LOGO

  APRIL 30, 2022

 

 

 

   

  

2022 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, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, 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, 2022  
     
       6-Month       12-Month  
   

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

  (9.65)%     0.21%  
   

U.S. small cap equities

(Russell 2000® Index)

  (18.38)        (16.87)     
   

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

  (11.80)        (8.15)     
   

Emerging market equities (MSCI Emerging Markets Index)

  (14.15)        (18.33)     
   

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

  0.07         0.08      
   

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

  (10.29)        (8.86)    
   

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

  (9.47)        (8.51)     
   

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

  (7.90)        (7.88)     
   

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

  (7.40)        (5.22)     
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  

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T


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

   64

Statements of Operations

   66

Statements of Changes in Net Assets

   68

Financial Highlights

   71

Notes to Financial Statements

   76

Statement Regarding Liquidity Risk Management Program

   85

Supplemental Information

   86

General Information

   87

Glossary of Terms Used in this Report

   88

 

 

 


Fund Summary as of April 30, 2022    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     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    (14.69 )%      (17.48 )%      0.79     1.96        (17.48 )%      4.00     21.46

Fund Market

    (15.22     (18.08     0.59       1.79          (18.08     3.01       19.41  

Index

    (14.68     (17.24     1.12       2.11                (17.24     5.73       23.16  

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

(11/01/21)

 

 

      

Ending

    Account Value

(04/30/22)

 

 

 

      

Expenses

    Paid During

the Period 

 

 

(a) 

           

Beginning

Account Value

(11/01/21)

 

 

 

      

Ending

    Account Value

(04/30/22)

 

 

 

      

Expenses

    Paid During

the Period 

 

 

(a) 

      

    Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $        853.10          $        1.84               $      1,000.00          $        1,022.80          $        2.01          0.40

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Baa

    3.4

Ba

    48.7  

B

    27.5  

Caa

    4.7  

Not Rated

    15.7  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    18.5

Italy

    15.7  

United Kingdom

    12.0  

France

    11.9  

Germany

    11.1  

Spain

    7.4  

Luxembourg

    4.0  

Netherlands

    2.8  

Canada

    2.7  

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 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of April 30, 2022    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     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    (10.58 )%      (9.90 )%      1.68     2.98        (9.90 )%      8.67     34.10

Fund Market

    (11.31     (10.92     1.49       2.90          (10.92     7.70       33.14  

Index

    (11.68     (10.68     2.02       3.44                (10.68     10.52       40.23  

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

(11/01/21)

 

 

 

      

Ending

    Account Value

(04/30/22)

 

 

 

      

Expenses

    Paid During

the Period 

 

 

(a) 

           

Beginning

Account Value

(11/01/21)

 

 

 

      

Ending

    Account Value

(04/30/22)

 

 

 

      

Expenses

    Paid During

the Period 

 

 

(a) 

      

    Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $        894.20          $        2.35               $      1,000.00          $      1,022.30          $        2.51          0.50

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aa

    6.6

A

    17.1  

Baa

    38.0  

Ba

    11.6  

B

    6.7  

Caa

    1.6  

C

    1.2  

Not Rated

    17.2  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

China

    10.0

Hong Kong

    6.7  

Brazil

    5.5  

Colombia

    4.5  

United Arab Emirates

    4.5  

Mexico

    4.5  

India

    4.5  

Singapore

    4.3  

Turkey

    4.3  

Indonesia

    4.2  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of April 30, 2022    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      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (10.91 )%       (11.59 )%       0.03      3.02       (11.59 )%       0.14      34.66

Fund Market

    (11.05      (11.98      (0.07      2.93         (11.98      (0.34      33.46  

Index

    (11.15      (11.59      0.31        3.35               (11.59      1.58        39.04  

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

(11/01/21)

 

 

 

      

Ending

Account Value

(04/30/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(11/01/21)

 

 

 

      

Ending

Account Value

(04/30/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $        890.90          $       2.34               $      1,000.00          $      1,022.30          $       2.51          0.50

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aa

    0.3

Baa

    15.3  

Ba

    36.9  

B

    24.9  

Caa

    4.9  

Ca

    3.3  

C

    0.9  

Not Rated

    13.5  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments

(a) 

Turkey

    12.8

Brazil

    12.7  

Mexico

    7.2  

Colombia

    7.1  

Egypt

    5.9  

South Africa

    5.6  

China

    4.8  

Oman

    4.0  

Argentina

    3.8  

Dominican Republic

    2.7  

 

  *

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 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of April 30, 2022    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      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (12.32 )%       (15.42 )%       (2.82 )%       (1.66 )%        (15.42 )%       (13.32 )%       (15.39 )% 

Fund Market

    (12.67      (15.73      (2.90      (1.80       (15.73      (13.67      (16.61

Index

    (12.39      (15.29      (2.32      (1.18             (15.29      (11.07      (11.20

Index performance through May 31, 2017 reflects the performance of the Bloomberg Emerging Markets Broad Local Currency Bond Index. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.

Past performance is 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

(11/01/21)

 

 

 

      

Ending

Account Value

(04/30/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(11/01/21)

 

 

 

      

Ending
Account Value
(04/30/22)
 
 
 
      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $        876.80          $        1.40               $      1,000.00          $      1,023.30          $        1.51          0.30

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aa

    0.5

A

    5.5  

Baa

    22.7  

Ba

    10.7  

C

    2.8  

Not Rated

    57.8  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

China

    14.6

Philippines

    4.9  

Brazil

    4.6  

Indonesia

    4.6  

Malaysia

    4.5  

Dominican Republic

    4.5  

Chile

    4.5  

Turkey

    4.5  

Uruguay

    4.5  

Poland

    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.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of April 30, 2022    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      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (9.45 )%       (9.29 )%       2.39      3.67       (9.29 )%       12.54      43.36

Fund Market

    (10.16      (9.98      2.17        3.49         (9.98      11.34        40.88  

Index

    (9.37      (9.10      2.49        3.80               (9.10      13.11        45.14  

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

(11/01/21)

 

 

 

      

Ending

Account Value

(04/30/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

           

Beginning

Account Value

(11/01/21)

 

 

 

      

Ending

Account Value

(04/30/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $        905.50          $       1.89               $      1,000.00          $      1,022.80          $       2.01          0.40

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Baa

    2.6

Ba

    45.8  

B

    36.4  

Caa

    9.0  

Not Rated

    6.2  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    66.5

United Kingdom

    5.3  

Italy

    4.9  

France

    3.9  

Germany

    3.8  

Canada

    3.4  

Spain

    2.0  

Luxembourg

    1.7  

Netherlands

    1.5  

Israel

    1.1  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


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 each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

A B O U T   F U N D   P E R F O R M A N C / S H A R E H O L D E R   E X P E N S E S

  9


Schedule of Investments (unaudited) 

April 30, 2022

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

    Value  

Corporate Bonds & Notes

     
Australia — 1.0%                  

Cellnex Finance Co. SA

     

1.00%, 09/15/27 (Call 06/15/27)(a)

    EUR       100     $ 91,738  

2.00%, 09/15/32 (Call 06/15/32)(a)

    EUR       200       167,703  

Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)(a)(b)

    EUR       100       84,446  

Eurobank SA, 2.25%, 03/14/28
(Call 03/14/27)(a)(b)

    EUR       100       92,120  
   

 

 

 
        436,007  
Austria — 0.2%                  

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

    EUR       100       105,628  
   

 

 

 
Belgium — 0.2%                  

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

    EUR       100       99,692  
   

 

 

 
Canada — 2.7%                  

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

    EUR       200       137,243  

Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(c)

    CAD       250       176,057  

AutoCanada Inc., 5.75%, 02/07/29 (Call 01/01/25)(c)

    CAD       50       36,634  

Brookfield Property Finance ULC

     

3.93%, 08/24/25 (Call 07/24/25)

    CAD       100       74,473  

4.00%, 09/30/26 (Call 08/30/26)

    CAD       75       54,746  

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

    CAD       50       34,980  

Parkland Corp./Canada

     

3.88%, 06/16/26 (Call 06/16/23)(c)

    CAD       100       71,518  

4.38%, 03/26/29 (Call 03/26/24)

    CAD       100       68,462  

Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(a)

    EUR       100       94,109  

Ritchie Bros Holdings Ltd., 4.95%, 12/15/29 (Call 12/15/24)(c)

    CAD       75       54,782  

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

    CAD       50        

Tamarack Valley Energy Ltd., 7.25%, 05/10/27(c)

    CAD       25       19,448  

Videotron Ltd.

