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iSHARES

Filed: 2 Jul 21, 7:49am

 

 

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, 2021

Date of reporting period: April 30, 2021

 

 

 


Item 1.

Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.


 

LOGO

 APRIL 30, 2021

 

 

  

2021 Semi-Annual Report

(Unaudited)

 

 

iShares, Inc.

 

🌑 

iShares International High Yield Bond ETF | HYXU | Cboe BZX

 

🌑 

iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX

 

🌑 

iShares J.P. Morgan EM High Yield Bond ETF | EMHY | Cboe BZX

 

🌑 

iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca

 

🌑 

iShares US & Intl High Yield Corp Bond ETF | GHYG | Cboe BZX


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2021 reflected a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the response to the virus’s spread was well underway, and countries around the world felt the effect of economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses were imposed in many parts of the world, workers were laid off, and unemployment claims spiked, causing a global recession.

As May 2020 began, stocks had just begun to recover from the lowest point following the onset of the pandemic. This recovery continued throughout the reporting period, as businesses continued re-opening and governments learned to adapt to life with the virus. Equity prices rose through the summer, fed by strong fiscal and monetary support and improving economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns late in the reporting period, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by announcing that inflation could exceed its 2% target for a sustained period without triggering a rate increase. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, as did other influential 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 will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in technology, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are underweight overall on credit, global high-yield and Asian bonds present attractive opportunities. 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.

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 April 30, 2021
   
     6-Month    12-Month 
  

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

 28.85% 45.98%
  

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

 48.06    74.91   
  

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

 28.84    39.88  
  

Emerging market equities
(MSCI Emerging Markets Index)

 22.95    48.71   
  

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

 0.05      0.11   
  

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

 (6.26)   (7.79)  
  

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

 (1.52)   (0.27)  
  

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

 2.42      7.40   
  

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

 7.98    19.57   

 

Past performance is not an indication 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 

Fund Summary

   4 

About Fund Performance

   9 

Shareholder Expenses

   9 

Schedules of Investments

   10 

Financial Statements

  

Statements of Assets and Liabilities

   61 

Statements of Operations

   63 

Statements of Changes in Net Assets

   65 

Financial Highlights

   68 

Notes to Financial Statements

   73 

Statement Regarding Liquidity Risk Management Program

   82 

Supplemental Information

   83 

General Information

   84 

Glossary of Terms Used in this Report

   85 

 

 

 


Fund Summary as of April 30, 2021  iShares® International High Yield Bond ETF

 

Investment Objective

The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

      Average Annual Total Returns     Cumulative Total Returns 
   6 Months   1 Year   5 Years   Since
Inception
        1 Year   5 Years   Since
Inception
 

Fund NAV

  10.52   24.92   5.06   4.28   24.92   27.99   46.31

Fund Market

  10.64    24.68    4.94    4.28    24.68    27.25    46.29 

Index

  10.66    25.51    5.42    4.50       25.51    30.18    49.09 

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 9 for more information.

Expense Example

 

Actual    Hypothetical 5% Return       

 

 

   

 

     
 

Beginning
Account Value
(11/01/20)
 
 
 
     

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period
 
 
 (a) 
   

Beginning

Account Value

(11/01/20)

  

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
     

Annualized
Expense
Ratio
 
 
 
   $        1,000.00      $        1,105.20      $       2.09    $        1,000.00      $        1,022.80      $        2.01      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 (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

 

  

Moody’s Credit Rating*

  
Percent of
Total Investments

(a) 

Baa

  4.7

Ba

  55.9 

B

  19.9 

Caa

  6.9 

Not Rated

  12.6 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  

Country/Geographic Region

  
Percent of
Total Investments

(a) 

United States

  17.7

Italy

  17.4 

United Kingdom

  12.6 

France

  11.8 

Germany

  10.8 

Spain

  5.8 

Luxembourg

  4.7 

Netherlands

  3.7 

Canada

  3.0 

Sweden

  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.

 

 

 

4 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Fund Summary as of April 30, 2021  iShares® J.P. Morgan EM Corporate Bond ETF

 

Investment Objective

The iShares J.P. Morgan EM Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the J.P. Morgan CEMBI Broad Diversified Core Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

      Average Annual Total Returns     Cumulative Total Returns 
   6 Months   1 Year   5 Years   Since
Inception
        1 Year   5 Years   Since
Inception
 

Fund NAV

  3.10   13.08   5.48   4.61   13.08   30.54   50.23

Fund Market

  3.70    13.25    4.79    4.68    13.25    26.37    51.23 

Index

  3.47    13.82    6.09    5.22       13.82    34.41    58.35 

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 9 for more information.

Expense Example

 

Actual    Hypothetical 5% Return       

 

 

   

 

     
 

Beginning
Account Value
(11/01/20)
 
 
 
     

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period
 
 
 (a) 
   Beginning
Account Value
(11/01/20)
  

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period 
 
 
(a) 
     

Annualized
Expense
Ratio
 
 
 
   $        1,000.00      $        1,031.00      $       2.52    $        1,000.00      $        1,022.30      $        2.51      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 (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

 

  

Moody’s Credit Rating*

  
Percent of
Total Investments
 
(a) 

Aa

  5.7

A

  17.3 

Baa

  31.3 

Ba

  15.7 

B

  8.1 

Caa

  2.7 

Not Rated

  19.2 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  

Country/Geographic Region

  
Percent of
Total Investments
 
(a) 

China

  8.8

Brazil

  5.8 

Mexico

  5.4 

Hong Kong

  5.0 

United Arab Emirates

  4.8 

India

  4.7 

Russia

  4.7 

Saudi Arabia

  4.5 

Singapore

  4.4 

South Korea

  4.3 
 

 

 *

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.

 

 

 

FUND  SUMMARY

 5


Fund Summary as of April 30, 2021  iShares® J.P. Morgan EM High Yield Bond ETF

 

Investment Objective

The iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the J.P. Morgan USD Emerging Markets High Yield Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

       Average Annual Total Returns       Cumulative Total Returns 
    6 Months   1 Year   5 Years   Since
Inception
        1 Year   5 Years   Since
Inception
 

Fund NAV

   7.98   22.45   4.92   4.92     22.45   27.14   54.68

Fund Market

   8.04    22.10    4.96    4.97      22.10    27.39    55.27 

Index

   8.30    22.89    5.37    5.29         22.89    29.91    59.68 

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

Index performance through March 01, 2020 reflects the performance of the Morningstar® Emerging Markets High Yield Bond IndexSM which terminated on April 01, 2020. Index performance beginning on March 02, 2020 reflects the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index.

Past performance is 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 9 for more information.

Expense Example

 

Actual    Hypothetical 5% Return       

 

 

   

 

     
 

Beginning
Account Value
(11/01/20)
 
 
 
     

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period
 
 
 (a) 
   

Beginning

Account Value

(11/01/20)

     

Ending

Account Value

(04/30/21)

 

 

 

     

Expenses

Paid During

the Period

 

 

 (a) 

     

Annualized
Expense
Ratio
 
 
 
   $      1,000.00      $      1,079.80      $        2.48    $      1,000.00         $      1,022.40      $        2.41      0.48

 

 (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 (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

 

  

Moody’s Credit Rating*

  

Percent of

Total Investments


(a) 

Baa

  1.3

Ba

  40.5 

B

  32.8 

Caa

  6.0 

Ca

  3.1 

Not Rated

  16.3 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  

Country/Geographic Region

  

Percent of

Total Investments


(a) 

Brazil

  16.3

Turkey

  10.7 

Mexico

  8.7 

China

  6.2 

South Africa

  3.8 

Argentina

  3.8 

Oman

  3.7 

Egypt

  3.1 

Dominican Republic

  3.1 

Bahrain

  2.5 
 

 

 *

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.

 

 

 

6 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Fund Summary as of April 30, 2021  iShares® J.P. Morgan EM Local Currency Bond ETF

 

Investment Objective

The iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

       Average Annual Total Returns       Cumulative Total Returns 
    6 Months   1 Year   5 Years   Since
Inception
        1 Year   5 Years   Since
Inception
 

Fund NAV

   3.79   11.56   1.12   0.44     11.56   5.73   4.26

Fund Market

   4.10    13.23    1.18    0.46      13.23    6.04    4.47 

Index

   3.93    11.75    1.65    0.93         11.75    8.55    9.26 

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 9 for more information.

Expense Example

 

Actual

    Hypothetical 5% Return       

 

 

   

 

     
 

Beginning
Account Value
(11/01/20)
 
 
 
     

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period
 
 
 (a) 
   

Beginning

Account Value

(11/01/20)

     

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period
 
 
 (a) 
     

Annualized
Expense
Ratio
 
 
 
   $      1,000.00      $      1,037.90      $        1.52    $      1,000.00         $      1,023.30      $        1.51      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 (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

 

  

Moody’s Credit Rating*

  
Percent of
Total Investments
 
(a) 

Aa

  4.6

A

  33.2 

Baa

  43.1 

Ba

  14.1 

B

  4.5 

Not Rated

  0.5 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  

Country/Geographic Region

  
Percent of
Total Investments
 
(a) 

China

  15.1

Indonesia

  6.8 

Mexico

  5.6 

Brazil

  5.2 

Czech Republic

  4.6 

Hungary

  4.6 

Poland

  4.6 

Malaysia

  4.5 

Thailand

  4.5 

Turkey

  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.

 

 

 

FUND  SUMMARY

 7


Fund Summary as of April 30, 2021  iShares® US & Intl High Yield Corp Bond ETF

 

Investment Objective

The iShares US & Intl High Yield Corp Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

       Average Annual Total Returns       Cumulative Total Returns 
    6 Months   1 Year   5 Years   Since
Inception
        1 Year   5 Years   Since
Inception
 

Fund NAV

   8.37   19.45   6.21   5.24     19.45   35.17   59.02

Fund Market

   8.41    19.62    6.20    5.25      19.62    35.06    59.05 

Index

   8.38    19.48    6.31    5.38         19.48    35.81    60.90 

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 9 for more information.

Expense Example

 

Actual    Hypothetical 5% Return       

 

 

   

 

     
 

Beginning
Account Value
(11/01/20)
 
 
 
     

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period
 
 
 (a) 
   

Beginning

Account Value

(11/01/20)

     

Ending
Account Value
(04/30/21)
 
 
 
     

Expenses
Paid During
the Period
 
 
 (a) 
     

Annualized
Expense
Ratio
 
 
 
   $      1,000.00      $      1,083.70      $        2.07    $      1,000.00         $      1,022.80      $        2.01      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 (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

 

  

Moody’s Credit Rating*

  
Percent of
Total Investments

(a) 

Baa

  2.9

Ba

  51.1 

B

  31.2 

Caa

  9.9 

Ca

  0.2 

Not Rated

  4.7 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

  

Country/Geographic Region

  
Percent of
Total Investments

(a) 

United States

  66.5

Italy

  5.6 

United Kingdom

  4.9 

Germany

  4.5 

France

  3.9 

Canada

  2.8 

Luxembourg

  1.9 

Netherlands

  1.9 

Spain

  1.7 

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.

 

 

 

8 

2 0 2 1  I SHARES   SEMI - 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. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such 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

 9


Schedule of Investments (unaudited) 

April 30, 2021

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 

 

 

Corporate Bonds & Notes

   
Austria — 0.2%         

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

  EUR   100  $127,426 
   

 

 

 
Belgium — 0.2%         

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

  EUR   100   124,935 
   

 

 

 
Canada — 2.9%         

ADLER Group SA, 2.25%, 01/14/29 (Call 10/14/28)(a)

  EUR   200   233,069 

Banco BPM SpA, 3.25%, 01/14/31 (Call 01/14/26)(a)(b)

  EUR   100   122,768 

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

  CAD   50   40,720 

Ford Credit Canada Co., 3.50%, 11/30/23

  CAD   50   41,478 

GKN Holdings Ltd., 4.63%, 05/12/32(a)

  GBP   100   148,200 

Iccrea Banca SpA, 2.25%, 10/20/25 (Call 10/20/24)(a)(b)

  EUR   200   244,096 

Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)(a)

  CAD   50   41,289 

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

  CAD   150   125,432 

Parkland Corp./Canada, 4.38%, 03/26/29 (Call 03/26/24)

  CAD   100   82,040 

Parts Europe SA, 6.50%, 07/16/25 (Call 01/09/22)(a)

  EUR   100   127,031 

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

  CAD   75   65,716 

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

  CAD   50   0(f)  

Valeo SA, 1.50%, 06/18/25
(Call 03/18/25)(a)

  EUR   200   247,822 

Videotron Ltd.

   

4.50%, 01/15/30 (Call 10/15/24)

  CAD   150   129,148 

5.63%, 06/15/25 (Call 03/15/25)

  CAD   50   45,386 

5.75%, 01/15/26 (Call 09/15/21)(a)

  CAD   50   41,858 

VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a)

  EUR   200   235,517 
   

 

 

 
        1,971,570 
Cayman Islands — 0.2%         

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

  EUR   100   123,468 
   

 

 

 
Denmark — 0.4%         

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

  EUR   200   245,695 
   

 

 

 
Finland — 1.4%         

Nokia OYJ

   

2.00%, 03/15/24 (Call 12/15/23)(a)

  EUR   100   125,385 

2.00%, 03/11/26 (Call 12/11/25)

  EUR   150   189,362 

2.38%, 05/15/25 (Call 02/15/25)(a)

  EUR   200   255,398 

Teollisuuden Voima OYJ

   

1.13%, 03/09/26 (Call 12/09/25)(a)

  EUR   200   241,496 

2.63%, 01/13/23(a)

  EUR   100   125,008 
   

 

 

 
    936,649 
France — 11.6%         

Accor SA

   

2.50%, 01/25/24(a)

  EUR   100   125,018 

3.00%, 02/04/26 (Call 11/04/25)(a)

  EUR   200   254,521 

Altice France SA, 4.00%, 07/15/29 (Call 04/15/24)(a)

  EUR   100   121,016 

Altice France SA/France

   

2.13%, 02/15/25 (Call 01/29/22)(a)

  EUR   150   175,724 

3.38%, 01/15/28 (Call 09/15/22)(a)

  EUR   200   236,839 

5.88%, 02/01/27 (Call 02/01/22)(a)

  EUR   150   192,302 

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

  EUR   100   121,358 

CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)

  EUR   200   239,499 

Casino Guichard Perrachon SA

   

3.58%, 02/07/25 (Call 11/07/24)(a)

  EUR   200   233,747 

4.50%, 03/07/24 (Call 12/04/23)(a)

  EUR   100   123,063 

4.56%, 01/25/23(a)

  EUR   100   125,723 

5.25%, 04/15/27 (Call 04/15/23)(a)

  EUR   100   121,835 

CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)

  EUR   100   119,553 
Security 

Par

(000)

  Value 

 

 
France (continued)         

CMA CGM SA

   

5.25%, 01/15/25 (Call 10/15/21)(a)

  EUR   100  $122,813 

7.50%, 01/15/26 (Call 01/15/23)

  EUR   100   132,583 

Elis SA

   

1.00%, 04/03/25 (Call 01/03/25)(a)

  EUR   100   118,838 

1.63%, 04/03/28 (Call 01/03/28)(a)

  EUR   100   117,817 

1.75%, 04/11/24 (Call 01/11/24)(a)

  EUR   200   245,167 

Faurecia SE

   

2.38%, 06/15/27 (Call 06/15/23)(a)

  EUR   100   123,178 

2.63%, 06/15/25 (Call 06/15/21)(a)

  EUR   150   183,213 

3.13%, 06/15/26 (Call 06/15/22)(a)

  EUR   100   124,510 

3.75%, 06/15/28 (Call 06/15/23)(a)

  EUR   200   255,050 

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

  EUR   100   119,608 

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

  EUR   200   234,595 

Loxam SAS

   

3.25%, 01/14/25 (Call 07/15/21)(a)

  EUR   100   119,860 

3.50%, 05/03/23 (Call 05/10/21)(a)

  EUR   200   240,482 

5.75%, 07/15/27 (Call 07/15/22)(a)

  EUR   100   119,910 

Orano SA

   

2.75%, 03/08/28 (Call 12/08/27)(a)

  EUR   100   125,529 

3.13%, 03/20/23 (Call 12/20/22)(a)

  EUR   100   125,618 

3.38%, 04/23/26 (Call 01/23/26)(a)

  EUR   100   130,299 

4.88%, 09/23/24

  EUR   200   272,459 

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

  EUR   100   125,514 

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

  EUR   200       240,694 

Renault SA

   

1.00%, 03/08/23 (Call 12/08/22)(a)

  EUR   100   120,667 

1.00%, 04/18/24 (Call 01/18/24)(a)

  EUR   100   119,576 

1.00%, 11/28/25 (Call 08/28/25)(a)

  EUR   100   118,187 

1.13%, 10/04/27 (Call 07/04/27)

  EUR   100   111,886 

1.25%, 06/24/25 (Call 03/24/25)(a)

  EUR   100   118,195 

2.00%, 09/28/26 (Call 06/28/26)(a)

  EUR   100   118,995 

2.38%, 05/25/26 (Call 02/25/26)(a)

  EUR   200   243,219 

2.50%, 04/01/28 (Call 01/01/28)(a)

  EUR   100   120,527 

Rexel SA, 2.13%, 06/15/25 (Call 12/15/21)(a)

  EUR   150   182,321 

Rubis Terminal Infra SAS, 5.63%, 05/15/25 (Call 05/15/22)(a)

  EUR   100   126,565 

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

  EUR   100   123,485 

SPIE SA

   

2.63%, 06/18/26 (Call 12/18/25)(a)

  EUR   100   125,212 

3.13%, 03/22/24 (Call 09/22/23)(a)

  EUR   100   126,507 

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

  EUR   100   128,224 

Valeo SA

   

0.63%, 01/11/23 (Call 10/11/22)(a)

  EUR   100   121,197 

3.25%, 01/22/24(a)

  EUR   200   259,560 

Vallourec SA, 6.63%, 10/15/22 (Call 10/15/21)(a)

  EUR   100   120,131 
   

 

 

 
    7,852,389 
Germany — 10.6%         

ADLER Group SA

   

1.50%, 07/26/24 (Call 04/26/24)(a)

  EUR   100   118,608 

1.88%, 01/14/26 (Call 10/14/25)(a)

  EUR   100   118,525 

2.25%, 04/27/27 (Call 01/27/27)(a)

  EUR   100   119,435 

3.25%, 08/05/25 (Call 05/05/25)(a)

  EUR   100   125,318 

ADLER Real Estate AG, 3.00%, 04/27/26 (Call 02/27/26)(a)

  EUR   100   126,271 

Bertelsmann SE & Co. KGaA

   

3.00%, 04/23/75 (Call 04/23/23)(a)(b)

  EUR   100   124,652 

3.50%, 04/23/75 (Call 04/23/27)(a)(b)

