LOGO

  APRIL 30, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

iShares, Inc.

·  iShares International High Yield Bond ETF | HYXU | Cboe BZX

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

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

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

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


The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of April 30, 2023  
    

 

6-Month

   

 

12-Month

 

 

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

    8.63%       2.66%  

 

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

    (3.45)         (3.65)    

 

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

    24.19          8.42     

 

Emerging market equities
(MSCI Emerging Markets Index)

    16.36          (6.51)    

 

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

    2.09          2.83     

 

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

    7.14          (1.68)    

 

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

    6.91          (0.43)    

 

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

    7.65          2.87     

 

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

    6.21          1.21     

 

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

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  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     9  

Disclosure of Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     66  

Statements of Operations

     68  

Statements of Changes in Net Assets

     70  

Financial Highlights

     73  

Notes to Financial Statements

     78  

Statement Regarding Liquidity Risk Management Program

     87  

Supplemental Information

     88  

General Information

     89  

Glossary of Terms Used in this Report

     90  

 

 

 


Fund Summary as of April 30, 2023    iShares® International High Yield Bond ETF

 

Investment Objective

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

Performance

 

          Average Annual Total Returns         Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years          1 Year     5 Years     10 Years  

Fund NAV

    17.64     3.23     (1.17 )%      0.77       3.23     (5.73 )%      7.98

Fund Market

    17.97       5.26       (0.96     0.85         5.26       (4.70     8.87  

Index

    17.73       3.54       (0.83     1.03           3.54       (4.10     10.77  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning

Account Value

(11/01/22)

 

 

 

      

Ending

Account Value

(04/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           


Beginning

Account Value
(11/01/22)

 


 

      

Ending

Account Value

(04/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $        1,176.40          $         2.16               $        1,000.00          $        1,022.80          $         2.01        0.40

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

   
Moody’s Credit Rating*  

Percent of   

Total Investments(a)

 

Baa

    5.8%  

Ba

    46.5     

B

    29.1     

Caa

    3.5     

Not Rated

    15.1     

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region  

Percent of   

Total Investments(a)

 

Italy

    16.5%  

France

    14.5     

United States

    13.1     

United Kingdom

    12.1     

Germany

    11.1     

Spain

    8.1     

Luxembourg

    4.2     

Netherlands

    3.9     

Sweden

    3.0     

Greece

    2.4     

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of April 30, 2023    iShares® J.P. Morgan EM Corporate Bond ETF

 

Investment Objective

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

Performance

 

          Average Annual Total Returns         Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years          1 Year     5 Years     10 Years  

Fund NAV

    10.28     0.61     1.62     2.15       0.61     8.37     23.65

Fund Market

    11.60       1.80       1.77       2.12         1.80       9.15       23.35  

Index

    10.63       1.19       1.95       2.60           1.19       10.15       29.21  

Index Performance through May 31, 2017 reflects the performance of the Morningstar® Emerging Markets Corporate Bond IndexSM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning

Account Value

(11/01/22)

 

 

 

      

Ending

Account Value

(04/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(11/01/22)

 

 

 

      

Ending

Account Value

(04/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $        1,102.80          $         2.61               $        1,000.00          $        1,022.30          $         2.51        0.50

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

   
Moody’s Credit Rating*  

Percent of   

Total Investments(a)

 

Aaa

    0.4%  

Aa

    7.8     

A

    18.7    

Baa

    34.9     

Ba

    12.8     

B

    6.8     

Caa

    2.1     

C

    0.8     

Not Rated

    15.7     

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region  

Percent of   

Total Investments(a)

 

China

    9.2%  

Brazil

    5.5     

Mexico

    5.0     

United Arab Emirates

    5.0     

Hong Kong

    4.7     

Saudi Arabia

    4.7     

India

    4.6     

South Korea

    4.6     

Singapore

    4.2     

Colombia

    4.2     

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of April 30, 2023     iShares® J.P. Morgan EM High Yield Bond ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    11.11      (1.92 )%       (0.37 )%      1.51        (1.92 )%       (1.86 )%       16.15

Fund Market

    12.42        (1.23      (0.23     1.50          (1.23      (1.14      16.03  

Index

    11.39        (1.44      (0.06     1.82                (1.44      (0.29      19.78  

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(11/01/22)

 

 

 

      

Ending

Account Value

(04/30/23

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(11/01/22

 

 

      

Ending

Account Value

(04/30/23

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $        1,111.10          $         2.62               $        1,000.00          $        1,022.30          $         2.51          0.50

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    0.1

Aa

    0.2  

A

    0.2  

Baa

    10.7  

Ba

    34.2  

B

    29.7  

Caa

    4.4  

Ca

    1.2  

C

    0.7  

Not Rated

    18.6  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

Brazil

    13.6

Turkey

    13.3  

Mexico

    8.3  

Colombia

    7.1  

China

    4.9  

Oman

    4.0  

South Africa

    3.8  

Dominican Republic

    3.4  

Hong Kong

    3.4  

Argentina

    3.0  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of April 30, 2023     iShares® J.P. Morgan EM Local Currency Bond ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    13.87      3.85      (3.37 )%      (2.15 )%         3.85      (15.74 )%       (19.52 )% 

Fund Market

    13.23        3.76        (3.40     (2.28        3.76        (15.86      (20.59

Index

    14.34        4.53        (2.91     (1.63              4.53        (13.73      (15.14

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value

(11/01/22)

 
 

 

      

Ending
Account Value

(04/30/23

 
 

      

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value

(11/01/22

 
 

      

Ending
Account Value

(04/30/23

 
 

      

Expenses
Paid During

the Period

 
 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $ 1,000.00          $ 1,138.70          $        1.59               $ 1,000.00          $ 1,023.30          $        1.51          0.30

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aa

    3.6

A

    5.1  

Baa

    19.1  

Ba

    10.2  

C

    2.9  

Not Rated

    59.1  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

China

    15.1

Indonesia

    6.7  

Mexico

    5.8  

Brazil

    5.4  

Peru

    4.6  

Poland

    4.6  

Czech Republic

    4.6  

Serbia

    4.6  

Romania

    4.6  

Thailand

    4.6  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of April 30, 2023     iShares® US & Intl High Yield Corp Bond ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    8.86      1.64      1.67     2.55        1.64      8.64      28.60

Fund Market

    9.37        2.80        1.70       2.54          2.80        8.79        28.56  

Index

    9.06        2.01        1.82       2.70                2.01        9.44        30.56  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(11/01/22)

 

 

 

      

Ending

Account Value

(04/30/23

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(11/01/22

 

 

      

Ending

Account Value

(04/30/23

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $ 1,000.00          $ 1,088.60          $        2.07               $ 1,000.00          $ 1,022.80          $        2.01          0.40

 

  (a) 

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

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Baa

    4.3

Ba

    42.6  

B

    39.1  

Caa

    8.0  

Ca

    0.4  

Not Rated

    5.6  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    63.8

United Kingdom

    5.5  

Italy

    5.0  

France

    4.9  

Canada

    3.8  

Germany

    3.4  

Spain

    2.4  

Netherlands

    1.8  

Luxembourg

    1.7  

Israel

    1.1  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


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.

Disclosure of 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 the Period.”

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

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

 

 

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

  9


Schedule of Investments (unaudited) 

April 30, 2023

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security        

Par

(000)

    Value  

 

 

Corporate Bonds & Notes

     
Australia — 0.2%                  

Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(a)(b)

    EUR       100     $ 91,626  
     

 

 

 
Austria — 0.2%                  

ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/23)(a)

    EUR       100           102,269  
     

 

 

 
Belgium — 0.2%                  

Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/23)(a)

    EUR       100       99,673  
     

 

 

 
Canada — 1.4%                  

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

    CAD       325       212,649  

Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.13%, 06/15/29 (Call 06/15/24)(c)

    CAD       75       44,673  

Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/24)(a)

    CAD       50       32,522  

Parkland Corp.