     

3.63%, 06/15/28 (Call 06/15/24)(c)

    CAD       150       104,841  

4.50%, 01/15/30 (Call 10/15/24)

    CAD       150       106,948  

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

    EUR       200       179,062  
   

 

 

 
          1,213,303  
Denmark — 0.2%                  

DKT Finance ApS, 7.00%, 06/17/23 (Call 05/30/22)(a)

    EUR       100       104,934  
   

 

 

 
Finland — 1.5%                  

Nokia OYJ

     

2.00%, 03/15/24 (Call 12/15/23)(a)

    EUR       100       106,105  

2.00%, 03/11/26

    EUR       150       153,586  

Teollisuuden Voima Oyj, 1.38%, 06/23/28 (Call 03/23/28)(a)

    EUR       100       94,503  

Teollisuuden Voima OYJ

     

1.13%, 03/09/26 (Call 12/09/25)(a)

    EUR       200       198,005  

2.63%, 03/31/27

    EUR       100       103,325  
   

 

 

 
        655,524  
France — 11.7%                  

Accor SA

     

2.38%, 11/29/28 (Call 08/29/28)(a)

    EUR       100       94,046  

3.00%, 02/04/26 (Call 11/04/25)(a)

    EUR       100       102,792  

Altice France SA/France

     

2.13%, 02/15/25 (Call 05/30/22)(a)

    EUR       150       146,317  

3.38%, 01/15/28 (Call 09/15/22)(a)

    EUR       100       90,097  

4.00%, 07/15/29 (Call 04/15/24)(a)

    EUR       100       90,157  

4.25%, 10/15/29 (Call 10/15/24)(a)

    EUR       100       90,816  

5.88%, 02/01/27 (Call 05/31/22)(a)

    EUR       150       158,879  

Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 05/30/22)(a)

    EUR       200       201,728  

CAB SELAS, 3.38%, 02/01/28

    EUR       200       187,934  
Security         

Par

(000)

    Value  
France (continued)                  

Casino Guichard Perrachon SA

     

3.58%, 02/07/25 (Call 11/07/24)(a)

    EUR       200     $ 173,025  

5.25%, 04/15/27 (Call 04/15/23)(a)

    EUR       100       82,165  

Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a)

    EUR       100       95,184  

Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(a)

    EUR       100       91,999  

Elis SA

     

1.63%, 04/03/28 (Call 01/03/28)(a)

    EUR       100       92,964  

1.75%, 04/11/24 (Call 01/11/24)(a)

    EUR       100       103,724  

Faurecia SE

     

2.63%, 06/15/25 (Call 05/30/22)(a)

    EUR       100       99,338  

2.75%, 02/15/27 (Call 02/15/24)(a)

    EUR       125       115,391  

3.13%, 06/15/26 (Call 06/15/22)(a)

    EUR       100       97,087  

3.75%, 06/15/28 (Call 06/15/23)(a)

    EUR       100       94,020  

Iliad Holding SASU

     

5.13%, 10/15/26 (Call 10/15/23)(a)

    EUR       150       153,012  

5.63%, 10/15/28 (Call 10/15/24)(a)

    EUR       100       99,991  

La Banque Postale SA, 3.00%, 06/09/28(a)

    EUR       100       102,419  

La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/09/22)(a)

    EUR       100       85,016  

Loxam SAS

     

2.88%, 04/15/26 (Call 05/09/22)(a)

    EUR       100       97,953  

4.50%, 02/15/27 (Call 02/15/24)(a)

    EUR       175       176,280  

Orano SA

     

3.38%, 04/23/26 (Call 01/23/26)(a)

    EUR       100       105,720  

4.88%, 09/23/24

    EUR       100       111,629  

Paprec Holding SA

     

3.50%, 07/01/28 (Call 07/01/24)(a)

    EUR       100       97,808  

4.00%, 03/31/25 (Call 05/30/22)(a)

    EUR       100       105,094  

Parts Europe SA, 6.50%, 07/16/25
(Call 05/30/22)(a)

    EUR       100       108,425  

Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(a)

    EUR       100       98,763  

Quatrim SASU, 5.88%, 01/15/24
(Call 05/09/22)(a)

    EUR       100       103,138  

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

    EUR       200       193,737  

Renault SA

     

1.00%, 04/18/24 (Call 01/18/24)(a)

    EUR       100       100,585  

1.00%, 11/28/25 (Call 08/28/25)(a)

    EUR       200       193,713  

1.25%, 06/24/25 (Call 03/24/25)(a)

    EUR       100       95,894  

2.00%, 09/28/26 (Call 06/28/26)(a)

    EUR       100       92,806  

2.50%, 06/02/27 (Call 03/02/27)(a)

    EUR       100       91,675  

2.50%, 04/01/28 (Call 01/01/28)(a)

    EUR       100       88,859  

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

    EUR       100       95,690  

SPIE SA

     

2.63%, 06/18/26 (Call 12/18/25)(a)

    EUR       100       100,958  

3.13%, 03/22/24 (Call 09/22/23)(a)

    EUR       100       106,272  

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

    EUR       100       107,897  

Valeo

     

1.50%, 06/18/25 (Call 03/18/25)(a)

    EUR       100       101,058  

3.25%, 01/22/24(a)

    EUR       100       107,583  

Valeo SA, 1.00%, 08/03/28 (Call 05/03/28)(a)

    EUR       100       88,279  

Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)(a)

    EUR       100       94,865  
   

 

 

 
          5,312,782  
Germany — 11.0%                  

ADLER Group SA

     

1.50%, 07/26/24 (Call 04/26/24)(a)

    EUR       100       78,066  

1.88%, 01/14/26 (Call 10/14/25)(a)

    EUR       100       72,390  

ADLER Real Estate AG, 1.88%, 04/27/23 (Call 03/27/23)(a)

    EUR       100       90,571  

Bayer AG

     

2.38%, 11/12/79 (Call 02/12/25)(a)(b)

    EUR       100       99,706  

3.13%, 11/12/79

    EUR       100       97,170  

3.75%, 07/01/74 (Call 07/01/24)(a)(b)

    EUR       200       210,449  

 

 

10  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Germany (continued)                  

Series N5.5, 4.50%, Series N5.5, 03/25/82 (Call 06/25/27)(a)(b)

    EUR       100     $ 103,732  

Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(a)(b)

    EUR       100       100,236  

Commerzbank AG

     

4.00%, 03/23/26(a)

    EUR       200       212,729  

4.00%, 03/30/27(a)

    EUR       100       105,575  

4.00%, 12/05/30 (Call 09/05/25)(a)(b)

    EUR       100       104,478  

Deutsche Bank AG

     

2.75%, 02/17/25(a)

    EUR       125       131,291  

4.00%, 06/24/32(a)

    EUR       200       201,682  

4.50%, 05/19/26(a)

    EUR       100       108,269  

5.63%, 05/19/31 (Call 02/19/26)(a)(b)

    EUR       200       218,256  

Deutsche Lufthansa AG

     

2.88%, 05/16/27 (Call 02/16/27)(a)

    EUR       100       93,339  

3.00%, 05/29/26 (Call 03/02/26)(a)

    EUR       300       292,944  

3.50%, 07/14/29 (Call 04/14/29)(a)

    EUR       100       91,676  

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

    EUR       100       94,597  

Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(b)

    EUR       100       93,345  

Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a)

