Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09102
iShares, Inc.
(Exact name of Registrant as specified in charter)
c/o: State Street Bank and Trust Company
200 Clarendon Street, Boston, MA 02116
(Address of principal executive offices) (Zip code)
The Corporation Trust Incorporated
351 West Camden Street, Baltimore, MD 21201
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 670-2000
Date of fiscal year end: October 31, 2014
Date of reporting period: April 30, 2014
Table of Contents
Item 1. Reports to Stockholders.
Table of Contents
APRIL 30, 2014
2014 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
Ø | iShares Emerging Markets Corporate Bond ETF | CEMB | BATS |
Ø | iShares Emerging Markets High Yield Bond ETF | EMHY | BATS |
Ø | iShares Emerging Markets Local Currency Bond ETF | LEMB | NYSE Arca |
Ø | iShares Global ex USD High Yield Corporate Bond ETF | HYXU | BATS |
Ø | iShares Global High Yield Corporate Bond ETF | GHYG | BATS |
Table of Contents
5 | ||||
10 | ||||
10 | ||||
11 | ||||
11 | ||||
17 | ||||
24 | ||||
27 | ||||
39 | ||||
61 | ||||
68 | ||||
73 | ||||
84 |
Table of Contents
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
Performance as of April 30, 2014
The iShares Emerging Markets 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 Morningstar® Emerging Markets Corporate Bond IndexSM (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. For the six-month reporting period ended April 30, 2014, the total return for the Fund was 2.44%, net of fees, while the total return for the Index was 2.68%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (0.86)% | (2.45)% | (0.48)% | (0.86)% | (2.45)% | (0.48)% | ||||||||||||||||||||
Since Inception | 4.41% | 4.06% | 4.90% | 9.19% | 8.45% | 10.23% |
The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Beginning (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,024.40 | $ | 3.01 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.01 | 0.60% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
BOND CREDIT QUALITY
As of 4/30/14
Moody’s Credit Rating | Percentage of Total Investments* |
Aa1 | 0.35 | % | ||
Aa2 | 0.37 | |||
Aa3 | 12.01 | |||
A1 | 7.24 | |||
A2 | 3.74 | |||
A3 | 6.67 | |||
Baa1 | 16.01 | |||
Baa2 | 14.01 | |||
Baa3 | 18.77 | |||
Ba1 | 2.41 | |||
Ba2 | 4.09 | |||
Ba3 | 2.80 | |||
B1 | 2.69 | |||
B2 | 0.96 | |||
Caa1 | 0.48 | |||
Caa2 | 0.18 | |||
Not Rated | 7.22 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 4/30/14
Country | Percentage of Total Investments* |
Brazil | 18.57 | % | ||
Mexico | 11.59 | |||
Russia | 9.87 | |||
South Korea | 8.28 | |||
China | 7.76 | |||
United Arab Emirates | 4.79 | |||
Hong Kong | 4.52 | |||
India | 4.10 | |||
Venezuela | 3.31 | |||
Chile | 3.21 | |||
|
| |||
TOTAL | 76.00 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
Performance as of April 30, 2014
The iShares Emerging Markets 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 Morningstar® Emerging Markets High Yield Bond IndexSM (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. For the six-month reporting period ended April 30, 2014, the total return for the Fund was 3.48%, net of fees, while the total return for the Index was 3.75%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (1.12)% | (1.27)% | (0.62)% | (1.12)% | (1.27)% | (0.62)% | ||||||||||||||||||||
Since Inception | 6.60% | 6.90% | 7.17% | 14.19% | 14.86% | 15.45% |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Beginning (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,034.80 | $ | 3.28 | $ | 1,000.00 | $ | 1,021.60 | $ | 3.26 | 0.65% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
BOND CREDIT QUALITY
As of 4/30/14
Moody’s Credit Rating | Percentage of Total Investments* |
Baa2 | 0.21 | % | ||
Baa3 | 31.32 | |||
Ba1 | 15.73 | |||
Ba2 | 6.10 | |||
Ba3 | 7.01 | |||
B1 | 7.60 | |||
B2 | 2.03 | |||
B3 | 0.56 | |||
Caa1 | 12.33 | |||
Caa2 | 0.50 | |||
Caa3 | 3.29 | |||
Not Rated | 13.32 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 4/30/14
Country | Percentage of Total Investments* |
Turkey | 14.14 | % | ||
Venezuela | 14.01 | |||
Indonesia | 12.45 | |||
Russia | 7.58 | |||
China | 4.98 | |||
Hungary | 4.48 | |||
Brazil | 3.84 | |||
Mexico | 3.50 | |||
Lebanon | 3.05 | |||
Ukraine | 2.86 | |||
|
| |||
TOTAL | 70.89 | % | ||
|
|
* | Excludes money market funds. |
6 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
Performance as of April 30, 2014
The iShares Emerging Markets 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 Barclays Emerging Markets Broad Local Currency 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. For the six-month reporting period ended April 30, 2014, the total return for the Fund was 0.33%, net of fees, while the total return for the Index was 0.68%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (4.30)% | (4.82)% | (3.78)% | (4.30)% | (4.82)% | (3.78)% | ||||||||||||||||||||
Since Inception | 3.42% | 3.64% | 3.72% | 8.90% | 9.48% | 9.70% |
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
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 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Beginning (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,003.30 | $ | 2.98 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.01 | 0.60% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
BOND CREDIT QUALITY
As of 4/30/14
Moody’s Credit Rating | Percentage of Total Investments* |
Aa3 | 21.68 | % | ||
A1 | 4.59 | |||
A2 | 3.43 | |||
A3 | 12.61 | |||
Baa1 | 13.72 | |||
Baa2 | 15.22 | |||
Baa3 | 15.69 | |||
Ba1 | 3.04 | |||
Ba3 | 0.61 | |||
Not Rated | 9.41 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 4/30/14
Country | Percentage of Total Investments* |
South Korea | 22.70 | % | ||
Brazil | 14.39 | |||
Mexico | 8.70 | |||
Turkey | 4.61 | |||
South Africa | 4.59 | |||
Russia | 4.57 | |||
Thailand | 4.55 | |||
Israel | 4.54 | |||
Indonesia | 4.43 | |||
Colombia | 4.33 | |||
|
| |||
TOTAL | 77.41 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
Performance as of April 30, 2014
The iShares Global ex USD High Yield Corporate 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. For the six-month reporting period ended April 30, 2014, the total return for the Fund was 7.11%, net of fees, while the total return for the Index was 7.06%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 13.85% | 13.99% | 13.74% | 13.85% | 13.99% | 13.74% | ||||||||||||||||||||
Since Inception | 14.05% | 14.34% | 13.97% | 31.40% | 32.08% | 31.17% |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Beginning (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,071.10 | $ | 2.05 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.01 | 0.40% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
BOND CREDIT QUALITY
As of 4/30/14
Moody’s Credit Rating | Percentage of Total Investments* |
Ba1 | 25.93 | % | ||
Ba2 | 11.96 | |||
Ba3 | 16.04 | |||
B1 | 10.67 | |||
B2 | 12.14 | |||
B3 | 7.02 | |||
Caa1 | 5.18 | |||
Caa2 | 1.08 | |||
Caa3 | 0.15 | |||
Ca | 0.52 | |||
C | 0.13 | |||
Not Rated | 9.18 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 4/30/14
Country | Percentage of Total Investments* |
Luxembourg | 15.98 | % | ||
Italy | 14.84 | |||
France | 14.68 | |||
Germany | 11.28 | |||
Netherlands | 10.97 | |||
United Kingdom | 10.72 | |||
Spain | 6.06 | |||
Canada | 3.60 | |||
Ireland | 3.37 | |||
Portugal | 2.98 | |||
|
| |||
TOTAL | 94.48 | % | ||
|
|
* | Excludes money market funds. |
8 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
Performance as of April 30, 2014
The iShares Global High Yield Corporate 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. For the six-month reporting period ended April 30, 2014, the total return for the Fund was 4.86%, net of fees, while the total return for the Index was 4.78%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 7.29% | 6.98% | 7.26% | 7.29% | 6.98% | 7.26% | ||||||||||||||||||||
Since Inception | 10.19% | 10.25% | 10.30% | 22.32% | 22.47% | 22.56% |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Beginning (11/1/13) | Ending (4/30/14) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,048.60 | $ | 2.03 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.01 | 0.40% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
BOND CREDIT QUALITY
As of 4/30/14
Moody’s Credit Rating | Percentage of Total Investments* |
Baa3 | 0.16 | % | ||
Ba1 | 12.52 | |||
Ba2 | 13.89 | |||
Ba3 | 20.56 | |||
B1 | 18.85 | |||
B2 | 9.33 | |||
B3 | 11.41 | |||
Caa1 | 7.40 | |||
Caa2 | 2.63 | |||
Caa3 | 0.12 | |||
Ca | 0.26 | |||
Not Rated | 2.87 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 4/30/14
Country | Percentage of Total Investments* |
United States | 60.60 | % | ||
Luxembourg | 7.95 | |||
Italy | 4.83 | |||
United Kingdom | 4.75 | |||
France | 4.54 | |||
Germany | 3.89 | |||
Netherlands | 3.65 | |||
Canada | 3.11 | |||
Spain | 1.86 | |||
Ireland | 1.53 | |||
|
| |||
TOTAL | 96.71 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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 management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2013 and held through April 30, 2014, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
CORPORATE BONDS & NOTESa — 46.44% |
| |||||||
ARGENTINA — 0.12% |
| |||||||
YPF SA | ||||||||
8.88%, 12/19/18b | $ | 35 | $ | 36,444 | ||||
|
| |||||||
36,444 | ||||||||
BRAZIL — 9.73% |
| |||||||
Banco Bradesco SA | ||||||||
5.90%, 01/16/21b | 100 | 104,625 | ||||||
6.75%, 09/29/19b | 150 | 169,500 | ||||||
Banco BTG Pactual SA | ||||||||
4.00%, 01/16/20b | 200 | 187,500 | ||||||
Banco Votorantim SA | ||||||||
7.38%, 01/21/20b | 100 | 108,625 | ||||||
Braskem Finance Ltd. | ||||||||
7.00%, 05/07/20b | 100 | 111,500 | ||||||
CSN Resources SA | ||||||||
6.50%, 07/21/20b | 100 | 102,250 | ||||||
Gerdau Trade Inc. | ||||||||
5.75%, 01/30/21b | 100 | 105,250 | ||||||
GTL Trade Finance Inc. | ||||||||
7.25%, 10/20/17b | 100 | 113,000 | ||||||
Itau Unibanco Holding SA | ||||||||
5.13%, 05/13/23b | 200 | 199,200 | ||||||
5.75%, 01/22/21b | 100 | 104,500 | ||||||
6.20%, 04/15/20b | 100 | 108,250 | ||||||
JBS USA LLC/JBS USA Finance Inc. | ||||||||
7.25%, 06/01/21 (Call 06/01/15)b | 86 | 92,773 | ||||||
Marfrig Overseas Ltd. | ||||||||
9.50%, 05/04/20 (Call 05/04/15)b | 100 | 101,750 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd. | ||||||||
6.35%, 06/30/21 (Call 06/30/20)b,c | 182 | 191,117 | ||||||
Odebrecht Finance Ltd. | ||||||||
4.38%, 04/25/25b | 200 | 183,250 | ||||||
Samarco Mineracao SA | ||||||||
4.13%, 11/01/22b | 200 | 185,750 | ||||||
Telemar Norte Leste SA | ||||||||
5.50%, 10/23/20b | 200 | 201,750 | ||||||
Vale Overseas Ltd. | ||||||||
4.38%, 01/11/22c | 100 | 101,346 | ||||||
4.63%, 09/15/20c | 75 | 79,112 | ||||||
5.63%, 09/15/19 | 75 | 83,850 | ||||||
6.88%, 11/21/36 | 50 | 55,362 | ||||||
6.88%, 11/10/39 | 100 | 110,645 |
Security | Principal (000s) | Value | ||||||
8.25%, 01/17/34 | $ | 50 | $ | 61,950 | ||||
Vale SA | ||||||||
5.63%, 09/11/42c | 100 | 96,752 | ||||||
|
| |||||||
2,959,607 | ||||||||
CHILE — 1.32% |
| |||||||
Celulosa Arauco y Constitucion SA | ||||||||
4.75%, 01/11/22 (Call 10/11/21) | 37 | 37,383 | ||||||
Cencosud SA | ||||||||
5.50%, 01/20/21b | 150 | 155,970 | ||||||
VTR Finance BV |
| |||||||
6.88%, 01/15/24 (Call 01/15/19) | 200 | 208,418 | ||||||
|
| |||||||
401,771 | ||||||||
CHINA — 3.64% |
| |||||||
Agile Property Holdings Ltd. | ||||||||
8.88%, 04/28/17 (Call 05/30/14)b | 100 | 102,875 | ||||||
Baidu Inc. | ||||||||
2.25%, 11/28/17c | 200 | 201,585 | ||||||
China Overseas Finance II Ltd. | ||||||||
5.50%, 11/10/20b | 100 | 104,269 | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
11.13%, 02/23/18 (Call 02/23/15)b | 200 | 216,500 | ||||||
Evergrande Real Estate Group Ltd. | ||||||||
8.75%, 10/30/18 (Call 10/30/16)b | 200 | 182,750 | ||||||
Kaisa Group Holdings Ltd. | ||||||||
8.88%, 03/19/18 (Call 03/19/16)b | 200 | 193,750 | ||||||
Shimao Property Holdings Ltd. | ||||||||
9.65%, 08/03/17 (Call 08/03/14)b | 100 | 105,875 | ||||||
|
| |||||||
1,107,604 | ||||||||
COLOMBIA — 1.00% |
| |||||||
Bancolombia SA | ||||||||
5.13%, 09/11/22 | 50 | 49,562 | ||||||
6.13%, 07/26/20 | 147 | 157,474 | ||||||
Pacific Rubiales Energy Corp. | ||||||||
5.13%, 03/28/23 (Call 03/28/18)b | 100 | 96,625 | ||||||
|
| |||||||
303,661 | ||||||||
HONG KONG — 4.42% |
| |||||||
Bank of China Hong Kong Ltd. | ||||||||
5.55%, 02/11/20b | 200 | 215,804 | ||||||
Bank of East Asia Ltd. | ||||||||
6.13%, 07/16/20b | 100 | 109,087 | ||||||
CITIC Pacific Ltd. | ||||||||
6.63%, 04/15/21b | 100 | 107,375 |
SCHEDULESOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
Hongkong Land Finance (Cayman Island) Co. Ltd. (The) | ||||||||
4.50%, 10/07/25 | $ | 100 | $ | 100,639 | ||||
Hutchison Whampoa International Ltd. | ||||||||
4.63%, 09/11/15b | 100 | 104,975 | ||||||
5.75%, 09/11/19b | 200 | 228,363 | ||||||
7.45%, 11/24/33b | 100 | 136,321 | ||||||
7.63%, 04/09/19b | 100 | 121,904 | ||||||
Li & Fung Ltd. | ||||||||
5.25%, 05/13/20b | 100 | 107,034 | ||||||
Swire Pacific MTN Financing Ltd. | ||||||||
5.50%, 08/19/19b | 100 | 111,237 | ||||||
|
| |||||||
1,342,739 | ||||||||
INDIA — 3.67% |
| |||||||
Axis Bank Ltd. | ||||||||
4.75%, 05/02/16b | 100 | 104,249 | ||||||
Bharti Airtel International Netherlands BV | ||||||||
5.13%, 03/11/23b | 200 | 195,600 | ||||||
ICICI Bank Ltd. | ||||||||
5.00%, 01/15/16b | 116 | 121,552 | ||||||
5.75%, 11/16/20b | 100 | 106,883 | ||||||
6.38%, 04/30/22 (Call 04/30/17)b,d | 100 | 100,500 | ||||||
Reliance Holdings USA Inc. |
| |||||||
5.40%, 02/14/22b | 250 | 261,306 | ||||||
Vedanta Resources PLC | ||||||||
9.50%, 07/18/18b | 200 | 224,760 | ||||||
|
| |||||||
1,114,850 | ||||||||
ISRAEL — 0.16% |
| |||||||
Teva Pharmaceutical Finance Co. BV | ||||||||
2.95%, 12/18/22 | 50 | 47,617 | ||||||
|
| |||||||
47,617 | ||||||||
JAMAICA — 1.01% |
| |||||||
Digicel Group Ltd. | ||||||||
10.50%, 04/15/18 (Call 05/02/14)b | 100 | 105,250 | ||||||
Digicel Ltd. | ||||||||
6.00%, 04/15/21 (Call 04/15/16)b | 200 | 202,500 | ||||||
|
| |||||||
307,750 | ||||||||
KAZAKHSTAN — 0.35% |
| |||||||
Halyk Savings Bank of Kazakhstan JSC | ||||||||
7.25%, 05/03/17b | 100 | 105,475 | ||||||
|
| |||||||
105,475 |
Security | Principal (000s) | Value | ||||||
KUWAIT — 0.41% |
| |||||||
Kuwait Projects Co. | ||||||||
9.38%, 07/15/20b | $ | 100 | $ | 125,600 | ||||
|
| |||||||
125,600 | ||||||||
LUXEMBOURG — 0.63% |
| |||||||
Millicom International Cellular SA | ||||||||
4.75%, 05/22/20 (Call 05/22/17) | 200 | 193,000 | ||||||
|
| |||||||
193,000 | ||||||||
MEXICO — 6.07% |
| |||||||
America Movil SAB de CV | ||||||||
5.00%, 10/16/19 | 125 | 140,477 | ||||||
5.00%, 03/30/20 | 200 | 222,279 | ||||||
6.13%, 03/30/40 | 100 | 114,471 | ||||||
6.38%, 03/01/35c | 150 | 175,035 | ||||||
Banco Santander Mexico SA | ||||||||
4.13%, 11/09/22b | 150 | 149,250 | ||||||
BBVA Bancomer SA | ||||||||
7.25%, 04/22/20b | 200 | 224,000 | ||||||
Cemex Finance LLC | ||||||||
9.38%, 10/12/22 (Call 10/12/17)b | 200 | 230,500 | ||||||
Cemex SAB de CV | ||||||||
9.00%, 01/11/18 (Call 01/11/15)b | 200 | 216,000 | ||||||
Coca-Cola FEMSA SAB de CV | ||||||||
3.88%, 11/26/23 | 150 | 152,122 | ||||||
Grupo Bimbo SAB de CV | ||||||||
4.50%, 01/25/22b | 100 | 103,640 | ||||||
Grupo Televisa SAB de CV CPO | ||||||||
6.63%, 01/15/40 | 56 | 66,337 | ||||||
NII Capital Corp. | ||||||||
7.63%, 04/01/21 (Call 04/01/16) | 100 | 29,750 | ||||||
8.88%, 12/15/19 (Call 12/15/14)c | 50 | 23,625 | ||||||
