | 594,000 | ||||||
| Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(b) | 400 | 381,500 | ||||||
| Celestial Dynasty Ltd., 4.25%, 06/27/29(b) | 600 | 593,175 | ||||||
| Celestial Miles Ltd., 5.75%, (Call 01/31/24)(b)(e)(f) | 400 | 410,700 | ||||||
| China Citic Bank, 3.25%, (Call 07/29/26)(b)(e)(f) | 250 | 251,875 | ||||||
| China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(b)(e)(f) | 400 | 428,000 | ||||||
| FWD Group Ltd. | ||||||||
| 0.00%, (Call 06/15/22)(b)(e)(f)(h) | 400 | 389,950 | ||||||
| 5.75%, 07/09/24(b) | 400 | 410,825 | ||||||
| 6.38%, (Call 09/13/24)(b)(e)(f) | 600 | 612,488 | ||||||
| Henderson Land MTN Ltd., 2.38%, 05/27/25(b) | 400 | 391,325 | ||||||
| Li & Fung Ltd., 5.25%, (Call 05/03/22)(b)(f) | 400 | 270,000 | ||||||
| Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(b)(e)(f) | 800 | 807,000 | ||||||
| New World China Land Ltd., 4.75%, 01/23/27(b) | 400 | 410,200 | ||||||
| NWD Finance BVI Ltd. | ||||||||
| 4.13%, (Call 03/10/28)(b)(e)(f) | 800 | 778,000 | ||||||
| 4.80%, (Call 09/09/23)(b)(f) | 400 | 371,325 | ||||||
| 5.25%, (Call 03/22/26)(b)(e)(f) | 600 | 619,050 | ||||||
| 6.25%, (Call 03/07/24)(b)(f) | 800 | 808,400 | ||||||
| NWD MTN Ltd. | ||||||||
| 4.13%, 07/18/29(b) | 600 | 588,300 | ||||||
| 4.50%, 05/19/30(b) | 400 | 396,325 | ||||||
| PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24)(b) | 600 | 597,000 | ||||||
| Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(b) | 400 | 395,592 | ||||||
| Wheelock MTN BVI Ltd., 2.38%, 01/25/26(b) | 400 | 393,325 | ||||||
| 12,328,258 | ||||||||
| India — 2.5% | ||||||||
| ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(b) | 625 | 664,062 | ||||||
| Adani Green Energy Ltd., 4.38%, 09/08/24(d) | 400 | 399,500 | ||||||
| Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b) | 400 | 424,075 | ||||||
| Axis Bank Ltd./Gift City, 4.10%, (Call 09/08/26)(d)(e)(f) | 200 | 194,100 | ||||||
| Axis Bank., 4.10%, (Call 09/08/26)(b) | 200 | 194,100 | ||||||
| CA Magnum Holdings, 5.38%, 10/31/26 (Call 10/31/23)(d) | 600 | 611,820 | ||||||
| Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(b) | 397 | 392,534 | ||||||
| Delhi International Airport Ltd. | ||||||||
| 6.13%, 10/31/26(b) | 200 | 197,725 | ||||||
| 6.45%, 06/04/29(b) | 400 | 374,000 | ||||||
| Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(b) | 400 | 229,000 | ||||||
| Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)(b) | 591 | 580,657 | ||||||
| Greenko Investment Co., 4.88%, 08/16/23 (Call 02/28/22)(b) | 400 | 401,700 | ||||||
| Greenko Power II Ltd., 4.30%, 12/13/28 (Call 12/14/24)(d) | 600 | 579,000 | ||||||
| Greenko Solar Mauritius Ltd. | ||||||||
| 5.55%, 01/29/25 (Call 03/21/22)(b) | 400 | 402,000 | ||||||
| 5.95%, 07/29/26 (Call 07/29/22)(b) | 200 | 206,500 | ||||||
| HDFC Bank Ltd., 3.70%, (Call 08/25/26)(b)(e)(f) | 600 | 580,920 | ||||||
| JSW Hydro Energy Ltd., 4.13%, 05/18/31 (Call 05/18/26)(b) | 386 | 362,840 | ||||||
| JSW Steel Ltd. | ||||||||
| 3.95%, 04/05/27 (Call 10/05/26)(d) | 400 | 383,500 | ||||||
| 5.05%, 04/05/32 (Call 10/05/31)(d) | 200 | 185,500 | ||||||
| 5.95%, 04/18/24(b) | 200 | 207,250 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| India (continued) | ||||||||
| Network i2i Ltd. | ||||||||
| 3.98%, (Call 03/03/26)(b) | $ | 400 | $ | 391,200 | ||||
| 5.65%, (Call 01/15/25)(b)(e)(f) | 600 | 620,550 | ||||||
| Periama Holdings LLC/DE, 5.95%, 04/19/26(b) | 600 | 619,500 | ||||||
| ReNew Power Synthetic, 6.67%, 03/12/24 (Call 02/28/22)(b) | 200 | 205,475 | ||||||
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(b) | 400 | 382,000 | ||||||
| Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(b) | 400 | 395,000 | ||||||
| Vedanta Resources Finance II PLC | ||||||||
| 8.95%, 03/11/25 (Call 09/11/24)(b) | 800 | 760,160 | ||||||
| 9.25%, 04/23/26 (Call 04/23/23)(b) | 400 | 357,000 | ||||||
| 13.88%, 01/21/24 (Call 12/21/22)(b) | 600 | 622,800 | ||||||
| Vedanta Resources Ltd. | ||||||||
| 6.13%, 08/09/24 (Call 02/28/22)(b) | 600 | 516,113 | ||||||
| 7.13%, 05/31/23(b) | 300 | 284,025 | ||||||
| 12,724,606 | ||||||||
| Indonesia — 0.8% | ||||||||
| Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b) | 500 | 505,406 | ||||||
| Bank Negara Indonesia Persero Tbk PT | ||||||||
| 3.75%, 03/30/26(b) | 400 | 398,044 | ||||||
| 4.30%, (Call 03/24/27)(b)(e)(f) | 600 | 574,566 | ||||||
| Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 02/28/22)(b) | 800 | 792,150 | ||||||
| Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(b) | 400 | 388,000 | ||||||
| Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b)(c) | 800 | 813,000 | ||||||
| Saka Energi Indonesia PT, 4.45%, 05/05/24(b) | 400 | 387,950 | ||||||
| 3,859,116 | ||||||||
| Israel — 2.2% | ||||||||
| Energean Israel Finance Ltd. | ||||||||
| 4.50%, 03/30/24 (Call 12/30/23)(b)(d) | 300 | 298,125 | ||||||
| 4.88%, 03/30/26 (Call 12/30/25)(b)(d) | 300 | 294,300 | ||||||
| 5.38%, 03/30/28 (Call 09/30/27)(b)(d) | 450 | 437,625 | ||||||
| 5.88%, 03/30/31 (Call 09/30/30)(b)(d) | 400 | 387,500 | ||||||
| Leviathan Bond Ltd. | ||||||||
| 5.75%, 06/30/23 (Call 03/30/23)(b)(d) | 300 | 307,088 | ||||||
| 6.13%, 06/30/25 (Call 03/30/25)(b)(d) | 400 | 419,075 | ||||||
| 6.50%, 06/30/27 (Call 12/30/26)(b)(d) | 400 | 426,500 | ||||||
| 6.75%, 06/30/30 (Call 12/30/29)(b)(d) | 400 | 424,000 | ||||||
| Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(b) | 300 | 286,875 | ||||||
| Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(c) | 500 | 508,375 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | 845 | 829,617 | ||||||
| 3.15%, 10/01/26(c) | 2,300 | 2,111,078 | ||||||
| 4.10%, 10/01/46(c) | 1,250 | 1,000,000 | ||||||
| 4.75%, 05/09/27 (Call 02/09/27) | 700 | 674,765 | ||||||
| 5.13%, 05/09/29 (Call 02/09/29)(c) | 600 | 578,580 | ||||||
| 6.00%, 04/15/24 (Call 01/15/24) | 800 | 811,000 | ||||||
| 6.75%, 03/01/28 (Call 12/01/27)(c) | 800 | 844,012 | ||||||
| 7.13%, 01/31/25 (Call 10/31/24) | 600 | 625,686 | ||||||
| 11,264,201 | ||||||||
| Jamaica — 0.4% | ||||||||
| Digicel Group Holdings Ltd., 10.00%, (2.00% PIK), 04/01/24 (Call 02/14/22)(g) | 675 | 674,925 | ||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 02/14/22)(b) | 950 | 973,825 | ||||||
| Digicel Ltd., 6.75%, 03/01/23 (Call 02/14/22)(b) | 400 | 390,500 | ||||||
| 2,039,250 | ||||||||
| Security | Par (000) | Value | ||||||
| Kuwait — 0.2% | ||||||||
| Burgan Bank SAK, 5.75%, (Call 07/09/24)(b)(e)(f) | $ | 400 | $ | 396,700 | ||||
| Kuwait Projects Co. SPC Ltd. | ||||||||
| 4.23%, 10/29/26(b) | 600 | 561,488 | ||||||
| 4.50%, 02/23/27(b) | 200 | 187,100 | ||||||
| 1,145,288 | ||||||||
| Luxembourg — 0.4% | ||||||||
| Altice Financing SA | ||||||||
| 5.00%, 01/15/28 (Call 01/15/23)(b) | 800 | 742,000 | ||||||
| 5.75%, 08/15/29 (Call 08/15/24)(d) | 1,200 | 1,119,000 | ||||||
| 1,861,000 | ||||||||
| Macau — 1.7% | ||||||||
| Champion Path Holdings Ltd. | ||||||||
| 4.50%, 01/27/26 (Call 01/27/24)(b) | 200 | 178,000 | ||||||
| 4.85%, 01/27/28 (Call 01/27/25)(b) | 400 | 346,075 | ||||||
| Melco Resorts Finance Ltd. | ||||||||
| 4.88%, 06/06/25 (Call 02/28/22)(b) | 200 | 194,750 | ||||||
| 5.25%, 04/26/26 (Call 04/26/22)(b)(c) | 800 | 779,150 | ||||||
| 5.38%, 12/04/29 (Call 12/04/24)(b) | 600 | 566,250 | ||||||
| 5.63%, 07/17/27 (Call 07/17/22)(b)(c) | 400 | 384,575 | ||||||
| 5.75%, 07/21/28 (Call 07/21/23)(b)(c) | 600 | 577,237 | ||||||
| MGM China Holdings Ltd. | ||||||||
| 4.75%, 02/01/27 (Call 02/01/24)(b) | 400 | 383,500 | ||||||
| 5.25%, 06/18/25 (Call 06/18/22)(b) | 400 | 394,075 | ||||||
| 5.38%, 05/15/24 (Call 02/07/22)(b) | 800 | 796,900 | ||||||
| 5.88%, 05/15/26 (Call 05/15/22)(b) | 200 | 199,975 | ||||||
| Studio City Finance Ltd. | ||||||||
| 5.00%, 01/15/29 (Call 01/15/24)(b) | 800 | 691,900 | ||||||
| 6.00%, 07/15/25 (Call 07/15/22)(b) | 200 | 190,225 | ||||||
| 6.50%, 01/15/28 (Call 07/15/23)(b) | 400 | 377,000 | ||||||
| Wynn Macau Ltd. | ||||||||
| 4.88%, 10/01/24 (Call 02/28/22)(b) | 400 | 380,440 | ||||||
| 5.13%, 12/15/29 (Call 12/15/24)(b) | 600 | 537,000 | ||||||
| 5.50%, 01/15/26 (Call 06/15/22)(b) | 600 | 562,980 | ||||||
| 5.50%, 10/01/27 (Call 10/01/22)(b) | 600 | 558,000 | ||||||
| 5.63%, 08/26/28 (Call 08/26/23)(b) | 800 | 722,000 | ||||||
| 8,820,032 | ||||||||
| Mexico — 8.0% | ||||||||
| Alsea SAB de CV, 7.75%, 12/14/26 (Call 12/14/23)(c)(d) | 400 | 414,824 | ||||||
| Banco Mercantil del Norte SA/Grand Cayman | ||||||||
| 5.88%, (Call 01/24/27)(d)(e)(f) | 400 | 385,700 | ||||||
| 6.63%, (Call 01/24/32)(d)(e)(f) | 400 | 384,164 | ||||||
| 6.75%, (Call 09/27/24)(b)(e)(f) | 300 | 305,869 | ||||||
| 7.50%, (Call 06/27/29)(b)(e)(f) | 200 | 204,413 | ||||||
| 7.63%, (Call 01/10/28)(b) | 400 | 407,068 | ||||||
| 8.38%, (Call 10/14/30)(b)(e)(f) | 200 | 218,975 | ||||||
| BBVA Bancomer SA/Texas | ||||||||
| 5.13%, 01/18/33 (Call 01/17/28)(b)(c)(e) | 600 | 603,054 | ||||||
| 5.88%, 09/13/34 (Call 09/13/29)(b)(e) | 550 | 584,375 | ||||||
| Braskem Idesa SAPI | ||||||||
| 6.99%, 02/20/32 (Call 02/20/27)(d) | 700 | 691,250 | ||||||
| 7.45%, 11/15/29 (Call 11/15/24)(b) | 600 | 612,903 | ||||||
| Cemex SAB de CV | ||||||||
| 3.88%, 07/11/31 (Call 07/11/26)(b) | 1,000 | 944,700 | ||||||
| 5.20%, 09/17/30 (Call 09/17/25)(b) | 800 | 824,000 | ||||||
| 5.45%, 11/19/29 (Call 11/19/24)(b) | 600 | 624,000 | ||||||
| 7.38%, 06/05/27 (Call 06/05/23)(b) | 400 | 434,960 | ||||||
| Cemex SAB De CV, 5.13%, (Call 06/08/26)(b)(e)(f) | 700 | 701,057 | ||||||
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)(d) | 400 | 373,450 | ||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Mexico (continued) | ||||||||
| Credito Real SAB de CV, 8.00%, 01/21/28 (Call 01/21/25)(b)$ | 200 | $ | 60,350 | |||||
| Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)(b)(e)(f) | 400 | 410,700 | ||||||
| Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(b) | 400 | 368,950 | ||||||
| Nemak SAB de CV | ||||||||
| 3.63%, 06/28/31 (Call 03/28/31)(d) | 200 | 184,776 | ||||||
| 3.63%, 06/28/31 (Call 03/28/31)(b) | 200 | 184,776 | ||||||
| Petroleos Mexicanos | ||||||||
| 4.50%, 01/23/26 | 600 | 595,500 | ||||||
| 5.35%, 02/12/28 | 1,238 | 1,207,248 | ||||||
| 5.95%, 01/28/31 (Call 10/28/30) | 2,333 | 2,212,559 | ||||||
| 6.35%, 02/12/48 | 950 | 781,850 | ||||||
| 6.38%, 01/23/45(c) | 895 | 747,406 | ||||||
| 6.49%, 01/23/27 (Call 11/23/26)(c) | 960 | 1,001,760 | ||||||
| 6.50%, 03/13/27 | 2,575 | 2,682,828 | ||||||
| 6.50%, 01/23/29(c) | 900 | 914,850 | ||||||
| 6.50%, 06/02/41 | 900 | 778,050 | ||||||
| 6.63%, 06/15/35(c) | 1,650 | 1,536,975 | ||||||
| 6.70%, 02/16/32 (Call 11/16/31)(d) | 4,415 | 4,360,254 | ||||||
| 6.75%, 09/21/47(c) | 3,600 | 3,070,800 | ||||||
| 6.84%, 01/23/30 (Call 10/23/29) | 1,498 | 1,525,713 | ||||||
| 6.88%, 08/04/26 | 1,573 | 1,685,469 | ||||||