    EUR       150           146,586  

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

    EUR       100       106,567  

Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 05/30/22)(a)

    EUR       100       94,375  

Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 05/09/22)(a)

    EUR       200       195,761  

Schaeffler AG

     

1.88%, 03/26/24 (Call 12/26/23)(a)

    EUR       100       105,459  

2.75%, 10/12/25

    EUR       100       103,304  

2.88%, 03/26/27 (Call 12/26/26)(a)

    EUR       100       99,571  

3.38%, 10/12/28

    EUR       100       96,498  

Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 05/30/22)(a)

    EUR       150       146,586  

thyssenkrupp AG, 2.88%, 02/22/24 (Call 11/22/23)(a)

    EUR       300       310,904  

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

    EUR       90       86,476  

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

    EUR       100       97,443  

ZF Europe Finance BV

     

2.00%, 02/23/26 (Call 12/23/25)(a)

    EUR       100       94,367  

2.50%, 10/23/27 (Call 07/23/27)(a)

    EUR       100       90,760  

ZF Finance GmbH

     

2.00%, 05/06/27 (Call 02/06/27)(a)

    EUR       100       90,264  

2.75%, 05/25/27 (Call 02/25/27)(a)

    EUR       100       92,758  

3.00%, 09/21/25 (Call 06/21/25)(a)

    EUR       100       100,054  

3.75%, 09/21/28 (Call 06/21/28)(a)

    EUR       100       93,799  

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

    EUR       200       211,866  
   

 

 

 
        4,963,899  
Greece — 1.1%                  

Alpha Bank SA, 2.50%, 03/23/28
(Call 03/23/27)(a)(b)

    EUR       100       91,238  

Mytilineos SA, 2.25%, 10/30/26(a)

    EUR       100       94,178  

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

    EUR       100       107,679  

Public Power Corp. SA

     

3.38%, 07/31/28 (Call 07/31/24)(a)

    EUR       100       93,281  

3.88%, 03/30/26 (Call 03/30/23)(a)

    EUR       100       100,058  
   

 

 

 
        486,434  
Ireland — 1.1%                  

AIB Group PLC

     

1.88%, 11/19/29 (Call 11/19/24)(a)(b)

    EUR       100       100,958  

2.88%, 05/30/31 (Call 05/30/26)(a)(b)

    EUR       100       100,951  

Bank of Ireland Group PLC, 1.38%, 08/11/31 (Call 05/11/26)(a)(b)

    EUR       100       95,143  
Security  

Par

(000)

    Value  
Ireland (continued)                  

eircom Finance DAC

     

1.75%, 11/01/24 (Call 05/30/22)(a)

    EUR       100     $ 101,915  

3.50%, 05/15/26 (Call 05/30/22)(a)

    EUR       100       99,829  
   

 

 

 
            498,796  
Israel — 1.7%                  

Teva Pharmaceutical Finance Netherlands II BV

     

1.13%, 10/15/24(a)

    EUR       100       97,665  

1.25%, 03/31/23 (Call 12/31/22)(a)

    EUR       100       104,034  

1.63%, 10/15/28(a)

    EUR       150       123,308  

3.75%, 05/09/27 (Call 02/09/27)

    EUR       150       142,719  

4.38%, 05/09/30 (Call 02/09/30)

    EUR       200       186,471  

4.50%, 03/01/25 (Call 12/01/24)

    EUR       100       103,674  
   

 

 

 
        757,871  
Italy — 15.5%                  

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

    EUR       100       95,565  

Atlantia SpA

     

1.63%, 02/03/25(a)

    EUR       100       101,756  

1.88%, 07/13/27 (Call 04/13/27)(a)

    EUR       175       167,931  

1.88%, 02/12/28 (Call 11/12/27)(a)

    EUR       100       94,409  

Autostrade per l’Italia SpA

     

1.63%, 01/25/28 (Call 10/25/27)(a)

    EUR       100       97,160  

1.75%, 06/26/26(a)

    EUR       100       100,586  

1.75%, 02/01/27(a)

    EUR       100       99,187  

1.88%, 09/26/29 (Call 06/26/29)(a)

    EUR       200       190,075  

4.38%, 09/16/25(a)

    EUR       100       111,194  

Banca Monte dei Paschi di Siena SpA

     

2.63%, 04/28/25(a)

    EUR       100       98,644  

3.63%, 09/24/24(a)

    EUR       200       202,745  

10.50%, 07/23/29(a)

    EUR       100       77,644  

Banca Popolare di Sondrio SCPA

     

2.38%, 04/03/24(a)

    EUR       100       105,267  

3.88%, 02/25/32 (Call 11/25/26)(a)(b)

    EUR       100       97,941  

Banco BPM SpA

     

0.88%, 07/15/26(a)

    EUR       100       97,171  

3.25%, 01/14/31 (Call 01/14/26)(a)(b)

    EUR       100       100,902  

4.25%, 10/01/29 (Call 10/01/24)(a)(b)

    EUR       200       210,856  

BPER Banca

     

1.88%, 07/07/25(a)

    EUR       100       101,816  

3.88%, 07/25/32 (Call 01/25/27)(a)(b)

    EUR       200       193,413  

Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(a)

    EUR       100       102,731  

Deutsche Lufthansa AG, 2.00%, 07/14/24 (Call 06/14/24)(a)

    EUR       100       101,579  

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

    EUR       100       104,553  

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

    EUR       200       202,931  

Grifols SA, 2.25%, 11/15/27 (Call 11/15/22)(a)

    EUR       100       95,485  

Iccrea Banca SpA

     

2.13%, 01/17/27 (Call 01/17/26)(a)(b)

    EUR       100       100,065  

4.13%, 11/28/29 (Call 11/28/24)(a)(b)

    EUR       100       103,397  

IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)(a)

    EUR       100       93,593  

Infrastrutture Wireless Italiane SpA

     

1.75%, 04/19/31 (Call 01/19/31)(a)

    EUR       100       91,030  

1.88%, 07/08/26 (Call 04/08/26)(a)

    EUR       150       152,947  

Intesa Sanpaolo SpA

     

3.93%, 09/15/26(a)

    EUR       175       187,998  

5.15%, 06/10/30(a)

    GBP       100       123,197  

5.88%, 03/04/29 (Call 03/04/24)(a)(b)

    EUR       150       165,043  

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

    EUR       100       104,296  

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

    EUR       75       81,451  

 

 

S C H E D U L E   O F   I N V E S T M E N T S

  11


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Italy (continued)                  

Nexi SpA

     

1.63%, 04/30/26 (Call 01/30/26)(a)

    EUR       100     $ 96,878  

2.13%, 04/30/29 (Call 01/30/29)(a)

    EUR       150       135,294  

Rossini Sarl, 6.75%, 10/30/25 (Call 05/30/22)(a)

    EUR       100       106,819  

Saipem Finance International BV

     

2.63%, 01/07/25(a)

    EUR       100       95,398  

3.75%, 09/08/23(a)

    EUR       200       206,300  

Telecom Italia SpA/Milano

     

1.63%, 01/18/29 (Call 10/18/28)(a)

    EUR       100       84,141  

2.38%, 10/12/27 (Call 07/12/27)(a)

    EUR       100       91,678  

2.50%, 07/19/23(a)

    EUR       100       105,169  

2.88%, 01/28/26 (Call 10/28/25)(a)

    EUR       418       409,981  

3.63%, 01/19/24(a)

    EUR       100       104,596  

3.63%, 05/25/26(a)

    EUR       100       101,342  

4.00%, 04/11/24 (Call 01/11/24)(a)

    EUR       225       237,266  

UniCredit SpA

     

2.00%, 09/23/29 (Call 09/23/24)(a)(b)

    EUR       200       200,456  

2.73%, 01/15/32 (Call 01/15/27)(a)(b)

    EUR       200       189,258  

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

    EUR       150       160,537  

Unipol Gruppo SpA

     

3.00%, 03/18/25(a)

    EUR       175       187,544  

3.25%, 09/23/30 (Call 06/23/30)(a)

    EUR       100       104,764  

Webuild SpA, 1.75%, 10/26/24(a)

    EUR       250       248,076  
   

 

 

 
          7,020,055  
Japan — 1.8%                  

SoftBank Group Corp.

