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iSHARES

Filed: 6 Jan 21, 7:27am

 

 

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: State Street Bank and Trust Company

100 Summer Street, 4th Floor, Boston, MA 02110

(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, 2020

Date of reporting period: October 31, 2020

 

 

 


Item 1.

Reports to Stockholders.

Copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.


 

LOGO

 OCTOBER 31, 2020

 

 

    

  2020 Annual Report

 

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

 

 

 

 

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. Prior to the outbreak of the virus, U.S. equities and bonds both delivered solid returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs in early September 2020 before retreating amid concerns about a second wave of infections. In the United States, large-capitalization stocks advanced, outperforming small-capitalization stocks, which declined marginally during the reporting period. International equities from developed economies declined, significantly lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed took an accommodative monetary stance in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring emerging market stocks and tilting toward the quality factor for its resilience.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2020

 

   6-Month  12-Month 

U.S. large cap equities
(S&P 500® Index)

 13.29% 9.71%

U.S. small cap equities
(Russell 2000® Index)

 18.13 (0.14)

International equities
(MSCI Europe, Australasia, Far East Index)

 8.57 (6.86)

Emerging market equities
(MSCI Emerging Markets Index)

 20.96 8.25

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)

 0.06 0.92

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)

 (1.63) 8.92

U.S. investment grade bonds
(Bloomberg Barclays U.S. Aggregate Bond Index)

 1.27 6.19

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

 4.87 3.55

U.S. high yield bonds
(Bloomberg Barclays
U.S. Corporate High Yield 2% Issuer Capped Index)

 10.73 3.42

 

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

 

2 

THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT


Table of Contents

 

    Page 

The Markets in Review

   2 

Market Overview

   4 

Fund Summary

   5 

About Fund Performance

   15 

Shareholder Expenses

   15 

Schedules of Investments

   16 

Financial Statements

  

Statements of Assets and Liabilities

   63 

Statements of Operations

   65 

Statements of Changes in Net Assets

   67 

Financial Highlights

   70 

Notes to Financial Statements

   75 

Report of Independent Registered Public Accounting Firm

   85 

Important Tax Information (Unaudited)

   86 

Board Review and Approval of Investment Advisory Contract

   87 

Supplemental Information

   91 

Director and Officer Information

   93 

General Information

   95 

Glossary of Terms Used in this Report

   96 

 

 

 


Market Overview

 

iShares, Inc.

Global Bond Market Overview

Global investment-grade bonds advanced for the 12 months ended October 31, 2020 (“reporting period”). The Bloomberg Barclays Global Aggregate Index, a broad measure of global bond market performance, returned 5.63% in U.S. dollar terms for the reporting period.

Market disruption due to the coronavirus pandemic drove sharp volatility in bond prices, followed by a steady recovery after governments worldwide intervened to support fixed-income markets and economic activity. As the extent of the outbreak became evident in late February and early March 2020, uncertainty led investors to move out of stocks and into bonds, and global bond yields (which are inversely related to prices) declined. But the continued spread of the virus and related restrictions on economic activity led to a significant increase in yields, as investors became concerned that the pandemic-related downturn would restrict liquidity and limit the ability of sovereign and corporate borrowers to issue new bonds. However, the swift action of central banks helped stabilize credit markets and improve liquidity, and a gradual, but significant, recovery in bond prices followed.

U.S. bond prices followed the global pattern: an advance in the immediate aftermath of the pandemic, followed by a sharp decline and subsequent recovery, leading to a positive performance for the reporting period overall. In response to the economic downturn, the U.S. Federal Reserve (“Fed”) enacted two emergency decreases to short-term interest rates in March 2020. It further stabilized bond markets by implementing bond buying programs for U.S. Treasuries, mortgage-backed securities, and corporate bonds. Bond prices rose thereafter, driving Treasury yields to historic lows despite record issuance to fund government fiscal stimulus programs. Fed action, along with signs that defaults would be lower than anticipated, drove corporate bond prices higher beginning in late March 2020. In August 2020, the Fed revised its long-standing inflation policy, allowing it to exceed its 2% target in order to stimulate the economy.

European bonds also advanced, benefiting from efforts by the European Central Bank (“ECB”) to stabilize and provide liquidity for markets. In March 2020, the ECB instituted a 750 billion bond purchasing program that authorized purchases of government and corporate bonds. The ECB augmented this program with an additional 600 billion in June 2020, further bolstering the European bond market. To finance its recovery efforts, in October 2020 the E.U. issued its own large-scale bonds for the first time (previously most European debt was issued only by individual member states). Demand for the issuance was high, indicating significant investor appetite for E.U.-backed bonds.

Bonds in the Asia/Pacific region posted a modest return after a sharp decline in bond prices in March 2020 was followed by a relatively modest rebound. Japanese bond prices in particular declined amid a significant increase in issuance of government bonds to finance stimulus efforts. To support this influx of bond supply and improve market liquidity, the Bank of Japan increased its bond-buying program for both government and corporate bonds. Bonds in other parts of the Asia/Pacific region posted gains, however, as foreign investors in search of yield buoyed bond prices in South Korea, Malaysia, and Thailand. Emerging market bonds also advanced amid a strong economic recovery in China, which helped reassure yield-hungry investors that economic conditions were improving in the latter part of the reporting period.

 

 

4 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Fund Summary as of October 31, 2020   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 
   1 Year   5 Years   

Since

Inception

      1 Year   5 Years   

Since

Inception

 

Fund NAV

  3.00   3.94   3.32   3.00   21.29   32.39

Fund Market

  2.81    3.84    3.31    2.81    20.75    32.22 

Index

  3.54    4.32    3.54       3.54    23.54    34.72 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual     Hypothetical 5% Return       
 

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
      

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
     

Annualized

Expense

Ratio

 

 

 

  $1,000.00       $1,130.30       $2.14        $1,000.00       $1,023.10       $2.03      0.40

 

 (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

 

 

 

FUND   SUMMARY

 5


Fund Summary as of October 31, 2020  (continued)  iShares® International High Yield Bond ETF

 

Portfolio Management Commentary

International high-yield bonds recovered from a pandemic-driven decline to advance during the reporting period. Investor demand for higher-yield investments, notably in Europe, where government bonds traded at historically low interest rates, aided returns. The Fed further bolstered high-yield corporate bond gains as it included high-yield bonds in one of its bond-buying programs.

From a country perspective, euro-denominated high-yield corporate bonds in Italy contributed to the Index’s return. Although the country’s immediate response to the pandemic outbreak resulted in a 13.0% quarter-over-quarter decline in economic growth, the manufacturing sector rebounded rapidly. High-yield corporate bond issuers in the financials sector also advanced, benefiting from the Italian government’s move to guarantee up to 750 billion worth of loans extended to challenged companies.

High-yield U.S. corporate bonds, which represent U.S. multinational corporations with debt denominated in foreign currencies, recovered from March 2020 declines to further increase the Index’s return. The Fed’s bond-buying measures specifically supported fallen angels — previously high-quality issuers whose credit ratings were downgraded to high yield. Corporations also took advantage of broadly lower interest rates to issue record volumes of new high-yield bonds to pay off or refinance existing bonds and loans. However, uncertainties around the pandemic’s resurgence and the U.S. presidential election prompted a decline late in the reporting period. High-yield corporate bonds from France and the Netherlands also advanced, as wage subsidies and other relief programs helped buffer the impact of the early 2020 downturn.

From a bond quality perspective, bonds rated Ba, which represented more than half of the Index on average for the reporting period, contributed significantly to the Index’s return. Bonds holding lower-quality ratings also benefited the Index’s performance.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

  
Moody’s Credit Rating*  
Percent of
Total Investments
 
(a) 

Baa

  4.7

Ba

  57.7 

B

  19.1 

Caa

  7.6 

Not Rated

  10.9 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  
Country/Geographic Region  
Percent of
Total Investments
 
(a) 

United States

  20.0

Italy

  17.1 

United Kingdom

  11.1 

France

  11.1 

Germany

  10.1 

Spain

  5.7 

Luxembourg

  4.9 

Netherlands

  4.1 

Sweden

  3.2 

Israel

  2.3 
 

 

 *

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 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Fund Summary as of October 31, 2020   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 
   1 Year   5 Years   Since
Inception
      1 Year   5 Years   Since
Inception
 

Fund NAV

  3.94   5.64   4.51   3.94   31.58   45.72

Fund Market

  3.58    5.76    4.52    3.58    32.33    45.83 

Index

  4.69    6.27    5.11       4.69    35.54    53.04 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.

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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual     Hypothetical 5% Return       
 

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
      

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
     

Annualized
Expense
Ratio
 
 
 
  $1,000.00       $1,096.80       $2.64        $1,000.00       $1,022.60       $2.54      0.50

 

 (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

 

 

 

FUND   SUMMARY

 7


Fund Summary as of October 31, 2020  (continued)  iShares® J.P. Morgan EM Corporate Bond ETF

 

Portfolio Management Commentary

U.S. dollar-denominated emerging market corporate bonds advanced during the reporting period. In addition to offering a viable alternative to investors seeking higher-yield investments, weakness in the U.S. dollar heightened the appeal of emerging market bonds. Although emerging market debt denominated in U.S. dollars avoids direct currency impacts, moves in the value of the U.S. dollar can affect it indirectly, especially when companies conduct business in local currency terms while issuing debt denominated in U.S. dollars.

U.S. dollar-denominated corporate and government-related bonds from China contributed the most to the Index’s return amid International Monetary Fund projections that China would be the only major economy to grow in 2020. This comparatively solid growth outlook drove strong demand for China’s bonds. To bolster demand, which softened after reaching record highs in August 2020, the government structured a $6 billion offering to make it easier for U.S. investors to participate. However, rising default levels among corporate bond issuers tempered gains.

Israeli bonds contributed to the Index’s return, as the Bank of Israel included corporate debt in its bond-buying program. A 12-year high in the Israeli shekel relative to the U.S. dollar further enhanced the performance of U.S. dollar-denominated debt. Corporate debt in Mexico also advanced, as a rebound in the value of the Mexican peso and persistent inflationary pressures broadly kept interest rates at an elevated level.

On the downside, Argentinian government bonds detracted. Shortly after restructuring debt on which the country defaulted, government restrictions on the country’s U.S. dollar reserves prompted a downturn in the new bonds. From a quality standpoint, bonds rated BBB, which are on the low end of investment grade, contributed to the Index’s return, followed by bonds rated BB, which are at the top of the high-yield scale.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

  
Moody’s Credit Rating*  
Percent of
Total Investments
 
(a) 

Aa

  4.6

A

  18.6 

Baa

  32.7 

Ba

  14.5 

B

  8.9 

Caa

  3.1 

Ca

  0.1 

Not Rated

  17.5 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  
Country/Geographic Region  
Percent of
Total Investments
 
(a) 

China

  8.8

Brazil

  6.3 

Hong Kong

  5.5 

Mexico

  5.4 

Russia

  4.9 

India

  4.9 

Saudi Arabia

  4.6 

United Arab Emirates

  4.6 

Singapore

  4.4 

South Korea

  4.4 
 

 

 *

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.

 

 

 

8 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Fund Summary as of October 31, 2020   iShares® J.P. Morgan EM High Yield Bond ETF

 

Investment Objective

The iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) (formerly the iShares Emerging Markets High Yield Bond ETF) 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 
   1 Year   5 Years   Since
Inception
      1 Year   5 Years   Since
Inception
 

Fund NAV

  (2.08)%    4.54   4.28   (2.08)%    24.84   43.25

Fund Market

  (2.07   4.67    4.32    (2.07   25.64    43.72 

Index(a)

  (1.60   4.81    4.63    (1.60   26.46    47.45 

J.P. Morgan USD Emerging Markets High Yield Bond Index (b)

  (1.22   N/A    N/A       (1.22   N/A    N/A 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

 

 (a) 

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, which, effective as of March 02, 2020, replaced Morningstar® Emerging Markets High Yield Bond IndexSM as the underlying index of the fund.

 
 (b) 

The inception date of the J.P. Morgan USD Emerging Markets High Yield Bond Index was July 27, 2018. The cumulative total return for this index for the period July 27, 2018 through October 31, 2020 was 6.84%.

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual     Hypothetical 5% Return       
 

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
      

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
     

Annualized
Expense
Ratio
 
 
 
  $1,000.00       $1,133.90       $2.52         $1,000.00       $1,022.80       $2.39      0.47

 

 (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

 

 

 

FUND   SUMMARY

 9


Fund Summary as of October 31, 2020  (continued)  iShares® J.P. Morgan EM High Yield Bond ETF

 

Portfolio Management Commentary

Emerging market high-yield bonds declined for the reporting period as a retreat in high-yield government bonds outweighed gains in high-yield corporate bonds. Ripple effects from the pandemic were particularly challenging for already struggling emerging market countries, and five countries defaulted on or restructured distressed government debt in 2020. Alternatively, emerging market high-yield corporate bonds steadily advanced after decreasing sharply upon the onset of the pandemic.

Government bonds from Ecuador detracted the most from the Index’s return. Reduced oil prices, delayed fiscal reforms, and deferred interest payments on existing bonds contributed to a series of credit rating downgrades. When International Monetary Fund assistance was delayed by the pandemic, the cash-strapped government elected to make principal payments only and postpone interest payments. Additionally, a landslide that damaged two pipelines curtailed the country’s oil exports.

Lebanese government bonds further diminished the Index’s return. Political upheaval and an overwhelming debt load led to the country’s first-ever default on a bond payment in March 2020. The country defaulted again five months later following a large explosion in Beirut that prompted further civic unrest and led the government’s cabinet to resign.

Bonds from Brazil aided the Index’s return as both sovereign and corporate issues benefited from rising global demand for higher-yielding investments. Foreign investment flowed strongly to Brazilian corporations issuing U.S. dollar-denominated debt, as a sharp decline in the Brazilian real, which helped Brazil’s exporters, and relatively high yields increased the demand for Brazilian corporate debt. Similarly, U.S. dollar-denominated debt in Mexico contributed to the Index’s return. The Mexican government improved relations with business leaders, in part by announcing a large, privately funded infrastructure package.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

  
Moody’s Credit Rating*  
Percent of
Total Investments
 
(a) 

Baa

  1.1

Ba

  41.9 

B

  31.2 

Caa

  6.5 

Ca

  3.5 

C

  0.3 

Not Rated

  15.5 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  
Country/Geographic Region  
Percent of
Total Investments
 
(a) 

Brazil

  19.0

Turkey

  11.0 

Mexico

  8.6 

China

  4.6 

Argentina

  4.2 

South Africa

  3.9 

Egypt

  3.1 

Oman

  2.9 

Dominican Republic

  2.9 

Hong Kong

  2.6 
 

 

 *

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.

 

 

 

10 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Fund Summary as of October 31, 2020  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 
   1 Year   5 Years   Since
Inception
      1 Year   5 Years   Since
Inception
 

Fund NAV

  (4.20)%    1.71   0.05   (4.20)%    8.83   0.45

Fund Market

  (4.52   1.75    0.04    (4.52   9.06    0.35 

Index

  (3.50   2.37    0.55       (3.50   12.41    5.12 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Index performance through May 31, 2017 reflects the performance of the Bloomberg Barclays 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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual     Hypothetical 5% Return       
 

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period (a)
 
 
 
      

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period (a)
 
 
 
     

Annualized
Expense
Ratio
 
 
 
  $1,000.00       $1,074.80       $1.56        $1,000.00       $1,023.60       $1.53      0.30

 

 (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

 

 

 

FUND   SUMMARY

 11


Fund Summary as of October 31, 2020  (continued)  iShares® J.P. Morgan EM Local Currency Bond ETF

 

Portfolio Management Commentary

Emerging market sovereign bonds denominated in local currencies declined for the reporting period. High pandemic-related expenses, declining commodities prices, and sharp restrictions on tourism-related activity all weighed on the economies of emerging market countries, many of which also contended with rising local borrowing costs.

Bonds from Brazil, which entered 2020 with an already low economic growth rate and high government debt, were the largest detractors from the Index’s return. A steep decline in the Brazilian real relative to the U.S. dollar exacerbated the bonds’ drop as foreign investors pulled funds from the country. Political conflicts over whether to continue pre-pandemic budget reform measures raised questions among analysts about the government’s fiscal discipline.

Turkish bonds also detracted from the Index’s return, reflecting a steady decline in the Turkish lira relative to the U.S. dollar. As investors’ concerns about the independence of the central bank increased, the currency’s value waned, and foreign investors exited Turkish lira-denominated bonds. Russian bonds also weighed on the Index’s return, as persistently low oil prices contributed to a decline in the Russian ruble relative to the U.S. dollar, although precautions taken by the government helped support the country’s bonds.

On the upside, bonds from the Philippines advanced due to a robust central bank response to the economic slowdown. The Philippine central bank reduced its key lending rate from 4.0% to 2.25% and purchased nearly half of the government’s outstanding debt within the first seven months of 2020.

From a credit rating perspective, bonds with lower ratings declined significantly. This decline more than offset the contribution of Baa-rated bonds, which represented approximately 47% of the Index’s weight on average for the reporting period.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

  
Moody’s Credit Rating*  
Percent of
Total Investments
 
(a) 

Aa

  4.5

A

  30.0 

Baa

  45.4 

Ba

  15.1 

B

  4.4 

Not Rated

  0.6 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  
Country/Geographic Region  
Percent of
Total Investments
 
(a) 

China

  12.1

Indonesia

  7.7 

Mexico

  7.0 

Brazil

  6.1 

Thailand

  4.7 

Chile

  4.6 

South Africa

  4.5 

Malaysia

  4.5 

Peru

  4.5 

Romania

  4.5 
 

 

 *

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.

 

 

 

12 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Fund Summary as of October 31, 2020  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 
   1 Year   5 Years   Since
Inception
      1 Year   5 Years   Since
Inception
 

Fund NAV

  2.04   5.02   4.57   2.04   27.77   46.74

Fund Market

  2.06    4.91    4.57    2.06    27.10    46.70 

Index

  1.99    5.17    4.72       1.99    28.65    48.46 

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual     Hypothetical 5% Return       
 

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
      

Beginning
Account Value
(05/01/20)
 
 
 
     

Ending
Account Value
(10/31/20)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
     

Annualized
Expense
Ratio
 
 
��
  $1,000.00       $1,102.30       $2.11        $1,000.00       $1,023.10       $2.03      0.40

 

 (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.

 

 

 

FUND   SUMMARY

 13


Fund Summary as of October 31, 2020  (continued)  iShares® US & Intl High Yield Corp Bond ETF

 

Portfolio Management Commentary

High-yield corporate bonds recovered from a pandemic-driven decline to advance for the reporting period. These bonds benefited from investors’ search for higher-yielding investments amid record-low interest rates on U.S. Treasury bonds. The Fed further bolstered high-yield corporate bond gains as it included high-yield bonds in one of its bond-buying programs while introducing sweeping programs to support the bond market.

Corporate bonds issued by U.S. companies led contributors to the Index’s return. The shift in market sentiment due to the Fed’s bond-buying measures especially benefited fallen angels — previously high-quality issuers whose credit ratings were downgraded to high yield — which contributed to increased demand for the broader high-yield bond universe.

U.S. corporations took advantage of broadly lower rates to issue record volumes of new high-yield bonds, and they used much of the proceeds to pay off or refinance existing bonds and loans. Robust demand allowed issuers to offer the new bonds at historically low yields. However, uncertainty around the pandemic’s resurgence prompted a decline in high-yield bond prices late in the reporting period.

High-yield bonds in Italy contributed modestly to the Index’s return. Although the country’s initial response to the pandemic resulted in a 13.0% quarter-over-quarter decline in economic growth, its manufacturing sector rebounded rapidly. High-yield corporate bond issuers in the financials sector gained, as they benefited from the Italian government’s move to guarantee up to 750 billion worth of loans extended to challenged companies.

High-yield corporate bonds from the Netherlands also advanced, as wage subsidies helped buffer the impact of the early 2020 economic downturn. From a bond quality perspective, bonds rated Ba, which represented approximately 48% of the Index on average for the reporting period, contributed the majority of the Index’s return.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

  
Moody’s Credit Rating*  
Percent of
Total Investments
 
(a) 

Baa

  3.1

Ba

  50.8 

B

  32.0 

Caa

  9.5 

Ca

  0.2 

C

  0.1 

Not Rated

  4.3 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  
Country/Geographic Region  
Percent of
Total Investments
 
(a) 

United States

  67.7

Italy

  5.4 

United Kingdom

  4.4 

Germany

  4.2 

France

  3.6 

Canada

  3.1 

Netherlands

  1.9 

Luxembourg

  1.7 

Spain

  1.5 

Israel

  1.4 
 

 

 *

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.