| 6.95%, 01/28/60 (Call 07/28/59) | 2,350 | 1,998,087 | ||||||
| 7.69%, 01/23/50 (Call 07/23/49)(c) | 5,100 | 4,712,400 | ||||||
| Total Play Telecomunicaciones SA de CV | ||||||||
| 6.38%, 09/20/28 (Call 09/30/25)(d) | 200 | 186,500 | ||||||
| 6.38%, 09/20/28 (Call 09/30/25)(b) | 200 | 186,500 | ||||||
| 7.50%, 11/12/25 (Call 11/12/23)(b) | 400 | 401,000 | ||||||
| Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(b) | 400 | 233,750 | ||||||
| 40,743,813 | ||||||||
| Moldova — 0.0% | ||||||||
| Aragvi Finance International SR, 8.45%, 04/29/26 (Call 04/29/24)(b) | 200 | 201,325 | ||||||
| Morocco — 0.4% | ||||||||
| OCP SA | ||||||||
| 3.75%, 06/23/31 (Call 03/23/31)(b) | 400 | 384,000 | ||||||
| 4.50%, 10/22/25(b) | 400 | 414,575 | ||||||
| 5.13%, 06/23/51 (Call 12/23/50)(b) | 600 | 542,100 | ||||||
| 5.63%, 04/25/24(b) | 300 | 317,306 | ||||||
| 6.88%, 04/25/44(b) | 400 | 445,950 | ||||||
| 2,103,931 | ||||||||
| Nigeria — 0.4% | ||||||||
| Access Bank PLC | ||||||||
| 6.13%, 09/21/26(d) | 200 | 197,000 | ||||||
| 9.13%, (Call 10/07/26)(d)(e)(f) | 400 | 388,000 | ||||||
| IHS Holding Ltd. | ||||||||
| 5.63%, 11/29/26 (Call 11/29/23)(d) | 200 | 201,500 | ||||||
| 6.25%, 11/29/28 (Call 11/29/24)(d) | 400 | 404,320 | ||||||
| IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/22)(b) | 600 | 631,500 | ||||||
| SEPLAT Energy PLC, 7.75%, 04/01/26 (Call 04/01/23)(b) | 400 | 400,500 | ||||||
| 2,222,820 | ||||||||
| Oman — 0.3% | ||||||||
| Bank Muscat SAOG, 4.75%, 03/17/26(b) | 600 | 617,250 | ||||||
| National Bank of Oman SAOG, 5.63%, 09/25/23(b) | 200 | 206,100 | ||||||
| Security | Par (000) | Value | ||||||
| Oman (continued) | ||||||||
| Oztel Holdings SPC Ltd. | ||||||||
| 5.63%, 10/24/23(b) | $ | 400 | $ | 412,500 | ||||
| 6.63%, 04/24/28(b) | 500 | 537,000 | ||||||
| 1,772,850 | ||||||||
| Panama — 0.3% | ||||||||
| C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(b)(c) | 800 | 831,000 | ||||||
| Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b) | 400 | 406,200 | ||||||
| Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(b)(c) | 200 | 204,000 | ||||||
| 1,441,200 | ||||||||
| Paraguay — 0.1% | ||||||||
| Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(b)(h) | 478 | 357,577 | ||||||
| Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)(b) | 400 | 412,534 | ||||||
| 770,111 | ||||||||
| Peru — 0.5% | ||||||||
| Cia de Minas Buenaventura SAA, 5.50%, 07/23/26 (Call 07/23/23)(d) | 400 | 396,650 | ||||||
| Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b) | 383 | 380,949 | ||||||
| Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(b) | 400 | 403,200 | ||||||
| InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(b) | 400 | 387,075 | ||||||
| Minsur SA | ||||||||
| 4.50%, 10/28/31(d) | 200 | 200,162 | ||||||
| 4.50%, 10/28/31(b) | 200 | 200,163 | ||||||
| Nexa Resources SA, 6.50%, 01/18/28 (Call 10/18/27)(b) | 200 | 215,412 | ||||||
| Peru LNG Srl, 5.38%, 03/22/30(b) | 400 | 344,000 | ||||||
| 2,527,611 | ||||||||
| Philippines — 0.7% | ||||||||
| Globe Telecom Inc., 4.20%, (Call 08/02/26)(b)(e)(f) | 400 | 400,448 | ||||||
| JGSH Philippines Ltd., 4.13%, 07/09/30(b) | 400 | 407,825 | ||||||
| Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(b) | 400 | 407,325 | ||||||
| Petron Corp. | ||||||||
| 4.60%, (Call 07/19/23)(b)(e)(f) | 200 | 197,600 | ||||||
| 5.95%, (Call 04/19/26)(b)(e)(f) | 400 | 405,000 | ||||||
| San Miguel Crop., 5.50%, (Call 07/29/25)(b)(e)(f) | 400 | 402,000 | ||||||
| SMC Global Power Holdings Corp. | ||||||||
| 5.70%, (Call 01/21/26)(b)(e)(f) | 200 | 194,038 | ||||||
| 5.95%, (Call 05/05/25)(b)(e)(f) | 200 | 196,600 | ||||||
| 6.50%, (Call 04/25/24)(b)(e)(f) | 800 | 798,400 | ||||||
| 7.00%, (Call 10/21/25)(b)(e)(f) | 400 | 404,450 | ||||||
| 3,813,686 | ||||||||
| Poland — 0.1% | ||||||||
| Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(d) | 400 | 383,771 | ||||||
| Qatar — 0.1% | ||||||||
| Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(b)(e)(f) | 600 | 603,000 | ||||||
| Russia — 1.9% | ||||||||
| Alfa Bank AO Via Alfa Bond Issuance PLC | ||||||||
| 5.95%, 04/15/30 (Call 04/15/25)(b)(e) | 600 | 571,500 | ||||||
| 6.95%, (Call 04/30/23)(b)(e)(f) | 400 | 386,000 | ||||||
| 8.00%, (Call 02/03/23)(b)(e)(f) | 400 | 397,000 | ||||||
| Credit Bank of Moscow Via CBOM Finance PLC | ||||||||
| 3.88%, 09/21/26 (Call 06/21/26)(d) | 200 | 162,250 | ||||||
| 3.88%, 09/21/26 (Call 06/21/26)(b) | 200 | 162,250 | ||||||
| 4.70%, 01/29/25(b) | 400 | 365,950 | ||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Russia (continued) | ||||||||
| 8.88%, (Call 11/10/22)(b)(e)(f) | $ | 400 | $ | 351,700 | ||||
| Eurochem Finance DAC, 5.50%, 03/13/24 (Call 12/13/23)(b) | 600 | 614,760 | ||||||
| Evraz PLC | ||||||||
| 5.25%, 04/02/24 (Call 01/02/24)(b) | 400 | 408,575 | ||||||
| 5.38%, 03/20/23(b) | 600 | 611,362 | ||||||
| PIK Securities DAC, 5.63%, 11/19/26 (Call 08/19/26)(d) | 400 | 372,000 | ||||||
| Polyus Finance PLC, 3.25%, 10/14/28 (Call 07/14/28)(b) | 400 | 361,600 | ||||||
| Suek Securities DAC, 3.38%, 09/15/26 (Call 06/15/26)(d) | 400 | 377,325 | ||||||
| Tinkoff Bank JSC Via TCS Finance Ltd., 6.00%, (Call 12/20/26)(d)(e)(f) | 400 | 364,000 | ||||||
| TMK OAO Via TMK Capital SA, 4.30%, 02/12/27(b) | 400 | 379,950 | ||||||
| Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24(b) | 400 | 398,075 | ||||||
| VEON Holdings BV | ||||||||