     

2.13%, 07/06/24 (Call 04/06/24)(a)

    EUR       175       171,624  

2.88%, 01/06/27 (Call 10/06/26)(a)

    EUR       100       89,624  

3.13%, 09/19/25 (Call 06/21/25)(a)

    EUR       100       96,726  

3.38%, 07/06/29 (Call 04/06/29)(a)

    EUR       125       105,696  

3.88%, 07/06/32 (Call 04/06/32)(a)

    EUR       100       82,699  

4.00%, 04/20/23 (Call 01/20/23)(a)

    EUR       100       104,520  

4.00%, 09/19/29 (Call 06/21/29)(a)

    EUR       100       87,798  

5.00%, 04/15/28 (Call 01/16/28)(a)

    EUR       100       96,566  
     

 

 

 
        835,253  
Luxembourg — 3.9%                  

Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)(a)

    EUR       100       99,915  

Altice Financing SA

     

2.25%, 01/15/25 (Call 05/30/22)(a)

    EUR       100       98,102  

3.00%, 01/15/28 (Call 01/15/23)(a)

    EUR       100       88,784  

4.25%, 08/15/29 (Call 08/15/24)(a)

    EUR       100       89,495  

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

    EUR       100       88,406  

Altice France Holding SA

     

4.00%, 02/15/28 (Call 02/15/23)(a)

    EUR       100       87,554  

8.00%, 05/15/27 (Call 05/15/22)(a)

    EUR       100       106,977  

Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/22)(a)

    EUR       100       103,026  

INEOS Finance PLC

     

2.13%, 11/15/25 (Call 05/09/22)(a)

    EUR       100       99,060  

2.88%, 05/01/26 (Call 05/09/22)(a)

    EUR       175       170,308  

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

    EUR       100       97,776  

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

    EUR       100       100,748  

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

    EUR       100       105,067  

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

    EUR       90       93,943  

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

    EUR       150       156,023  
Security   Par
(000)
    Value  
Luxembourg (continued)                  

Vivion Investments Sarl

     

3.00%, 08/08/24(a)

    EUR       100     $ 96,306  

3.50%, 11/01/25(a)

    EUR       100       95,295  
   

 

 

 
        1,776,785  
Netherlands — 2.8%                  

Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 05/31/22)(a)

    EUR       200       209,142  

PPF Telecom Group BV

     

2.13%, 01/31/25 (Call 10/31/24)(a)

    EUR       100       100,510  

3.25%, 09/29/27 (Call 06/29/27)(a)

    EUR       100       99,253  

3.50%, 05/20/24 (Call 02/20/24)(a)

    EUR       100       105,788  

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

    EUR       100       92,093  

Sigma Holdco BV, 5.75%, 05/15/26
(Call 05/09/22)(a)

    EUR       100       76,966  

SNS Bank NV, 6.25%, 10/26/20(e)(f)

    EUR       50        

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

    EUR       100       101,008  

United Group BV

     

3.13%, 02/15/26 (Call 05/30/22)(a)

    EUR       100       93,649  

3.63%, 02/15/28 (Call 02/15/23)(a)

    EUR       100       91,634  

4.88%, 07/01/24 (Call 05/30/22)(a)

    EUR       100       102,209  

5.25%, 02/01/30 (Call 02/01/25)(a)

    EUR       100       92,561  

WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a)

    EUR       100       95,383  
   

 

 

 
          1,260,196  
Norway — 0.2%                  

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

    EUR       100       100,471  
   

 

 

 
Portugal — 1.5%                  

Banco Comercial Portugues SA, 4.00%, 05/17/32 (Call 11/17/26)(a)(b)

    EUR       100       92,632  

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

    EUR       100       109,138  

EDP - Energias de Portugal SA

     

1.50%, 03/14/82 (Call 12/14/26)(a)(b)

    EUR       100       90,557  

1.70%, 07/20/80 (Call 04/20/25)(a)(b)

    EUR       100       96,866  

1.88%, 08/02/81 (Call 05/02/26)(a)(b)

    EUR       100       93,797  

4.50%, 04/30/79 (Call 01/30/24)(a)(b)

    EUR       100       107,612  

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

    EUR       100       102,960  
   

 

 

 
        693,562  
Spain — 7.3%                  

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

    EUR       100       104,908  

Banco de Credito Social Cooperativo SA, 1.75%, 03/09/28 (Call 03/09/27)(a)(b)

    EUR       100       92,410  

Banco de Sabadell SA

     

0.88%, 06/16/28 (Call 06/16/27)(a)(b)

    EUR       100       91,930  

1.75%, 05/10/24(a)

    EUR       100       103,974  

2.50%, 04/15/31

    EUR       100       96,762  

2.63%, 03/24/26 (Call 03/24/25)(a)(b)

    EUR       100       103,620  

5.38%, 12/12/28 (Call 12/12/23)(a)(b)

    EUR       100       109,064  

Cellnex Finance Co. SA

     

0.75%, 11/15/26 (Call 08/15/26)(a)

    EUR       100       94,881  

1.25%, 01/15/29 (Call 10/15/28)(a)

    EUR       200       176,012  

1.50%, 06/08/28 (Call 03/08/28)(a)

    EUR       100       91,724  

2.00%, 02/15/33 (Call 11/15/32)(a)

    EUR       100       82,948  

2.25%, 04/12/26 (Call 01/12/26)(a)

    EUR       200       205,607  

Cellnex Telecom SA

     

1.00%, 04/20/27 (Call 01/20/27)(a)

    EUR       100       93,596  

1.88%, 06/26/29 (Call 03/26/29)

    EUR       100       91,081  

2.38%, 01/16/24 (Call 10/16/23)(a)

    EUR       100       106,809  

 

 

12  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Spain (continued)                    

Cirsa Finance International Sarl

       

4.50%, 03/15/27 (Call 09/15/23)(a)

    EUR        100      $ 94,843  

6.25%, 12/20/23 (Call 05/09/22)(a)

    EUR        85        89,094  

ContourGlobal Power Holdings SA, 4.13%, 08/01/25 (Call 05/30/22)(a)

    EUR        100        103,642  

El Corte Ingles SA, 3.00%, 03/15/24 (Call 05/09/22)(a)

    EUR        100        106,026  

Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a)

    EUR        150        141,949  

Grifols SA

       

1.63%, 02/15/25 (Call 05/30/22)(a)

    EUR        150        147,998  

3.20%, 05/01/25 (Call 05/30/22)(a)

    EUR        100        100,637  

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

    EUR        100        99,691  

International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)(a)

    EUR        100        98,617  

Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a)

    EUR        100        92,788  

Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a)

    EUR        300        289,661  

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

    EUR        175        184,884  

Unicaja Banco SA, 2.88%, 11/13/29 (Call 11/13/24)(a)(b)

    EUR        100        100,731  
    

 

 

 
            3,295,887  
Sweden — 2.6%                    

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

    EUR        100        105,659  

Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(a)(b)

    EUR        100        89,465  

Intrum AB

       

3.00%, 09/15/27 (Call 09/15/22)(a)

    EUR        100        93,549  

3.13%, 07/15/24 (Call 07/15/22)(a)

    EUR        100        102,685  

3.50%, 07/15/26 (Call 07/15/22)(a)

    EUR        175        171,612  

4.88%, 08/15/25 (Call 08/15/22)(a)

    EUR        100        103,875  

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

    EUR        150        142,609  

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

    EUR        150        138,893  

Volvo Car AB

       

2.00%, 01/24/25 (Call 10/24/24)(a)

    EUR        100        102,648  

2.13%, 04/02/24 (Call 01/02/24)(a)

    EUR        100        105,149  
    

 

 

 
          1,156,144  
Switzerland — 0.6%                    

Dufry One BV

       