     

3.88%, 06/16/26 (Call 06/16/23)(c)

    CAD       150       102,837  

4.38%, 03/26/29 (Call 03/26/24)

    CAD       75       48,516  

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

    CAD       50        

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

     

(Call 05/10/24)(c)

    CAD       25       17,634  

Videotron Ltd.

     

3.13%, 01/15/31 (Call 01/15/26)

    CAD       100       58,601  

3.63%, 06/15/28 (Call 06/15/24)(c)

    CAD       150       96,696  

4.50%, 01/15/30 (Call 10/15/24)

    CAD       150       98,147  
     

 

 

 
        712,275  
Cyprus — 0.2%                  

Bank of Cyprus PCL, 2.50%, 06/24/27 (Call 06/24/26)(a)(b)

    EUR       100       92,802  
     

 

 

 
Czech Republic — 0.2%                  

Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30 (Call 04/30/26)(a)

    EUR       100       111,101  
     

 

 

 
France — 14.2%                  

Accor SA

     

2.38%, 11/29/28 (Call 08/29/28)(a)

    EUR       100       98,221  

3.00%, 02/04/26 (Call 11/04/25)(a)

    EUR       100       105,844  

Adevinta ASA

     

2.63%, 11/15/25 (Call 11/15/23)(a)

    EUR       100       104,611  

3.00%, 11/15/27 (Call 11/15/23)(a)

    EUR       100       100,272  

Altice France SA/France

     

2.13%, 02/15/25 (Call 01/29/24)(a)

    EUR       150       151,008  

3.38%, 01/15/28 (Call 09/15/23)(a)

    EUR       100       83,813  

4.00%, 07/15/29 (Call 04/15/24)(a)

    EUR       100       80,126  

4.25%, 10/15/29 (Call 10/15/24)(a)

    EUR       100       80,731  

5.88%, 02/01/27 (Call 08/01/23)(a)

    EUR       250       237,758  

Atos SE

     

1.00%, 11/12/29 (Call 08/12/29)(a)

    EUR       200       144,142  

1.75%, 05/07/25 (Call 02/07/25)(a)

    EUR       100       96,913  

Banijay Entertainment SASU, 3.50%, 03/01/25

     

(Call 03/01/24)(a)

    EUR       100       107,162  

Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/23)(a)

    EUR       100       107,203  

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

    EUR       200       175,154  

Casino Guichard Perrachon SA

     

5.25%, 04/15/27 (Call 04/15/24)(a)

    EUR       100       25,612  

6.63%, 01/15/26 (Call 01/15/24)(a)

    EUR       100       27,180  

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

    EUR       100       95,875  

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

    EUR       100       88,951  

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

    EUR       100       78,081  
Security        

Par

(000)

    Value  

 

 
France (continued)                  

Elis SA

     

1.63%, 04/03/28 (Call 01/03/28)(a)

    EUR       100     $ 96,976  

2.88%, 02/15/26 (Call 11/15/25)(a)

    EUR       100       105,828  

4.13%, 05/24/27 (Call 02/24/27)(a)

    EUR       100       108,648  

Emeria SASU

     

3.38%, 03/31/28 (Call 03/31/24)(a)

    EUR       100       86,150  

7.75%, 03/31/28 (Call 02/07/25)(a)

    EUR       100       103,355  

Faurecia SE

     

2.38%, 06/15/27 (Call 06/15/23)(a)

    EUR       100       94,928  

2.63%, 06/15/25 (Call 06/15/23)(a)

    EUR       200       209,351  

2.75%, 02/15/27 (Call 02/15/24)(a)

    EUR       225       219,409  

3.13%, 06/15/26 (Call 06/15/23)(a)

    EUR       100       102,974  

3.75%, 06/15/28 (Call 06/15/23)(a)

    EUR       200       194,633  

7.25%, 06/15/26 (Call 11/15/24)(a)

    EUR       100       113,545  

Iliad Holding SASU

     

5.13%, 10/15/26 (Call 10/15/23)(a)

    EUR       150       156,570  

5.63%, 10/15/28 (Call 10/15/24)(a)

    EUR       100       100,302  

iliad SA

     

1.50%, 10/14/24 (Call 07/14/24)(a)

    EUR       100       105,131  

1.88%, 04/25/25 (Call 01/25/25)(a)

    EUR       200       206,457  

5.38%, 06/14/27 (Call 03/14/27)(a)

    EUR       200       216,142  

5.63%, 02/15/30 (Call 11/15/29)(a)

    EUR       100       105,484  

La Financiere Atalian SASU, 4.00%, 05/15/24

     

(Call 05/08/23)(a)

    EUR       100       78,813  

Loxam SAS

     

2.88%, 04/15/26 (Call 04/10/24)(a)

    EUR       100       101,791  

4.50%, 02/15/27 (Call 02/15/24)(a)

    EUR       175       182,267  

6.38%, 05/15/28 (Call 05/15/25)(a)

    EUR       100       109,560  

Paprec Holding SA

     

3.50%, 07/01/28 (Call 07/01/24)(a)

    EUR       100       97,769  

4.00%, 03/31/25 (Call 05/29/23)(a)

    EUR       100       107,594  

Parts Europe SA, 6.50%, 07/16/25
(Call 01/15/24)(a)

    EUR       100       110,245  

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

    EUR       200       195,466  

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

    EUR       100           101,172  

Renault SA

     

1.00%, 04/18/24 (Call 01/18/24)(a)

    EUR       100       106,185  

1.00%, 11/28/25 (Call 08/28/25)(a)

    EUR       70       71,555  

1.25%, 06/24/25 (Call 03/24/25)(a)

    EUR       200       204,826  

2.00%, 09/28/26 (Call 06/28/26)(a)

    EUR       100       98,120  

2.38%, 05/25/26 (Call 02/25/26)(a)

    EUR       200       201,113  

2.50%, 06/02/27 (Call 03/02/27)(a)

    EUR       200       194,756  

2.50%, 04/01/28 (Call 01/01/28)(a)

    EUR       100       93,631  

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

    EUR       100       96,025  

SPCM SA, 2.00%, 02/01/26 (Call 09/15/23)(a)

    EUR       100       101,449  

Tereos Finance Groupe I SA

     

7.25%, 04/15/28 (Call 04/15/25)(a)

    EUR       100       109,449  

7.50%, 10/30/25 (Call 10/30/23)(a)

    EUR       100       113,057  

Valeo

     

1.00%, 08/03/28 (Call 05/03/28)(a)

    EUR       100       88,760  

1.50%, 06/18/25 (Call 03/18/25)(a)

    EUR       100       104,020  

5.38%, 05/28/27 (Call 02/28/27)(a)

    EUR       100       110,290  

Verallia SA

     

1.63%, 05/14/28 (Call 02/14/28)(a)

    EUR       100       97,324  

1.88%, 11/10/31 (Call 08/11/31)

    EUR       100       89,006  
     

 

 

 
        7,278,783  
Germany — 10.9%                  

ADLER Group SA, 5.00%, 01/14/29 (Call 10/14/28)(a)

    EUR       200       75,682  

Bayer AG

     

2.38%, 11/12/79 (Call 02/12/25)(a)(b)

    EUR       100       102,123  

3.13%, 11/12/79 (Call 08/12/27)(a)(b)

    EUR       200       189,521  

 

 

10  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Germany (continued)                  

3.75%, 07/01/74 (Call 07/01/24)(a)(b)

    EUR       300     $ 319,734  

5.38%, 03/25/82 (Call 06/25/30)(a)(b)

    EUR       100       100,743  

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

    EUR       100       102,227  

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

    EUR       100       100,026  

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

    EUR       150       150,589  

Commerzbank AG

     

4.00%, 03/23/26(a)

    EUR       200       213,392  

4.00%, 03/30/27(a)