 

 

 

14 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


About Fund Performance

 

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

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

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

ABOUT   FUND   PERFORMANCE / SHAREHOLDER   EXPENSES

 15


Schedule of Investments  

October 31, 2020

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security     Par
(000)
  Value 

Corporate Bonds & Notes

   
Austria — 0.3%         

ams AG, 6.00%, 07/31/25 (Call 07/31/22)(a)

  EUR   100  $    120,912 
  

 

 

 
Belgium — 0.3%         

Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a)

  EUR   100   119,799 
   

 

 

 
Canada — 1.1%         

Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 05/15/23 (Call 05/15/21)(a)

  CAD   50   37,757 

Parkland Corp.
5.63%, 05/09/25 (Call 05/09/21)

  CAD   150   116,557 

5.75%, 09/16/24 (Call 09/16/21)

  CAD   100   77,155 

Quebecor Media Inc., 6.63%, 01/15/23(b)

  CAD   75   60,890 

Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)

  CAD   50   0(d)  

Videotron Ltd.
4.50%, 01/15/30 (Call 10/15/24)

  CAD   150   119,436 

5.63%, 06/15/25 (Call 03/15/25)

  CAD   50   41,378 

5.75%, 01/15/26 (Call 09/15/21)(a)

  CAD   50   38,625 
  

 

 

 
    491,798 
Cayman Islands — 0.2%         

UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(a)

  EUR   100   116,343 
   

 

 

 
Denmark — 0.8%         

DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/21)(a)

  EUR   200   233,795 

TDC AS, 5.00%, 03/02/22

  EUR   100   121,426 
   

 

 

 
    355,221 
Finland — 1.4%         

Nokia OYJ
2.00%, 03/15/24 (Call 12/15/23)(a)

  EUR   100   119,093 

2.00%, 03/11/26 (Call 12/11/25)(a)

  EUR   150   177,838 

2.38%, 05/15/25 (Call 02/15/25)(a)

  EUR   100   120,635 

Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)(a)

  EUR   100   107,355 

2.63%, 01/13/23(a)

  EUR   100   119,202 
   

 

 

 
    644,123 
France — 10.7%         

Altice France SA/France
2.13%, 02/15/25 (Call 01/29/22)(a)

  EUR   150   162,431 

3.38%, 01/15/28 (Call 09/15/22)(a)

  EUR   100   109,969 

4.13%, 01/15/29 (Call 09/15/23)(a)

  EUR   100   113,698 

5.88%, 02/01/27 (Call 02/01/22)(a)

  EUR   150   182,295 

Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/01/22)(a)

  EUR   100   113,770 

Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(a)

  EUR   200   178,779 

4.50%, 03/07/24 (Call 12/04/23)(a)

  EUR   100   94,767 

4.56%, 01/25/23(a)

  EUR   100   109,692 

CMA CGM SA
5.25%, 01/15/25 (Call 10/15/21)(a)

  EUR   100   106,757 

7.50%, 01/15/26 (Call 01/15/23)(a)

  EUR   100   112,482 

Elis SA
1.00%, 04/03/25 (Call 01/03/25)(a)

  EUR   100   108,127 

1.63%, 04/03/28 (Call 01/03/28)(a)

  EUR   100   107,384 

1.75%, 04/11/24 (Call 01/11/24)(a)

  EUR   100   114,265 

Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(a)

  EUR   100   112,355 

2.63%, 06/15/25 (Call 06/15/21)(a)

  EUR   150   174,617 

3.13%, 06/15/26 (Call 06/15/22)(a)

  EUR   100   117,526 

Getlink SE, 3.50%, 10/30/25
(Call 10/30/22)(a)

  EUR   100   116,599 
Security      Par
(000)
   Value 
France (continued)           

Kapla Holding SAS, 3.38%, 12/15/26 (Call 12/15/22)(a)

  EUR    100   $    106,029 

La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/15/21)(a)

  EUR    100    100,776 

Loxam SAS
3.25%, 01/14/25 (Call 07/15/21)(a)

  EUR    200    216,854 

3.50%, 05/03/23 (Call 11/09/20)(a)

  EUR    100    113,265 

5.75%, 07/15/27 (Call 07/15/22)(a)

  EUR    100    102,335 

Orano SA
2.75%, 03/08/28 (Call 12/08/27)(a)

  EUR    100    113,671 

3.13%, 03/20/23 (Call 12/20/22)(a)

  EUR    100    118,820 

4.88%, 09/23/24

  EUR    100    128,336 

Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(a)

  EUR    100    112,515 

RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(e)

  EUR    100    112,049 

Renault SA
1.00%, 03/08/23 (Call 12/08/22)(a)

  EUR    100    113,865 

1.00%, 04/18/24 (Call 01/18/24)(a)

  EUR    100    110,615 

1.00%, 11/28/25 (Call 08/28/25)(a)

  EUR    100    109,310 

1.13%, 10/04/27 (Call 07/04/27)(a)

  EUR    100    101,394 

1.25%, 06/24/25 (Call 03/24/25)(a)

  EUR    100    108,129 

2.00%, 09/28/26 (Call 06/28/26)(a)

  EUR    100    109,806 

Rexel SA
2.13%, 06/15/25 (Call 12/15/20)(a)

  EUR    150    170,364 

2.75%, 06/15/26 (Call 06/15/22)(a)

  EUR    100    115,746 

SPCM SA, 2.63%, 02/01/29
(Call 09/15/23)(a)

  EUR    100    116,081 

SPIE SA
2.63%, 06/18/26 (Call 12/18/25)(a)

  EUR    100    114,516 

3.13%, 03/22/24 (Call 09/22/23)(a)

  EUR    100    117,979 

Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/29/22)(a)

  EUR    100    115,541 

Valeo SA, 3.25%, 01/22/24(a)

  EUR    100    122,873 

Vallourec SA
2.25%, 09/30/24(a)

  EUR    100    67,852 

6.63%, 10/15/22 (Call 10/15/21)(a)

  EUR    100    68,689 
   

 

 

 
      5,022,923 
Germany — 9.8%           

ADLER Real Estate AG
1.50%, 12/06/21 (Call 11/06/21)(a)

  EUR    100    114,190 

1.50%, 04/17/22 (Call 03/17/22)(a)

  EUR    100    113,936 

3.00%, 04/27/26 (Call 02/27/26)(a)

  EUR    100    115,918 

Bertelsmann SE & Co. KGaA
3.00%, 04/23/75 (Call 04/23/23)(a)(e)

  EUR    100    116,354 

3.50%, 04/23/75 (Call 04/23/27)(a)(e)

  EUR    100    117,397 

Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)

  EUR    150    173,069 

Commerzbank AG
4.00%, 03/23/26(a)

  EUR    150    184,866 

4.00%, 03/30/27(a)

  EUR    100    123,483 

4.00%, 12/05/30 (Call 09/05/25)(a)(e)

  EUR    100    118,847 

Deutsche Bank AG
2.75%, 02/17/25(a)

  EUR    125    145,716 

4.50%, 05/19/26(a)

  EUR    100    122,770 

5.63%, 05/19/31 (Call 02/19/26)(a)(e)

  EUR    200    250,305 

Deutsche Lufthansa AG, 0.25%, 09/06/24

  EUR    50    50,060 

K+S AG
2.63%, 04/06/23 (Call 01/06/23)(a)

  EUR    100    107,836 

3.25%, 07/18/24 (Call 04/18/24)(a)

  EUR    100    107,140 

4.13%, 12/06/21(a)

  EUR    100    118,034 

LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(a)(e)

  EUR    75    92,037 

METRO AG, 1.38%, 10/28/21(a)

  EUR    100    117,367 

Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/21)(a)

  EUR    100    112,907 
 

 

 

16 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security     

Par

(000)

  Value 
Germany (continued)         

Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/21)(a)

  EUR   200  $225,392 

Schaeffler AG
2.75%, 10/12/25 (Call 07/12/25)(a)

  EUR   200   231,284 

3.38%, 10/12/28 (Call 07/12/28)(a)

  EUR   100   116,174 

Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(a)

  EUR   150   165,286 

thyssenkrupp AG
1.38%, 03/03/22 (Call 12/03/21)(a)

  EUR   150   170,430 

1.88%, 03/06/23 (Call 02/06/23)(a)

  EUR   150   162,206 

2.88%, 02/22/24 (Call 11/22/23)(a)

  EUR   200   215,861 

Vertical Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a)

  EUR   100   120,084 

Vertical Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)

  EUR   100   117,659 

ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(a)

  EUR   200       216,609 

2.50%, 10/23/27 (Call 07/23/27)(a)

  EUR   100   107,719 

3.00%, 10/23/29 (Call 07/23/29)(a)

  EUR   100   105,484 

ZF Finance GmbH, 3.75%, 09/21/28 (Call 06/21/28)(a)

  EUR   100   113,529 

ZF North America Capital Inc.,
2.75%, 04/27/23(a)

  EUR   100   117,022 
   

 

 

 
    4,586,971 
Greece — 0.6%         

Alpha Bank AE, 4.25%, 02/13/30 (Call 02/13/25)(a)(e)

  EUR   100   96,169 

National Bank Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(a)(e)

  EUR   100   111,678 

Piraeus Bank SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(e)

  EUR   100   91,149 
   

 

 

 
    298,996 
Ireland — 1.9%         

AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)(a)(e)

  EUR   100   113,509 

2.88%, 05/30/31 (Call 05/30/26)(a)(e)

  EUR   100   117,145 

eircom Finance DAC
1.75%, 11/01/24 (Call 11/01/21)(a)

  EUR   100   111,350 

3.50%, 05/15/26 (Call 05/15/22)(a)

  EUR   100   116,130 

Smurfit Kappa Acquisitions ULC
2.38%, 02/01/24 (Call 11/01/23)(a)

  EUR   100   120,167 

2.88%, 01/15/26 (Call 10/15/25)(a)

  EUR   125   154,742 

Smurfit Kappa Treasury ULC, 1.50%, 09/15/27 (Call 06/14/27)(a)

  EUR   125   144,403 
   

 

 

 
    877,446 
Israel — 2.2%         

Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)

  EUR   200   203,675 

1.25%, 03/31/23 (Call 12/31/22)(a)

  EUR   100   108,285 

1.63%, 10/15/28(a)

  EUR   150   140,329 

1.88%, 03/31/27 (Call 12/31/26)(a)

  EUR   100   98,721 

3.25%, 04/15/22 (Call 01/15/22)

  EUR   100   116,244 

4.50%, 03/01/25 (Call 12/01/24)

  EUR   100   114,789 

6.00%, 01/31/25 (Call 01/31/24)

  EUR   200   241,583 
   

 

 

 
    1,023,626 
Italy — 16.5%         

Atlantia SpA
1.63%, 02/03/25(a)

  EUR   100   114,520 

1.88%, 07/13/27 (Call 04/13/27)(a)

  EUR   175   196,016 

Autostrade per l’Italia SpA
1.13%, 11/04/21(a)

  EUR   100   114,155 

1.75%, 06/26/26(a)

  EUR   100   113,218 

1.88%, 09/26/29 (Call 06/26/29)(a)

  EUR   200   226,496 

4.38%, 09/16/25(a)

  EUR   100   130,133 

Banca IFIS SpA, 2.00%, 04/24/23(a)

  EUR   100   113,786 
Security     

Par

(000)

  Value 
Italy (continued)         

Banca Monte dei Paschi di Siena SpA
3.63%, 09/24/24(a)

  EUR   200  $234,387 

4.00%, 07/10/22(a)

  EUR   100   117,431 

5.38%, 01/18/28 (Call 01/18/23)(a)(e)

  EUR   100   90,021 

10.50%, 07/23/29(a)

  EUR   100   115,903 

Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(a)

  EUR   100   117,492 

Banco BPM SpA
1.75%, 04/24/23(a)

  EUR   209   248,762 

1.75%, 01/28/25(a)

  EUR   100   118,301 

4.25%, 10/01/29 (Call 10/01/24)(a)(e)

  EUR   100   117,172 

4.38%, 09/21/27 (Call 09/21/22)(a)(e)

  EUR   100   116,595 

BPER Banca, 5.13%, 05/31/27
(Call 05/31/22)(a)(e)

  EUR   100   118,536 

Esselunga SpA, 0.88%, 10/25/23
(Call 07/25/23)(a)

  EUR   100   116,100 

Fiat Chrysler Finance Europe SENC, 4.75%, 07/15/22(a)

  EUR   200       247,168 

Iccrea Banca SpA, 4.13%, 11/28/29 (Call 11/28/24)(a)(e)

  EUR   100   104,674 

Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(a)

  EUR   100   116,861 

1.88%, 07/08/26 (Call 04/08/26)(a)

  EUR   150   181,264 

Intesa Sanpaolo SpA
2.86%, 04/23/25(a)

  EUR   100   119,942 

2.93%, 10/14/30(a)

  EUR   100   115,080 

3.93%, 09/15/26(a)

  EUR   175   219,404 

6.63%, 09/13/23(a)

  EUR   200   263,804 

Leonardo SpA, 5.25%, 01/21/22

  EUR   100   122,295 

Mediobanca Banca di Credito Finanziario SpA
3.75%, 06/16/26

  EUR   75   92,992 

5.75%, 04/18/23

  EUR   50   63,883 

Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(a)

  EUR   100   121,254 

Saipem Finance International BV
2.63%, 01/07/25(a)

  EUR   100   111,045 

3.75%, 09/08/23(a)

  EUR   100   118,084 

Telecom Italia SpA/Milano
2.38%, 10/12/27 (Call 07/12/27)(a)

  EUR   200   234,030 

2.50%, 07/19/23(a)

  EUR   100   120,222 

2.88%, 01/28/26 (Call 10/28/25)(a)

  EUR   100   120,449 

3.25%, 01/16/23(a)

  EUR   150   182,970 

3.63%, 01/19/24(a)

  EUR   207   255,018 

3.63%, 05/25/26(a)

  EUR   100   124,908 

4.00%, 04/11/24 (Call 01/11/24)(a)

  EUR   125   155,390 

5.25%, 02/10/22(a)

  EUR   100   123,579 

UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(a)(e)

  EUR   200   216,520 

2.73%, 01/15/32 (Call 01/15/27)(a)(e)

  EUR   200   215,715 

4.38%, 01/03/27 (Call 01/03/22)(a)(e)

  EUR   100   120,005 

6.95%, 10/31/22(a)

  EUR   150   193,902 

Unione di Banche Italiane SpA
4.38%, 07/12/29 (Call 07/12/24)(a)(e)

  EUR   150   183,316 

4.45%, 09/15/27 (Call 09/15/22)(a)(e)

  EUR   150   180,889 

5.88%, 03/04/29 (Call 03/04/24)(a)(e)

  EUR   150   190,566 

Unipol Gruppo SpA
3.00%, 03/18/25(a)

  EUR   175   210,546 

3.25%, 09/23/30 (Call 06/23/30)(a)

  EUR   100   117,512 

UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(a)

  EUR   100   120,259 

Webuild SpA, 1.75%, 10/26/24(a)

  EUR   150   149,355 
   

 

 

 
    7,731,925 
Japan — 1.8%         

SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)(a)

  EUR   250   289,846 

4.00%, 07/30/22 (Call 04/30/22)(a)

  EUR   100   120,088 

4.00%, 09/19/29 (Call 06/21/29)(a)

  EUR   100   116,045 
 

 

 

SCHEDULE   OF   INVESTMENTS

 17


Schedule of Investments  (continued)

October 31, 2020

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security     

Par

(000)

  Value 
Japan (continued)         

4.50%, 04/20/25 (Call 01/20/25)(a)

  EUR   100  $    121,884 

5.00%, 04/15/28 (Call 01/16/28)(a)

  EUR   150   184,394 
   

 

 

 
    832,257 
Luxembourg — 4.7%         

Altice Financing SA, 3.00%, 01/15/28 (Call 01/15/23)(a)

  EUR   200   211,390 

Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)

  EUR   100   104,969 

Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(a)

  EUR   100   104,407 

8.00%, 05/15/27 (Call 05/15/22)(a)

  EUR   200   244,151 

ArcelorMittal, 0.95%, 01/17/23 (Call 10/17/22)(a)

  EUR   100   116,334 

ArcelorMittal SA
1.00%, 05/19/23 (Call 02/19/23)(a)

  EUR   100   115,899 

1.75%, 11/19/25 (Call 08/19/25)(a)

  EUR   100   116,074 

2.25%, 01/17/24 (Call 10/17/23)(a)

  EUR   100   119,672 

Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 11/01/20)(a)

  GBP   100   129,090 

INEOS Finance PLC
2.13%, 11/15/25 (Call 11/15/20)(a)

  EUR   100   109,759 

2.88%, 05/01/26 (Call 05/01/22)(a)

  EUR   100   112,093 

INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 08/01/21)(a)

  EUR   100   115,757 

Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)(a)

  EUR   100   110,333 

SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25(a)

  EUR   100   118,747 

Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(a)

  EUR   90   99,271 

Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(a)

  EUR   150   171,943 

Vivion Investments Sarl, 3.00%, 08/08/24(a)

  EUR   100   103,143 
   

 

 

 
    2,203,032 
Netherlands — 4.0%         

Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 10/01/21)(a)

  EUR   200   221,297 

Nouryon Holding BV, 6.50%, 10/01/26 (Call 10/01/21)(a)

  EUR   100   118,523 

OCI NV, 3.13%, 11/01/24 (Call 11/01/21)(a)

  EUR   100   114,548 

PPF Telecom Group BV
2.13%, 01/31/25 (Call 10/31/24)(a)

  EUR   100   113,492 

3.25%, 09/29/27 (Call 06/29/27)(a)

  EUR   100   116,730 

3.50%, 05/20/24 (Call 02/20/24)(a)

  EUR   100   119,601 

Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(a)

  EUR   100   99,305 

Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(a)

  EUR   100   110,940 

SNS Bank NV, 6.25%, 10/26/20(f)

  EUR   50   0(d)  

Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a)

  EUR   100   114,929 

United Group BV
3.63%, 02/15/28 (Call 02/15/23)(a)

  EUR   100   108,651 

4.88%, 07/01/24 (Call 07/01/21)(a)

  EUR   100   116,629 

UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a)

  EUR   100   112,284 

Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)

  EUR   150   165,834 

Ziggo BV, 4.25%, 01/15/27 (Call 01/15/22)(a)

  EUR   180   215,288 
   

 

 

 
    1,848,051 
Portugal — 1.5%         

Banco Comercial Portugues SA, 4.50%, 12/07/27 (Call 12/07/22)(a)(e)

  EUR   100   110,153 

Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)(a)(e)

  EUR   100   125,049 

EDP - Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25)(a)(e)

  EUR   100   112,613 

4.50%, 04/30/79 (Call 01/30/24)(a)(e)

  EUR   200   250,988 

Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(a)(e)

  EUR   100   98,430 
   

 

 

 
    697,233 
Spain — 5.5%         

Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(e)

  EUR   100   113,433 
Security     Par
(000)
  Value 
Spain (continued)         

Banco de Sabadell SA
1.13%, 03/27/25(a)

  EUR   100  $    111,275 

1.75%, 05/10/24(a)

  EUR   100   114,726 

5.38%, 12/12/28 (Call 12/12/23)(a)(e)

  EUR   100   119,127 

Bankia SA
1.00%, 06/25/24(a)

  EUR   100   118,073 

1.13%, 11/12/26(a)

  EUR   100   117,407 

3.38%, 03/15/27 (Call 03/15/22)(a)(e)

  EUR   100   118,492 

3.75%, 02/15/29 (Call 02/15/24)(a)(e)

  EUR   100   122,457 

Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)

  EUR   100   114,837 

2.38%, 01/16/24 (Call 10/16/23)(a)

  EUR   100   122,326 

2.88%, 04/18/25 (Call 01/18/25)(a)

  EUR   100   125,925 

3.13%, 07/27/22(a)

  EUR   100   122,304 

Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 06/20/21)(a)

  EUR   100   103,217 

ContourGlobal Power Holdings SA, 3.38%, 08/01/23 (Call 08/01/21)(a)

  EUR   100   116,009 

El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/21)(a)

  EUR   100   115,223 

Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 05/15/21)(a)

  EUR   100   113,838 

Grifols SA
1.63%, 02/15/25 (Call 02/15/22)(a)

  EUR   150   171,280 

2.25%, 11/15/27 (Call 11/15/22)(a)

  EUR   100   114,572 

3.20%, 05/01/25 (Call 05/01/21)(a)

  EUR   100   115,839 

Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 11/30/20)(c)

  EUR   141   82 

Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(e)

  EUR   100   105,680 

Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(e)

  EUR   175   210,649 
   

 

 

 
    2,586,771 
Sweden — 3.1%         

Akelius Residential Property AB, 2.25%, 05/17/81 (Call 02/17/26)(a)(e)

  EUR   100   109,988 

Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(a)(e)

  EUR   100   114,383 

Intrum AB
3.00%, 09/15/27 (Call 09/15/22)(a)

  EUR   100   101,027 

3.13%, 07/15/24 (Call 07/15/21)(a)

  EUR   100   109,517 

3.50%, 07/15/26 (Call 07/15/22)(a)

  EUR   175   181,393 

4.88%, 08/15/25 (Call 08/15/22)(a)

  EUR   100   113,273 

Telefonaktiebolaget LM Ericsson, 1.88%, 03/01/24(a)

  EUR   100   122,060 

Verisure Holding AB, 3.50%, 05/15/23 (Call 05/08/21)(a)

  EUR   100   116,458 

Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/20)(a)

  EUR   200   230,791 

Volvo Car AB, 2.00%, 01/24/25 (Call 10/24/24)(a)

  EUR   200   232,429 
   

 

 

 
    1,431,319 
Switzerland — 0.4%         

Dufry One BV
2.00%, 02/15/27 (Call 02/15/22)(a)

  EUR   100   101,503 

2.50%, 10/15/24 (Call 10/15/21)(a)

  EUR   100   104,909 
   

 

 

 
    206,412 
United Kingdom — 10.7%         

Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/21)(a)

  EUR   100   112,757 

Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/21)(a)

  GBP   150   198,869 

Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/21)(a)

  GBP   100   130,581 

eG Global Finance PLC, 4.38%, 02/07/25 (Call 05/15/21)(a)