2.00%, 02/15/27 (Call 02/15/23)(a)

    EUR        100        91,095  

2.50%, 10/15/24 (Call 05/30/22)(a)

    EUR        100        101,052  

3.38%, 04/15/28 (Call 04/15/24)(a)

    EUR        100        93,800  
    

 

 

 
          285,947  
United Kingdom — 11.8%                    

Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 05/30/22)(a)

    GBP        150        187,443  

BCP V Modular Services Finance II PLC

       

4.75%, 11/30/28 (Call 11/30/24)(a)

    EUR        100        95,095  

6.13%, 11/30/28 (Call 11/30/24)(a)

    GBP        100        112,948  

Bellis Acquisition Co. PLC

       

3.25%, 02/16/26 (Call 02/24/23)(a)

    GBP        200        221,051  

4.50%, 02/16/26 (Call 02/24/23)(a)

    GBP        100        113,799  

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

    GBP        100        104,641  

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

    EUR        100        97,397  

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

    EUR        100        94,756  

Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(a)

    GBP        100        114,896  

eG Global Finance PLC, 4.38%, 02/07/25 (Call 05/30/22)(a)

    EUR        225        227,200  

Heathrow Finance PLC, 4.38%, 03/01/27(a)(g)

    GBP        100        115,128  

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

    GBP        100        96,928  

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

    EUR        100        92,966  

International Consolidated Airlines Group SA, 1.50%, 07/04/27 (Call 04/04/27)(a)

    EUR        100        85,594  
Security  

Par

(000)

    Value  
United Kingdom (continued)                  

Jaguar Land Rover Automotive PLC

     

2.20%, 01/15/24(a)

    EUR       100     $ 98,834  

4.50%, 01/15/26 (Call 10/15/25)(a)

    EUR       150       144,004  

4.50%, 07/15/28 (Call 07/15/24)(a)

    EUR       100       87,974  

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

    GBP       100       119,595  

Marks & Spencer PLC

     

3.75%, 05/19/26 (Call 02/19/26)(a)

    GBP       100       120,529  

6.00%, 06/12/25(a)

    GBP       100       129,113  

Motion Finco Sarl, 7.00%, 05/15/25
(Call 05/30/22)(a)

    EUR       100       108,348  

NGG Finance PLC

     

1.63%, 12/05/79 (Call 09/05/24)(a)(b)

    EUR       100       100,815  

2.13%, 09/05/82

    EUR       100       93,785  

5.63%, 06/18/73 (Call 06/18/25)(a)(b)

    GBP       100       126,256  

Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)(a)

    GBP       175       201,649  

Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 05/30/22)(a)

    EUR       100           105,375  

Rolls-Royce PLC

     

0.88%, 05/09/24 (Call 02/09/24)(a)

    EUR       100       100,504  

1.63%, 05/09/28 (Call 02/09/28)(a)

    EUR       100       88,683  

4.63%, 02/16/26 (Call 11/16/25)(a)

    EUR       100       105,935  

5.75%, 10/15/27 (Call 07/15/27)(a)

    GBP       100       126,741  

Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(a)

    EUR       100       99,376  

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

    GBP       200       254,387  

Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a)

    GBP       100       119,575  

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

    EUR       100       89,428  

Virgin Media Secured Finance PLC

     

4.13%, 08/15/30 (Call 08/15/25)(a)

    GBP       100       109,061  

4.25%, 01/15/30 (Call 10/15/24)(a)

    GBP       100       108,665  

5.00%, 04/15/27 (Call 05/09/22)(a)

    GBP       100       122,451  

Vmed O2 UK Financing I PLC

     

3.25%, 01/31/31 (Call 01/31/26)(a)

    EUR       100       92,011  

4.00%, 01/31/29 (Call 01/31/24)(a)

    GBP       100       108,581  

4.50%, 07/15/31 (Call 07/15/26)(a)

    GBP       100       108,468  

Vodafone Group PLC

     

2.63%, 08/27/80 (Call 05/27/26)(a)(b)

    EUR       200       196,942  

3.10%, 01/03/79 (Call 10/03/23)(a)(b)

    EUR       300       315,917  
   

 

 

 
        5,342,844  
United States — 18.2%                  

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

    EUR       111       110,186  

Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl

     

3.63%, 06/01/28 (Call 06/01/24)(a)

    EUR       100       90,698  

4.88%, 06/01/28 (Call 06/01/24)(a)

    GBP       100       109,482  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

     

2.00%, 09/01/28 (Call 05/15/24)(a)

    EUR       100       89,896  

3.00%, 09/01/29 (Call 05/15/24)(a)

    EUR       100       86,364  

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

    EUR       100       94,286  

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

    EUR       100       95,374  

Autostrade per l’Italia SpA, 2.00%, 01/15/30 (Call 10/15/29)(a)

    EUR       200       189,776  

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

    EUR       100       102,574  

Avis Budget Finance PLC, 4.13%, 11/15/24 (Call 05/30/22)(a)

    EUR       100       104,891  

Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/09/22)(a)

    EUR       100       101,605  

Ball Corp.

     

0.88%, 03/15/24 (Call 12/15/23)

    EUR       100       102,513  

4.38%, 12/15/23

    EUR       100       109,526  

Banco BPM SpA, 1.75%, 01/28/25(a)

    EUR       100       103,677  

 

 

S C H E D U L E   O F   I N V E S T M E N T S

  13


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  
United States (continued)                  

Banco Comercial Portugues SA, 1.75%, 04/07/28 (Call 04/07/27)(a)(b)

    EUR       100     $ 90,089  

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

    EUR       100       100,170  

Bayer AG, 5.38%, 03/25/82 (Call 06/25/30)(b)

    EUR       100       105,137  

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

    EUR       150       150,656  

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

    EUR       100       105,314  

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

    EUR       100       72,941  

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

    EUR       150       139,452  

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

    EUR       150       147,563  

Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/31/22)(a)

    EUR       125       126,047  

Constellium SE, 3.13%, 07/15/29
(Call 07/15/24)(a)

    EUR       100       92,415  

Coty Inc., 3.88%, 04/15/26 (Call 04/15/23)(a)

    EUR       100       98,690  

Crown European Holdings SA

     

0.75%, 02/15/23 (Call 01/15/23)(a)

    EUR       100       104,261  

2.88%, 02/01/26 (Call 08/01/25)(a)

    EUR       100       104,869  

Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/09/22)(a)

    EUR       100       104,873  

Deutsche Lufthansa AG, 2.88%, 02/11/25 (Call 01/11/25)(a)

    EUR       200       201,751  

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

    GBP       100           123,619  

Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(a)

    EUR       100       87,780  

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

    EUR       100       88,910  

Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)

    CAD       100       70,108  

Ford Credit Canada Co.

     

3.50%, 11/30/23

    CAD       50       38,006  

3.74%, 05/08/23

    CAD       75       57,718  

4.46%, 11/13/24

    CAD       100       76,218  

Ford Motor Credit Co. LLC

     

1.36%, 02/07/25

    EUR       100       98,592  

1.74%, 07/19/24

    EUR       100       101,410  

2.33%, 11/25/25

    EUR       100       99,786  

2.39%, 02/17/26

    EUR       125       123,997  

2.75%, 06/14/24

    GBP       100       119,975  

3.02%, 03/06/24

    EUR       100       104,509  

3.25%, 09/15/25

    EUR       100       103,172  

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

    EUR       100       106,929  

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

    EUR       100       97,172  

International Game Technology PLC

     

3.50%, 07/15/24 (Call 01/15/24)(a)

    EUR       100       106,404  

3.50%, 06/15/26

    EUR       150       153,799  

IQVIA Inc.

     

1.75%, 03/15/26 (Call 03/15/23)(a)

    EUR       100       99,050  

2.25%, 01/15/28 (Call 07/15/22)(a)

    EUR       150       142,353  

2.25%, 03/15/29 (Call 03/15/24)(a)

    EUR       100       92,352  

Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/09/22)(a)

    GBP       100       123,725  

Levi Strauss & Co., 3.38%, 03/15/27 (Call 05/09/22)

    EUR       100       103,912  

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

    EUR       100       101,038  

Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(a)

    EUR       100       83,657  

Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 05/31/22)(a)

    EUR       100       103,319  

MPT Operating Partnership LP/MPT Finance Corp.