| 3.38%, 11/25/27 (Call 08/25/27)(b) | 800 | 726,400 | ||||||
| 4.00%, 04/09/25 (Call 01/09/25)(b) | 800 | 778,000 | ||||||
| 4.95%, 06/16/24 (Call 03/16/24)(b) | 400 | 404,020 | ||||||
| 7.25%, 04/26/23 (Call 01/26/23)(b) | 200 | 205,288 | ||||||
| VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(e)(f) | 1,450 | 1,463,412 | ||||||
| 9,861,417 | ||||||||
| Saudi Arabia — 0.3% | ||||||||
| Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b) | 600 | 573,750 | ||||||
| Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(b) | 200 | 195,288 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(b) | 600 | 622,312 | ||||||
| 1,391,350 | ||||||||
| Singapore — 0.2% | ||||||||
| GLP Pte Ltd., 4.50%, (Call 05/17/26)(b)(e)(f) | 400 | 384,200 | ||||||
| Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(b) | 400 | 400,008 | ||||||
| 784,208 | ||||||||
| South Africa — 1.6% | ||||||||
| Absa Group Ltd., 6.38%, (Call 05/27/26)(b)(e)(f) | 400 | 400,000 | ||||||
| Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(c)(d) | 400 | 394,000 | ||||||
| Eskom Holdings SOC Ltd. | ||||||||
| 6.35%, 08/10/28(b) | 600 | 627,750 | ||||||
| 6.75%, 08/06/23(b) | 617 | 623,478 | ||||||
| 7.13%, 02/11/25(b) | 860 | 869,836 | ||||||
| FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(e) | 400 | 408,575 | ||||||
| Gold Fields Orogen Holdings BVI Ltd. | ||||||||
| 5.13%, 05/15/24 (Call 04/15/24)(b) | 400 | 419,825 | ||||||
| 6.13%, 05/15/29 (Call 02/15/29)(b) | 200 | 223,100 | ||||||
| Liquid Telecommunications Financing Plc, 5.50%, 09/04/26 (Call 03/04/23)(b) | 400 | 403,000 | ||||||
| MTN Mauritius Investments Ltd. | ||||||||
| 4.76%, 11/11/24(b) | 600 | 613,988 | ||||||
| 6.50%, 10/13/26(b) | 200 | 219,663 | ||||||
| Sasol Financing USA LLC | ||||||||
| 4.38%, 09/18/26 (Call 08/18/26) | 400 | 394,000 | ||||||
| 5.50%, 03/18/31 (Call 03/18/30) | 400 | 391,000 | ||||||
| 5.88%, 03/27/24 (Call 02/27/24) | 1,000 | 1,027,500 | ||||||
| 6.50%, 09/27/28 (Call 06/27/28) | 600 | 634,500 | ||||||
| Stillwater Mining Co. | ||||||||
| 4.00%, 11/16/26 (Call 11/16/23)(d) | 400 | 381,680 | ||||||
| 4.50%, 11/16/29 (Call 11/16/25)(d) | 200 | 186,500 | ||||||
| 4.50%, 11/16/29 (Call 11/16/25)(b) | 200 | 186,500 | ||||||
| 8,404,895 | ||||||||
| South Korea — 0.2% | ||||||||
| SK Innovation Co. Ltd., 4.13%, 07/13/23(b) | 400 | 410,380 | ||||||
| Security | Par (000) | Value | ||||||
| South Korea (continued) | ||||||||
| Woori Bank | ||||||||
| 4.25%, (Call 10/04/24)(b)(c)(e)(f) | $ | 400 | $ | 412,750 | ||||
| 5.25%, (Call 05/16/22)(b)(e)(f) | 200 | 201,850 | ||||||
| 1,024,980 | ||||||||
| Supranational — 0.2% | ||||||||
| Eastern & Southern African Trade & Development Bank (The) | ||||||||
| 4.13%, 06/30/28(b) | 400 | 392,608 | ||||||
| 4.88%, 05/23/24(b) | 400 | 409,824 | ||||||
| 802,432 | ||||||||
| Switzerland — 0.1% | ||||||||
| Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(b) | 400 | 360,000 | ||||||
| Thailand — 0.5% | ||||||||
| Bangkok Bank PCL/Hong Kong | ||||||||
| 3.73%, 09/25/34 (Call 09/25/29)(b)(e) | 800 | 799,400 | ||||||
| 5.00%, (Call 09/23/25)(b) | 400 | 407,075 | ||||||
| Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(b)(e) | 800 | 786,900 | ||||||
| Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)(b)(e)(f) | 400 | 395,500 | ||||||
| 2,388,875 | ||||||||
| Togo — 0.0% | ||||||||
| Ecobank Transnational Inc., 9.50%, 04/18/24(b) | 200 | 215,225 | ||||||
| Turkey — 2.2% | ||||||||
| Akbank TAS | ||||||||
| 5.13%, 03/31/25(b) | 400 | 383,000 | ||||||
| 6.80%, 02/06/26(b) | 400 | 398,000 | ||||||
| 6.80%, 06/22/31 (Call 06/22/26)(b)(e) | 200 | 188,038 | ||||||
| 7.20%, 03/16/27 (Call 03/16/22)(b)(e) | 200 | 199,412 | ||||||
| Arcelik AS, 5.00%, 04/03/23(b) | 200 | 201,975 | ||||||
| Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(d) | 400 | 335,380 | ||||||
| KOC Holding AS | ||||||||
| 5.25%, 03/15/23 (Call 12/15/22)(b) | 400 | 402,700 | ||||||
| 6.50%, 03/11/25 (Call 12/11/24)(b) | 600 | 616,590 | ||||||
| Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(b) | 400 | 405,825 | ||||||
| QNB Finansbank AS, 6.88%, 09/07/24(b) | 400 | 419,200 | ||||||
| Sunac China Holdings Ltd., 6.50%, 01/26/26 (Call 01/26/24)(b) | 400 | 230,000 | ||||||
| Turk Telekomunikasyon AS | ||||||||
| 4.88%, 06/19/24(b) | 200 | 198,000 | ||||||
| 6.88%, 02/28/25(b) | 400 | 407,575 | ||||||
| Turkcell Iletisim Hizmetleri AS | ||||||||
| 5.75%, 10/15/25(b) | 200 | 198,662 | ||||||
| 5.80%, 04/11/28 (Call 01/11/28)(b) | 400 | 387,000 | ||||||
| Turkiye Garanti Bankasi AS | ||||||||
| 5.88%, 03/16/23(b) | 300 | 304,931 | ||||||
| 6.13%, 05/24/27 (Call 05/24/22)(b)(e) | 400 | 396,825 | ||||||
| Turkiye Is Bankasi AS | ||||||||
| 6.13%, 04/25/24(b) | 800 | 797,440 | ||||||
| 7.00%, 06/29/28 (Call 06/29/23)(b)(e) | 400 | 393,325 | ||||||
| 7.75%, 01/22/30 (Call 01/22/25)(b)(e) | 400 | 397,950 | ||||||
| Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b) | 400 | 391,325 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b) | 500 | 515,094 | ||||||
6
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Turkey (continued) | ||||||||
| Turkiye Vakiflar Bankasi TAO | ||||||||
| 5.25%, 02/05/25(b) | $ | 400 | $ | 379,575 | ||||
| 6.50%, 01/08/26(b) | 400 | 390,000 | ||||||
| 8.13%, 03/28/24(b) | 400 | 413,200 | ||||||
| Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(b) | 400 | 380,450 | ||||||
| Yapi ve Kredi Bankasi AS | ||||||||