    EUR       100       106,850  

6.50%, 12/06/32 (Call 09/06/27)(a)(b)

    EUR       100       110,161  

8.63%, 02/28/33 (Call 11/28/27)(a)(b)

    GBP       100       125,674  

Deutsche Lufthansa AG

     

2.00%, 07/14/24 (Call 06/14/24)(a)

    EUR       100       106,918  

2.88%, 02/11/25 (Call 01/11/25)(a)

    EUR       200       212,313  

2.88%, 05/16/27 (Call 02/16/27)(a)

    EUR       100       100,333  

3.00%, 05/29/26 (Call 02/28/26)(a)

    EUR       300       309,541  

3.50%, 07/14/29 (Call 04/14/29)(a)

    EUR       100       98,307  

4.38%, 08/12/75 (Call 02/12/26)(a)(b)

    EUR       100       98,208  

Douglas GmbH, 6.00%, 04/08/26
(Call 04/15/24)(a)

    EUR       200       195,491  

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

    EUR       100       91,708  

Gruenenthal GmbH

     

3.63%, 11/15/26 (Call 05/15/23)(a)

    EUR       100       103,671  

6.75%, 05/15/30 (Call 05/15/26)

    EUR       100       110,752  

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

    EUR       100       100,858  

Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 04/30/24)(a)

    EUR       200       214,064  

RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(a)(b)

    EUR       100       105,373  

Schaeffler AG

     

1.88%, 03/26/24 (Call 12/26/23)(a)

    EUR       100       107,736  

2.75%, 10/12/25 (Call 07/12/25)

    EUR       100       105,245  

2.88%, 03/26/27 (Call 12/26/26)(a)

    EUR       75       77,855  

3.38%, 10/12/28 (Call 07/12/28)

    EUR       100       99,163  

Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/24)(a)

    EUR       250       259,617  

thyssenkrupp AG

     

2.50%, 02/25/25(a)

    EUR       100       106,924  

2.88%, 02/22/24 (Call 11/22/23)(a)

    EUR       75       81,263  

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

    EUR       90       82,326  

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

    EUR       100       98,205  

ZF Europe Finance BV

     

2.00%, 02/23/26 (Call 12/23/25)(a)

    EUR       100       100,207  

2.50%, 10/23/27 (Call 07/23/27)(a)

    EUR       100       95,688  

3.00%, 10/23/29 (Call 07/23/29)(a)

    EUR       100       91,821  

ZF Finance GmbH

     

2.00%, 05/06/27 (Call 02/06/27)(a)

    EUR       100       95,135  

2.25%, 05/03/28 (Call 02/03/28)(a)

    EUR       100       92,331  

2.75%, 05/25/27 (Call 02/25/27)(a)

    EUR       100       97,760  

3.00%, 09/21/25 (Call 06/21/25)(a)

    EUR       100       104,353  

3.75%, 09/21/28 (Call 06/21/28)(a)

    EUR       100       98,024  

5.75%, 08/03/26 (Call 07/03/26)(a)

    EUR       200       221,093  
     

 

 

 
          5,559,005  
Gibraltar — 0.2%                  

888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(a)

    EUR       100       99,180  
     

 

 

 
Greece — 2.4%                  

Alpha Bank SA

     

2.50%, 03/23/28 (Call 03/23/27)(a)(b)

    EUR       100       90,131  

7.50%, 06/16/27 (Call 06/16/26)(a)(b)

    EUR       100       109,140  
Security  

Par

(000)

    Value  
Greece (continued)                  

Eurobank SA

     

2.25%, 03/14/28 (Call 03/14/27)(a)(b)

    EUR       100     $ 91,956  

7.00%, 01/26/29 (Call 01/26/28)(a)(b)

    EUR       100       108,568  

National Bank of Greece SA

     

2.75%, 10/08/26 (Call 10/08/25)(a)(b)

    EUR       100       100,901  

7.25%, 11/22/27 (Call 11/22/26)(a)(b)

    EUR       100       112,117  

8.25%, 07/18/29 (Call 07/18/24)(a)(b)

    EUR       100       108,360  

Piraeus Bank SA, 8.25%, 01/28/27
(Call 01/28/26)(a)(b)

    EUR       100       109,944  

Piraeus Financial Holdings SA

     

5.50%, 02/19/30 (Call 02/19/25)(a)(b)

    EUR       100       92,494  

9.75%, 06/26/29 (Call 06/26/24)(a)(b)

    EUR       100       104,942  

Public Power Corp. SA

     

3.38%, 07/31/28 (Call 07/31/24)(a)

    EUR       100       95,965  

4.38%, 03/30/26 (Call 03/30/24)(a)

    EUR       100       104,280  
     

 

 

 
          1,228,798  
Ireland — 1.7%                  

AIB Group PLC

     

1.88%, 11/19/29 (Call 11/19/24)(a)(b)

    EUR       100       103,083  

2.88%, 05/30/31 (Call 05/30/26)(a)(b)

    EUR       100       99,940  

Bank of Ireland Group PLC

     

1.38%, 08/11/31 (Call 05/11/26)(a)(b)

    EUR       100       94,833  

6.75%, 03/01/33 (Call 12/01/27)(a)(b)

    EUR       100       111,405  

7.59%, 12/06/32 (Call 09/06/27)(a)(b)

    GBP       100       124,812  

eircom Finance DAC

     

1.75%, 11/01/24 (Call 11/01/23)(a)

    EUR       100       108,099  

3.50%, 05/15/26 (Call 05/15/23)(a)

    EUR       100       103,846  

Permanent TSB Group Holdings PLC, 5.25%, 06/30/25 (Call 06/30/24)(a)(b)

    EUR       100       108,970  
     

 

 

 
        854,988  
Israel — 2.1%                  

Teva Pharmaceutical Finance Netherlands II BV

     

1.13%, 10/15/24(a)

    EUR       100       104,251  

1.63%, 10/15/28(a)

    EUR       150       126,506  

1.88%, 03/31/27 (Call 12/31/26)(a)

    EUR       100       92,877  

3.75%, 05/09/27 (Call 02/09/27)

    EUR       250       248,179  

4.38%, 05/09/30 (Call 02/09/30)

    EUR       200       184,952  

4.50%, 03/01/25 (Call 12/01/24)

    EUR       100       108,441  

7.38%, 09/15/29 (Call 06/15/29)

    EUR       100       111,234  

7.88%, 09/15/31 (Call 06/15/31)

    EUR       100       112,876  
     

 

 

 
        1,089,316  
Italy — 16.2%                  

Atlantia SpA

     

1.63%, 02/03/25(a)

    EUR       100       103,980  

1.88%, 07/13/27 (Call 04/13/27)(a)

    EUR       175       168,846  

1.88%, 02/12/28 (Call 11/12/27)(a)

    EUR       200       184,180  

Banca IFIS SpA, 6.13%, 01/19/27(a)

    EUR       100       109,554  

Banca Monte dei Paschi di Siena SpA

     

1.88%, 01/09/26(a)

    EUR       100       96,015  

2.63%, 04/28/25(a)

    EUR       100       102,255  

3.63%, 09/24/24(a)

    EUR       200       211,315  

6.75%, 03/02/26 (Call 03/02/25), (3-mo. EURIBOR + 3.206%)(a)(b)

    EUR       125       136,704  

7.68%, 01/18/28(a)(b)

    EUR       100       93,080  

10.50%, 07/23/29(a)

    EUR       100       106,854  

Banca Popolare di Sondrio SpA, 1.25%, 07/13/27 (Call 07/13/26)(a)(b)

    EUR       100       96,496  

Banco BPM SpA

     

1.75%, 01/28/25(a)

    EUR       200       209,630  

3.25%, 01/14/31 (Call 01/14/26)(a)(b)

    EUR       100       98,558  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Italy (continued)                  