  EUR   125   132,837 

FCE Bank PLC
1.13%, 02/10/22(a)

  EUR   100   114,432 
 

 

 

18 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security      

Par

(000)

   Value 
United Kingdom (continued)           

1.62%, 05/11/23(a)

  EUR    100   $    113,139 

2.73%, 06/03/22(a)

  GBP    100    127,594 

Fiat Chrysler Automobiles NV
3.38%, 07/07/23 (Call 04/07/23)(a)

  EUR    150    182,941 

3.75%, 03/29/24(a)

  EUR    200    249,585 

3.88%, 01/05/26 (Call 10/05/25)(a)

  EUR    150    191,016 

4.50%, 07/07/28 (Call 04/07/28)(a)

  EUR    150    202,637 

Heathrow Finance PLC
3.88%, 03/01/27(a)

  GBP    100    116,068 

4.75%, 03/01/24 (Call 12/01/23)(a)

  GBP    100    125,590 

International Consolidated Airlines Group SA, 1.50%, 07/04/27

     

(Call 04/04/27)(a)

  EUR    100    85,617 

Jaguar Land Rover Automotive PLC
2.20%, 01/15/24(a)

  EUR    100    98,083 

4.50%, 01/15/26(a)

  EUR    150    145,792 

5.00%, 02/15/22(a)

  GBP    100    126,766 

5.88%, 11/15/24 (Call 08/15/24)(a)

  EUR    100    106,989 

Marks & Spencer PLC,
6.00%, 06/12/25(a)

  GBP    100    139,874 

Motion Bondco DAC, 4.50%, 11/15/27
(Call 11/15/22)(a)

  EUR    100    95,154 

Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)(a)

  EUR    100    105,045 

1.63%, 05/09/28 (Call 02/09/28)(a)

  EUR    100    98,443 

5.75%, 10/15/27 (Call 07/15/27)(a)

  GBP    100    129,429 

Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25
(Call 07/31/22)(a)

  GBP    100    120,340 

Thames Water Utilities Finance PLC, 5.75%, 09/13/30 (Call 09/13/22)(e)

  GBP    100    136,380 

Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a)

  EUR    100    110,674 

Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(a)

  GBP    100    126,215 

5.00%, 04/15/27 (Call 04/15/22)(a)

  GBP    100    133,783 

5.25%, 05/15/29 (Call 05/15/24)(a)

  GBP    100    135,582 

6.00%, 01/15/25 (Call 01/15/21)(a)(g)

  GBP    85    115,833 

Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)

  EUR    100    113,896 

4.00%, 01/31/29 (Call 01/31/24)(a)

  GBP    100    126,329 

Vodafone Group PLC
3.10%, 01/03/79 (Call 01/03/24)(a)(e)

  EUR    300    353,582 

4.88%, 10/03/78(a)(e)

  GBP    100    137,289 

Series NC10, 3.00%, Series NC10, 08/27/80 (Call 05/27/30)(a)(e)

  EUR    150    170,727 

Series NC6, 2.63%, Series NC6, 08/27/80
(Call 05/27/26)(a)(e)

  EUR    100    114,856 
     

 

 

 
      5,024,724 
United States — 19.4%           

Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)

  EUR    175    189,562 

Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/21)(a)

  EUR    100    110,777 

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)(a)

  EUR    200    228,014 

4.75%, 07/15/27 (Call 07/15/22)(a)

  GBP    100    129,913 

Avantor Inc., 4.75%, 10/01/24 (Call 10/01/21)(a)

  EUR    100    120,439 

Avis Budget Finance PLC
4.13%, 11/15/24 (Call 11/15/20)(a)

  EUR    100    103,713 

4.75%, 01/30/26 (Call 09/30/21)(a)

  EUR    100    102,076 

Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/21)(a)

  EUR    100    117,328 

Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)

  EUR    100    114,295 
Security      

Par

(000)

   Value 
United States (continued)           

1.50%, 03/15/27 (Call 12/15/26)

  EUR    100   $    114,307 

4.38%, 12/15/23

  EUR    100    127,205 

Bausch Health Companies Inc.,
4.50%, 05/15/23 (Call 11/30/20)(a)

  EUR    200    230,293 

Belden Inc., 3.88%, 03/15/28 (Call 03/06/23)(a)

  EUR    150    173,903 

Berry Global Inc., 1.00%, 01/15/25 (Call 10/15/24)(a)

  EUR    100    111,642 

Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)(a)

  EUR    100    121,035 

Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)

  EUR    100    65,086 

Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a)

  EUR    150    166,638 

Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21)

  EUR    100    110,758 

Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/22)(a)

  EUR    125    145,722 

Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(a)

  EUR    100    89,394 

Crown European Holdings SA
0.75%, 02/15/23 (Call 01/16/23)(a)

  EUR    100    113,265 

2.25%, 02/01/23 (Call 11/01/22)(a)

  EUR    100    117,193 

2.63%, 09/30/24 (Call 03/30/24)(a)

  EUR    125    148,889 

2.88%, 02/01/26 (Call 08/01/25)(a)

  EUR    100    121,412 

Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(a)

  EUR    100    118,236 

Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(a)

  EUR    100    119,005 

Ford Motor Credit Co. LLC
1.36%, 02/07/25

  EUR    100    107,174 

1.51%, 02/17/23

  EUR    100    112,123 

1.74%, 07/19/24

  EUR    100    109,646 

2.39%, 02/17/26

  EUR    125    137,019 

3.02%, 03/06/24

  EUR    100    115,065 

3.25%, 09/15/25

  EUR    100    114,555 

4.54%, 03/06/25

  GBP    100    129,288 

Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)

  EUR    100    120,137 

International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)(a)

  EUR    125    140,748 

3.50%, 06/15/26 (Call 06/15/22)(a)

  EUR    150    164,775 

IQVIA Inc.
2.25%, 01/15/28 (Call 07/15/22)(a)

  EUR    150    171,691 

2.88%, 09/15/25 (Call 09/15/21)(a)

  EUR    100    116,694 

3.25%, 03/15/25 (Call 03/15/21)(a)

  EUR    250    292,216 

Iron Mountain UK PLC,
3.88%, 11/15/25 (Call 11/15/20)(a)

  GBP    100    129,911 

Kraft Heinz Foods Co.
1.50%, 05/24/24 (Call 02/24/24)(a)

  EUR    100    118,476 

2.00%, 06/30/23 (Call 03/30/23)(a)

  EUR    100    119,961 

2.25%, 05/25/28 (Call 02/25/28)(a)

  EUR    100    120,526 

4.13%, 07/01/27 (Call 04/01/27)(a)

  GBP    100    141,506 

Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)

  EUR    100    118,415 

Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(e)

  EUR    100    114,648 

LKQ European Holdings BV
3.63%, 04/01/26 (Call 04/01/21)(a)

  EUR    100    118,057 

4.13%, 04/01/28 (Call 04/01/23)(a)

  EUR    100    124,528 

LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(a)

  EUR    100    123,301 

Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 04/15/21)(a)

  EUR    100    114,388 

MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)

  EUR    100    121,868 

3.69%, 06/05/28 (Call 04/05/28)

  GBP    100    130,750 

4.00%, 08/19/22 (Call 05/19/22)

  EUR    100    120,903 

Netflix Inc.
3.00%, 06/15/25 (Call 03/15/25)(a)

  EUR    100    120,874 

3.63%, 05/15/27

  EUR    150    188,537 
 

 

 

SCHEDULE   OF   INVESTMENTS

 19


Schedule of Investments  (continued)

October 31, 2020

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security     

Par/

Shares
(000)

  Value 
United States (continued)         

3.63%, 06/15/30
(Call 03/15/30)(a)

  EUR   150  $190,311 

3.88%, 11/15/29(a)

  EUR   200   257,983 

4.63%, 05/15/29

  EUR   100   135,169 

OI European Group BV, 3.13%, 11/15/24
(Call 08/15/24)(a)

  EUR   100   116,291 

Refinitiv U.S. Holdings Inc., 4.50%, 05/15/26
(Call 11/15/21)(a)

  EUR   150   182,454 

Scientific Games International Inc., 5.50%, 02/15/26
(Call 02/15/21)(a)

  EUR   100   106,642 

Sealed Air Corp., 4.50%, 09/15/23
(Call 06/15/23)(a)

  EUR   100   124,837 

Silgan Holdings Inc.
2.25%, 06/01/28 (Call 03/01/23)

  EUR   100   113,187 

3.25%, 03/15/25 (Call 03/15/21)

  EUR   100   117,046 

Spectrum Brands Inc., 4.00%, 10/01/26
(Call 10/01/21)(a)

  EUR   100   118,303 

Standard Industries Inc./NJ, 2.25%, 11/21/26
(Call 08/21/26)(a)

  EUR   100   114,554 

Tenneco Inc., 5.00%, 07/15/24 (Call 07/15/21)(a)

  EUR   100   108,647 

WMG Acquisition Corp., 3.63%, 10/15/26
(Call 10/15/21)(a)

  EUR   100   118,796 
  

 

 

 
    9,072,100 
  

 

 

 

Total Corporate Bonds & Notes — 96.9%
(Cost: $46,054,512)

 

  45,291,982 
  

 

 

 

Common Stocks

   
South Africa — 0.0%         

Sentry Holdings Ltd. Class A(f)(h)

   0(i)    0(d)  
  

 

 

 
United States — 0.0%         

AMC Entertainment Inc.(f)(h)

   0(i)    632 
  

 

 

 

Total Common Stocks — 0.0%
(Cost: $159,437)

    632 
  

 

 

 

Short-Term Investments

   
Money Market Funds — 0.1%         

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.04%(j)(k)

   40   40,000 
  

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $40,000)

 

  40,000 
  

 

 

 

Total Investments in Securities — 97.0%
(Cost: $46,253,949)

 

  45,332,614 

Other Assets, Less Liabilities — 3.0%

 

   1,417,572 
  

 

 

 

Net Assets — 100.0%

   $    46,750,186 
   

 

 

 

 

 

(a) 

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

(b) 

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

(c) 

Issuer filed for bankruptcy and/or is in default.

(d) 

Rounds to less than $1.

(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) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(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) 

Non-income producing security.

(i) 

Rounds to less than 1,000.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period-end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer Value at
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Net Realized
Gain (Loss)
  Change in
Unrealized
Appreciation
(Depreciation)
  Value at
10/31/20
  Shares
Held at
10/31/20
(000)
  Income  Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

 $14,000  $26,000(a)  $  $  $  $40,000   40  $111  $ 
    

 

 

  

 

 

  

 

 

   

 

 

  

 

 

 

 

 (a) 

Represents net amount purchased (sold).

 

Fair Value Measurements

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

 

 

20 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® International High Yield Bond ETF

 

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

                                                                            

 

 
   Level 1   Level 2   Level 3   Total 

 

 

Investments

        

Assets

        

Corporate Bonds & Notes

  $   $45,291,982   $0(a)   $45,291,982 

Common Stocks

           632    632 

Money Market Funds

   40,000            40,000 
  

 

 

   

 

 

   

 

 

   

 

 

 
  $40,000   $45,291,982   $632   $45,332,614 
  

 

 

   

 

 

   

 

 

   

 

 

 

 

 (a) 

Rounds to less than $1.

 

See notes to financial statements.

 

 

SCHEDULE   OF   INVESTMENTS

 21


Schedule of Investments  

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 

Corporate Bonds & Notes(a)

  
Argentina — 1.2%      

Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 02/01/21)(b)

 $      150  $67,758 

Arcor SAIC, 6.00%, 07/06/23 (Call 11/30/20)(b)

  225   208,898 

MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b)

  300   156,938 

Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b)

  300   208,500 

Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)(b)(c)

  266   91,077 

Tecpetrol SA, 4.88%, 12/12/22
(Call 12/12/20)(b)(d)

  200   183,187 

Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b)(d)

  300   245,531 

YPF SA
6.95%, 07/21/27(b)

  460   243,225 

7.00%, 12/15/47 (Call 06/15/47)(b)

  250   126,250 

8.50%, 07/28/25(b)

  800   461,500 

8.50%, 06/27/29 (Call 03/27/29)(b)

  200   112,063 

8.75%, 04/04/24(b)

  580   378,102 
  

 

 

 
       2,483,029 
Azerbaijan — 0.2%      

International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b)

  400   367,125 
  

 

 

 
Bahrain — 0.2%      

BBK BSC, 5.50%, 07/09/24(b)

  400   402,875 
  

 

 

 
Brazil — 6.2%      

Adecoagro SA, 6.00%, 09/21/27
(Call 09/21/22)(b)

  150   150,656 

Banco BTG Pactual SA/Cayman Islands, 5.50%, 01/31/23(b)(d)

  200   209,250 

Banco do Brasil SA/Cayman
4.63%, 01/15/25(b)

  200   212,500 

4.75%, 03/20/24(b)

  200   212,625 

5.88%, 01/19/23(b)

  200   213,562 

6.25%, (Call 04/15/24)(b)(d)(e)(f)

  200   192,000 

9.00%, (Call 06/18/24)(b)(e)(f)

  200   217,600 

9.25%, (Call 04/15/23)(b)(e)(f)

  200   217,500 

Braskem Netherlands Finance BV 4.50%, 01/10/28 (Call 10/10/27)(b)

  200   190,229 

4.50%, 01/31/30(b)

  200   185,298 

5.88%, 01/31/50(b)

  200   185,875 

BRF SA, 4.88%, 01/24/30 (Call 10/24/29)(b)

  200   200,304 

Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b)

  200   211,812 

Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b)

  200   225,000 

Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b)

  200   202,500 

Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(b)

  200   206,625 

CSN Islands XI Corp., 6.75%, 01/28/28 (Call 01/28/24)(b)

  200   197,400 

CSN Resources SA
7.63%, 02/13/23 (Call 02/13/21)(b)

  200   207,500 

7.63%, 04/17/26 (Call 04/17/22)(b)

  200   204,688 

Embraer Netherlands Finance BV
5.05%, 06/15/25

  227   219,282 

5.40%, 02/01/27

  50   47,345 

Fibria Overseas Finance Ltd., 5.50%, 01/17/27

  100   113,063 

Gerdau Trade Inc., 4.88%, 10/24/27(b)

  200   220,304 

Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/22)(b)

  100   72,972 

GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)(b)

  150   164,630 

GUSAP III LP, 4.25%, 01/21/30
(Call 07/21/29)(b)

  200   209,763 

Itau Unibanco Holding SA/Cayman Island 4.50%, 11/21/29 (Call 11/21/24)(b)(f)

  200   196,813 
Security 

Par

(000)

  Value 
Brazil (continued)      

4.63%, (Call 02/27/25)(b)(e)(f)

 $      200  $172,500 

5.13%, 05/13/23(b)(d)

  200   211,770 

6.50%, (Call 03/19/23)(b)(d)(e)(f)

  200   193,500 

JBS Investments II GmbH
5.75%, 01/15/28 (Call 07/15/22)(b)

  400   419,500 

7.00%, 01/15/26 (Call 01/15/22)(b)

  200   213,198 

Klabin Austria GmbH, 5.75%, 04/03/29 (Call 01/03/29)(b)

  200   220,502 

MARB BondCo PLC, 6.88%, 01/19/25 (Call 01/19/21)(b)(d)

  200   207,260 

Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(b)

  200   208,000 

NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 05/14/22)(b)

  200   212,200 

Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(b)(g)

  252   63,699 

Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(b)(g)

  168   16,470 

Oi SA, 10.00%, (4.00% PIK), 07/27/25(g)

  150   146,766 

Petrobras Global Finance BV
4.38%, 05/20/23

  100   106,160 

5.09%, 01/15/30

  500   523,615 

5.30%, 01/27/25

  100   111,188 

5.60%, 01/03/31 (Call 10/03/30)

  100   107,560 

5.63%, 05/20/43

  100   102,219 

5.75%, 02/01/29

  250   278,165 

6.00%, 01/27/28

  200   224,070 

6.25%, 03/17/24

  100   112,750 

6.75%, 01/27/41

  100   111,031 

6.75%, 06/03/50 (Call 12/03/49)

  250   273,281 

6.85%, 06/05/2115(d)

  300   321,844 

6.88%, 01/20/40

  148   166,500 

6.90%, 03/19/49

  300   339,492 

7.25%, 03/17/44

  175   202,508 

7.38%, 01/17/27(d)

  250   301,672 

8.75%, 05/23/26(d)

  100   127,500 

Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(b)

  200   205,750 

Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)(b)(d)

  200   209,250 

St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(b)(d)

  200   225,062 

Suzano Austria GmbH
3.75%, 01/15/31 (Call 10/15/30)

  100   102,210 

5.00%, 01/15/30 (Call 10/15/29)

  200   218,322 

7.00%, 03/16/47 (Call 09/16/46)(b)

  200   241,500 

Ultrapar International SA, 5.25%, 06/06/29(b)(d)

  200   209,090 

Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)

  200   209,098 

6.25%, 08/10/26

  200   237,419 

6.88%, 11/21/36

  300   403,594 

6.88%, 11/10/39

  250   341,664 
  

 

 

 
       13,384,975 
Chile — 3.8%      

AES Gener SA, 7.13%, 03/26/79
(Call 04/07/24)(b)(f)

  400   412,250 

Banco de Credito e Inversiones SA 3.50%, 10/12/27(b)(d)

  200   217,187 

4.00%, 02/11/23(b)

  200   211,250 

Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)(b)

  300   314,906 

Celulosa Arauco y Constitucion SA 4.20%, 01/29/30 (Call 10/29/29)(b)(d)

  200   213,125 

4.25%, 04/30/29 (Call 01/30/29)(b)

  400   427,500 

4.50%, 08/01/24 (Call 05/01/24)

  200   217,500 

5.15%, 01/29/50 (Call 07/29/49)(b)

  200   215,300 

5.50%, 04/30/49 (Call 10/30/48)(b)(d)

  200   223,500 
 

 

 

22 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Chile (continued)      

Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)(b)

 $      400  $432,500 

5.15%, 02/12/25 (Call 11/12/24)(b)

  200   220,062 

Colbun SA
3.15%, 03/06/30 (Call 12/06/29)(b)

  400   417,010 

3.95%, 10/11/27 (Call 07/11/27)(b)

  200   221,375 

Corp. Group Banking SA, 6.75%, 03/15/23 (Call 03/15/21)(b)

  250   68,672 

Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(b)

  200   159,000 

Empresa Nacional de Telecomunicaciones SA
4.75%, 08/01/26 (Call 05/03/26)(b)

  400   441,250 

4.88%, 10/30/24 (Call 07/30/24)(b)

  400   429,750 

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

  200   215,775 

Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)

  500   584,375 

Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(b)

  200   212,813 

GNL Quintero SA, 4.63%, 07/31/29(b)

  600   650,250 

Inversiones CMPC SA
3.85%, 01/13/30 (Call 10/13/29)(b)

  200   217,402 

4.38%, 04/04/27(b)

  200   222,625 

Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)(b)(d)

  400   424,424 

Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/26/21)(b)

  200   208,938 

SACI Falabella, 3.75%, 04/30/23(b)

  200   208,375 

VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b)

  200   210,875 

VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(b)

  200   213,188 
  

 

 

 
       8,211,177 
China — 8.7%      

Agile Group Holdings Ltd., 8.38%, (Call 12/04/23)(b)(e)(f)

  200   207,125 

Alibaba Group Holding Ltd.
3.40%, 12/06/27 (Call 09/06/27)

  300   333,489 

3.60%, 11/28/24 (Call 08/28/24)

  200   218,752 

4.00%, 12/06/37 (Call 06/06/37)

  200   231,562 

4.20%, 12/06/47 (Call 06/06/47)

  200   248,953 

Amipeace Ltd., 2.50%, 12/05/24(b)

  200   206,875 

Baidu Inc., 4.13%, 06/30/25

  200   222,437 

Bank of China Ltd., 5.00%, 11/13/24(b)

  200   222,000 

Bank of China Ltd./Hong Kong
1.10%, 03/08/23, (3 mo. LIBOR US + 0.850%)(b)(f)

  200   200,016 

3.88%, 06/30/25(b)

  200   221,750 

Bank of Communications Co. Ltd./Hong Kong, 1.13%, 05/17/23, (3 mo. LIBOR US +
    0.85%)(b)(f)

  200   199,800 

Bocom Leasing Management Hong Kong Co. Ltd., 1.32%, 12/10/24, (3 mo. LIBOR US + 1.075%)(b)(f)

  200   195,375 

CCCI Treasure Ltd., 3.43%, (Call 11/21/24)(b)(e)(f)

  200   199,313 

CFLD Cayman Investment Ltd.,
8.05%, 01/13/25(b)

  200   176,197 

China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(b)

  200   219,916 

China Cinda Finance 2017 I Ltd.
3.88%, 02/08/23(b)

  200   210,214 

4.75%, 02/21/29(b)

  200   230,625 

China Construction Bank Corp.
1.25%, 08/04/25(b)

  200   198,206 

4.25%, 02/27/29 (Call 02/27/24)(b)(f)

  200   213,312 

China Evergrande Group
7.50%, 06/28/23 (Call 11/30/20)(b)

  200   150,500 

8.75%, 06/28/25 (Call 06/28/21)(b)

  200   146,500 

10.50%, 04/11/24 (Call 04/11/22)(b)

  200   157,063 

China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(b)

  200   199,903 

China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24(b)

  200   228,500 
Security 

Par

(000)

  Value 
China (continued)      

China Overseas Finance Cayman VII Ltd.
4.25%, 04/26/23(b)