| 5.85%, 06/21/24(b) | 300 | 299,250 | ||||||
| 6.10%, 03/16/23(b) | 400 | 405,825 | ||||||
| 7.88%, 01/22/31 (Call 01/22/26)(b)(e) | 200 | 197,000 | ||||||
| 8.25%, 10/15/24(b) | 400 | 417,325 | ||||||
| 13.88%, (Call 01/15/24)(b)(e)(f) | 400 | 440,450 | ||||||
| 11,491,322 | ||||||||
| Ukraine — 0.3% | ||||||||
| DTEK Finance PLC, 7.00%, (5.00% PIK), 12/31/27 (Call 02/28/22)(b)(g) | 1,046 | 523,532 | ||||||
| Metinvest BV | ||||||||
| 7.75%, 10/17/29(b) | 200 | 171,000 | ||||||
| 8.50%, 04/23/26 (Call 01/23/26)(b) | 400 | 352,400 | ||||||
| MHP Lux SA, 6.95%, 04/03/26(b) | 400 | 354,450 | ||||||
| MHP SE, 7.75%, 05/10/24(b) | 200 | 181,037 | ||||||
| 1,582,419 | ||||||||
| United Arab Emirates — 1.6% | ||||||||
| ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(b)(e)(f) | 400 | 421,950 | ||||||
| Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(b)(e)(f) | 400 | 412,000 | ||||||
| DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(b)(e)(f) | 600 | 631,500 | ||||||
| DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(b)(e)(f) | 600 | 606,750 | ||||||
| DP World Salaam, 6.00%, (Call 10/01/25)(b)(e)(f) | 1,000 | 1,070,312 | ||||||
| Emaar Sukuk Ltd. | ||||||||
| 3.64%, 09/15/26(b) | 400 | 408,950 | ||||||
| 3.70%, 07/06/31(b) | 400 | 402,500 | ||||||
| 3.88%, 09/17/29(b) | 400 | 408,575 | ||||||
| EMG Sukuk Ltd., 4.56%, 06/18/24(b) | 600 | 624,750 | ||||||
| Emirates NBD Bank PJSC | ||||||||
| 4.25%, (Call 02/27/27)(b)(e)(f) | 600 | 604,500 | ||||||
| 6.13%, (Call 03/20/25)(b)(e)(f) | 600 | 624,000 | ||||||
| 6.13%, (Call 04/09/26)(b)(e)(f) | 400 | 424,950 | ||||||
| GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(b) | 600 | 614,175 | ||||||
| Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(d) | 400 | 403,000 | ||||||
| Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 03/21/22)(b) | 550 | 420,750 | ||||||
| 8,078,662 | ||||||||
| Vietnam — 0.1% | ||||||||
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(b) | 500 | 458,375 | ||||||
| Zambia — 0.7% | ||||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.50%, 03/01/24 (Call 02/07/22)(b) | 400 | 406,875 | ||||||
| 6.88%, 03/01/26 (Call 02/07/22)(b) | 600 | 619,500 | ||||||
| 6.88%, 10/15/27 (Call 10/15/23)(b) | 1,000 | 1,062,500 | ||||||
| 7.25%, 04/01/23 (Call 02/07/22)(b) | 667 | 672,419 | ||||||
| 7.50%, 04/01/25 (Call 02/07/22)(b) | 800 | 818,000 | ||||||
| 3,579,294 | ||||||||
| Total Corporate Bonds & Notes — 51.1% | ||||||||
| (Cost: $269,716,407) | 260,781,026 | |||||||
| Security | Par (000) | Value | ||||||
| Foreign Government Obligations(a) | ||||||||
| Angola — 1.0% | ||||||||
| Angolan Government International Bond | ||||||||
| 8.00%, 11/26/29(b) | $ | 1,000 | $ | 990,187 | ||||
| 8.25%, 05/09/28(b) | 1,000 | 1,003,312 | ||||||
| 9.13%, 11/26/49(b) | 1,000 | 951,750 | ||||||
| 9.38%, 05/08/48(b) | 1,000 | 972,688 | ||||||
| 9.50%, 11/12/25(b) | 1,000 | 1,091,750 | ||||||
| 5,009,687 | ||||||||
| Argentina — 2.6% | ||||||||
| Argentine Republic Government International Bond | ||||||||
| 0.50%, 07/09/30 (Call 03/02/22)(i) | 10,083 | 3,407,993 | ||||||
| 1.00%, 07/09/29 (Call 02/28/22)(c) | 1,649 | 582,963 | ||||||
| 1.13%, 07/09/35 (Call 03/02/22)(i) | 12,996 | 4,009,064 | ||||||
| 1.13%, 07/09/46 (Call 03/02/22)(i) | 1,390 | 437,850 | ||||||
| 2.00%, 01/09/38 (Call 03/02/22)(i) | 7,206 | 2,731,173 | ||||||
| 2.50%, 07/09/41 (Call 03/02/22)(c)(i) | 6,550 | 2,328,525 | ||||||
| 13,497,568 | ||||||||
| Azerbaijan — 0.5% | ||||||||
| Republic of Azerbaijan International Bond | ||||||||
| 3.50%, 09/01/32(b) | 650 | 641,794 | ||||||
| 4.75%, 03/18/24(b) | 1,000 | 1,050,812 | ||||||
| State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(b) | 600 | 617,175 | ||||||
| 2,309,781 | ||||||||
| Bahrain — 2.2% | ||||||||
| Bahrain Government International Bond | ||||||||
| 5.25%, 01/25/33(b) | 600 | 544,500 | ||||||
| 5.45%, 09/16/32(b) | 600 | 566,250 | ||||||
| 5.63%, 09/30/31(b) | 600 | 575,175 | ||||||
| 5.63%, 05/18/34(d) | 600 | 546,750 | ||||||
| 6.00%, 09/19/44(b) | 800 | 693,400 | ||||||
| 6.13%, 08/01/23(b) | 800 | 833,900 | ||||||
| 6.75%, 09/20/29(b) | 800 | 838,400 | ||||||
| 7.00%, 01/26/26(b) | 800 | 860,900 | ||||||
| 7.00%, 10/12/28(b) | 1,100 | 1,170,125 | ||||||
| 7.38%, 05/14/30(b) | 600 | 647,925 | ||||||
| CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(b) | 600 | 625,800 | ||||||
| CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(b) | 600 | 666,000 | ||||||
| CBB International Sukuk Programme Co. WLL | ||||||||
| 3.88%, 05/18/29(c)(d) | 600 | 581,250 | ||||||
| 3.95%, 09/16/27(b) | 700 | 697,375 | ||||||
| 4.50%, 03/30/27(b) | 600 | 615,112 | ||||||
| 6.25%, 11/14/24(b) | 600 | 638,925 | ||||||
| 11,101,787 | ||||||||
| Bolivia — 0.1% | ||||||||
| Bolivian Government International Bond, 4.50%, 03/20/28(b)(c) | 600 | 526,050 | ||||||
| Brazil — 4.4% | ||||||||
| Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b) | 800 | 850,400 | ||||||
| Brazilian Government International Bond | ||||||||
| 2.88%, 06/06/25 | 1,000 | 1,000,000 | ||||||
| 3.75%, 09/12/31(c) | 900 | 819,900 | ||||||
| 3.88%, 06/12/30(c) | 2,300 | 2,161,712 | ||||||
| 4.25%, 01/07/25 | 2,748 | 2,891,068 | ||||||
| 4.50%, 05/30/29 (Call 02/28/29) | 1,200 | 1,191,975 | ||||||
| 4.63%, 01/13/28 (Call 10/13/27)(c) | 1,800 | 1,841,962 | ||||||
| 4.75%, 01/14/50 (Call 07/14/49) | 2,650 | 2,231,466 | ||||||