4.25%, 10/01/29 (Call 10/01/24)(a)(b)

    EUR       100     $   105,955  

4.88%, 01/18/27(a)

    EUR       100       109,666  

5.00%, 09/14/30 (Call 09/14/25)(a)(b)

    EUR       100       106,801  

6.00%, 09/13/26(a)

    EUR       150       169,621  

6.00%, 01/21/28 (Call 01/21/27),
(3-mo. EURIBOR + 3.300%)(a)(b)

    EUR       150       166,275  

BPER Banca

     

1.88%, 07/07/25(a)

    EUR       100       104,124  

3.38%, 06/30/25 (Call 05/31/24),
(3-mo. EURIBOR + 2.450%)(a)(b)

    EUR       100       108,554  

3.88%, 07/25/32 (Call 01/25/27)(a)(b)

    EUR       200       182,147  

6.13%, 02/01/28 (Call 02/01/27),
(3-mo. EURIBOR + 3.600%)(a)(b)

    EUR       150       167,635  

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

    EUR       100       96,849  

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

    EUR       100       96,630  

Fiber Bidco Spa, 11.00%, 10/25/27
(Call 10/25/24)(a)

    EUR       100       118,466  

Grifols SA, 2.25%, 11/15/27 (Call 11/15/23)(a)

    EUR       100       94,528  

Iccrea Banca SpA

     

2.13%, 01/17/27 (Call 01/17/26),
(3-mo. EURIBOR + 2.280%)(a)(b)

    EUR       100       98,729  

4.13%, 11/28/29 (Call 11/28/24)(a)(b)

    EUR       100       102,629  

6.38%, 09/20/27 (Call 09/20/26),
(3-mo. EURIBOR + 4.077%)(a)(b)

    EUR       100       111,157  

6.88%, 01/20/28 (Call 01/20/27),
(3-mo. EURIBOR + 4.045%)(a)(b)

    EUR       100       112,437  

IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/24)(a)

    EUR       100       95,675  

Infrastrutture Wireless Italiane SpA

     

1.63%, 10/21/28 (Call 07/21/28)(a)

    EUR       200       194,936  

1.75%, 04/19/31 (Call 01/19/31)(a)

    EUR       100       93,580  

1.88%, 07/08/26 (Call 04/08/26)(a)

    EUR       150       155,044  

Intesa Sanpaolo SpA

     

2.86%, 04/23/25(a)

    EUR       100       106,597  

2.93%, 10/14/30(a)

    EUR       100       89,465  

3.93%, 09/15/26

    EUR       200       215,853  

5.15%, 06/10/30(a)

    GBP       100       104,077  

6.18%, 02/20/34 (Call 11/20/28)(a)(b)

    EUR       200       217,385  

Leonardo SpA

     

1.50%, 06/07/24 (Call 03/07/24)(a)

    EUR       100       106,838  

2.38%, 01/08/26 (Call 10/08/25)(a)

    EUR       100       105,633  

Lottomatica SpA

     

6.25%, 07/15/25 (Call 07/30/23)(a)

    EUR       100       111,320  

9.75%, 09/30/27 (Call 09/30/24)(a)

    EUR       100       118,133  

Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 07/15/23)(a)

    EUR       100       111,138  

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

    EUR       50       53,736  

Nexi SpA

     

1.63%, 04/30/26 (Call 01/30/26)(a)

    EUR       200       200,820  

2.13%, 04/30/29 (Call 01/30/29)(a)

    EUR       150       136,736  

Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/23)(a)

    EUR       100       110,116  

Saipem Finance International BV

     

2.63%, 01/07/25(a)

    EUR       100       105,643  

3.13%, 03/31/28 (Call 12/31/27)(a)

    EUR       100       97,216  

Telecom Italia SpA

     

6.88%, 02/15/28 (Call 11/15/27)(a)

    EUR       200       221,001  

Series APR, 6.88%, Series APR, 02/15/28 (Call 11/15/27)(a)

    EUR       100       110,373  

Telecom Italia SpA/Milano

     

1.63%, 01/18/29 (Call 10/18/28)(a)

    EUR       100       84,963  

2.38%, 10/12/27 (Call 07/12/27)(a)

    EUR       100       94,325  

2.75%, 04/15/25 (Call 01/15/25)(a)

    EUR       200       208,301  
Security  

Par

(000)

    Value  
Italy (continued)                  

2.88%, 01/28/26 (Call 10/28/25)(a)

    EUR       300     $ 307,972  

3.00%, 09/30/25(a)

    EUR       100       103,728  

3.63%, 05/25/26(a)

    EUR       100       104,878  

UniCredit SpA

     

2.00%, 09/23/29 (Call 09/23/24)(a)(b)

    EUR       200       204,192  

2.73%, 01/15/32 (Call 01/15/27)(a)(b)

    EUR       200       188,446  

Webuild SpA

     

1.75%, 10/26/24(a)

    EUR       150       155,882  

3.88%, 07/28/26 (Call 01/28/26)(a)

    EUR       100       97,968  

5.88%, 12/15/25 (Call 06/15/25)(a)

    EUR       100       106,479  
     

 

 

 
        8,288,119  
Japan — 1.7%                  

SoftBank Group Corp.

     

2.13%, 07/06/24 (Call 04/06/24)(a)

    EUR       175       183,194  

2.88%, 01/06/27 (Call 10/06/26)(a)

    EUR       100       93,395  

3.13%, 09/19/25 (Call 06/21/25)(a)

    EUR       100       100,319  

3.38%, 07/06/29 (Call 04/06/29)(a)

    EUR       125       105,844  

3.88%, 07/06/32 (Call 04/06/32)(a)

    EUR       100       79,202  

4.00%, 09/19/29 (Call 06/21/29)(a)

    EUR       100       87,060  

4.50%, 04/20/25 (Call 01/20/25)(a)

    EUR       100       105,471  

5.00%, 04/15/28 (Call 01/16/28)(a)

    EUR       100       96,486  
     

 

 

 
        850,971  
Luxembourg — 4.1%                  

Altice Financing SA

     

2.25%, 01/15/25 (Call 01/15/24)(a)

    EUR       100       103,813  

3.00%, 01/15/28 (Call 01/15/24)(a)

    EUR       200       170,212  

4.25%, 08/15/29 (Call 08/15/24)(a)

    EUR       100       85,434  

Altice Finco SA, 4.75%, 01/15/28
(Call 10/15/23)(a)

    EUR       100       78,210  

Altice France Holding SA

     

4.00%, 02/15/28 (Call 05/29/23)(a)

    EUR       100       66,026  

8.00%, 05/15/27 (Call 05/15/23)(a)

    EUR       200       156,650  

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

    EUR       100       98,295  

Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/23)(a)

    EUR       100       83,535  

INEOS Finance PLC

     

2.13%, 11/15/25 (Call 05/09/23)(a)

    EUR       100       102,664  

2.88%, 05/01/26 (Call 05/01/23)(a)

    EUR       175       177,810  

6.63%, 05/15/28 (Call 02/15/25)(a)

    EUR       100       109,234  

Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/23)(a)

    EUR       200       202,244  

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

    EUR       200       214,086  

PLT VII Finance Sarl, 4.63%, 01/05/26 (Call 07/15/23)(a)

    EUR       100       103,441  

Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/23)(a)

    EUR       90       79,966  

Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/23)(a)

    EUR       150       143,601  

Vivion Investments Sarl

     

3.00%, 08/08/24(a)

    EUR       100       79,712  

3.50%, 11/01/25(a)

    EUR       100       68,567  
     

 

 

 
          2,123,500  
Netherlands — 3.8%                  

OI European Group BV, 2.88%, 02/15/25 (Call 02/15/24)(a)

    EUR       100       106,830  

PPF Telecom Group BV

     

3.13%, 03/27/26 (Call 12/27/25)(a)

    EUR       100       103,689  

3.25%, 09/29/27 (Call 06/29/27)(a)