  EUR   100   130,066 

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

  EUR   150   187,124 
 

 

 

10 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Germany (continued)         

Commerzbank AG

   

4.00%, 03/23/26(a)

  EUR   150  $201,232 

4.00%, 03/30/27(a)

  EUR   100   136,167 

4.00%, 12/05/30 (Call 09/05/25)(a)(b)

  EUR   100   131,653 

Deutsche Bank AG

   

2.75%, 02/17/25(a)

  EUR   125   158,362 

4.50%, 05/19/26(a)

  EUR   200   275,438 

5.63%, 05/19/31 (Call 02/19/26)(a)(b)

  EUR   200   283,415 

Deutsche Lufthansa AG

   

0.25%, 09/06/24

  EUR   50   57,651 

2.88%, 02/11/25 (Call 01/11/25)(a)

  EUR   200   242,450 

3.00%, 05/29/26 (Call 02/28/26)(a)

  EUR   300   360,983 

4.39%, 08/12/75 (Call 02/12/26)(a)(b)

  EUR   100   116,962 

Douglas GmbH, 6.00%, 04/08/26
(Call 04/15/23)(a)

  EUR   100   120,869 

K+S AG

   

2.63%, 04/06/23 (Call 01/06/23)(a)

  EUR   100   120,277 

3.25%, 07/18/24 (Call 04/18/24)(a)

  EUR   100   121,087 

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

  EUR   75   96,544 

METRO AG, 1.38%, 10/28/21(a)

  EUR   100   121,004 

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

  EUR   200   242,723 

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

  EUR   200   241,686 

Schaeffler AG

   

1.88%, 03/26/24 (Call 12/26/23)(a)

  EUR   100   124,690 

2.75%, 10/12/25 (Call 07/12/25)

  EUR   200   256,202 

3.38%, 10/12/28 (Call 07/12/28)

  EUR   100   131,586 

Techem Verwaltungsgesellschaft 674 mbH,
6.00%, 07/30/26 (Call 07/30/21)(a)

  EUR   100   124,546 

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

  EUR   150   178,551 

thyssenkrupp AG

   

1.88%, 03/06/23 (Call 02/06/23)(a)

  EUR   250   301,156 

2.88%, 02/22/24 (Call 11/22/23)(a)

  EUR   300   367,928 

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

  EUR   100   126,402 

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

  EUR   200   258,226 

ZF Europe Finance BV

   

2.00%, 02/23/26 (Call 12/23/25)(a)

  EUR   200   242,626 

2.50%, 10/23/27 (Call 07/23/27)(a)

  EUR   100   123,736 

3.00%, 10/23/29 (Call 07/23/29)(a)

  EUR   100   126,236 

ZF Finance GmbH

   

2.00%, 05/06/27

  EUR   100   121,343 

2.75%, 05/25/27 (Call 02/25/27)(a)

  EUR   100   125,215 

3.00%, 09/21/25 (Call 06/21/25)(a)

  EUR   100   127,281 

3.75%, 09/21/28 (Call 06/21/28)(a)

  EUR   100   131,383 

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

  EUR   200   250,637 
   

 

 

 
    7,196,246 
Greece — 0.9%         

Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(a)(b)

  EUR   100   116,259 

Mytilineos SA, 2.25%, 10/30/26 (Call 04/30/26)(a)

  EUR   100   121,567 

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

  EUR   200   249,650 

Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(b)

  EUR   100   131,894 
   

 

 

 
    619,370 
Ireland — 0.9%         

AIB Group PLC

   

1.88%, 11/19/29 (Call 11/19/24)(a)(b)

  EUR   100   123,377 

2.88%, 05/30/31 (Call 05/30/26)(a)(b)

  EUR   100   129,163 
Security 

Par

(000)

  Value 
Ireland (continued)         

Bank of Ireland Group PLC, 2.38%, 10/14/29 (Call 10/14/24)(a)(b)

  EUR   100  $125,450 

eircom Finance DAC

   

1.75%, 11/01/24 (Call 11/01/21)(a)

  EUR   100   119,517 

3.50%, 05/15/26 (Call 05/15/22)(a)

  EUR   100   122,788 
   

 

 

 
    620,295 
Israel — 1.7%         

Teva Pharmaceutical Finance Netherlands II BV

   

1.13%, 10/15/24(a)

  EUR   200   226,882 

1.25%, 03/31/23 (Call 12/31/22)(a)

  EUR   200   234,899 

1.63%, 10/15/28(a)

  EUR   150   160,896 

3.25%, 04/15/22 (Call 01/15/22)

  EUR   100   121,670 

4.50%, 03/01/25 (Call 12/01/24)

  EUR   200   251,203 

6.00%, 01/31/25 (Call 01/31/24)

  EUR   100   131,050 
   

 

 

 
    1,126,600 
Italy — 17.1%         

Atlantia SpA

   

1.63%, 02/03/25(a)

  EUR   100   122,730 

1.88%, 07/13/27 (Call 04/13/27)(a)

  EUR   275   340,012 

1.88%, 02/12/28 (Call 11/12/27)(a)

  EUR   100   123,083 

Autostrade per l’Italia SpA

   

1.75%, 06/26/26(a)

  EUR   100   122,896 

1.88%, 09/26/29 (Call 06/26/29)(a)

  EUR   200   243,756 

2.00%, 01/15/30 (Call 10/15/29)(a)

  EUR   400   489,800 

4.38%, 09/16/25(a)

  EUR   100   137,122 

Banca IFIS SpA, 2.00%, 04/24/23(a)

  EUR   100   121,481 

Banca Monte dei Paschi di Siena SpA

   

2.63%, 04/28/25(a)

  EUR   100   123,816 

3.63%, 09/24/24(a)

  EUR   300   382,344 

4.00%, 07/10/22(a)

  EUR   100   124,425 

5.38%, 01/18/28 (Call 01/18/23)(a)(b)

  EUR   100   108,041 

10.50%, 07/23/29(a)

  EUR   100   147,896 

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

  EUR   100   125,878 

Banco BPM SpA

   

1.75%, 04/24/23(a)

  EUR   109   134,869 

1.75%, 01/28/25(a)

  EUR   200   249,046 

4.25%, 10/01/29 (Call 10/01/24)(a)(b)

  EUR   200   253,748 

4.38%, 09/21/27 (Call 09/21/22)(a)(b)

  EUR   100   125,147 

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

  EUR   100   125,881 

Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a)

  EUR   100   120,522 

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

  EUR   100   122,209 

Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)(a)

  EUR   200   243,629 

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

  EUR   100   119,959 

Infrastrutture Wireless Italiane SpA

   

1.63%, 10/21/28 (Call 07/21/28)(a)

  EUR   100   122,611 

1.88%, 07/08/26 (Call 04/08/26)(a)

  EUR   150   189,291 

Intesa Sanpaolo SpA

   

0.63%, 02/24/26

  EUR   500   595,937 

2.93%, 10/14/30(a)

  EUR   200   255,251 

3.93%, 09/15/26(a)

  EUR   175   237,708 

4.45%, 09/15/27 (Call 09/15/22)(a)(b)

  EUR   150   189,435 

6.63%, 09/13/23(a)

  EUR   100   136,785 

Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)(a)

  EUR   100   125,782 

Mediobanca Banca di Credito Finanziario SpA

   

3.75%, 06/16/26

  EUR   75   99,412 

5.75%, 04/18/23

  EUR   50   66,253 

Nexi SpA

   

1.63%, 04/30/26 (Call 01/30/26)(a)

  EUR   200   240,061 

1.75%, 10/31/24 (Call 07/31/24)(a)

  EUR   100   122,358 

2.13%, 04/30/29 (Call 01/30/29)(a)

  EUR   150   178,576 
 

 

 

SCHEDULE   OF   INVESTMENTS

 11


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Italy (continued)         

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

  EUR   100  $127,182 

Saipem Finance International BV

   

2.63%, 01/07/25(a)

  EUR   100   124,004 

3.75%, 09/08/23(a)

  EUR   200   254,247 

Sofima Holding SpA, 3.75%, 01/15/28 (Call 01/15/23)(a)

  EUR   100   120,830 

Telecom Italia SpA/Milano

   

1.63%, 01/18/29 (Call 10/18/28)(a)

  EUR   100   118,179 

2.38%, 10/12/27 (Call 07/12/27)(a)

  EUR   300   376,967 

2.50%, 07/19/23(a)

  EUR   100   125,804 

2.88%, 01/28/26 (Call 10/28/25)(a)

  EUR   418   535,392 

3.25%, 01/16/23(a)

  EUR   150   189,562 

3.63%, 01/19/24(a)

  EUR   207   268,033 

3.63%, 05/25/26(a)

  EUR   100   133,485 

4.00%, 04/11/24 (Call 01/11/24)(a)

  EUR   125   162,537 

5.25%, 02/10/22(a)

  EUR   100   125,183 

UniCredit SpA

   

2.00%, 09/23/29 (Call 09/23/24)(a)(b)

  EUR   200   241,644 

2.73%, 01/15/32 (Call 01/15/27)(a)(b)

  EUR   200   245,926 

4.38%, 01/03/27 (Call 01/03/22)(a)(b)

  EUR   100   123,502 

6.95%, 10/31/22(a)

  EUR   300   396,702 

Unione di Banche Italiane SpA

   

4.38%, 07/12/29 (Call 07/12/24)(a)(b)

  EUR   150   196,755 

5.88%, 03/04/29 (Call 03/04/24)(a)(b)

  EUR   150   203,402 

Unipol Gruppo SpA

   

3.00%, 03/18/25(a)

  EUR   175   224,952 

3.25%, 09/23/30 (Call 06/23/30)(a)

  EUR   200   254,612 

Webuild SpA, 1.75%, 10/26/24(a)

  EUR   250   296,842 
   

 

 

 
    11,613,492 
Japan — 1.3%         

SoftBank Group Corp.

   

3.13%, 09/19/25 (Call 06/21/25)(a)

  EUR   250   313,123 

4.00%, 04/20/23 (Call 01/20/23)(a)

  EUR   100   126,222 

4.00%, 09/19/29 (Call 06/21/29)(a)

  EUR   100   129,365 

5.00%, 04/15/28 (Call 01/16/28)(a)

  EUR   250   341,266 
   

 

 

 
    909,976 
Luxembourg — 4.6%         

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

  EUR   300   347,949 

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

  EUR   100   117,901 

Altice France Holding SA

   

4.00%, 02/15/28 (Call 02/15/23)(a)

  EUR   100   115,131 

8.00%, 05/15/27 (Call 05/15/22)(a)

  EUR   200   261,933 

ArcelorMittal SA

   

0.95%, 01/17/23 (Call 10/17/22)(a)

  EUR   100   121,697 

1.00%, 05/19/23 (Call 02/19/23)(a)

  EUR   100   122,185 

1.75%, 11/19/25 (Call 08/19/25)(a)

  EUR   100   125,900 

2.25%, 01/17/24 (Call 10/17/23)(a)

  EUR   200   252,083 

Cidron Aida Finco Sarl, 6.25%, 04/01/28 (Call 04/07/24)(a)

  GBP   100   141,404 

Garfunkelux Holdco 3 SA

   

6.75%, 11/01/25 (Call 11/01/22)(a)

  EUR   100   124,978 

7.75%, 11/01/25 (Call 11/01/22)(a)

  GBP   100   143,529 

INEOS Finance PLC

   

2.13%, 11/15/25 (Call 11/15/21)(a)

  EUR   100   119,659 

2.88%, 05/01/26 (Call 05/01/22)(a)

  EUR   200   243,739 

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

  EUR   200   239,974 

Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a)

  EUR   100   123,955 

SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a)

  EUR   100   126,847 

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

  EUR   90   114,653 

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

  EUR   150   187,126 
Security 

Par

(000)

  Value 
Luxembourg (continued)         

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

  EUR   100  $117,179 
   

 

 

 
    3,147,822 
Netherlands — 3.6%         

IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/22)(a)

  EUR   100   124,911 

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

  EUR   200   243,639 

Louis Dreyfus Co. BV, 2.38%, 11/27/25 (Call 08/27/25)(a)

  EUR   100   126,348 

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

  EUR   100   126,176 

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

  EUR   200   246,213 

PPF Telecom Group BV

   

2.13%, 01/31/25 (Call 10/31/24)(a)

  EUR   200   246,732 

3.25%, 09/29/27 (Call 06/29/27)(a)

  EUR   100   129,333 

3.50%, 05/20/24 (Call 02/20/24)(a)

  EUR   100   128,297 

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

  EUR   100   112,787 

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

  EUR   100   116,624 

SNS Bank NV, 6.25%, 10/26/20(e)

  EUR   50   0(f)  

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

  EUR   100   123,338 

United Group BV

   

3.13%, 02/15/26 (Call 02/15/22)(a)

  EUR   100   116,242 

3.63%, 02/15/28 (Call 02/15/23)(a)

  EUR   100   116,662 

4.88%, 07/01/24 (Call 07/01/21)(a)

  EUR   100   122,117 

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

  EUR   100   122,103 

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

  EUR   150   178,516 

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

  EUR   80   100,067 
   

 

 

 
    2,480,105 
Norway — 0.4%         

Adevinta ASA, 2.63%, 11/15/25
(Call 11/15/22)(a)

  EUR   200   247,316 
   

 

 

 
Portugal — 1.6%         

Banco Comercial Portugues SA

   

1.13%, 02/12/27 (Call 02/12/26)(a)(b)

  EUR   100   118,060 

4.50%, 12/07/27 (Call 12/07/22)(a)(b)

  EUR   100   121,970 

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

  EUR   200   263,450 

EDP - Energias de Portugal SA

   

1.70%, 07/20/80 (Call 04/20/25)(a)(b)

  EUR   100   120,400 

1.88%, 08/02/81 (Call 05/02/26)(a)(b)

  EUR   100   120,389 

4.50%, 04/30/79 (Call 01/30/24)(a)(b)

  EUR   200   262,375 

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

  EUR   100   118,051 
   

 

 

 
    1,124,695 
Spain — 5.7%         

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

  EUR   100   128,847 

Banco de Sabadell SA

   

1.13%, 03/27/25(a)

  EUR   200   244,774 

1.75%, 05/10/24(a)

  EUR   100   124,618 

2.50%, 04/15/31 (Call 01/15/26)(a)(b)

  EUR   100   120,346 

5.38%, 12/12/28 (Call 12/12/23)(a)(b)

  EUR   100   131,531 

5.63%, 05/06/26

  EUR   100   140,363 

Cellnex Finance Co. SA

   

0.75%, 11/15/26 (Call 08/15/26)(a)

  EUR   100   119,432 

1.25%, 01/15/29 (Call 10/15/28)(a)

  EUR   200   235,039 

2.00%, 02/15/33 (Call 11/15/32)(a)

  EUR   300   353,642 

Cellnex Telecom SA

   

1.00%, 04/20/27 (Call 01/20/27)(a)

  EUR   100   119,591 

1.88%, 06/26/29 (Call 03/26/29)

  EUR   100   122,233 

2.38%, 01/16/24 (Call 10/16/23)(a)

  EUR   100   126,573 

2.88%, 04/18/25 (Call 01/18/25)(a)

  EUR   100   130,422 

3.13%, 07/27/22(a)

  EUR   100   125,002 
 

 

 

12 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Spain (continued)         

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

  EUR   100  $121,949 

ContourGlobal Power Holdings SA

   

2.75%, 01/01/26 (Call 01/01/23)(a)

  EUR   100   120,739 

4.13%, 08/01/25 (Call 08/01/21)(a)

  EUR   100   122,867 

El Corte Ingles SA

   

3.00%, 03/15/24 (Call 10/15/21)(a)

  EUR   100   122,010 

3.63%, 03/15/24 (Call 03/15/22)(a)

  EUR   100   125,311 

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

  EUR   100   120,361 

Grifols SA

   

1.63%, 02/15/25 (Call 02/15/22)(a)

  EUR   150   181,348 

2.25%, 11/15/27 (Call 11/15/22)(a)

  EUR   100   122,316 

3.20%, 05/01/25 (Call 05/01/21)(a)

  EUR   200   242,426 

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

  EUR   100   120,013 

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

  EUR   175   230,337 
   

 

 

 
    3,852,090 
Sweden — 2.6%         

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

  EUR   100   120,405 

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

  EUR   100   122,841 

Intrum AB

   

3.00%, 09/15/27 (Call 09/15/22)(a)

  EUR   100   117,898 

3.13%, 07/15/24 (Call 07/15/21)(a)

  EUR   100   121,020 

3.50%, 07/15/26 (Call 07/15/22)(a)

  EUR   175   212,325 

4.88%, 08/15/25 (Call 08/15/22)(a)

  EUR   100   126,450 

Verisure Holding AB 3.25%, 02/15/27 (Call 02/15/23)(a)

  EUR   150   181,199 

3.50%, 05/15/23 (Call 05/08/21)(a)

  EUR   100   121,406 

Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)

  EUR   300   372,285 

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

  EUR   200   250,342 
   

 

 

 
    1,746,171 
Switzerland — 0.5%         

Dufry One BV

   

2.00%, 02/15/27 (Call 02/15/22)(a)

  EUR   100   111,893 

2.50%, 10/15/24 (Call 10/15/21)(a)

  EUR   100   118,823 

3.38%, 04/15/28 (Call 04/15/24)(a)

  EUR   100   118,330 
   

 

 

 
    349,046 
United Kingdom — 12.4%         

Arqiva Broadcast Finance PLC, 6.75%, 09/30/23

   

(Call 09/30/21)(a)

  GBP   150   214,228 

Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)(a)

  GBP   300   416,528 

Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(a)

  GBP   200   277,267 

British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(b)

  EUR   100   119,192 

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

  GBP   44   62,293 

Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)

  EUR   100   122,637 

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

  EUR   225   262,316 

FCE Bank PLC

   

1.13%, 02/10/22(a)

  EUR   100   120,836 

1.62%, 05/11/23(a)

  EUR   200   244,286 

Heathrow Finance PLC

   

4.38%, 03/01/27(a)

  GBP   100   142,506 

5.25%, 03/01/24 (Call 12/01/23)(a)

  GBP   100   145,868 

Iceland Bondco PLC, 4.38%, 05/15/28 (Call 02/15/24)(a)

  GBP   100   132,945 

INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(a)

  EUR   100   120,691 
Security 

Par

(000)

  Value 
United Kingdom (continued)         

INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(a)

  EUR   200  $235,075 

International Consolidated Airlines Group SA

   

1.50%, 07/04/27 (Call 04/04/27)(a)

  EUR   100   108,971 

2.75%, 03/25/25 (Call 12/25/24)(a)

  EUR   100   119,851 

3.75%, 03/25/29 (Call 12/25/28)(a)

  EUR   100   119,762 

Jaguar Land Rover Automotive PLC

   

2.20%, 01/15/24(a)