|
| |||||||
1,847,486 | ||||||||
PERU — 0.99% |
| |||||||
Banco de Credito del Peru | ||||||||
5.38%, 09/16/20b | 100 | 106,625 | ||||||
Southern Copper Corp. | ||||||||
5.25%, 11/08/42 | 90 | 80,602 | ||||||
7.50%, 07/27/35 | 100 | 113,390 | ||||||
|
| |||||||
300,617 | ||||||||
RUSSIA — 4.37% |
| |||||||
Alfa Bank OJSC via Alfa Bond Issuance PLC | ||||||||
7.88%, 09/25/17b | 200 | 206,750 |
12 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
Evraz Group SA | ||||||||
9.50%, 04/24/18b | $ | 200 | $ | 195,000 | ||||
LUKOIL International Finance BV | ||||||||
6.66%, 06/07/22b | 120 | 123,150 | ||||||
7.25%, 11/05/19b | 100 | 106,375 | ||||||
Metalloinvest Finance Ltd. | ||||||||
5.63%, 04/17/20b | 200 | 178,500 | ||||||
Mobile Telesystems OJSC via MTS International Funding Ltd. | ||||||||
8.63%, 06/22/20b | 100 | 113,250 | ||||||
Severstal OAO via Steel Capital SA | ||||||||
6.70%, 10/25/17b | 100 | 101,500 | ||||||
Vimpel Communications via VIP Finance Ireland Ltd. OJSC | ||||||||
9.13%, 04/30/18b | 100 | 107,125 | ||||||
VimpelCom Holdings BV | ||||||||
7.50%, 03/01/22b | 200 | 196,000 | ||||||
|
| |||||||
1,327,650 | ||||||||
SINGAPORE — 2.38% |
| |||||||
DBS Bank Ltd. | ||||||||
3.63%, 09/21/22 (Call 09/21/17)b,d | 200 | 204,709 | ||||||
Flextronics International Ltd. | ||||||||
4.63%, 02/15/20c | 100 | 100,500 | ||||||
Noble Group Ltd. | ||||||||
6.75%, 01/29/20b | 100 | 111,125 | ||||||
Oversea-Chinese Banking Corp. Ltd. | ||||||||
3.75%, 11/15/22 (Call 11/15/17)b,d | 100 | 102,190 | ||||||
4.25%, 11/18/19 (Call 11/18/14)d | 100 | 101,348 | ||||||
PSA International Pte Ltd. | ||||||||
3.88%, 02/11/21b | 100 | 104,855 | ||||||
|
| |||||||
724,727 | ||||||||
SOUTH AFRICA — 1.07% |
| |||||||
AngloGold Ashanti Holdings PLC | ||||||||
5.13%, 08/01/22 | 50 | 48,453 | ||||||
5.38%, 04/15/20 | 50 | 50,172 | ||||||
Myriad International Holdings BV | ||||||||
6.38%, 07/28/17 | 100 | 110,625 | ||||||
Standard Bank PLC | ||||||||
8.13%, 12/02/19b | 100 | 115,500 | ||||||
|
| |||||||
324,750 | ||||||||
SOUTH KOREA — 2.23% |
| |||||||
Hana Bank | ||||||||
4.00%, 11/03/16b | 200 | 212,104 |
Security | Principal (000s) | Value | ||||||
Hyundai Capital America | ||||||||
2.13%, 10/02/17b | $ | 50 | $ | 50,578 | ||||
2.55%, 02/06/19 | 100 | 100,218 | ||||||
POSCO |
| |||||||
4.25%, 10/28/20b | 100 | 104,784 | ||||||
Shinhan Bank | ||||||||
4.38%, 09/15/15b | 100 | 104,372 | ||||||
Woori Bank Co. Ltd. | ||||||||
6.21%, 05/02/37 (Call 05/02/17)b,d | 100 | 106,000 | ||||||
|
| |||||||
678,056 | ||||||||
THAILAND — 1.07% |
| |||||||
Bangkok Bank PCL | ||||||||
4.80%, 10/18/20b | 100 | 105,202 | ||||||
PTTEP Canada International Finance Ltd. | ||||||||
5.69%, 04/05/21b | 200 | 220,674 | ||||||
|
| |||||||
325,876 | ||||||||
TURKEY — 1.80% |
| |||||||
Akbank TAS | ||||||||
6.50%, 03/09/18b | 150 | 162,300 | ||||||
Turkiye Is Bankasi AS | ||||||||
3.88%, 11/07/17b | 200 | 199,000 | ||||||
Yapi ve Kredi Bankasi AS | ||||||||
4.00%, 01/22/20b | 200 | 185,717 | ||||||
|
| |||||||
547,017 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||
(Cost: $14,356,462) |
| 14,122,297 | ||||||
FOREIGN AGENCY OBLIGATIONSa — 51.32% |
| |||||||
BRAZIL — 8.43% |
| |||||||
Banco do Brasil SA | ||||||||
5.38%, 01/15/21b | 100 | 101,750 | ||||||
5.88%, 01/19/23b | 200 | 203,500 | ||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||
5.50%, 07/12/20b | 100 | 106,875 | ||||||
6.37%, 06/16/18b | 100 | 110,750 | ||||||
6.50%, 06/10/19b | 100 | 112,000 | ||||||
Caixa Economica Federal | ||||||||
2.38%, 11/06/17b | 150 | 143,438 | ||||||
Centrais Eletricas Brasileiras SA | ||||||||
6.88%, 07/30/19b | 200 | 216,250 | ||||||
Petrobras Global Finance BV | ||||||||
2.00%, 05/20/16 | 100 | 99,864 |
SCHEDULESOF INVESTMENTS | 13 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
3.00%, 01/15/19c | $ | 100 | $ | 96,835 | ||||
4.38%, 05/20/23 | 100 | 93,436 | ||||||
5.63%, 05/20/43 | 100 | 87,922 | ||||||
6.25%, 03/17/24 | 50 | 52,520 | ||||||
Petrobras International Finance Co. | ||||||||
3.50%, 02/06/17 | 75 | 76,773 | ||||||
3.88%, 01/27/16 | 150 | 154,444 | ||||||
5.38%, 01/27/21 | 200 | 204,824 | ||||||
5.75%, 01/20/20 | 150 | 158,403 | ||||||
5.88%, 03/01/18c | 100 | 108,048 | ||||||
6.75%, 01/27/41 | 150 | 152,965 | ||||||
6.88%, 01/20/40 | 75 | 77,614 | ||||||
7.88%, 03/15/19 | 100 | 115,949 | ||||||
8.38%, 12/10/18 | 75 | 88,200 | ||||||
|
| |||||||
2,562,360 | ||||||||
CHILE — 1.82% |
| |||||||
Banco del Estado de Chile | ||||||||
4.13%, 10/07/20b | 150 | 154,818 | ||||||
Corporacion Nacional del Cobre de Chile | ||||||||
4.25%, 07/17/42b | 200 | 175,776 | ||||||
7.50%, 01/15/19b | 100 | 120,385 | ||||||
Empresa Nacional del Petroleo | ||||||||
4.75%, 12/06/21b | 100 | 103,029 | ||||||
|
| |||||||
554,008 | ||||||||
CHINA — 3.95% |
| |||||||
CNOOC Finance 2012 Ltd. | ||||||||
5.00%, 05/02/42b | 200 | 204,546 | ||||||
CNPC (HK) Overseas Capital Ltd. | ||||||||
4.50%, 04/28/21b | 200 | 209,791 | ||||||
Export-Import Bank of China (The) | ||||||||
4.88%, 07/21/15b | 100 | 104,406 | ||||||
Sinochem Overseas Capital Co. Ltd. | ||||||||
4.50%, 11/12/20b | 100 | 104,415 | ||||||
Sinopec Capital 2013 Ltd. | ||||||||
3.13%, 04/24/23b | 200 | 185,234 | ||||||
Sinopec Group Overseas Development 2013 Ltd. | ||||||||
4.38%, 10/17/23b | 200 | 203,520 | ||||||
State Grid Overseas Investment 2013 Ltd. | ||||||||
3.13%, 05/22/23 | 200 | 188,018 | ||||||
|
| |||||||
1,199,930 |
Security | Principal (000s) | Value | ||||||
COLOMBIA — 0.74% |
| |||||||
Ecopetrol SA | ||||||||
7.38%, 09/18/43 | $ | 100 | $ | 119,125 | ||||
7.63%, 07/23/19 | 87 | 104,618 | ||||||
|
| |||||||
223,743 | ||||||||
INDIA — 0.34% |
| |||||||
State Bank of India | ||||||||
4.50%, 07/27/15b | 100 | 103,313 | ||||||
|
| |||||||
103,313 | ||||||||
INDONESIA — 2.03% |
| |||||||
Majapahit Holding BV | ||||||||
7.75%, 01/20/20b | 120 | 137,700 | ||||||
7.88%, 06/29/37b | 100 | 110,875 | ||||||
PT Pertamina (Persero) Tbk | ||||||||
5.25%, 05/23/21b | 200 | 200,750 | ||||||
5.63%, 05/20/43b | 200 | 169,750 | ||||||
|
| |||||||
619,075 | ||||||||
ISRAEL — 0.73% |
| |||||||
Israel Electric Corp. Ltd. | ||||||||
6.88%, 06/21/23b | 200 | 221,000 | ||||||
|
| |||||||
221,000 | ||||||||
KAZAKHSTAN — 2.67% |
| |||||||
Development Bank of Kazakhstan JSC | ||||||||
4.13%, 12/10/22b | 200 | 181,500 | ||||||
Kazakhstan Temir Zholy Finance BV |
| |||||||
6.38%, 10/06/20 | 200 | 216,700 | ||||||
KazMunayGas National Co. JSC | ||||||||
4.40%, 04/30/23b | 200 | 188,750 | ||||||
7.00%, 05/05/20b | 200 | 224,750 | ||||||
|
| |||||||
811,700 | ||||||||
MALAYSIA — 1.16% |
| |||||||
Penerbangan Malaysia Bhd | ||||||||
5.63%, 03/15/16b | 100 | 108,006 | ||||||
Petroliam Nasional Bhd | ||||||||
7.63%, 10/15/26b | 100 | 133,882 | ||||||
Petronas Capital Ltd. | ||||||||
5.25%, 08/12/19b | 100 | 112,022 | ||||||
|
| |||||||
353,910 | ||||||||
MEXICO — 5.25% |
| |||||||
Comision Federal de Electricidad | ||||||||
4.88%, 05/26/21b | 200 | 209,750 | ||||||
Pemex Project Funding Master Trust | ||||||||
6.63%, 06/15/35 | 100 | 112,000 |
14 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
Petroleos Mexicanos | ||||||||
3.50%, 01/30/23 | $ | 175 | $ | 165,812 | ||||
4.88%, 01/24/22 | 75 | 78,731 | ||||||
4.88%, 01/18/24c | 150 | 155,213 | ||||||
5.50%, 01/21/21 | 150 | 164,250 | ||||||
5.50%, 06/27/44c | 175 | 171,500 | ||||||
5.75%, 03/01/18 | 100 | 111,125 | ||||||
6.00%, 03/05/20 | 100 | 112,625 | ||||||
6.38%, 01/23/45 | 50 | 54,750 | ||||||
6.50%, 06/02/41 | 115 | 127,650 | ||||||
8.00%, 05/03/19 | 110 | 134,338 | ||||||
|
| |||||||
1,597,744 | ||||||||
PHILIPPINES — 0.42% |
| |||||||
Power Sector Assets & Liabilities Management Corp. | ||||||||
7.39%, 12/02/24b | 100 | 126,625 | ||||||
|
| |||||||
126,625 | ||||||||
QATAR — 2.94% |
| |||||||
Nakilat Inc. | ||||||||
6.07%, 12/31/33b | 100 | 105,500 | ||||||
Ooredoo International Finance Ltd. | ||||||||
5.00%, 10/19/25b | 200 | 208,240 | ||||||
Qatari Diar Finance QSC | ||||||||
5.00%, 07/21/20b | 100 | 111,500 | ||||||
QNB Finance Ltd. | ||||||||
2.13%, 02/14/18b | 200 | 198,760 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. III | ||||||||
5.84%, 09/30/27 | 250 | 270,625 | ||||||
|
| |||||||
894,625 | ||||||||
RUSSIA — 5.28% |
| |||||||
AK Transneft OJSC via TransCapitalInvest Ltd. | ||||||||
8.70%, 08/07/18b | 100 | 115,000 | ||||||
Gazprom OAO via Gaz Capital SA | ||||||||
4.38%, 09/19/22 | 200 | 165,000 | ||||||
6.21%, 11/22/16b | 100 | 103,875 | ||||||
7.29%, 08/16/37b | 100 | 97,900 | ||||||
8.15%, 04/11/18b | 100 | 110,250 | ||||||
9.25%, 04/23/19b | 100 | 114,750 | ||||||
Rosneft Finance SA | ||||||||
7.25%, 02/02/20b | 100 | 106,000 |
Security | Principal (000s) | Value | ||||||
Russian Agricultural Bank OJSC via RSHB Capital SA | ||||||||
6.30%, 05/15/17b | $ | 100 | $ | 98,750 | ||||
Russian Railways OJSC via RZD Capital PLC | ||||||||
5.74%, 04/03/17b | 100 | 103,000 | ||||||
Sberbank of Russia via SB Capital SA | ||||||||
6.13%, 02/07/22b | 200 | 194,000 | ||||||
Vnesheconombank via VEB Finance PLC | ||||||||
6.90%, 07/09/20b | 100 | 97,000 | ||||||
VTB Bank OJSC via VTB Capital SA | ||||||||
6.25%, 06/30/35b | 100 | 100,750 | ||||||
6.55%, 10/13/20b | 100 | 98,850 | ||||||
6.88%, 05/29/18b | 100 | 100,000 | ||||||
|
| |||||||
1,605,125 | ||||||||
SOUTH AFRICA — 0.68% |
| |||||||
Eskom Holdings Ltd. | ||||||||
5.75%, 01/26/21b | 200 | 205,500 | ||||||
|
| |||||||
205,500 | ||||||||
SOUTH KOREA — 5.86% |
| |||||||
Export-Import Bank of Korea (The) | ||||||||
4.00%, 01/29/21 | 100 | 105,007 | ||||||
4.13%, 09/09/15 | 100 | 104,384 | ||||||
4.38%, 09/15/21 | 200 | 214,379 | ||||||
5.13%, 06/29/20 | 100 | 111,726 | ||||||
Korea Development Bank (The) | ||||||||
3.25%, 03/09/16 | 100 | 103,843 | ||||||
3.88%, 05/04/17 | 200 | 212,428 | ||||||
Korea Electric Power Corp. | ||||||||
3.00%, 10/05/15b | 100 | 102,708 | ||||||
Korea Finance Corp. | ||||||||
3.25%, 09/20/16 | 200 | 209,242 | ||||||
Korea Gas Corp. | ||||||||
4.25%, 11/02/20b | 100 | 106,227 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. | ||||||||
2.88%, 10/02/18 | 200 | 203,103 | ||||||
Korea National Oil Corp. | ||||||||
2.88%, 11/09/15b | 200 | 205,402 | ||||||
National Agricultural Cooperative Federation | ||||||||
4.25%, 01/28/16b | 100 | 104,928 | ||||||
|
| |||||||
1,783,377 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
TRINIDAD AND TOBAGO — 0.42% |
| |||||||
Petroleum Co. of Trinidad & Tobago Ltd. | ||||||||
9.75%, 08/14/19b | $ | 100 | $ | 126,500 | ||||
|
| |||||||
126,500 | ||||||||
TURKEY — 0.69% |
| |||||||
Turkiye Vakiflar Bankasi Tao | ||||||||
5.75%, 04/24/17b | 200 | 209,460 | ||||||
|
| |||||||
209,460 | ||||||||
UNITED ARAB EMIRATES — 4.68% |
| |||||||
Abu Dhabi National Energy Co. | ||||||||
5.88%, 10/27/16b | 100 | 110,750 | ||||||
6.25%, 09/16/19b | 100 | 117,375 | ||||||
6.50%, 10/27/36b | 100 | 119,000 | ||||||
ADCB Finance (Cayman) Ltd. | ||||||||
2.50%, 03/06/18 | 200 | 201,250 | ||||||
Dolphin Energy Ltd. | ||||||||
5.89%, 06/15/19b | 145 | 160,277 | ||||||
DP World Ltd. | ||||||||
6.85%, 07/02/37b | 100 | 108,750 | ||||||
Dubai Electricity & Water Authority | ||||||||
7.38%, 10/21/20b | 100 | 120,750 | ||||||
International Petroleum Investment Co. | ||||||||
5.00%, 11/15/20b | 250 | 275,625 | ||||||
MDC-GMTN BV | ||||||||
3.75%, 04/20/16b | 200 | 210,700 | ||||||
|
| |||||||
1,424,477 | ||||||||
VENEZUELA — 3.23% |
| |||||||
Petroleos de Venezuela SA | ||||||||
5.00%, 10/28/15 | 75 | 67,406 | ||||||
5.25%, 04/12/17b | 150 | 120,750 | ||||||
5.38%, 04/12/27b | 150 | 87,375 | ||||||
5.50%, 04/12/37b | 50 | 27,800 | ||||||
6.00%, 11/15/26b | 175 | 103,031 | ||||||
8.50%, 11/02/17b | 320 | 288,000 | ||||||
9.00%, 11/17/21b | 175 | 142,844 | ||||||
12.75%, 02/17/22b | 150 | 145,500 | ||||||
|
| |||||||
982,706 | ||||||||
|
| |||||||
TOTAL FOREIGN AGENCY OBLIGATIONS |
| |||||||
(Cost: $16,037,251) |
| 15,605,178 |
Security | Shares (000s) | Value | ||||||
SHORT-TERM INVESTMENTS — 5.29% |
| |||||||
MONEY MARKET FUNDS — 5.29% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.13%e,f,g | 1,120 | $ | 1,119,893 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
0.11%e,f,g | 86 | 86,257 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%e,f | 402 | 401,856 | ||||||
|
| |||||||
1,608,006 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,608,006) |
| 1,608,006 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $32,001,719) |
| 31,335,481 | ||||||
Other Assets, Less Liabilities — (3.05)% |
| (926,254 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 30,409,227 | |||||
|
|
CPO — Certificates of Participation (Ordinary)
a | Investments are denominated in U.S. dollars. |
b | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
c | All or a portion of this security represents a security on loan. See Note 1. |
d | Variable rate security. Rate shown is as of report date. |
e | Affiliated issuer. See Note 2. |
f | The rate quoted is the annualized seven-day yield of the fund at period end. |
g | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
16 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
CORPORATE BONDS & NOTESa — 26.45% |
| |||||||
ARGENTINA — 0.17% |
| |||||||
YPF SA | ||||||||
8.88%, 12/19/18b | $ | 300 | $ | 312,375 | ||||
|
| |||||||
312,375 | ||||||||
BRAZIL — 2.75% |
| |||||||
Banco BTG Pactual SA | ||||||||
5.75%, 09/28/22b | 500 | 474,800 | ||||||
CSN Resources SA | ||||||||
6.50%, 07/21/20b | 600 | 613,500 | ||||||
Fibria Overseas Finance Ltd. | ||||||||
6.75%, 03/03/21 (Call 03/03/16)b | 400 | 439,000 | ||||||
JBS Investments GmbH | ||||||||
7.75%, 10/28/20 (Call 10/28/17)b | 400 | 425,500 | ||||||
JBS USA LLC/JBS USA Finance Inc. | ||||||||
7.25%, 06/01/21 (Call 06/01/15)b | 450 | 485,437 | ||||||
8.25%, 02/01/20 (Call 02/01/15)b | 800 | 875,600 | ||||||
Marfrig Holding Europe BV | ||||||||
8.38%, 05/09/18b | 600 | 603,000 | ||||||
9.88%, 07/24/17 (Call 01/24/16)b | 300 | 315,000 | ||||||
Marfrig Overseas Ltd. | ||||||||
9.50%, 05/04/20 (Call 05/04/15)b | 400 | 407,000 | ||||||
Minerva Luxembourg SA | ||||||||
7.75%, 01/31/23 (Call 01/31/18)b | 400 | 411,500 | ||||||
|
| |||||||
5,050,337 | ||||||||
CHILE — 0.34% |
| |||||||
VTR Finance BV | ||||||||
6.88%, 01/15/24 (Call 01/15/19)b | 600 | 625,255 | ||||||
|
| |||||||
625,255 | ||||||||
CHINA — 4.76% |
| |||||||
Agile Property Holdings Ltd. | ||||||||
8.88%, 04/28/17 (Call 05/30/14)b | 800 | 823,000 | ||||||
9.88%, 03/20/17b | 200 | 209,750 | ||||||
China CITIC Bank International Ltd. | ||||||||
6.88%, 06/24/20b | 300 | 324,630 | ||||||
CITIC Pacific Ltd. | ||||||||
6.38%, 04/10/20b | 200 | 213,500 | ||||||
6.63%, 04/15/21b | 700 | 751,625 | ||||||
6.80%, 01/17/23b | 200 | 215,510 | ||||||
6.88%, 01/21/18b | 800 | 868,000 | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
7.25%, 04/04/21 (Call 10/04/17)b | 200 | 185,000 |
Security | Principal (000s) | Value | ||||||
7.50%, 01/10/23 (Call 01/10/18)b | $ | 500 | $ | 457,500 | ||||
11.13%, 02/23/18 (Call 02/23/15)b | 600 | 649,500 | ||||||
11.25%, 04/22/17 (Call 05/30/14)b | 100 | 105,625 | ||||||
Evergrande Real Estate Group Ltd. | ||||||||
8.75%, 10/30/18 (Call 10/30/16)b | 900 | 822,375 | ||||||
Greentown China Holdings Ltd. | ||||||||
8.50%, 02/04/18 (Call 02/04/16)b | 400 | 393,500 | ||||||
Kaisa Group Holdings Ltd. | ||||||||
10.25%, 01/08/20 (Call 01/08/17)b | 600 | 588,000 | ||||||
KWG Property Holding Ltd. |
| |||||||
8.98%, 01/14/19 (Call 01/14/17)b | 200 | 191,773 | ||||||