| 5.00%, 01/27/45(c) | 2,126 | 1,896,525 | ||||||
7
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Brazil (continued) | ||||||||
| 5.63%, 01/07/41(c) | $ | 1,317 | $ | 1,288,438 | ||||
| 5.63%, 02/21/47 | 1,700 | 1,607,350 | ||||||
| 6.00%, 04/07/26 | 1,414 | 1,568,921 | ||||||
| 7.13%, 01/20/37 | 960 | 1,121,580 | ||||||
| 8.25%, 01/20/34 | 950 | 1,201,928 | ||||||
| 8.88%, 04/15/24 | 720 | 834,885 | ||||||
| 22,508,110 | ||||||||
| Colombia — 3.7% | ||||||||
| Colombia Government International Bond | ||||||||
| 2.63%, 03/15/23 (Call 12/15/22) | 800 | 801,600 | ||||||
| 3.00%, 01/30/30 (Call 10/30/29) | 900 | 784,575 | ||||||
| 3.13%, 04/15/31 (Call 01/15/31) | 1,800 | 1,542,713 | ||||||
| 3.25%, 04/22/32 (Call 01/22/32) | 800 | 684,000 | ||||||
| 3.88%, 04/25/27 (Call 01/25/27) | 1,600 | 1,570,800 | ||||||
| 3.88%, 02/15/61 (Call 08/15/60)(c) | 1,000 | 726,125 | ||||||
| 4.00%, 02/26/24 (Call 11/26/23) | 1,200 | 1,227,975 | ||||||
| 4.13%, 02/22/42 (Call 08/22/41) | 400 | 315,600 | ||||||
| 4.13%, 05/15/51 (Call 11/15/50) | 800 | 606,650 | ||||||
| 4.50%, 01/28/26 (Call 10/28/25)(c) | 800 | 824,900 | ||||||
| 4.50%, 03/15/29 (Call 12/15/28)(c) | 1,200 | 1,178,100 | ||||||
| 5.00%, 06/15/45 (Call 12/15/44) | 3,000 | 2,550,562 | ||||||
| 5.20%, 05/15/49 (Call 11/15/48) | 1,850 | 1,593,659 | ||||||
| 5.63%, 02/26/44 (Call 08/26/43) | 1,600 | 1,463,800 | ||||||
| 6.13%, 01/18/41 | 1,800 | 1,761,525 | ||||||
| 7.38%, 09/18/37(c) | 1,000 | 1,109,875 | ||||||
| 8.13%, 05/21/24 | 300 | 336,338 | ||||||
| 19,078,797 | ||||||||
| Costa Rica — 0.4% | ||||||||
| Costa Rica Government International Bond | ||||||||
| 6.13%, 02/19/31(b) | 800 | 781,650 | ||||||
| 7.00%, 04/04/44(b) | 862 | 797,781 | ||||||
| 7.16%, 03/12/45(b)(c) | 600 | 562,987 | ||||||
| 2,142,418 | ||||||||
| Dominican Republic — 2.7% | ||||||||
| Dominican Republic International Bond | ||||||||
| 4.50%, 01/30/30(b) | 1,350 | 1,323,253 | ||||||
| 4.88%, 09/23/32(b) | 1,950 | 1,913,194 | ||||||
| 5.30%, 01/21/41(b) | 1,000 | 952,062 | ||||||
| 5.50%, 01/27/25(b) | 725 | 772,125 | ||||||
| 5.88%, 01/30/60(b) | 2,000 | 1,810,375 | ||||||
| 5.95%, 01/25/27(b) | 1,050 | 1,148,437 | ||||||
| 6.00%, 07/19/28(b) | 800 | 873,650 | ||||||
| 6.40%, 06/05/49(b) | 900 | 899,044 | ||||||
| 6.50%, 02/15/48(b)(c) | 600 | 605,363 | ||||||
| 6.85%, 01/27/45(b) | 1,290 | 1,354,339 | ||||||
| 6.88%, 01/29/26(b) | 900 | 1,012,500 | ||||||
| 7.45%, 04/30/44(b)(c) | 1,000 | 1,128,937 | ||||||
| 13,793,279 | ||||||||
| Ecuador — 1.5% | ||||||||
| Ecuador Government International Bond | ||||||||
| 0.00%, 07/31/30(b)(h) | 628 | 366,909 | ||||||
| 0.50%, 07/31/40(b)(i) | 2,075 | 1,268,085 | ||||||
| 1.00%, 07/31/35(b)(i) | 5,425 | 3,798,517 | ||||||
| 5.00%, 07/31/30(b)(i) | 2,400 | 2,089,950 | ||||||
| 7,523,461 | ||||||||
| Egypt — 2.6% | ||||||||
| Egypt Government International Bond | ||||||||
| 5.75%, 05/29/24(b) | 800 | 816,000 | ||||||
| 5.80%, 09/30/27(d) | 600 | 562,500 | ||||||
| Security | Par (000) | Value | ||||||
| Egypt (continued) | ||||||||
| 5.80%, 09/30/27(b) | $ | 200 | $ | 187,500 | ||||
| 5.88%, 06/11/25(b) | 800 | 808,000 | ||||||
| 5.88%, 02/16/31(b) | 1,000 | 842,500 | ||||||
| 6.59%, 02/21/28(b) | 814 | 767,195 | ||||||
| 7.05%, 01/15/32(b) | 600 | 525,750 | ||||||
| 7.30%, 09/30/33(d) | 800 | 697,000 | ||||||
| 7.50%, 01/31/27(b) | 1,200 | 1,209,000 | ||||||
| 7.50%, 02/16/61(b) | 800 | 619,000 | ||||||
| 7.60%, 03/01/29(b) | 1,200 | 1,159,500 | ||||||
| 7.63%, 05/29/32(b) | 1,200 | 1,077,000 | ||||||
| 7.90%, 02/21/48(b) | 1,000 | 796,250 | ||||||
| 8.50%, 01/31/47(b) | 1,500 | 1,252,500 | ||||||
| 8.70%, 03/01/49(b) | 1,000 | 843,750 | ||||||
| 8.88%, 05/29/50(b) | 1,200 | 1,026,000 | ||||||
| 13,189,445 | ||||||||
| El Salvador — 0.2% | ||||||||
| El Salvador Government International Bond | ||||||||
| 7.12%, 01/20/50 (Call 07/20/49)(b) | 700 | 363,256 | ||||||
| 7.65%, 06/15/35(b) | 650 | 351,731 | ||||||
| 9.50%, 07/15/52 (Call 01/15/52)(b) | 700 | 404,819 | ||||||
| 1,119,806 | ||||||||
| Ethiopia — 0.1% | ||||||||
| Ethiopia International Bond, 6.63%, 12/11/24(b) | 600 | 450,863 | ||||||
| Gabon — 0.1% | ||||||||
| Gabon Government International Bond, 6.63%, 02/06/31(b) | 600 | 580,050 | ||||||
| Ghana — 1.0% | ||||||||
| Ghana Government International Bond | ||||||||
| 6.38%, 02/11/27(b) | 800 | 638,000 | ||||||
| 7.63%, 05/16/29(b) | 700 | 546,000 | ||||||
| 7.75%, 04/07/29(b) | 600 | 469,500 | ||||||
| 7.88%, 02/11/35(b) | 600 | 444,750 | ||||||
| 8.13%, 01/18/26(b) | 470 | 418,887 | ||||||
| 8.13%, 03/26/32(b) | 900 | 684,000 | ||||||
| 8.63%, 04/07/34(b) | 600 | 454,500 | ||||||
| 8.63%, 06/16/49(b) | 600 | 445,500 | ||||||
| 8.95%, 03/26/51(b) | 700 | 521,500 | ||||||
| 10.75%, 10/14/30(b) | 600 | 636,000 | ||||||
| 5,258,637 | ||||||||
| Guatemala — 0.2% | ||||||||
| Guatemala Government Bond, 6.13%, 06/01/50(Call 12/01/49)(b)(c) | 900 | 982,294 | ||||||
| Iraq — 0.4% | ||||||||
| Iraq International Bond | ||||||||
| 5.80%, 01/15/28 (Call 03/14/22)(b) | 1,313 | 1,254,914 | ||||||
| 6.75%, 03/09/23(b) | 600 | 602,738 | ||||||
| 1,857,652 | ||||||||
| Ivory Coast — 0.2% | ||||||||
| Ivory
Coast Government International Bond, 6.13%, 06/15/33(b) | 800 | 818,650 | ||||||
| Jamaica — 0.7% | ||||||||
| Jamaica Government International Bond | ||||||||
| 6.75%, 04/28/28 | 1,000 | 1,136,437 | ||||||
| 7.88%, 07/28/45 | 1,100 | 1,514,425 | ||||||