  EUR   100   118,167 

3.88%, 03/01/26

  GBP   100   139,581 

4.50%, 01/15/26 (Call 10/15/25)(a)

  EUR   150   186,428 

5.88%, 11/15/24 (Call 08/15/24)(a)

  EUR   100   130,530 

Jerrold Finco PLC, 5.25%, 01/15/27 (Call 01/15/23)(a)

  GBP   100   141,846 

Marks & Spencer PLC

   

3.75%, 05/19/26 (Call 02/19/26)(a)

  GBP   100   143,357 

6.00%, 06/12/25(a)

  GBP   100   155,737 

Modulaire Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/22)(a)

  EUR   100   122,331 

NGG Finance PLC

   

1.63%, 12/05/79 (Call 12/05/24)(a)(b)

  EUR   100   121,649 

2.13%, 09/05/82 (Call 06/05/27)(b)

  EUR   100   122,724 

5.63%, 06/18/73 (Call 06/18/25)(a)(b)

  GBP   200   310,698 

Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/21)(a)

  GBP   100   140,836 

Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 01/15/22)(a)

  EUR   100   121,863 

Rolls-Royce PLC

   

0.88%, 05/09/24 (Call 02/09/24)(a)

  EUR   200   232,728 

1.63%, 05/09/28 (Call 02/09/28)(a)

  EUR   100   110,235 

4.63%, 02/16/26 (Call 11/16/25)(a)

  EUR   100   129,813 

5.75%, 10/15/27 (Call 07/15/27)(a)

  GBP   100   150,211 

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

  GBP   100   146,014 

Thames Water Utilities Finance PLC

   

2.88%, 05/03/27(a)

  GBP   200   286,592 

5.75%, 09/13/30 (Call 09/13/22)(b)

  GBP   100   145,983 

Victoria PLC, 3.63%, 08/24/26 (Call 02/28/23)(a)

  EUR   200   244,006 

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

  EUR   100   120,673 

Virgin Media Secured Finance PLC

   

4.13%, 08/15/30 (Call 08/15/25)(a)

  GBP   100   138,639 

4.25%, 01/15/30 (Call 10/10/24)(a)

  GBP   100   139,064 

5.00%, 04/15/27 (Call 04/15/22)(a)

  GBP   200   289,102 

5.25%, 05/15/29 (Call 05/15/24)(a)

  GBP   100   147,277 

Vmed O2 UK Financing I PLC

   

3.25%, 01/31/31 (Call 01/31/26)(a)

  EUR   100   121,531 

4.00%, 01/31/29 (Call 01/31/24)(a)

  GBP   100   138,440 

Vodafone Group PLC

   

3.10%, 01/03/79 (Call 01/03/24)(a)(b)

  EUR   300   375,560 

4.88%, 10/03/78 (Call 10/03/25)(a)(b)

  GBP   100   150,317 

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

  EUR   150   186,589 

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

  EUR   200   248,275 
   

 

 

 
    8,422,048 
United States — 17.3%         

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

  EUR   175   217,046 

Alpha Bank AE, 5.50%, 06/11/31
(Call 03/11/26)(a)(b)

  EUR   100   120,701 

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/29 (Call 05/15/24)(a)

  EUR   100   120,439 

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

   

2.13%, 08/15/26 (Call 08/15/22)(a)

  EUR   200   240,613 

4.75%, 07/15/27 (Call 07/15/22)(a)

  GBP   100   141,626 

Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)

  EUR   100   119,972 
 

 

 

SCHEDULE   OF   INVESTMENTS

 13


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

    

Par

(000)

  Value 
United States (continued)         

Avantor Funding Inc., 2.63%, 11/01/25
(Call 11/01/22)(a)

  EUR   200  $246,547 

Avis Budget Finance PLC

   

4.13%, 11/15/24 (Call 11/15/21)(a)

  EUR   100   121,893 

4.75%, 01/30/26 (Call 09/30/21)(a)

  EUR   100   122,137 

Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/22)(a)

  EUR   100   122,502 

Ball Corp.

   

0.88%, 03/15/24 (Call 12/15/23)

  EUR   100   121,395 

1.50%, 03/15/27 (Call 12/15/26)

  EUR   100   122,694 

4.38%, 12/15/23

  EUR   100   132,960 

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

  EUR   250   312,913 

Berry Global Inc.

   

1.00%, 01/15/25 (Call 10/15/24)(a)

  EUR   100   121,592 

1.50%, 01/15/27 (Call 10/15/26)(a)

  EUR   100   121,982 

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

  EUR   100   128,201 

BPER Banca, 1.38%, 03/31/27 (Call 03/31/26)(a)(b)

  EUR   100   120,977 

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

  EUR   100   98,840 

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

  EUR   150   179,976 

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

  EUR   100   121,915 

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

  EUR   125   155,317 

Coty Inc., 4.75%, 04/15/26 (Call 04/15/22)(a)

  EUR   100   116,819 

Crown European Holdings SA

   

0.75%, 02/15/23 (Call 01/16/23)(a)

  EUR   100   120,850 

2.25%, 02/01/23 (Call 11/01/22)(a)

  EUR   100   123,613 

2.63%, 09/30/24 (Call 03/30/24)(a)

  EUR   125   158,511 

2.88%, 02/01/26 (Call 08/01/25)(a)

  EUR   100   128,830 

3.38%, 05/15/25 (Call 11/15/24)(a)

  EUR   100   130,085 

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

  EUR   100   122,437 

Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)(a)

  GBP   100   144,462 

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

  EUR   100   123,391 

Ford Credit Canada Co.

   

3.74%, 05/08/23

  CAD   75   62,352 

4.46%, 11/13/24

  CAD   50   42,546 

Ford Motor Credit Co. LLC

   

1.36%, 02/07/25

  EUR   100   119,698 

1.51%, 02/17/23

  EUR   100   121,494 

1.74%, 07/19/24

  EUR   100   121,534 

2.39%, 02/17/26

  EUR   225   279,224 

2.75%, 06/14/24

  GBP   200   279,301 

3.02%, 03/06/24

  EUR   100   125,858 

3.25%, 09/15/25

  EUR   100   128,565 

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

  EUR   100   127,783 

International Game Technology PLC

   

3.50%, 07/15/24 (Call 01/15/24)(a)

  EUR   225   280,164 

3.50%, 06/15/26 (Call 06/15/22)

  EUR   250   308,320 

IQVIA Inc.

   

1.75%, 03/15/26 (Call 03/15/23)(a)

  EUR   100   121,454 

2.25%, 01/15/28 (Call 07/15/22)(a)

  EUR   150   182,339 

2.25%, 03/15/29 (Call 03/15/24)(a)

  EUR   200   241,606 

2.88%, 09/15/25 (Call 09/15/21)(a)

  EUR   100   122,133 

Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/21)(a)

  GBP   100   140,381 

Kraft Heinz Foods Co.

   

2.00%, 06/30/23 (Call 03/30/23)(a)

  EUR   200   249,411 

2.25%, 05/25/28 (Call 02/25/28)(a)

  EUR   100   130,268 

4.13%, 07/01/27 (Call 04/01/27)(a)

  GBP   100   154,011 

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

  EUR   100   124,409 
Security 

Par/

Shares

(000)

  Value 
United States (continued)         

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

  EUR   100  $123,262 

Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 04/15/22)(a)

  EUR   100   120,606 

MPT Operating Partnership LP/MPT Finance Corp.

   

3.33%, 03/24/25 (Call 12/24/24)

  EUR   200   260,656 

3.38%, 04/24/30 (Call 01/24/30)

  GBP   100   140,656 

3.69%, 06/05/28 (Call 04/05/28)

  GBP   100   145,759 

4.00%, 08/19/22 (Call 05/19/22)

  EUR   100   125,253 

Netflix Inc.

   

3.63%, 05/15/27

  EUR   150   208,443 

3.63%, 06/15/30 (Call 03/15/30)(a)

  EUR   250   359,825 

3.88%, 11/15/29(a)

  EUR   200   291,563 

4.63%, 05/15/29

  EUR   200   303,310 

Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a)

  EUR   100   123,793 

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

  EUR   200   249,706 

Organon Finance 1 LLC, 2.88%, 04/30/28 (Call 04/30/24)(a)

  EUR   200   245,663 

Playtech PLC, 3.75%, 10/12/23 (Call 10/12/21)(a)

  EUR   100   122,145 

Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(a)

  EUR   100   122,793 

Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/22)(a)

  EUR   100   120,903 

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

  EUR   100   130,279 

Silgan Holdings Inc.

   

2.25%, 06/01/28 (Call 03/01/23)

  EUR   100   120,857 

3.25%, 03/15/25 (Call 03/15/22)

  EUR   100   121,222 

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

  EUR   100   123,083 

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

  EUR   100   118,325 

Videotron Ltd., 3.13%, 01/15/31 (Call 01/15/26)

  CAD   50   39,219 

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

  EUR   100   123,895 
   

 

 

 
    11,785,303 
   

 

 

 

Total Corporate Bonds & Notes — 98.1%
(Cost: $63,116,114)

    66,622,707 
   

 

 

 

Common Stocks

   
South Africa — 0.0%         

Sentry Holdings Ltd.Class A

   0(g)    0(f)  
   

 

 

 

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

    0(f)  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.0%         

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(h)(i)

   20   20,000 
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $20,000)

    20,000 
   

 

 

 

Total Investments in Securities — 98.1%
(Cost: $63,295,551)

    66,642,707 

Other Assets, Less Liabilities — 1.9%

    1,262,763 
   

 

 

 

Net Assets — 100.0%

   $ 67,905,470 
   

 

 

 

 

(a) 

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

(b) 

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

 

 

 

14 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® International High Yield Bond ETF

 

(c) 

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

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

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

(f) 

Rounds to less than $1.

(g) 

Rounds to less than 1,000.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day yield as of period-end.

                    

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/20

   

Purchases

at Cost

   

Proceeds 

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

04/30/21

   

Shares

Held at

04/30/21

(000)

   Income   

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $40,000   $   $(20,000)(a)   $   $   $20,000    20   $5   $ 
        

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

 (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.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2021. 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

  $   $66,622,707   $0(a)   $66,622,707 

Common Stocks

       0(a)         0(a)  

Money Market Funds

   20,000            20,000 
  

 

 

   

 

 

   

 

 

   

 

 

 
  $20,000   $66,622,707   $0(a)   $66,642,707 
  

 

 

   

 

 

   

 

 

   

 

 

 

 

 (a) 

Rounds to less than $1.

 

See notes to financial statements.

 

 

SCHEDULE   OF   INVESTMENTS

 15


Schedule of Investments (unaudited) 

April 30, 2021

  

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 05/10/21)(b)

 $    300  $    145,744 

Arcor SAIC, 6.00%, 07/06/23(b)

  375   358,078 

Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)(b)

  200   210,787 

MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)

  200   190,550 

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

  300   204,249 

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

  450   367,200 

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

  266   71,649 

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

  300   260,306 

YPF SA

  

1.50%, 09/30/33 (Call 03/30/33)(d)(e)

  250   111,063 

2.50%, 06/30/29 (Call 12/30/28)(d)(e)

  400   215,000 

4.00%, 02/12/26 (Call 11/12/25)(d)(e)

  300   240,810 

6.95%, 07/21/27(b)

  660   400,125 

7.00%, 12/15/47 (Call 06/15/47)(b)

  350   195,738 

8.50%, 07/28/25(b)

  700   499,625 

8.75%, 04/04/24(b)

  680   550,927 

YPF Socidad Anonima, 2.50%, 06/30/29(b)

  75   40,313 

YPF Sociedad Anonima, 4.00%, 02/12/26(b)

  100   80,270 
  

 

 

 
   4,142,434 
Azerbaijan — 0.2%      

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

  550   544,328 
  

 

 

 
Bahrain — 0.2%      

BBK BSC, 5.50%, 07/09/24(b)

  400   421,200 

GFH Sukuk Ltd., 7.50%, 01/28/25(b)

  200   196,000 
  

 

 

 
   617,200 
Brazil — 5.7%      

Adecoagro SA, 6.00%, 09/21/27(b)

  150   157,219 

Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)(d)

  200   208,175 

Atento Luxco 1 SA, 8.00%, 02/10/26(b)

  100   108,644 

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

  200   204,250 

Banco BTG Pactual SA/Cayman Islands

  

2.75%, 01/11/26 (Call 12/11/25)(b)

  200   189,438 

4.50%, 01/10/25 (Call 12/10/24)(b)

  200   205,163 

Banco do Brasil SA/Cayman

  

4.63%, 01/15/25(b)

  200   213,450 

4.75%, 03/20/24(b)

  400   427,400 

6.25%, (Call 04/15/24)(b)(f)(g)

  400   395,500 

9.00%, (Call 06/18/24)(b)(f)(g)

  200   218,725 

9.25%, 12/31/49(b)

  200   216,725 

Braskem Netherlands Finance BV

  

4.50%, 01/10/28 (Call 10/10/27)(b)

  200   208,000 

4.50%, 01/31/30(b)(h)

  400   406,600 

5.88%, 01/31/50(b)

  200   208,750 

8.50%, 01/23/81 (Call 10/24/25)(b)(g)

  200   230,250 

BRF SA, 5.75%, 09/21/50 (Call 03/21/50)(b)

  200   195,345 

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

  200   229,950 

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

  200   201,690 

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

  200   213,162 

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

  200   213,100 

CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(b)

  400   433,300 
Security 

Par

(000)

  Value 
Brazil (continued)      

CSN Resources SA

  

7.63%, 02/13/23 (Call 05/31/21)(b)

 $    200  $    207,975 

7.63%, 04/17/26 (Call 04/17/22)(b)

  200   214,410 

Embraer Netherlands Finance BV

  

5.05%, 06/15/25

  227   237,782 

5.40%, 02/01/27

  250   262,344 

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

  200   227,610 

FS Luxembourg Sarl, 10.00%, 12/15/25(b)

  200   217,610 

Gerdau Trade Inc., 4.88%, 10/24/27(b)

  200   222,750 

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

  200   202,360 

Gol Finance SA, 7.00%, 01/31/25(b)

  100   91,200 

Guara Norte Sarl, 5.20%, 06/15/34(d)

  200   200,750 

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

  200   210,225 

Hidrovias International Finance Sarl, 4.95%, 02/08/31 (Call 02/08/26)(d)

  200   203,163 

Itau Unibanco Holding SA/Cayman Island

  

4.50%, 11/21/29 (Call 11/21/24)(b)(g)(h)

  400   402,780 

4.63%, (Call 02/27/25)(b)(f)(g)

  200   190,100 

5.13%, 05/13/23(b)(h)

  200   211,913 

6.13%, (Call 12/12/22)(b)(f)(g)

  200   202,350 

6.50%, (Call 03/19/23)(b)(f)(g)(h)

  200   204,288 

JBS Investments II GmbH

  

5.75%, 01/15/28 (Call 07/15/22)(b)

  400   423,160 

7.00%, 01/15/26(b)

  200   212,960 

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

  200   201,913 

Klabin Austria GmbH

  

3.20%, 01/12/31 (Call 10/12/30)(b)

  400   378,875 

5.75%, 04/03/29 (Call 01/03/29)(b)

  200   222,250 

MARB BondCo PLC

  

3.95%, 01/29/31 (Call 01/29/26)(d)

  200   190,600 

3.95%, 01/29/31 (Call 01/29/26)(b)

  200   190,600 

Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(d)(h)

  200   194,052 

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

  200   215,037 

Odebrecht Drilling Norbe VIII/IX Ltd.,
7.35%, (7.35% PIK), 12/01/26 (Call 05/31/21)(b)(i)

  259   103,370 

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

  173   33,570 

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

  225   235,237 

Petrobras Global Finance BV

  

4.38%, 05/20/23(h)

  100   105,988 

5.09%, 01/15/30(h)

  700   739,725 

5.30%, 01/27/25

  200   221,537 

5.60%, 01/03/31 (Call 10/03/30)(h)

  500   539,375 

6.00%, 01/27/28

  300   338,250 

6.25%, 03/17/24

  100   111,976 

6.75%, 01/27/41

  200   226,662 

6.75%, 06/03/50 (Call 12/03/49)

  350   381,661 

6.85%, 06/05/2115(h)

  400   421,340 

6.88%, 01/20/40

  148   169,904 

6.90%, 03/19/49(h)

  300   335,955 

7.25%, 03/17/44(h)

  275   321,062 

7.38%, 01/17/27

  350   423,062 

8.75%, 05/23/26(h)

  200   254,330 

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

  400   413,325 

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

  200   210,900 

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

  200   229,725 

Suzano Austria GmbH

  

3.75%, 01/15/31 (Call 10/15/30)

  300   306,000 

5.00%, 01/15/30 (Call 10/15/29)

  200   219,975 
 

 

 

16 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Brazil (continued)      

6.00%, 01/15/29 (Call 10/15/28)

 $    400  $467,300 

7.00%, 03/16/47 (Call 09/16/46)(b)

  200   256,750 

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

  200   209,980 

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

  200   214,787 

Vale Overseas Ltd.

  

3.75%, 07/08/30 (Call 04/08/30)

  200   209,525 

6.25%, 08/10/26(h)

  400   477,825 

6.88%, 11/21/36

  300   407,212 

6.88%, 11/10/39

  250   344,094 

Vale SA, 5.63%, 09/11/42

  100   124,269 
  

 

 

 
       20,078,564 
Chile — 3.6%      

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

  400   424,000 

Antofagasta PLC, 2.38%, 10/14/30 (Call 07/14/30)(b)

  400   389,000 

Banco de Credito e Inversiones SA

  

3.50%, 10/12/27(b)(h)

  400   425,325 

4.00%, 02/11/23(b)

  200   210,475 

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

  450   468,787 

Celulosa Arauco y Constitucion SA

  

4.20%, 01/29/30 (Call 10/29/29)(b)

  600   648,000 

4.25%, 04/30/29 (Call 01/30/29)(b)

  400   435,500 

4.50%, 08/01/24 (Call 05/01/24)

  200   217,413 

5.15%, 01/29/50 (Call 07/29/49)(b)

  200   224,315 

5.50%, 04/30/49 (Call 10/30/48)(b)

  200   234,180 

Cencosud SA

  

4.38%, 07/17/27 (Call 04/17/27)(b)

  800   886,000 

5.15%, 02/12/25 (Call 11/12/24)(b)

  200   223,287 

Colbun SA

  

3.15%, 03/06/30 (Call 12/06/29)(b)

  200   203,663 

3.95%, 10/11/27 (Call 07/11/27)(b)

  400   436,450 

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

  200   156,000 

Empresa Nacional de Telecomunicaciones SA

  

4.75%, 08/01/26 (Call 05/03/26)(b)

  600   665,250 

4.88%, 10/30/24 (Call 07/30/24)(b)

  600   644,250 

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

  200   217,625 

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

  700   807,975 

EnfraGen Energia Sur SA, 5.38%, 12/30/30(b)

  600   594,582 

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

  400   409,000 

GNL Quintero SA, 4.63%, 07/31/29(b)

  600   655,612 

Inversiones CMPC SA

  

3.00%, 04/06/31 (Call 01/06/31)(d)

  400   396,600 

3.85%, 01/13/30 (Call 10/13/29)(b)

  400   425,700 

4.38%, 04/04/27(b)(h)

  400   442,370 

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

  400   422,825 

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

  400   425,320 

SACI Falabella, 3.75%, 04/30/23(b)(h)

  200   209,288 

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

  400   418,575 

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

  400   432,000 
  

 

 

 
   12,749,367 
China — 8.6%      

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

  200   207,663 

Alibaba Group Holding Ltd.