Shimao Property Holdings Ltd. | ||||||||
6.63%, 01/14/20 (Call 01/14/17)b | 600 | 574,500 | ||||||
8.13%, 01/22/21 (Call 01/22/18)b | 200 | 200,240 | ||||||
9.65%, 08/03/17 (Call 08/03/14)b | 200 | 211,750 | ||||||
SOHO China Ltd. | ||||||||
5.75%, 11/07/17 (Call 11/07/15)b | 200 | 200,000 | ||||||
Trillion Chance Ltd. | ||||||||
8.50%, 01/10/19 (Call 01/10/17)b | 600 | 585,000 | ||||||
Yancoal International Resources Development Co. Ltd. | ||||||||
5.73%, 05/16/22b | 200 | 183,000 | ||||||
|
| |||||||
8,753,778 | ||||||||
COLOMBIA — 1.78% |
| |||||||
Banco Davivienda SA | ||||||||
5.88%, 07/09/22b | 200 | 200,250 | ||||||
Bancolombia SA | ||||||||
5.13%, 09/11/22 | 800 | 793,000 | ||||||
6.13%, 07/26/20 | 400 | 428,500 | ||||||
Pacific Rubiales Energy Corp. | ||||||||
5.13%, 03/28/23 (Call 03/28/18)b | 600 | 579,750 | ||||||
5.38%, 01/26/19 (Call 01/26/17)b | 500 | 513,750 | ||||||
7.25%, 12/12/21 (Call 12/12/16)b | 700 | 764,750 | ||||||
|
| |||||||
3,280,000 | ||||||||
INDIA — 1.60% |
| |||||||
ICICI Bank Ltd. | ||||||||
6.38%, 04/30/22 (Call 04/30/17)b,c | 654 | 657,270 | ||||||
Vedanta Resources PLC | ||||||||
6.00%, 01/31/19b | 800 | 797,000 | ||||||
6.75%, 06/07/16b | 200 | 209,250 | ||||||
7.13%, 05/31/23b | 200 | 199,250 | ||||||
8.25%, 06/07/21b | 600 | 636,000 | ||||||
9.50%, 07/18/18b | 400 | 449,520 | ||||||
|
| |||||||
2,948,290 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
JAMAICA — 1.32% |
| |||||||
Digicel Group Ltd. | ||||||||
8.25%, 09/30/20 (Call 09/30/16)b | $ | 900 | $ | 958,500 | ||||
10.50%, 04/15/18 (Call 05/02/14)b | 300 | 315,750 | ||||||
Digicel Ltd. | ||||||||
6.00%, 04/15/21 (Call 04/15/16)b | 1,000 | 1,012,500 | ||||||
8.25%, 09/01/17 (Call 05/30/14)b | 130 | 134,881 | ||||||
|
| |||||||
2,421,631 | ||||||||
KAZAKHSTAN — 0.46% |
| |||||||
BTA Bank JSC | ||||||||
5.50%, 12/21/22b | 300 | 210,750 | ||||||
Halyk Savings Bank of Kazakhstan JSC | ||||||||
7.25%, 05/03/17b | 400 | 421,900 | ||||||
7.25%, 01/28/21b | 200 | 205,300 | ||||||
|
| |||||||
837,950 | ||||||||
LUXEMBOURG — 0.32% |
| |||||||
Millicom International Cellular SA | ||||||||
4.75%, 05/22/20 (Call 05/22/17)b | 400 | 386,000 | ||||||
6.63%, 10/15/21 (Call 10/15/17)b | 200 | 208,500 | ||||||
|
| |||||||
594,500 | ||||||||
MACAU — 0.33% |
| |||||||
MCE Finance Ltd. | ||||||||
5.00%, 02/15/21 (Call 02/15/16)b | 600 | 598,500 | ||||||
|
| |||||||
598,500 | ||||||||
MEXICO — 3.42% |
| |||||||
Banco Santander Mexico SA | ||||||||
5.95%, 01/30/24 (Call 01/30/19)b,c | 600 | 623,250 | ||||||
BBVA Bancomer SA | ||||||||
7.25%, 04/22/20b | 700 | 784,000 | ||||||
Cemex Espana SA (Luxembourg) | ||||||||
9.88%, 04/30/19 (Call 04/30/16)b | 250 | 286,000 | ||||||
Cemex Finance LLC | ||||||||
9.38%, 10/12/22 (Call 10/12/17)b | 1,100 | 1,267,750 | ||||||
Cemex SAB de CV | ||||||||
5.88%, 03/25/19 (Call 03/25/16)b | 400 | 411,000 | ||||||
6.50%, 12/10/19 (Call 12/10/17)b | 400 | 420,000 | ||||||
7.25%, 01/15/21 (Call 01/15/18)b | 500 | 537,500 | ||||||
9.00%, 01/11/18 (Call 01/11/15)b | 1,000 | 1,080,000 | ||||||
Mexichem SAB de CV | ||||||||
4.88%, 09/19/22b | 400 | 403,500 | ||||||
NII Capital Corp. | ||||||||
7.63%, 04/01/21 (Call 04/01/16) | 750 | 223,125 |
Security | Principal (000s) | Value | ||||||
8.88%, 12/15/19 (Call 12/15/14) | $ | 200 | $ | 94,500 | ||||
10.00%, 08/15/16 (Call 06/02/14) | 420 | 157,500 | ||||||
|
| |||||||
6,288,125 | ||||||||
RUSSIA — 6.88% |
| |||||||
Alfa Bank OJSC via Alfa Bond Issuance PLC | ||||||||
7.50%, 09/26/19b | 400 | 386,000 | ||||||
7.75%, 04/28/21b | 500 | 490,000 | ||||||
7.88%, 09/25/17b | 600 | 620,250 | ||||||
ALROSA Finance SA | ||||||||
7.75%, 11/03/20b | 600 | 612,000 | ||||||
Credit Bank of Moscow | ||||||||
7.70%, 02/01/18b | 200 | 182,500 | ||||||
Evraz Group SA | ||||||||
6.50%, 04/22/20b | 800 | 652,000 | ||||||
8.25%, 11/10/15b | 400 | 399,324 | ||||||
9.50%, 04/24/18b | 600 | 585,000 | ||||||
Metalloinvest Finance Ltd. | ||||||||
5.63%, 04/17/20b | 600 | 535,500 | ||||||
6.50%, 07/21/16b | 400 | 398,000 | ||||||
MMC Norilsk Nickel OJSC via MMC Finance Ltd. | ||||||||
5.55%, 10/28/20b | 400 | 386,000 | ||||||
Mobile Telesystems OJSC via MTS International Funding Ltd. | ||||||||
5.00%, 05/30/23b | 400 | 356,000 | ||||||
8.63%, 06/22/20b | 200 | 226,500 | ||||||
Nomos Bank OJSC via Nomos Capital PLC | ||||||||
7.25%, 04/25/18b | 400 | 388,000 | ||||||
Novolipetsk Steel OJSC via Steel Funding Ltd. | ||||||||
4.45%, 02/19/18b | 600 | 571,721 | ||||||
4.95%, 09/26/19b | 200 | 186,000 | ||||||
Promsvyazbank OJSC via PSB Finance SA | ||||||||
10.20%, 11/06/19b | 400 | 391,400 | ||||||
Russian Standard Bank | ||||||||
9.25%, 07/11/17b | 100 | 97,250 | ||||||
Severstal OAO via Steel Capital SA | ||||||||
5.90%, 10/17/22b | 200 | 179,750 | ||||||
6.70%, 10/25/17b | 700 | 710,500 | ||||||
Sibur Securities Ltd. | ||||||||
3.91%, 01/31/18b | 700 | 614,250 |
18 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
TMK OAO via TMK Capital SA | ||||||||
7.75%, 01/27/18b | $ | 500 | $ | 478,125 | ||||
Vimpel Communications via VIP Finance Ireland Ltd. OJSC | ||||||||
7.75%, 02/02/21b | 600 | 601,500 | ||||||
9.13%, 04/30/18b | 700 | 749,875 | ||||||
VimpelCom Holdings BV | ||||||||
5.20%, 02/13/19b | 400 | 372,000 | ||||||
5.95%, 02/13/23b | 500 | 447,500 | ||||||
6.25%, 03/01/17b | 400 | 400,000 | ||||||
7.50%, 03/01/22b | 650 | 637,000 | ||||||
|
| |||||||
12,653,945 | ||||||||
SINGAPORE — 0.51% |
| |||||||
Flextronics International Ltd. | ||||||||
5.00%, 02/15/23 | 450 | 452,250 | ||||||
Global A&T Electronics Ltd. | ||||||||
10.00%, 02/01/19 (Call 02/01/16)b | 600 | 487,500 | ||||||
|
| |||||||
939,750 | ||||||||
SOUTH AFRICA — 0.62% |
| |||||||
AngloGold Ashanti Holdings PLC | ||||||||
5.13%, 08/01/22 | 500 | 484,524 | ||||||
5.38%, 04/15/20 | 300 | 301,033 | ||||||
Gold Fields Orogen Holding BVI Ltd. | ||||||||
4.88%, 10/07/20b | 400 | 360,000 | ||||||
|
| |||||||
1,145,557 | ||||||||
SOUTH KOREA — 0.40% |
| |||||||
Woori Bank Co. Ltd. | ||||||||
6.21%, 05/02/37 (Call 05/02/17)b,c | 700 | 742,000 | ||||||
|
| |||||||
742,000 | ||||||||
TURKEY — 0.56% |
| |||||||
Turkiye Is Bankasi AS | ||||||||
6.00%, 10/24/22b | 500 | 485,500 | ||||||
Yapi ve Kredi Bankasi AS | ||||||||
5.50%, 12/06/22b | 600 | 535,800 | ||||||
|
| |||||||
1,021,300 | ||||||||
UKRAINE — 0.23% |
| |||||||
Metinvest BV | ||||||||
8.75%, 02/14/18b | 500 | 431,335 | ||||||
|
| |||||||
431,335 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||
(Cost: $50,264,002) |
| 48,644,628 |
Security | Principal (000s) | Value | ||||||
FOREIGN AGENCY OBLIGATIONSa — 13.12% |
| |||||||
BRAZIL — 1.00% |
| |||||||
Banco do Brasil SA |
| |||||||
5.88%, 01/19/23b | $ | 400 | $ | 407,000 | ||||
Centrais Eletricas Brasileiras SA |
| |||||||
5.75%, 10/27/21b | 1,000 | 1,002,500 | ||||||
6.88%, 07/30/19b | 400 | 432,500 | ||||||
|
| |||||||
1,842,000 | ||||||||
CHINA — 0.11% |
| |||||||
Franshion Brilliant Ltd. | ||||||||
5.75%, 03/19/19b | 200 | 199,370 | ||||||
|
| |||||||
199,370 | ||||||||
INDIA — 0.10% |
| |||||||
IDBI Bank Ltd. | ||||||||
3.75%, 01/25/19b | 200 | 194,512 | ||||||
|
| |||||||
194,512 | ||||||||
INDONESIA — 3.60% |
| |||||||
Majapahit Holding BV | ||||||||
7.75%, 10/17/16b | 800 | 900,000 | ||||||
7.75%, 01/20/20b | 1,000 | 1,147,500 | ||||||
7.88%, 06/29/37b | 200 | 221,750 | ||||||
PT Pertamina (Persero) Tbk | ||||||||
4.30%, 05/20/23b | 1,900 | 1,726,625 | ||||||
5.25%, 05/23/21b | 400 | 401,500 | ||||||
5.63%, 05/20/43b | 1,500 | 1,273,125 | ||||||
6.00%, 05/03/42b | 200 | 178,500 | ||||||
PT Perusahaan Gas Negara (Persero) Tbk | ||||||||
5.25%, 10/24/42b | 700 | 571,375 | ||||||
5.50%, 11/22/21b | 200 | 203,250 | ||||||
|
| |||||||
6,623,625 | ||||||||
ISRAEL — 0.94% |
| |||||||
Israel Electric Corp. Ltd. | ||||||||
5.63%, 06/21/18b | 900 | 951,750 | ||||||
6.88%, 06/21/23b | 700 | 773,500 | ||||||
|
| |||||||
1,725,250 | ||||||||
RUSSIA — 0.52% |
| |||||||
Gazprombank OAO via GPB Eurobond Finance PLC | ||||||||
7.50%, 12/28/23 (Call 12/28/18)b,c | 200 | 186,000 | ||||||
VTB Bank OJSC via VTB Capital SA | ||||||||
6.95%, 10/17/22b | 800 | 766,000 | ||||||
|
| |||||||
952,000 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
SRI LANKA — 0.33% |
| |||||||
Bank of Ceylon | ||||||||
5.33%, 04/16/18b | $ | 200 | $ | 198,750 | ||||
6.88%, 05/03/17b | 400 | 418,000 | ||||||
|
| |||||||
616,750 | ||||||||
TURKEY — 0.55% |
| |||||||
Export Credit Bank of Turkey | ||||||||
5.38%, 11/04/16b | 400 | 420,000 | ||||||
5.88%, 04/24/19b | 200 | 209,500 | ||||||
Turkiye Vakiflar Bankasi Tao | ||||||||
6.00%, 11/01/22b | 400 | 376,400 | ||||||
|
| |||||||
1,005,900 | ||||||||
UKRAINE — 0.17% |
| |||||||
Oschadbank via SSB #1 PLC | ||||||||
8.25%, 03/10/16b | 400 | 314,000 | ||||||
|
| |||||||
314,000 | ||||||||
VENEZUELA — 5.80% |
| |||||||
Petroleos de Venezuela SA | ||||||||
5.00%, 10/28/15 | 800 | 719,000 | ||||||
Series 2016 | ||||||||
5.13%, 10/28/16 | 400 | 336,400 | ||||||
5.25%, 04/12/17b | 1,700 | 1,368,500 | ||||||
5.38%, 04/12/27b | 1,570 | 914,525 | ||||||
5.50%, 04/12/37b | 820 | 455,920 | ||||||
6.00%, 11/15/26b | 2,400 | 1,413,000 | ||||||
8.50%, 11/02/17b | 3,200 | 2,880,000 | ||||||
9.00%, 11/17/21b | 1,250 | 1,020,312 | ||||||
12.75%, 02/17/22b | 1,600 | 1,552,000 | ||||||
|
| |||||||
10,659,657 | ||||||||
|
| |||||||
TOTAL FOREIGN AGENCY OBLIGATIONS |
| |||||||
(Cost: $24,686,947) |
| 24,133,064 | ||||||
FOREIGN GOVERNMENT OBLIGATIONSa — 58.08% |
| |||||||
ARGENTINA — 2.19% |
| |||||||
Argentina (Republic of) | ||||||||
2.50%, 12/31/38d | 2,780 | 1,178,025 | ||||||
8.28%, 12/31/33 | 2,299 | 1,850,971 | ||||||
8.28%, 12/31/33 | 673 | 532,662 | ||||||
8.75%, 06/02/17 | 500 | 467,500 | ||||||
|
| |||||||
4,029,158 |
Security | Principal (000s) | Value | ||||||
BELARUS — 0.55% |
| |||||||
Belarus (Republic of) | ||||||||
8.75%, 08/03/15b | $ | 500 | $ | 502,090 | ||||
8.95%, 01/26/18b | 500 | 504,575 | ||||||
|
| |||||||
1,006,665 | ||||||||
COSTA RICA — 0.49% |
| |||||||
Costa Rica (Republic of) | ||||||||
4.25%, 01/26/23b | 600 | 550,500 | ||||||
4.38%, 04/30/25b | 200 | 177,000 | ||||||
5.63%, 04/30/43b | 200 | 169,500 | ||||||
|
| |||||||
897,000 | ||||||||
CROATIA — 2.74% |
| |||||||
Croatia (Republic of) | ||||||||
5.50%, 04/04/23b | 1,000 | 1,010,000 | ||||||
6.00%, 01/26/24b | 800 | 833,000 | ||||||
6.25%, 04/27/17b | 500 | 536,875 | ||||||
6.38%, 03/24/21b | 900 | 967,500 | ||||||
6.63%, 07/14/20b | 200 | 218,000 | ||||||
6.75%, 11/05/19b | 1,350 | 1,479,938 | ||||||
|
| |||||||
5,045,313 | ||||||||
DOMINICAN REPUBLIC — 1.13% |
| |||||||
Dominican Republic | ||||||||
5.88%, 04/18/24b | 600 | 597,000 | ||||||
6.60%, 01/28/24b | 200 | 206,500 | ||||||
7.50%, 05/06/21b | 800 | 888,000 | ||||||
9.04%, 01/23/18b | 350 | 383,416 | ||||||
|
| |||||||
2,074,916 | ||||||||
ECUADOR — 0.23% |
| |||||||
Ecuador (Republic of) | ||||||||
9.38%, 12/15/15b | 400 | 427,500 | ||||||
|
| |||||||
427,500 | ||||||||
EGYPT — 0.48% |
| |||||||
Egypt (Arab Republic of) | ||||||||
5.75%, 04/29/20b | 600 | 613,500 | ||||||
6.88%, 04/30/40b | 300 | 276,000 | ||||||
|
| |||||||
889,500 | ||||||||
EL SALVADOR — 1.17% |
| |||||||
El Salvador (Republic of) | ||||||||
5.88%, 01/30/25b | 600 | 582,000 | ||||||
7.63%, 02/01/41b | 450 | 464,625 | ||||||
7.65%, 06/15/35b | 500 | 519,375 | ||||||
7.75%, 01/24/23b | 120 | 133,800 |
20 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
8.25%, 04/10/32b | $ | 400 | $ | 444,000 | ||||
|
| |||||||
2,143,800 | ||||||||
GUATEMALA — 0.39% |
| |||||||
Guatemala (Republic of) | ||||||||
4.88%, 02/13/28b | 300 | 291,000 | ||||||
5.75%, 06/06/22b | 400 | 431,500 | ||||||
|
| |||||||
722,500 | ||||||||
HUNGARY — 4.37% |
| |||||||
Hungary (Republic of) | ||||||||
4.00%, 03/25/19 | 400 | 404,000 | ||||||
4.13%, 02/19/18 | 500 | 515,000 | ||||||
5.38%, 02/21/23 | 1,300 | 1,356,875 | ||||||
5.38%, 03/25/24 | 900 | 932,625 | ||||||
5.75%, 11/22/23 | 900 | 958,500 | ||||||
6.25%, 01/29/20 | 1,200 | 1,327,800 | ||||||
6.38%, 03/29/21 | 1,500 | 1,668,750 | ||||||
7.63%, 03/29/41 | 732 | 876,570 | ||||||
|
| |||||||
8,040,120 | ||||||||
INDONESIA — 8.56% |
| |||||||
Indonesia (Republic of) | ||||||||
3.38%, 04/15/23b | 900 | 815,625 | ||||||
3.75%, 04/25/22b | 1,200 | 1,134,000 | ||||||
4.63%, 04/15/43b | 1,300 | 1,090,375 | ||||||
4.88%, 05/05/21b | 1,900 | 1,959,375 | ||||||
5.25%, 01/17/42b | 800 | 732,000 | ||||||
5.88%, 03/13/20b | 600 | 657,000 | ||||||
5.88%, 01/15/24b | 1,000 | 1,082,500 | ||||||
6.75%, 01/15/44b | 1,000 | 1,110,000 | ||||||
6.88%, 01/17/18b | 1,000 | 1,137,500 | ||||||
7.50%, 01/15/16b | 1,000 | 1,098,750 | ||||||
7.75%, 01/17/38b | 1,400 | 1,695,750 | ||||||
8.50%, 10/12/35b | 1,250 | 1,614,062 | ||||||
11.63%, 03/04/19b | 1,200 | 1,617,000 | ||||||
|
| |||||||
15,743,937 | ||||||||
JAMAICA — 0.38% |
| |||||||
Jamaica (Government of) | ||||||||
8.00%, 06/24/19 | 400 | 421,000 | ||||||
8.00%, 03/15/39 | 300 | 283,125 | ||||||
|
| |||||||
704,125 | ||||||||
LEBANON — 2.98% |
| |||||||
Lebanon (Republic of) | ||||||||
4.75%, 11/02/16b | 300 | 300,750 |
Security | Principal (000s) | Value | ||||||
5.15%, 11/12/18b | $ | 650 | $ | 651,300 | ||||
6.00%, 05/20/19b | 200 | 201,750 | ||||||
6.38%, 03/09/20 | 1,000 | 1,028,750 | ||||||
8.25%, 04/12/21b | 1,300 | 1,462,500 | ||||||
8.50%, 08/06/15 | 250 | 266,125 | ||||||
8.50%, 01/19/16b | 330 | 353,925 | ||||||
9.00%, 03/20/17 | 1,080 | 1,204,200 | ||||||
|
| |||||||
5,469,300 | ||||||||
MOROCCO — 0.62% |
| |||||||
Morocco (Republic of) | ||||||||
4.25%, 12/11/22b | 800 | 769,000 | ||||||
5.50%, 12/11/42b | 400 | 374,000 | ||||||
|
| |||||||
1,143,000 | ||||||||
NIGERIA — 0.45% |
| |||||||
Nigeria (Federal Republic of) | ||||||||
5.13%, 07/12/18b | 400 | 408,000 | ||||||
6.38%, 07/12/23b | 200 | 209,500 | ||||||
6.75%, 01/28/21b | 200 | 216,500 | ||||||
|
| |||||||
834,000 | ||||||||
PAKISTAN — 0.39% |
| |||||||
Pakistan (Islamic Republic of) | ||||||||
6.88%, 06/01/17b | 400 | 404,000 | ||||||
7.13%, 03/31/16b | 300 | 306,000 | ||||||
|
| |||||||
710,000 | ||||||||
ROMANIA — 1.81% |
| |||||||
Romania (Republic of) | ||||||||
4.38%, 08/22/23b | 700 | 708,750 | ||||||
4.88%, 01/22/24b | 500 | 525,000 | ||||||
6.13%, 01/22/44b | 400 | 438,500 | ||||||
6.75%, 02/07/22b | 1,400 | 1,657,250 | ||||||
|
| |||||||
3,329,500 | ||||||||
SERBIA — 1.65% |
| |||||||
Serbia (Republic of) | ||||||||
4.88%, 02/25/20b | 1,000 | 991,250 | ||||||
5.25%, 11/21/17b | 400 | 411,000 | ||||||
5.88%, 12/03/18b | 500 | 525,000 | ||||||
7.25%, 09/28/21b | 1,000 | 1,111,250 | ||||||
|
| |||||||
3,038,500 | ||||||||
SLOVENIA — 2.77% |
| |||||||
Slovenia (Republic of) | ||||||||
4.13%, 02/18/19b | 600 | 618,000 | ||||||
4.75%, 05/10/18b | 600 | 635,250 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||
5.25%, 02/18/24b | $ | 1,000 | $ | 1,037,500 | ||||
5.50%, 10/26/22b | 1,400 | 1,491,000 | ||||||
5.85%, 05/10/23b | 1,200 | 1,305,000 | ||||||
|
| |||||||
5,086,750 | ||||||||
SRI LANKA — 1.20% |
| |||||||
Sri Lanka (Democratic Socialist Republic of) | ||||||||
5.88%, 07/25/22b | 400 | 399,000 | ||||||
6.00%, 01/14/19b | 400 | 416,000 | ||||||
6.25%, 10/04/20b | 1,050 | 1,090,688 | ||||||
6.25%, 07/27/21b | 299 | 307,970 | ||||||
|
| |||||||
2,213,658 | ||||||||
TURKEY — 12.71% |
| |||||||
Turkey (Republic of) | ||||||||
3.25%, 03/23/23 | 1,000 | 901,500 | ||||||
4.88%, 04/16/43 | 700 | 632,051 | ||||||
5.13%, 03/25/22 | 642 | 667,038 | ||||||
5.63%, 03/30/21 | 1,150 | 1,236,250 | ||||||