    EUR       100       101,248  

3.50%, 05/20/24 (Call 02/20/24)(a)

    EUR       100       108,891  

Promontoria Holding 264 BV, 6.38%, 03/01/27 (Call 03/01/24)(a)

    EUR       100       110,576  

Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/24)(a)

    EUR       100       93,721  

Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/23)(a)

    EUR       100       87,381  

SNS Bank NV, 6.25%, 10/26/20(e)

    EUR       50        

 

 

12  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Netherlands (continued)                  

Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/23)(a)

    EUR       100     $ 101,313  

United Group BV

     

3.63%, 02/15/28 (Call 02/15/24)(a)

    EUR       100       83,341  

4.63%, 08/15/28 (Call 08/15/24)(a)

    EUR       100       84,427  

4.88%, 07/01/24 (Call 05/29/23)(a)

    EUR       200       218,340  

5.25%, 02/01/30 (Call 02/01/25)(a)

    EUR       100       82,075  

UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/23)(a)

    EUR       100       91,175  

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

    EUR       200       172,569  

WP/AP Telecom Holdings III BV, 5.50%, 01/15/30 (Call 01/15/25)(a)

    EUR       100       89,521  

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

    EUR       100       95,117  

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

    EUR       150       125,828  

Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(a)

    EUR       100       88,092  
     

 

 

 
          1,944,134  
Portugal — 1.9%                  

Banco Comercial Portugues SA

     

1.75%, 04/07/28 (Call 04/07/27),
(3-mo. EURIBOR + 2.000%)(a)(b)

    EUR       100       89,018  

4.00%, 05/17/32 (Call 11/17/26)(a)(b)

    EUR       100       79,472  

8.50%, 10/25/25 (Call 10/25/24),
(3-mo. EURIBOR + 5.547%)(b)

    EUR       100       111,756  

Caixa Geral de Depositos SA, 1.25%, 11/25/24(a)

    EUR       100       105,300  

EDP - Energias de Portugal SA

     

1.50%, 03/14/82 (Call 12/14/26)(a)(b)

    EUR       100       92,831  

1.70%, 07/20/80 (Call 04/20/25)(a)(b)

    EUR       100       100,048  

1.88%, 08/02/81 (Call 05/02/26)(a)(b)

    EUR       100       96,073  

5.94%, 04/23/83 (Call 01/23/28)(a)(b)

    EUR       200       216,809  

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

    EUR       100       83,200  
     

 

 

 
        974,507  
Spain — 8.0%                  

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

    EUR       100       101,088  

Banco de Credito Social Cooperativo SA

     

1.75%, 03/09/28 (Call 03/09/27)(a)(b)

    EUR       100       87,420  

8.00%, 09/22/26 (Call 09/22/25)(a)(b)

    EUR       100       111,227  

Banco de Sabadell SA

     

0.88%, 06/16/28 (Call 06/16/27)(a)(b)

    EUR       100       90,628  

1.13%, 03/27/25(a)

    EUR       100       101,982  

1.75%, 05/10/24(a)

    EUR       100       106,822  

2.00%, 01/17/30 (Call 01/17/25)(a)(b)

    EUR       100       97,138  

2.50%, 04/15/31 (Call 01/15/26)(a)(b)

    EUR       100       93,119  

2.63%, 03/24/26 (Call 03/24/25)(a)(b)

    EUR       100       103,923  

5.25%, 02/07/29 (Call 02/07/28)(a)(b)

    EUR       100       105,707  

5.38%, 09/08/26 (Call 09/08/25)(a)(b)

    EUR       100       109,061  

6.00%, 08/16/33 (Call 05/16/28)(a)(b)

    EUR       100       98,991  

Banco do Brasil SA/Cayman, 5.25%, 11/27/31 (Call 05/27/26)(a)(b)

    EUR       100       86,373  

Cellnex Finance Co. SA

     

0.75%, 11/15/26 (Call 08/15/26)(a)

    EUR       200       196,123  

1.00%, 09/15/27 (Call 06/15/27)(a)

    EUR       100       95,856  

1.25%, 01/15/29 (Call 10/15/28)(a)

    EUR       200       184,056  

1.50%, 06/08/28 (Call 03/08/28)(a)

    EUR       100       95,752  

2.00%, 09/15/32 (Call 06/15/32)(a)

    EUR       200       174,694  

2.00%, 02/15/33 (Call 11/15/32)(a)

    EUR       200       172,042  

2.25%, 04/12/26 (Call 01/12/26)(a)

    EUR       100       104,316  
Security  

Par

(000)

    Value  
Spain (continued)                  

Cellnex Telecom SA

     

1.00%, 04/20/27 (Call 01/20/27)(a)

    EUR       100     $ 97,884  

1.75%, 10/23/30 (Call 07/23/30)(a)

    EUR       100       90,248  

1.88%, 06/26/29 (Call 03/26/29)(a)

    EUR       100       93,986  

Cirsa Finance International Sarl

     

4.50%, 03/15/27 (Call 09/15/23)(a)

    EUR       100       96,507  

10.38%, 11/30/27 (Call 11/09/24)(a)

    EUR       100       117,470  

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

    EUR       250       212,766  

Grifols SA

     

1.63%, 02/15/25 (Call 02/15/24)(a)

    EUR       150       156,254  

3.20%, 05/01/25 (Call 05/29/23)(a)

    EUR       100       101,868  

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

    EUR       100       92,847  

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

    EUR       100       94,785  

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

    EUR       400       403,959  

Unicaja Banco SA

     

2.88%, 11/13/29 (Call 11/13/24)(a)(b)

    EUR       100       96,471  

7.25%, 11/15/27 (Call 11/15/26)(a)(b)

    EUR       100       111,270  
     

 

 

 
        4,082,633  
Sweden — 3.0%                  

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

    EUR       100       74,058  

Intrum AB

     

3.00%, 09/15/27 (Call 09/15/23)(a)

    EUR       200       165,714  

3.13%, 07/15/24 (Call 05/29/23)(a)

    EUR       104       108,978  

3.50%, 07/15/26 (Call 07/15/23)(a)

    EUR       175       157,791  

4.88%, 08/15/25 (Call 08/15/23)(a)

    EUR       100       99,160  

Stena International SA, 3.75%, 02/01/25 (Call 01/29/24)(a)

    EUR       100       105,304  

Verisure Holding AB

     

3.25%, 02/15/27 (Call 02/15/24)(a)

    EUR       150       144,592  

3.88%, 07/15/26 (Call 07/15/23)(a)

    EUR       100       101,377  

7.13%, 02/01/28 (Call 02/01/25)(a)

    EUR       100       109,543  

9.25%, 10/15/27 (Call 10/15/24)(a)

    EUR       100       117,675  

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

    EUR       150       133,203  

Volvo Car AB

     

2.50%, 10/07/27 (Call 07/07/27)(a)

    EUR       100       98,452  

4.25%, 05/31/28 (Call 02/28/28)(a)

    EUR       100       103,993  
     

 

 

 
          1,519,840  
Switzerland — 1.0%                  

Dufry One BV

     

2.00%, 02/15/27 (Call 02/15/24)(a)

    EUR       100       95,304  

2.50%, 10/15/24 (Call 05/29/23)(a)

    EUR       100       107,854  

3.38%, 04/15/28 (Call 04/15/24)(a)

    EUR       100       96,906  

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

    EUR       100       105,981  

Wizz Air Finance Co. BV, 1.00%, 01/19/26 (Call 11/19/25)(a)

    EUR       100       96,773  
     

 

 

 
        502,818  
United Kingdom — 11.9%                  

BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(a)

    EUR       200       183,870  

Bellis Acquisition Co. PLC

     

3.25%, 02/16/26 (Call 02/24/24)(a)

    GBP       300       308,155  

4.50%, 02/16/26 (Call 02/24/24)(a)