  

2.13%, 02/09/31 (Call 11/09/30)

  200   192,296 

3.25%, 02/09/61 (Call 08/09/60)

  200   187,057 

3.40%, 12/06/27 (Call 09/06/27)

  300   324,996 

3.60%, 11/28/24 (Call 08/28/24)

  400   433,468 
Security 

Par

(000)

  Value 
China (continued)      

4.00%, 12/06/37 (Call 06/06/37)

 $    200  $    216,578 

4.20%, 12/06/47 (Call 06/06/47)

  400   441,008 

Amipeace Ltd., 2.50%, 12/05/24(b)

  400   419,200 

Baidu Inc.

  

3.08%, 04/07/25 (Call 03/07/25)

  400   421,500 

4.13%, 06/30/25(h)

  200   219,600 

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

  400   446,325 

Bank of China Ltd./Hong Kong

  

1.03%, 03/08/23, (3 mo. LIBOR US + 0.850%)(b)(g)

  200   200,502 

3.88%, 06/30/25(b)

  200   218,787 

Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(b)(f)(g)

  600   619,050 

Bank of Communications Co. Ltd./Hong Kong, 1.04%, 05/17/23, (3 mo. LIBOR US + 0.85%)(b)(g)

  200   200,300 

Bocom Leasing Management Hong Kong Co. Ltd., 1.26%, 12/10/24, (3 mo. LIBOR US + 1.075%)(b)(g)

  400   396,200 

CCBL Cayman 1 Corp. Ltd., 1.99%, 07/21/25(b)

  200   199,313 

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

  200   198,663 

Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(b)

  200   194,350 

China Cinda 2020 I Management Ltd., 2.50%, 03/18/25 (Call 02/18/25)(b)

  200   199,225 

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

  400   425,700 

China Cinda Finance 2017 I Ltd.

  

3.88%, 02/08/23(b)

  200   206,814 

4.75%, 02/21/29(b)

  200   219,287 

China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)(b)(g)

  400   429,575 

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

  200   197,913 

China Evergrande Group

  

7.50%, 06/28/23 (Call 05/31/21)(b)

  400   350,575 

8.75%, 06/28/25 (Call 06/28/21)(b)

  200   162,350 

10.50%, 04/11/24 (Call 04/11/22)(b)

  200   179,475 

China Great Wall International Holdings V Ltd., 2.38%, 08/18/30(b)

  200   181,225 

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

  200   198,626 

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

  200   225,287 

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

  200   210,666 

China Overseas Finance Cayman VIII Ltd., 2.75%, 03/02/30(b)

  200   194,288 

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

  200   213,037 

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

  200   208,225 

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

  200   203,913 

CICC Hong Kong Finance 2016 MTN Ltd., 1.63%, 01/26/24(b)

  400   398,622 

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

  200   211,100 

CITIC Ltd.

  

2.85%, 02/25/30(b)

  200   198,850 

3.88%, 02/28/27(b)

  200   216,662 

CMB International Leasing Management Ltd., 1.88%, 08/12/25(b)

  400   392,325 

CMHI Finance BVI Co. Ltd.

  

3.50%, (Call 10/09/23)(b)(f)(g)

  200   202,975 

4.38%, 08/06/23(b)

  200   212,880 

CNOOC Finance 2013 Ltd.

  

2.88%, 09/30/29 (Call 06/30/29)(h)

  200   201,100 
 

 

 

SCHEDULE   OF   INVESTMENTS

 17


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
China (continued)      

3.00%, 05/09/23

 $    200  $    207,296 

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

  200   216,566 

CNOOC Finance 2015 USA LLC

  

3.50%, 05/05/25

  200   212,644 

4.38%, 05/02/28

  200   221,286 

CNOOC Petroleum North America ULC

  

6.40%, 05/15/37

  375   491,789 

7.50%, 07/30/39(h)

  200   296,850 

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

  200   209,413 

Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 06/17/25)(b)

  400   397,816 

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

  200   217,600 

Country Garden Holdings Co. Ltd.

  

3.13%, 10/22/25 (Call 09/22/25)(b)

  200   200,188 

3.30%, 01/12/31 (Call 10/12/30)(b)

  200   189,350 

4.20%, 02/06/26 (Call 02/06/24)(b)

  200   208,288 

5.40%, 05/27/25 (Call 05/27/23)(b)

  200   213,662 

7.25%, 04/08/26 (Call 04/08/23)(b)

  400   442,575 

CRCC Yuxiang Ltd., 3.50%, 05/16/23(b)

  200   207,850 

Easy Tactic Ltd., 5.88%, 02/13/23 (Call 05/31/21)(b)

  200   187,100 

ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(b)

  200   193,306 

Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)(b)

  200   208,350 

Franshion Brilliant Ltd.

  

4.00%, (Call 01/03/23)(b)(f)(g)

  200   200,350 

6.00%, (Call 02/08/26)(b)(f)(g)

  200   199,188 

Huarong Finance 2017 Co. Ltd.

  

4.25%, 11/07/27(b)

  200   149,000 

4.75%, 04/27/27(b)

  400   298,500 

Huarong Finance 2019 Co. Ltd.

  

3.75%, 05/29/24(b)

  400   302,250 

4.50%, 05/29/29(b)

  200   147,250 

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

  400   311,000 

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

  200   212,912 

Industrial & Commercial Bank of China Ltd./London, 1.03%, 10/25/23, (3 mo. LIBOR US +
0.850%)(b)(g)

  400   401,496 

Industrial & Commercial Bank of China Ltd./Singapore, 1.01%, 04/25/24,
(3 mo. LIBOR US + 0.830%)(b)(g)

  600   601,246 

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

  400   414,825 

Inventive Global Investments Ltd.,
1.65%, 09/03/25(b)

  200   197,250 

JD.com Inc., 3.88%, 04/29/26(h)

  200   217,662 

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

  200   198,650 

Kaisa Group Holdings Ltd.

  

9.38%, 06/30/24 (Call 06/30/21)(b)

  400   397,200 

10.50%, 01/15/25 (Call 01/15/23)(b)

  200   198,538 

10.88%, 07/23/23 (Call 07/23/21)(b)

  200   208,475 

Lenovo Group Ltd.

  

3.42%, 11/02/30(b)

  200   202,038 

4.75%, 03/29/23(b)

  200   211,100 

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

  200   209,725 

Meituan, 3.05%, 10/28/30 (Call 07/28/30)(b)

  400   385,744 

Poly Developments and Holdings Group Co. Ltd., 3.88%, 03/25/24(b)

  200   209,662 

Prosus NV

  

4.85%, 07/06/27 (Call 04/06/27)(b)

  600   674,362 

5.50%, 07/21/25 (Call 04/21/25)(b)

  800   913,400 

Proven Honour Capital Ltd.

  

4.13%, 05/19/25(b)

  200   209,787 

4.13%, 05/06/26(b)

  200   210,912 
Security 

Par

(000)

  Value 
China (continued)      

RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)(b)

 $    200  $200,750 

SF Holding Investment Ltd., 2.88%, 02/20/30(b)

  200   198,913 

Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(b)

  200   194,288 

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

  400   431,450 

Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 08/24/22)(b)

  200   208,188 

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

  200   222,037 

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

  400   416,450 

State Elite Global Ltd., 0.95%, 10/24/24, (3 mo. LIBOR US + 0.770%)(b)(g)

  200   199,288 

Sunac China Holdings Ltd.

  

5.95%, 04/26/24 (Call 01/26/23)(b)

  200   202,500 

6.50%, 01/10/25 (Call 01/10/23)(b)

  200   203,000 

Tencent Holdings Ltd.

  

1.81%, 01/26/26 (Call 12/26/25)(b)(h)

  400   402,824 

2.39%, 06/03/30 (Call 03/03/30)(b)(h)

  400   390,168 

3.24%, 06/03/50 (Call 12/03/49)(b)

  200   183,158 

3.60%, 01/19/28 (Call 10/19/27)(b)(h)

  300   320,742 

3.93%, 01/19/38 (Call 07/19/37)(b)(h)

  400   421,825 

3.94%, 04/22/61 (Call 10/22/60)(d)

  200   201,378 

3.98%, 04/11/29 (Call 01/11/29)(b)(h)

  200   217,912 

4.53%, 04/11/49 (Call 10/11/48)(b)

  200   226,787 

Vanke Real Estate Hong Kong Co. Ltd.

  

4.15%, 04/18/23(b)

  200   209,537 

4.20%, 06/07/24(b)

  400   429,700 

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

  200   199,100 

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

  200   203,600 

Yuzhou Group Holdings Co. Ltd., 6.35%, 01/13/27 (Call 01/13/25)(b)

  200   165,125 
  

 

 

 
       30,230,722 
Colombia — 4.2%      

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

  500   574,375 

Banco Davivienda SA, 6.65%,
(Call 04/22/31)(d)(f)(g)

  400   406,620 

Banco de Bogota SA

  

4.38%, 08/03/27 (Call 05/03/27)(b)

  550   584,238 

5.38%, 02/19/23(b)

  200   211,475 

6.25%, 05/12/26(b)

  600   671,700 

Bancolombia SA

  

3.00%, 01/29/25 (Call 12/29/24)(h)

  400   409,000 

4.63%, 12/18/29 (Call 12/18/24)(g)

  400   403,252 

4.88%, 10/18/27 (Call 10/18/22)(g)(h)

  600   608,175 

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

  400   420,960 

Ecopetrol SA

  

4.13%, 01/16/25

  833   884,188 

5.38%, 06/26/26 (Call 03/26/26)(h)

  935   1,049,257 

5.88%, 09/18/23

  1,050   1,154,475 

5.88%, 05/28/45

  1,300   1,383,362 

6.88%, 04/29/30 (Call 01/29/30)

  1,250   1,512,437 

7.38%, 09/18/43

  500   616,850 

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

  600   600,675 

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

  400   445,246 

Millicom International Cellular SA

  

4.50%, 04/27/31 (Call 04/27/26)(b)

  200   212,500 

6.25%, 03/25/29 (Call 03/25/24)(b)

  540   602,033 

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

  400   423,500 
 

 

 

18 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Colombia (continued)      

Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(b)

 $    200  $202,725 

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

  300   326,025 

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

  370   400,941 

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

  600   670,613 
  

 

 

 
       14,774,622 
Congo — 0.2%      

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

  600   638,550 
  

 

 

 
Ghana — 0.3%      

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

  400   388,125 

Tullow Oil PLC, 7.00%, 03/01/25
(Call 06/01/21)(b)

  600   513,000 
  

 

 

 
   901,125 
Guatemala — 0.2%      

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

  500   526,250 

Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(d)

  200   212,700 
  

 

 

 
   738,950 
Hong Kong — 4.9%      

AIA Group Ltd.

  

3.20%, 09/16/40 (Call 03/16/40)(b)

  600   592,068 

3.38%, 04/07/30 (Call 01/07/30)(b)

  200   214,641 

3.60%, 04/09/29 (Call 01/09/29)(b)

  400   431,575 

3.90%, 04/06/28 (Call 01/06/28)(b)(h)

  200   219,100 

4.50%, 03/16/46 (Call 09/16/45)(b)

  200   241,100 

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

  800   859,750 

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

  250   254,984 

Bank of East Asia Ltd. (The)

  

4.00%, 11/03/26 (Call 11/03/21)(b)(g)

  400   403,325 

5.83%, (Call 10/21/25)(b)(f)(g)

  250   266,172 

5.88%, (Call 09/19/24)(b)(f)(g)

  250   266,062 

CAS Capital No. 1 Ltd., 4.00%,
(Call 07/12/26)(b)(f)(g)

  200   199,688 

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

  400   408,450 

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

  200   212,162 

China CITIC Bank International Ltd.

  

4.63%, 02/28/29 (Call 02/28/24)(b)(g)

  250   264,031 

7.10%, (Call 11/06/23)(b)(f)(g)

  200   217,725 

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

  200   212,225 

CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(b)

  200   204,538 

CK Hutchison International 19 Ltd.

  

3.25%, 04/11/24 (Call 03/11/24)(b)(h)

  400   427,088 

3.38%, 09/06/49(b)

  200   205,288 

3.63%, 04/11/29 (Call 01/11/29)(b)(h)

  400   434,950 

CK Hutchison International 20 Ltd.

  

2.50%, 05/08/30 (Call 02/08/30)(b)

  800   797,400 

3.38%, 05/08/50(b)

  200   205,188 

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

  200   193,663 

Elect Global Investments Ltd., 4.10%, (Call 06/03/25)(b)(f)(g)

  200   202,475 

FWD Group Ltd.

  

0.00%, (Call 06/15/22)(b)(f)(g)(j)

  200   181,975 

5.75%, 07/09/24(b)

  200   211,787 

6.38%, (Call 09/13/24)(b)(f)(g)

  200   205,225 

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

  200   200,538 

HKT Capital No. 4 Ltd., 3.00%, 07/14/26(b)

  200   210,350 

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

  200   206,787 
Security 

Par

(000)

  Value 
Hong Kong (continued)      

Hongkong Electric Finance Ltd.

  

1.88%, 08/27/30 (Call 02/27/30)(b)

 $    200  $189,538 

2.88%, 05/03/26(b)

  200   212,100 

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

  200   203,663 

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

  200   209,912 

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

  600   658,800 

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

  100   148,344 

Hysan MTN Ltd., 2.82%, 09/04/29(b)

  200   200,350 

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

  200   210,600 

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

  400   402,200 

Li & Fung Ltd.

  

4.38%, 10/04/24 (Call 09/04/24)(b)

  200   199,725 

4.50%, 08/18/25 (Call 07/18/25)(b)

  400   401,450 

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

  200   212,975 

MTR Corp. Ltd., 1.63%, 08/19/30(b)

  600   568,050 

Nan Fung Treasury III Ltd.,
5.00%, (Call 09/10/23)(b)(f)

  200   201,475 

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

  200   199,112 

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

  350   353,062 

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

  200   211,225 

NWD Finance BVI Ltd.

  

4.80%, (Call 09/09/23)(b)(f)

  200   195,100 

5.25%, (Call 03/22/26)(b)(f)(g)

  200   213,475 

6.25%, (Call 03/07/24)(b)(f)

  400   417,825 

NWD MTN Ltd.

  

4.13%, 07/18/29(b)

  200   205,163 

4.50%, 05/19/30(b)

  400   420,325 

Panther Ventures Ltd., 3.50%, (Call 12/22/23)(b)(f)

  200   189,100 

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

  200   209,662 

Sun Hung Kai Properties Capital Market Ltd.

  

2.75%, 05/13/30 (Call 02/13/30)(b)

  200   202,038 

2.88%, 01/21/30(b)

  200   203,850 

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

  200   205,225 

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

  200   216,537 

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

  200   215,037 

Wheelock MTN BVI Ltd., 2.38%, 01/25/26(b)

  200   199,475 
  

 

 

 
       17,025,703 
India — 4.6%      

ABJA Investment Co. Pte Ltd.

  

5.45%, 01/24/28(b)

  400   414,096 

5.95%, 07/31/24(b)

  400   433,325 

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

  400   401,200 

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

  200   220,600 

Adani Ports & Special Economic Zone Ltd.

  

3.10%, 02/02/31(d)

  200   186,500 

3.38%, 07/24/24(b)(h)

  200   209,234 

4.00%, 07/30/27 (Call 06/30/27)(b)

  200   207,913 

4.20%, 08/04/27 (Call 02/04/27)(b)(h)

  400   420,075 

Adani Transmission Ltd., 4.00%, 08/03/26(b)

  200   211,412 

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

  200   210,537 

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

  400   440,080 

Bharti Airtel Ltd.

  

3.25%, 06/03/31(b)

  200   194,095 

4.38%, 06/10/25(b)

  600   646,987 

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

  200   211,350 
 

 

 

SCHEDULE   OF   INVESTMENTS

 19


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
India (continued)      

Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(d)

 $    200  $202,700 

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

  400   400,075 

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

  200   159,538 

Greenko Solar Mauritius Ltd.

  

5.55%, 01/29/25(b)

  400   411,500 

5.95%, 07/29/26 (Call 07/29/22)(b)

  400   429,200 

HCL America Inc., 1.38%, 03/10/26 (Call 02/10/26)(d)

  200   196,913 

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

  200   210,162 

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

  450   483,412 

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

  400   431,450 

Indian Railway Finance Corp. Ltd.

  

2.80%, 02/10/31(d)

  200   189,092 

3.25%, 02/13/30(b)(h)

  200   198,475 

3.73%, 03/29/24(b)

  200   212,475 

3.84%, 12/13/27(b)

  200   215,100 

Network i2i Ltd.

  

3.98%, (Call 03/03/26)(d)(f)(g)

  200   201,000 

5.65%, (Call 01/15/25)(b)(f)(g)

  200   212,475 

NTPC Ltd.

  

4.25%, 02/26/26(b)

  200   214,600 

4.38%, 11/26/24(b)

  200   216,600 

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

  200   211,475 

Oil India Ltd.

  

5.13%, 02/04/29(b)

  200   220,850 

5.38%, 04/17/24(b)

  200   220,475 

ONGC Videsh Ltd., 4.63%, 07/15/24(b)

  400   435,200 

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

  200   209,787 

Periama Holdings LLC/DE, 5.95%, 04/19/26(b)

  400   426,300 

Power Finance Corp. Ltd.

  

3.35%, 05/16/31(b)

  200   191,975 

3.95%, 04/23/30(b)

  200   201,913 

4.50%, 06/18/29(b)

  400   417,950 

REC Ltd.

  

3.38%, 07/25/24(b)

  200   207,663 

5.25%, 11/13/23(b)

  400   432,200 

Reliance Industries Ltd.