5.75%, 03/22/24 | 1,200 | 1,284,000 | ||||||
6.00%, 01/14/41 | 1,600 | 1,655,200 | ||||||
6.25%, 09/26/22 | 1,400 | 1,556,100 | ||||||
6.63%, 02/17/45 | 600 | 669,000 | ||||||
6.75%, 04/03/18 | 1,250 | 1,401,875 | ||||||
6.75%, 05/30/40 | 1,000 | 1,130,000 | ||||||
6.88%, 03/17/36 | 1,420 | 1,624,480 | ||||||
7.00%, 09/26/16 | 1,100 | 1,215,280 | ||||||
7.00%, 03/11/19 | 800 | 914,000 | ||||||
7.00%, 06/05/20 | 800 | 921,000 | ||||||
7.25%, 03/05/38 | 610 | 728,950 | ||||||
7.38%, 02/05/25 | 1,920 | 2,278,080 | ||||||
7.50%, 07/14/17 | 1,000 | 1,136,250 | ||||||
7.50%, 11/07/19 | 750 | 878,625 | ||||||
8.00%, 02/14/34 | 863 | 1,105,330 | ||||||
11.88%, 01/15/30 | 860 | 1,436,200 | ||||||
|
| |||||||
23,371,209 | ||||||||
UKRAINE — 2.39% |
| |||||||
Ukraine (Government of) | ||||||||
6.25%, 06/17/16b | 800 | 677,000 | ||||||
6.58%, 11/21/16b | 500 | 420,625 | ||||||
6.75%, 11/14/17b | 100 | 84,250 | ||||||
6.88%, 09/23/15b | 300 | 268,500 | ||||||
7.50%, 04/17/23b | 700 | 585,340 | ||||||
7.75%, 09/23/20b | 900 | 758,250 |
Security | Principal or Shares (000s) | Value | ||||||
7.80%, 11/28/22b | $ | 1,200 | $ | 1,006,500 | ||||
7.95%, 02/23/21b | 700 | 594,125 | ||||||
|
| |||||||
4,394,590 | ||||||||
VENEZUELA — 7.89% |
| |||||||
Venezuela (Bolivarian Republic of) | ||||||||
5.75%, 02/26/16b | 775 | 703,313 | ||||||
6.00%, 12/09/20b | 780 | 562,575 | ||||||
7.00%, 12/01/18b | 550 | 452,100 | ||||||
7.00%, 03/31/38b | 650 | 437,125 | ||||||
7.65%, 04/21/25 | 850 | 629,000 | ||||||
7.75%, 10/13/19b | 1,400 | 1,141,000 | ||||||
8.25%, 10/13/24b | 1,350 | 1,039,500 | ||||||
9.00%, 05/07/23b | 930 | 761,205 | ||||||
9.25%, 09/15/27 | 2,220 | 1,837,050 | ||||||
9.25%, 05/07/28b | 1,050 | 834,750 | ||||||
9.38%, 01/13/34 | 810 | 643,950 | ||||||
11.75%, 10/21/26b | 1,450 | 1,344,875 | ||||||
11.95%, 08/05/31b | 2,220 | 2,053,500 | ||||||
12.75%, 08/23/22b | 1,600 | 1,586,000 | ||||||
13.63%, 08/15/18 | 450 | 473,625 | ||||||
|
| |||||||
14,499,568 | ||||||||
VIETNAM — 0.54% |
| |||||||
Vietnam (Socialist Republic of) | ||||||||
6.75%, 01/29/20b | 600 | 676,500 | ||||||
6.88%, 01/15/16b | 300 | 322,500 | ||||||
|
| |||||||
999,000 | ||||||||
|
| |||||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
| |||||||
(Cost: $110,310,948) |
| 106,813,609 | ||||||
SHORT-TERM INVESTMENTS — 0.84% |
| |||||||
MONEY MARKET FUNDS — 0.84% |
| |||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%e,f | 1,550 | 1,550,377 | ||||||
|
| |||||||
1,550,377 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,550,377) |
| 1,550,377 | ||||||
|
|
22 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2014
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $186,812,274) | $ | 181,141,678 | ||||
Other Assets, Less Liabilities — 1.51% | 2,771,135 | |||||
|
| |||||
NET ASSETS — 100.00% | $ | 183,912,813 | ||||
|
|
a | Investments are denominated in U.S. dollars. |
b | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
c | Variable rate security. Rate shown is as of report date. |
d | 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. |
e | Affiliated issuer. See Note 2. |
f | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
April 30, 2014
Security | (000s) | Value | ||||||||||
FOREIGN GOVERNMENT OBLIGATIONS — 97.30% |
| |||||||||||
BRAZIL — 14.01% |
| |||||||||||
Brazil (Federative Republic of) |
| |||||||||||
0.00%, 07/01/14 | BRL | 42,698 | $ | 18,784,136 | ||||||||
0.00%, 10/01/14 | BRL | 6,100 | 2,610,604 | |||||||||
0.00%, 01/01/15 | BRL | 24,955 | 10,392,483 | |||||||||
0.00%, 01/01/16 | BRL | 15,200 | 5,622,900 | |||||||||
0.00%, 04/01/16 | BRL | 35,000 | 12,558,472 | |||||||||
0.00%, 01/01/17 | BRL | 14,296 | 4,685,339 | |||||||||
8.50%, 01/05/24 | BRL | 500 | 213,651 | |||||||||
10.00%, 01/01/15 | BRL | 4,398 | 1,953,035 | |||||||||
10.00%, 01/01/18 | BRL | 19,339 | 8,085,721 | |||||||||
10.00%, 01/01/21 | BRL | 35,368 | 14,180,706 | |||||||||
10.00%, 01/01/23 | BRL | 3,765 | 1,473,669 | |||||||||
10.25%, 01/10/28 | BRL | 1,420 | 671,894 | |||||||||
12.50%, 01/05/16 | BRL | 1,400 | 656,793 | |||||||||
12.50%, 01/05/22 | BRL | 1,633 | 843,918 | |||||||||
|
| |||||||||||
82,733,321 | ||||||||||||
CHILE — 0.07% |
| |||||||||||
Chile (Republic of) | ||||||||||||
5.50%, 08/05/20 | CLP | 237,000 | 428,844 | |||||||||
|
| |||||||||||
428,844 | ||||||||||||
COLOMBIA — 4.21% |
| |||||||||||
Colombia (Republic of) | ||||||||||||
6.00%, 04/28/28 | COP | 1,153,000 | 548,945 | |||||||||
7.50%, 08/26/26 | COP | 13,009,800 | 6,945,967 | |||||||||
7.75%, 04/14/21 | COP | 496,000 | 289,260 | |||||||||
9.25%, 05/14/14 | COP | 20,852,000 | 10,814,786 | |||||||||
9.85%, 06/28/27 | COP | 2,998,000 | 2,025,355 | |||||||||
10.00%, 07/24/24 | COP | 4,150,000 | 2,709,297 | |||||||||
11.25%, 10/24/18 | COP | 2,457,000 | 1,537,413 | |||||||||
|
| |||||||||||
24,871,023 | ||||||||||||
CZECH REPUBLIC — 4.15% |
| |||||||||||
Czech (Republic of) | ||||||||||||
3.80%, 04/11/15 | CZK | 91,940 | 4,800,292 | |||||||||
4.00%, 04/11/17 | CZK | 50,400 | 2,804,191 | |||||||||
4.20%, 12/04/36 | CZK | 50,930 | 2,989,478 | |||||||||
4.60%, 08/18/18 | CZK | 113,700 | 6,676,807 | |||||||||
5.70%, 05/25/24 | CZK | 76,240 | 5,191,722 | |||||||||
6.95%, 01/26/16 | CZK | 36,000 | 2,029,525 | |||||||||
|
| |||||||||||
24,492,015 |
Security | (000s) | Value | ||||||||||
HUNGARY — 2.95% |
| |||||||||||
Hungary (Republic of) | ||||||||||||
5.50%, 02/12/16 | HUF | 1,427,040 | $ | 6,696,624 | ||||||||
6.00%, 11/24/23 | HUF | 202,740 | 965,588 | |||||||||
6.50%, 06/24/19 | HUF | 844,250 | 4,159,474 | |||||||||
6.75%, 11/24/17 | HUF | 83,000 | 410,462 | |||||||||
7.00%, 06/24/22 | HUF | 230,000 | 1,158,884 | |||||||||
7.50%, 11/12/20 | HUF | 222,500 | 1,147,396 | |||||||||
7.75%, 08/24/15 | HUF | 606,290 | 2,908,306 | |||||||||
|
| |||||||||||
17,446,734 | ||||||||||||
INDONESIA — 4.31% |
| |||||||||||
Indonesia (Republic of) | ||||||||||||
6.63%, 05/15/33 | IDR | 22,700,000 | 1,595,273 | |||||||||
7.00%, 05/15/22 | IDR | 6,780,000 | 551,243 | |||||||||
8.25%, 06/15/32 | IDR | 34,060,000 | 2,860,551 | |||||||||
9.50%, 06/15/15 | IDR | 3,791,000 | 336,096 | |||||||||
9.50%, 07/15/31 | IDR | 107,554,000 | 10,093,508 | |||||||||
10.00%, 07/15/17 | IDR | 61,307,000 | 5,687,131 | |||||||||
10.00%, 09/15/24 | IDR | 7,060,000 | 686,368 | |||||||||
11.00%, 11/15/20 | IDR | 22,885,000 | 2,294,141 | |||||||||
11.00%, 09/15/25 | IDR | 13,220,000 | 1,372,403 | |||||||||
|
| |||||||||||
25,476,714 | ||||||||||||
ISRAEL — 4.41% |
| |||||||||||
Israel (State of) | ||||||||||||
3.50%, 08/31/14 | ILS | 16,450 | 4,796,742 | |||||||||
4.00%, 01/31/18 | ILS | 5,950 | 1,868,796 | |||||||||
4.25%, 03/31/23 | ILS | 13,878 | 4,333,804 | |||||||||
5.50%, 01/31/22 | ILS | 3,150 | 1,073,363 | |||||||||
5.50%, 01/31/42 | ILS | 3,582 | 1,176,585 | |||||||||
6.00%, 02/28/19 | ILS | 37,490 | 12,826,770 | |||||||||
|
| |||||||||||
26,076,060 | ||||||||||||
MALAYSIA — 3.81% |
| |||||||||||
Malaysia (Federation of) | ||||||||||||
3.49%, 03/31/20 | MYR | 6,899 | 2,072,932 | |||||||||
3.73%, 06/15/28 | MYR | 1,800 | 512,935 | |||||||||
3.84%, 08/12/15 | MYR | 19,123 | 5,911,060 | |||||||||
4.13%, 04/15/32 | MYR | 7,400 | 2,155,529 | |||||||||
4.39%, 04/15/26 | MYR | 3,660 | 1,132,678 | |||||||||
5.73%, 07/30/19 | MYR | 31,870 | 10,697,994 | |||||||||
|
| |||||||||||
22,483,128 | ||||||||||||
MEXICO — 8.47% |
| |||||||||||
United Mexican States | ||||||||||||
6.25%, 06/16/16 | MXN | 45,346 | 3,617,342 |
24 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
April 30, 2014
Security | (000s) | Value | ||||||||||
6.50%, 06/10/21 | MXN | 59,936 | $ | 4,776,654 | ||||||||
7.00%, 06/19/14 | MXN | 29,069 | 2,230,576 | |||||||||
7.25%, 12/15/16 | MXN | 155,218 | 12,723,225 | |||||||||
7.50%, 06/03/27 | MXN | 32,737 | 2,712,129 | |||||||||
7.75%, 12/14/17 | MXN | 48,350 | 4,057,444 | |||||||||
7.75%, 11/13/42 | MXN | 48,701 | 3,915,719 | |||||||||
8.00%, 12/07/23 | MXN | 81,383 | 7,031,673 | |||||||||
8.50%, 11/18/38 | MXN | 29,330 | 2,554,116 | |||||||||
10.00%, 12/05/24 | MXN | 64,800 | 6,381,203 | |||||||||
|
| |||||||||||
50,000,081 | ||||||||||||
NIGERIA — 0.73% |
| |||||||||||
Nigeria (Federal Republic of) | ||||||||||||
4.00%, 04/23/15 | NGN | 205,271 | 1,176,883 | |||||||||
10.00%, 07/23/30 | NGN | 162,000 | 781,756 | |||||||||
15.10%, 04/27/17 | NGN | 273,000 | 1,784,019 | |||||||||
16.39%, 01/27/22 | NGN | 75,000 | 541,719 | |||||||||
|
| |||||||||||
4,284,377 | ||||||||||||
PERU — 0.80% |
| |||||||||||
Peru (Republic of) | ||||||||||||
6.85%, 02/12/42 | PEN | 1,300 | 456,355 | |||||||||
8.20%, 08/12/26 | PEN | 10,437 | 4,295,552 | |||||||||
|
| |||||||||||
4,751,907 | ||||||||||||
PHILIPPINES — 3.47% |
| |||||||||||
Philippines (Republic of the) |
| |||||||||||
4.00%, 12/06/22 | PHP | 68,000 | 1,496,381 | |||||||||
4.95%, 01/15/21 | PHP | 49,000 | 1,137,618 | |||||||||
5.00%, 08/18/18 | PHP | 85,070 | 2,017,789 | |||||||||
6.25%, 01/14/36 | PHP | 57,000 | 1,304,172 | |||||||||
7.00%, 01/27/16 | PHP | 216,246 | 5,195,968 | |||||||||
8.00%, 07/19/31 | PHP | 154,300 | 4,627,235 | |||||||||
8.13%, 12/16/35 | PHP | 159,860 | 4,693,844 | |||||||||
|
| |||||||||||
20,473,007 | ||||||||||||
POLAND — 4.18% |
| |||||||||||
Poland (Republic of) | ||||||||||||
0.00%, 07/25/15 | PLN | 7,145 | 2,284,710 | |||||||||
0.00%, 01/25/16 | PLN | 8,455 | 2,660,035 | |||||||||
3.75%, 04/25/18 | PLN | 15,000 | 5,033,773 | |||||||||
4.00%, 10/25/23 | PLN | 9,500 | 3,130,320 | |||||||||
4.75%, 10/25/16 | PLN | 10,657 | 3,666,088 | |||||||||
5.25%, 10/25/20 | PLN | 4,000 | 1,437,730 | |||||||||
5.75%, 09/23/22 | PLN | 16,124 | 5,990,414 |
Security | (000s) | Value | ||||||||||
5.75%, 04/25/29 | PLN | 1,250 | $ | 472,288 | ||||||||
|
| |||||||||||
24,675,358 | ||||||||||||
ROMANIA — 1.82% |
| |||||||||||
Romania (Republic of) | ||||||||||||
5.75%, 01/27/16 | RON | 15,410 | 4,985,912 | |||||||||
5.85%, 07/28/14 | RON | 6,120 | 1,923,265 | |||||||||
5.85%, 04/26/23 | RON | 6,000 | 1,969,861 | |||||||||
5.90%, 07/26/17 | RON | 5,100 | 1,677,488 | |||||||||
6.75%, 06/11/17 | RON | 650 | 217,322 | |||||||||
|
| |||||||||||
10,773,848 | ||||||||||||
RUSSIA — 4.45% |
| |||||||||||
Russian Federation (The) | ||||||||||||
6.20%, 01/31/18 | RUB | 121,380 | 3,121,543 | |||||||||
6.80%, 12/11/19 | RUB | 46,500 | 1,178,231 | |||||||||
6.88%, 07/15/15 | RUB | 154,893 | 4,307,201 | |||||||||
7.40%, 04/19/17 | RUB | 142,140 | 3,848,871 | |||||||||
7.60%, 04/14/21 | RUB | 221,456 | 5,716,958 | |||||||||
7.85%, 03/10/18a | RUB | 15,000 | 404,403 | |||||||||
8.10%, 11/26/14 | RUB | 50,000 | 1,406,514 | |||||||||
8.15%, 02/03/27 | RUB | 184,740 | 4,758,755 | |||||||||
12.00%, 08/20/14 | RUB | 54,600 | 1,555,065 | |||||||||
|
| |||||||||||
26,297,541 | ||||||||||||
SOUTH AFRICA — 4.46% |
| |||||||||||
South Africa (Republic of) | ||||||||||||
6.25%, 03/31/36 | ZAR | 43,064 | 3,013,251 | |||||||||
6.50%, 02/28/41 | ZAR | 81,983 | 5,753,936 | |||||||||
6.75%, 03/31/21 | ZAR | 53,460 | 4,708,687 | |||||||||
8.25%, 09/15/17 | ZAR | 106,911 | 10,356,706 | |||||||||
8.75%, 02/28/48 | ZAR | 5,800 | 524,967 | |||||||||
10.50%, 12/21/26 | ZAR | 6,000 | 659,050 | |||||||||
13.50%, 09/15/15 | ZAR | 13,100 | 1,350,061 | |||||||||
|
| |||||||||||
26,366,658 | ||||||||||||
SOUTH KOREA — 22.09% |
| |||||||||||
Korea (Republic of) | ||||||||||||
2.74%, 02/02/15 | KRW | 12,644,000 | 12,243,621 | |||||||||
2.75%, 09/10/17 | KRW | 10,258,640 | 9,856,555 | |||||||||
2.82%, 08/02/14 | KRW | 19,353,190 | 18,739,424 | |||||||||
2.84%, 12/02/14 | KRW | 11,800,000 | 11,432,628 | |||||||||
3.00%, 12/10/42 | KRW | 3,025,970 | 2,517,415 | |||||||||
3.13%, 03/10/19 | KRW | 6,500,000 | 6,284,059 | |||||||||
4.00%, 03/10/16 | KRW | 10,471,600 | 10,352,929 | |||||||||
4.00%, 12/10/31 | KRW | 14,305,490 | 14,363,775 | |||||||||
4.75%, 12/10/30 | KRW | 2,400,000 | 2,623,579 |
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
5.00%, 06/10/20 | KRW | 8,100,000 | $ | 8,574,884 | ||||||||
5.25%, 09/10/15 | KRW | 11,702,460 | 11,697,590 | |||||||||
5.25%, 03/10/27 | KRW | 5,000,000 | 5,636,021 | |||||||||
5.50%, 09/10/17 | KRW | 3,981,600 | 4,160,739 | |||||||||
5.50%, 12/10/29 | KRW | 4,354,040 | 5,124,182 | |||||||||
5.75%, 09/10/18 | KRW | 6,400,000 | 6,844,463 | |||||||||
|
| |||||||||||
130,451,864 | ||||||||||||
THAILAND — 4.43% |
| |||||||||||
Thailand (Kingdom of) | ||||||||||||
3.13%, 12/11/15 | THB | 320,206 | 10,040,675 | |||||||||
3.58%, 12/17/27 | THB | 93,640 | 2,809,026 | |||||||||
3.63%, 05/22/15 | THB | 39,763 | 1,248,504 | |||||||||
3.78%, 06/25/32 | THB | 21,000 | 625,659 | |||||||||
3.80%, 06/14/41 | THB | 30,000 | 862,917 | |||||||||
3.88%, 06/13/19 | THB | 33,600 | 1,079,613 | |||||||||
4.88%, 06/22/29 | THB | 24,000 | 819,708 | |||||||||
5.67%, 03/13/28 | THB | 189,234 | 6,966,864 | |||||||||
6.15%, 07/07/26 | THB | 45,029 | 1,706,023 | |||||||||
|
| |||||||||||
26,158,989 | ||||||||||||
TURKEY — 4.48% |
| |||||||||||
Turkey (Republic of) | ||||||||||||
6.30%, 02/14/18 | TRY | 15,360 | 6,644,828 | |||||||||
7.50%, 09/24/14 | TRY | 5,607 | 2,621,605 | |||||||||
8.50%, 09/14/22 | TRY | 6,772 | 3,065,534 | |||||||||
8.80%, 09/27/23 | TRY | 7,020 | 3,228,855 | |||||||||
9.00%, 01/27/16 | TRY | 23,119 | 10,918,625 | |||||||||
|
| |||||||||||
26,479,447 | ||||||||||||
|
| |||||||||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
| |||||||||||
(Cost: $593,392,207) |
| 574,720,916 | ||||||||||
SHORT-TERM INVESTMENTS — 0.01% |
| |||||||||||
MONEY MARKET FUNDS — 0.01% |
| |||||||||||
BlackRock Cash Funds: Treasury, |
| |||||||||||
0.00%b,c | 46 | 46,411 | ||||||||||
|
| |||||||||||
46,411 | ||||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||||||
(Cost: $46,411) |
| 46,411 | ||||||||||
|
|
| Value | | ||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $593,438,618) | $ | 574,767,327 | ||||||
Other Assets, Less Liabilities — 2.69% | 15,926,037 | |||||||
|
| |||||||
NET ASSETS — 100.00% | $ | 590,693,364 | ||||||
|
|
BRL | — Brazilian Real | |
CLP | — Chilean Peso | |
COP | — Colombian Peso | |
CZK | — Czech Koruna | |
EGP | — Egyptian Pound | |
HUF | — Hungarian Forint | |
IDR | — Indonesian Rupiah | |
ILS | — Israeli Shekel | |
KRW | — South Korean Won | |
MXN | — Mexican Peso | |
MYR | — Malaysian Ringgit | |
NGN | — Nigerian Naira | |
PEN | — Peru Nuevo Sol | |
PHP | — Philippine Peso | |
PLN | — Polish Zloty | |
RON | — Romanian Leu | |
RUB | — New Russian Ruble | |
THB | — Thai Baht | |
TRY | — Turkish Lira | |
ZAR | — South African Rand |
a | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
b | Affiliated issuer. See Note 2. |
c | The rate quoted is the annualized seven-day yield of the fund at period end. |
| Forward currency contracts as of April 30, 2014 were as follows: |
| ||||||||||||
Currency to be Delivered | Currency to be Received | Settlement Date | Counter- party | Unrealized Appreciation (Depreciation) | ||||||||||
EGP 36,000,000 | USD 5,003,475 | 7/2/2014 | DB | $ | (38,728) | |||||||||
EGP 36,000,000 | USD 5,020,921 | 7/2/2014 | BNP | (21,282) | ||||||||||
USD 6,788,475 | EGP 48,300,000 | 7/2/2014 | BNP | (23,520) | ||||||||||
USD 2,162,921 | EGP 15,400,000 | 7/2/2014 | BNP | (5,979) | ||||||||||
USD 1,121,233 | EGP 8,000,000 | 7/2/2014 | BNP | (744) | ||||||||||
USD 42,135 | EGP 300,000 | 7/2/2014 | BNP | (116) | ||||||||||
|
| |||||||||||||
Net Unrealized Depreciation | $ | (90,369) | ||||||||||||
|
| |||||||||||||
Counterparties:
BNP — BNP Paribas
DB — Deutsche Bank AG
See notes to financial statements.