 $      200  $213,004 

4.75%, 04/26/28(b)

  200   228,437 

China Resources Land Ltd., 4.13%, 02/26/29(b)

  200   221,125 

China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)(b)(e)(f)

  200   207,438 

CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)(b)

  200   205,625 

CITIC Ltd.
2.85%, 02/25/30(b)

  200   205,188 

3.88%, 02/28/27(b)

  200   216,750 

CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23(b)

  200   214,331 

CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 (Call 06/30/29)

  200   212,850 

CNOOC Finance 2014 ULC, 4.25%, 04/30/24

  200   220,338 

CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28

  200         233,108 

CNOOC Petroleum North America ULC
6.40%, 05/15/37

  275   399,094 

7.50%, 07/30/39

  200   327,312 

CNPC General Capital Ltd., 3.40%, 04/16/23(b)

  200   210,937 

COSL Singapore Capital Ltd., 4.50%, 07/30/25(b)

  200   222,812 

Country Garden Holdings Co. Ltd., 7.25%, 04/08/26 (Call 04/08/23)(b)

  400   446,125 

CRCC Yuxiang Ltd., 3.50%, 05/16/23(b)

  200   209,500 

Franshion Brilliant Ltd., 4.00%,
(Call 01/03/23)(b)(e)(f)

  200   200,938 

Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(b)

  200   213,812 

4.75%, 04/27/27(b)

  400   437,500 

Huarong Finance 2019 Co. Ltd.,
4.50%, 05/29/29(b)

  200   215,812 

Huarong Finance II Co. Ltd., 5.50%, 01/16/25(b)

  200   222,826 

ICBCIL Finance Co. Ltd., 3.75%, 03/05/24(b)

  200   212,437 

Industrial & Commercial Bank of China Ltd./London, 1.06%, 10/25/23, (3 mo. LIBOR US + 0.850%)(b)(f)

  400   399,770 

Industrial & Commercial Bank of China Ltd./Singapore, 1.04%, 04/25/24, (3 mo. LIBOR US + 0.830%)(b)(f)

  200   199,520 

Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(b)(f)

  200   204,102 

JD.com Inc., 3.88%, 04/29/26(d)

  200   221,125 

Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(b)

  200   209,563 

Kaisa Group Holdings Ltd.
9.38%, 06/30/24 (Call 06/30/21)(b)

  200   180,969 

10.50%, 01/15/25 (Call 01/15/23)(b)

  200   186,438 

Lenovo Group Ltd., 4.75%, 03/29/23(b)

  200   210,313 

Longfor Group Holdings Ltd., 3.95%, 09/16/29(b)

  200   212,000 

Poly Real Estate Finance Ltd., 3.88%, 03/25/24(b)

  200   209,813 

Prosus NV
4.85%, 07/06/27 (Call 04/06/27)(b)(d)

  400   458,625 

5.50%, 07/21/25 (Call 04/21/25)(b)

  600   686,250 

Proven Honour Capital Ltd.
4.13%, 05/19/25(b)

  200   207,750 

4.13%, 05/06/26(b)

  200   207,750 

Shimao Group Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)(b)

  200   218,687 

Sino-Ocean Land Treasure Finance II Ltd.,
5.95%, 02/04/27(b)

  200   217,333 

Sinopec Capital 2013 Ltd., 3.13%, 04/24/23(b)

  400   418,625 

State Elite Global Ltd., 0.99%, 10/24/24, (3 mo. LIBOR US + 0.770%)(b)(f)

  200   198,500 

Sunac China Holdings Ltd., 6.50%, 01/10/25 (Call 01/10/23)(b)

  200   191,499 
 

 

 

SCHEDULE   OF   INVESTMENTS

 23


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
China (continued)      

Tencent Holdings Ltd.
1.81%, 01/26/26 (Call 12/26/25)(b)

 $      400  $407,080 

2.39%, 06/03/30 (Call 03/03/30)(b)(d)

  200   202,414 

3.60%, 01/19/28 (Call 10/19/27)(b)

  300   327,801 

3.93%, 01/19/38 (Call 07/19/37)(b)

  200   229,008 

3.98%, 04/11/29 (Call 01/11/29)(b)

  200   225,522 

4.53%, 04/11/49 (Call 10/11/48)(b)

  200   247,750 

Vanke Real Estate Hong Kong Co. Ltd.
4.15%, 04/18/23(b)

  200   210,937 

4.20%, 06/07/24(b)

  200   213,875 

Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)

  200   200,625 

Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(e)(f)

  200   201,218 

Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)(b)

  200   206,563 

Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26 (Call 01/13/24)(b)

  200   191,999 
  

 

 

 
   18,639,106 
Colombia — 4.2%      

AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(b)(d)

  250   270,314 

Banco de Bogota SA
4.38%, 08/03/27 (Call 05/03/27)(b)

  350   369,600 

5.38%, 02/19/23(b)

  200   210,312 

6.25%, 05/12/26(b)(d)

  400   438,000 

Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)

  200   201,550 

4.63%, 12/18/29 (Call 12/18/24)(f)

  400   387,625 

4.88%, 10/18/27 (Call 10/18/22)(f)

  400   394,250 

Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b)

  200   212,000 

Ecopetrol SA
4.13%, 01/16/25

  483   507,754 

5.38%, 06/26/26 (Call 03/26/26)

  535   589,837 

5.88%, 09/18/23

  800   884,000 

5.88%, 05/28/45

  800   868,290 

6.88%, 04/29/30 (Call 01/29/30)

  750   901,500 

7.38%, 09/18/43

  400   500,500 

Grupo Aval Ltd., 4.38%, 02/04/30
(Call 11/04/29)(b)

  400   388,500 

Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)(b)

  200   225,500 

Millicom International Cellular SA
5.13%, 01/15/28 (Call 09/15/22)(b)

  200   209,875 

6.25%, 03/25/29 (Call 03/25/24)(b)

  200   221,100 

6.63%, 10/15/26 (Call 10/15/21)(b)

  200   216,000 

Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(h)

  200   208,540 

SURA Asset Management SA,
4.88%, 04/17/24(b)

  200   218,480 

Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(b)

  200   217,200 

Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(b)

  400   459,625 
  

 

 

 
       9,100,352 
Congo — 0.2%      

HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b)

  400   418,363 
  

 

 

 
Ghana — 0.2%      

Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b)

  400   343,500 

Tullow Oil PLC, 7.00%, 03/01/25
(Call 03/01/21)(b)

  200   103,188 
  

 

 

 
   446,688 
Security 

Par

(000)

  Value 
Guatemala — 0.1%      

Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(b)

 $      100  $      104,438 

Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 11/18/20)(b)

  200   204,500 
  

 

 

 
   308,938 
Hong Kong — 5.4%      

AIA Group Ltd.
3.20%, 09/16/40 (Call 03/16/40)(b)

  400   408,185 

3.38%, 04/07/30 (Call 01/07/30)(b)

  200   223,078 

3.60%, 04/09/29 (Call 01/09/29)(b)

  200   223,603 

3.90%, 04/06/28 (Call 01/06/28)(b)

  200   224,812 

4.50%, 03/16/46 (Call 09/16/45)(b)

  200   253,750 

Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)(b)(e)(f)

  400   426,625 

Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(e)(f)

  250   250,703 

Bank of East Asia Ltd. (The)
4.00%, 11/03/26 (Call 11/03/21)(b)(f)

  200   202,563 

5.50%, (Call 12/02/20)(b)(e)(f)

  150   149,484 

5.88%, (Call 09/19/24)(b)(e)(f)

  250   254,141 

Celestial Dynasty Ltd., 4.25%, 06/27/29(b)

  200   201,875 

Celestial Miles Ltd., 5.75%, (Call 01/31/24)(b)(e)(f)

  200   207,437 

China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(b)(e)(f)

  200   216,187 

CK Hutchison International 16 Ltd., 2.75%, 10/03/26(b)

  200   214,625 

CK Hutchison International 19 Ltd.
3.25%, 04/11/24 (Call 03/11/24)(b)(d)

  200   213,752 

3.38%, 09/06/49 (Call 03/06/49)(b)

  200   216,625 

3.63%, 04/11/29 (Call 01/11/29)(b)

  200   224,250 

CK Hutchison International 20 Ltd., 2.50%, 05/08/30 (Call 02/08/30)(b)

  600   622,383 

CLP Power Hong Kong Financing Ltd., 2.13%, 06/30/30(b)

  200   200,161 

FWD Group Ltd.
0.00%, (Call 06/15/22)(b)(e)(f)(i)

  200   151,063 

5.75%, 07/09/24(b)

  200   205,063 

HKT Capital No. 5 Ltd., 3.25%, 09/30/29(b)

  200   213,250 

Hongkong Electric Finance Ltd., 2.88%, 05/03/26(b)

  200   213,762 

Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.88%, 05/27/30 (Call 02/27/30)(b)

  200   210,703 

HPHT Finance 19 Ltd., 2.88%, 11/05/24(b)

  200   207,250 

Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(b)

  400   437,250 

Hutchison Whampoa International Ltd., 7.45%, 11/24/33(b)

  100   155,625 

Hysan MTN Ltd., 2.82%, 09/04/29(b)

  200   201,563 

IFC Development Corporate Treasury Ltd.,
3.63%, 04/17/29(b)

  200   217,562 

Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(b)(e)(f)

  200   201,813 

Li & Fung Ltd., 4.38%, 10/04/24 (Call 09/04/24)(b)

  200   201,500 

Link Finance Cayman 2009 Ltd. (The), 3.60%, 09/03/24(b)

  200   213,812 

MTR Corp. Ltd., 1.63%, 08/19/30(b)

  200   195,181 

Nan Fung Treasury II Ltd., 5.50%,
(Call 05/29/21)(b)(e)

  200   200,125 

Nan Fung Treasury Ltd.,
3.63%, 08/27/30(b)

  200   198,822 

Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(b)(e)(f)

  350   348,906 

New World China Land Ltd., 4.75%, 01/23/27(b)

  200   206,500 

NWD Finance BVI Ltd.
5.25%, (Call 03/22/26)(b)(e)(f)

  200   209,375 

6.25%, (Call 03/07/24)(b)(e)

  200   205,938 

NWD MTN Ltd.
4.13%, 07/18/29(b)

  200   201,938 

4.50%, 05/19/30(b)

  200   207,687 

OVPH Ltd., 5.88%, (Call 03/01/21)(b)(e)

  200   201,750 

PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23(b)

  200   210,375 
 

 

 

24 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Hong Kong (continued)      

Radiant Access Ltd., 4.60%,
(Call 11/18/20)(b)(e)

 $      400  $400,375 

Sun Hung Kai Properties Capital Market Ltd.
2.88%, 01/21/30(b)

  200   209,375 

3.63%, 01/16/23(b)

  200   209,812 

Swire Pacific Mtn Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(b)

  200   206,938 

Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23(b)

  200   216,500 

Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(b)

  200   217,000 
  

 

 

 
       11,611,052 
India — 4.8%      

ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28(b)

  400   388,112 

5.95%, 07/31/24(b)

  200   208,250 

Adani Electricity Mumbai Ltd.,
3.95%, 02/12/30(b)

  400   394,250 

Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b)

  200   216,062 

Adani Ports & Special Economic Zone Ltd.
3.38%, 07/24/24(b)

  400   405,900 

4.00%, 07/30/27 (Call 06/30/27)(b)

  200   201,070 

4.20%, 08/04/27 (Call 02/04/27)(b)

  200   201,850 

Bharat Petroleum Corp. Ltd.,
4.00%, 05/08/25(b)

  200   208,625 

Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(b)

  400   433,250 

Bharti Airtel Ltd., 4.38%, 06/10/25(b)

  400   424,500 

BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(b)

  200   208,500 

Delhi International Airport Ltd.,
6.13%, 10/31/26(b)

  200   203,500 

Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(b)

  200   137,000 

Greenko Solar Mauritius Ltd.
5.55%, 01/29/25 (Call 01/29/21)(b)

  200   205,063 

5.95%, 07/29/26 (Call 07/29/22)(b)

  200   210,312 

Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(b)

  200   204,563 

ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(b)

  450   477,141 

Indian Oil Corp. Ltd., 4.75%, 01/16/24(b)

  400   424,875 

Network i2i Ltd., 5.65%, (Call 01/15/25)(b)(e)(f)

  200   200,300 

NTPC Ltd.
4.25%, 02/26/26(b)

  200   213,000 

4.38%, 11/26/24(b)

  200   213,979 

Oil India International Pte Ltd.,
4.00%, 04/21/27(b)

  200   204,688 

Oil India Ltd., 5.38%, 04/17/24(b)

  200   218,187 

ONGC Videsh Ltd., 4.63%, 07/15/24(b)

  200   214,125 

ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(b)

  200   208,313 

Power Finance Corp. Ltd., 4.50%, 06/18/29(b)

  400   409,000 

REC Ltd.
3.38%, 07/25/24(b)

  200   203,625 

5.25%, 11/13/23(b)

  200   216,500 

Reliance Industries Ltd.
3.67%, 11/30/27(b)

  250   273,672 

4.13%, 01/28/25(b)

  250   274,453 

4.88%, 02/10/45(b)

  250   305,625 

ReNew Power Synthetic, 6.67%, 03/12/24 (Call 03/12/21)(b)

  200   209,312 

State Bank of India/London
4.38%, 01/24/24(b)

  400   428,250 

4.88%, 04/17/24(b)

  200   218,062 

Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(b)(d)

  200   125,250 

Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 08/09/21)(b)

  200   117,250 

7.13%, 05/31/23(b)

  200   122,150 
Security 

Par

(000)

  Value 
India (continued)      

Wynn Macau Ltd.
5.13%, 12/15/29 (Call 12/15/24)(b)

 $      400  $370,000 

5.50%, 01/15/26 (Call 06/15/22)(b)

  400   387,500 
  

 

 

 
       10,286,064 
Indonesia — 2.5%      

Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b)

  250   247,109 

Bank Mandiri Persero Tbk PT
3.75%, 04/11/24(b)

  200   210,375 

4.75%, 05/13/25(b)

  400   439,750 

Bank Rakyat Indonesia Persero Tbk PT
3.95%, 03/28/24(b)

  200   212,437 

4.63%, 07/20/23(b)

  200   214,000 

Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 09/14/21)(b)

  200   204,688 

Eterna Capital Pte Ltd., Series B, 8.00%, (8.00% PIK), 12/11/22 (Call 11/30/20)(g)

  226   49,614 

Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(b)

  250   234,453 

LLPL Capital Pte Ltd., 6.88%, 02/04/39(b)

  375   431,118 

Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(b)

  200   175,500 

Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b)

  400   387,375 

Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)(b)

  200   194,125 

Minejesa Capital BV
4.63%, 08/10/30(b)

  400   411,844 

5.63%, 08/10/37(b)

  400   413,750 

Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(b)

  600   657,000 

Saka Energi Indonesia PT, 4.45%, 05/05/24(b)

  400   366,625 

Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(h)

  200   206,000 

Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(b)

  363   398,400 
  

 

 

 
   5,454,163 
Israel — 3.3%      

Bank Leumi Le-Israel BM, 3.28%, 01/29/31 (Call 01/29/26)(f)(h)

  200   203,250 

ICL Group Ltd., 6.38%, 05/31/38
(Call 11/30/37)(h)

  250   320,938 

Israel Electric Corp. Ltd.
4.25%, 08/14/28(h)

  400   458,000 

6.88%, 06/21/23(b)

  200   227,813 

Series 6, 5.00%, 11/12/24(h)

  600   678,000 

Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(h)

  400   410,480 

6.50%, 06/30/27 (Call 12/30/26)(h)

  200   206,750 

6.75%, 06/30/30 (Call 12/30/29)(h)

  200   206,750 

Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36

  300   300,000 

Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23

  1,186   1,124,826 

3.15%, 10/01/26(d)

  1,451   1,273,252 

4.10%, 10/01/46

  790   655,700 

6.00%, 04/15/24 (Call 01/15/24)

  500   500,086 

6.75%, 03/01/28 (Call 12/01/27)

  500   522,506 
  

 

 

 
   7,088,351 
Jamaica — 0.5%      

Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 11/16/20)(g)

  400   302,604 

Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd.
8.75%, 05/25/24 (Call 05/25/21)(b)(d)

  200   199,500 

8.75%, 05/25/24 (Call 05/25/21)(b)

  300   301,500 
 

 

 

SCHEDULE   OF   INVESTMENTS

 25


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Jamaica (continued)      

Digicel Ltd., 6.75%, 03/01/23 (Call 11/16/20)(b)(d)

 $      400  $248,000 
  

 

 

 
   1,051,604 
Jordan — 0.1%      

Hikma Finance USA LLC, 3.25%, 07/09/25(b)

  200   205,400 
  

 

 

 
Kazakhstan — 0.6%      

Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 11/30/20)(b)

  147   146,342 

Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/30 (Call 02/15/30)(b)

  600   609,187 

4.00%, 08/15/26(b)

  500   530,938 
  

 

 

 
   1,286,467 
Kuwait — 1.7%      

Boubyan Sukuk Ltd., 2.59%, 02/18/25(b)

  200   204,540 

Burgan Bank SAK, 5.75%, (Call 07/09/24)(b)(e)(f)

  200   197,563 

Equate Petrochemical BV, 4.25%, 11/03/26(b)

  600   640,800 

Equate Sukuk Spc Ltd., 3.94%, 02/21/24(b)

  200   212,687 

Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(b)

  200   198,625 

4.50%, 02/23/27(b)

  200   198,688 

5.00%, 03/15/23(b)

  200   206,187 

MEGlobal Canada ULC
5.00%, 05/18/25(b)

  600   652,500 

5.88%, 05/18/30(b)

  200   237,062 

NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 11/27/25)(b)(e)(f)

  400   396,250 

NBK Tier 1 Financing Ltd., 5.75%, (Call 04/09/21)(b)(e)(f)

  400   398,875 

Warba Sukuk Ltd., 2.98%, 09/24/24(b)

  200   208,250 
  

 

 

 
       3,752,027 
Luxembourg — 0.8%      

Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(b)

  400   388,000 

7.50%, 05/15/26 (Call 05/15/21)(b)

  1,195   1,248,894 
  

 

 

 
   1,636,894 
Macau — 3.5%      

Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/30/20)(b)(d)

  204   205,976 

5.25%, 04/26/26 (Call 04/26/22)(b)

  200   201,000 

5.38%, 12/04/29 (Call 12/04/24)(b)

  600   578,250 

5.63%, 07/17/27 (Call 07/17/22)(b)(d)

  200   202,750 

5.75%, 07/21/28 (Call 07/21/23)(b)

  600   599,094 

MGM China Holdings Ltd.
5.25%, 06/18/25 (Call 06/18/22)(b)

  200   200,313 

5.38%, 05/15/24 (Call 05/15/21)(b)

  400   408,825 

5.88%, 05/15/26 (Call 05/15/22)(b)

  400   404,500 

Sands China Ltd.
3.80%, 01/08/26 (Call 12/08/25)(b)

  400   407,000 

4.38%, 06/18/30 (Call 03/18/30)(b)

  400   411,708 

4.60%, 08/08/23 (Call 07/08/23)

  600   638,814 

5.13%, 08/08/25 (Call 06/08/25)

  1,000   1,079,152 

5.40%, 08/08/28 (Call 05/08/28)

  600   647,082 

Studio City Finance Ltd.
6.00%, 07/15/25 (Call 07/15/22)(b)

  200   200,250 

6.50%, 01/15/28 (Call 07/15/23)(b)

  200   197,040 

7.25%, 02/11/24 (Call 02/11/21)(b)(d)

  408   418,582 

Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/30/20)(b)

  400   390,000 

5.50%, 10/01/27 (Call 10/01/22)(b)

  200   187,190 

5.63%, 08/26/28 (Call 08/26/23)(h)

  200   191,250 
  

 

 

 
   7,568,776 
Security 

Par

(000)

  Value 
Malaysia — 1.5%      

Axiata SPV2 Bhd
2.16%, 08/19/30 (Call 05/19/30)(b)

 $      200  $197,750 

4.36%, 03/24/26(b)

  200   226,813 

Axiata Spv5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(b)

  400   386,200 

CIMB Bank Bhd, 1.01%, 10/09/24, (3 mo. LIBOR US + 0.780%)(b)(f)

  200   198,875 

Gohl Capital Ltd., 4.25%, 01/24/27(b)

  800   791,088 

Malayan Banking Bhd, 1.08%, 08/16/24, (3 mo. LIBOR US + 0.800%)(b)(f)

  400   397,875 

Parkway Pantai Ltd., 4.25%, (Call 07/27/22)(b)(e)(f)

  200   200,875 

TNB Global Ventures Capital Bhd
3.24%, 10/19/26(b)

  400   429,875 

4.85%, 11/01/28(b)

  400   470,875 
  

 

 

 
       3,300,226 
Mexico — 5.3%      

Alfa SAB de CV, 5.25%, 03/25/24
(Call 12/25/23)(b)

  200   212,875 

Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)(b)

  200   204,558 

America Movil SAB de CV
2.88%, 05/07/30 (Call 02/07/30)

  400   429,064 

3.63%, 04/22/29 (Call 01/22/29)

  200   225,625 

4.38%, 07/16/42

  200   242,535 

4.38%, 04/22/49 (Call 10/22/48)

  200   244,948 

6.13%, 03/30/40

  300   427,031 

6.38%, 03/01/35

  100   143,969 

Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24(b)(d)

  450   473,864 

Banco Mercantil del Norte SA/Grand Cayman, 6.75%, (Call 09/27/24)(b)(e)(f)