  

3.67%, 11/30/27(b)

  250   269,578 

4.13%, 01/28/25(b)

  250   272,469 

4.88%, 02/10/45(b)

  250   297,078 

ReNew Power Synthetic, 6.67%, 03/12/24 (Call 05/31/21)(b)

  200   209,538 

ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(d)

  200   198,750 

Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(b)

  200   197,750 

State Bank of India/London

  

1.80%, 07/13/26(b)

  400   394,000 

4.38%, 01/24/24(b)

  400   431,450 

4.88%, 04/17/24(b)(h)

  200   219,912 

Vedanta Resources Finance II PLC

  

8.95%, 03/11/25 (Call 09/11/24)(d)

  400   394,400 

9.25%, 04/23/26 (Call 04/23/23)(b)

  200   179,225 

13.88%, 01/21/24 (Call 12/21/22)(b)

  400   438,700 

Vedanta Resources Ltd.

  

6.13%, 08/09/24 (Call 08/09/21)(b)

  400   341,450 

7.13%, 05/31/23(b)

  200   188,350 
  

 

 

 
       16,200,609 
Indonesia — 2.5%      

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

  500   512,281 
Security 

Par

(000)

  Value 
Indonesia (continued)      

Bank Mandiri Persero Tbk PT

  

3.75%, 04/11/24(b)

 $200  $211,163 

4.75%, 05/13/25(b)

  600   660,900 

Bank Rakyat Indonesia Persero Tbk PT

  

3.95%, 03/28/24(b)

  400   426,700 

4.63%, 07/20/23(b)

  200   213,750 

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

  200   205,475 

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

  250   253,250 

Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/22)(b)

  500   535,094 

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

  547   638,617 

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

  400   411,075 

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

  400   434,075 

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

  400   423,200 

Minejesa Capital BV

  

4.63%, 08/10/30(b)

  800   840,920 

5.63%, 08/10/37(b)

  600   635,737 

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

      1,000   1,100,187 

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

  400   333,950 

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

  400   444,325 

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

  355   403,404 
  

 

 

 
   8,684,103 
Israel — 3.5%      

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

  400   412,250 

Energean Israel Finance Ltd.

  

4.50%, 03/30/24 (Call 12/30/23)

  200   205,138 

4.88%, 03/30/26 (Call 12/30/25)

  400   412,520 

5.38%, 03/30/28 (Call 09/30/27)

  400   412,875 

5.88%, 03/30/31 (Call 09/30/30)

  300   308,906 

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

  350   442,750 

Israel Electric Corp. Ltd.

  

4.25%, 08/14/28

  600   665,362 

6.88%, 06/21/23(b)

  200   224,288 

Series 6, 5.00%, 11/12/24(d)

  800   896,950 

Leviathan Bond Ltd.

  

5.75%, 06/30/23 (Call 03/30/23)(d)

  200   209,225 

6.13%, 06/30/25 (Call 03/30/25)(d)

  400   438,000 

6.50%, 06/30/27 (Call 12/30/26)(d)

  300   332,681 

6.75%, 06/30/30 (Call 12/30/29)(d)

  300   335,963 

Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26)(d)(g)

  200   203,330 

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

  400   431,048 

Teva Pharmaceutical Finance Netherlands III BV

  

2.80%, 07/21/23

  1,486   1,474,112 

3.15%, 10/01/26(h)

  1,751   1,642,000 

4.10%, 10/01/46(h)

  1,040   886,600 

6.00%, 04/15/24 (Call 01/15/24)

  800   840,000 

6.75%, 03/01/28 (Call 12/01/27)

  700   756,875 

7.13%, 01/31/25 (Call 10/31/24)

  600   649,875 
  

 

 

 
       12,180,748 
Jamaica — 0.6%      

Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 05/17/21)(i)

  576   564,646 

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

  1,050   1,091,625 
 

 

 

20 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

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 05/17/21)(b)

 $    400  $376,875 
  

 

 

 
   2,033,146 
Jordan — 0.1%      

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

  400   414,875 
  

 

 

 
Kazakhstan — 0.4%      

Tengizchevroil Finance Co. International Ltd.

  

3.25%, 08/15/30 (Call 02/15/30)(b)

  600   612,000 

4.00%, 08/15/26(b)

  700   746,069 
  

 

 

 
   1,358,069 
Kuwait — 1.7%      

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

  400   414,875 

Burgan Bank SAK

  

2.75%, 12/15/31 (Call 09/15/26)(b)(g)

  400   379,000 

5.75%, (Call 07/09/24)(b)(f)(g)

  400   396,075 

Equate Petrochemical BV

  

2.63%, 04/28/28 (Call 01/28/28)(d)

  200   200,230 

4.25%, 11/03/26(b)

  600   662,737 

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

  400   426,475 

Kuwait Projects Co. SPC Ltd.

  

4.23%, 10/29/26(b)

  400   393,200 

4.50%, 02/23/27(b)

  200   195,850 

5.00%, 03/15/23(b)

  400   412,450 

MEGlobal Canada ULC

  

5.00%, 05/18/25(b)

  600   671,175 

5.88%, 05/18/30(b)

  600   733,800 

NBK Tier 1 Financing 2 Ltd., 4.50%,
(Call 08/27/25)(b)(f)(g)

  400   416,075 

NBK Tier 1 Financing Ltd., 3.63%,
(Call 08/24/26)(d)(f)(g)

  400   399,125 

Warba Sukuk Ltd., 2.98%, 09/24/24(b)

  200   211,163 
  

 

 

 
   5,912,230 
Luxembourg — 0.6%      

Altice Financing SA

  

5.00%, 01/15/28 (Call 01/15/23)(b)

  600   591,750 

7.50%, 05/15/26 (Call 05/15/21)(b)

  1,395   1,444,913 
  

 

 

 
   2,036,663 
Macau — 4.1%      

Champion Path Holdings Ltd.

  

4.50%, 01/27/26 (Call 01/27/24)(b)

  200   209,250 

4.85%, 01/27/28 (Call 01/27/25)(b)

  400   420,075 

Melco Resorts Finance Ltd.

  

4.88%, 06/06/25 (Call 05/31/21)(b)(h)

  604   618,911 

5.25%, 04/26/26 (Call 04/26/22)(b)(h)

  400   417,200 

5.38%, 12/04/29 (Call 12/04/24)(b)

  600   635,700 

5.63%, 07/17/27 (Call 07/17/22)(b)(h)

  400   423,325 

5.75%, 07/21/28 (Call 07/21/23)(b)(h)

  600   644,175 

MGM China Holdings Ltd.

  

4.75%, 02/01/27 (Call 02/01/24)(d)

  400   411,500 

5.25%, 06/18/25 (Call 06/18/22)(b)

  200   208,850 

5.38%, 05/15/24 (Call 05/15/21)(b)

  800   823,400 

5.88%, 05/15/26 (Call 05/15/22)(b)

  400   421,325 

Sands China Ltd.

  

3.80%, 01/08/26 (Call 12/08/25)(k)

  600   635,004 

4.38%, 06/18/30 (Call 03/18/30)(k)

  600   637,800 

4.60%, 08/08/23 (Call 07/08/23)

  1,000   1,069,000 

5.13%, 08/08/25 (Call 06/08/25)

  1,000   1,113,250 

5.40%, 08/08/28 (Call 05/08/28)(h)

  1,200   1,359,600 

Studio City Finance Ltd.

  

5.00%, 01/15/29 (Call 01/15/24)(b)

  500   510,094 

6.00%, 07/15/25 (Call 07/15/22)(b)

  200   211,100 
Security Par
(000)
  Value 
Macau (continued)      

6.50%, 01/15/28 (Call 07/15/23)(b)

 $    400  $433,500 

Wynn Macau Ltd.

  

4.88%, 10/01/24 (Call 05/31/21)(b)

  400   405,400 

5.13%, 12/15/29 (Call 12/15/24)(b)

  600   614,813 

5.50%, 01/15/26 (Call 06/15/22)(b)

  600   627,750 

5.50%, 10/01/27 (Call 10/01/22)(b)

  600   626,362 

Wynn Macau Ltd. SR, 5.63%, 08/26/28 (Call 08/26/23)(b)

  800   839,000 
  

 

 

 
   14,316,384 
Malaysia — 1.6%      

Axiata SPV2 Bhd

  

2.16%, 08/19/30 (Call 05/19/30)(b)

  200   192,538 

4.36%, 03/24/26(b)

  400   448,075 

Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(b)

  600   547,612 

CIMB Bank Bhd, 0.97%, 10/09/24, (3 mo. LIBOR US + 0.780%)(b)(g)

  400   400,325 

Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(d)

  600   594,126 

Gohl Capital Ltd., 4.25%, 01/24/27(b)

  1,000   1,057,500 

Malayan Banking Bhd, 0.99%, 08/16/24, (3 mo. LIBOR US + 0.800%)(b)(g)

  1,000   1,001,250 

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

  200   200,913 

TNB Global Ventures Capital Bhd

  

3.24%, 10/19/26(b)

  600   637,800 

4.85%, 11/01/28(b)

  400   462,825 
  

 

 

 
   5,542,964 
Mexico — 5.4%      

Alfa SAB de CV

  

5.25%, 03/25/24 (Call 12/25/23)(b)

  200   219,150 

6.88%, 03/25/44 (Call 09/25/43)(b)

  200   253,230 

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

  200   211,440 

America Movil SAB de CV

  

2.88%, 05/07/30 (Call 02/07/30)

  400   413,428 

3.63%, 04/22/29 (Call 01/22/29)(h)

  200   216,913 

4.38%, 07/16/42

  200   230,537 

4.38%, 04/22/49 (Call 10/22/48)

  400   468,862 

6.13%, 03/30/40

  400   553,575 

6.38%, 03/01/35

  400   560,308 

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

  450   481,866 

Banco Mercantil del Norte SA/Grand Cayman

  

6.75%, (Call 09/27/24)(b)(f)(g)(h)

  200   209,225 

7.63%, 12/31/49(b)

  200   220,750 

8.38%, 12/31/49(b)

  200   235,690 

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand

  

5.38%, 04/17/25(b)

  350   393,872 

5.95%, 10/01/28(b)

  400   432,700 

BBVA Bancomer SA/Texas

  

4.38%, 04/10/24(b)

  150   162,807 

5.13%, 01/18/33 (Call 01/17/28)(b)(g)

  400   414,575 

5.88%, 09/13/34 (Call 09/13/29)(b)(g)

  200   218,162 

Becle SAB de CV, 3.75%, 05/13/25(b)

  150   162,263 

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

  200   201,350 

Cemex SAB de CV

  

3.88%, 07/11/31 (Call 07/11/26)(b)

  400   394,380 

5.20%, 09/17/30 (Call 09/17/25)(b)

  200   217,640 

5.45%, 11/19/29 (Call 11/19/24)(b)

  400   438,075 

7.38%, 06/05/27 (Call 06/05/23)(b)

  400   452,100 

Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(b)

  200   218,950 
 

 

 

SCHEDULE   OF   INVESTMENTS

 21


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security Par
(000)
  Value 
Mexico (continued)      

Coca-Cola Femsa SAB de CV

  

1.85%, 09/01/32 (Call 06/01/32)

 $    150  $    139,220 

5.25%, 11/26/43

  300   376,404 

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

  183   206,564 

Credito Real SAB de CV SOFOM ER, 8.00%, 01/21/28 (Call 01/21/25)(d)(h)

  200   192,440 

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

  200   215,038 

FEL Energy VI Sarl, 5.75%, 12/01/40(b)

  200   207,938 

Fomento Economico Mexicano SAB de CV

  

3.50%, 01/16/50 (Call 07/16/49)

  600   609,492 

4.38%, 05/10/43

  150   173,203 

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

  200   195,913 

Grupo Bimbo SAB de CV

  

4.00%, 09/06/49(b)

  200   200,350 

4.70%, 11/10/47 (Call 05/10/47)(b)

  200   223,537 

4.88%, 06/27/44(b)

  200   228,537 

Grupo Televisa SAB

  

5.00%, 05/13/45 (Call 11/13/44)(h)

  400   459,600 

5.25%, 05/24/49 (Call 11/24/48)(h)

  200   240,225 

6.13%, 01/31/46 (Call 07/31/45)

  200   264,542 

6.63%, 03/18/25

  100   118,613 

6.63%, 01/15/40(h)

  120   160,860 

Industrias Penoles SAB de CV

  

4.15%, 09/12/29 (Call 06/12/29)(b)

  200   215,500 

4.75%, 08/06/50 (Call 02/06/50)(b)

  200   205,500 

5.65%, 09/12/49 (Call 03/12/49)(b)

  200   231,160 

Infraestructura Energetica Nova SAB de CV

  

4.75%, 01/15/51 (Call 07/15/50)(b)

  200   197,000 

4.88%, 01/14/48(b)

  200   200,940 

Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(d)

  200   187,250 

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

  200   208,663 

Nemak SAB de CV, 4.75%, 01/23/25 (Call 05/31/21)(b)

  200   205,850 

Orbia Advance Corp. SAB de CV

  

4.00%, 10/04/27 (Call 07/04/27)(b)

  200   217,475 

5.50%, 01/15/48 (Call 07/15/47)(b)

  400   453,700 

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

  600   649,612 

Southern Copper Corp.

  

3.88%, 04/23/25

  300   326,962 

5.25%, 11/08/42

  400   484,830 

5.88%, 04/23/45(h)

  300   393,619 

6.75%, 04/16/40

  400   552,180 

7.50%, 07/27/35

  200   285,200 

Total Play Telecomunicaciones SA de CV, 7.50%, 11/12/25(b) .

  200   199,250 

Trust Fibra Uno

  

4.87%, 01/15/30 (Call 10/30/29)(b)

  600   659,737 

5.25%, 01/30/26 (Call 10/30/25)(b)

  200   224,225 

6.39%, 01/15/50 (Call 07/15/49)(b)

  200   227,000 

Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(b)

  200   196,330 
  

 

 

 
   18,716,307 
Morocco — 0.6%      

OCP SA

  

4.50%, 10/22/25(b)

  800   849,150 

5.63%, 04/25/24(b)

  625   678,438 

6.88%, 04/25/44(b)

  400   482,075 
  

 

 

 
   2,009,663 
Security Par
(000)
  Value 
Nigeria — 0.4%      

IHS Netherlands Holdco BV

  

7.13%, 03/18/25 (Call 09/18/21)(b)

 $    400  $    416,150 

8.00%, 09/18/27 (Call 09/18/22)(b)

  500   542,500 

SEPLAT Petroleum Development Co. PLC, 7.75%, 04/01/26 (Call 04/01/23)(d)

  400   408,120 
  

 

 

 
   1,366,770 
Oman — 0.6%      

Bank Muscat SAOG

  

4.75%, 03/17/26(b)

  400   414,875 

4.88%, 03/14/23(b)

  200   209,000 

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

  400   419,325 

Oztel Holdings SPC Ltd.

  

5.63%, 10/24/23(b)

  400   425,325 

6.63%, 04/24/28(b)

  500   555,406 
  

 

 

 
   2,023,931 
Panama — 0.9%      

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

  800   826,660 

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

  600   650,925 

C&W Senior Financing DAC

  

6.88%, 09/15/27 (Call 09/15/22)(b)

  600   637,500 

7.50%, 10/15/26 (Call 10/15/21)(b)(h)

  200   212,000 

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

  400   424,000 

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

  400   419,000 
  

 

 

 
   3,170,085 
Paraguay — 0.2%      

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

  295   215,144 

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

  600   634,237 
  

 

 

 
   849,381 
Peru — 2.1%      

Banco de Credito del Peru

  

2.70%, 01/11/25 (Call 12/11/24)(b)(h)

  800   813,000 

3.13%, 07/01/30 (Call 07/01/25)(b)(g)

  600   590,250 

3.25%, 09/30/31 (Call 09/30/26)(d)(g)

  200   195,250 

4.25%, 04/01/23(b)

  100   104,125 

Consorcio Transmantaro SA, 4.70%, 04/16/34(b)(h)

  400   429,250 

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

  400   397,400 

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

  400   406,570 

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

  400   400,000 

InRetail Consumer, 3.25%, 03/22/28
(Call 01/22/28)(d)

  400   380,660 

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

  400   408,000 

Lima Metro Line 2 Finance Ltd.

  

4.35%, 04/05/36(b)

  400   412,875 

5.88%, 07/05/34(b)(h)

  411   469,729 

Nexa Resources SA

  

5.38%, 05/04/27 (Call 02/04/27)(b)

  400   424,400 

6.50%, 01/18/28 (Call 10/18/27)(b)

  400   446,000 

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

  400   402,000 

Peru LNG Srl, 5.38%, 03/22/30(b)(h)

  600   500,362 

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

  400   431,000 
  

 

 

 
   7,210,871 
Philippines — 1.6%      

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

  400   430,325 

BDO Unibank Inc.

  

2.13%, 01/13/26(b)

  600   608,062 

2.95%, 03/06/23(b)

  200   206,850 
 

 

 

22 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security Par
(000)
  Value 
Philippines (continued)      

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

 $    400  $    425,700 

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

  400   383,325 

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

  200   210,725 

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

  400   406,875 

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

  200   200,163 

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

  600   630,487 

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

  400   417,000 

SMC Global Power Holdings Corp.

  

5.70%, (Call 01/21/26)(b)(f)(g)

  400   407,075 

5.95%, (Call 05/05/25)(b)(f)(g)

  400   408,200 

6.50%, (Call 04/25/24)(b)(f)(g)

  300   308,775 

7.00%, (Call 10/21/25)(b)(f)(g)

  600   636,675 
  

 

 

 
   5,680,237 
Qatar — 3.6%      

.ABQ Finance Ltd.

  

1.88%, 09/08/25(b)

  400   399,375 

3.13%, 09/24/24(b)

  400   419,875 

AKCB Finance Ltd., 4.75%, 10/09/23(b)

  400   432,375 

CBQ Finance Ltd.

  

2.00%, 09/15/25(b)

  400   402,875 

5.00%, 05/24/23(b)

  200   215,850 

Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(b)(f)(g)

  200   200,188 

MAR Sukuk Ltd.

  

2.21%, 09/02/25(b)

  600   610,237 

3.03%, 11/13/24(b)

  200   210,225 

Nakilat Inc., 6.07%, 12/31/33(b)

  550   671,447 

Ooredoo International Finance Ltd.

  

2.63%, 04/08/31(d)

  600   605,370 

3.25%, 02/21/23(b)

  550   573,891 

3.75%, 06/22/26(b)

  600   660,112 

3.88%, 01/31/28(b)

  400   448,950 

4.50%, 01/31/43(b)

  200   236,162 

5.00%, 10/19/25(b)

  400   459,875 

QIB Sukuk Ltd.

  

1.54%, 02/07/25, (3 mo. LIBOR US +
1.350%)(b)(g)

  400   402,700 

1.95%, 10/27/25(b)

  600   602,362 

3.98%, 03/26/24(b)

  600   646,425 

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

  200   215,688 

QNB Finance Ltd.