26 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
CORPORATE BONDS & NOTES — 95.55% |
| |||||||||||
AUSTRIA — 0.36% |
| |||||||||||
BAWAG PSK | ||||||||||||
8.13%, 10/30/23a | EUR | 200 | $ | 322,719 | ||||||||
Wienerberger AG | ||||||||||||
4.00%, 04/17/20 | EUR | 200 | 292,354 | |||||||||
|
| |||||||||||
615,073 | ||||||||||||
BELGIUM — 0.28% |
| |||||||||||
Barry Callebaut Services NV | ||||||||||||
5.63%, 06/15/21a | EUR | 100 | 158,247 | |||||||||
6.00%, 07/13/17 | EUR | 200 | 312,694 | |||||||||
|
| |||||||||||
470,941 | ||||||||||||
CANADA — 3.46% |
| |||||||||||
Air Canada | ||||||||||||
7.63%, 10/01/19 (Call 10/01/16)b | CAD | 150 | 146,931 | |||||||||
Armtec Holdings Ltd. | ||||||||||||
8.88%, 09/22/17 (Call 05/30/14) | CAD | 63 | 42,767 | |||||||||
Athabasca Oil Corp. | ||||||||||||
7.50%, 11/19/17 (Call 11/19/14)a | CAD | 100 | 92,715 | |||||||||
7.50%, 11/19/17 (Call 11/19/14)b | CAD | 150 | 139,414 | |||||||||
Baytex Energy Corp. | ||||||||||||
6.63%, 07/19/22 (Call 07/19/17) | CAD | 200 | 191,808 | |||||||||
Bombardier Inc. | ||||||||||||
6.13%, 05/15/21a | EUR | 500 | 765,537 | |||||||||
Brookfield Office Properties Inc. | ||||||||||||
4.00%, 04/16/18 | CAD | 100 | 93,284 | |||||||||
Canadian Energy Services & Technology Corp. | ||||||||||||
7.38%, 04/17/20 (Call 04/17/17) | CAD | 100 | 96,360 | |||||||||
Cascades Inc. | ||||||||||||
7.75%, 12/15/16 (Call 05/30/14)a | CAD | 50 | 47,383 | |||||||||
Centric Health Corp. | ||||||||||||
8.63%, 04/18/18 (Call 04/18/16) | CAD | 80 | 64,149 | |||||||||
Connacher Oil and Gas Ltd. | ||||||||||||
8.75%, 08/01/18 (Call 08/01/15)b | CAD | 150 | 113,103 | |||||||||
Corus Entertainment Inc. | ||||||||||||
4.25%, 02/11/20a | CAD | 250 | 222,960 |
Security | Principal | Value | ||||||||||
Crew Energy Inc. | ||||||||||||
8.38%, 10/21/20 (Call 10/21/16)a | CAD | 50 | $ | 47,496 | ||||||||
Gateway Casinos & Entertainment Ltd. | ||||||||||||
8.50%, 11/26/20 (Call 11/26/16)b | CAD | 100 | 92,031 | |||||||||
GFL Environmental Corp. | ||||||||||||
7.50%, 06/18/18 (Call 06/18/15)a | CAD | 450 | 427,468 | |||||||||
Gibson Energy Inc. | ||||||||||||
7.00%, 07/15/20 (Call 07/15/16)b | CAD | 100 | 98,638 | |||||||||
Great Canadian Gaming Corp. | ||||||||||||
6.63%, 07/25/22 (Call 07/25/17)b | CAD | 325 | 314,650 | |||||||||
Iron Mountain Canada Operations ULC | ||||||||||||
6.13%, 08/15/21 (Call 08/15/17) | CAD | 100 | 94,310 | |||||||||
Mattamy Group Corp. | ||||||||||||
6.88%, 11/15/20 (Call 11/15/15)b | CAD | 100 | 92,715 | |||||||||
Newalta Corp. | ||||||||||||
7.75%, 11/14/19 (Call 11/14/15) | CAD | 50 | 49,438 | |||||||||
Paramount Resources Ltd. |
| |||||||||||
7.63%, 12/04/19 (Call 12/04/15) | CAD | 300 | 287,886 | |||||||||
8.25%, 12/13/17 (Call 05/30/14) | CAD | 250 | 237,333 | |||||||||
Perpetual Energy Inc. | ||||||||||||
8.75%, 03/15/18 (Call 03/15/15)a | CAD | 50 | 45,105 | |||||||||
Postmedia Network Inc. | ||||||||||||
8.25%, 08/16/17 (Call 08/16/15)b | CAD | 136 | 127,527 | |||||||||
Precision Drilling Corp. | ||||||||||||
6.50%, 03/15/19 (Call 03/15/15) | CAD | 100 | 96,132 | |||||||||
Quebecor Media Inc. | ||||||||||||
6.63%, 01/15/23b | CAD | 400 | 374,504 | |||||||||
7.38%, 01/15/21 (Call 01/15/16) | CAD | 150 | 149,153 | |||||||||
River Cree Enterprises LP | ||||||||||||
11.00%, 01/20/21 (Call 01/20/18)b | CAD | 100 | 96,360 | |||||||||
Russel Metals Inc. | ||||||||||||
6.00%, 04/19/22 (Call 04/19/17) | CAD | 100 | 94,537 | |||||||||
6.00%, 04/19/22 (Call 04/19/17)b | CAD | 50 | 47,269 |
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
Southern Pacific Resource Corp. | ||||||||||||
8.75%, 01/25/18 (Call 01/25/15)b | CAD | 50 | $ | 34,170 | ||||||||
Tervita Corp. | ||||||||||||
9.00%, 11/15/18 (Call 11/15/15)b | CAD | 125 | 114,470 | |||||||||
Trident Exploration Corp. | ||||||||||||
8.25%, 04/13/18 (Call 04/13/15) | CAD | 100 | 83,831 | |||||||||
Trilogy Energy Corp. | ||||||||||||
7.25%, 12/13/19 (Call 12/13/15)b | CAD | 150 | 144,198 | |||||||||
Vermilion Energy Inc. | ||||||||||||
6.50%, 02/10/16 (Call 05/30/14) | CAD | 100 | 94,082 | |||||||||
Videotron Ltee | ||||||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 175 | 158,982 | |||||||||
6.88%, 07/15/21 (Call 06/15/16) | CAD | 225 | 226,594 | |||||||||
YPG Financing Inc. | ||||||||||||
9.25%, 11/30/18 (Call 05/30/14)b | CAD | 285 | 274,866 | |||||||||
|
| |||||||||||
5,920,156 | ||||||||||||
FINLAND — 0.98% |
| |||||||||||
Nokia OYJ | ||||||||||||
6.75%, 02/04/19a | EUR | 300 | 486,159 | |||||||||
Stora Enso OYJ | ||||||||||||
5.00%, 03/19/18a | EUR | 300 | 453,942 | |||||||||
5.50%, 03/07/19a | EUR | 300 | 463,832 | |||||||||
UPM-Kymmene OYJ | ||||||||||||
6.63%, 01/23/17 | GBP | 150 | 275,729 | |||||||||
|
| |||||||||||
1,679,662 | ||||||||||||
FRANCE — 14.09% |
| |||||||||||
Alcatel-Lucent | ||||||||||||
8.50%, 01/15/16a | EUR | 100 | 152,987 | |||||||||
Banque PSA Finance SA | ||||||||||||
4.00%, 06/24/15a | EUR | 400 | 569,208 | |||||||||
4.25%, 02/25/16a | EUR | 500 | 723,927 | |||||||||
4.88%, 09/25/15a | EUR | 300 | 434,248 | |||||||||
Cegedim SA | ||||||||||||
6.75%, 04/01/20 (Call 04/01/16)a | EUR | 200 | 291,709 | |||||||||
Cerba European Lab | ||||||||||||
7.00%, 02/01/20 (Call 02/01/16)a | EUR | 200 | 302,108 |
Security | Principal | Value | ||||||||||
CGG SA | ||||||||||||
5.88%, 05/15/20 (Call 05/15/17)a | EUR | 150 | $ | 214,742 | ||||||||
Ciments Francais SA | ||||||||||||
4.75%, 04/04/17a | EUR | 300 | 444,978 | |||||||||
CMA CGM SA | ||||||||||||
8.75%, 12/15/18 (Call 12/15/15)a | EUR | 200 | 286,163 | |||||||||
8.88%, 04/15/19 (Call 04/15/15)a | EUR | 100 | 143,808 | |||||||||
Crown European Holdings SA |
| |||||||||||
7.13%, 08/15/18 (Call 08/15/14)a | EUR | 100 | 145,331 | |||||||||
Darty Financement SAS | ||||||||||||
5.88%, 03/01/21 (Call 03/01/17)a | EUR | 100 | 143,733 | |||||||||
Europcar Groupe SA | ||||||||||||
9.38%, 04/15/18 (Call 05/30/14)a | EUR | 200 | 297,443 | |||||||||
11.50%, 05/15/17a | EUR | 200 | 320,418 | |||||||||
Faurecia SA | ||||||||||||
8.75%, 06/15/19 (Call 06/15/15)a | EUR | 100 | 157,505 | |||||||||
9.38%, 12/15/16a | EUR | 300 | 493,594 | |||||||||
Groupama SA | ||||||||||||
7.88%, 10/27/39 (Call 10/27/19)c | EUR | 400 | 609,388 | |||||||||
La Financiere Atalian SAS | ||||||||||||
7.25%, 01/15/20 (Call 01/15/17)a | EUR | 100 | 148,624 | |||||||||
Labco SAS | ||||||||||||
8.50%, 01/15/18 (Call 05/30/14)a | EUR | 325 | 480,505 | |||||||||
Labeyrie Fine Foods SAS | ||||||||||||
5.63%, 03/15/21 (Call 03/15/17)a | EUR | 150 | 213,723 | |||||||||
Lafarge SA | ||||||||||||
4.25%, 03/23/16 | EUR | 350 | 510,930 | |||||||||
4.75%, 03/23/20 | EUR | 200 | 310,934 | |||||||||
4.75%, 09/30/20a | EUR | 350 | 543,285 | |||||||||
5.38%, 06/26/17a | EUR | 550 | 846,488 | |||||||||
5.88%, 07/09/19a | EUR | 350 | 568,217 | |||||||||
6.13%, 05/28/15 | EUR | 150 | 218,795 | |||||||||
6.25%, 04/13/18a | EUR | 200 | 314,539 |
28 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
6.63%, 11/29/18a | EUR | 500 | $ | 801,512 | ||||||||
6.75%, 12/16/19a | EUR | 300 | 489,071 | |||||||||
8.88%, 11/24/16a | EUR | 300 | 488,457 | |||||||||
Loxam SAS | ||||||||||||
7.38%, 01/24/20 (Call 01/24/16)a | EUR | 100 | 152,587 | |||||||||
Medi-Partenaires SAS | ||||||||||||
7.00%, 05/15/20 (Call 05/15/16)a | EUR | 200 | 291,882 | |||||||||
Nexans SA | ||||||||||||
4.25%, 03/19/18 | EUR | 100 | 144,908 | |||||||||
5.75%, 05/02/17 | EUR | 200 | 300,271 | |||||||||
Novalis SAS | ||||||||||||
6.00%, 06/15/18 (Call 06/15/15)a | EUR | 300 | 441,203 | |||||||||
PagesJaunes Finance & Co. | ||||||||||||
8.88%, 06/01/18 (Call 06/01/14)a | EUR | 200 | 277,199 | |||||||||
Peugeot SA | ||||||||||||
5.00%, 10/28/16 | EUR | 400 | 588,607 | |||||||||
5.63%, 06/29/15 | EUR | 50 | 72,379 | |||||||||
5.63%, 07/11/17 | EUR | 300 | 450,594 | |||||||||
6.50%, 01/18/19a | EUR | 350 | 547,094 | |||||||||
6.88%, 03/30/16a | EUR | 200 | 301,066 | |||||||||
7.38%, 03/06/18a | EUR | 600 | 951,228 | |||||||||
8.38%, 07/15/14a | EUR | 150 | 210,686 | |||||||||
Renault SA | ||||||||||||
3.13%, 03/05/21a | EUR | 350 | 493,765 | |||||||||
3.63%, 09/19/18a | EUR | 350 | 514,358 | |||||||||
4.63%, 05/25/16a | EUR | 350 | 515,356 | |||||||||
4.63%, 09/18/17a | EUR | 400 | 602,912 | |||||||||
5.63%, 06/30/15 | EUR | 500 | 726,777 | |||||||||
5.63%, 03/22/17 | EUR | 250 | 383,398 | |||||||||
Rexel SA | ||||||||||||
5.13%, 06/15/20 (Call 06/15/16)a | EUR | 300 | 444,313 | |||||||||
7.00%, 12/17/18 (Call 06/17/15)a | EUR | 350 | 528,564 | |||||||||
SMCP SAS | ||||||||||||
8.88%, 06/15/20 (Call 06/15/16)a | EUR | 200 | 308,509 | |||||||||
SPCM SA | ||||||||||||
5.50%, 06/15/20 (Call 06/15/16)a | EUR | 200 | 299,855 |
Security | Principal | Value | ||||||||||
Tereos Finance Groupe I | ||||||||||||
4.25%, 03/04/20 (Call 03/04/19) | EUR | 300 | $ | 422,246 | ||||||||
Wendel SA |
| |||||||||||
3.75%, 01/21/21a | EUR | 200 | 288,582 | |||||||||
4.38%, 08/09/17 | EUR | 300 | 447,509 | |||||||||
4.88%, 09/21/15 | EUR | 250 | 363,056 | |||||||||
4.88%, 05/26/16 | EUR | 300 | 443,691 | |||||||||
5.88%, 09/17/19a | EUR | 300 | 480,980 | |||||||||
6.75%, 04/20/18 | EUR | 300 | 486,783 | |||||||||
|
| |||||||||||
24,146,728 | ||||||||||||
GERMANY — 10.82% |
| |||||||||||
Bayerische Landbank | ||||||||||||
5.75%, 10/23/17 | EUR | 400 | 618,156 | |||||||||
Brenntag Finance BV | ||||||||||||
5.50%, 07/19/18a | EUR | 200 | 314,125 | |||||||||
CeramTec Group GmbH | ||||||||||||
8.25%, 08/15/21 (Call 08/15/16)a | EUR | 200 | 304,181 | |||||||||
Commerzbank AG | ||||||||||||
6.38%, 03/22/19 | EUR | 800 | 1,281,171 | |||||||||
7.75%, 03/16/21 | EUR | 700 | 1,183,385 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
6.50%, 07/07/16 | EUR | 400 | 617,164 | |||||||||
Deutsche Raststaetten Gruppe IV GmbH | ||||||||||||
6.75%, 12/30/20 (Call 12/30/16)a | EUR | 200 | 300,535 | |||||||||
FMC Finance VI SA | ||||||||||||
5.50%, 07/15/16a | EUR | 100 | 151,349 | |||||||||
Franz Haniel & Cie GmbH | ||||||||||||
5.88%, 02/01/17 | EUR | 150 | 233,044 | |||||||||
FTE Verwaltungs GmbH | ||||||||||||
9.00%, 07/15/20 (Call 07/15/16)a | EUR | 100 | 154,190 | |||||||||
Gerresheimer AG | ||||||||||||
5.00%, 05/19/18a | EUR | 175 | 272,431 | |||||||||
Hapag-Lloyd AG | ||||||||||||
7.75%, 10/01/18 (Call 10/01/15)a | EUR | 200 | 297,720 | |||||||||
9.00%, 10/15/15 (Call 10/15/14)a | EUR | 159 | 230,962 | |||||||||
Heckler & Koch GmbH | ||||||||||||
9.50%, 05/15/18 (Call 05/30/14)a | EUR | 200 | 292,701 |
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
Heidelberger Druckmaschinen AG | ||||||||||||
9.25%, 04/15/18 (Call 05/30/14)a | EUR | 150 | $ | 218,936 | ||||||||
Hornbach Baumarkt AG | ||||||||||||
3.88%, 02/15/20a | EUR | 100 | 146,641 | |||||||||
KM Germany Holdings GmbH | ||||||||||||
8.75%, 12/15/20 (Call 12/15/15)a | EUR | 200 | 313,027 | |||||||||
KP Germany Erste GmbH | ||||||||||||
11.63%, 07/15/17 (Call 01/15/15)a | EUR | 100 | 158,048 | |||||||||
Norddeutsche Landesbank Girozentrale |
| |||||||||||
6.00%, 06/29/20 | EUR | 200 | 308,557 | |||||||||
Orion Engineered Carbons Bondco GmbH | ||||||||||||
10.00%, 06/15/18 (Call 06/15/14)a | EUR | 90 | 134,919 | |||||||||
Rheinmetall AG | ||||||||||||
4.00%, 09/22/17 | EUR | 250 | 378,008 | |||||||||
SGL Carbon SE | ||||||||||||
4.88%, 01/15/21 (Call 01/15/17)a | EUR | 100 | 142,835 | |||||||||
Styrolution Group GmbH | ||||||||||||
7.63%, 05/15/16 (Call 05/30/14)a | EUR | 225 | 321,411 | |||||||||
Techem Energy Metering Service GmbH & Co. KG | ||||||||||||
6.13%, 10/01/19 (Call 10/01/15)a | EUR | 200 | 302,129 | |||||||||
7.88%, 10/01/20 (Call 10/01/16)a | EUR | 200 | 311,816 | |||||||||
ThyssenKrupp AG | ||||||||||||
3.13%, 10/25/19 (Call 07/25/19)a | EUR | 700 | 985,362 | |||||||||
4.00%, 08/27/18 | EUR | 700 | 1,020,569 | |||||||||
4.38%, 03/18/15 | EUR | 200 | 284,553 | |||||||||
4.38%, 02/28/17 | EUR | 700 | 1,027,364 | |||||||||
ThyssenKrupp Finance Nederland BV |
| |||||||||||
8.50%, 02/25/16 | EUR | 500 | 777,057 | |||||||||
Trionista Holdco GmbH | ||||||||||||
5.00%, 04/30/20 (Call 04/30/16)a | EUR | 200 | 290,031 |
Security | Principal | Value | ||||||||||
Trionista TopCo GmbH | ||||||||||||
6.88%, 04/30/21 (Call 04/30/16)a | EUR | 300 | $ | 451,405 | ||||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | ||||||||||||
5.13%, 01/21/23 (Call 01/21/18)a | EUR | 300 | 439,404 | |||||||||
5.50%, 09/15/22 (Call 09/15/17)a | EUR | 350 | 518,252 | |||||||||
5.63%, 04/15/23 (Call 04/15/18)a | EUR | 250 | 373,727 | |||||||||
5.75%, 01/15/23 (Call 01/15/18)a | EUR | 300 | 448,743 | |||||||||
7.50%, 03/15/19 (Call 03/15/15)a | EUR | 400 | 596,590 | |||||||||
Unitymedia KabelBW GmbH | ||||||||||||
9.50%, 03/15/21 (Call 03/15/16)a | EUR | 300 | 479,410 | |||||||||
9.63%, 12/01/19 (Call 12/01/14)a | EUR | 300 | 451,682 | |||||||||
UPCB Finance II Ltd. | ||||||||||||
6.38%, 07/01/20 (Call 07/01/15)a | EUR | 300 | 444,042 | |||||||||
UPCB Finance Ltd. | ||||||||||||
7.63%, 01/15/20 (Call 01/15/15)a | EUR | 450 | 666,604 | |||||||||
WEPA Hygieneprodukte GmbH | ||||||||||||
6.50%, 05/15/20 (Call 05/15/16)a | EUR | 200 | 304,604 | |||||||||
|
| |||||||||||
18,546,840 | ||||||||||||
GREECE — 0.88% |
| |||||||||||
Frigoglass Finance BV | ||||||||||||
8.25%, 05/15/18 (Call 05/15/15)a | EUR | 100 | 147,252 | |||||||||
OTE PLC | ||||||||||||
4.63%, 05/20/16 | EUR | 300 | 431,615 | |||||||||
7.25%, 02/12/15a | EUR | 250 | 360,156 | |||||||||
7.88%, 02/07/18a | EUR | 350 | 565,244 | |||||||||
|
| |||||||||||
1,504,267 | ||||||||||||
IRELAND — 3.23% |
| |||||||||||
AG Spring Finance Ltd. | ||||||||||||
7.50%, 06/01/18 (Call 06/01/15)a | EUR | 200 | 287,016 |
30 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
Allied Irish Banks PLC | ||||||||||||
2.75%, 04/16/19a | EUR | 150 | $ | 208,240 | ||||||||
2.88%, 11/28/16a | EUR | 200 | 282,483 | |||||||||
5.63%, 11/12/14a | EUR | 100 | 141,421 | |||||||||
Ardagh Glass Finance PLC | ||||||||||||
7.13%, 06/15/17 (Call 06/15/14)a | EUR | 250 | 351,132 | |||||||||
Ardagh Packaging Finance PLC | ||||||||||||
7.38%, 10/15/17 (Call 10/15/14)a | EUR | 400 | 584,763 | |||||||||
9.25%, 10/15/20 (Call 10/15/15)a | EUR | 200 | 307,828 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
7.38%, 10/15/17 (Call 10/15/14)a | EUR | 200 | 292,382 | |||||||||
Eircom Finance Ltd. | ||||||||||||
9.25%, 05/15/20 (Call 05/15/16)a | EUR | 200 | 308,001 | |||||||||
Governor & Co. of the Bank of Ireland (The) | ||||||||||||
2.75%, 06/05/16 | EUR | 250 | 353,306 | |||||||||
3.25%, 01/15/19a | EUR | 450 | 643,807 | |||||||||
10.00%, 12/19/22a | EUR | 100 | 175,861 | |||||||||
Nara Cable Funding II Ltd. | ||||||||||||
8.50%, 03/01/20 (Call 03/01/16)a | EUR | 250 | 414,890 | |||||||||
Ono Finance II PLC | ||||||||||||
11.13%, 07/15/19 (Call 05/30/14)a | EUR | 100 | 154,836 | |||||||||
Rottapharm Ltd. | ||||||||||||
6.13%, 11/15/19 (Call 11/15/15)a | EUR | 200 | 297,775 | |||||||||
Smurfit Kappa Acquisitions | ||||||||||||
4.13%, 01/30/20a | EUR | 200 | 293,955 | |||||||||
7.75%, 11/15/19 (Call 11/15/14)a | EUR | 300 | 444,042 | |||||||||
|
| |||||||||||
5,541,738 | ||||||||||||
ITALY — 14.24% |
| |||||||||||
Astaldi SpA | ||||||||||||
7.13%, 12/01/20 (Call 12/01/16)a | EUR | 400 | 600,029 |
Security | Principal | Value | ||||||||||
Banca Monte dei Paschi di Siena SpA | ||||||||||||
3.63%, 04/01/19a | EUR | 600 | $ | 848,551 | ||||||||
4.88%, 05/31/16 | EUR | 150 | 208,830 | |||||||||
5.00%, 04/21/20a | EUR | 400 | 563,502 | |||||||||
5.60%, 09/09/20 | EUR | 200 | 287,578 | |||||||||
Series 1 | ||||||||||||
7.25%, 07/10/15a | EUR | 500 | 733,092 | |||||||||
Banca Piccolo Credito Valtellinese Scarl | ||||||||||||
4.00%, 07/24/15a | EUR | 200 | 282,884 | |||||||||
Banca Popolare di Milano Scarl | ||||||||||||
4.00%, 01/22/16a | EUR | 650 | 926,104 | |||||||||
4.25%, 01/30/19a | EUR | 300 | 436,946 | |||||||||
7.13%, 03/01/21a | EUR | 200 | 309,478 | |||||||||
Banca Popolare di Vicenza | ||||||||||||
3.50%, 01/20/17a | EUR | 300 | 421,889 | |||||||||
5.00%, 10/25/18a | EUR | 100 | 146,629 | |||||||||
6.75%, 02/27/15a | EUR | 150 | 215,339 | |||||||||
Banco Popolare | ||||||||||||
3.50%, 03/14/19a | EUR | 750 | 1,063,653 | |||||||||
3.75%, 01/28/16a | EUR | 800 | 1,142,725 | |||||||||
5.47%, 11/12/16a | EUR | 100 | 147,148 | |||||||||
6.00%, 11/05/20a | EUR | 600 | 893,840 | |||||||||
Buzzi Unicem SpA | ||||||||||||
5.13%, 12/09/16a | EUR | 200 | 298,715 | |||||||||
6.25%, 09/28/18a | EUR | 200 | 313,395 | |||||||||
Cerved Group SpA | ||||||||||||
6.38%, 01/15/20 (Call 01/15/16)a | EUR | 100 | 150,541 | |||||||||
Enel SpA | ||||||||||||
5.00%, 01/15/75 (Call 01/15/20)a,c | EUR | 600 | 869,366 | |||||||||
6.50%, 01/10/74 (Call 01/10/19)a,c | EUR | 600 | 916,162 | |||||||||
Fiat Finance North America Inc. | ||||||||||||
5.63%, 06/12/17 | EUR | 450 | 670,681 | |||||||||
GTECH SpA | ||||||||||||
8.25%, 03/31/66 (Call 03/31/16)a,c | EUR | 350 | 527,149 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