     

2.50%, 03/24/26 (Call 02/24/26)

    GBP       200       233,768  

3.33%, 03/24/25 (Call 12/24/24)

    EUR       100       105,786  

3.38%, 04/24/30 (Call 01/24/30)

    GBP       100       112,440  

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

    EUR       100       98,511  
Security  

Par/

Shares

(000)

    Value  
United States (continued)                  

Nexi SpA, 1.75%, 10/31/24 (Call 07/31/24)(a)

    EUR       100     $ 103,199  

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

    EUR       100       95,232  

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

    EUR       200       207,543  

Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)(a)

    EUR       100       94,126  

Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28
(Call 04/30/24)(a)

    EUR       200       189,898  

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

    EUR       100       96,505  

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

    EUR       100       108,140  

Silgan Holdings Inc., 3.25%, 03/15/25 (Call 05/31/22)

    EUR       100       104,095  

Spectrum Brands Inc., 4.00%, 10/01/26 (Call 05/31/22)(a)

    EUR       100       103,813  

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

    EUR       100       93,314  

Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24)

    EUR       100       107,170  

Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)(a)

    EUR       100       99,167  

Vodafone Group PLC, 3.00%, 08/27/80 (Call 05/27/30)(a)(b)

    EUR       150       137,541  

WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a)

    EUR       100       88,616  

ZF Europe Finance BV, 3.00%, 10/23/29 (Call 07/23/29)(a)

    EUR       100       88,068  

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

    EUR       150       131,598  
   

 

 

 
        8,241,116  
   

 

 

 

Total Corporate Bonds & Notes — 98.6%
(Cost: $52,900,023)

 

      44,643,130  
   

 

 

 
Common Stocks                  
South Africa — 0.0%                  

Sentry Holdings Ltd.Class A

      0 (h)       
   

 

 

 

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

 

       
   

 

 

 

Short-Term Investments

     
Money Market Funds — 0.0%                  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(i)(j)

      10       10,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $10,000)

 

    10,000  
   

 

 

 

Total Investments in Securities — 98.6%
(Cost: $53,069,460)

 

    44,653,130  

Other Assets, Less Liabilities — 1.4%

        640,413  
   

 

 

 

Net Assets — 100.0%

      $ 45,293,543  
     

 

 

 

 

(a)

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

(b) 

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

(c) 

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

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

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

(f) 

Non-income producing security.

(g) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(h) 

Rounds to less than 1,000.

(i) 

Affiliate of the Fund.

(j) 

Annualized 7-day yield as of period end.

 

 

14  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® International High Yield Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/21

   

Purchases

at Cost

   

Proceeds

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

04/30/22

   

Shares

Held at
04/30/22

(000)

    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 20,000     $       $(10,000) (a)    $     $     $ 10,000       10     $ 7     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                               

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 44,643,130        $        $ 44,643,130  

Common Stocks

                                 

Money Market Funds

     10,000                            10,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 10,000        $ 44,643,130        $        $ 44,653,130  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

S C H E D U L E   O F   I N V E S T M E N T S

  15


Schedule of Investments (unaudited)

April 30, 2022

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Corporate Bonds & Notes            
Argentina — 1.2%            

Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 05/30/22)(a)

  $ 400     $ 403,825  

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

    200       40,000  

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

    400       394,600  

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

    200       162,600  

MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 05/30/22)(a)(d)

    350       276,894  

Stoneway Capital Corp., 10.00%, 03/01/27 (Call 05/31/22)(a)(b)

    266       71,865  

Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/30/22)(a)

        300       280,072  

Vedanta Resources Ltd., 6.13%, 08/09/24 (Call 05/30/22)(a)

    200       168,038  

Wynn Macau Ltd.

   

4.88%, 10/01/24 (Call 05/30/22)(a)

    400       357,500  

5.50%, 10/01/27 (Call 10/01/22)(a)

    600       489,000  

YPF SA

   

6.95%, 07/21/27(a)

    500       360,406  

7.00%, 12/15/47 (Call 06/15/47)(a)

    400       245,075  

8.50%, 07/28/25(a)

    775       631,625  
   

 

 

 
        3,881,500  
Bahrain — 0.5%            

AUB Sukuk Ltd., 2.62%, 09/09/26(a)

    400       378,000  

BBK BSC, 5.50%, 07/09/24(a)

    200       201,788  

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

    200       204,537  

GFH Sukuk Ltd., 7.50%, 01/28/25(a)

    400       392,950  

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

    400       375,325  
   

 

 

 
      1,552,600  
Barbados — 0.1%            

Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a)

    400       391,000  
   

 

 

 
Brazil — 5.4%            

Acu Petroleo Luxembourg Sarl, 7.50%, 01/13/32 (Call 01/13/27)(a)(d)

    250       225,481  

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

    150       147,227  

Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)(a)

    1,400       1,179,920  

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

    200       189,850  

Banco Bradesco SA/Cayman Islands, 4.38%, 03/18/27(e)

    200       194,675  

Banco BTG Pactual SA/Cayman Islands

   

2.75%, 01/11/26 (Call 12/11/25)(a)

    200       182,413  

4.50%, 01/10/25 (Call 12/10/24)(a)(d)

    200       196,415  

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

    200       178,600  

Banco do Brasil SA/Cayman

   

3.25%, 09/30/26(a)

    200       186,413  

4.88%, 01/11/29(a)

    200       194,100  

6.25%, (Call 04/15/24)(a)(f)(g)

    200       185,538  

9.00%, (Call 06/18/24)(a)(f)(g)

    400       406,750  

Banco Mercantil del Norte SA/Grand Cayman, 6.63%, (Call 01/24/32)(a)(f)(g)

    200       178,975  

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

    200       196,500  

BBVA Bancomer SA/Texas, 1.88%, 09/18/25(a)

    200       184,750  

Braskem Finance Ltd., 6.45%, 02/03/24(d)

    200       203,780  

Braskem Netherlands Finance BV

   

4.50%, 01/10/28 (Call 10/10/27)(a)

    200       187,830  

4.50%, 01/31/30(a)

    200       180,800  

5.88%, 01/31/50(a)

    200       178,350  

Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 05/30/22)(a)

    200       205,250  

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

    200       198,663  
Security  

Par

(000)

    Value  
Brazil (continued)            

CSN Resources SA, 4.63%, 06/10/31
(Call 06/10/26)(a)

  $ 200     $ 168,913  

Embraer Netherlands Finance BV

   

5.05%, 06/15/25(d)

    227       223,765  

5.40%, 02/01/27

    250       242,031  

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

    200       204,287  

Gol Finance SA, 8.00%, 06/30/26 (Call 12/24/22)(a)

    200       174,850  

GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)(a)

    200       213,537  

Itau Unibanco Holding SA/Cayman Island

   

3.25%, 01/24/25(a)

    200       194,050  

4.50%, 11/21/29 (Call 11/21/24)(a)(g)

    200       189,750  

6.13%, (Call 12/12/22)(a)(d)(f)(g)

    200       192,550  

6.50%, (Call 03/19/23)(a)(d)(f)(g)

    200           192,475  

JBS Finance Luxembourg Co., 3.63%, 01/15/32 (Call 01/15/27)(a)

        200       171,500  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

3.00%, 02/02/29 (Call 12/02/28)(e)

    200       178,712  

3.00%, 05/15/32 (Call 02/15/32)(d)(e)

    100       83,337  

3.75%, 12/01/31 (Call 12/01/26)(a)

    100       89,000  

4.38%, 02/02/52 (Call 08/02/51)(d)(e)

    200       162,058  

Klabin Austria GmbH, 7.00%, 04/03/49
(Call 10/03/48)(a)

    200       192,776  

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

    400       379,720  

Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)(a)

    200       185,010  

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

    200       165,985  

MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(a)(d)

    400       348,000  

MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)(a)

    600       504,000  

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

    200       165,025  

Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(a)(d)

    200       178,720  

NBM U.S. Holdings Inc.