  

1.38%, 01/26/26(b)

  600   589,312 

1.63%, 09/22/25(b)

  400   399,624 

2.63%, 05/12/25(b)

  800   833,750 

2.75%, 02/12/27(b)

  700   726,819 

3.50%, 03/28/24(b)

  600   639,300 

Ras Laffan Liquefied Natural Gas Co. Ltd. III

  

5.84%, 09/30/27(b)

  481   548,818 

6.33%, 09/30/27(b)

  513   592,291 
  

 

 

 
   12,743,896 
Russia — 4.6%      

Alfa Bank AO Via Alfa Bond Issuance PLC

  

5.95%, 04/15/30 (Call 04/15/25)(b)(g)

  400   411,075 

6.95%, (Call 04/30/23)(b)(f)(g)

  200   206,788 

8.00%, (Call 02/03/22)(b)(f)(g)

  200   204,163 

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

  400   425,075 

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

  400   404,700 

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

  400   434,000 

Evraz PLC

  

5.25%, 04/02/24(b)

  400   430,460 

5.38%, 03/20/23(b)

  200   211,975 
Security Par
(000)
  Value 
Russia (continued)      

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

 $    600  $    657,487 

Gazprom PJSC Via Gaz Capital SA

  

4.95%, 02/06/28(b)

  3,000   3,313,050 

7.29%, 08/16/37(b)

  500   693,062 

8.63%, 04/28/34(b)

  450   666,084 

Lukoil International Finance BV

  

4.56%, 04/24/23(b)

  200   211,163 

4.75%, 11/02/26(b)

  800   887,400 

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

  400   418,875 

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

  400   427,200 

MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23 (Call 01/11/23)(b)

  300   311,055 

MMC Norilsk Nickel OJSC Via MMC Finance DAC

  

2.55%, 09/11/25 (Call 06/11/25)(b)

  200   200,725 

3.38%, 10/28/24 (Call 07/28/24)(b)

  400   414,950 

MMK International Capital DAC, 4.38%, 06/13/24

  

(Call 03/13/24)(b)

  200   213,288 

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

  200   212,850 

Novolipetsk Steel Via Steel Funding DAC

  

4.50%, 06/15/23(b)

  200   211,350 

4.70%, 05/30/26 (Call 02/28/26)(b)

  400   435,950 

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

  400   410,950 

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

  200   210,350 

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

  400   421,700 

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

  400   412,575 

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

  200   201,100 

VEON Holdings BV

  

3.38%, 11/25/27 (Call 08/25/27)(b)

  600   601,800 

4.00%, 04/09/25 (Call 01/09/25)(b)

  600   629,062 

4.95%, 06/16/24 (Call 03/16/24)(b)

  200   214,037 

7.25%, 04/26/23 (Call 01/26/23)(b)

  200   216,350 

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

  800   860,900 
  

 

 

 
   16,181,549 
Saudi Arabia — 4.5%      

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

  400   461,875 

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

  200   215,600 

Arab National Bank, 3.33%, 10/28/30
(Call 10/28/25)(b)(g)

  200   205,750 

Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(d)

  200   205,437 

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

  300   309,900 

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

  400   420,200 

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

  600   613,425 

SABIC Capital I BV

  

2.15%, 09/14/30 (Call 06/14/30)(b)

  200   191,938 

3.00%, 09/14/50 (Call 03/14/50)(b)

  200   183,688 

SABIC Capital II BV

  

4.00%, 10/10/23(b)

  400   431,000 

4.50%, 10/10/28(b)

  400   456,825 

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

  800   834,400 

Saudi Arabian Oil Co.

  

1.63%, 11/24/25 (Call 10/24/25)(b)

  600   605,430 

2.25%, 11/24/30 (Call 08/24/30)(b)

  800   770,900 

3.25%, 11/24/50 (Call 05/24/50)(b)

  1,000   911,250 

3.50%, 04/16/29(b)

  1,200   1,283,100 

3.50%, 11/24/70 (Call 05/24/70)(b)

  1,000   907,300 

4.25%, 04/16/39(b)

  1,200   1,307,100 

4.38%, 04/16/49(b)

  1,200   1,317,000 
 

 

 

SCHEDULE   OF   INVESTMENTS

 23


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security Par
(000)
  Value 
Saudi Arabia (continued)      

Saudi Electricity Global Sukuk Co. 2

  

3.47%, 04/08/23(b)

 $    200  $    209,450 

5.06%, 04/08/43(b)

  400   470,700 

Saudi Electricity Global Sukuk Co. 3

  

4.00%, 04/08/24(b)

  400   431,875 

5.50%, 04/08/44(b)

  400   498,450 

Saudi Electricity Global Sukuk Co. 4

  

4.22%, 01/27/24(b)

  400   434,825 

4.72%, 09/27/28(b)

  600   702,487 

Saudi Electricity Global Sukuk Co. 5

  

1.74%, 09/17/25(b)

  400   401,375 

2.41%, 09/17/30(b)

  400   401,950 

Saudi Telecom Co., 3.89%, 05/13/29(b)

  400   440,450 
  

 

 

 
   15,623,680 
Singapore — 4.3%      

BOC Aviation Ltd.

  

1.32%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)(b)(g)

  400   399,316 

2.63%, 09/17/30 (Call 06/17/30)(b)(h)

  400   386,325 

3.00%, 09/11/29 (Call 06/11/29)(b)

  500   497,750 

3.25%, 04/29/25 (Call 03/29/25)(b)

  600   625,800 

3.50%, 10/10/24 (Call 09/10/24)(b)

  400   425,075 

3.50%, 09/18/27 (Call 06/18/27)(b)

  600   634,875 

3.88%, 04/27/26 (Call 01/27/26)(b)(h)

  500   537,438 

4.00%, 01/25/24 (Call 12/25/23)(b)

  400   425,450 

DBS Group Holdings Ltd.

  

3.30%, (Call 02/27/25)(b)(f)(g)

  400   409,375 

3.60%, (Call 09/07/21)(b)(f)(g)

  800   805,400 

4.52%, 12/11/28 (Call 12/11/23)(b)(g)

  400   432,748 

Flex Ltd.

  

3.75%, 02/01/26 (Call 01/01/26)

  500   541,806 

4.75%, 06/15/25 (Call 03/15/25)(h)

  510   569,128 

4.88%, 06/15/29 (Call 03/15/29)

  350   398,545 

4.88%, 05/12/30 (Call 02/12/30)(h)

  400   460,176 

GLP Pte Ltd., 3.88%, 06/04/25(b)

  625   653,633 

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

  300   300,056 

Oversea-Chinese Banking Corp. Ltd.

  

1.83%, 09/10/30 (Call 09/10/25)(b)(g)

  600   597,030 

4.25%, 06/19/24(b)

  600   655,425 

Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(b)

  200   203,141 

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

  300   432,342 

SingTel Group Treasury Pte Ltd.

  

1.88%, 06/10/30 (Call 03/10/30)(b)

  400   387,084 

2.38%, 10/03/26(b)

  400   420,075 

2.38%, 08/28/29 (Call 05/28/29)(b)

  400   405,075 

3.25%, 06/30/25(b)

  300   323,925 

3.88%, 08/28/28 (Call 05/28/28)(b)

  200   222,739 

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

  400   403,325 

United Overseas Bank Ltd.

  

1.25%, 04/14/26(d)

  400   398,968 

1.75%, 03/16/31 (Call 03/16/26)(b)(g)

  200   197,512 

2.00%, 10/14/31 (Call 10/14/26)(d)(g)

  200   198,736 

2.88%, 03/08/27 (Call 03/08/22)(b)(g)

  400   405,075 

3.50%, 09/16/26 (Call 09/16/21)(b)(g)

  400   403,325 

3.75%, 04/15/29 (Call 04/15/24)(b)(g)(h)

  400   426,575 

3.88%, (Call 10/19/23)(b)(f)(g)

  400   412,825 
  

 

 

 
   14,996,073 
South Africa — 1.5%      

AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)(h)

  400   414,960 
Security Par
(000)
  Value 
South Africa (continued)      

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

 $    200  $    211,663 

Gold Fields Orogen Holdings BVI Ltd.

  

5.13%, 05/15/24 (Call 04/15/24)(b)

  400   435,200 

6.13%, 05/15/29 (Call 02/15/29)(b)

  200   235,725 

Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 03/04/23)(d)

  400   421,875 

MTN Mauritius Investments Ltd.

  

4.76%, 11/11/24(b)

  450   475,537 

6.50%, 10/13/26(b)

  400   452,450 

Sasol Financing USA LLC

  

4.38%, 09/18/26 (Call 08/18/26)

  400   406,000 

5.50%, 03/18/31 (Call 03/18/30)

  500   508,025 

5.88%, 03/27/24 (Call 02/27/24)

  1,200   1,273,350 

6.50%, 09/27/28 (Call 06/27/28)

  400   441,380 
  

 

 

 
   5,276,165 
South Korea — 4.2%      

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

  400   416,450 

Heungkuk Life Insurance Co. Ltd., 4.48%, (Call 11/09/22)(b)(f)(g)

  200   202,413 

Hyundai Capital Services Inc.

  

1.25%, 02/08/26(d)

  200   195,746 

3.75%, 03/05/23(b)

  400   420,200 

Kia Corp., 3.00%, 04/25/23(b)

  400   415,575 

Kookmin Bank 1.75%, 05/04/25(b)

  400   407,160 

2.50%, 11/04/30(b)(h)

  200   195,034 

2.88%, 03/25/23(b)

  200   208,322 

4.35%, (Call 07/02/24)(b)(f)(g)

  200   210,663 

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

  600   610,800 

Korea Electric Power Corp.

  

1.13%, 06/15/25(b)

  400   399,075 

2.50%, 06/24/24(b)

  200   211,288 

Korea Gas Corp.

  

2.88%, 07/16/29(b)

  200   211,225 

3.50%, 07/21/25(b)

  200   219,287 

3.50%, 07/02/26(b)

  200   222,537 

3.88%, 02/12/24(b)

  200   217,975 

6.25%, 01/20/42(b)

  600   872,737 

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

  400   428,325 

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

  200   204,288 

LG Chem Ltd.

  

3.25%, 10/15/24(b)

  400   431,000 

3.63%, 04/15/29(b)

  200   216,725 

NongHyup Bank

  

1.25%, 07/20/25(b)

  400   399,640 

3.88%, 07/30/23(b)

  200   214,162 

POSCO, 2.75%, 07/15/24(b)

  600   632,737 

Shinhan Bank Co. Ltd. 1.38%, 10/21/26(d)

  200   199,800 

1.88%, 04/24/25, (3 mo. LIBOR US + 1.700%)(b)(g)

  200   208,288 

3.88%, 11/05/23(b)

  400   431,545 

3.88%, 03/24/26(b)

  200   218,346 

3.88%, 12/07/26 (Call 12/07/21)(b)(g)

  400   405,575 

Shinhan Financial Group Co. Ltd.

  

1.35%, 01/10/26(b)(h)

  400   397,664 

3.34%, 02/05/30 (Call 02/05/25)(b)(g)

  200   209,038 

5.88%, (Call 08/13/23)(b)(f)(g)

  200   216,037 

SK Battery America Inc., 2.13%, 01/26/26(b)

  400   393,872 

SK Hynix Inc.

  

1.00%, 01/19/24(d)

  200   199,814 
 

 

 

24 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security Par
(000)
  Value 
South Korea (continued)      

1.50%, 01/19/26(d)

 $    400  $    396,034 

2.38%, 01/19/31(d)

  500   478,604 

3.00%, 09/17/24(b)

  600   636,300 

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

  200   210,972 

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

  200   211,690 

Woori Bank

  

4.25%, (Call 10/04/24)(b)(f)(g)

  600   623,362 

4.50%, (Call 09/27/21)(b)(f)(g)

  600   607,050 

5.25%, (Call 05/16/22)(b)(f)(g)

  400   412,200 
  

 

 

 
   14,619,555 
Taiwan — 1.7%      

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

  600   645,113 

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

  400   422,575 

Foxconn Far East Ltd.

  

1.63%, 10/28/25(b)

  600   602,666 

2.50%, 10/28/30(b)

  400   390,700 

TSMC Global Ltd.

  

0.75%, 09/28/25(b)

  600   585,948 

1.00%, 09/28/27(b)

  600   578,108 

1.25%, 04/23/26 (Call 03/23/26)(d)

  600   598,350 

1.38%, 09/28/30(b)

  800   739,344 

1.75%, 04/23/28 (Call 02/23/28)(d)

  400   395,896 

2.25%, 04/23/31 (Call 01/23/31)(d)

  1,000   991,070 
  

 

 

 
   5,949,770 
Thailand — 2.1%      

Bangkok Bank PCL/Hong Kong

  

3.73%, 09/25/34 (Call 09/25/29)(b)(g)

  1,000   1,016,437 

4.05%, 03/19/24(b)

  600   650,362 

4.45%, 09/19/28(b)

  200   226,287 

5.00%, 10/03/23(b)

  200   220,038 

5.00%, 12/31/49(b)

  400   420,450 

GC Treasury Center Co. Ltd.

  

2.98%, 03/18/31 (Call 12/18/30)(d)

  400   397,860 

4.30%, 03/18/51 (Call 09/18/50)(d)(h)

  400   413,340 

Kasikornbank PCL/Hong Kong

  

3.34%, 10/02/31 (Call 10/02/26)(b)(g)

  600   613,237 

5.28%, (Call 10/14/25)(b)(f)(g)

  200   210,163 

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

  400   376,950 

PTTEP Treasury Center Co. Ltd.

  

2.59%, 06/10/27 (Call 04/10/27)(b)

  400   412,450 

3.90%, 12/06/59(b)

  400   402,825 

Siam Commercial Bank PCL/Cayman Islands

  

2.75%, 05/16/23(b)

  200   207,600 

3.90%, 02/11/24(b)

  200   214,913 

4.40%, 02/11/29(b)

  400   449,450 

Thaioil Treasury Center Co. Ltd.

  

3.50%, 10/17/49(b)

  400   347,950 

3.75%, 06/18/50(b)

  400   363,360 

5.38%, 11/20/48(b)

  400   458,325 
  

 

 

 
   7,401,997 
Togo — 0.1%      

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

  200   213,663 
  

 

 

 
Turkey — 3.4%      

Akbank T.A.S., 6.80%, 02/06/26(b)

  400   412,825 

Akbank TAS

  

5.13%, 03/31/25(b)

  400   396,825 

7.20%, 03/16/27 (Call 03/16/22)(b)(g)

  200   200,788 

Arcelik AS, 5.00%, 04/03/23(b)

  200   206,350 
Security Par
(000)
  Value 
Turkey (continued)      

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

 $    600  $    626,175 

KOC Holding AS

  

5.25%, 03/15/23 (Call 12/15/22)(b)

  600   613,050 

6.50%, 03/11/25 (Call 12/11/24)(b)

  400   427,950 

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

  500   526,969 

QNB Finansbank AS, 6.88%, 09/07/24(b)

  400   422,575 

Turk Telekomunikasyon AS

  

4.88%, 06/19/24(b)

  400   412,375 

6.88%, 02/28/25(b)

  200   217,850 

Turkcell Iletisim Hizmetleri AS

  

5.75%, 10/15/25(b)

  200   213,162 

5.80%, 04/11/28 (Call 01/11/28)(b)

  400   417,875 

Turkiye Garanti Bankasi AS

  

5.88%, 03/16/23(b)

  200   206,850 

6.13%, 05/24/27 (Call 05/24/22)(b)(g)

  600   595,237 

Turkiye Is Bankasi AS

  

6.13%, 04/25/24(b)

  800   814,650 

7.00%, 06/29/28 (Call 06/29/23)(b)(g)

  400   398,825 

7.75%, 01/22/30 (Call 01/22/25)(b)(g)

  500   502,906 

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

  400   392,700 

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

  400   441,075 

Turkiye Vakiflar Bankasi TAO

  

5.25%, 02/05/25(b)

  400   389,575 

6.50%, 01/08/26(b)

  400   398,875 

8.13%, 03/28/24(b)

  400   423,325 

Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(b)

  400   432,450 

Yapi ve Kredi Bankasi AS

  

5.85%, 06/21/24(b)

  200   201,788 

6.10%, 03/16/23(b)

  200   204,162 

7.88%, 01/22/31 (Call 01/22/26)(d)(g)(h)

  400   400,875 

8.25%, 10/15/24(b)

  400   427,875 

13.88%, (Call 01/15/24)(b)(f)(g)

  400   448,875 
  

 

 

 
   11,774,812 
Ukraine — 0.4%      

Metinvest BV

  

7.75%, 10/17/29(b)

  200   212,975 

8.50%, 04/23/26 (Call 01/23/26)(b)

  400   439,200 

MHP Lux SA, 6.95%, 04/03/26(b)

  400   409,700 

MHP SE, 7.75%, 05/10/24(b)

  400   420,950 
  

 

 

 
   1,482,825 
United Arab Emirates — 4.7%      

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

  400   423,950 

Abu Dhabi National Energy Co. PJSC

  

3.40%, 04/29/51 (Call 10/29/50)(d)

  200   201,500 

3.88%, 05/06/24(b)

  200   216,787 

4.00%, 10/03/49(b)

  200   220,662 

4.38%, 04/23/25(b)

  200   223,287 

4.38%, 06/22/26(b)

  400   454,825 

4.88%, 04/23/30(b)

  400   477,075 

6.50%, 10/27/36(b)

  300   421,931 

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

  200   211,600 

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

  200   218,537 

AHB Sukuk Co. Ltd., 4.38%, 09/19/23(b)

  200   216,225 

Aldar Sukuk Ltd., 4.75%, 09/29/25(b)

  200   223,412 

Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(b)

  200   215,163 

BOS Funding Ltd., 4.00%, 09/18/24(b)

  200   207,850 
 

 

 

SCHEDULE   OF   INVESTMENTS

 25


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security 

 

Par
(000)

  Value 
United Arab Emirates (continued) 

Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(b)(f)(g)

 $200  $212,438 

DIB Sukuk Ltd.

  

2.95%, 02/20/25(b)

  200   209,288 

2.95%, 01/16/26(b)

  600   627,112 

3.63%, 02/06/23(b)

  400   416,875 

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

  200   218,437 

DIB Tier 1 Sukuk 4 Ltd.,
4.63%, (Call 05/19/26)(b)(f)(g)

  400   419,875 

EI Sukuk Co. Ltd., 1.83%, 09/23/25(b)

  200   199,188 

Emaar Sukuk Ltd.

  

3.64%, 09/15/26(b)

  200   205,600 

3.88%, 09/17/29(b)

  200   202,288 

EMG Sukuk Ltd., 4.56%, 06/18/24(b)

  200   213,975 

EMG SUKUK Ltd., 4.56%, 06/18/24(b)

  200   213,975 

Emirates NBD Bank PJSC

  

1.64%, 01/13/26(b)

  400   399,375 

6.13%, (Call 03/20/25)(b)(f)(g)

  400   428,375 

6.13%, (Call 04/09/26)(b)(f)(g)

  200   218,787 

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

      200   215,350 

Esic Sukuk Ltd., 3.94%, 07/30/24(b)

  200   207,975 

Fab Sukuk Co. Ltd.