6.63%, 09/13/23a | EUR | 375 | 620,569 | |||||||||
Italcementi Finance SA | ||||||||||||
6.13%, 02/21/18a | EUR | 300 | 467,128 | |||||||||
6.63%, 03/19/20a,d | EUR | 350 | 558,033 |
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
IVS F SpA | ||||||||||||
7.13%, 04/01/20 (Call 04/01/16)a | EUR | 100 | $ | 148,201 | ||||||||
Manutencoop Facility Management SpA | ||||||||||||
8.50%, 08/01/20 (Call 08/01/16)a | EUR | 200 | 308,001 | |||||||||
Salini Costruttori SpA | ||||||||||||
6.13%, 08/01/18 | EUR | 200 | 303,847 | |||||||||
Sisal Holding Istituto di Pagamento SpA | ||||||||||||
7.25%, 09/30/17 (Call 11/01/14)a | EUR | 100 | 143,397 | |||||||||
Snai SpA | ||||||||||||
7.63%, 06/15/18 (Call 12/15/15)a | EUR | 300 | 445,363 | |||||||||
TeamSystem Holding SpA | ||||||||||||
7.38%, 05/15/20 | EUR | 165 | 243,079 | |||||||||
7.38%, 05/15/20 (Call 05/15/16)a | EUR | 100 | 147,335 | |||||||||
Telecom Italia SpA | ||||||||||||
4.00%, 01/21/20a | EUR | 300 | 433,732 | |||||||||
4.50%, 09/20/17a | EUR | 550 | 817,833 | |||||||||
4.50%, 01/25/21a | EUR | 500 | 732,515 | |||||||||
4.75%, 05/25/18a | EUR | 150 | 224,804 | |||||||||
4.88%, 09/25/20a | EUR | 250 | 373,726 | |||||||||
5.13%, 01/25/16a | EUR | 150 | 220,449 | |||||||||
5.25%, 02/10/22a | EUR | 100 | 151,033 | |||||||||
5.38%, 01/29/19 | EUR | 400 | 617,645 | |||||||||
5.63%, 12/29/15 | GBP | 100 | 178,123 | |||||||||
6.13%, 12/14/18 | EUR | 250 | 396,142 | |||||||||
6.38%, 06/24/19 | GBP | 200 | 367,263 | |||||||||
7.00%, 01/20/17a | EUR | 200 | 312,985 | |||||||||
8.25%, 03/21/16 | EUR | 150 | 233,041 | |||||||||
UniCredit SpA | ||||||||||||
3.95%, 02/01/16 | EUR | 450 | 641,059 | |||||||||
5.00%, 02/01/16 | GBP | 150 | 261,514 | |||||||||
6.70%, 06/05/18 | EUR | 450 | 695,701 | |||||||||
Unipol Gruppo Finanziario SpA | ||||||||||||
4.38%, 03/05/21a | EUR | 270 | 391,336 | |||||||||
5.00%, 01/11/17a | EUR | 200 | 295,784 | |||||||||
Veneto Banca SCPA | ||||||||||||
4.00%, 01/20/17a | EUR | 300 | 422,437 | |||||||||
4.25%, 01/18/16a | EUR | 200 | 282,580 | |||||||||
|
| |||||||||||
24,408,881 |
Security | Principal | Value | ||||||||||
JAPAN — 0.30% |
| |||||||||||
SoftBank Corp. | ||||||||||||
4.63%, 04/15/20a | EUR | 350 | $ | 516,836 | ||||||||
|
| |||||||||||
516,836 | ||||||||||||
JERSEY — 0.10% |
| |||||||||||
Hastings Insurance Group Finance PLC | ||||||||||||
8.00%, 10/21/20 (Call 10/30/16)b | GBP | 100 | 175,609 | |||||||||
|
| |||||||||||
175,609 | ||||||||||||
LUXEMBOURG — 15.33% |
| |||||||||||
Altice SA | ||||||||||||
7.25%, 05/15/22 (Call 05/15/17)a | EUR | 100 | 144,358 | |||||||||
ArcelorMittal SA | ||||||||||||
3.00%, 03/25/19a | EUR | 400 | 558,363 | |||||||||
5.75%, 03/29/18a | EUR | 300 | 463,385 | |||||||||
5.88%, 11/17/17a | EUR | 550 | 849,729 | |||||||||
10.63%, 06/03/16 | EUR | 550 | 897,678 | |||||||||
Befesa Zinc SAU via Zinc Capital SA | ||||||||||||
8.88%, 05/15/18 (Call 05/30/14)a | EUR | 100 | 148,083 | |||||||||
Bormioli Rocco Holdings SA | ||||||||||||
10.00%, 08/01/18 (Call 08/01/14)a | EUR | 100 | 149,941 | |||||||||
Cabot Financial Luxembourg SA | ||||||||||||
10.38%, 10/01/19 (Call 10/01/15)b | GBP | 100 | 191,228 | |||||||||
Capsugel FinanceCo SCA | ||||||||||||
9.88%, 08/01/19 (Call 08/01/14)a | EUR | 100 | 151,841 | |||||||||
Clariant Finance Luxembourg SA | ||||||||||||
5.63%, 01/24/17 | EUR | 250 | 385,089 | |||||||||
CNH Industrial Finance Europe SA | ||||||||||||
2.75%, 03/18/19a | EUR | 500 | 693,941 | |||||||||
6.25%, 03/09/18a | EUR | 650 | 1,024,879 | |||||||||
ConvaTec Healthcare E SA | ||||||||||||
7.38%, 12/15/17 (Call 05/30/14)a | EUR | 150 | 219,572 | |||||||||
10.88%, 12/15/18 (Call 12/15/14)a | EUR | 100 | 152,984 |
32 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
Elior Finance & Co. SCA | ||||||||||||
6.50%, 05/01/20 (Call 05/01/16)a | EUR | 200 | $ | 304,881 | ||||||||
Fiat Finance & Trade SA | ||||||||||||
4.75%, 03/22/21a | EUR | 350 | 505,262 | |||||||||
6.38%, 04/01/16a | EUR | 400 | 593,582 | |||||||||
6.63%, 03/15/18a | EUR | 550 | 851,255 | |||||||||
6.75%, 10/14/19a | EUR | 550 | 871,259 | |||||||||
7.00%, 03/23/17a | EUR | 400 | 618,364 | |||||||||
7.38%, 07/09/18 | EUR | 200 | 318,976 | |||||||||
7.75%, 10/17/16a | EUR | 450 | 697,386 | |||||||||
Findus Bondco SA | ||||||||||||
9.13%, 07/01/18 (Call 07/01/15)a | EUR | 100 | 151,661 | |||||||||
Finmeccanica Finance SA | ||||||||||||
4.50%, 01/19/21 | EUR | 500 | 725,165 | |||||||||
8.00%, 12/16/19 | GBP | 250 | 494,031 | |||||||||
FMC Finance VII SA | ||||||||||||
5.25%, 02/15/21a | EUR | 200 | 314,081 | |||||||||
FMC Finance VIII SA | ||||||||||||
5.25%, 07/31/19a | EUR | 100 | 156,347 | |||||||||
6.50%, 09/15/18a | EUR | 250 | 409,067 | |||||||||
Gategroup Finance Luxembourg SA | ||||||||||||
6.75%, 03/01/19 (Call 03/01/15)a | EUR | 100 | 149,574 | |||||||||
GCS Holdco Finance I SA | ||||||||||||
6.50%, 11/15/18 (Call 11/15/15)a | EUR | 200 | 292,922 | |||||||||
Geo Debt Finance SCA | ||||||||||||
7.50%, 08/01/18 (Call 02/01/15)a | EUR | 200 | 294,482 | |||||||||
Gestamp Funding Luxembourg SA | ||||||||||||
5.88%, 05/31/20 (Call 05/31/16)a | EUR | 300 | 444,406 | |||||||||
HeidelbergCement Finance Luxembourg SA | ||||||||||||
2.25%, 03/12/19a | EUR | 350 | 479,711 | |||||||||
3.25%, 10/21/20a | EUR | 100 | 142,097 | |||||||||
3.25%, 10/21/21a | EUR | 300 | 419,604 | |||||||||
4.00%, 03/08/16a | EUR | 250 | 362,149 | |||||||||
6.50%, 08/03/15a | EUR | 150 | 221,209 | |||||||||
6.75%, 12/15/15a | EUR | 400 | 601,288 | |||||||||
7.50%, 04/03/20 | EUR | 400 | 687,728 | |||||||||
8.00%, 01/31/17a | EUR | 500 | 805,221 |
Security | Principal | Value | ||||||||||
8.50%, 10/31/19a | EUR | 350 | $ | 624,005 | ||||||||
9.50%, 12/15/18a | EUR | 200 | 359,844 | |||||||||
Ineos Group Holdings SA | ||||||||||||
5.75%, 02/15/19 (Call 02/15/16)a | EUR | 300 | 426,894 | |||||||||
6.50%, 08/15/18 (Call 05/15/15)a | EUR | 350 | 511,086 | |||||||||
Intralot Finance Luxembourg SA | ||||||||||||
9.75%, 08/15/18 (Call 08/15/16)a | EUR | 200 | 313,027 | |||||||||
KION Finance SA | ||||||||||||
6.75%, 02/15/20 (Call 02/15/16)a | EUR | 200 | 305,027 | |||||||||
Magnolia BC SA | ||||||||||||
9.00%, 08/01/20 (Call 08/01/16)a | EUR | 200 | 296,435 | |||||||||
Ontex IV SA | ||||||||||||
7.50%, 04/15/18 (Call 05/30/14)a | EUR | 100 | 144,437 | |||||||||
Picard Bondco SA | ||||||||||||
9.00%, 10/01/18 (Call 10/01/14)a | EUR | 100 | 148,281 | |||||||||
S&B Minerals Finance SCA/S&B Industrial Minerals North America Inc. | ||||||||||||
9.25%, 08/15/20 (Call 08/15/16)a | EUR | 100 | 157,179 | |||||||||
Servus Luxembourg Holding SCA | ||||||||||||
7.75%, 06/15/18 (Call 06/15/15)a | EUR | 200 | 299,287 | |||||||||
Spie BondCo 3 SCA | ||||||||||||
11.00%, 08/15/19 (Call 08/15/15)a | EUR | 200 | 316,161 | |||||||||
Sunrise Communications International SA | ||||||||||||
7.00%, 12/31/17 (Call 05/30/14)a | EUR | 200 | 292,571 | |||||||||
Takko Luxembourg 2 SCA | ||||||||||||
9.88%, 04/15/19 (Call 04/15/16)a | EUR | 200 | 258,601 | |||||||||
Telenet Finance III Luxembourg SCA | ||||||||||||
6.63%, 02/15/21 (Call 02/15/16)a | EUR | 200 | 298,806 |
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
Telenet Finance Luxembourg SCA | ||||||||||||
6.38%, 11/15/20 (Call 11/15/15)a | EUR | 200 | $ | 297,299 | ||||||||
Telenet Finance V Luxembourg SCA | ||||||||||||
6.25%, 08/15/22 (Call 08/15/17)a | EUR | 200 | 301,228 | |||||||||
6.75%, 08/15/24 (Call 08/15/18)a | EUR | 200 | 305,748 | |||||||||
Wind Acquisition Holdings Finance SA | ||||||||||||
7.00%, 04/23/21 (Call 04/23/17)a | EUR | 950 | 1,361,744 | |||||||||
7.38%, 02/15/18 (Call 05/30/14)a | EUR | 800 | 1,171,209 | |||||||||
Xefin Lux SCA | ||||||||||||
8.00%, 06/01/18 (Call 06/01/14)a | EUR | 100 | 147,356 | |||||||||
|
| |||||||||||
26,279,004 | ||||||||||||
NETHERLANDS — 10.53% |
| |||||||||||
Carlson Wagonlit BV | ||||||||||||
7.50%, 06/15/19 (Call 06/15/15)a | EUR | 100 | 150,527 | |||||||||
Deutsche Annington Finance BV | ||||||||||||
4.63%, 04/08/74 (Call 04/08/19)a,c | EUR | 400 | 554,980 | |||||||||
EDP Finance BV | ||||||||||||
2.63%, 04/15/19 | EUR | 350 | 484,686 | |||||||||
3.75%, 06/22/15 | EUR | 400 | 569,178 | |||||||||
4.13%, 06/29/20 | EUR | 100 | 147,321 | |||||||||
4.13%, 01/20/21a | EUR | 250 | 367,852 | |||||||||
4.63%, 06/13/16 | EUR | 200 | 294,461 | |||||||||
4.75%, 09/26/16a | EUR | 400 | 594,150 | |||||||||
4.88%, 09/14/20 | EUR | 500 | 766,068 | |||||||||
5.75%, 09/21/17a | EUR | 500 | 774,717 | |||||||||
5.88%, 02/01/16a | EUR | 450 | 671,929 | |||||||||
Fresenius Finance BV | ||||||||||||
2.38%, 02/01/19a | EUR | 100 | 141,442 | |||||||||
2.88%, 07/15/20a | EUR | 450 | 640,550 | |||||||||
3.00%, 02/01/21a | EUR | 200 | 282,301 | |||||||||
4.00%, 02/01/24a | EUR | 200 | 288,097 | |||||||||
4.25%, 04/15/19a | EUR | 300 | 457,104 | |||||||||
Goodyear Dunlop Tires Europe BV | ||||||||||||
6.75%, 04/15/19 (Call 04/15/15)a | EUR | 100 | 148,823 |
Security | Principal | Value | ||||||||||
Grupo Isolux Corsan Finance BV | ||||||||||||
6.63%, 04/15/21 (Call 04/15/17)a | EUR | 350 | $ | 488,083 | ||||||||
HeidelbergCement Finance BV | ||||||||||||
5.63%, 01/04/18 | EUR | 300 | 466,504 | |||||||||
Hertz Holdings Netherlands BV | ||||||||||||
4.38%, 01/15/19a | EUR | 200 | 284,984 | |||||||||
InterXion Holding NV | ||||||||||||
6.00%, 07/15/20a | EUR | 300 | 443,973 | |||||||||
Nokia Siemens Networks Finance BV | ||||||||||||
6.75%, 04/15/18 (Call 04/15/15)a | EUR | 200 | 298,455 | |||||||||
7.13%, 04/15/20 (Call 04/15/16)a | EUR | 200 | 317,506 | |||||||||
OI European Group BV | ||||||||||||
4.88%, 03/31/21a | EUR | 200 | 297,704 | |||||||||
6.75%, 09/15/20a | EUR | 200 | 327,920 | |||||||||
Phoenix PIB Dutch Finance BV | ||||||||||||
3.13%, 05/27/20a | EUR | 100 | 136,547 | |||||||||
PortAventura Entertainment Barcelona BV | ||||||||||||
7.25%, 12/01/20 (Call 12/01/16)a | EUR | 200 | 291,938 | |||||||||
Portugal Telecom International Finance BV | ||||||||||||
4.38%, 03/24/17 | EUR | 350 | 516,836 | |||||||||
4.63%, 05/08/20a | EUR | 500 | 739,221 | |||||||||
5.00%, 11/04/19a | EUR | 450 | 679,582 | |||||||||
5.63%, 02/08/16a | EUR | 300 | 445,290 | |||||||||
5.88%, 04/17/18a | EUR | 450 | 696,887 | |||||||||
Refresco Gerber BV | ||||||||||||
7.38%, 05/15/18 (Call 05/30/14)a | EUR | 200 | 293,412 | |||||||||
Schaeffler Finance BV | ||||||||||||
4.25%, 05/15/18 (Call 05/15/15)a | EUR | 300 | 432,853 | |||||||||
6.75%, 07/01/17 (Call 07/01/14)a | EUR | 200 | 292,909 | |||||||||
7.75%, 02/15/17a | EUR | 450 | 720,269 | |||||||||
8.75%, 02/15/19 (Call 02/15/15)a | EUR | 250 | 388,710 | |||||||||
SNS BANK NV | ||||||||||||
6.25%, 10/26/20e,f | EUR | 50 | — |
34 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
Stork Technical Services Holdings BV | ||||||||||||
11.00%, 08/15/17 (Call 02/15/15)a | EUR | 200 | $ | 294,711 | ||||||||
Univeg Holding BV | ||||||||||||
7.88%, 11/15/20 (Call 11/15/16)a | EUR | 200 | 286,332 | |||||||||
UPC Holding BV | ||||||||||||
6.38%, 09/15/22 (Call 09/15/17)a | EUR | 300 | 445,623 | |||||||||
6.75%, 03/15/23 (Call 03/15/18)a | EUR | 200 | 300,548 | |||||||||
8.38%, 08/15/20 (Call 08/15/15)a | EUR | 300 | 455,849 | |||||||||
Ziggo Bond Co. BV | ||||||||||||
8.00%, 05/15/18 (Call 05/30/14)a | EUR | 250 | 372,635 | |||||||||
|
| |||||||||||
18,049,467 | ||||||||||||
NORWAY — 0.08% |
| |||||||||||
Norske Skogindustrier ASA | ||||||||||||
7.00%, 06/26/17a | EUR | 150 | 141,782 | |||||||||
|
| |||||||||||
141,782 | ||||||||||||
PORTUGAL — 2.44% |
| |||||||||||
Banco Comercial Portugues SA | ||||||||||||
3.38%, 02/27/17a | EUR | 300 | 423,497 | |||||||||
Banco Espirito Santo SA | ||||||||||||
3.88%, 01/21/15 | EUR | 150 | 210,833 | |||||||||
4.00%, 01/21/19a | EUR | 400 | 573,031 | |||||||||
4.75%, 01/15/18a | EUR | 200 | 294,612 | |||||||||
5.88%, 11/09/15a | EUR | 400 | 585,723 | |||||||||
7.13%, 11/28/23 (Call 11/28/18)a,c | EUR | 400 | 594,483 | |||||||||
Brisa Concessao Rodoviaria SA | ||||||||||||
3.88%, 04/01/21a | EUR | 100 | 141,428 | |||||||||
4.50%, 12/05/16 | EUR | 400 | 591,031 | |||||||||
6.88%, 04/02/18a | EUR | 200 | 316,653 | |||||||||
Espirito Santo Financial Group SA | ||||||||||||
6.88%, 10/21/19 | EUR | 200 | 291,175 | |||||||||
Portucel SA | ||||||||||||
5.38%, 05/15/20 (Call 05/15/16)a | EUR | 100 | 150,445 | |||||||||
|
| |||||||||||
4,172,911 |
Security | Principal | Value | ||||||||||
SPAIN — 5.82% |
| |||||||||||
Abengoa Finance SAU | ||||||||||||
6.00%, 03/31/21a | EUR | 300 | $ | 422,745 | ||||||||
8.88%, 02/05/18a | EUR | 200 | 313,152 | |||||||||
Abengoa SA | ||||||||||||
8.50%, 03/31/16 | EUR | 200 | 303,336 | |||||||||
9.63%, 02/25/15a | EUR | 200 | 293,602 | |||||||||
Almirall SA | ||||||||||||
4.63%, 04/01/21 | EUR | 200 | 283,217 | |||||||||
Banco de Sabadell SA | ||||||||||||
2.50%, 12/05/16 | EUR | 400 | 565,404 | |||||||||
6.25%, 04/26/20 | EUR | 200 | 307,789 | |||||||||
Bankia SA | ||||||||||||
3.50%, 01/17/19a | EUR | 600 | 863,445 | |||||||||
4.38%, 02/14/17 | EUR | 200 | 295,647 | |||||||||
Bankinter SA | ||||||||||||
6.38%, 09/11/19 | EUR | 150 | 236,961 | |||||||||
BPE Financiaciones SA | ||||||||||||
2.50%, 02/01/17 | EUR | 500 | 699,706 | |||||||||
2.88%, 05/19/16 | EUR | 600 | 847,988 | |||||||||
4.00%, 07/17/15a | EUR | 200 | 285,056 | |||||||||
CaixaBank SA | ||||||||||||
5.00%, 11/14/23 (Call 11/14/18)a,c | EUR | 400 | 595,869 | |||||||||
Campofrio Food Group SA | ||||||||||||
8.25%, 10/31/16 (Call 05/30/14)a | EUR | 125 | 180,823 | |||||||||
Cirsa Funding Luxembourg SA |
| |||||||||||
8.75%, 05/15/18 (Call 05/30/14)a | EUR | 350 | 505,723 | |||||||||
Ence Energia y Celulosa SA | ||||||||||||
7.25%, 02/15/20 (Call 02/15/16)a | EUR | 100 | 148,801 | |||||||||
Inaer Aviation Finance Ltd. | ||||||||||||
9.50%, 08/01/17 (Call 08/01/14)a | EUR | 200 | 294,995 | |||||||||
Mapfre SA | ||||||||||||
5.13%, 11/16/15 | EUR | 200 | 294,553 | |||||||||
5.92%, 07/24/37 (Call 07/24/17)c | EUR | 200 | 294,718 | |||||||||
Nara Cable Funding Ltd. | ||||||||||||
8.88%, 12/01/18 (Call 05/30/14)a | EUR | 550 | 824,869 |
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
NH Hoteles SA | ||||||||||||
6.88%, 11/15/19 (Call 11/15/17)a | EUR | 100 | $ | 150,454 | ||||||||
Obrascon Huarte Lain SA | ||||||||||||
4.75%, 03/15/22 (Call 03/15/18)a | EUR | 250 | 350,017 | |||||||||
7.63%, 03/15/20 (Call 03/15/16)a | EUR | 200 | 310,864 | |||||||||
8.75%, 03/15/18 (Call 03/15/15)a | EUR | 200 | 304,694 | |||||||||
|
| |||||||||||
9,974,428 | ||||||||||||
SWEDEN — 1.04% |
| |||||||||||
Norcell Sweden Holding 2 AB | ||||||||||||
10.75%, 09/29/19 (Call 11/14/15)a | EUR | 100 | 157,900 | |||||||||
Perstorp Holding AB | ||||||||||||
9.00%, 05/15/17 (Call 05/15/15)a | EUR | 100 | 151,625 | |||||||||
SSAB AB | ||||||||||||
3.88%, 04/10/19a | EUR | 200 | 278,752 | |||||||||
Stena AB | ||||||||||||
6.13%, 02/01/17a | EUR | 200 | 299,298 | |||||||||
Unilabs Subholding AB | ||||||||||||
8.50%, 07/15/18 (Call 07/15/15)a | EUR | 200 | 293,442 | |||||||||
Verisure Holding AB | ||||||||||||
8.75%, 09/01/18 (Call 09/01/14)a | EUR | 300 | 451,863 | |||||||||
8.75%, 12/01/18 (Call 12/01/14)a | EUR | 100 | 150,454 | |||||||||
|
| |||||||||||
1,783,334 | ||||||||||||
SWITZERLAND — 0.35% |
| |||||||||||
Sunrise Communications Holdings SA | ||||||||||||
8.50%, 12/31/18 (Call 12/31/14)a | EUR | 400 | 598,999 | |||||||||
|
| |||||||||||
598,999 | ||||||||||||
UNITED KINGDOM — 10.29% |
| |||||||||||
AA Bond Co. Ltd. | ||||||||||||
9.50%, 07/31/43 (Call 01/31/16)a | GBP | 400 | 759,848 |
Security | Principal | Value | ||||||||||
Algeco Scotsman Global Finance PLC | ||||||||||||
9.00%, 10/15/18 (Call 10/15/15)a | EUR | 100 | $ | 150,327 | ||||||||
Arqiva Broadcast Finance PLC | ||||||||||||
9.50%, 03/31/20 (Call 03/31/16)a | GBP | 300 | 580,017 | |||||||||
Aston Martin Capital Ltd. | ||||||||||||
9.25%, 07/15/18 (Call 07/15/14)b | GBP | 100 | 181,519 | |||||||||
Bakkavor Finance (2) PLC | ||||||||||||
8.25%, 02/15/18 (Call 02/15/15)b | GBP | 200 | 358,817 | |||||||||
Boparan Finance PLC | ||||||||||||
9.75%, 04/30/18 (Call 05/30/14)a | EUR | 250 | 372,358 | |||||||||
9.88%, 04/30/18 (Call 05/30/14)b | GBP | 200 | 363,477 | |||||||||
British Airways PLC | ||||||||||||
8.75%, 08/23/16 | GBP | 175 | 332,784 | |||||||||
Care UK | ||||||||||||
9.75%, 08/01/17 (Call 08/01/14)b | GBP | 150 | 268,740 | |||||||||
Co-Operative Bank PLC | ||||||||||||
2.38%, 10/23/15a | EUR | 200 | 267,673 | |||||||||
5.13%, 09/20/17 | GBP | 200 | 327,579 | |||||||||
Co-Operative Group Ltd. |
| |||||||||||
6.88%, 07/08/20a,d | GBP | 100 | 169,699 | |||||||||
EC Finance PLC | ||||||||||||
9.75%, 08/01/17 (Call 08/01/14)a | EUR | 200 | 296,000 | |||||||||
Eco-Bat Finance PLC | ||||||||||||
7.75%, 02/15/17 (Call 05/30/14)a | EUR | 100 | 143,681 | |||||||||
Elli Finance UK PLC | ||||||||||||
8.75%, 06/15/19 (Call 06/15/15)b | GBP | 200 | 374,453 | |||||||||
Gala Group Finance PLC | ||||||||||||