    GBP       100       105,237  

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

    GBP       100       85,333  

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

    EUR       100       98,958  

Canary Wharf Group Investment Holdings PLC

     

2.63%, 04/23/25 (Call 03/23/25)(a)

    GBP       100       102,918  

3.38%, 04/23/28 (Call 01/23/28)(a)

    GBP       100       85,283  

Castle U.K. Finco PLC, 7.00%, 05/15/29 (Call 05/15/25)(a)

    GBP       100       99,144  

Centrica PLC, 5.25%, 04/10/75
(Call 04/10/25)(a)(b)

    GBP       100       118,500  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

United Kingdom (continued)

     

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

    GBP       100     $ 106,371  

eG Global Finance PLC

     

4.38%, 02/07/25 (Call 05/15/23)(a)

    EUR       200         204,930  

6.25%, 10/30/25 (Call 10/25/23)(a)

    EUR       100       103,513  

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

    GBP       100       109,704  

INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26 (Call 01/15/24)(a)

    EUR       100       96,349  

INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/24)(a)

    EUR       100       98,986  

INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/24)(a)

    EUR       100       95,470  

International Consolidated Airlines Group SA

     

2.75%, 03/25/25 (Call 12/25/24)(a)

    EUR       100       104,847  

3.75%, 03/25/29 (Call 12/25/28)(a)

    EUR       200       181,493  

Jaguar Land Rover Automotive PLC

     

4.50%, 01/15/26 (Call 10/15/25)(a)

    EUR       150       155,255  

4.50%, 07/15/28 (Call 07/15/24)(a)

    EUR       100       91,521  

Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/24)(a)

    GBP       100       110,304  

Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(a)

    GBP       200       188,251  

Marks & Spencer PLC

     

4.50%, 07/10/27 (Call 04/10/27)(a)

    GBP       100       112,969  

6.00%, 06/12/25(a)

    GBP       100       123,884  

Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/23)(a)

    EUR       100       111,419  

NGG Finance PLC

     

1.63%, 12/05/79 (Call 12/05/24)(a)(b)

    EUR       100       103,667  

2.13%, 09/05/82 (Call 06/05/27)(a)(b)

    EUR       100       92,858  

5.63%, 06/18/73 (Call 06/18/25)(a)(b)

    GBP       100       121,448  

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

    GBP       175       195,803  

Pinnacle Bidco PLC

     

5.50%, 02/15/25 (Call 01/15/24)(a)

    EUR       100       104,447  

6.38%, 02/15/25 (Call 05/09/23)(a)

    GBP       100       119,005  

Rolls-Royce PLC

     

0.88%, 05/09/24 (Call 02/09/24)(a)

    EUR       100       105,925  

1.63%, 05/09/28 (Call 02/09/28)(a)

    EUR       100       91,176  

3.38%, 06/18/26

    GBP       100       113,639  

4.63%, 02/16/26 (Call 11/16/25)(a)

    EUR       100       107,895  

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

    EUR       100       94,088  

Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/23)(a)

    GBP       200       230,118  

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

    GBP       100       108,987  

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

    EUR       100       85,841  

Virgin Media Secured Finance PLC

     

4.13%, 08/15/30 (Call 08/15/25)(a)

    GBP       100       97,947  

4.25%, 01/15/30 (Call 10/15/24)(a)

    GBP       100       99,397  

5.00%, 04/15/27 (Call 04/15/24)(a)

    GBP       200       231,947  

Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(a)

    GBP       100       103,220  

Vmed O2 UK Financing I PLC

     

3.25%, 01/31/31 (Call 01/31/26)(a)

    EUR       100       88,073  

4.00%, 01/31/29 (Call 01/31/24)(a)

    GBP       100       101,664  

4.50%, 07/15/31 (Call 07/15/26)(a)

    GBP       200       195,771  

Vodafone Group PLC

     

2.63%, 08/27/80 (Call 05/27/26)(a)(b)

    EUR       100       98,837  

3.00%, 08/27/80 (Call 05/27/30)(a)(b)

    EUR       150       134,199  

4.20%, 10/03/78 (Call 07/03/28)(a)(b)

    EUR       100       100,338  
     

 

 

 
        6,108,954  
United States — 12.9%                  

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

     

3.63%, 06/01/28 (Call 06/01/24)(a)

    EUR       100       89,942  
Security  

Par

(000)

    Value  
United States (continued)                  

4.88%, 06/01/28 (Call 06/01/24)(a)

    GBP       100     $   101,748  

Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(a)(b)

    EUR       100       89,047  

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

    EUR       100       80,512  

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

     

2.13%, 08/15/26 (Call 08/15/23)(a)

    EUR       100       97,557  

4.75%, 07/15/27 (Call 07/15/23)(a)

    GBP       100       99,603  

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

    EUR       100       95,513  

Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/23)(a)

    EUR       100       105,227  

Avis Budget Finance PLC, 4.13%, 11/15/24 (Call 05/30/23)(a)

    EUR       100       109,036  

Ball Corp., 1.50%, 03/15/27 (Call 12/15/26)

    EUR       100       98,078  

Belden Inc., 3.88%, 03/15/28 (Call 03/06/24)(a)

    EUR       150       151,794  

Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/23)(a)

    EUR       100       108,764  

Brookfield Property Finance ULC

     

3.93%, 08/24/25 (Call 07/24/25)

    CAD       100       67,205  

4.00%, 09/30/26 (Call 08/30/26)

    CAD       75       47,973  

7.13%, 02/13/28 (Call 01/13/28)

    CAD       75       51,897  

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

    EUR       100       55,956  

Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/24)(a)

    EUR       150       138,185  

Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/23)

    EUR       100       101,396  

Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/23)(a)

    EUR       100       105,350  

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

    EUR       100       90,472  

Coty Inc., 3.88%, 04/15/26 (Call 04/15/24)(a)

    EUR       100       105,523  

Crown European Holdings SA

     

2.63%, 09/30/24 (Call 03/30/24)(a)

    EUR       100       107,505  

2.88%, 02/01/26 (Call 08/01/25)(a)

    EUR       100       105,668  

3.38%, 05/15/25 (Call 11/15/24)(a)

    EUR       100       107,911  

Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/23)(a)

    EUR       100       107,252  

Encore Capital Group Inc.

     

4.88%, 10/15/25 (Call 10/15/23)(a)

    EUR       100       100,438  

5.38%, 02/15/26 (Call 11/15/23)(a)

    GBP       100       111,786  

Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/16/24)(a)

    EUR       100       86,738  

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

    CAD       100       65,509  

Ford Credit Canada Co.

     

4.46%, 11/13/24

    CAD       75       53,826  

7.00%, 02/10/26

    CAD       100       74,065  

Ford Motor Credit Co. LLC

     

1.36%, 02/07/25

    EUR       100       103,217  

1.74%, 07/19/24

    EUR       100       105,613  

2.33%, 11/25/25

    EUR       100       102,438  

2.39%, 02/17/26

    EUR       125       127,413  

2.75%, 06/14/24

    GBP       100       119,397  

3.25%, 09/15/25

    EUR       200       210,641  

4.54%, 03/06/25

    GBP       100       120,113  

4.87%, 08/03/27

    EUR       100       106,966  

6.86%, 06/05/26

    GBP       100       125,215  

Goodyear Europe BV, 2.75%, 08/15/28 (Call 08/15/24)(a)

    EUR       100       91,018  

International Game Technology PLC

     

2.38%, 04/15/28 (Call 04/15/24)(a)

    EUR       100       98,261  

3.50%, 06/15/26 (Call 06/15/23)

    EUR       150       160,221  

IQVIA Inc.