| 8.00%, 03/15/39 | 800 | 1,099,900 | ||||||
| 3,750,762 | ||||||||
8
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Jordan — 0.5% | ||||||||
| Jordan Government International Bond | ||||||||
| 5.75%, 01/31/27(b) | $ | 600 | $ | 622,050 | ||||
| 5.85%, 07/07/30(b) | 900 | 888,750 | ||||||
| 6.13%, 01/29/26(b) | 600 | 631,612 | ||||||
| 7.38%,10/10/47(b) | 600 | 586,800 | ||||||
| 2,729,212 | ||||||||
| Kenya — 0.8% | ||||||||
| Republic of Kenya Government International Bond | ||||||||
| 6.30%, 01/23/34(b) | 600 | 561,000 | ||||||
| 6.88%, 06/24/24(b) | 1,200 | 1,269,000 | ||||||
| 7.25%, 02/28/28(b) | 600 | 618,750 | ||||||
| 8.00%,05/22/32(b) | 800 | 836,000 | ||||||
| 8.25%, 02/28/48(b) | 600 | 576,000 | ||||||
| 3,860,750 | ||||||||
| Lebanon — 0.1% | ||||||||
| Lebanon Government International Bond | ||||||||
| 6.00%, 01/27/23(b)(j)(k) | 500 | 51,875 | ||||||
| 6.10%,10/04/22(b)(j)(k) | 900 | 95,625 | ||||||
| 6.60%, 11/27/26(b)(j)(k) | 1,000 | 103,750 | ||||||
| 6.65%, 02/26/30(b)(j)(k) | 840 | 87,150 | ||||||
| 6.75%, 11/29/27(b)(j)(k) | 900 | 93,375 | ||||||
| 6.85%, 03/23/27(b)(j)(k) | 650 | 67,438 | ||||||
| 7.00%, 03/23/32(b)(j)(k) | 500 | 51,875 | ||||||
| 551,088 | ||||||||
| Malaysia — 0.4% | ||||||||
| 1MDB Global Investments Ltd., 4.40%, 03/09/23(b) | 2,000 | 1,996,200 | ||||||
| Morocco — 0.2% | ||||||||
| Morocco Government International Bond | ||||||||
| 3.00%, 12/15/32(b) | 800 | 739,000 | ||||||
| 4.00%, 12/15/50(b) | 600 | 516,000 | ||||||
| 1,255,000 | ||||||||
| Nigeria — 1.6% | ||||||||
| Nigeria Government International Bond | ||||||||
| 6.13%, 09/28/28(d) | 800 | 767,150 | ||||||
| 6.50%, 11/28/27(b) | 1,000 | 1,002,500 | ||||||
| 7.14%, 02/23/30(b) | 914 | 892,292 | ||||||
| 7.38%, 09/28/33(b) | 1,000 | 929,875 | ||||||
| 7.63%, 11/21/25(b) | 700 | 756,000 | ||||||
| 7.63%,11/28/47(b) | 800 | 700,000 | ||||||
| 7.70%, 02/23/38(b) | 800 | 720,000 | ||||||
| 7.88%, 02/16/32(b) | 1,000 | 970,000 | ||||||
| 8.25%, 09/28/51(d) | 800 | 730,000 | ||||||
| 8.75%, 01/21/31(b) | 600 | 615,750 | ||||||
| 8,083,567 | ||||||||
| Oman — 3.3% | ||||||||
| Oman Government International Bond | ||||||||
| 4.75%, 06/15/26(b) | 1,900 | 1,938,000 | ||||||
| 4.88%, 02/01/25(b) | 400 | 411,500 | ||||||
| 5.38%, 03/08/27(b) | 1,200 | 1,236,000 | ||||||
| 5.63%,01/17/28(b) | 1,600 | 1,664,000 | ||||||
| 6.00%, 08/01/29(b) | 1,400 | 1,470,000 | ||||||
| 6.25%, 01/25/31(b) | 1,200 | 1,275,000 | ||||||
| 6.50%, 03/08/47(b) | 1,200 | 1,141,500 | ||||||
| 6.75%, 10/28/27(b) | 1,000 | 1,096,250 | ||||||
| 6.75%, 01/17/48(b) | 1,800 | 1,761,750 | ||||||
| 7.00%, 01/25/51(b) | 600 | 603,000 | ||||||
| 7.38%,10/28/32(b) | 600 | 680,250 | ||||||
| Security | Par (000) | Value | ||||||
| Oman (continued) | ||||||||
| Oman Sovereign Sukuk Co. | ||||||||
| 4.40%, 06/01/24(b) | $ | 1,200 | $ | 1,233,000 | ||||
| 4.88%, 06/15/30(b) | 1,000 | 1,051,250 | ||||||
| 5.93%, 10/31/25(b) | 1,200 | 1,305,000 | ||||||
| 16,866,500 | ||||||||
| Pakistan — 0.6% | ||||||||
| Pakistan Government International Bond | ||||||||
| 6.00%, 04/08/26(b) | 800 | 770,088 | ||||||
| 6.88%, 12/05/27(b) | 1,000 | 968,937 | ||||||
| 7.38%, 04/08/31(b) | 800 | 748,088 | ||||||
| 8.25%, 04/15/24(b) | 677 | 706,746 | ||||||
| 3,193,859 | ||||||||
| Paraguay — 0.4% | ||||||||
| Paraguay Government International Bond | ||||||||
| 4.95%, 04/28/31 (Call 01/28/31)(b) | 600 | 652,987 | ||||||
| 5.40%, 03/30/50 (Call 09/30/49)(b) | 600 | 642,113 | ||||||
| 6.10%, 08/11/44(b) | 800 | 933,650 | ||||||
| 2,228,750 | ||||||||
| Senegal — 0.3% | ||||||||
| Senegal Government International Bond | ||||||||
| 6.25%, 05/23/33(b) | 700 | 701,750 | ||||||
| 6.75%, 03/13/48(b) | 600 | 558,113 | ||||||
| 1,259,863 | ||||||||
| Serbia — 0.1% | ||||||||
| Serbia International Bond, 2.13%, 12/01/30(b) | 735 | 658,744 | ||||||
| South Africa — 2.2% | ||||||||
| Republic of South Africa Government International Bond | ||||||||
| 4.30%, 10/12/28 | 1,200 | 1,199,850 | ||||||
| 4.67%, 01/17/24 | 1,000 | 1,043,000 | ||||||
| 4.85%, 09/27/27(c) | 600 | 620,363 | ||||||
| 4.85%, 09/30/29 | 1,300 | 1,314,056 | ||||||
| 4.88%, 04/14/26 | 804 | 839,577 | ||||||
| 5.00%, 10/12/46 | 600 | 515,250 | ||||||
| 5.38%, 07/24/44 | 700 | 638,444 | ||||||
| 5.65%, 09/27/47 | 1,000 | 906,125 | ||||||
| 5.75%, 09/30/49 | 1,900 | 1,738,262 | ||||||
| 5.88%, 09/16/25 | 1,186 | 1,290,368 | ||||||
| 5.88%, 06/22/30 | 800 | 867,650 | ||||||
| 10,972,945 | ||||||||
| Sri Lanka — 0.7% | ||||||||
| Sri Lanka Government International Bond | ||||||||
| 5.75%, 04/18/23(b) | 800 | 425,900 | ||||||
| 6.20%, 05/11/27(b) | 1,000 | 488,312 | ||||||
| 6.75%, 04/18/28(b) | 700 | 342,694 | ||||||
| 6.83%, 07/18/26(b) | 600 | 295,613 | ||||||
| 6.85%, 03/14/24(b) | 700 | 357,569 | ||||||
| 6.85%, 11/03/25(b) | 900 | 461,138 | ||||||
| 7.55%, 03/28/30(b) | 1,000 | 487,062 | ||||||
| 7.85%, 03/14/29(b) | 900 | 438,356 | ||||||
| 3,296,644 | ||||||||
| Trinidad And Tobago — 0.1% | ||||||||
| Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(b)(c) | 600 | 611,925 | ||||||
| Tunisia — 0.1% | ||||||||
| Tunisian Republic, 5.75%, 01/30/25(b) | 600 | 465,000 | ||||||
9
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Turkey — 8.0% | ||||||||
| Hazine Mustesarligi Varlik Kiralama AS | ||||||||
| 4.49%, 11/25/24(b) | $ | 600 | $ | 588,300 | ||||
| 5.00%, 04/06/23(b) | 800 | 801,400 | ||||||