  200   199,250 

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand

  

5.38%, 04/17/25(b)

  150   167,813 

5.95%, 10/01/28 (Call 10/01/23)(b)(f)

  200   212,438 

BBVA Bancomer SA/Texas
4.38%, 04/10/24(b)

  150   161,850 

5.13%, 01/18/33 (Call 01/17/28)(b)(f)

  200   197,000 

5.88%, 09/13/34 (Call 09/13/29)(b)(f)

  200   208,250 

Becle SAB de CV, 3.75%, 05/13/25(b)

  150   160,500 

Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(b)

  200   189,104 

Cemex SAB de CV
5.45%, 11/19/29 (Call 11/19/24)(b)

  200   211,560 

5.70%, 01/11/25 (Call 11/30/20)(b)

  400   408,875 

7.38%, 06/05/27 (Call 06/05/23)(b)

  200   220,500 

7.75%, 04/16/26 (Call 04/16/21)(b)

  200   211,600 

Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43

  300   404,156 

Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(b)

  187   207,018 

El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26(b)

  200   206,750 

Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)

  450   467,325 

4.38%, 05/10/43

  150   176,953 

Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(h)

  200   203,250 

Grupo Bimbo SAB de CV
4.00%, 09/06/49(b)

  200   211,184 

4.88%, 06/27/44(b)

  200   236,187 

Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)

  200   224,625 

5.25%, 05/24/49 (Call 11/24/48)

  200   233,947 

6.13%, 01/31/46 (Call 07/31/45)

  200   258,107 

6.63%, 03/18/25

  100   120,469 

6.63%, 01/15/40

  120   157,200 
 

 

 

26 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Mexico (continued)      

Industrias Penoles SAB de CV
4.15%, 09/12/29 (Call 06/12/29)(b)

 $      200  $219,687 

4.75%, 08/06/50 (Call 02/06/50)(h)

  200   209,250 

Infraestructura Energetica Nova SAB de CV, 4.88%, 01/14/48(b)(d)

  200   190,688 

Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(b)

  200   216,520 

Nemak SAB de CV, 4.75%, 01/23/25 (Call 01/23/21)(b)

  200   204,206 

Orbia Advance Corp. SAB de CV, 5.50%, 01/15/48 (Call 07/15/47)(b)

  200   224,137 

Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(b)

  200   216,688 

Southern Copper Corp.
3.88%, 04/23/25

  100   110,344 

5.25%, 11/08/42

  200   253,750 

5.88%, 04/23/45

  300   410,850 

6.75%, 04/16/40

  100   143,813 

7.50%, 07/27/35

  200   293,562 

Trust Fibra Uno
5.25%, 01/30/26 (Call 10/30/25)(b)

  200   217,125 

6.39%, 01/15/50 (Call 07/15/49)(b)

  200   207,750 
  

 

 

 
   11,378,750 
Morocco — 0.7%      

OCP SA
4.50%, 10/22/25(b)

  600   636,656 

5.63%, 04/25/24(b)

  625   679,492 

6.88%, 04/25/44(b)

  200   250,500 
  

 

 

 
   1,566,648 
Nigeria — 0.2%      

IHS Netherlands Holdco BV
7.13%, 03/18/25 (Call 09/18/21)(b)

  200   201,937 

8.00%, 09/18/27 (Call 09/18/22)(b)

  300   305,625 
  

 

 

 
   507,562 
Oman — 0.5%      

Bank Muscat SAOG, 4.88%, 03/14/23(b)

  200   200,750 

National Bank of Oman SAOG,
5.63%, 09/25/23(b)

  400   399,375 

Oztel Holdings SPC Ltd., 6.63%, 04/24/28(b)

  500   489,375 
  

 

 

 
       1,089,500 
Panama — 1.0%      

AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(h)

  600   633,095 

Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(b)

  400   445,750 

C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)(b)(d)

  600   631,800 

7.50%, 10/15/26 (Call 10/15/21)(b)(d)

  200   211,260 

Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(b)

  200   212,000 
  

 

 

 
   2,133,905 
Paraguay — 0.2%      

Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(b)(d)(i)

  298   217,609 

Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)(b)

  200   211,187 
  

 

 

 
   428,796 
Peru — 2.0%      

Banco de Credito del Peru
2.70%, 01/11/25 (Call 12/11/24)(b)

  600   617,280 

3.13%, 07/01/30 (Call 07/01/25)(b)(f)

  400   404,000 

4.25%, 04/01/23(b)

  100   106,688 

Credicorp Ltd., 2.75%, 06/17/25
(Call 05/17/25)(b)

  200   204,250 
Security 

Par

(000)

  Value 
Peru (continued)      

Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b)

 $      200  $200,125 

Inkia Energy Ltd., 5.88%, 11/09/27
(Call 11/09/22)(b)(d)

  200   207,625 

Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(b)

  400   418,250 

Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/36(b)

  200   219,750 

5.88%, 07/05/34(b)

  316   378,735 

Nexa Resources SA
5.38%, 05/04/27 (Call 02/04/27)(b)

  400   422,600 

6.50%, 01/18/28 (Call 10/18/27)(b)

  200   220,937 

Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(b)(d)

  200   206,375 

Peru LNG Srl, 5.38%, 03/22/30(b)(d)

  400   304,125 

Transportadora de Gas del Peru SA, 4.25%, 04/30/28(b)(d)

  400   443,000 
  

 

 

 
       4,353,740 
Philippines — 1.9%      

Bank of the Philippine Islands, 4.25%, 09/04/23(b)

  200   215,687 

BDO Unibank Inc.
2.13%, 01/13/26(b)

  200   200,250 

2.95%, 03/06/23(b)

  400   415,000 

JGSH Philippines Ltd.
4.13%, 07/09/30(b)

  200   204,000 

4.38%, 01/23/23(b)

  200   211,108 

Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(b)(e)(f)

  400   364,250 

Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(b)

  200   198,750 

Metropolitan Bank & Trust Co., 2.13%, 01/15/26(b)

  200   199,500 

Petron Corp., 4.60%, (Call 07/19/23)(b)(e)(f)

  200   186,313 

Philippine National Bank, 3.28%, 09/27/24(b)

  400   419,750 

San Miguel Corp., 4.88%, 04/26/23 (Call 04/26/21)(b)

  200   201,448 

San Miguel Crop., 5.50%, (Call 07/29/25)(b)(e)(f)

  400   397,000 

SMC Global Power Holdings Corp.
5.70%, (Call 01/21/26)(b)(e)(f)

  200   188,625 

5.95%, (Call 05/05/25)(b)(e)(f)

  400   384,500 

6.50%, (Call 04/25/24)(b)(e)(f)

  300   296,250 
  

 

 

 
   4,082,431 
Qatar — 3.2%      

ABQ Finance Ltd., 3.13%, 09/24/24(b)

  200   207,750 

AKCB Finance Ltd., 4.75%, 10/09/23(b)

  200   217,312 

CBQ Finance Ltd., 5.00%, 05/24/23(b)

  200   216,063 

MAR Sukuk Ltd.
2.21%, 09/02/25(b)

  200   200,750 

3.03%, 11/13/24(b)

  200   208,625 

Nakilat Inc., 6.07%, 12/31/33(b)

  350   446,469 

Ooredoo International Finance Ltd.
3.25%, 02/21/23(b)

  550   573,567 

3.75%, 06/22/26(b)

  400   443,500 

3.88%, 01/31/28(b)

  200   228,125 

4.50%, 01/31/43(b)

  200   256,125 

5.00%, 10/19/25(b)

  200   232,250 

QIB Sukuk Ltd.
1.59%, 02/07/25, (3 mo. LIBOR US +
    1.350%)(b)(f)

  200   196,438 

3.98%, 03/26/24(b)

  400   427,750 

QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(b)

  200   214,938 

QNB Finance Ltd.
2.63%, 05/12/25(b)

  600   623,437 

2.75%, 02/12/27(b)

  500   521,719 

3.50%, 03/28/24(b)

  400   424,625 
 

 

 

SCHEDULE   OF   INVESTMENTS

 27


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Qatar (continued)      

Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27(b)

 $      500  $582,656 

6.33%, 09/30/27(b)

  513   602,775 
  

 

 

 
         6,824,874 
Russia — 4.9%      

Alfa Bank AO Via Alfa Bond Issuance PLC
5.95%, 04/15/30 (Call 04/15/25)(b)(f)

  200   197,313 

6.95%, (Call 04/30/23)(b)(e)(f)

  200   199,000 

8.00%, (Call 02/03/22)(b)(e)(f)

  200   202,188 

ALROSA Finance SA, 4.65%, 04/09/24 (Call 01/09/24)(b)

  200   213,062 

Credit Bank of Moscow Via CBOM Finance PLC, 4.70%, 01/29/25(b)

  400   401,500 

Eurochem Finance DAC, 5.50%, 03/13/24(b)

  200   218,500 

Evraz PLC
5.25%, 04/02/24(b)

  200   217,625 

5.38%, 03/20/23(b)

  200   213,500 

Gazprom Neft OAO Via GPN Capital SA, 6.00%, 11/27/23(b)

  600   666,375 

Gazprom PJSC Via Gaz Capital SA
4.95%, 02/06/28(b)

  800   892,500 

7.29%, 08/16/37(b)

  600   840,375 

8.63%, 04/28/34(b)

  250   372,891 

Lukoil International Finance BV
4.56%, 04/24/23(b)

  200   211,750 

4.75%, 11/02/26(b)

  600   668,437 

Lukoil Securities BV, 3.88%, 05/06/30(b)

  200   211,500 

Metalloinvest Finance DAC, 4.85%, 05/02/24(b)

  200   215,875 

MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23(b)

  300   312,656 

MMC Norilsk Nickel OJSC Via MMC Finance DAC
2.55%, 09/11/25 (Call 06/11/25)(h)

  200   200,750 

3.38%, 10/28/24 (Call 07/28/24)(b)

  200   206,563 

MMK International Capital DAC, 4.38%, 06/13/24(b)

  200   213,375 

Mobile Telesystems OJSC Via MTS International Funding DAC,
5.00%, 05/30/23(b)

  200   213,000 

Novatek OAO Via Novatek Finance DAC, 4.42%, 12/13/22(b)

  200   209,563 

Novolipetsk Steel Via Steel Funding DAC
4.50%, 06/15/23(b)

  200   212,187 

4.70%, 05/30/26(b)

  200   221,625 

Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(b)

  200   199,250 

Phosagro OAO Via Phosagro Bond Funding DAC, 3.05%, 01/23/25 (Call 10/23/24)(b)

  200   204,375 

Polyus Finance PLC, 5.25%, 02/07/23(b)

  200   212,812 

Sberbank of Russia Via SB Capital SA, 5.25%, 05/23/23(b)

  200   212,000 

Severstal OAO Via Steel Capital SA, 3.15%, 09/16/24(b)

  400   410,625 

TMK OAO Via TMK Capital SA, 4.30%, 02/12/27(b)

  200   195,625 

VEON Holdings BV
4.00%, 04/09/25 (Call 01/09/25)(b)

  400   417,625 

4.95%, 06/16/24 (Call 03/16/24)(b)

  200   215,625 

7.25%, 04/26/23 (Call 01/26/23)(b)

  200   220,500 

VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(e)(f)

  400   430,625 
  

 

 

 
   10,451,172 
Saudi Arabia — 4.6%      

Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(b)

  400   458,000 

Almarai Sukuk Ltd., 4.31%, 03/05/24(b)

  200   213,563 

Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(b)

  300   279,469 

Dar Al-Arkan Sukuk Co. Ltd.,
6.88%, 03/21/23(b)

  400   392,750 

Riyad Bank, 3.17%, 02/25/30
(Call 02/25/25)(b)(f)

  400   401,500 
Security 

Par

(000)

  Value 
Saudi Arabia (continued)      

SABIC Capital II BV
4.00%, 10/10/23(b)

 $      200  $214,750 

4.50%, 10/10/28(b)

  600   706,312 

Samba Funding Ltd., 2.75%, 10/02/24(b)

  600   618,000 

Saudi Arabian Oil Co.
3.50%, 04/16/29(b)

  1,000   1,097,500 

4.25%, 04/16/39(b)

  1,200   1,357,500 

4.38%, 04/16/49(b)

  1,000   1,170,625 

Saudi Electricity Global Sukuk Co. 2
3.47%, 04/08/23(b)

  400   419,875 

5.06%, 04/08/43(b)

  400   478,875 

Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24(b)

  600   647,625 

5.50%, 04/08/44(b)

  200   249,875 

Saudi Electricity Global Sukuk Co. 4
4.22%, 01/27/24(b)

  200   215,875 

4.72%, 09/27/28(b)

  400   471,000 

Saudi Telecom Co., 3.89%, 05/13/29(b)

  400   454,080 
  

 

 

 
       9,847,174 
Singapore — 4.4%      

BOC Aviation Ltd.

  

1.36%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)(b)(f)

  400   393,375 

3.00%, 09/11/29 (Call 06/11/29)(b)

  300   302,437 

3.25%, 04/29/25 (Call 03/29/25)(b)

  400   417,375 

3.50%, 10/10/24 (Call 09/10/24)(b)

  400   420,250 

3.50%, 09/18/27 (Call 06/18/27)(b)(d)

  400   420,625 

3.88%, 04/27/26 (Call 01/27/26)(b)

  500   538,594 

4.00%, 01/25/24 (Call 12/25/23)(b)

  200   211,812 

DBS Group Holdings Ltd.
3.30%, (Call 02/27/25)(b)(e)(f)

  400   399,325 

3.60%, (Call 09/07/21)(b)(e)(f)

  200   201,563 

4.52%, 12/11/28 (Call 12/11/23)(b)(f)

  400   435,284 

Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)

  200   218,000 

4.75%, 06/15/25 (Call 03/15/25)

  510   572,156 

4.88%, 06/15/29 (Call 03/15/29)

  250   286,875 

4.88%, 05/12/30 (Call 02/12/30)(d)

  200   230,378 

GLP Pte Ltd., 3.88%, 06/04/25(b)

  425   437,352 

Olam International Ltd., 5.35%,
(Call 07/20/21)(b)(e)(f)

  300   299,531 

Oversea-Chinese Banking Corp. Ltd., 4.25%, 06/19/24(b)(d)

  600   655,312 

Singapore Telecommunications Ltd., 7.38%, 12/01/31(b)

  200   301,312 

SingTel Group Treasury Pte Ltd.
1.88%, 06/10/30 (Call 03/10/30)(b)

  200   201,063 

2.38%, 10/03/26(b)

  200   212,875 

2.38%, 08/28/29 (Call 05/28/29)(b)

  200   208,938 

3.25%, 06/30/25(b)

  300   327,937 

3.88%, 08/28/28 (Call 05/28/28)(b)

  200   229,922 

ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(b)

  400   406,333 

United Overseas Bank Ltd.
3.50%, 09/16/26 (Call 09/16/21)(b)(f)

  200   203,688 

3.75%, 04/15/29 (Call 04/15/24)(b)(f)

  400   426,375 

3.88%, (Call 10/19/23)(b)(e)(f)

  400   410,000 
  

 

 

 
   9,368,687 
South Africa — 1.2%      

FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(f)

  200   205,000 

Gold Fields Orogen Holdings BVI Ltd.
5.13%, 05/15/24 (Call 04/15/24)(b)

  400   437,000 

6.13%, 05/15/29 (Call 02/15/29)(b)

  200   238,125 
 

 

 

28 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
South Africa (continued)      

MTN Mauritius Investments Ltd.
4.76%, 11/11/24(b)

 $      250  $256,328 

6.50%, 10/13/26(b)

  200   222,250 

Sasol Financing USA LLC
5.88%, 03/27/24 (Call 02/27/24)

  800   768,250 

6.50%, 09/27/28 (Call 06/27/28)

  400   383,000 
  

 

 

 
   2,509,953 
South Korea — 4.3%      

Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)(b)(e)(f)

  200   205,625 

Hyundai Capital Services Inc.,
3.75%, 03/05/23(b)

  400   424,250 

Kia Motors Corp., 3.00%, 04/25/23(b)

  200   208,750 

Kookmin Bank
1.75%, 05/04/25(b)

  200   205,450 

2.88%, 03/25/23(b)

  200   209,674 

4.35%, (Call 07/02/24)(b)(e)(f)

  200   209,625 

Korea East-West Power Co. Ltd., 1.75%, 05/06/25(b)

  400   412,220 

Korea Electric Power Corp.
1.13%, 06/15/25(b)

  200   199,813 

2.50%, 06/24/24(b)

  200   210,500 

Korea Gas Corp.
2.88%, 07/16/29(b)

  200   219,875 

3.50%, 07/21/25(b)

  200   222,812 

3.50%, 07/02/26(b)

  200   226,125 

3.88%, 02/12/24(b)

  200   218,812 

6.25%, 01/20/42(b)

  200   304,750 

Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23(b)

  200   216,250 

Kyobo Life Insurance Co. Ltd., 3.95%, (Call 07/24/22)(b)(e)(f)

  200   204,000 

LG Chem Ltd.
3.25%, 10/15/24(b)

  200   213,248 

3.63%, 04/15/29(b)

  200   219,375 

NongHyup Bank
1.25%, 07/20/25(b)

  400   403,008 

3.88%, 07/30/23(b)

  200   216,750 

POSCO, 2.75%, 07/15/24(b)

  400   418,125 

Shinhan Bank Co. Ltd.

  

1.91%, 04/24/25, (3 mo. LIBOR US +
1.700%)(b)(f)

  200   207,985 

3.88%, 11/05/23(b)

  200   217,892 

3.88%, 03/24/26(b)

  200   219,875 

3.88%, 12/07/26 (Call 12/07/21)(b)(f)

  400   409,250 

Shinhan Financial Group Co. Ltd.
1.35%, 01/10/26(b)

  200   199,841 

3.34%, 02/05/30 (Call 02/05/25)(b)(f)

  200   209,375 

5.88%, (Call 08/13/23)(b)(e)(f)

  200   215,687 

SK Hynix Inc., 3.00%, 09/17/24(b)

  400   419,875 

SK Innovation Co. Ltd., 4.13%, 07/13/23(b)

  200   212,074 

SK Telecom Co. Ltd., 3.75%, 04/16/23(b)

  200   213,796 

Woori Bank
4.25%, (Call 10/04/24)(b)(e)(f)

  600   616,875 

4.50%, (Call 09/27/21)(b)(e)(f)

  400   406,875 

5.25%, (Call 05/16/22)(b)(e)(f)

  200   207,500 
  

 

 

 
       9,125,937 
Taiwan — 1.0%      

Competition Team Technologies Ltd., 3.75%, 03/12/24(b)

  400   428,500 

Formosa Group Cayman Ltd.,
3.38%, 04/22/25(b)

  400   426,375 

TSMC Global Ltd.
0.75%, 09/28/25 (Call 08/28/25)(h)

  400   396,260 

1.00%, 09/28/27 (Call 07/28/27)(h)

  400   393,924 

1.38%, 09/28/30 (Call 06/28/30)(h)

  400   390,488 
  

 

 

 
   2,035,547 
Security 

Par

(000)

  Value 
Thailand — 2.0%      

Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29)(b)(f)

 $      600  $588,750 

4.05%, 03/19/24(b)

  400   431,750 

4.45%, 09/19/28(b)

  200   228,875 

5.00%, 10/03/23(b)

  200   221,250 

Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(b)(f)

  400   391,750 

PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(b)

  400   379,375 

PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/27 (Call 04/10/27)(b)

  400   412,000 

3.90%, 12/06/59(b)

  200   207,500 

Siam Commercial Bank PCL/Cayman Islands
2.75%, 05/16/23(b)

  200   207,313 

3.90%, 02/11/24(b)

  200   214,375 

4.40%, 02/11/29(b)

  200   230,250 

Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(b)

  200   176,000 

3.75%, 06/18/50(b)

  400   367,375 

5.38%, 11/20/48(b)

  200   230,437 
  

 

 

 
       4,287,000 
Togo — 0.1%      

Ecobank Transnational Inc., 9.50%, 04/18/24(b)

  200   207,625 
  

 

 

 
Turkey — 3.7%      

Akbank T.A.S.
5.13%, 03/31/25(b)

  400   368,500 

6.80%, 02/06/26(b)

  200   192,563 

7.20%, 03/16/27 (Call 03/16/22)(b)(f)

  200   181,375 

Arcelik AS, 5.00%, 04/03/23(b)

  200   199,000 

Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)(b)

  200   201,937 

KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)(b)

  400   397,625 

6.50%, 03/11/25 (Call 12/11/24)(b)

  200   201,500 

Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(b)

  300   303,094 

Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (Call 01/26/21)(b)

  200   195,813 

QNB Finansbank AS, 6.88%, 09/07/24(b)

  200   202,937 

Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b)

  400   365,500 

Turk Telekomunikasyon AS
4.88%, 06/19/24(b)

  200   192,563 

6.88%, 02/28/25(b)

  200   203,562 

Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(b)

  200   198,625 

5.80%, 04/11/28 (Call 01/11/28)(b)

  200   192,375 

Turkiye Garanti Bankasi AS
5.88%, 03/16/23(b)

  200   196,938 

6.13%, 05/24/27 (Call 05/24/22)(b)(f)

  400   354,375 

Turkiye Is Bankasi AS
6.13%, 04/25/24(b)

  600   566,062 

7.00%, 06/29/28 (Call 06/29/23)(b)(f)

  200   179,125 

7.75%, 01/22/30 (Call 01/22/25)(b)(f)

  300   272,437 

Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b)