  

2.50%, 01/21/25(b)

  200   208,038 

3.63%, 03/05/23(b)

  200   210,350 

3.88%, 01/22/24(b)

  400   429,375 

First Abu Dhabi Bank PJSC

  

1.10%, 07/08/24, (3 mo. LIBOR US +
0.900%)(b)(g)

  400   401,375 

4.50%, (Call 04/05/26)(b)(f)(g)

  400   424,875 

Galaxy Pipeline Assets Bidco Ltd.

  

1.75%, 09/30/27(b)

  400   402,875 

2.16%, 03/31/34(d)

  600   588,000 

2.63%, 03/31/36(b)

  800   776,000 

2.94%, 09/30/40(d)

  600   583,800 

3.25%, 09/30/40(b)

  400   389,500 

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

  400   419,000 

MAF Global Securities Ltd.

  

4.75%, 05/07/24(b)

  400   436,375 

5.50%, (Call 09/07/22)(b)(f)(g)

  200       205,538 

MAF Sukuk Ltd.

  

3.93%, 02/28/30(b)

  200   214,663 

4.64%, 05/14/29(b)

  200   223,975 

Mashreqbank PSC, 4.25%, 02/26/24(b)

  200   214,475 

National Central Cooling Co. PJSC, 2.50%, 10/21/27(b)

  200   197,350 

Noor Sukuk Co. Ltd., 4.47%, 04/24/23(b)

  200   212,350 

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

  200   213,913 

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

  200   260,000 

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

  300   222,000 

SIB Sukuk Co. III Ltd.

  

2.85%, 06/23/25(b)

  200   208,850 

4.23%, 04/18/23(b)

  200   212,038 

Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(b)

  200   228,687 
  

 

 

 
   16,425,119 
United Kingdom — 0.1% 

CK Hutchison International 21 Ltd.

  

1.50%, 04/15/26 (Call 03/15/26)(d)

  200   200,296 

2.50%, 04/15/31 (Call 01/15/31)(d)

  200   198,612 
  

 

 

 
     398,908 
United States — 0.1% 

Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(d)

  400   396,500 
  

 

 

 
Security 

Par/

Shares

(000)

  Value 
Vietnam — 0.1%      

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

 $500  $503,688 
  

 

 

 
Zambia — 1.2%      

First Quantum Minerals Ltd.

  

6.50%, 03/01/24 (Call 05/10/21)(b)

  400   410,500 

6.88%, 03/01/26 (Call 05/10/21)(b)

  600   629,175 

6.88%, 10/15/27 (Call 10/15/23)(b)

  1,200   1,311,000 

7.25%, 04/01/23 (Call 05/10/21)(b)

  1,000   1,016,250 

7.50%, 04/01/25 (Call 05/10/21)(b)

  800   830,500 
  

 

 

 
   4,197,425 
  

 

 

 

Total Corporate Bonds & Notes — 97.4%
(Cost: $336,229,525)

 

  340,334,226 
  

 

 

 

Foreign Government Obligations(a)

 

Nigeria — 0.4%      

Africa Finance Corp.

  

3.13%, 06/16/25(b)

  400   411,375 

3.75%, 10/30/29(b)

  400   414,875 

3.88%, 04/13/24(b)

  400   422,375 

4.38%, 04/17/26(b)

  200   216,500 
  

 

 

 
   1,465,125 
South Korea — 0.0%      

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

  200   197,758 
  

 

 

 
Supranational — 0.5%      

Africa Finance Corp., 2.88%, 04/28/28(d)

  200   198,188 

African Export-Import Bank (The)

  

3.99%, 09/21/29 (Call 06/23/29)(b)

  800   834,750 

5.25%, 10/11/23(b)

  600   647,062 
  

 

 

 
   1,680,000 
  

 

 

 

Total Foreign Government Obligations — 0.9%
(Cost: $3,298,136)

 

  3,342,883 
  

 

 

 

Short-Term Investments

 

Money Market Funds — 8.4% 

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(l)(m)(n)

  24,788   24,800,069 

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(l)(m)

  4,387   4,387,000 
  

 

 

 
   29,187,069 
  

 

 

 

Total Short-Term Investments — 8.4%
(Cost: $29,181,896)

 

  29,187,069 
  

 

 

 

Total Investments in Securities — 106.7%
(Cost: $368,709,557)

 

  372,864,178 

Other Assets, Less Liabilities — (6.7)%

 

  (23,378,454
  

 

 

 

Net Assets — 100.0%

 

 $  349,485,724 
  

 

 

 

 

(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) 

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.

 

 

 

26 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

iShares® J.P. Morgan EM Corporate Bond ETF

 

(e) 

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.

(f) 

Perpetual security with no stated maturity date.

(g) 

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.

(h) 

All or a portion of this security is on loan.

(i) 

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.

(j) 

Zero-coupon bond.

(k) 

When-issued security.

(l) 

Affiliate of the Fund.

(m) 

Annualized 7-day yield as of period-end.

(n) 

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

        

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

  
     Affiliated Issuer  Value at
10/31/20
   Purchases
at Cost
   Proceeds
from Sales
   Net Realized
Gain (Loss)
   Change in
Unrealized
Appreciation
(Depreciation)
   Value at
04/30/21
   Shares
Held at
04/30/21
(000)
   Income   Capital Gain
Distributions from
Underlying Funds
      
 

 

  
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $11,553,871   $13,250,756(a)   $   $(1,272  $(3,286  $24,800,069    24,788   $31,198(b)   $  
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   2,577,000    1,810,000(a)                4,387,000    4,387    262      
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

  
         $(1,272  $(3,286  $29,187,069     $31,460   $  
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

  

 

(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 April 30, 2021. 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

  $   $340,334,226   $   $340,334,226 

Foreign Government Obligations

       3,342,883        3,342,883 

Money Market Funds

   29,187,069            29,187,069 
  

 

 

   

 

 

   

 

 

   

 

 

 
  $29,187,069   $343,677,109   $   $372,864,178 
  

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

SCHEDULE   OF   INVESTMENTS

 27


Schedule of Investments (unaudited) 

April 30, 2021

  

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 — 0.9%      

Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 05/10/21)(b)

 $    150  $72,872 

Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/21)(b)

  300   286,463 

Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)(b)

  200   210,788 

MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)

  400   381,100 

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

  300   204,249 

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

  400   326,400 

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

  300   260,306 

YPF SA

  

1.50%, 09/30/33 (Call 03/30/33)(c)(d)

  300   133,275 

2.50%, 06/30/29 (Call 12/30/28)(c)(d)

  200   107,500 

4.00%, 02/12/26 (Call 11/12/25)(c)(d)

  200   160,540 

6.95%, 07/21/27(b)

  500   303,125 

7.00%, 12/15/47 (Call 06/15/47)(b)

  300   167,775 

8.50%, 07/28/25(b)

  650   463,937 

8.75%, 04/04/24(b)

  541   438,311 

YPF Socidad Anonima, 2.50%, 06/30/29 (Call 12/30/28)

  100   53,750 

YPF Sociedad Anonima, 4.00%, 02/12/26 (Call 11/12/25)

  100   80,270 
  

 

 

 
       3,650,661 
Azerbaijan — 0.4%      

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

  550   544,328 

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

  1,000   1,200,813 
  

 

 

 
   1,745,141 
Bahrain — 0.3%      

BBK BSC, 5.50%, 07/09/24(b)

  200   210,600 

GFH Sukuk Ltd., 7.50%, 01/28/25(b)

  200   196,000 

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

  600   671,175 
  

 

 

 
   1,077,775 
Brazil — 11.4%      

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

  200   209,625 

Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)(c)

  400   416,350 

Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24)

  200   217,287 

B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)(b)

  400   393,200 

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

  400   408,500 

Banco BTG Pactual SA/Cayman Islands

  

2.75%, 01/11/26 (Call 12/11/25)(b)

  200   189,438 

4.50%, 01/10/25 (Call 12/10/24)(b)

  600   615,487 

7.75%, 02/15/29 (Call 02/15/24)(b)(e)

  200   211,537 

Banco do Brasil SA/Cayman

  

4.63%, 01/15/25(b)

  600   640,350 

4.75%, 03/20/24(b)

  400   427,400 

4.88%, 04/19/23(b)

  400   425,450 

6.25%, (Call 04/15/24)(b)(e)(f)

  1,000   988,750 

9.00%, (Call 06/18/24)(b)(e)(f)

  1,200   1,312,350 

9.25%, 12/31/49 (Call 04/15/23)(b)

  600   650,175 

Banco Safra SA/Cayman Islands, 4.13%, 02/08/23(b)

  200   207,400 

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

  400   416,188 

Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(b)

  400   467,075 

Braskem Finance Ltd., 6.45%, 02/03/24

  600   667,050 

Braskem Netherlands Finance BV

  

4.50%, 01/10/28 (Call 10/10/27)(b)

  600   624,000 

4.50%, 01/31/30(b)(g)

  800   813,200 

5.88%, 01/31/50(b)

  400   417,500 
Security Par
(000)
  Value 
Brazil (continued) 

8.50%, 01/23/81 (Call 10/24/25)(b)(e)

 $200  $230,250 

BRF SA

  

4.88%, 01/24/30 (Call 10/24/29)(b)

  400   410,300 

5.75%, 09/21/50 (Call 03/21/50)(b)

  400   390,690 

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

  800   919,800 

Centrais Eletricas Brasileiras SA

  

3.63%, 02/04/25(b)

  400   405,900 

4.63%, 02/04/30(b)

  400   403,380 

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

  600   639,487 

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

  400   426,200 

CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(b)

  600   649,950 

CSN Islands XII Corp., 7.00%, (Call 06/23/21)(b)(f)(g)

  600   604,125 

CSN Resources SA

  

7.63%, 02/13/23 (Call 05/31/21)(b)

  400   415,950 

7.63%, 04/17/26 (Call 04/17/22)(b)

  200   214,410 

Embraer Netherlands Finance BV

  

5.05%, 06/15/25

  600   628,500 

5.40%, 02/01/27

  400   419,750 

FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)

  400   435,220 

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

  400   404,720 

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

  300   273,600 

Guara Norte Sarl, 5.20%, 06/15/34(c)

  400   401,500 

Hidrovias International Finance Sarl, 4.95%, 02/08/31 (Call 02/08/26)(c)

      200       203,163 

InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/31/21)(b)

  400   377,084 

Itau Unibanco Holding SA/Cayman Island

  

3.25%, 01/24/25(b)

  200   205,050 

3.88%, 04/15/31 (Call 01/15/26)(b)(e)

  200   194,200 

4.50%, 11/21/29 (Call 11/21/24)(b)(e)(g)

  600   604,170 

4.63%, (Call 02/27/25)(b)(e)(f)

  400   380,200 

5.13%, 05/13/23(b)(g)

  920   974,797 

6.13%, (Call 12/12/22)(b)(e)(f)

  600   607,050 

6.50%, (Call 03/19/23)(b)(e)(f)(g)

  400   408,575 

JBS Investments II GmbH

  

5.75%, 01/15/28 (Call 07/15/22)(b)

  400   423,160 

7.00%, 01/15/26 (Call 01/15/22)(b)

  400   425,920 

JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(b)(g)

  500   548,700 

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

  200   201,913 

Klabin Austria GmbH

  

3.20%, 01/12/31 (Call 10/12/30)(b)

  200   189,438 

5.75%, 04/03/29 (Call 01/03/29)(b)

  400   444,500 

7.00%, 04/03/49 (Call 10/03/48)(b)

  400   488,960 

Klabin Finance SA, 4.88%, 09/19/27(b)

  200   217,800 

MARB BondCo PLC, 3.95%, 01/29/31
(Call 01/29/26)(c)

  800   762,400 

Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(c)

  400   388,104 

Movida Europe SA, 5.25%, 02/08/31
(Call 02/08/26)(c)

  200   195,850 

Natura Cosmeticos SA, 5.38%, 02/01/23 (Call 05/21/21)(b)

  400   411,200 

NBM U.S. Holdings Inc.

  

6.63%, 08/06/29 (Call 08/06/24)(b)

  400   443,000 

7.00%, 05/14/26 (Call 05/14/22)(b)

  400   430,075 

Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 05/31/21)(b)(g)(h)

  423   168,706 

Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 06/01/21)(b)(i)

  800   21,200 

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

  741   143,636 

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

  800   836,400 
 

 

 

28 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

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

(Percentages shown are based on Net Assets)

 

Security Par
(000)
  Value 
Brazil (continued) 

Petrobras Global Finance BV

  

4.38%, 05/20/23

 $400  $423,950 

5.09%, 01/15/30(g)

  1,765   1,865,164 

5.30%, 01/27/25

  500   553,844 

5.60%, 01/03/31 (Call 10/03/30)(g)

  1,400   1,510,250 

5.75%, 02/01/29

  400   445,240 

6.00%, 01/27/28

  1,068   1,204,170 

6.25%, 03/17/24

  400   447,904 

6.75%, 01/27/41

  500   566,656 

6.75%, 06/03/50 (Call 12/03/49)

  800   872,368 

6.85%, 06/05/2115(g)

  1,153   1,214,513 

6.88%, 01/20/40

  500   574,000 

6.90%, 03/19/49

  900   1,007,865 

7.25%, 03/17/44(g)

  686   800,905 

7.38%, 01/17/27

  851   1,028,646 

8.75%, 05/23/26

  479   609,120 

Rede D’or Finance Sarl

  

4.50%, 01/22/30 (Call 10/22/29)(b)

  200   197,000 

4.95%, 01/17/28 (Call 10/17/27)(b)

  800   826,650 

Rumo Luxembourg Sarl

  

5.25%, 01/10/28 (Call 01/10/24)(b)

  400   423,450 

5.88%, 01/18/25 (Call 01/18/22)(b)

  200   210,900 

Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(c)

  400   403,000 

Ultrapar International SA

  

5.25%, 10/06/26(b)(g)

  400   430,950 

5.25%, 06/06/29(b)

  400   419,960 

Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)(b)

  200   215,168 

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

      400   429,575 
  

 

 

 
       46,368,543 
Chile — 0.4%      

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

  400   424,000 

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

  200   156,000 

EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)

  400   396,388 

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

  200   212,660 

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

  400   418,575 

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

  200   216,000 
  

 

 

 
   1,823,623 
China — 6.0%      

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

  800   814,400 

Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(b)(e)(f)

  1,700   1,753,975 

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

  200   187,350 

China Evergrande Group

  

7.50%, 06/28/23 (Call 05/31/21)(b)

  700   613,506 

8.75%, 06/28/25 (Call 06/28/21)(b)

  2,400   1,948,200 

10.50%, 04/11/24 (Call 04/11/22)(b)

  400   358,950 

China SCE Group Holdings Ltd.

  

7.00%, 05/02/25 (Call 05/02/23)(b)

  400   404,700 

7.38%, 04/09/24 (Call 04/09/22)(b)

  200   208,225 

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

  400   416,075 

CIFI Holdings Group Co. Ltd.

  

5.95%, 10/20/25 (Call 07/20/23)(b)

  400   422,950 

6.45%, 11/07/24 (Call 11/07/22)(b)

  400   422,950 

Easy Tactic Ltd.

  

5.88%, 02/13/23 (Call 05/31/21)(b)

  400   374,200 

11.75%, 08/02/23(b)

  200   207,038 
Security 

Par

(000)

  Value 
China (continued) 

Easy Trade Global Co.Ltd., 4.00%, 11/10/25(b)

 $200  $202,938 

Fortune Star BVI Ltd.

  

5.05%, 01/27/27 (Call 01/27/25)(b)

  200   199,100 

5.95%, 10/19/25 (Call 10/19/23)(b)

  400   416,700 

Franshion Brilliant Ltd., 6.00%,
(Call 02/08/26)(b)(e)(f)

  400   398,375 

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

  200   170,600 

Huarong Finance 2017 Co. Ltd.

  

4.00%, (Call 11/07/22)(b)(e)(f)

  400   252,000 

4.50%, (Call 01/24/22)(b)(e)(f)

  700   448,875 

Huarong Finance II Co. Ltd., 2.88%, (Call 09/14/21)(b)(e)(f)

  200   130,000 

Kaisa Group Holdings Ltd.

  

9.38%, 06/30/24 (Call 06/30/21)(b)

  1,600   1,588,800 

9.75%, 09/28/23 (Call 09/28/22)(b)

  400   410,700 

9.95%, 07/23/25 (Call 01/23/23)(b)

  200   192,475 

10.50%, 01/15/25 (Call 01/15/23)(b)

  200   198,538 

10.88%, 07/23/23 (Call 07/23/21)(b)

  400   416,950 

11.25%, 04/16/25 (Call 04/16/23)(b)

  400   404,075 

11.95%, 11/12/23 (Call 11/12/21)(b)

  400   422,450 

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

  400   406,825 

Lenovo Group Ltd.

  

4.75%, 03/29/23(b)

  400   422,200 

5.88%, 04/24/25(b)

  600   679,425 

Proven Glory Capital Ltd., 4.00%, 02/21/27(b)

  200   207,287 

Proven Honour Capital Ltd.

  

4.13%, 05/19/25(b)

  600   629,362 

4.13%, 05/06/26(b)

      1,000       1,054,562 

RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)(b)

  200   200,750 

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

  300   283,594 

Shui On Development Holding Ltd.

  

5.75%, 11/12/23 (Call 11/12/21)(b)

  400   411,375 

6.15%, 08/24/24 (Call 08/24/22)(b)

  400   416,375 

6.40%, (Call 06/20/22)(b)(e)(f)

  200   201,850 

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

  400   344,575 

Sunac China Holdings Ltd.

  

5.95%, 04/26/24 (Call 01/26/23)(b)

  400   405,000 

6.50%, 07/09/23 (Call 07/09/22)(b)

  200   204,750 

6.50%, 01/10/25 (Call 01/10/23)(b)

  400   406,000 

6.50%, 01/26/26 (Call 01/26/24)(b)

  200   201,000 

6.65%, 08/03/24 (Call 08/03/22)(b)

  400   411,575 

7.00%, 07/09/25 (Call 07/09/23)(b)

  400   410,000 

8.35%, 04/19/23 (Call 05/31/21)(b)

  400   417,700 

Times China Holdings Ltd., 6.75%, 07/08/25 (Call 07/08/23)(b)

  400   408,825 

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

  400   395,575 

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

  600   610,800 

Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(b)

  400   400,325 

Yuzhou Group Holdings Co. Ltd.