| 5.13%, 06/22/26(d) | 1,200 | 1,162,725 | ||||||
| 5.13%, 06/22/26(b) | 400 | 387,575 | ||||||
| Turkey Government International Bond | ||||||||
| 3.25%, 03/23/23 | 700 | 694,225 | ||||||
| 4.25%, 03/13/25 | 1,200 | 1,126,725 | ||||||
| 4.25%, 04/14/26 | 1,000 | 904,563 | ||||||
| 4.75%, 01/26/26 | 1,200 | 1,116,000 | ||||||
| 4.88%, 10/09/26 | 1,910 | 1,739,652 | ||||||
| 4.88%, 04/16/43 | 1,979 | 1,425,870 | ||||||
| 5.13%, 02/17/28 | 1,400 | 1,243,638 | ||||||
| 5.25%, 03/13/30 | 1,200 | 1,024,350 | ||||||
| 5.60%, 11/14/24 | 1,700 | 1,673,756 | ||||||
| 5.75%, 03/22/24 | 1,650 | 1,649,278 | ||||||
| 5.75%, 05/11/47 | 2,226 | 1,710,959 | ||||||
| 5.88%, 06/26/31 | 1,100 | 962,706 | ||||||
| 5.95%, 01/15/31 | 1,400 | 1,230,950 | ||||||
| 6.00%, 03/25/27(c) | 2,121 | 2,004,080 | ||||||
| 6.00%, 01/14/41 | 1,903 | 1,533,461 | ||||||
| 6.13%, 10/24/28 | 1,900 | 1,758,450 | ||||||
| 6.35%, 08/10/24 | 1,450 | 1,456,162 | ||||||
| 6.38%, 10/14/25 | 1,600 | 1,576,300 | ||||||
| 6.50%, 09/20/33 | 900 | 799,481 | ||||||
| 6.63%, 02/17/45 | 1,800 | 1,515,712 | ||||||
| 6.75%, 05/30/40 | 1,225 | 1,059,089 | ||||||
| 6.88%, 03/17/36 | 1,761 | 1,587,982 | ||||||
| 7.25%, 12/23/23 | 1,200 | 1,242,600 | ||||||
| 7.25%, 03/05/38 | 650 | 607,466 | ||||||
| 7.38%, 02/05/25 | 2,070 | 2,113,729 | ||||||
| 7.63%, 04/26/29(c) | 1,800 | 1,786,837 | ||||||
| 8.00%, 02/14/34(c) | 913 | 915,168 | ||||||
| 11.88%, 01/15/30 | 1,000 | 1,238,313 | ||||||
| Turkiye Vakiflar Bankasi TAO, 5.50%, 10/01/26(b) | 400 | 371,000 | ||||||
| 41,008,502 | ||||||||
| Ukraine — 1.7% | ||||||||
| Ukraine Government International Bond | ||||||||
| 6.88%, 05/21/29(b) | 1,000 | 838,000 | ||||||
| 7.25%, 03/15/33(b) | 1,700 | 1,428,000 | ||||||
| 7.38%, 09/25/32(b) | 1,900 | 1,603,600 | ||||||
| 7.75%, 09/01/23(b) | 875 | 804,071 | ||||||
| 7.75%, 09/01/24(b) | 868 | 774,310 | ||||||
| 7.75%, 09/01/25(b) | 936 | 823,680 | ||||||
| 7.75%, 09/01/26(b) | 800 | 699,400 | ||||||
| 7.75%, 09/01/27(b) | 850 | 742,900 | ||||||
| 9.75%, 11/01/28(b) | 1,050 | 989,625 | ||||||
| 8,703,586 | ||||||||
| United Arab Emirates — 0.3% | ||||||||
| Emirate of Dubai Government International Bonds | ||||||||
| 3.90%, 09/09/50(b) | 800 | 732,650 | ||||||
| 5.25%, 01/30/43(b) | 600 | 665,250 | ||||||
| 1,397,900 | ||||||||
| Security | Par/ Shares (000) | Value | ||||||
| Vietnam — 0.1% | ||||||||
| Vietnam Government International Bond, 4.80%, 11/19/24(b) | $ | 600 | $ | 640,238 | ||||
| Zambia — 0.2% | ||||||||
| Zambia Government International Bond | ||||||||
| 8.50%, 04/14/24(b)(j)(k) | 800 | 604,000 | ||||||
| 8.97%, 07/30/27(b)(j)(k) | 600 | 442,988 | ||||||
| 1,046,988 | ||||||||
| Total Foreign Government Obligations — 46.3% | ||||||||
| (Cost: $262,245,406) | 236,326,358 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 8.9% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(l)(m)(n) | 39,086 | 39,097,813 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(l)(m) | 6,239 | 6,239,000 | ||||||
| 45,336,813 | ||||||||
| Total Short-Term Investments — 8.9% | ||||||||
| (Cost: $45,338,504) | 45,336,813 | |||||||
| Total Investments in Securities — 106.3% | ||||||||
| (Cost: $577,300,317) | 542,444,197 | |||||||
| Other Assets, Less Liabilities — (6.3)% | (32,269,136 | ) | ||||||
| Net Assets — 100.0% | $ | 510,175,061 | ||||||
| (a) | U.S. dollar denominated security issued by foreign domiciled entity. |
| (b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (c) | All or a portion of this security is on loan. |
| (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) | 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) | Perpetual security with no stated maturity date. |
| (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) | Zero-coupon bond. |
| (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. |
10
| Schedule of Investments (unaudited) (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
| January 31, 2022 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value
at 10/31/21 | Purchases at Cost | Proceeds from Sales | Net
Realized Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Value
at 01/31/22 | Shares Held at 01/31/22 (000) | Income | Capital
Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 33,402,228 | $ | 5,702,062 | (a) | $ | — | $ | (4,785 | ) | $ | (1,692 | ) | $ | 39,097,813 | 39,086 | $ | 44,049 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 2,999,000 | 3,240,000 | (a) | — | — | — | 6,239,000 | 6,239 | 56 | — | ||||||||||||||||||||||||||
| $ | (4,785 | ) | $ | (1,692 | ) | $ | 45,336,813 | $ | 44,105 | $ | — | |||||||||||||||||||||||||
| (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 Measurements
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 |
| ● | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent 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 | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Corporate Bonds & Notes | $ | — | $ | 260,781,026 | $ | — | $ | 260,781,026 | ||||||||
| Foreign Government Obligations | — | 236,326,358 | — | 236,326,358 | ||||||||||||
| Money Market Funds | 45,336,813 | — | — | 45,336,813 | ||||||||||||
| $ | 45,336,813 | $ | 497,107,384 | $ | — | $ | 542,444,197 | |||||||||
Portfolio Abbreviations - Equity
| JSC | Joint Stock Company |
Portfolio Abbreviations - Fixed Income
| PIK | Payment-in-kind |
| PJSC | Public Joint Stock Company |
11