8.88%, 09/01/18 (Call 06/01/14)b | GBP | 350 | 627,930 | |||||||||
Infinis PLC | ||||||||||||
7.00%, 02/15/19 (Call 02/15/16)b | GBP | 200 | 365,571 |
36 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal | Value | ||||||||||
International Personal Finance PLC | ||||||||||||
5.75%, 04/07/21 | EUR | 150 | $ | 210,842 | ||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
5.00%, 02/15/22a | GBP | 300 | 516,696 | |||||||||
8.25%, 03/15/20 (Call 03/15/16)b | GBP | 200 | 380,768 | |||||||||
Kerling PLC | ||||||||||||
10.63%, 02/01/17 (Call 05/30/14)a | EUR | 350 | 514,588 | |||||||||
Matalan Finance PLC | ||||||||||||
8.88%, 04/29/16 (Call 05/30/14)b | GBP | 100 | 173,076 | |||||||||
NBG Finance PLC | ||||||||||||
4.38%, 04/30/19a | EUR | 200 | 273,705 | |||||||||
New Look Bondco I PLC | ||||||||||||
8.75%, 05/14/18 (Call 05/14/15)a | GBP | 300 | 544,557 | |||||||||
Odeon & UCI Finco PLC | ||||||||||||
9.00%, 08/01/18 (Call 08/01/14)b | GBP | 300 | 534,177 | |||||||||
Phones4u Finance PLC | ||||||||||||
9.50%, 04/01/18 (Call 05/30/14)b | GBP | 200 | 352,907 | |||||||||
Piraeus Group Finance PLC | ||||||||||||
5.00%, 03/27/17a | EUR | 300 | 430,482 | |||||||||
PPC Finance PLC | ||||||||||||
5.50%, 05/01/19 | EUR | 100 | 138,655 | |||||||||
Premier Foods Finance PLC | ||||||||||||
6.50%, 03/15/21 (Call 03/15/17)b | GBP | 150 | 259,615 | |||||||||
Priory Group No. 3 PLC | ||||||||||||
7.00%, 02/15/18 (Call 05/30/14)b | GBP | 325 | 578,962 | |||||||||
R & R Ice Cream PLC | ||||||||||||
8.38%, 11/15/17 (Call 05/30/14)a | EUR | 100 | 147,335 | |||||||||
Rexam PLC | ||||||||||||
6.75%, 06/29/67 (Call 06/29/17)a,c | EUR | 350 | 519,101 | |||||||||
Royal Bank of Scotland Group PLC | ||||||||||||
3.63%, 03/25/24 (Call 03/25/19)a,c | �� | EUR | 500 | 689,345 | ||||||||
4.63%, 09/22/21 (Call 09/22/16)c | EUR | 550 | 774,518 |
Security | Principal | Value | ||||||||||
Thomas Cook Finance PLC | ||||||||||||
7.75%, 06/15/20 (Call 06/15/16)a | EUR | 300 | $ | 461,222 | ||||||||
Thomas Cook Group PLC | ||||||||||||
6.75%, 06/22/15 | EUR | 150 | 217,831 | |||||||||
7.75%, 06/22/17 | GBP | 150 | 281,144 | |||||||||
Towergate Finance PLC | ||||||||||||
10.50%, 02/15/19 (Call 02/15/15)b | GBP | 100 | 176,453 | |||||||||
Virgin Media Finance PLC | ||||||||||||
7.00%, 04/15/23 (Call 04/15/18)a | GBP | 100 | 180,675 | |||||||||
8.88%, 10/15/19 (Call 10/15/14) | GBP | 100 | 180,070 | |||||||||
Virgin Media Secured Finance PLC | ||||||||||||
5.50%, 01/15/21 | GBP | 300 | 525,561 | |||||||||
5.50%, 01/15/25 (Call 01/15/19)a | GBP | 100 | 168,855 | |||||||||
6.00%, 04/15/21 (Call 04/15/17)a | GBP | 600 | 1,063,787 | |||||||||
6.00%, 04/15/21 (Call 04/15/17)b | GBP | 100 | 177,298 | |||||||||
6.25%, 03/28/29 (Call 01/15/21)a | GBP | 200 | 343,620 | |||||||||
Viridian Group | ||||||||||||
11.13%, 04/01/17 (Call 04/01/15)a | EUR | 91 | 140,527 | |||||||||
Vougeot Bidco PLC | ||||||||||||
7.88%, 07/15/20 (Call 07/15/16)b | GBP | 100 | 184,052 | |||||||||
7.88%, 07/15/20 (Call 07/15/16)a | GBP | 100 | 184,082 | |||||||||
William Hill PLC | ||||||||||||
7.13%, 11/11/16 | GBP | 200 | 373,170 | |||||||||
|
| |||||||||||
17,638,149 | ||||||||||||
UNITED STATES — 0.93% |
| |||||||||||
Allied Nevada Gold Corp. | ||||||||||||
8.75%, 06/01/19 (Call 06/01/16)b | CAD | 175 | 122,785 | |||||||||
Axalta Coating Systems U.S. Holdings Inc./Axalta Coating Systems Dutch Holding BV | ||||||||||||
5.75%, 02/01/21 (Call 02/01/16)a | EUR | 100 | 148,934 |
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal or Shares (000s) | Value | ||||||||||
Belden Inc. | ||||||||||||
5.50%, 04/15/23 (Call 04/15/18)a | EUR | 200 | $ | 285,352 | ||||||||
Chesapeake Energy Corp. | ||||||||||||
6.25%, 01/15/17 | EUR | 200 | 304,764 | |||||||||
Fresenius Medical Care US Finance II Inc. | ||||||||||||
8.75%, 07/15/15a | EUR | 100 | 151,844 | |||||||||
Huntsman International LLC | ||||||||||||
5.13%, 04/15/21 | EUR | 200 | 289,123 | |||||||||
Iron Mountain Inc. | ||||||||||||
6.75%, 10/15/18 (Call 05/14/14) | EUR | 100 | 139,889 | |||||||||
Levi Strauss & Co. | ||||||||||||
7.75%, 05/15/18 (Call 05/30/14) | EUR | 100 | 144,247 | |||||||||
|
| |||||||||||
1,586,938 | ||||||||||||
|
| |||||||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||||||
(Cost: $156,805,444) |
| 163,751,743 | ||||||||||
FOREIGN AGENCY OBLIGATIONS — 0.43% |
| |||||||||||
PORTUGAL — 0.43% |
| |||||||||||
Caixa Geral de Depositos SA | ||||||||||||
5.63%, 12/04/15a | EUR | 500 | 734,213 | |||||||||
|
| |||||||||||
734,213 | ||||||||||||
|
| |||||||||||
TOTAL FOREIGN AGENCY OBLIGATIONS |
| |||||||||||
(Cost: $714,290) |
| 734,213 | ||||||||||
SHORT-TERM INVESTMENTS — 0.03% |
| |||||||||||
MONEY MARKET FUNDS — 0.03% |
| |||||||||||
BlackRock Cash Funds: Treasury, | ||||||||||||
0.00%g,h | 44 | 44,239 | ||||||||||
|
| |||||||||||
44,239 | ||||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||||||
(Cost: $44,239) |
| 44,239 | ||||||||||
|
|
| Value | | ||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $157,563,973) | $ | 164,530,195 | ||||||
Other Assets, Less Liabilities — 3.99% | 6,845,489 | |||||||
|
| |||||||
NET ASSETS — 100.00% | $ | 171,375,684 | ||||||
|
|
CAD | — Canadian Dollar | |
EUR | — Euro | |
GBP | — British Pound |
a | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
b | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
c | Variable rate security. Rate shown is as of report date. |
d | 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. |
e | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
f | Issuer is in default of interest payments. |
g | Affiliated issuer. See Note 2. |
h | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
38 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
CORPORATE BONDS & NOTES — 97.33% |
| |||||||||||
AUSTRALIA — 0.52% |
| |||||||||||
FMG Resources (August 2006) Pty Ltd. | ||||||||||||
6.88%, 02/01/18 (Call 06/02/14)a | USD | 250 | $ | 263,750 | ||||||||
6.88%, 04/01/22 (Call 04/01/17)a,b | USD | 100 | 107,250 | |||||||||
8.25%, 11/01/19 (Call 11/01/15)a,b | USD | 100 | 109,750 | |||||||||
|
| |||||||||||
480,750 | ||||||||||||
BELGIUM — 0.17% |
| |||||||||||
Barry Callebaut Services NV | ||||||||||||
5.63%, 06/15/21c | EUR | 100 | 158,247 | |||||||||
|
| |||||||||||
158,247 | ||||||||||||
CANADA — 3.04% |
| |||||||||||
Air Canada | ||||||||||||
7.63%, 10/01/19 (Call 10/01/16)a | CAD | 50 | 48,976 | |||||||||
7.75%, 04/15/21a | USD | 25 | 25,312 | |||||||||
Armtec Holdings Ltd. | ||||||||||||
8.88%, 09/22/17 (Call 05/30/14) | CAD | 6 | 4,073 | |||||||||
Athabasca Oil Corp. | ||||||||||||
7.50%, 11/19/17 (Call 11/19/14)c | CAD | 100 | 92,715 | |||||||||
Baytex Energy Corp. | ||||||||||||
6.63%, 07/19/22 (Call 07/19/17) | CAD | 50 | 47,952 | |||||||||
Bombardier Inc. | ||||||||||||
6.00%, 10/15/22 (Call 04/15/17)a | USD | 75 | 76,500 | |||||||||
6.13%, 05/15/21c | EUR | 100 | 153,107 | |||||||||
6.13%, 01/15/23a,b | USD | 100 | 102,000 | |||||||||
7.75%, 03/15/20a,b | USD | 150 | 171,000 | |||||||||
Brookfield Residential Properties Inc. | ||||||||||||
6.13%, 07/01/22 (Call 07/01/17)a,b | USD | 25 | 25,625 | |||||||||
6.50%, 12/15/20 (Call 12/15/15)a | USD | 100 | 105,500 |
Security | Principal (000s) | Value | ||||||||||
Canadian Energy Services & Technology Corp. | ||||||||||||
7.38%, 04/17/20 (Call 04/17/17) | CAD | 50 | $ | 48,180 | ||||||||
Centric Health Corp. | ||||||||||||
8.63%, 04/18/18 (Call 04/18/16) | CAD | 20 | 16,037 | |||||||||
Corus Entertainment Inc. | ||||||||||||
4.25%, 02/11/20c | CAD | 50 | 44,592 | |||||||||
First Quantum Minerals Ltd. | ||||||||||||
6.75%, 02/15/20 (Call 02/15/17)a | USD | 85 | 86,062 | |||||||||
7.00%, 02/15/21 (Call 02/15/18)a | USD | 85 | 86,275 | |||||||||
Gateway Casinos & Entertainment Ltd. | ||||||||||||
8.50%, 11/26/20 (Call 11/26/16)a | CAD | 50 | 46,016 | |||||||||
Great Canadian Gaming Corp. | ||||||||||||
6.63%, 07/25/22 (Call 07/25/17)a | CAD | 50 | 48,408 | |||||||||
Kodiak Oil & Gas Corp. | ||||||||||||
8.13%, 12/01/19 (Call 12/01/15) | USD | 50 | 55,407 | |||||||||
Mattamy Group Corp. | ||||||||||||
6.88%, 11/15/20 (Call 11/15/15)a | CAD | 50 | 46,357 | |||||||||
MEG Energy Corp. | ||||||||||||
6.38%, 01/30/23 (Call 07/30/17)a | USD | 100 | 103,458 | |||||||||
6.50%, 03/15/21 (Call 03/15/15)a | USD | 100 | 105,235 | |||||||||
7.00%, 03/31/24 (Call 09/30/18)a | USD | 25 | 26,413 | |||||||||
Newalta Corp. | ||||||||||||
7.75%, 11/14/19 (Call 11/14/15) | CAD | 22 | 21,753 | |||||||||
Novelis Inc. |
| |||||||||||
8.75%, 12/15/20 (Call 12/15/15) | USD | 150 | 167,249 | |||||||||
Paramount Resources Ltd. | ||||||||||||
8.25%, 12/13/17 (Call 05/30/14) | CAD | 50 | 47,466 |
SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Precision Drilling Corp. | ||||||||||||
6.63%, 11/15/20 (Call 11/15/15) | USD | 100 | $ | 107,036 | ||||||||
Quebecor Media Inc. | ||||||||||||
6.63%, 01/15/23a | CAD | 50 | 46,813 | |||||||||
7.38%, 01/15/21 (Call 01/15/16) | CAD | 100 | 99,435 | |||||||||
Russel Metals Inc. | ||||||||||||
6.00%, 04/19/22 (Call 04/19/17)a | CAD | 50 | 47,269 | |||||||||
Tervita Corp. | ||||||||||||
8.00%, 11/15/18 (Call 11/15/15)a | USD | 100 | 101,750 | |||||||||
9.00%, 11/15/18 (Call 11/15/15)a | CAD | 25 | 22,894 | |||||||||
Trident Exploration Corp. | ||||||||||||
8.25%, 04/13/18 (Call 04/13/15) | CAD | 25 | 20,958 | |||||||||
Videotron Ltd. | ||||||||||||
5.38%, 06/15/24 (Call 03/15/24)a | USD | 50 | 50,250 | |||||||||
Videotron Ltee | ||||||||||||
5.00%, 07/15/22 | USD | 100 | 100,625 | |||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 25 | 22,712 | |||||||||
VPII Escrow Corp./Valeant Pharmaceuticals International Inc. | ||||||||||||
6.75%, 08/15/18 (Call 08/15/15)a | USD | 150 | 162,750 | |||||||||
7.50%, 07/15/21 (Call 07/15/16)a | USD | 150 | 166,875 | |||||||||
YPG Financing Inc. | ||||||||||||
9.25%, 11/30/18 (Call 05/30/14)a | CAD | 58 | 55,567 | |||||||||
|
| |||||||||||
2,806,602 | ||||||||||||
FINLAND — 0.53% |
| |||||||||||
Nokia OYJ | ||||||||||||
5.38%, 05/15/19 | USD | 75 | 80,527 | |||||||||
6.75%, 02/04/19c | EUR | 100 | 162,053 | |||||||||
Stora Enso OYJ | ||||||||||||
5.00%, 03/19/18c | EUR | 100 | 151,314 |
Security | Principal (000s) | Value | ||||||||||
UPM-Kymmene OYJ | ||||||||||||
6.63%, 01/23/17 | GBP | 50 | $ | 91,910 | ||||||||
|
| |||||||||||
485,804 | ||||||||||||
FRANCE — 4.42% |
| |||||||||||
Alcatel-Lucent | ||||||||||||
8.50%, 01/15/16c | EUR | 50 | 76,494 | |||||||||
Banque PSA Finance SA | ||||||||||||
4.00%, 06/24/15c | EUR | 200 | 284,604 | |||||||||
BPCE SA | ||||||||||||
12.50%, 08/29/49 (Call 09/30/19)a,d | USD | 100 | 134,000 | |||||||||
CMA CGM SA | ||||||||||||
8.75%, 12/15/18 (Call 12/15/15)c | EUR | 100 | 143,081 | |||||||||
Credit Agricole SA | ||||||||||||
6.64%, 12/31/49 (Call 05/31/17)a,b,d | USD | 100 | 105,250 | |||||||||
Faurecia SA | ||||||||||||
9.38%, 12/15/16c | EUR | 100 | 164,531 | |||||||||
Groupama SA | ||||||||||||
7.88%, 10/27/39 (Call 10/27/19)d | EUR | 50 | 76,174 | |||||||||
La Financiere Atalian SAS | ||||||||||||
7.25%, 01/15/20 (Call 01/15/17)c | EUR | 100 | 148,624 | |||||||||
Lafarge SA | ||||||||||||
5.38%, 06/26/17c | EUR | 200 | 307,814 | |||||||||
6.63%, 11/29/18c | EUR | 100 | 160,302 | |||||||||
6.75%, 12/16/19c | EUR | 100 | 163,024 | |||||||||
8.88%, 11/24/16c | EUR | 100 | 162,819 | |||||||||
10.00%, 05/30/17c | GBP | 50 | 100,899 | |||||||||
Medi-Partenaires SAS |
| |||||||||||
7.00%, 05/15/20 (Call 05/15/16)c | EUR | 100 | 145,941 | |||||||||
Nexans SA | ||||||||||||
5.75%, 05/02/17 | EUR | 50 | 75,068 | |||||||||
Peugeot SA | ||||||||||||
5.00%, 10/28/16 | EUR | 100 | 147,152 | |||||||||
5.63%, 06/29/15 | EUR | 75 | 108,569 | |||||||||
5.63%, 07/11/17 | EUR | 50 | 75,099 | |||||||||
6.88%, 03/30/16c | EUR | 50 | 75,266 | |||||||||
7.38%, 03/06/18c | EUR | 100 | 158,538 |
40 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Renault SA | ||||||||||||
4.63%, 05/25/16c | EUR | 100 | $ | 147,245 | ||||||||
4.63%, 09/18/17c | EUR | 100 | 150,728 | |||||||||
Rexel SA | ||||||||||||
5.13%, 06/15/20 (Call 06/15/16)c | EUR | 100 | 148,104 | |||||||||
6.13%, 12/15/19 (Call 12/15/15)a | USD | 200 | 213,000 | |||||||||
Societe Generale | ||||||||||||
5.92%, 12/31/49 (Call 04/05/17)a,d | USD | 100 | 106,125 | |||||||||
Tereos Finance Groupe I | ||||||||||||
4.25%, 03/04/20 (Call 03/04/19) | EUR | 100 | 140,749 | |||||||||
Wendel SA | ||||||||||||
4.38%, 08/09/17 | EUR | 150 | 223,754 | |||||||||
4.88%, 05/26/16 | EUR | 100 | 147,897 | |||||||||
|
| |||||||||||
4,090,851 | ||||||||||||
GERMANY — 3.79% |
| |||||||||||
Commerzbank AG | ||||||||||||
7.75%, 03/16/21 | EUR | 200 | 338,110 | |||||||||
8.13%, 09/19/23a | USD | 200 | 234,260 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
6.50%, 07/07/16 | EUR | 100 | 154,291 | |||||||||
Deutsche Raststaetten Gruppe IV GmbH | ||||||||||||
6.75%, 12/30/20 (Call 12/30/16)c | EUR | 100 | 150,267 | |||||||||
Franz Haniel & Cie GmbH | ||||||||||||
5.88%, 02/01/17 | EUR | 100 | 155,363 | |||||||||
Hapag-Lloyd AG | ||||||||||||
9.00%, 10/15/15 (Call 10/15/14)c | EUR | 79 | 115,481 | |||||||||
Heidelberger Druckmaschinen AG | ||||||||||||
9.25%, 04/15/18 (Call 05/30/14)c | EUR | 50 | 72,979 | |||||||||
Hornbach Baumarkt AG | ||||||||||||
3.88%, 02/15/20c | EUR | 50 | 73,321 | |||||||||
Norddeutsche Landesbank Girozentrale | ||||||||||||
6.00%, 06/29/20 | EUR | 50 | 77,139 |
Security | Principal (000s) | Value | ||||||||||
Orion Engineered Carbons Bondco GmbH | ||||||||||||
10.00%, 06/15/18 (Call 06/15/14)c | EUR | 90 | $ | 134,919 | ||||||||
Styrolution Group GmbH | ||||||||||||
7.63%, 05/15/16 (Call 05/30/14)c | EUR | 100 | 142,849 | |||||||||
Techem Energy Metering Service GmbH & Co. KG | ||||||||||||
6.13%, 10/01/19 (Call 10/01/15)c | EUR | 100 | 151,064 | |||||||||
ThyssenKrupp AG | ||||||||||||
4.00%, 08/27/18 | EUR | 75 | 109,347 | |||||||||
4.38%, 02/28/17 | EUR | 100 | 146,766 | |||||||||
ThyssenKrupp Finance Nederland BV | ||||||||||||
8.50%, 02/25/16 | EUR | 150 | 233,117 | |||||||||
Trionista TopCo GmbH | ||||||||||||
6.88%, 04/30/21 (Call 04/30/16)c | EUR | 100 | 150,468 | |||||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | ||||||||||||
5.50%, 09/15/22 (Call 09/15/17)c | EUR | 100 | 148,072 | |||||||||
5.75%, 01/15/23 (Call 01/15/18)c | EUR | 100 | 149,581 | |||||||||
7.50%, 03/15/19 (Call 03/15/15)c | EUR | 100 | 149,148 | |||||||||
UPCB Finance II Ltd. | ||||||||||||
6.38%, 07/01/20 (Call 07/01/15)c | EUR | 100 | 148,014 | |||||||||
UPCB Finance III Ltd. |
| |||||||||||
6.63%, 07/01/20 (Call 07/01/15)a | USD | 150 | 159,562 | |||||||||
UPCB Finance Ltd. | ||||||||||||
7.63%, 01/15/20 (Call 01/15/15)c | EUR | 100 | 148,134 | |||||||||
UPCB Finance V Ltd. | ||||||||||||
7.25%, 11/15/21 (Call 11/15/16)a | USD | 150 | 165,000 | |||||||||
|
| |||||||||||
3,507,252 |
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
GREECE — 0.39% |
| |||||||||||
OTE PLC | ||||||||||||
4.63%, 05/20/16 | EUR | 150 | $ | 215,808 | ||||||||
7.25%, 02/12/15c | EUR | 100 | 144,062 | |||||||||
|
| |||||||||||
359,870 | ||||||||||||
IRELAND — 1.49% |
| |||||||||||
Ardagh Glass Finance PLC | ||||||||||||
7.13%, 06/15/17 (Call 06/15/14)c | EUR | 50 | 70,226 | |||||||||
Ardagh Packaging Finance PLC | ||||||||||||
7.38%, 10/15/17 (Call 10/15/14)c | EUR | 150 | 219,286 | |||||||||
9.13%, 10/15/20 (Call 10/15/15)a | USD | 200 | 222,500 | |||||||||
Governor & Co. of the Bank of Ireland (The) | ||||||||||||
2.75%, 06/05/16 | EUR | 100 | 141,323 | |||||||||
3.25%, 01/15/19c | EUR | 100 | 143,068 | |||||||||
Nara Cable Funding Ltd. | ||||||||||||
8.88%, 12/01/18 (Call 06/02/14)a | USD | 200 | 215,500 | |||||||||
Rottapharm Ltd. | ||||||||||||
6.13%, 11/15/19 (Call 11/15/15)c | EUR | 100 | 148,888 | |||||||||
Smurfit Kappa Acquisitions | ||||||||||||
4.13%, 01/30/20c | EUR | 100 | 146,978 | |||||||||
7.75%, 11/15/19 (Call 11/15/14)c | EUR | 50 | 74,007 | |||||||||
|
| |||||||||||
1,381,776 | ||||||||||||
ITALY — 4.70% |
| |||||||||||
Astaldi SpA | ||||||||||||
7.13%, 12/01/20 (Call 12/01/16)c | EUR | 100 | 150,007 | |||||||||
Banca Monte dei Paschi di Siena SpA | ||||||||||||
3.63%, 04/01/19c | EUR | 100 | 141,425 | |||||||||
5.00%, 04/21/20c | EUR | 100 | 140,875 | |||||||||
Banca Popolare di Milano Scarl | ||||||||||||
7.13%, 03/01/21c | EUR | 100 | 154,739 | |||||||||
Banca Popolare di Vicenza | ||||||||||||
6.75%, 02/27/15c | EUR | 100 | 143,559 | |||||||||
Banco Popolare | ||||||||||||
3.50%, 03/14/19c | EUR | 100 | 141,820 |
Security | Principal (000s) | Value | ||||||||||
3.75%, 01/28/16c | EUR | 200 | $ | 285,681 | ||||||||
5.47%, 11/12/16c | EUR | 50 | 73,574 | |||||||||
6.00%, 11/05/20c | EUR | 50 | 74,487 | |||||||||
Buzzi Unicem SpA | ||||||||||||
5.13%, 12/09/16c | EUR | 50 | 74,679 | |||||||||
Enel SpA | ||||||||||||
5.00%, 01/15/75 (Call 01/15/20)c,d | EUR | 100 | 144,894 | |||||||||
6.50%, 01/10/74 (Call 01/10/19)c,d | EUR | 100 | 152,694 | |||||||||