   

6.63%, 08/06/29 (Call 08/06/24)(a)(d)

    200       204,850  

7.00%, 05/14/26 (Call 05/31/22)(a)

    200       206,037  

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

    400       384,000  

Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 05/30/22)(a)(h)

    194       111,362  

Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 05/31/22)(a)(i)

    400       2,000  

Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 05/30/22)(a)(d)(h)

    292       63,756  

Oi SA, 10.00%, (12.00% PIK), 07/27/25(h)

    300       239,212  

Petrobras Global Finance BV

   

5.09%, 01/15/30(d)

    200       194,000  

5.30%, 01/27/25

    50       51,619  

5.50%, 06/10/51 (Call 12/10/50)

    250       204,719  

5.60%, 01/03/31 (Call 10/03/30)(d)

    250       245,375  

5.75%, 02/01/29

    150       151,763  

6.00%, 01/27/28(d)

    300       307,350  

6.25%, 03/17/24

    50       52,150  

6.75%, 01/27/41(d)

    200       195,975  

6.75%, 06/03/50 (Call 12/03/49)

    150       139,470  

6.85%, 06/05/2115(d)

    375       329,297  

6.88%, 01/20/40

    148       147,519  

6.90%, 03/19/49(d)

    200       190,038  

7.25%, 03/17/44(d)

    150       149,625  

7.38%, 01/17/27(d)

    250       273,310  

Petrorio Luxembourg Trading Sarl, 6.13%, 06/09/26 (Call 06/09/24)(a)

    200       192,250  

Raizen Fuels Finance SA, 5.30%, 01/20/27(a)(d)

    200       200,163  

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

    200       187,750  

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

    200       204,537  

 

 

16  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Brazil (continued)            

Suzano Austria GmbH

   

3.13%, 01/15/32 (Call 10/15/31)(d)

  $ 300     $ 242,250  

3.75%, 01/15/31 (Call 10/15/30)(d)

    250       216,937  

5.00%, 01/15/30 (Call 10/15/29)(d)

    200       189,535  

6.00%, 01/15/29 (Call 10/15/28)

    200       201,426  

7.00%, 03/16/47 (Call 09/16/46)(a)

    200       201,200  

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

    200       195,725  

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

        200       200,287  

Vale Overseas Ltd.

   

3.75%, 07/08/30 (Call 04/08/30)

    300       269,812  

6.25%, 08/10/26

    300       314,681  

6.88%, 11/21/36

    350       383,521  

6.88%, 11/10/39

    250       274,675  

Vale SA, 5.63%, 09/11/42(d)

    100       97,363  

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

    800       643,000  
   

 

 

 
        18,040,870  
Chile — 3.0%            

Agrosuper SA, 4.60%, 01/20/32 (Call 10/20/31)(e)

    250       226,250  

Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)(a)

    400       351,075  

Banco de Credito e Inversiones SA

   

2.88%, 10/14/31 (Call 07/14/31)(a)

    200       176,163  

3.50%, 10/12/27(a)(d)

    400       389,700  

Banco Santander Chile

   

2.70%, 01/10/25 (Call 12/10/24)(a)(d)

    300       287,400  

3.18%, 10/26/31 (Call 07/28/31)(a)

    400       360,325  

Celulosa Arauco y Constitucion SA

   

4.20%, 01/29/30 (Call 10/29/29)(a)

    200       185,475  

4.25%, 04/30/29 (Call 01/30/29)(a)

    200       186,537  

4.50%, 08/01/24 (Call 05/01/24)(d)

    400       402,700  

5.15%, 01/29/50 (Call 07/29/49)(a)

    400       358,950  

5.50%, 04/30/49 (Call 10/30/48)(a)(d)

    200       182,975  

Cencosud SA

   

4.38%, 07/17/27 (Call 04/17/27)(a)

    600       579,375  

5.15%, 02/12/25 (Call 11/12/24)(a)(d)

    400       404,950  

Cia Cervecerias Unidas SA, 3.35%, 01/19/32 (Call 10/19/31)(d)(e)

    400       353,825  

Colbun SA

   

3.15%, 03/06/30 (Call 12/06/29)(a)

    200       174,038  

3.15%, 01/19/32 (Call 10/19/31)(e)

    400       338,700  

3.95%, 10/11/27 (Call 07/11/27)(a)

    400       386,950  

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

    400       399,460  

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

    300       295,470  

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

    600       584,970  

GNL Quintero SA, 4.63%, 07/31/29(a)

    706       685,448  

Guacolda Energia SA, 4.56%, 04/30/25 (Call 01/30/25)(a)

    200       67,900  

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

    200       180,350  

Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a)

    700       599,069  

Inversiones CMPC SA

   

3.00%, 04/06/31 (Call 01/06/31)(a)

    200       169,413  

3.85%, 01/13/30 (Call 10/13/29)(a)

    200       183,912  

4.38%, 04/04/27(a)(d)

    400       400,880  

4.75%, 09/15/24 (Call 06/15/24)(a)

    400       403,325  

Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)(e)

    400       351,950  

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

    200       181,000  
   

 

 

 
      9,848,535  
China — 9.9%            

Abu Dhabi National Energy Co. PJSC, 4.00%, 10/03/49(a)

    200       193,100  
Security  

Par

(000)

    Value  
China (continued)            

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

  $ 200     $ 45,000  

Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24(a)

    200       189,620  

AIA Group Ltd., 2.70%, (Call 04/07/26)(a)(f)(g)

    200       185,800  

Alibaba Group Holding Ltd.

   

2.13%, 02/09/31 (Call 11/09/30)(d)

    200       165,312  

2.70%, 02/09/41 (Call 08/09/40)

    200       140,374  

3.25%, 02/09/61 (Call 08/09/60)

    200       133,820  

3.40%, 12/06/27 (Call 09/06/27)(d)

    300       286,953  

3.60%, 11/28/24 (Call 08/28/24)

    400       398,272  

4.00%, 12/06/37 (Call 06/06/37)

    200       172,850  

4.20%, 12/06/47 (Call 06/06/47)

    200       169,725  

Amipeace Ltd., 2.50%, 12/05/24(a)

    200       195,850  

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

    300       292,837  

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

    400       347,575  

Baidu Inc.

   

2.38%, 08/23/31 (Call 05/23/31)(d)

    200       164,878  

3.08%, 04/07/25 (Call 03/07/25)

    200       195,222  

4.13%, 06/30/25

    200       200,416  

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

    400       411,748  

Bank of China Ltd./Hong Kong, 3.88%, 06/30/25(a)

    200       202,912  

Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(a)

    200       184,000  

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

    400       396,800  

Bluestar Finance Holdings Ltd., 3.88%,
(Call 06/24/23)(a)(f)(g)

    200       199,500  

BOCOM International Blossom Ltd., 1.75%, 06/28/26(a)

        200           182,784  

CCBL Cayman 1 Corp. Ltd., 1.80%, 07/22/26(a)

    200       181,975  

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

    200       198,000  

Chalco Hong Kong Investment Co. Ltd., 2.10%, 07/28/26 (Call 06/28/26)(a)

    200       182,966  

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

    200       190,475  

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

    400       400,200  

China Cinda Finance 2017 I Ltd.

   

4.75%, 02/08/28(a)

    200       201,475  

4.75%, 02/21/29(a)

    200       197,162  

China Construction Bank Corp.

   

0.78%, 12/21/24(a)(g)

    200       199,472  

4.25%, 02/27/29 (Call 02/27/24)(a)(g)

    200       201,834  

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

    400       372,520  

China Overseas Finance Cayman VI Ltd.

   

5.95%, 05/08/24(a)

    200       207,037  

6.45%, 06/11/34(a)

    200       221,037  

China Resources Land Ltd.