  400   402,875 

Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25(b)

  400   359,750 

5.75%, 01/30/23(b)

  400   384,250 

8.13%, 03/28/24(b)

  200   199,875 
 

 

 

SCHEDULE   OF   INVESTMENTS

 29


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Turkey (continued)      

Yapi ve Kredi Bankasi AS
5.50%, 12/06/22(b)

 $      200  $193,125 

5.85%, 06/21/24(b)

  200   188,438 

6.10%, 03/16/23(b)

  200   195,000 

8.25%, 10/15/24(b)

  400   405,000 

8.50%, 03/09/26 (Call 03/09/21)(b)(f)

  300   295,875 

13.88%, (Call 01/15/24)(b)(e)(f)

  200   208,000 
  

 

 

 
       7,998,094 
Ukraine — 0.5%      

Metinvest BV
7.75%, 10/17/29(b)

  200   190,625 

8.50%, 04/23/26 (Call 01/23/26)(b)

  400   402,375 

MHP Lux SA, 6.95%, 04/03/26(b)

  200   200,375 

MHP SE, 7.75%, 05/10/24(b)

  200   208,187 
  

 

 

 
   1,001,562 
United Arab Emirates — 4.5%      

Abu Dhabi Commercial Bank PJSC, 4.00%, 03/13/23(b)

  400   424,250 

Abu Dhabi National Energy Co. PJSC
3.63%, 01/12/23(b)

  400   422,250 

3.88%, 05/06/24(b)

  200   216,562 

4.00%, 10/03/49(b)

  200   232,312 

4.38%, 04/23/25(b)

  200   224,812 

4.38%, 06/22/26(b)

  200   229,187 

4.88%, 04/23/30(b)

  400   491,000 

6.50%, 10/27/36(b)

  300   435,469 

ADCB Finance Cayman Ltd., 4.00%, 03/29/23(b)

  200   212,290 

ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(b)(e)(f)

  200   214,750 

Aldar Sukuk Ltd., 4.75%, 09/29/25(b)

  200   221,062 

BOS Funding Ltd., 4.00%, 09/18/24(b)

  200   205,188 

DIB Sukuk Ltd.
2.95%, 02/20/25(b)

  400   415,625 

2.95%, 01/16/26(b)

  400   414,875 

3.63%, 02/06/23(b)

  200   207,500 

DIB Tier 1 Sukuk 3 Ltd., 6.25%,
(Call 01/22/25)(b)(e)(f)

  200   209,000 

Emaar Sukuk Ltd.
3.64%, 09/15/26(b)

  200   193,688 

3.88%, 09/17/29(b)

  200   187,688 

EMG Sukuk Ltd., 4.56%, 06/18/24(b)

  200   207,313 

Emirates NBD Bank PJSC
6.13%, (Call 03/20/25)(b)(e)(f)

  400   411,875 

6.13%, (Call 04/26/26)(b)(e)(f)

  400   415,875 

Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(b)

  200   218,312 

Esic Sukuk Ltd., 3.94%, 07/30/24(b)

  200   200,750 

Fab Sukuk Co. Ltd.
2.50%, 01/21/25(b)

  200   207,813 

3.63%, 03/05/23(b)

  200   211,187 

3.88%, 01/22/24(b)

  200   215,500 

First Abu Dhabi Bank PJSC, 1.13%, 07/08/24, (3 mo. LIBOR US + 0.900%)(b)(f)

  400   396,625 

GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(b)

  200   198,063 

MAF Global Securities Ltd.
4.75%, 05/07/24(b)

  200   213,500 

5.50%, (Call 09/07/22)(b)(e)(f)

  200   195,188 

MAF Sukuk Ltd.
3.93%, 02/28/30(b)

  200   207,750 

4.64%, 05/14/29(b)

  200   218,187 

Mashreqbank PSC, 4.25%, 02/26/24(b)

  200   213,500 

Rakfunding Cayman Ltd., 4.13%, 04/09/24(b)

  200   212,625 
Security 

Par/

Shares

(000)

  Value 
United Arab Emirates (continued)      

Ruwais Power Co. PJSC, 6.00%, 08/31/36(b)

 $      200  $262,000 

Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(b)

  200   64,000 

SIB Sukuk Co. III Ltd., 4.23%, 04/18/23(b)

  200   213,250 
  

 

 

 
   9,640,821 
United Kingdom — 0.1%      

Huarong Finance 2019 Co. Ltd., 3.75%, 05/29/24(b)

  200   208,750 
  

 

 

 
United States — 0.1%      

Trust Fibra Uno, 4.87%, 01/15/30
(Call 10/30/29)(b)

  200   208,000 
  

 

 

 
Vietnam — 0.1%      

Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(b)

  250   254,766 
  

 

 

 
Zambia — 1.3%      

First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 11/30/20)(b)

  400   397,000 

6.88%, 03/01/26 (Call 03/01/21)(b)

  400   397,625 

6.88%, 10/15/27 (Call 10/15/23)(h)

  600   599,250 

7.25%, 04/01/23 (Call 11/30/20)(b)

  800   804,250 

7.50%, 04/01/25 (Call 11/30/20)(b)

  600   600,150 
  

 

 

 
   2,798,275 
  

 

 

 

Total Corporate Bonds & Notes — 97.5%
(Cost: $207,257,267)

     209,313,221 
  

 

 

 

Foreign Government Obligations(a)

  

Nigeria — 0.5%

  

Africa Finance Corp.
3.13%, 06/16/25(b)

  400   410,125 

3.75%, 10/30/29(b)

  400   414,915 

3.88%, 04/13/24(b)

  200   210,063 

4.38%, 04/17/26(b)

  200   214,000 
  

 

 

 
   1,249,103 
South Korea — 0.1%      

Industrial Bank of Korea, 1.04%, 06/22/25(b)

  200   199,947 
  

 

 

 
Supranational — 0.4%      

African Export-Import Bank (The)
3.99%, 09/21/29 (Call 06/23/29)(b)

  400   412,125 

5.25%, 10/11/23(b)

  400   432,125 
  

 

 

 
   844,250 
  

 

 

 

Total Foreign Government Obligations — 1.0%
(Cost: $2,253,753)

 

  2,293,300 
  

 

 

 

Short-Term Investments

  

Money Market Funds — 6.6%

  

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20%(j)(k)(l)

  11,546   11,553,871 
 

 

 

30 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

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, 0.04%(j)(k)

 $2,577  $2,577,000 
  

 

 

 
   14,130,871 
  

 

 

 

Total Short-Term Investments — 6.6%
(Cost: $14,122,412)

   14,130,871 
  

 

 

 

Total Investments in Securities — 105.1%
(Cost: $223,633,432)

   225,737,392 

Other Assets, Less Liabilities — (5.1)%

   (11,005,921
  

 

 

 

Net Assets — 100.0%

  $  214,731,471 
  

 

 

 

 

(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) 

Issuer filed for bankruptcy and/or is in default.

(d) 

All or a portion of this security is on loan.

(e) 

Perpetual security with no stated maturity date.

(f) 

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.

 

 

 

(g) 

Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

(h) 

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.

(i) 

Zero-coupon bond.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period-end.

(l) 

All or a portion of this security was purchased with cash collateral received from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer 

Value at

10/31/19

  

Purchases

at Cost

  

Proceeds

from Sales

  

Net Realized

Gain (Loss)

  

Change in

Unrealized

Appreciation

(Depreciation)

  

Value at

10/31/20

  

Shares
Held at

10/31/20

(000)

  Income  

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional,
SL Agency Shares

 $17,281,365  $  $(5,725,069)(a)  $(8,124 $5,699  $11,553,871   11,546  $107,560(b)  $ 

BlackRock Cash Funds: Treasury, SL Agency Shares

  1,688,000   889,000(a)            2,577,000   2,577   9,024    
    

 

 

  

 

 

  

 

 

   

 

 

  

 

 

 
    $(8,124 $5,699  $14,130,871   $116,584  $ 
    

 

 

  

 

 

  

 

 

   

 

 

  

 

 

 

 

 (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. For 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 value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                    

 

 
   Level 1   Level 2   Level 3   Total 

 

 

Investments

        

Assets

        

Corporate Bonds & Notes

  $   $209,313,221   $   $209,313,221 

Foreign Government Obligations

       2,293,300        2,293,300 

Money Market Funds

   14,130,871            14,130,871 
  

 

 

   

 

 

   

 

 

   

 

 

 
  $14,130,871   $211,606,521   $   $225,737,392 
  

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

SCHEDULE   OF   INVESTMENTS

 31


Schedule of Investments  

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 

Corporate Bonds & Notes(a)

 

Argentina — 0.8% 

Arcor SAIC, 6.00%, 07/06/23 (Call 11/30/20)(b)

 $400  $371,375 

MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b)

  150   78,469 

Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b)

  400   278,000 

Tecpetrol SA, 4.88%, 12/12/22
(Call 12/12/20)(b)(c)

  100   91,594 

Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b)(c)

  300   245,531 

YPF SA
6.95%, 07/21/27(b)

  600   317,250 

7.00%, 12/15/47 (Call 06/15/47)(b)

  300   151,500 

8.50%, 07/28/25(b)

  650   374,969 

8.50%, 06/27/29 (Call 03/27/29)(b)

  250   140,078 

8.75%, 04/04/24(b)

  666   434,165 
  

 

 

 
   2,482,931 
Azerbaijan — 0.5%      

International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b)

  550   504,797 

Southern Gas Corridor CJSC, 6.88%, 03/24/26 (b)

      1,000         1,139,062 
  

 

 

 
   1,643,859 
Bahrain — 0.3%      

BBK BSC, 5.50%, 07/09/24(b)

  200   201,438 

Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(b)(c)

  600   631,781 
  

 

 

 
   833,219 
Brazil — 13.1%      

Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25(b)

  400   404,125 

Banco BTG Pactual SA/Cayman Islands
4.50%, 01/10/25 (Call 12/10/24)(b)

  400   408,375 

5.50%, 01/31/23(b)(c)

  300   313,875 

7.75%, 02/15/29 (Call 02/15/24)(b)(c)(d)

  200   204,750 

Banco do Brasil SA/Cayman
4.63%, 01/15/25(b)

  400   425,000 

4.75%, 03/20/24(b)

  400   425,250 

4.88%, 04/19/23(b)

  400   421,300 

5.88%, 01/19/23(b)

  400   427,125 

6.25%, (Call 04/15/24)(b)(c)(d)(e)

  800   768,000 

9.00%, (Call 06/18/24)(b)(d)(e)

  1,000   1,088,000 

9.25%, (Call 04/15/23)(b)(d)(e)

  600   652,500 

Banco Votorantim SA, 4.38%, 07/29/25(f)

  200   207,250 

Braskem Finance Ltd., 6.45%, 02/03/24

  800   851,875 

Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)(b)

  200   190,229 

4.50%, 01/31/30(b)

  800   741,192 

5.88%, 01/31/50(b)

  800   743,500 

8.50%, 01/23/81 (Call 10/24/25)(b)(d)

  200   203,375 

BRF SA, 4.88%, 01/24/30 (Call 10/24/29)(b)

  400   400,608 

Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b)

  200   211,813 

Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b)

  800   900,000 

Centrais Eletricas Brasileiras SA
3.63%, 02/04/25(b)

  400   400,125 

4.63%, 02/04/30(b)

  200   202,500 

Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(b)

  400   413,250 

Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(b)

  600   639,187 

CSN Islands XII Corp., 7.00%,
(Call 12/23/20)(b)(c)(e)

  600   534,562 

CSN Resources SA
7.63%, 02/13/23 (Call 02/13/21)(b)

  400   415,000 

7.63%, 04/17/26 (Call 04/17/22)(b)

  600   614,062 

Embraer Netherlands Finance BV 5.05%, 06/15/25

  600   579,600 
Security 

Par

(000)

  Value 
Brazil (continued) 

5.40%, 02/01/27

 $200  $189,379 

Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/22)(b)

  300   218,916 

Hidrovias International Finance SARL, 5.95%, 01/24/25 (Call 01/24/22)(b)

  200   201,625 

InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/30/20)(b)

  200   136,500 

Itau Unibanco Holding SA/Cayman Island
4.50%, 11/21/29 (Call 11/21/24)(b)(d)

  600   590,437 

4.63%, (Call 02/27/25)(b)(d)(e)

  400   345,000 

5.13%, 05/13/23(b)

  920   974,142 

6.13%, (Call 12/12/22)(b)(d)(e)

  600   572,325 

JBS Investments II GmbH
5.75%, 01/15/28 (Call 07/15/22)(b)

  400   419,500 

7.00%, 01/15/26 (Call 01/15/22)(b)

  400   426,396 

JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 11/30/20)(b)(c)

  350   361,550 

6.75%, 02/15/28 (Call 02/15/23)(b)(c)

  500   547,894 

JSL Europe SA, 7.75%, 07/26/24 (Call 07/26/21)(b)

  400   406,650 

JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)(f)

  200   202,144 

Klabin Austria GmbH
5.75%, 04/03/29 (Call 01/03/29)(b)

  400   441,005 

7.00%, 04/03/49 (Call 10/03/48)(b)

  400   457,000 

MARB BondCo PLC
6.88%, 01/19/25 (Call 01/19/21)(b)(c)

  600   621,780 

7.00%, 03/15/24 (Call 11/30/20)(b)

  400   411,000 

Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(b)

  500   520,000 

Natura Cosmeticos SA, 5.38%, 02/01/23 (Call 02/01/21)(b)

  400   411,375 

NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)(b)

  200   215,750 

7.00%, 05/14/26 (Call 05/14/22)(b)

  400   424,400 

Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(b)(c)(g)

  412   103,961 

Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26
(Call 12/01/21)(b)(g)

  620   60,965 

Oi SA, 10.00%, (4.00% PIK), 07/27/25(g)

  800   782,750 

Petrobras Global Finance BV
4.38%, 05/20/23

  200   212,320 

5.09%, 01/15/30

      1,900         1,989,737 

5.30%, 01/27/25

  300   333,563 

5.60%, 01/03/31 (Call 10/03/30)

  700   752,920 

5.63%, 05/20/43

  300   306,656 

5.75%, 02/01/29

  792   881,227 

6.00%, 01/27/28

  1,068   1,196,534 

6.25%, 03/17/24

  300   338,250 

6.75%, 01/27/41

  500   555,156 

6.75%, 06/03/50 (Call 12/03/49)

  800   874,500 

6.85%, 06/05/2115

  1,133   1,215,497 

6.88%, 01/20/40

  500   562,500 

6.90%, 03/19/49

  1,000   1,131,640 

7.25%, 03/17/44

  686   793,831 

7.38%, 01/17/27(c)

  1,001   1,207,897 

8.75%, 05/23/26(c)

  779   993,225 

Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(b)

  800   823,000 

Rumo Luxembourg Sarl
5.88%, 01/18/25 (Call 01/18/22)(b)(c)

  200   209,250 

7.38%, 02/09/24 (Call 02/09/21)(b)(c)

  400   417,625 

Ultrapar International SA
5.25%, 10/06/26(b)

  400   430,000 

5.25%, 06/06/29(b)(c)

  200   209,090 
 

 

 

32 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Brazil (continued) 

Usiminas International Sarl, 5.88%, 07/18/26
(Call 07/18/23)(b)

 $400  $415,125 
  

 

 

 
   39,678,415 
Canada — 0.1% 

CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25 (Call 07/20/23)(b)

  400   412,000 
  

 

 

 
Chile — 0.4% 

AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(b)(d)

  400   412,250 

Corp. Group Banking SA, 6.75%, 03/15/23 (Call 11/30/20)(b)

  250   68,672 

Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/26/21)(b)

  200   208,938 

VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b) 

  400   421,750 

VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(b)

  200   213,187 
  

 

 

 
   1,324,797 
China — 4.5% 

Agile Group Holdings Ltd., 7.88%, (Call 07/31/24)(b)(d)(e)

  800   815,250 

Central Plaza Development Ltd.,
5.75%, (Call 11/14/24)(b)(d)(e)

  200   197,938 

CFLD Cayman Investment Ltd., 8.60%, 04/08/24(b)

  600   550,875 

China Evergrande Group
7.50%, 06/28/23 (Call 11/30/20)(b)

  500   376,250 

8.75%, 06/28/25 (Call 06/28/21)(b)

  2,000   1,465,000 

10.50%, 04/11/24 (Call 04/11/22)(b)

  400   314,125 

China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 04/09/22)(b)

  400   409,125 

China Shenhua Overseas Capital Co. Ltd.,
3.88%, 01/20/25(b)

  400   423,125 

CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24 (Call 11/07/22)(b)

  400   420,125 

Easy Tactic Ltd., 5.88%, 02/13/23 (Call 11/30/20)(b)

  400   338,204 

Greenland Global Investment Ltd., 5.88%, 07/03/24(b)

  400   365,625 

Kaisa Group Holdings Ltd., 9.38%, 06/30/24
(Call 06/30/21)(b)

  1,600   1,447,750 

KWG Group Holdings Ltd., 5.88%, 11/10/24
(Call 11/10/21)(b)

  400   400,375 

Lenovo Group Ltd.
4.75%, 03/29/23(b)

  400   420,625 

5.88%, 04/24/25(b)

  400   455,260 

Proven Honour Capital Ltd.
4.13%, 05/19/25(b)

  600   623,250 

4.13%, 05/06/26(b)

      1,000         1,038,750 

Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/06/21)(b)

  300   253,500 

Shui On Development Holding Ltd., 6.40%, (Call 06/20/22)(b)(d)(e)

  200   196,813 

Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)(b)(d)(e)

  400   336,000 

Sunac China Holdings Ltd., 8.35%, 04/19/23 (Call 04/19/21)(b) 

  400   409,750 

Tsinghua Unic Ltd., 5.38%, 01/31/23(b)

  400   140,000 

Wanda Properties International Co. Ltd., 7.25%, 01/29/24(b)

  400   392,125 

Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(d)(e)

  600   603,654 

Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)(b)

  200   206,562 

Yuzhou Group Holdings Co. Ltd.
8.30%, 05/27/25 (Call 11/27/22)(b)

  400   404,875 

8.38%, 10/30/24 (Call 10/30/22)(b)

  200   207,062 

8.50%, 02/26/24 (Call 02/26/22)(b)

  400   416,125 
  

 

 

 
   13,628,118 
Colombia — 1.2% 

AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(b)(c)

  550   594,690 
Security Par
(000)
  Value 
Colombia (continued) 

Banco de Bogota SA
5.38%, 02/19/23(b)

 $200  $210,313 

6.25%, 05/12/26(b)

  600   657,000 

Bancolombia SA
4.63%, 12/18/29 (Call 12/18/24)(d)

  400   387,625 

4.88%, 10/18/27 (Call 10/18/22)(d)

  400   394,250 

Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b)

  200   212,000 

Grupo Aval Ltd., 4.38%, 02/04/30
(Call 11/04/29)(b)

  200   194,250 

Millicom International Cellular SA
5.13%, 01/15/28 (Call 09/15/22)(b)

  200   209,875 

6.25%, 03/25/29 (Call 03/25/24)(b)

  400   442,200 

6.63%, 10/15/26 (Call 10/15/21)(b)

  200   216,000 
  

 

 

 
   3,518,203 
Congo — 0.1% 

HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b)

  200   209,181 
  

 

 

 
Costa Rica — 0.1% 

Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(b)

  200   198,438 
  

 

 

 
Egypt — 0.1% 

Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)

  400   399,783 
  

 

 

 
Ghana — 0.1% 

Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b)

  200   171,750 

Tullow Oil PLC, 7.00%, 03/01/25
(Call 03/01/21)(b)

  400   206,375 
  

 

 

 
   378,125 
Guatemala — 0.2% 

Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 11/18/20)(b)

        600   613,500 
  

 

 

 
Hong Kong — 2.5% 

Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(d)(e)

  250   250,703 

Bank of East Asia Ltd. (The)
5.50%, (Call 12/02/20)(b)(d)(e)

  650   647,766 

5.88%, (Call 09/19/24)(b)(d)(e)

  250   254,141 

Celestial Dynasty Ltd., 4.25%, 06/27/29(b)

  800   807,500 

China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(b)(d)(e)

  400   432,375 

FWD Group Ltd.
5.75%, 07/09/24(b)

  200   205,062 

6.38%, (Call 09/13/24)(b)(d)(e)

  800   795,250 

Henderson Land MTN Ltd., 2.38%, 05/27/25(b)

  200   201,114 

Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(b)(d)(e)

  600   605,437 

Li & Fung Ltd., 5.25%, (Call 11/03/21)(b)(e)

  200   146,500 

Nanyang Commercial Bank Ltd., 5.00%,
(Call 06/02/22)(b)(d)(e)

  800   797,500 

New World China Land Ltd., 4.75%, 01/23/27(b)

  400   413,000 

NWD Finance BVI Ltd.
5.25%, (Call 03/22/26)(b)(d)(e)

  600   628,125 

6.25%, (Call 03/07/24)(b)(e)

  600   617,812 

NWD MTN Ltd., 4.13%, 07/18/29(b)

  800   807,750 
  

 

 

 
         7,610,035 
India — 1.8% 

ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28(b)

  600   582,168 

5.95%, 07/31/24(b)

  425   442,531 

Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b)

  400   432,125 
 

 

 

SCHEDULE   OF   INVESTMENTS

 33


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
India (continued)      

Delhi International Airport Ltd.
6.13%, 10/31/26(b)

 $200  $203,500 

6.45%, 06/04/29(b)

  200   201,125 

Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(b)