     

1.75%, 03/15/26 (Call 03/15/24)(a)

    EUR       100       101,479  

2.25%, 01/15/28 (Call 07/15/23)(a)

    EUR       150       143,312  

2.25%, 03/15/29 (Call 03/15/24)(a)

    EUR       200       182,709  

2.88%, 06/15/28 (Call 06/15/23)(a)

    EUR       100       96,976  

Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/08/23)(a)

    GBP       100       119,328  

 

 

14  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® International High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares

(000)

    Value  

 

 
United States (continued)                  

Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/24)

    EUR       100     $ 104,224  

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

    EUR       100       100,937  

MPT Operating Partnership LP/MPT Finance Corp.

     

2.50%, 03/24/26 (Call 02/24/26)

    GBP       100       98,470  

3.33%, 03/24/25 (Call 12/24/24)

    EUR       100       94,743  

3.38%, 04/24/30 (Call 01/24/30)

    GBP       100       79,843  

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

    EUR       100       94,922  

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

    EUR       100       107,745  

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

    EUR       100       90,197  

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

    EUR       200       190,211  

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

    EUR       100       95,898  

Silgan Holdings Inc.

     

2.25%, 06/01/28 (Call 03/01/24)

    EUR       100       93,854  

3.25%, 03/15/25 (Call 05/30/23)

    EUR       100       107,101  

Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/23)(a)

    EUR       100       105,125  

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

    EUR       100       96,359  

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

    EUR       100       86,125  
     

 

 

 
        6,571,547  
     

 

 

 

Total Corporate Bonds & Notes — 98.4%
(Cost: $55,010,594)

          50,286,839  
     

 

 

 

Common Stocks

     
Jersey — 0.0%                  

Sentry Holdings Ltd.Class A

      0 (h)       
     

 

 

 

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

         
     

 

 

 

Total Long-Term Investments — 98.4%
(Cost: $55,170,031)

        50,286,839  
     

 

 

 

Security  

    

Shares

(000)

    Value  

 

 

Short-Term Securities

     
Money Market Funds — 0.0%                         

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(i)(j)

      20     $ 20,000  
   

 

 

 

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

        20,000  
   

 

 

 

Total Investments — 98.4%
(Cost: $55,190,031)

        50,306,839  

Other Assets Less Liabilities — 1.6%

        813,729  
     

 

 

 

Net Assets — 100.0%

      $   51,120,568  
     

 

 

 

 

(a) 

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

(b) 

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

(c) 

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

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

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

(f) 

Non-income producing security.

(g) 

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

(h) 

Rounds to less than 1,000.

(i) 

Affiliate of the Fund.

(j) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

    

Shares

Held at

04/30/23

(000)

     Income     

Capital Gain

Distributions from

Underlying Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 10,000        $ 10,000 (a)    $      $      $      $ 20,000        20      $ 195      $  
         

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a) 

Represents net amount purchased (sold).

 

 

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

  15


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® International High Yield Bond ETF

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                               

 

 
     Level 1     Level 2     Level 3     Total  

 

 

Assets

        

Investments

        

Long-Term Investments

        

Corporate Bonds & Notes

   $     $ 50,286,839     $     $ 50,286,839  

Common Stocks

                        

Short-Term Securities

        

Money Market Funds

     20,000                   20,000  
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 20,000     $ 50,286,839     $     $ 50,306,839  
  

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

16  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) 

April 30, 2023

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 

Corporate Bonds & Notes

   
Argentina — 0.9%            

MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/24)(a)

  $ 500     $ 350,562  

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

    450       388,969  

Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/23)(a)

    450       386,803  

YPF SA

   

6.95%, 07/21/27(a)

    650       468,000  

7.00%, 12/15/47 (Call 06/15/47)(a)

    450       276,131  

8.50%, 07/28/25(a)

    925       767,634  

YPF Sociedad Anonima

   

7.00%, 09/30/33 (Call 03/30/33)

    475       308,988  

9.00%, 02/12/26 (Call 11/12/25)

    535       506,541  
   

 

 

 
      3,453,628  
Australia — 0.2%            

Anglo American Capital PLC, 2.88%, 03/17/31

   

(Call 12/17/30)(a)

    400       336,950  

ICBCIL Finance Co. Ltd., 1.75%, 08/02/26(a)

    200       180,725  

Pioneer Reward Ltd., 2.00%, 04/09/26(a)

    200       185,038  
   

 

 

 
      702,713  
Azerbaijan — 0.2%            

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

    700       660,188  
   

 

 

 
Bahrain — 0.3%            

AUB Sukuk Ltd., 2.62%, 09/09/26(a)

    600       540,675  

BBK BSC, 5.50%, 07/09/24(a)

    200       196,600  

GFH Sukuk Ltd., 7.50%, 01/28/25(a)

        400       394,200  
   

 

 

 
          1,131,475  
Brazil — 5.4%            

Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/23)

    150       139,388  

Aegea Finance Sarl, 6.75%, 05/20/29 (Call 05/20/25)(a)

    200       184,350  

Altice Financing SA, 5.00%, 01/15/28 (Call 01/15/24)(a)

    800       648,000  

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

    200       186,037  

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

    150       39,403  

Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)

    200       141,163  

B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(a)

    200       166,600  

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

    400       384,800  

Banco BTG Pactual SA/Cayman Islands

   

2.75%, 01/11/26 (Call 12/11/25)(a)

    200       182,100  

4.50%, 01/10/25 (Call 12/10/24)(a)(b)

    200       193,412  

Banco do Brasil SA, 6.25%, 04/18/30(c)

    200       198,300  

Banco do Brasil SA/Cayman

   

3.25%, 09/30/26(a)

    200       185,787  

4.88%, 01/11/29(a)

    400       377,325  

6.25%, (Call 04/15/24)(a)(d)(e)

    400       363,000  

9.00%, (Call 06/18/24)(a)(b)(d)(e)

    400       401,600  

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

    200       192,600  

Braskem Netherlands Finance BV

   

4.50%, 01/10/28 (Call 10/10/27)(a)

    200       182,440  

4.50%, 01/31/30(a)

    400       335,880  

5.88%, 01/31/50(a)

    200       151,413  

7.25%, 02/13/33 (Call 11/13/32)(c)

    200       190,595  

7.25%, 02/13/33 (Call 11/13/32)(a)

    200       190,595  

8.50%, 01/23/81 (Call 10/23/25),
(5-year CMT + 8.220%)(a)(e)

    200       198,125  

BRF SA

   

4.88%, 01/24/30 (Call 10/24/28)(a)

    200       155,375  

5.75%, 09/21/50 (Call 03/21/50)(a)

    200       123,208  
Security  

Par

(000)

    Value  

 

 
Brazil (continued)            

Cemig Geracao e Transmissao SA, 9.25%, 12/05/24

   

(Call 12/05/23)(a)

  $ 200     $ 203,060  

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

    200       170,830  

Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/24)(a)(b)

    200       199,000  

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

    200       179,912  

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

    200       188,537  

CSN Resources SA

   

4.63%, 06/10/31 (Call 06/10/26)(a)

    200       153,350  

5.88%, 04/08/32 (Call 04/08/27)(a)

    200       163,163  

Embraer Netherlands Finance BV

   

5.05%, 06/15/25(b)

    300       293,625  

5.40%, 02/01/27(b)

    330       317,625  

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

    300       301,200  

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

    200       198,000  

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

    200       160,663  

Guara Norte Sarl, 5.20%, 06/15/34

    182       153,886  

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

    200       185,000  

InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/29/23)(a)

    200       136,850  

Itau Unibanco Holding SA/Cayman Island

   

3.25%, 01/24/25(a)

    200       193,287  

3.88%, 04/15/31 (Call 04/15/26),
(5-year CMT + 3.446%)(a)(e)

    200       181,525  

4.50%, 11/21/29 (Call 11/21/24),
(5-year CMT + 2.822%)(a)(b)(e)

    200       191,162  

4.63%, (Call 02/27/25),
(5-year CMT + 3.222%)(a)(d)(e)

    200       156,413  

7.72%, (Call 06/12/23),
(5-year CMT + 3.981%)(a)(d)(e)

    200       191,450  

7.86%, (Call 09/19/23),
(5-year CMT + 3.863%)(a)(d)(e)

    200       191,990  

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

   

3.00%, 05/15/32 (Call 02/15/32)(a)

    150       118,077  

5.75%, 04/01/33 (Call 01/01/33)(a)

        650             622,931  

Klabin Austria GmbH

   

3.20%, 01/12/31 (Call 10/12/30)(a)

    400       319,620  

7.00%, 04/03/49 (Call 10/03/48)(a)

    200       193,600  

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

    200       146,315  

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

    386       296,349  

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

    200       155,038  

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

    400       313,800  

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

    200       147,500  

Natura &Co. Luxembourg Holdings Sarl, 6.00%, 04/19/29 (Call 02/19/29)(a)

    200       177,250  

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

    200       165,725  

NBM U.S. Holdings Inc.