   

3.75%, (Call 12/09/24)(a)(f)(g)

    200       196,475  

4.13%, 02/26/29(a)

    200       192,100  

China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 05/30/22)(a)

    200       135,000  

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

    200       192,774  

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

    200       157,200  

CITIC Ltd.

   

2.85%, 02/25/30(a)

    200       177,808  

3.88%, 02/28/27(a)

    200       196,912  

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

    200       186,100  

CMHI Finance BVI Co. Ltd., 3.50%,
(Call 10/09/23)(a)(f)(g)

    200       199,975  

CMS International Gemstone Ltd., 1.30%, 09/16/24(a)

    200       187,440  

CNOOC Finance 2013 Ltd., 3.30%, 09/30/49 (Call 03/30/49)

    200       146,256  

 

 

S C H E D U L E   O F   I N V E S T M E N T S

  17


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
China (continued)            

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

  $ 600     $ 609,112  

CNOOC Finance 2015 USA LLC

   

3.50%, 05/05/25(d)

    200       198,850  

4.38%, 05/02/28(d)

    200       203,600  

CNOOC Petroleum North America ULC

   

5.88%, 03/10/35(d)

        100           104,363  

6.40%, 05/15/37

    175       192,533  

7.50%, 07/30/39

    150       186,254  

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

    200       200,500  

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

    200       203,606  

Country Garden Holdings Co. Ltd.

   

3.13%, 10/22/25 (Call 09/22/25)(a)

    200       138,750  

7.25%, 04/08/26 (Call 04/08/23)(a)

    200       143,500  

CSCIF Asia Ltd., 1.13%, 06/10/24(a)

    200       190,163  

DIB Sukuk Ltd., 2.95%, 02/20/25(a)

    400       392,000  

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

    400       398,500  

Doha Finance Ltd., 2.38%, 03/31/26(a)

    700       659,750  

Emirates NBD Bank PJSC, 6.13%,
(Call 04/09/26)(a)(f)(g)

    200       201,080  

ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(a)

    200       184,354  

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

    200       171,288  

Fab Sukuk Co. Ltd., 2.50%, 01/21/25(a)

    200       194,750  

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

    200       179,000  

Haidilao International Holding Ltd., 2.15%, 01/14/26(a)

    200       162,000  

Huarong Finance 2017 Co. Ltd.

   

4.25%, 11/07/27(a)

    200       183,000  

4.75%, 04/27/27(a)

    200       189,000  

Huarong Finance 2019 Co. Ltd.

   

3.38%, 02/24/30 (Call 11/28/29)(a)

    200       160,000  

3.75%, 05/29/24(a)

    400       385,500  

3.88%, 11/13/29 (Call 08/13/29)(a)

    200       168,100  

4.50%, 05/29/29(a)

    200       176,000  

ICBCIL Finance Co. Ltd.

   

1.63%, 11/02/24(a)

    400       380,092  

3.75%, 03/05/24(a)

    200       200,287  

IHS Holding Ltd.

   

5.63%, 11/29/26 (Call 11/29/23)(a)

    400       380,000  

6.25%, 11/29/28 (Call 11/29/24)(a)

    600       564,000  

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

    400       405,950  

Industrial & Commercial Bank of China Ltd., 3.20%, (Call 09/24/26)(a)(f)(g)

    800       763,200  

Industrial & Commercial Bank of China Ltd./Hong Kong, 1.63%, 10/28/26(a)

    200       185,970  

Industrial & Commercial Bank of China Ltd./London, 2.03%, 10/25/23, (3 mo. LIBOR US +
0.850%)(a)(g)

    200       200,960  

Industrial & Commercial Bank of China Ltd./Singapore

   

1.00%, 10/28/24(a)

    200       188,866  

1.20%, 09/09/25(a)

    200       185,380  

2.01%, 04/25/24, (3 mo. LIBOR US +
0.830%)(a)(g)

    200       201,142  

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

    400       388,700  

Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24(a)

    200       189,754  

JD.com Inc., 3.88%, 04/29/26(d)

    200       195,538  

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

    400       381,700  

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

    200       178,902  

Legend Fortune Ltd., 1.38%, 06/02/24(a)

    200       189,990  

Lenovo Group Ltd., 3.42%, 11/02/30
(Call 08/02/30)(a)

    200       175,288  
Security  

Par

(000)

    Value  
China (continued)            

Leviathan Bond Ltd.

   

6.13%, 06/30/25 (Call 03/30/25)(e)

  $ 250     $ 247,234  

6.75%, 06/30/30 (Call 12/30/29)(e)

    325       316,485  

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

    200       176,000  

Meituan, 2.13%, 10/28/25 (Call 09/28/25)(a)

    200       178,260  

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

    400       377,000  

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

    400       365,000  

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

    400       363,825  

NWD Finance BVI Ltd., 4.13%, (Call 03/10/28)(a)(f)(g)

    200       180,000  

Ooredoo International Finance Ltd., 2.63%, 04/08/31(a)

        800           720,000  

Pioneer Reward Ltd., 1.30%, 04/09/24(a)

    200       191,688  

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

    200       197,912  

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

    400       378,000  

QIB Sukuk Ltd., 1.67%, 02/07/25, (3 mo. LIBOR US + 1.350%)(a)(g)

    400       400,575  

QNB Finance Ltd., 2.75%, 02/12/27(a)

    700       666,006  

REC Ltd., 2.25%, 09/01/26(a)

    200       181,038  

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

    200       144,000  

Saudi Arabian Oil Co.

   

1.63%, 11/24/25 (Call 10/24/25)(a)

    200       185,600  

3.50%, 11/24/70 (Call 05/24/70)(a)

    800       610,000  

SF Holding Investment 2021 Ltd., 3.13%, 11/17/31(a)

    200       171,288  

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

    200       174,414  

Shanghai Pudong Development Bank Co. Ltd./Hong Kong, 0.88%, 07/13/24(a)

    200       189,526  

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

    400       96,000  

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

    200       185,000  

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

    200       160,475  

SK Hynix Inc., 3.00%, 09/17/24(a)

    400       392,200  

State Elite Global Ltd., 1.95%, 10/24/24, (3 mo. LIBOR US + 0.770%)(a)(g)

    200       199,568  

Sunac China Holdings Ltd.

   

5.95%, 04/26/24 (Call 01/26/23)(a)

    400       94,000  

6.50%, 01/10/25 (Call 01/10/23)(a)

    200       45,000  

Tencent Holdings Ltd.

   

1.81%, 01/26/26 (Call 12/26/25)(a)(d)

    200       183,548  

2.39%, 06/03/30 (Call 03/03/30)(a)(d)

    200       168,663  

2.88%, 04/22/31 (Call 01/22/31)(a)(d)

    200       174,210  

3.24%, 06/03/50 (Call 12/03/49)(a)

    200       142,350  

3.58%, 04/11/26 (Call 02/11/26)(a)

    200       195,100  

3.60%, 01/19/28 (Call 10/19/27)(a)(d)

    300       284,865  

3.84%, 04/22/51 (Call 10/22/50)(a)

    200       158,594  

3.94%, 04/22/61 (Call 10/22/60)(a)

    200       156,850  

3.98%, 04/11/29 (Call 01/11/29)(a)

    400       382,700  

4.53%, 04/11/49 (Call 10/11/48)(a)

    200       178,850  

Times China Holdings Ltd., 5.55%, 06/04/24 (Call 06/04/23)(a)

    200       103,000  

Turkiye Vakiflar Bankasi TAO

   

5.25%, 02/05/25(a)

    400       371,075  

6.50%, 01/08/26(a)

    500       467,500  

Vanke Real Estate Hong Kong Co. Ltd., 4.20%, 06/07/24(a)

    400       393,120  

Vigorous Champion International Ltd., 2.75%, 06/02/25(a)

    200       187,020  

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

    200       164,702  

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

    200       199,000  

 

 

18  

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2022

  

iShares® J.P. Morg