  200   137,000 

Greenko Dutch BV, 5.25%, 07/24/24 (Call 11/30/20)(b)(c)

  400   409,750 

Greenko Solar Mauritius Ltd.
5.55%, 01/29/25 (Call 01/29/21)(b)

  400   410,125 

5.95%, 07/29/26 (Call 07/29/22)(b)

  200   210,312 

JSW Steel Ltd., 5.95%, 04/18/24(b)

  400   409,000 

Network i2i Ltd., 5.65%, (Call 01/15/25)(b)(d)(e)

  200   200,300 

ReNew Power Synthetic, 6.67%, 03/12/24 (Call 03/12/21)(b)

  200   209,313 

Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(b)

  200   125,250 

Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 08/09/21)(b)

  400   234,500 

7.13%, 05/31/23(b)

  300   183,225 

Wynn Macau Ltd.
5.13%, 12/15/29 (Call 12/15/24)(b)

  800   740,000 

5.50%, 01/15/26 (Call 06/15/22)(b)

  200   193,750 
  

 

 

 
   5,323,974 
Indonesia — 0.7% 

Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b)

  500   494,219 

Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(b)

  400   375,125 

Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b) 

  800   774,750 

Saka Energi Indonesia PT, 4.45%, 05/05/24(b)

  400   366,625 

Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(b)

  181   199,200 
  

 

 

 
   2,209,919 
Israel — 2.0% 

Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(f)

  200   205,240 

6.50%, 06/30/27 (Call 12/30/26)(f)

  400   413,500 

6.75%, 06/30/30 (Call 12/30/29)(f)

  200   206,750 

Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22(c)

  350   338,406 

Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36

  100   100,000 

Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23

  1,375   1,304,078 

3.15%, 10/01/26

  1,600   1,404,000 

4.10%, 10/01/46(c)

      1,050   871,500 

6.00%, 04/15/24 (Call 01/15/24)

  400   400,069 

6.75%, 03/01/28 (Call 12/01/27)

  800   836,010 
  

 

 

 
         6,079,553 
Jamaica — 0.3% 

Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 11/16/20)(g)

  652   493,394 

Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24 (Call 05/25/21)(b)(c)

  200   199,500 

Digicel Ltd., 6.75%, 03/01/23 (Call 11/16/20)(b)

  400   248,000 
  

 

 

 
   940,894 
Jordan — 0.1% 

Hikma Finance USA LLC, 3.25%, 07/09/25(b)

  200   205,400 
  

 

 

 
Kazakhstan — 0.0% 

Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 11/30/20)(b)

  147   146,342 
  

 

 

 
Kuwait — 0.3% 

Burgan Bank SAK, 5.75%,
(Call 07/09/24)(b)(d)(e)

  200   197,563 
Security 

Par

(000)

  Value 
Kuwait (continued) 

Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(b)

 $400  $397,250 

4.50%, 02/23/27(b)

  200   198,687 
  

 

 

 
   793,500 
Luxembourg — 0.6% 

Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(b)

  400   388,000 

7.50%, 05/15/26 (Call 05/15/21)(b)

  1,400   1,463,140 
  

 

 

 
   1,851,140 
Macau — 1.3% 

Melco Resorts Finance Ltd.
5.25%, 04/26/26 (Call 04/26/22)(b)

  800   804,000 

5.38%, 12/04/29 (Call 12/04/24)(b)

  600   578,250 

5.75%, 07/21/28 (Call 07/21/23)(b)

  200   199,698 

MGM China Holdings Ltd.
5.25%, 06/18/25 (Call 06/18/22)(b)

  200   200,312 

5.38%, 05/15/24 (Call 05/15/21)(b)

  800   817,650 

Studio City Finance Ltd.
6.00%, 07/15/25 (Call 07/15/22)(b)

  400   400,500 

6.50%, 01/15/28 (Call 07/15/23)(b)

  200   197,040 

Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/30/20)(b)

  400   390,000 

5.50%, 10/01/27 (Call 10/01/22)(b)

  200   187,190 

5.63%, 08/26/28 (Call 08/26/23)(f)

  200   191,250 
  

 

 

 
         3,965,890 
Mexico — 8.4% 

Axtel SAB de CV, 6.38%, 11/14/24 (Call 11/30/20)(b)(c)

  200   208,000 

Banco Mercantil del Norte SA/Grand Cayman
6.75%, (Call 09/27/24)(b)(d)(e)

  500   498,125 

7.50%, (Call 06/27/29)(b)(d)(e)

  200   199,320 

BBVA Bancomer SA/Texas
5.13%, 01/18/33 (Call 01/17/28)(b)(d)

  600   591,000 

5.88%, 09/13/34 (Call 09/13/29)(b)(d)

  350   364,437 

Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(b) 

  400   378,208 

Cemex SAB de CV
5.20%, 09/17/30 (Call 09/17/25)(b)

  400   422,060 

5.45%, 11/19/29 (Call 11/19/24)(b)(c)

  400   423,120 

5.70%, 01/11/25 (Call 11/30/20)(b)

  400   408,875 

7.38%, 06/05/27 (Call 06/05/23)(b)

  400   441,000 

7.75%, 04/16/26 (Call 04/16/21)(b)

  600   634,800 

Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)(b)(d)(e)

  200   212,438 

Nemak SAB de CV, 4.75%, 01/23/25 (Call 01/23/21)(b)

  200   204,206 

Petroleos Mexicanos
4.50%, 01/23/26(c)

  200   176,360 

4.88%, 01/18/24(c)

  1,000   976,919 

5.35%, 02/12/28

  200   170,838 

5.95%, 01/28/31 (Call 10/28/30)

  2,500   2,089,375 

6.35%, 02/12/48

  100   75,703 

6.49%, 01/23/27 (Call 11/23/26)

  200   186,050 

6.50%, 03/13/27

      3,500   3,230,937 

6.50%, 01/23/29

  200   178,420 

6.63%, 06/15/35

  400   329,424 

6.75%, 09/21/47

  3,850   2,981,825 

6.84%, 01/23/30 (Call 10/23/29)

  2,800   2,503,463 

6.88%, 08/04/26

  2,300   2,207,770 

6.95%, 01/28/60 (Call 07/28/59)

  2,300   1,798,600 

7.69%, 01/23/50 (Call 07/23/49)

  4,500   3,734,775 
  

 

 

 
   25,626,048 
 

 

 

34 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Morocco — 0.5%      

OCP SA
5.63%, 04/25/24(b)

 $800  $869,750 

6.88%, 04/25/44(b)

  400   501,000 
  

 

 

 
   1,370,750 
Nigeria — 0.2% 

IHS Netherlands Holdco BV
7.13%, 03/18/25 (Call 09/18/21)(b)

  200   201,937 

8.00%, 09/18/27 (Call 09/18/22)(b)

  400   407,500 
  

 

 

 
   609,437 
Oman — 0.3% 

National Bank of Oman SAOG,
5.63%, 09/25/23(b)

  200   199,687 

Oztel Holdings SPC Ltd.
5.63%, 10/24/23(b)

  400   399,000 

6.63%, 04/24/28(b)

  300   293,625 
  

 

 

 
   892,312 
Panama — 0.4% 

C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)(b)(c)

  800   842,400 

7.50%, 10/15/26 (Call 10/15/21)(b)

  400   422,520 
  

 

 

 
   1,264,920 
Paraguay — 0.1% 

Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)(b)

  200   211,188 
  

 

 

 
Peru — 0.6% 

Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b)

  400   400,250 

Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(b)(c)

  200   207,625 

Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(b)

  600   633,900 

Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(b) 

  200   206,375 

Peru LNG Srl, 5.38%, 03/22/30(b)

  400   304,125 
  

 

 

 
         1,752,275 
Philippines — 0.8% 

JGSH Philippines Ltd.
4.13%, 07/09/30(b)

  200   204,000 

4.38%, 01/23/23(b)

  400   422,216 

Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(b)(d)(e)

  400   364,250 

Petron Corp., 4.60%, (Call 07/19/23)(b)(d)(e)

  200   186,312 

San Miguel Crop., 5.50%,
(Call 07/29/25)(b)(d)(e)

  400   397,000 

SMC Global Power Holdings Corp., 6.50%, (Call 04/25/24)(b)(d)(e)

      1,000   987,500 
  

 

 

 
   2,561,278 
Russia — 2.0% 

Alfa Bank AO Via Alfa Bond Issuance PLC
5.95%, 04/15/30 (Call 04/15/25)(b)(d)

  600   591,937 

6.95%, (Call 04/30/23)(b)(d)(e)

  200   199,000 

Credit Bank of Moscow Via CBOM Finance PLC, 8.88%, (Call 11/10/22)(b)(d)(e)

  400   369,000 

Eurochem Finance DAC, 5.50%, 03/13/24(b)

  400   437,000 

Evraz PLC
5.25%, 04/02/24(b)

  400   435,250 

5.38%, 03/20/23(b)

  200   213,500 

Metalloinvest Finance DAC, 4.85%, 05/02/24(b)

  400   431,750 

Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(b)

  200   199,250 

Polyus Finance PLC, 5.25%, 02/07/23(b)

  400   425,625 

Uralkali OJSC Via Uralkali Finance DAC,
4.00%, 10/22/24(b)

  400   413,875 

VEON Holdings BV

  

4.00%, 04/09/25 (Call 01/09/25)(b)

  400   417,625 
Security 

Par

(000)

  Value 
Russia (continued)      

4.95%, 06/16/24 (Call 03/16/24)(b)

 $400  $431,250 

5.95%, 02/13/23(b)

  400   432,375 

VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(d)(e) 

      1,050   1,130,391 
  

 

 

 
   6,127,828 
Saudi Arabia — 0.2% 

Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(b)

  600   570,938 
  

 

 

 
Singapore — 0.1% 

Olam International Ltd., 5.35%,
(Call 07/20/21)(b)(d)(e)

  200   199,688 
  

 

 

 
South Africa — 1.2% 

Eskom Holdings SOC Ltd.
6.35%, 08/10/28(b)

  400   412,375 

6.75%, 08/06/23(b)

  617   583,451 

7.13%, 02/11/25(b)

  460   430,675 

FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(d)

  200   205,000 

Gold Fields Orogen Holdings BVI Ltd.
5.13%, 05/15/24 (Call 04/15/24)(b)

  200   218,500 

6.13%, 05/15/29 (Call 02/15/29)(b)

  200   238,125 

MTN Mauritius Investments Ltd., 4.76%, 11/11/24(b)

  600   615,187 

Sasol Financing USA LLC
5.88%, 03/27/24 (Call 02/27/24)(c)

  600   576,188 

6.50%, 09/27/28 (Call 06/27/28)

  400   383,000 
  

 

 

 
         3,662,501 
South Korea — 0.2% 

Woori Bank
4.25%, (Call 10/04/24)(b)(d)(e)

  400   411,250 

5.25%, (Call 05/16/22)(b)(d)(e)

  200   207,500 
  

 

 

 
   618,750 
Thailand — 0.3% 

Bangkok Bank PCL/Hong Kong, 3.73%, 09/25/34 (Call 09/25/29)(b)(d)

  600   588,750 

Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(b)(d)

  400   391,750 
  

 

 

 
   980,500 
Togo — 0.1% 

Ecobank Transnational Inc., 9.50%, 04/18/24(b)

  200   207,625 
  

 

 

 
Turkey — 2.7% 

Akbank T.A.S.
5.13%, 03/31/25(b)

  200   184,250 

6.80%, 02/06/26(b)

  200   192,563 

7.20%, 03/16/27 (Call 03/16/22)(b)(d)

  200   181,375 

Arcelik AS, 5.00%, 04/03/23(b)

  200   199,000 

KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)(b)

  400   397,625 

6.50%, 03/11/25 (Call 12/11/24)(b)

  400   403,000 

Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(b)

  200   202,063 

QNB Finansbank AS, 6.88%, 09/07/24(b)

  400   405,875 

Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b)

  400   365,500 

Turk Telekomunikasyon AS
4.88%, 06/19/24(b)

  200   192,563 

6.88%, 02/28/25(b)

  200   203,562 

Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(b)

  400   397,250 

5.80%, 04/11/28 (Call 01/11/28)(b)

  200   192,375 
 

 

 

SCHEDULE   OF   INVESTMENTS

 35


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Turkey (continued)      

Turkiye Garanti Bankasi AS
5.88%, 03/16/23(b)

 $300  $295,406 

6.13%, 05/24/27 (Call 05/24/22)(b)(d)

  400   354,375 

Turkiye Is Bankasi AS
6.13%, 04/25/24(b)

  800   754,750 

7.00%, 06/29/28 (Call 06/29/23)(b)(d)

  200   179,125 

7.75%, 01/22/30 (Call 01/22/25)(b)(d)

  200   181,625 

Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b)

  300   302,156 

Turkiye Vakiflar Bankasi TAO
5.75%, 01/30/23(b)

  300   288,187 

8.13%, 03/28/24(b)

  600   599,625 

Yapi ve Kredi Bankasi AS
5.50%, 12/06/22(b)

  600   579,375 

5.85%, 06/21/24(b)

  300   282,656 

6.10%, 03/16/23(b)

  200   195,000 

8.25%, 10/15/24(b)

  200   202,500 

8.50%, 03/09/26 (Call 03/09/21)(b)(d)

  200   197,250 

13.88%, (Call 01/15/24)(b)(d)(e)

  200   208,000 
  

 

 

 
   8,137,031 
Ukraine — 0.3% 

Metinvest BV
7.75%, 10/17/29(b)

  200   190,625 

8.50%, 04/23/26 (Call 01/23/26)(b)

  400   402,375 

MHP SE, 7.75%, 05/10/24(b)

  400   416,375 
  

 

 

 
         1,009,375 
United Arab Emirates — 1.3% 

ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(b)(d)(e)

  400   429,500 

DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(b)(d)(e)

  400   418,000 

DP World Salaam, 6.00%,
(Call 10/01/25)(b)(d)(e)

  600   627,000 

Emaar Sukuk Ltd.
3.64%, 09/15/26(b)

  200   193,687 

3.88%, 09/17/29(b)

  200   187,688 

EMG SUKUK Ltd., 4.56%, 06/18/24(b)

  400   414,625 

Emirates NBD Bank PJSC
6.13%, (Call 03/20/25)(b)(d)(e)

  600   617,812 

6.13%, (Call 04/26/26)(b)(d)(e)

  400   415,875 

GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(b)

  400   396,125 

Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(b)

  500   160,000 
  

 

 

 
   3,860,312 
Vietnam — 0.1% 

Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(b)

  250   254,766 
  

 

 

 
Zambia — 0.9% 

First Quantum Minerals Ltd.
6.88%, 03/01/26 (Call 03/01/21)(b)

      1,000   994,062 

6.88%, 10/15/27 (Call 10/15/23)(f)

  600   599,250 

7.25%, 04/01/23 (Call 11/30/20)(b)

  1,200   1,206,375 
  

 

 

 
   2,799,687 
  

 

 

 

Total Corporate Bonds & Notes — 51.8%
(Cost: $159,685,779)

   157,164,425 
  

 

 

 

Foreign Government Obligations(a)

  

Angola — 0.9%

  

Angolan Government International Bond 8.00%, 11/26/29(b)

  1,200   922,500 
Security 

Par

(000)

  Value 
Angola (continued) 

9.13%, 11/26/49(b)

 $1,200  $910,500 

9.50%, 11/12/25(b)

  1,200   1,024,500 
  

 

 

 
   2,857,500 
Argentina — 3.3% 

Argentine Republic Government International Bond
0.13%, 07/09/30 (Call 11/30/20)(h)

  7,133   2,585,647 

0.13%, 07/09/35 (Call 11/30/20)(h)

  9,096   2,978,726 

0.13%, 01/09/38 (Call 11/30/20)(h)

  5,106   1,892,508 

0.13%, 07/09/41 (Call 11/30/20)(c)(h)

  4,950   1,677,122 

0.13%, 07/09/46 (Call 11/30/20)(h)

  900   293,400 

1.00%, 07/09/29 (Call 11/30/20)(c)

      1,199   491,638 
  

 

 

 
   9,919,041 
Azerbaijan — 0.5% 

Republic of Azerbaijan International Bond
3.50%, 09/01/32(b)

  150   145,031 

4.75%, 03/18/24(b)

  800   844,000 

State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(b)

  400   415,625 
  

 

 

 
         1,404,656 
Bahrain — 2.2% 

Bahrain Government International Bond
5.45%, 09/16/32(b)

  400   391,125 

5.63%, 09/30/31(b)

  400   395,500 

6.00%, 09/19/44(b)

  800   745,750 

6.13%, 08/01/23(b)

  1,000   1,064,687 

6.75%, 09/20/29(b)

  600   649,312 

7.00%, 01/26/26(b)

  600   677,437 

7.00%, 10/12/28(b)

  900   991,969 

7.38%, 05/14/30(b)

  200   221,438 

CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(b)

  600   632,062 

CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(b)

  200   225,563 

CBB International Sukuk Programme Co. SPC
3.95%, 09/16/27(b)

  500   496,250 

4.50%, 03/30/27(b)

  200   204,688 
  

 

 

 
   6,695,781 
Bolivia — 0.1% 

Bolivian Government International Bond, 4.50%, 03/20/28(b)(c) 

  400   346,875 
  

 

 

 
Brazil — 5.5% 

Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b)

  600   661,875 

Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28(b) 

  480   505,350 

Brazilian Government International Bond
2.63%, 01/05/23

  1,100   1,137,469 

2.88%, 06/06/25

  200   202,263 

3.88%, 06/12/30(c)

  1,000   1,012,500 

4.25%, 01/07/25(c)

  1,948   2,109,319 

4.50%, 05/30/29 (Call 02/28/29)

  800   858,250 

4.63%, 01/13/28 (Call 10/13/27)

  1,400   1,515,500 

4.75%, 01/14/50 (Call 07/14/49)

  1,150   1,128,437 

5.00%, 01/27/45(c)

  1,526   1,569,396 

5.63%, 01/07/41

  917   1,004,688 

5.63%, 02/21/47

  1,300   1,425,125 

6.00%, 04/07/26

  1,014   1,176,874 

7.13%, 01/20/37

  760   952,850 

8.25%, 01/20/34

  650   879,937 

8.88%, 04/15/24

  520   642,525 
  

 

 

 
   16,782,358 
 

 

 

36 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Costa Rica — 0.6%      

Costa Rica Government International Bond
4.25%, 01/26/23(b)

 $400  $364,500 

6.13%, 02/19/31(b)(c)

  600   495,562 

7.00%, 04/04/44(b)

  462   359,494 

7.16%, 03/12/45(b)

  600   473,625 
  

 

 

 
   1,693,181 
Dominican Republic — 2.8% 

Dominican Republic International Bond
4.50%, 01/30/30(b)

  300   302,719 

4.88%, 09/23/32(b)

  402   409,663 

5.50%, 01/27/25(b)

  700   747,906 

5.88%, 04/18/24(b)

  540   571,050 

5.88%, 01/30/60(b)

  1,550   1,487,516 

5.95%, 01/25/27(b)(c)

  700   763,656 

6.00%, 07/19/28(b)(c)

  750   827,110 

6.40%, 06/05/49(b)

  600   610,500 

6.50%, 02/15/48(b)

  450   463,078 

6.85%, 01/27/45(b)

  890   955,081 

6.88%, 01/29/26(b)

  700   789,906 

7.45%, 04/30/44(b)

  600   685,500 
  

 

 

 
   8,613,685 
Ecuador — 1.4% 

Ecuador Government International Bond
0.00%, 07/31/30(f)

  441   198,757 

0.50%, 07/31/30(f)(h)

  1,652   1,090,386 

0.50%, 07/31/35(f)(h)

  3,900   2,145,000 

0.50%, 07/31/40(f)(h)

  1,500   742,969 
  

 

 

 
   4,177,112 
Egypt — 2.9% 

Egypt Government International Bond
5.58%, 02/21/23(b)

  600   616,688 

5.75%, 05/29/24(b)

  600   613,875 

5.88%, 06/11/25(b)

  800   820,750 

6.59%, 02/21/28(b)

  414   416,717 

7.05%, 01/15/32(b)

  400   391,000 

7.50%, 01/31/27(b)

  1,000   1,057,812 

7.60%, 03/01/29(b)

  600   624,000 

7.63%, 05/29/32(b)

  800   809,750 

7.90%, 02/21/48(b)

  800   758,750 

8.50%, 01/31/47(b)

      1,100         1,091,750 

8.70%, 03/01/49(b)

  800   803,750 

8.88%, 05/29/50(b)

  800   807,750 
  

 

 

 
   8,812,592 
El Salvador — 0.4% 

El Salvador Government International Bond
7.12%, 01/20/50 (Call 07/20/49)(b)

  550   414,734 

7.65%, 06/15/35(b)

  400   317,250 

9.50%, 07/15/52 (Call 01/15/52)(b)

  400   347,375 
  

 

 

 
   1,079,359 
Ethiopia — 0.1% 

Ethiopia International Bond, 6.63%, 12/11/24(b)

  400   402,000 
  

 

 

 
Gabon — 0.2% 

CBB International Sukuk Programme Co. SPC, 6.25%, 11/14/24(b)

  200   215,625 

Gabon Government International Bond, 6.63%, 02/06/31(b)

  400   356,875 
  

 

 

 
   572,500 
Security 

Par

(000)

  Value 
Ghana — 1.2%      

Ghana Government International Bond
6.38%, 02/11/27(b)

 $400  $370,750 

7.63%, 05/16/29(b)