  

6.35%, 01/13/27 (Call 01/13/25)(b)

  200   165,125 

7.38%, 01/13/26 (Call 01/13/24)(b)

  400   337,500 

8.38%, 10/30/24 (Call 10/30/22)(b)

  200   182,500 

8.50%, 02/26/24 (Call 02/26/22)(b)

  400   371,000 
  

 

 

 
   24,570,950 
Colombia — 1.0%      

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

  550   631,812 

Banco Davivienda SA, 6.65%,
(Call 04/22/31)(c)(e)(f)

  200   203,310 
 

 

 

SCHEDULE   OF   INVESTMENTS

 29


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

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

(Percentages shown are based on Net Assets)

 

Security Par
(000)
  Value 
Colombia (continued) 

Banco de Bogota SA

  

5.38%, 02/19/23(b)

 $200  $211,475 

6.25%, 05/12/26(b)

  600   671,700 

Bancolombia SA

  

4.63%, 12/18/29 (Call 12/18/24)(e)

  200   201,626 

4.88%, 10/18/27 (Call 10/18/22)(e)(g)

  400   405,450 

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

  200   210,480 

Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(b)

  200   204,825 

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

  600   600,675 

Millicom International Cellular SA

  

4.50%, 04/27/31 (Call 04/27/26)(b)

  200   212,500 

6.25%, 03/25/29 (Call 03/25/24)(b)

  360   401,355 

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

  185   200,471 
  

 

 

 
       4,155,679 
Congo — 0.1%      

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

      400   425,700 
  

 

 

 
Egypt — 0.1%      

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

  400   448,000 
  

 

 

 
Ghana — 0.2%      

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

  400   388,125 

Tullow Oil PLC, 7.00%, 03/01/25 (Call 06/01/21)(b)

  400   342,000 
  

 

 

 
   730,125 
Guatemala — 0.1%      

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

  300   315,750 

Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(c)

  200   212,700 
  

 

 

 
   528,450 
Hong Kong — 2.3%      

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

  250   254,984 

Bank of East Asia Ltd. (The)

  

5.63%, (Call 05/18/22)(b)(e)(f)

  400   409,200 

5.83%, (Call 10/21/25)(b)(e)(f)

  250   266,172 

5.88%, (Call 09/19/24)(b)(e)(f)

  250   266,062 

CAS Capital No. 1 Ltd., 4.00%,
(Call 07/12/26)(b)(e)(f)

  400   399,375 

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

  800   816,900 

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

  200   212,162 

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

  400   435,450 

FWD Group Ltd.

  

5.75%, 07/09/24(b)

  200   211,788 

6.38%, (Call 09/13/24)(b)(e)(f)

  800   820,900 

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

  400   401,075 

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

  1,000   1,005,500 

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

  200   143,600 

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

  600   605,250 

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

  400   422,450 

NWD Finance BVI Ltd.

  

4.80%, (Call 09/09/23)(b)(f)

  200   195,100 

5.25%, (Call 03/22/26)(b)(e)(f)

  600   640,425 

6.25%, (Call 03/07/24)(b)(f)

  800   835,650 

NWD MTN Ltd.

  

4.13%, 07/18/29(b)

  800   820,650 

4.50%, 05/19/30(b)

  200   210,163 
Security Par
(000)
  Value 
Hong Kong (continued) 

Wheelock MTN BVI Ltd., 2.38%, 01/25/26(b)

 $200  $199,475 
  

 

 

 
   9,572,331 
India — 2.1%      

ABJA Investment Co. Pte Ltd.

  

5.45%, 01/24/28(b)

  600   621,144 

5.95%, 07/31/24(b)

  425   460,408 

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

  400   441,200 

Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(c)

  200   202,700 

Delhi International Airport Ltd.

  

6.13%, 10/31/26(b)

  200   200,038 

6.45%, 06/04/29(b)

  400   396,200 

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

  200   159,538 

Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)(c)

  400   405,375 

Greenko Investment Co., 4.88%, 08/16/23 (Call 06/01/21)(b)

  200   202,662 

Greenko Solar Mauritius Ltd.

  

5.55%, 01/29/25 (Call 01/29/22)(b)

      400   411,500 

5.95%, 07/29/26 (Call 07/29/22)(b)

  200   214,600 

JSW Steel Ltd., 5.95%, 04/18/24(b)

  400   427,700 

Network i2i Ltd.

  

3.98%, (Call 03/03/26)(c)(e)(f)

  200   201,000 

5.65%, (Call 01/15/25)(b)(e)(f)

  600   637,425 

Periama Holdings LLC/DE, 5.95%, 04/19/26(b)

  400   426,300 

ReNew Power Synthetic, 6.67%, 03/12/24 (Call 05/31/21)(b)

  200   209,537 

ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9

  

Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(c)

  400   397,500 

Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24

  200   197,750 

Vedanta Resources Finance II PLC

  

8.95%, 03/11/25 (Call 09/11/24)(c)

  600   591,600 

9.25%, 04/23/26 (Call 04/23/23)(b)

  200   179,225 

13.88%, 01/21/24 (Call 12/21/22)(b)

  400   438,700 

Vedanta Resources Ltd.

  

6.13%, 08/09/24 (Call 08/09/21)(b)

  600   512,175 

7.13%, 05/31/23(b)

  500   470,875 
  

 

 

 
       8,405,152 
Indonesia — 0.7%      

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

  500   512,281 

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

  800   810,400 

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

  800   868,150 

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

  400   333,950 

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

  177   201,702 
  

 

 

 
   2,726,483 
Israel — 2.3%      

Energean Israel Finance Ltd.

  

4.50%, 03/30/24 (Call 12/30/23)

  400   410,275 

4.88%, 03/30/26 (Call 12/30/25)

  400   412,520 

5.38%, 03/30/28 (Call 09/30/27)

  400   412,875 

5.88%, 03/30/31 (Call 09/30/30)

  200   205,938 

Leviathan Bond Ltd.

  

5.75%, 06/30/23 (Call 03/30/23)(c)

  200   209,225 

6.13%, 06/30/25 (Call 03/30/25)(c)

  200   219,000 

6.50%, 06/30/27 (Call 12/30/26)(c)

  400   443,575 

6.75%, 06/30/30 (Call 12/30/29)(c)

  300   335,962 

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

  500   538,810 

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

  1,475   1,463,200 
 

 

 

30 

2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

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

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Israel (continued)      

3.15%, 10/01/26

 $  1,900  $    1,781,725 

4.10%, 10/01/46(g)

  1,050   895,125 

6.00%, 04/15/24 (Call 01/15/24)

  600   630,000 

6.75%, 03/01/28 (Call 12/01/27)(g)

  600   648,750 

7.13%, 01/31/25 (Call 10/31/24)

  600   649,875 
  

 

 

 
   9,256,855 
Jamaica — 0.4%      

Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 05/17/21)(h)

  737   722,422 

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

  550   572,375 

Digicel Ltd., 6.75%, 03/01/23 (Call 05/17/21)(b)

  400   376,875 
  

 

 

 
   1,671,672 
Kuwait — 0.2%      

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

  400   396,075 

Kuwait Projects Co. SPC Ltd.

  

4.23%, 10/29/26(b)

  400   393,200 

4.50%, 02/23/27(b)

  200   195,850 
  

 

 

 
   985,125 
Luxembourg — 0.5%      

Altice Financing SA

  

5.00%, 01/15/28 (Call 01/15/23)(b)

  600   591,750 

7.50%, 05/15/26 (Call 05/15/21)(b)

  1,400   1,450,092 
  

 

 

 
   2,041,842 
Macau — 1.9%      

Champion Path Holdings Ltd.

  

4.50%, 01/27/26 (Call 01/27/24)(b)

  200   209,250 

4.85%, 01/27/28 (Call 01/27/25)(b)

  400   420,075 

Melco Resorts Finance Ltd.

  

4.88%, 06/06/25 (Call 05/31/21)(b)

  200   204,937 

5.25%, 04/26/26 (Call 04/26/22)(b)

  800   834,400 

5.38%, 12/04/29 (Call 12/04/24)(b)

  600   635,700 

5.63%, 07/17/27 (Call 07/17/22)(b)

  200   211,662 

5.75%, 07/21/28 (Call 07/21/23)(b)

  400   429,450 

MGM China Holdings Ltd.

  

4.75%, 02/01/27 (Call 02/01/24)(c)

  200   205,750 

5.25%, 06/18/25 (Call 06/18/22)(b)

  200   208,850 

5.38%, 05/15/24 (Call 05/15/21)(b)

  800   823,400 

Studio City Finance Ltd.

  

5.00%, 01/15/29 (Call 01/15/24)(b)

  200   204,038 

6.00%, 07/15/25 (Call 07/15/22)(b)

  400   422,200 

6.50%, 01/15/28 (Call 07/15/23)(b)

  400   433,500 

Wynn Macau Ltd.

  

4.88%, 10/01/24 (Call 05/31/21)(b)

  400   405,400 

5.13%, 12/15/29 (Call 12/15/24)(b)

  800   819,750 

5.50%, 01/15/26 (Call 06/15/22)(b)

  200   209,250 

5.50%, 10/01/27 (Call 10/01/22)(b)

  400   417,575 

Wynn Macau Ltd. SR, 5.63%, 08/26/28 (Call 08/26/23)(b)

  600   629,250 
  

 

 

 
   7,724,437 
Mexico — 8.5%      

Banco Mercantil del Norte SA/Grand Cayman

  

6.75%, (Call 09/27/24)(b)(e)(f)

  500   523,063 

7.50%, (Call 06/27/29)(b)(e)(f)

  400   440,325 

7.63%, 12/31/49 (Call 01/06/28)(b)(f)

  200   220,750 

8.38%, 12/31/49 (Call 10/14/30)

  200   235,690 

BBVA Bancomer SA/Texas

  

5.13%, 01/18/33 (Call 01/17/28)(b)(e)

  600   621,863 

5.88%, 09/13/34 (Call 09/13/29)(b)(e)

  350   381,784 

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

  400   402,700 
Security 

Par

(000)

  Value 
Mexico (continued)      

Cemex SAB de CV

  

3.88%, 07/11/31 (Call 07/11/26)(b)

 $800  $788,760 

5.20%, 09/17/30 (Call 09/17/25)(b)

  600   652,920 

5.45%, 11/19/29 (Call 11/19/24)(b)

  600   657,112 

7.38%, 06/05/27 (Call 06/05/23)(b)

  400   452,100 

Credito Real SAB de CV, 8.00%, 01/21/28 (Call 01/21/25)

  200   192,440 

Credito Real SAB de CV SOFOM ER, 8.00%, 01/21/28 (Call 01/21/25)(c)(g)

  200   192,440 

Grupo Bimbo SAB de CV, 5.95%,
(Call 04/17/23)(b)(e)(f)

  200   211,450 

Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28

  200   187,250 

Nemak SAB de CV, 4.75%, 01/23/25
(Call 05/31/21)(b)

  200   205,850 

Petroleos Mexicanos

  

4.50%, 01/23/26

  600   605,250 

4.88%, 01/18/24(g)

  600   621,863 

5.35%, 02/12/28

  1,200   1,174,500 

5.95%, 01/28/31 (Call 10/28/30)

  2,100   2,027,340 

6.35%, 02/12/48

  1,602   1,361,700 

6.38%, 01/23/45

  795   682,209 

6.49%, 01/23/27 (Call 11/23/26)

  1,150   1,216,125 

6.50%, 03/13/27

  3,000   3,180,000 

6.50%, 01/23/29(g)

  1,000   1,015,250 

6.50%, 06/02/41(g)

  800   715,150 

6.63%, 06/15/35

  1,200   1,151,700 

6.75%, 09/21/47

  3,200   2,832,000 

6.84%, 01/23/30 (Call 10/23/29)

  2,500   2,568,750 

6.88%, 10/16/25 (Call 09/16/25)

  500   547,500 

6.88%, 08/04/26

  1,900   2,051,050 

6.95%, 01/28/60 (Call 07/28/59)

  2,000   1,758,550 

7.69%, 01/23/50 (Call 07/23/49)(g)

  4,250   4,090,625 

Total Play Telecomunicaciones SA de CV, 7.50%, 11/12/25 (Call 12/12/23)

  400   398,500 

Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(b)

  400   392,660 
  

 

 

 
   34,757,219 
Morocco — 0.4%      

OCP SA

  

4.50%, 10/22/25(b)

  200   212,287 

5.63%, 04/25/24(b)

  800   868,400 

6.88%, 04/25/44(b)

  400   482,075 
  

 

 

 
   1,562,762 
Nigeria — 0.3%      

IHS Netherlands Holdco BV

  

7.13%, 03/18/25 (Call 09/18/21)(b)

  200   208,075 

8.00%, 09/18/27 (Call 09/18/22)(b)

  600   651,000 

SEPLAT Petroleum Development Co. PLC, 7.75%, 04/01/26 (Call 04/01/23)(c)

  200   204,060 
  

 

 

 
   1,063,135 
Oman — 0.3%      

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

  200   209,663 

Oztel Holdings SPC Ltd.

  

5.63%, 10/24/23(b)

  400   425,325 

6.63%, 04/24/28(b)

  500   555,406 
  

 

 

 
   1,190,394 
Panama — 0.4%      

C&W Senior Financing DAC

  

6.88%, 09/15/27 (Call 09/15/22)(b)(g)

  800   850,000 

7.50%, 10/15/26 (Call 10/15/21)(b)

  200   212,000 
 

 

 

SCHEDULE   OF   INVESTMENTS

 31


Schedule of Investments (unaudited) (continued)

April 30, 2021

  

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

(Percentages shown are based on Net Assets)

 

Security 

Par

(000)

  Value 
Panama (continued)      

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

 $400  $424,000 
  

 

 

 
       1,486,000 
Paraguay — 0.1%      

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

  492   358,573 

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

  200   211,412 
  

 

 

 
   569,985 
Peru — 0.6%      

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

  400   406,570 

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

  400   400,000 

InRetail Consumer, 3.25%, 03/22/28
(Call 01/22/28)(c)

  400   380,660 

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

  600   636,600 

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

  200   201,000 

Peru LNG Srl, 5.38%, 03/22/30(b)

  400   333,575 
  

 

 

 
   2,358,405 
Philippines — 0.8%      

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

  400   425,700 

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

  400   383,325 

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

  200   210,725 

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

  200   200,163 

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

  400   417,000 

SMC Global Power Holdings Corp.

  

5.70%, (Call 01/21/26)(b)(e)(f)

  200   203,537 

6.50%, (Call 04/25/24)(b)(e)(f)

  800   823,400 

7.00%, (Call 10/21/25)(b)(e)(f)

  400   424,450 
  

 

 

 
   3,088,300 
Qatar — 0.1%      

Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(b)(e)(f)

  400   400,375 
  

 

 

 
Russia — 2.1%      

Alfa Bank AO Via Alfa Bond Issuance PLC

  

5.95%, 04/15/30 (Call 04/15/25)(b)(e)

  800   822,150 

6.95%, (Call 04/30/23)(b)(e)(f)

  400   413,575 

Credit Bank of Moscow Via CBOM Finance PLC

  

4.70%, 01/29/25(b)

  200   202,350 

8.88%, (Call 11/10/22)(b)(e)(f)

  400   397,700 

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

  400   434,000 

Evraz PLC

  

5.25%, 04/02/24(b)

  400   430,460 

5.38%, 03/20/23(b)

  600   635,925 

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

  600   640,800 

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

  400   420,700 

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

  400   402,200 

Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24(b)

  400   414,950 

VEON Holdings BV

  

3.38%, 11/25/27 (Call 08/25/27)(b)

  600   601,800 

4.00%, 04/09/25 (Call 01/09/25)(b)

  600   629,063 

4.95%, 06/16/24 (Call 03/16/24)(b)

  400   428,075 

5.95%, 02/13/23(b)

  600   638,175 

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

  1,050   1,129,931 
  

 

 

 
   8,641,854 
Saudi Arabia — 0.2%      

Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(c)

  200   205,438 

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

  200   206,600 

Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(b)

  600   620,737 
  

 

 

 
   1,032,775 
Security 

Par

(000)

  Value 
Singapore — 0.1%      

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

 $  200  $200,038 

Singapore Airlines Ltd., 3.00%, 07/20/26
(Call 06/20/26)(b)

  400   406,282 
  

 

 

 
   606,320 
South Africa — 1.4%      

Eskom Holdings SOC Ltd.

  

6.35%, 08/10/28(b)

  600   652,312 

6.75%, 08/06/23(b)

  617   644,495 

7.13%, 02/11/25(b)

  660   691,267 

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

  200   211,663 

Gold Fields Orogen Holdings BVI Ltd.

  

5.13%, 05/15/24 (Call 04/15/24)(b)

  400   435,200 

6.13%, 05/15/29 (Call 02/15/29)(b)

  200   235,725 

Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 03/04/23)(c)

  200   210,938 

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

  600   634,050 

Sasol Financing USA LLC

  

4.38%, 09/18/26 (Call 08/18/26)

  400   406,000 

5.50%, 03/18/31 (Call 03/18/30)

  400   406,420 

5.88%, 03/27/24 (Call 02/27/24)

  800   848,900 

6.50%, 09/27/28 (Call 06/27/28)

  400   441,380 
  

 

 

 
   5,818,350 
South Korea — 0.3%      

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

  400   421,944 

Woori Bank

  

4.25%, (Call 10/04/24)(b)(e)(f)

  400   415,575 

5.25%, (Call 05/16/22)(b)(e)(f)

  200   206,100 
  

 

 

 
   1,043,619 
Thailand — 0.4%      

Bangkok Bank PCL/Hong Kong

  

3.73%, 09/25/34 (Call 09/25/29)(b)(e)

  600   609,863 

5.00%, 12/31/49 (Call 09/23/25)

  400   420,450 

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

  600   613,237 
  

 

 

 
   1,643,550 
Togo — 0.0%      

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

  200   213,662 
  

 

 

 
Turkey — 2.4%      

Akbank T.A.S., 6.80%, 02/06/26(b)

  400   412,825 

Akbank TAS

  

5.13%, 03/31/25(b)

  200   198,413 

7.20%, 03/16/27 (Call 03/16/22)(b)(e)

  200   200,788 

Arcelik AS, 5.00%, 04/03/23(b)

  200   206,350 

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

  200   208,725 

KOC Holding AS

  

5.25%, 03/15/23 (Call 12/15/22)(b)

  400   408,700 

6.50%, 03/11/25 (Call 12/11/24)(b)

  400   427,950 

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

  200   210,787 

QNB Finansbank AS, 6.88%, 09/07/24(b)

  400   422,575 

Turk Telekomunikasyon AS

  

4.88%, 06/19/24(b)

  200   206,187 

6.88%, 02/28/25(b)

  200   217,850 

Turkcell Iletisim Hizmetleri AS

  

5.75%, 10/15/25(b)

  200   213,162 

5.80%, 04/11/28 (Call 01/11/28)(b)

  400   417,875 

Turkiye Garanti Bankasi AS

  

5.88%, 03/16/23(b)

  300   310,275 

6.13%, 05/24/27 (Call 05/24/22)(b)(e)

  400   396,825