   

6.63%, 08/06/29 (Call 08/06/24)(a)(b)

    200       179,413  

7.00%, 05/14/26 (Call 05/14/23)(a)(b)

    200       194,060  

Nexa Resources SA

   

5.38%, 05/04/27 (Call 02/04/27)(a)

    600       564,000  

6.50%, 01/18/28 (Call 10/18/27)(a)

    400       388,950  

Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, 12/01/26 (Call 05/29/23)(a)

    200       97,577  

Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26 (Call 05/29/23)(a)

    309       60,228  

Petrobras Global Finance BV

   

5.09%, 01/15/30

    150       141,216  

5.30%, 01/27/25(b)

    150       148,950  

5.50%, 06/10/51 (Call 12/10/50)

    150       118,575  

5.60%, 01/03/31 (Call 10/03/30)(b)

    300       286,837  

6.00%, 01/27/28

    295       294,063  

6.75%, 01/27/41

    150       142,950  

6.85%, (d)

    500       435,406  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® J.P. Morgan EM Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Brazil (continued)            

6.88%, 01/20/40(b)

  $ 148     $ 143,310  

6.90%, 03/19/49(b)

    150       137,841  

7.25%, 03/17/44

    250       246,844  

7.38%, 01/17/27(b)

    150       155,981  

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

    200       184,500  

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

    200       196,540  

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

    200       181,850  

Rumo Luxembourg Sarl, 5.25%, 01/10/28 (Call 01/10/24)(a)

    200       185,725  

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

    400       294,075  

Suzano Austria GmbH

   

2.50%, 09/15/28 (Call 07/15/28)

    100       84,019  

3.13%, 01/15/32 (Call 10/15/31)(b)

    300       237,750  

3.75%, 01/15/31 (Call 10/15/30)

    500       422,000  

5.00%, 01/15/30 (Call 10/15/29)

    400       374,400  

6.00%, 01/15/29 (Call 10/15/28)

    200       198,620  

7.00%, 03/16/47 (Call 09/16/46)(a)

    200       200,250  

Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/23)(a)

    200       184,140  

Usiminas International Sarl, 5.88%, 07/18/26

   

(Call 07/18/23)(a)

    200       192,725  

Vale Overseas Ltd.

   

3.75%, 07/08/30 (Call 04/08/30)

    450       400,477  

6.25%, 08/10/26(b)

    150       154,733  

6.88%, 11/21/36

    500       517,850  

6.88%, 11/10/39

    250       259,422  

XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(a)

        200       176,520  
   

 

 

 
        20,460,026  
Burkina Faso — 0.1%            

Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)

    400       346,825  
   

 

 

 
Canada — 0.0%            

China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25), (5-year CMT + 2.750%)(a)(e)

    200       188,350  
   

 

 

 
Cayman Islands — 0.0%            

Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58

   

(Call 05/30/23)(a)(f)

    400       575  
   

 

 

 
Chile — 3.9%            

AES Andes SA., 7.13%, 03/26/79 (Call 07/06/24),

   

(5-year USD Swap + 4.644%)(a)(e)

    400       376,800  

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

    400       349,825  

Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a)

    995       716,450  

Antofagasta PLC

   

2.38%, 10/14/30 (Call 07/14/30)(a)

    200       162,413  

5.63%, 05/13/32 (Call 02/13/32)(a)

    600       597,300  

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

    400       342,000  

Banco de Credito e Inversiones SA

   

2.88%, 10/14/31 (Call 07/14/31)(a)

    400       325,950  

3.50%, 10/12/27(a)(b)

    400       366,575  

Banco Santander Chile

   

2.70%, 01/10/25 (Call 12/10/24)(a)(b)

    450       431,100  

3.18%, 10/26/31 (Call 07/28/31)(a)(b)

    400       343,450  

Celulosa Arauco y Constitucion SA

   

4.20%, 01/29/30 (Call 10/29/29)(a)(b)

    400       370,950  

4.25%, 04/30/29 (Call 01/30/29)(a)

    400       372,825  

4.50%, 08/01/24 (Call 05/01/24)

    200       196,538  

5.15%, 01/29/50 (Call 07/29/49)(a)

    400       345,450  

5.50%, 04/30/49 (Call 10/30/48)(a)

    400       357,450  

Cencosud SA

   

4.38%, 07/17/27 (Call 04/17/27)(a)(b)

    800       769,150  
Security  

Par

(000)

    Value  

 

 
Chile (continued)            

5.15%, 02/12/25 (Call 11/12/24)(a)

  $ 400     $ 397,700  

Cia. Cervecerias Unidas SA, 3.35%, 01/19/32

   

(Call 10/19/31)(a)

    400       341,120  

Colbun SA

   

3.15%, 03/06/30 (Call 12/06/29)(a)

    400       349,450  

3.15%, 01/19/32 (Call 10/19/31)(a)

    400       339,450  

3.95%, 10/11/27 (Call 07/11/27)(a)

    400       377,200  

Empresa Nacional de Telecomunicaciones SA

   

3.05%, 09/14/32 (Call 06/14/32)(a)

    800       639,150  

4.75%, 08/01/26 (Call 05/03/26)(a)

    200       194,725  

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

    462       446,047  

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

    900       875,981  

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

    400       327,700  

Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(a)

    400       310,575  

GNL Quintero SA, 4.63%, 07/31/29(a)

    459       445,486  

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

    900       732,825  

Inversiones CMPC SA

   

3.00%, 04/06/31 (Call 01/06/31)(a)

    400       334,325  

3.85%, 01/13/30 (Call 10/13/29)(a)

    400       360,075  

4.38%, 04/04/27(a)

    400       387,075  

4.75%, 09/15/24 (Call 06/15/24)(a)

    400       395,450  

Latam Airlines Group SA, 13.38%, 10/15/29 (Call 10/15/25)(a)

    500       524,781  

Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)(a)

    400       276,750  

Telefonica Moviles Chile SA, 3.54%, 11/18/31

   

(Call 08/18/31)(a)

        400       323,950  
   

 

 

 
        14,804,041  
China — 9.0%            

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

    200       173,663  

Agile Group Holdings Ltd., 13.48%, (Call 05/29/23),

   

(5-year CMT + 9.216%)(a)(d)(e)

    200       79,350  

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

    200       191,162  

AIA Group Ltd.

   

2.70%, (Call 04/07/26),
(5-year CMT + 1.758%)(a)(d)(e)

    200       174,490  

3.20%, 09/16/40 (Call 03/16/40)(a)(b)

    400       300,950  

Alibaba Group Holding Ltd.

   

2.13%, 02/09/31 (Call 11/09/30)(b)

    400       330,488  

2.70%, 02/09/41 (Call 08/09/40)

    200       134,288  

3.25%, 02/09/61 (Call 08/09/60)

    200       125,475  

3.40%, 12/06/27 (Call 09/06/27)

    500       471,337  

3.60%, 11/28/24 (Call 08/28/24)

    200