  800   740,000 

8.13%, 01/18/26(b)

  470   471,909 

8.13%, 03/26/32(b)

  900   826,031 

8.63%, 06/16/49(b)

  400   350,000 

8.95%, 03/26/51(b)

  500   447,969 

10.75%, 10/14/30(b)

  400   489,250 
  

 

 

 
   3,695,909 
Guatemala — 0.3% 

Guatemala Government Bond, 6.13%, 06/01/50(Call 12/01/49)(b)(c)

  700   863,844 
  

 

 

 
Iraq — 0.5% 

Iraq International Bond, 5.80%, 01/15/28(Call 12/14/20)(b)

  1,641   1,414,526 
  

 

 

 
Ivory Coast — 0.5% 

Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 12/31/20)(b)(h)

  332   323,493 

6.13%, 06/15/33(b)

  600   604,500 

6.38%, 03/03/28(b)

  500   523,906 
  

 

 

 
   1,451,899 
Jamaica — 0.8% 

Jamaica Government International Bond
6.75%, 04/28/28(c)

  600   690,188 

7.88%, 07/28/45

  900   1,166,906 

8.00%, 03/15/39

  500   663,281 
  

 

 

 
   2,520,375 
Jordan — 0.6% 

Jordan Government International Bond
5.75%, 01/31/27(b)

  600   617,625 

5.85%, 07/07/30(b)

  500   502,500 

6.13%, 01/29/26(b)

  400   420,375 

7.38%, 10/10/47(b)

  400   412,375 
  

 

 

 
   1,952,875 
Kenya — 0.8% 

Kenya Government International Bond
6.88%, 06/24/24(b)

      1,200   1,266,750 

8.00%, 05/22/32(b)

  600   629,437 

8.25%, 02/28/48(b)

  600   611,250 
  

 

 

 
   2,507,437 

Lebanon — 0.2%

 

Lebanon Government International Bond
6.00%, 01/27/23(b)(i)

  500   68,906 

6.10%, 10/04/22(b)(i)

  700   96,010 

6.60%, 11/27/26(b)(i)

  700   96,469 

6.65%, 02/26/30(b)(i)

  640   86,600 

6.75%, 11/29/27(b)(i)

  500   68,906 

6.85%, 03/23/27(b)(i)

  650   89,578 

7.00%, 03/23/32(b)(i)

  500   66,084 
  

 

 

 
   572,553 
Malaysia — 0.6% 

1MDB Global Investments Ltd.,
4.40%, 03/09/23(b)

  2,000         1,990,000 
  

 

 

 
Mongolia — 0.1% 

Mongolia Government International Bond, 5.13%, 12/05/22(b) 

  200   205,063 
  

 

 

 

Nigeria — 1.3%

  

Nigeria Government International Bond 6.50%, 11/28/27(b)

  800   774,000 
 

 

 

SCHEDULE   OF   INVESTMENTS

 37


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Nigeria (continued)      

7.14%, 02/23/30(b)

 $514  $496,492 

7.63%, 11/21/25(b)

  500   524,844 

7.63%, 11/28/47(b)

  600   546,375 

7.70%, 02/23/38(b)

  600   552,375 

7.88%, 02/16/32(b)

  600   581,438 

8.75%, 01/21/31(b)

  600   621,937 
  

 

 

 
   4,097,461 
Oman — 2.6% 

Oman Government International Bond
4.75%, 06/15/26(b)

  2,500   2,282,031 

5.38%, 03/08/27(b)

  200   182,875 

5.63%, 01/17/28(b)

  2,000   1,830,625 

6.50%, 03/08/47(b)

  800   647,000 

6.75%, 01/17/48(b)

  1,400   1,143,625 

Oman Sovereign Sukuk Co.
4.40%, 06/01/24(b)

  200   199,688 

5.93%, 10/31/25(b)

      1,400         1,473,500 
  

 

 

 
   7,759,344 
Pakistan — 0.5% 

Pakistan Government International Bond
6.88%, 12/05/27(b)

  800   777,250 

8.25%, 04/15/24(b)

  677   707,465 
  

 

 

 
   1,484,715 
Paraguay — 0.4% 

Paraguay Government International Bond
4.95%, 04/28/31 (Call 01/28/31)(b)

  400   466,525 

6.10%, 08/11/44(b)

  600   774,375 
  

 

 

 
   1,240,900 
Senegal — 0.3% 

Senegal Government International Bond
6.25%, 05/23/33(b)

  500   508,438 

6.75%, 03/13/48(b)

  400   390,000 
  

 

 

 
   898,438 
South Africa — 2.6% 

Republic of South Africa Government International Bond
4.30%, 10/12/28

  800   776,000 

4.67%, 01/17/24(c)

  600   623,625 

4.85%, 09/27/27

  600   609,000 

4.85%, 09/30/29

  900   891,562 

4.88%, 04/14/26

  500   518,594 

5.00%, 10/12/46(c)

  400   336,625 

5.38%, 07/24/44

  500   442,969 

5.65%, 09/27/47

  600   540,938 

5.75%, 09/30/49

  1,300   1,171,625 

5.88%, 09/16/25

  986   1,075,664 

5.88%, 06/22/30

  800   845,000 
  

 

 

 
   7,831,602 
Sri Lanka — 0.8% 

Sri Lanka Government International Bond
5.75%, 04/18/23(b)

  400   230,000 

6.20%, 05/11/27(b)

  800   430,000 

6.75%, 04/18/28(b)

  500   267,969 

6.83%, 07/18/26(b)

  400   217,125 

6.85%, 03/14/24(b)

  500   284,062 

6.85%, 11/03/25(b)

  700   388,937 

7.55%, 03/28/30(b)

  600   324,375 

7.85%, 03/14/29(b)

  700   378,219 
  

 

 

 
   2,520,687 
Security 

Par

(000)

  Value 
Trinidad And Tobago — 0.1%      

Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(b)

 $400  $418,000 
  

 

 

 
Tunisia — 0.1% 

Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(b) 

  400   336,625 
  

 

 

 
Turkey — 8.1% 

Hazine Mustesarligi Varlik Kiralama AS, 5.00%, 04/06/23(b)

  1,000   976,250 

Turkey Government International Bond
3.25%, 03/23/23

  700   660,844 

4.25%, 03/13/25(c)

  1,000   912,188��

4.25%, 04/14/26

  600   533,438 

4.88%, 10/09/26

  1,310   1,181,456 

4.88%, 04/16/43

  1,379   1,008,394 

5.13%, 02/17/28

  800   711,250 

5.25%, 03/13/30

  800   698,000 

5.60%, 11/14/24

  1,100   1,056,687 

5.75%, 03/22/24

  1,050   1,018,828 

5.75%, 05/11/47

  1,626   1,264,215 

6.00%, 03/25/27

  1,521   1,434,018 

6.00%, 01/14/41

  1,303   1,055,430 

6.13%, 10/24/28

  800   747,750 

6.35%, 08/10/24

  950   936,641 

6.38%, 10/14/25

  1,200   1,170,000 

6.63%, 02/17/45

  1,279   1,103,537 

6.75%, 05/30/40

  875   775,195 

6.88%, 03/17/36

  1,291   1,189,334 

7.25%, 12/23/23

  1,000   1,021,562 

7.25%, 03/05/38

  450   425,391 

7.38%, 02/05/25

  1,470   1,504,453 

7.63%, 04/26/29

  1,400   1,411,812 

8.00%, 02/14/34(c)

  713   731,716 

11.88%, 01/15/30(c)

  800   1,033,000 
  

 

 

 
   24,561,389 
Ukraine — 2.0% 

Ukraine Government International Bond
7.25%, 03/15/33(f)

  900   846,000 

7.38%, 09/25/32(b)

      1,300         1,244,750 

7.75%, 09/01/23(b)

  675   700,987 

7.75%, 09/01/24(b)

  518   534,997 

7.75%, 09/01/25(b)

  636   650,310 

7.75%, 09/01/26(b)

  500   505,313 

7.75%, 09/01/27(b)

  600   604,125 

9.75%, 11/01/28(b)

  800   869,750 
  

 

 

 
   5,956,232 
Venezuela — 0.3% 

Venezuela Government International Bond
7.65%, 04/21/25(b)(i)

  658   57,575 

9.00%, 05/07/23(b)(i)

  1,037   90,738 

9.25%, 09/15/27(i)

  1,962   171,675 

9.38%, 01/13/34(i)

  730   63,875 

11.75%, 10/21/26(b)(i)

  1,435   125,562 

11.95%, 08/05/31(b)(i)

  2,030   177,625 

12.75%, 08/23/22(b)(i)

  1,430   125,125 
  

 

 

 
   812,175 
Vietnam — 0.2% 

Vietnam Government International Bond, 4.80%, 11/19/24(b)

  600   669,578 
  

 

 

 
 

 

 

38 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security Par/
Shares
(000)
  Value 
Zambia — 0.1%      

Zambia Government International Bond
8.50%, 04/14/24(b)

 $400  $172,500 

8.97%, 07/30/27(b)

  600   252,000 
  

 

 

 
   424,500 
  

 

 

 

Total Foreign Government Obligations — 45.9%
(Cost: $160,550,797)

 

  139,542,767 
  

 

 

 

Short-Term Investments

  

Money Market Funds — 7.1%

  

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.20%(j)(k)(l)

      17,248   17,259,777 

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.04%(j)(k)

  4,109   4,109,000 
  

 

 

 
   21,368,777 
  

 

 

 

Total Short-Term Investments — 7.1%
(Cost: $21,370,592)

 

  21,368,777 
  

 

 

 

Total Investments in Securities — 104.8%
(Cost: $341,607,168)

 

        318,075,969 

Other Assets, Less Liabilities — (4.8)%

 

  (14,491,942
  

 

 

 

Net Assets — 100.0%

  $  303,584,027 
  

 

 

 

 

 

 

(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) 

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

(e) 

Perpetual security with no stated maturity date.

(f) 

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.

(g) 

Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

(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) 

Issuer filed for bankruptcy and/or is in default.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period-end.

(l) 

All or a portion of this security was purchased with cash collateral received from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer Value at
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Net Realized
Gain (Loss)
  Change in
Unrealized
Appreciation
(Depreciation)
  Value at
10/31/20
  Shares
Held at
10/31/20
(000)
  Income  Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

 $  $17,267,883(a)  $  $(6,291 $(1,815 $17,259,777   17,248  $23,294(b)  $ 

BlackRock Cash Funds: Treasury, SL Agency Shares

  3,849,000   260,000(a)            4,109,000   4,109   35,632    
    

 

 

  

 

 

  

 

 

   

 

 

  

 

 

 
    $(6,291 $(1,815 $21,368,777   $58,926  $ 
    

 

 

  

 

 

  

 

 

   

 

 

  

 

 

 

 

 (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. For 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 value of the Fund’s investments according to the fair value hierarchy as of October 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                    

 

 
   Level 1   Level 2   Level 3   Total 

 

 

Investments

        

Assets

        

Corporate Bonds & Notes

  $   $157,164,425   $   $157,164,425 

Foreign Government Obligations

       139,542,767        139,542,767 

Money Market Funds

   21,368,777            21,368,777 
  

 

 

   

 

 

   

 

 

   

 

 

 
  $21,368,777   $296,707,192   $   $318,075,969 
  

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

SCHEDULE   OF   INVESTMENTS

 39


Schedule of Investments  

October 31, 2020

  

iShares® J.P. Morgan EM Local Currency Bond ETF

(Percentages shown are based on Net Assets)

 

Security     

Par

(000)

  Value 

Foreign Government Obligations

 

 
Brazil — 6.0%         

Brazil Letras do Tesouro Nacional
0.00%, 01/01/22(a)

  BRL   17,524  $    2,919,337 

0.00%, 07/01/22(a)

  BRL   13,000   2,096,704 

0.00%, 07/01/23(a)

  BRL   26,000   3,873,114 

0.00%, 01/01/24(a)

  BRL   41,000   5,848,731 

Brazil Notas do Tesouro Nacional

   

Series F, 10.00%, 01/01/23

  BRL   26,557   5,042,667 

Series F, 10.00%, 01/01/25

  BRL   20,399   3,957,468 

Series F, 10.00%, 01/01/27

  BRL   17,193   3,356,808 

Series F, 10.00%, 01/01/29

  BRL   9,263   1,822,941 

Series F, 10.00%, 01/01/31

  BRL   2,000   395,623 

Brazilian Government International Bond
8.50%, 01/05/24

  BRL   500   95,170 

10.25%, 01/10/28

  BRL   1,420   291,447 

12.50%, 01/05/22

  BRL   707   136,294 
  

 

 

 
    29,836,304 
Chile — 4.5%         

Bonos de la Tesoreria de la Republica en pesos
2.50%, 03/01/25

  CLP   3,410,000   4,627,518 

4.00%, 03/01/23(b)(c)

  CLP   1,460,000   2,035,398 

4.50%, 03/01/26

  CLP   2,700,000   4,017,681 

4.70%, 09/01/30(b)(c)

  CLP   2,000,000   3,038,677 

5.00%, 03/01/35

  CLP   2,950,000   4,568,062 

6.00%, 01/01/43

  CLP   2,320,000   4,133,054 
  

 

 

 
    22,420,390 
China — 11.9%         

China Government Bond
1.99%, 04/09/25

  CNY   39,350   5,620,208 

2.36%, 07/02/23

  CNY   32,980   4,849,586 

2.68%, 05/21/30

  CNY   33,170   4,745,437 

2.85%, 06/04/27

  CNY   35,380   5,153,559 

2.94%, 10/17/24

  CNY   30,920   4,619,018 

3.12%, 12/05/26

  CNY   34,190   5,093,158 

3.13%, 11/21/29

  CNY   28,130   4,174,640 

3.19%, 04/11/24

  CNY   29,820   4,488,432 

3.22%, 12/06/25

  CNY   25,410   3,834,939 

3.25%, 06/06/26

  CNY   29,590   4,459,154 

3.25%, 11/22/28

  CNY   22,650   3,390,049 

3.29%, 10/18/23

  CNY   22,730   3,434,246 

3.29%, 05/23/29

  CNY   38,070   5,713,115 
  

 

 

 
    59,575,541 
Colombia — 4.3%         

Colombia Government International Bond, 9.85%, 06/28/27

  COP   745,000   249,035 

Colombian TES
5.75%, 11/03/27

  COP   4,281,800   1,144,872 

6.00%, 04/28/28

  COP   11,091,900   2,998,034 

6.25%, 11/26/25

  COP   5,636,100   1,588,867 

7.00%, 05/04/22

  COP   10,139,900   2,801,550 

7.00%, 06/30/32

  COP   6,515,700   1,795,002 

7.25%, 10/18/34

  COP   7,907,900   2,190,328 

7.25%, 10/26/50

  COP   2,696,500   713,509 

7.50%, 08/26/26

  COP   10,394,500   3,077,516 

7.75%, 09/18/30

  COP   6,827,500   2,024,015 

10.00%, 07/24/24

  COP   9,374,000   2,960,021 
  

 

 

 
    21,542,749 
Security     

Par

(000)

  Value 
Czech Republic — 4.4%         

Czech Republic Government Bond
0.25%, 02/10/27

  CZK   57,830  $    2,387,961 

0.45%, 10/25/23(c)

  CZK   45,540   1,949,091 

0.95%, 05/15/30(c)

  CZK   44,610   1,898,392 

1.00%, 06/26/26(c)

  CZK   53,700   2,334,768 

1.20%, 03/13/31

  CZK   28,510   1,237,403 

2.00%, 10/13/33

  CZK   51,320   2,433,099 

2.40%, 09/17/25(c)

  CZK   44,010   2,044,005 

2.50%, 08/25/28(c)

  CZK   48,990   2,353,841 

2.75%, 07/23/29

  CZK   41,980   2,072,271 

4.70%, 09/12/22(c)

  CZK   34,170   1,588,352 

5.70%, 05/25/24(c)

  CZK   32,390   1,647,722 
  

 

 

 
    21,946,905 
Dominican Republic — 4.4%         

Dominican Republic International Bond
8.90%, 02/15/23(c)

  DOP   474,150   8,128,170 

9.75%, 06/05/26(c)

  DOP   789,150   13,797,980 
  

 

 

 
    21,926,150 
Hungary — 4.3%         

Hungary Government Bond
1.00%, 11/26/25

  HUF   617,950   1,910,669 

1.50%, 08/23/23

  HUF   293,560   937,478 

1.75%, 10/26/22

  HUF   331,050   1,066,398 

2.50%, 10/24/24

  HUF   622,510   2,062,917 

2.75%, 12/22/26

  HUF   557,540   1,873,210 

3.00%, 06/26/24

  HUF   442,420   1,486,938 

3.00%, 10/27/27

  HUF   607,770   2,080,197 

3.00%, 08/21/30

  HUF   518,860   1,766,727 

3.00%, 10/27/38

  HUF   240,870   816,703 

3.25%, 10/22/31

  HUF   382,290   1,323,734 

5.50%, 06/24/25

  HUF   512,500   1,922,931 

6.00%, 11/24/23

  HUF   506,670   1,833,753 

6.75%, 10/22/28

  HUF   346,800   1,493,368 

7.00%, 06/24/22

  HUF   325,530   1,140,237 
  

 

 

 
    21,715,260 
Indonesia — 7.5%         

Indonesia Treasury Bond
5.63%, 05/15/23

  IDR   24,773,000   1,723,523 

6.13%, 05/15/28

  IDR   23,496,000   1,566,400 

6.50%, 06/15/25

  IDR   37,239,000   2,648,107 

6.63%, 05/15/33

  IDR   16,767,000   1,105,189 

7.00%, 05/15/22

  IDR   21,359,000   1,515,211 

7.00%, 05/15/27

  IDR   29,816,000   2,113,113 

7.00%, 09/15/30

  IDR   33,363,000   2,347,386 

7.50%, 08/15/32

  IDR   14,739,000   1,037,525 

7.50%, 06/15/35

  IDR   19,371,000   1,365,076 

7.50%, 05/15/38

  IDR   15,632,000   1,076,871 

7.50%, 04/15/40

  IDR   9,072,000   634,265 

8.13%, 05/15/24

  IDR   16,521,000   1,229,049 

8.25%, 05/15/29

  IDR   27,927,000   2,108,130 

8.25%, 06/15/32

  IDR   8,396,000   618,577 

8.25%, 05/15/36

  IDR   20,595,000   1,515,229 

8.38%, 03/15/24

  IDR   34,597,000   2,583,243 

8.38%, 09/15/26

  IDR   24,637,000   1,880,835 

8.38%, 03/15/34

  IDR   32,781,000   2,451,010 

8.38%, 04/15/39

  IDR   14,672,000   1,093,503 

8.75%, 05/15/31

  IDR   16,167,000   1,249,143 

9.00%, 03/15/29

  IDR   19,168,000   1,499,363 

9.50%, 07/15/31

  IDR   5,720,000   459,947 
 

 

 

40 

2 0 2 0   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments  (continued)

October 31, 2020

  

iShares® J.P. Morgan EM Local Currency Bond ETF

(Percentages shown are based on Net Assets)

 

Security     

Par

(000)

  Value 
Indonesia (continued)         

10.50%, 08/15/30

  IDR   6,985,000  $600,591 

11.00%, 09/15/25

  IDR   8,194,000   682,133 

Perusahaan Penerbit SBSN Indonesia
6.63%, 10/15/24

  IDR   11,181,000   799,155 

8.25%, 09/15/23

  IDR   8,832,000   649,309 

8.88%, 11/15/31

  IDR   13,500,000       1,038,525 
  

 

 

 
    37,590,408 
Malaysia — 4.5%         

Malaysia Government Bond
3.48%, 03/15/23

  MYR   3,759   939,897 

3.48%, 06/14/24

  MYR   1,666   422,314 

3.50%, 05/31/27

  MYR   6,087   1,567,734 

3.73%, 06/15/28

  MYR   2,777   722,989 

3.76%, 04/20/23

  MYR   1,950   491,190 

3.80%, 08/17/23

  MYR   2,620   663,832 

3.83%, 07/05/34

  MYR   3,742   972,003 

3.89%, 08/15/29

  MYR   6,179   1,628,773 

3.90%, 11/30/26

  MYR   1,355   355,480 

3.90%, 11/16/27

  MYR   3,857   1,015,305 

3.91%, 07/15/26

  MYR   2,769   725,905 

3.96%, 09/15/25

  MYR   5,406   1,414,342 

4.06%, 09/30/24

  MYR   3,201   830,681 

4.18%, 07/15/24

  MYR   3,282   852,096 

4.76%, 04/07/37

  MYR   3,424   960,270 

Malaysia Government Investment Issue
3.15%, 05/15/23

  MYR   2,574   640,596 

3.42%, 09/30/27

  MYR   2,327   597,291 

3.47%, 10/15/30

  MYR   3,536   912,543 

3.66%, 10/15/24

  MYR   2,142   547,873 

3.73%, 03/31/22

  MYR   2,010   497,499 

3.73%, 03/31/26

  MYR   2,700   700,481 

3.95%, 04/14/22

  MYR   2,154   535,353 

4.09%, 11/30/23

  MYR   2,600   666,774 

4.13%, 08/15/25

  MYR   3,955   1,035,391 

4.13%, 07/09/29

  MYR   3,126   831,531 

4.26%, 07/26/27

  MYR   2,796   749,133 

4.37%, 10/31/28

  MYR   3,793   1,023,033 
  

 

 

 
    22,300,309