8.75%, 09/24/73 (Call 09/24/23)a,d | USD | 200 | 230,000 | |||||||||
Fiat Finance North America Inc. | ||||||||||||
5.63%, 06/12/17 | EUR | 100 | 149,040 | |||||||||
GTECH SpA | ||||||||||||
8.25%, 03/31/66 (Call 03/31/16)c,d | EUR | 50 | 75,307 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
6.63%, 09/13/23c | EUR | 108 | 178,724 | |||||||||
Italcementi Finance SA | ||||||||||||
6.63%, 03/19/20c,e | EUR | 50 | 79,719 | |||||||||
Manutencoop Facility Management SpA | ||||||||||||
8.50%, 08/01/20 (Call 08/01/16)c | EUR | 100 | 154,001 | |||||||||
Snai SpA | ||||||||||||
7.63%, 06/15/18 (Call 12/15/15)c | EUR | 100 | 148,454 | |||||||||
Telecom Italia SpA | ||||||||||||
4.00%, 01/21/20c | EUR | 100 | 144,578 | |||||||||
4.50%, 01/25/21c | EUR | 100 | 146,503 | |||||||||
4.75%, 05/25/18c | EUR | 100 | 149,870 | |||||||||
4.88%, 09/25/20c | EUR | 100 | 149,491 | |||||||||
5.25%, 02/10/22c | EUR | 100 | 151,033 | |||||||||
5.38%, 01/29/19 | EUR | 100 | 154,411 | |||||||||
6.38%, 06/24/19 | GBP | 100 | 183,632 | |||||||||
UniCredit SpA | ||||||||||||
3.95%, 02/01/16 | EUR | 150 | 213,686 | |||||||||
6.70%, 06/05/18 | EUR | 50 | 77,300 | |||||||||
Unipol Gruppo Finanziario SpA | ||||||||||||
4.38%, 03/05/21c | EUR | 100 | 144,939 | |||||||||
Veneto Banca SCPA | ||||||||||||
4.00%, 07/31/15c | EUR | 100 | 140,486 | |||||||||
|
| |||||||||||
4,349,608 |
42 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
JAPAN — 0.38% |
| |||||||||||
SoftBank Corp. | ||||||||||||
4.50%, 04/15/20a | USD | 200 | $ | 200,760 | ||||||||
4.63%, 04/15/20c | EUR | 100 | 147,667 | |||||||||
|
| |||||||||||
348,427 | ||||||||||||
LUXEMBOURG — 7.75% |
| |||||||||||
Altice SA | ||||||||||||
7.25%, 05/15/22 (Call 05/15/17)c | EUR | 100 | 144,358 | |||||||||
ArcelorMittal SA | ||||||||||||
5.75%, 08/05/20 | USD | 100 | 105,879 | |||||||||
5.88%, 11/17/17c | EUR | 200 | 308,992 | |||||||||
6.00%, 03/01/21b | USD | 100 | 107,021 | |||||||||
6.13%, 06/01/18b | USD | 300 | 328,608 | |||||||||
6.75%, 02/25/22 | USD | 50 | 55,381 | |||||||||
10.35%, 06/01/19 | USD | 150 | 189,375 | |||||||||
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II | ||||||||||||
5.63%, 12/15/16 (Call 12/15/15)a | USD | 25 | 25,531 | |||||||||
6.00%, 06/15/17 (Call 06/15/16)a | USD | 50 | 51,500 | |||||||||
CHC Helicopter SA | ||||||||||||
9.25%, 10/15/20 (Call 10/15/15)b | USD | 90 | 96,426 | |||||||||
CNH Industrial Finance Europe SA | ||||||||||||
6.25%, 03/09/18c | EUR | 200 | 315,348 | |||||||||
ConvaTec Healthcare E SA | ||||||||||||
7.38%, 12/15/17 (Call 05/30/14)c | EUR | 100 | 146,381 | |||||||||
Elior Finance & Co. SCA | ||||||||||||
6.50%, 05/01/20 (Call 05/01/16)c | EUR | 100 | 152,441 | |||||||||
Fiat Finance & Trade SA | ||||||||||||
4.75%, 03/22/21c | EUR | 100 | 144,361 | |||||||||
6.38%, 04/01/16c | EUR | 100 | 148,395 | |||||||||
6.63%, 03/15/18c | EUR | 150 | 232,160 | |||||||||
6.75%, 10/14/19c | EUR | 100 | 158,411 | |||||||||
7.75%, 10/17/16c | EUR | 100 | 154,975 | |||||||||
Finmeccanica Finance SA | ||||||||||||
4.50%, 01/19/21 | EUR | 100 | 145,033 |
Security | Principal (000s) | Value | ||||||||||
FMC Finance VIII SA | ||||||||||||
5.25%, 07/31/19c | EUR | 50 | $ | 78,174 | ||||||||
HeidelbergCement Finance Luxembourg SA | ||||||||||||
3.25%, 10/21/21c | EUR | 150 | 209,802 | |||||||||
8.00%, 01/31/17c | EUR | 200 | 322,088 | |||||||||
8.50%, 10/31/19c | EUR | 100 | 178,287 | |||||||||
Ineos Group Holdings SA |
| |||||||||||
6.50%, 08/15/18 (Call 05/15/15)c | EUR | 100 | 146,024 | |||||||||
Intelsat (Luxembourg) SA | ||||||||||||
6.75%, 06/01/18 (Call 06/01/15) | USD | 100 | 105,750 | |||||||||
7.75%, 06/01/21 (Call 06/01/17) | USD | 100 | 104,250 | |||||||||
8.13%, 06/01/23 (Call 06/01/18) | USD | 100 | 105,000 | |||||||||
Intelsat Jackson Holdings SA | ||||||||||||
5.50%, 08/01/23 (Call 08/01/18)a | USD | 145 | 141,738 | |||||||||
6.63%, 12/15/22 (Call 12/15/17)a | USD | 100 | 103,000 | |||||||||
6.63%, 12/15/22 (Call 12/15/17) | USD | 100 | 103,000 | |||||||||
7.25%, 04/01/19 (Call 04/01/15) | USD | 200 | 214,250 | |||||||||
7.25%, 10/15/20 (Call 10/15/15) | USD | 100 | 108,125 | |||||||||
7.50%, 04/01/21 (Call 04/01/16) | USD | 150 | 164,250 | |||||||||
KION Finance SA | ||||||||||||
6.75%, 02/15/20 (Call 02/15/16)c | EUR | 100 | 152,514 | |||||||||
Millicom International Cellular SA | ||||||||||||
6.63%, 10/15/21 (Call 10/15/17)a | USD | 200 | 209,000 | |||||||||
Nielsen Co. Luxembourg Sarl (The) | ||||||||||||
5.50%, 10/01/21 (Call 10/01/16)a | USD | 100 | 104,000 | |||||||||
NII International Telecom SCA | ||||||||||||
7.88%, 08/15/19 (Call 02/15/17)a,b | USD | 50 | 35,375 | |||||||||
11.38%, 08/15/19 (Call 02/15/17)a | USD | 100 | 72,875 |
SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Ontex IV SA | ||||||||||||
7.50%, 04/15/18 (Call 05/30/14)c | EUR | 100 | $ | 144,437 | ||||||||
Pacific Drilling SA | ||||||||||||
5.38%, 06/01/20 (Call 06/01/16)a | USD | 100 | 96,330 | |||||||||
Spie BondCo 3 SCA | ||||||||||||
11.00%, 08/15/19 (Call 08/15/15)c | EUR | 100 | 158,080 | |||||||||
Telecom Italia Capital SA | ||||||||||||
5.25%, 10/01/15b | USD | 50 | 52,563 | |||||||||
7.00%, 06/04/18b | USD | 100 | 114,250 | |||||||||
Telenet Finance V Luxembourg SCA | ||||||||||||
6.25%, 08/15/22 (Call 08/15/17)c | EUR | 100 | 150,614 | |||||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc. | ||||||||||||
8.75%, 02/01/19 (Call 08/01/15) | USD | 75 | 79,901 | |||||||||
Wind Acquisition Holdings Finance SA | ||||||||||||
7.00%, 04/23/21 (Call 04/23/17)c | EUR | 100 | 143,341 | |||||||||
7.25%, 02/15/18 (Call 06/02/14)a | USD | 200 | 210,500 | |||||||||
7.38%, 02/15/18 (Call 05/30/14)c | EUR | 100 | 146,401 | |||||||||
7.38%, 04/23/21 (Call 04/23/17)a | USD | 200 | 205,500 | |||||||||
|
| |||||||||||
7,169,995 | ||||||||||||
MEXICO — 0.07% |
| |||||||||||
NII Capital Corp. | ||||||||||||
7.63%, 04/01/21 (Call 04/01/16) | USD | 100 | 29,750 | |||||||||
8.88%, 12/15/19 (Call 12/15/14)b | USD | 50 | 23,250 | |||||||||
10.00%, 08/15/16 (Call 06/02/14) | USD | 40 | 15,100 | |||||||||
|
| |||||||||||
68,100 |
Security | Principal (000s) | Value | ||||||||||
NETHERLANDS — 3.56% |
| |||||||||||
Deutsche Annington Finance BV | ||||||||||||
1.00%, 04/08/74 (Call 04/08/19)c,d | EUR | 100 | $ | 138,745 | ||||||||
EDP Finance BV | ||||||||||||
3.25%, 03/16/15c | EUR | 100 | 140,922 | |||||||||
3.75%, 06/22/15 | EUR | 100 | 142,295 | |||||||||
4.13%, 01/20/21c | EUR | 100 | 147,141 | |||||||||
4.75%, 09/26/16c | EUR | 100 | 148,538 | |||||||||
4.90%, 10/01/19a | USD | 150 | 156,750 | |||||||||
5.75%, 09/21/17c | EUR | 150 | 232,415 | |||||||||
Fresenius Finance BV | ||||||||||||
4.25%, 04/15/19c | EUR | 100 | 152,368 | |||||||||
Grupo Isolux Corsan Finance BV | ||||||||||||
6.63%, 04/15/21 (Call 04/15/17)c | EUR | 100 | 139,452 | |||||||||
Nokia Siemens Networks Finance BV | ||||||||||||
6.75%, 04/15/18 (Call 04/15/15)c | EUR | 100 | 149,227 | |||||||||
NXP BV/NXP Funding LLC | ||||||||||||
3.75%, 06/01/18a | USD | 200 | 199,500 | |||||||||
OI European Group BV | ||||||||||||
6.75%, 09/15/20c | EUR | 100 | 163,960 | |||||||||
Phoenix PIB Dutch Finance BV | ||||||||||||
3.13%, 05/27/20c | EUR | 100 | 136,547 | |||||||||
Portugal Telecom International Finance BV | ||||||||||||
4.38%, 03/24/17 | EUR | 50 | 73,834 | |||||||||
4.63%, 05/08/20c | EUR | 100 | 147,844 | |||||||||
5.00%, 11/04/19c | EUR | 100 | 151,018 | |||||||||
Schaeffler Finance BV | ||||||||||||
4.75%, 05/15/21 (Call 05/15/16)a | USD | 200 | 205,500 | |||||||||
7.75%, 02/15/17c | EUR | 100 | 160,060 | |||||||||
Sensata Technologies BV | ||||||||||||
4.88%, 10/15/23a | USD | 25 | 24,500 | |||||||||
6.50%, 05/15/19 (Call 05/15/15)a | USD | 100 | 106,750 | |||||||||
UPC Holding BV | ||||||||||||
6.75%, 03/15/23 (Call 03/15/18)c | EUR | 100 | 150,274 | |||||||||
8.38%, 08/15/20 (Call 08/15/15)c | EUR | 50 | 75,975 |
44 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Ziggo Bond Co. BV | ||||||||||||
8.00%, 05/15/18 (Call 05/30/14)c | EUR | 100 | $ | 149,054 | ||||||||
|
| |||||||||||
3,292,669 | ||||||||||||
NORWAY — 0.05% |
| |||||||||||
Norske Skogindustrier ASA | ||||||||||||
7.00%, 06/26/17c | EUR | 50 | 47,260 | |||||||||
|
| |||||||||||
47,260 | ||||||||||||
PORTUGAL — 0.40% |
| |||||||||||
Banco Espirito Santo SA | ||||||||||||
5.88%, 11/09/15c | EUR | 100 | 146,430 | |||||||||
7.13%, 11/28/23 (Call 11/28/18)c,d | EUR | 100 | 148,621 | |||||||||
Brisa Concessao Rodoviaria SA | ||||||||||||
4.50%, 12/05/16 | EUR | 50 | 73,879 | |||||||||
|
| |||||||||||
368,930 | ||||||||||||
SINGAPORE — 0.22% |
| |||||||||||
Flextronics International Ltd. | ||||||||||||
4.63%, 02/15/20 | USD | 200 | 201,000 | |||||||||
|
| |||||||||||
201,000 | ||||||||||||
SPAIN — 1.82% |
| |||||||||||
Abengoa SA | ||||||||||||
8.50%, 03/31/16 | EUR | 50 | 75,834 | |||||||||
9.63%, 02/25/15c | EUR | 50 | 73,400 | |||||||||
Banco de Sabadell SA | ||||||||||||
6.25%, 04/26/20 | EUR | 50 | 76,947 | |||||||||
Bankia SA | ||||||||||||
4.38%, 02/14/17 | EUR | 100 | 147,824 | |||||||||
Bankinter SA | ||||||||||||
6.38%, 09/11/19 | EUR | 100 | 157,974 | |||||||||
BBVA International Preferred SAU | ||||||||||||
5.92%, 04/29/49 (Call 04/18/17)d | USD | 50 | 51,000 | |||||||||
BPE Financiaciones SA | ||||||||||||
2.88%, 05/19/16 | EUR | 100 | 141,331 | |||||||||
4.00%, 07/17/15c | EUR | 100 | 142,528 | |||||||||
CaixaBank SA | ||||||||||||
5.00%, 11/14/23 (Call 11/14/18)c,d | EUR | 100 | 148,967 | |||||||||
Cirsa Funding Luxembourg SA | ||||||||||||
8.75%, 05/15/18 (Call 05/30/14)c | EUR | 50 | 72,246 |
Security | Principal (000s) | Value | ||||||||||
Inaer Aviation Finance Ltd. | ||||||||||||
9.50%, 08/01/17 (Call 08/01/14)c | EUR | 50 | $ | 73,749 | ||||||||
Mapfre SA | ||||||||||||
5.13%, 11/16/15 | EUR | 100 | 147,277 | |||||||||
5.92%, 07/24/37 (Call 07/24/17)d | EUR | 50 | 73,680 | |||||||||
Nara Cable Funding Ltd. | ||||||||||||
8.88%, 12/01/18 (Call 05/30/14)c | EUR | 100 | 149,976 | |||||||||
Obrascon Huarte Lain SA | ||||||||||||
7.38%, 04/28/15c | EUR | 100 | 146,021 | |||||||||
|
| |||||||||||
1,678,754 | ||||||||||||
SWEDEN — 0.16% |
| |||||||||||
Verisure Holding AB | ||||||||||||
8.75%, 09/01/18 (Call 09/01/14)c | EUR | 100 | 150,621 | |||||||||
|
| |||||||||||
150,621 | ||||||||||||
SWITZERLAND — 0.16% |
| |||||||||||
Sunrise Communications Holdings SA | ||||||||||||
8.50%, 12/31/18 (Call 12/31/14)c | EUR | 100 | 149,750 | |||||||||
|
| |||||||||||
149,750 | ||||||||||||
UNITED KINGDOM — 4.63% |
| |||||||||||
Algeco Scotsman Global Finance PLC | ||||||||||||
8.50%, 10/15/18 (Call 10/15/15)a,b | USD | 200 | 216,000 | |||||||||
9.00%, 10/15/18 (Call 10/15/15)c | EUR | 100 | 150,327 | |||||||||
Arqiva Broadcast Finance PLC | ||||||||||||
9.50%, 03/31/20 (Call 03/31/16)c | GBP | 100 | 193,339 | |||||||||
Boparan Finance PLC | ||||||||||||
9.75%, 04/30/18 (Call 05/30/14)c | EUR | 100 | 148,943 | |||||||||
British Airways PLC | ||||||||||||
8.75%, 08/23/16 | GBP | 50 | 95,081 | |||||||||
Co-Operative Bank PLC | ||||||||||||
5.13%, 09/20/17 | GBP | 50 | 81,895 |
SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
EC Finance PLC | ||||||||||||
9.75%, 08/01/17 (Call 08/01/14)c | EUR | 100 | $ | 148,000 | ||||||||
Eco-Bat Finance PLC | ||||||||||||
7.75%, 02/15/17 (Call 05/30/14)c | EUR | 100 | 143,681 | |||||||||
Ineos Finance PLC | ||||||||||||
7.50%, 05/01/20 (Call 05/01/15)a,b | USD | 200 | 218,000 | |||||||||
Infinis PLC | ||||||||||||
7.00%, 02/15/19 (Call 02/15/16)a | GBP | 100 | 182,786 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
8.13%, 05/15/21 (Call 05/15/16)a | USD | 150 | 170,321 | |||||||||
8.25%, 03/15/20 (Call 03/15/16)c | GBP | 100 | 190,624 | |||||||||
Kerling PLC | ||||||||||||
10.63%, 02/01/17 (Call 05/30/14)c | EUR | 50 | 73,513 | |||||||||
Odeon & UCI Finco PLC | ||||||||||||
9.00%, 08/01/18 (Call 08/01/14)a | GBP | 100 | 178,059 | |||||||||
Phones4u Finance PLC | ||||||||||||
9.50%, 04/01/18 (Call 05/30/14)a | GBP | 100 | 176,453 | |||||||||
Priory Group No. 3 PLC | ||||||||||||
7.00%, 02/15/18 (Call 05/30/14)a | GBP | 100 | 178,142 | |||||||||
Rexam PLC | ||||||||||||
6.75%, 06/29/67 (Call 06/29/17)c,d | EUR | 50 | 74,157 | |||||||||
Royal Bank of Scotland Group PLC | ||||||||||||
1.00%, 03/25/24 (Call 03/25/19)c,d | EUR | 100 | 137,869 | |||||||||
4.63%, 09/22/21 (Call 09/22/16)d | EUR | 100 | 140,821 | |||||||||
6.00%, 12/19/23 | USD | 150 | 156,900 | |||||||||
6.10%, 06/10/23 | USD | 75 | 79,493 | |||||||||
6.13%, 12/15/22 | USD | 150 | 159,190 | |||||||||
Thomas Cook Finance PLC | ||||||||||||
7.75%, 06/15/20 (Call 06/15/16)c | EUR | 100 | 153,741 |
Security | Principal (000s) | Value | ||||||||||
Virgin Media Finance PLC | ||||||||||||
8.38%, 10/15/19 (Call 10/15/14) | USD | 100 | $ | 106,587 | ||||||||
Virgin Media Secured Finance PLC | ||||||||||||
5.38%, 04/15/21 (Call 04/15/17)a | USD | 200 | 205,000 | |||||||||
5.50%, 01/15/21c | GBP | 100 | 175,187 | |||||||||
5.50%, 01/15/25 (Call 01/15/19) | GBP | 100 | 168,855 | |||||||||
6.00%, 04/15/21 (Call 04/15/17)c | GBP | 100 | 177,298 | |||||||||
|
| |||||||||||
4,280,262 | ||||||||||||
UNITED STATES — 59.08% |
| |||||||||||
Access Midstream Partners LP/ACMP Finance Corp. | ||||||||||||
4.88%, 05/15/23 (Call 12/15/17) | USD | 100 | 101,053 | |||||||||
6.13%, 07/15/22 (Call 01/15/17) | USD | 50 | 53,936 | |||||||||
Activision Blizzard Inc. | ||||||||||||
5.63%, 09/15/21 (Call 09/15/16)a | USD | 125 | 132,969 | |||||||||
6.13%, 09/15/23 (Call 09/15/18)a | USD | 100 | 108,625 | |||||||||
ADT Corp. (The) | ||||||||||||
2.25%, 07/15/17 | USD | 100 | 99,007 | |||||||||
3.50%, 07/15/22 | USD | 75 | 66,106 | |||||||||
4.13%, 04/15/19 | USD | 75 | 74,968 | |||||||||
4.13%, 06/15/23b | USD | 50 | 45,131 | |||||||||
6.25%, 10/15/21a,b | USD | 100 | 103,394 | |||||||||
Advanced Micro Devices Inc. | ||||||||||||
6.75%, 03/01/19a | USD | 25 | 25,813 | |||||||||
7.50%, 08/15/22b | USD | 50 | 52,125 | |||||||||
8.13%, 12/15/17 (Call 06/02/14) | USD | 7 | 7,315 | |||||||||
AES Corp. (The) | ||||||||||||
7.38%, 07/01/21 (Call 06/01/21) | USD | 100 | 114,121 | |||||||||
Affinion Group Inc. | ||||||||||||
7.88%, 12/15/18 (Call 12/15/14) | USD | 50 | 46,938 | |||||||||
Aircastle Ltd. | ||||||||||||
5.13%, 03/15/21 | USD | 25 | 25,125 |
46 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
6.25%, 12/01/19 | USD | 50 | $ | 53,875 | ||||||||
6.75%, 04/15/17 | USD | 100 | 111,983 | |||||||||
AK Steel Corp. | ||||||||||||
7.63%, 05/15/20 (Call 05/15/15)b | USD | 40 | 40,150 | |||||||||
Alcatel-Lucent USA Inc. | ||||||||||||
6.75%, 11/15/20 (Call 11/15/16)a,b | USD | 200 | 210,000 | |||||||||
Alere Inc. | ||||||||||||
7.25%, 07/01/18 (Call 12/15/15) | USD | 50 | 54,750 | |||||||||
8.63%, 10/01/18 (Call 10/01/14) | USD | 50 | 53,250 | |||||||||
Aleris International Inc. | ||||||||||||
7.88%, 11/01/20 (Call 11/01/15) | USD | 50 | 50,500 | |||||||||
Ally Financial Inc. | ||||||||||||
3.13%, 01/15/16 | USD | 100 | 102,494 | |||||||||
3.50%, 07/18/16b | USD | 150 | 154,875 | |||||||||
3.50%, 01/27/19 | USD | 100 | 100,250 | |||||||||
4.63%, 06/26/15 | USD | 100 | 103,729 | |||||||||
4.75%, 09/10/18 | USD | 100 | 106,128 | |||||||||
5.50%, 02/15/17b | USD | 100 | 108,797 | |||||||||
6.25%, 12/01/17 | USD | 100 | 111,889 | |||||||||
8.00%, 03/15/20 | USD | 250 | 301,250 | |||||||||
Alpha Natural Resources Inc. | ||||||||||||
6.00%, 06/01/19 (Call 06/02/14) | USD | 100 | 75,750 | |||||||||
9.75%, 04/15/18 | USD | 50 | 47,125 | |||||||||
AMC Entertainment Inc. | ||||||||||||
9.75%, 12/01/20 (Call 12/01/15) | USD | 100 | 114,960 | |||||||||
AMC Networks Inc. |
| |||||||||||
4.75%, 12/15/22 (Call 12/15/17) | USD | 100 | 99,680 | |||||||||
American Axle & Manufacturing Inc. | ||||||||||||
6.25%, 03/15/21 (Call 03/15/16) | USD | 50 | 53,000 | |||||||||
6.63%, 10/15/22 (Call 10/15/17) | USD | 50 | 54,188 | |||||||||
AmeriGas Finance LLC/AmeriGas Finance Corp. | ||||||||||||
6.75%, 05/20/20 (Call 05/20/16) | USD | 100 | 108,491 |
Security | Principal (000s) | Value | ||||||||||
7.00%, 05/20/22 (Call 05/20/17)b | USD | 100 | $ | 109,777 | ||||||||
Amkor Technology Inc. | ||||||||||||
6.38%, 10/01/22 (Call 10/01/16) | USD | 50 | 52,625 | |||||||||
6.63%, 06/01/21 (Call 06/01/15) | USD | 50 | 53,500 | |||||||||
Antero Resources Finance Corp. | ||||||||||||
5.38%, 11/01/21 (Call 11/01/16)a | USD | 100 | 102,004 | |||||||||
6.00%, 12/01/20 (Call 12/01/15) | USD | 50 | 53,375 | |||||||||
APX Group Inc. | ||||||||||||
6.38%, 12/01/19 (Call 12/01/15) | USD | 50 | 51,125 | |||||||||
8.75%, 12/01/20 (Call 12/01/15)b | USD | 100 | 102,250 | |||||||||
ARAMARK Corp. | ||||||||||||
5.75%, 03/15/20 (Call 03/15/15) | USD | 100 | 105,000 | |||||||||
Arch Coal Inc. | ||||||||||||
7.00%, 06/15/19 (Call 06/15/15) | USD | 150 | 115,500 | |||||||||
7.25%, 06/15/21 (Call 06/15/16)b | USD | 50 | 37,500 | |||||||||
Ashland Inc. | ||||||||||||
3.88%, 04/15/18 (Call 03/15/18) | USD | 100 | 102,664 | |||||||||
4.75%, 08/15/22 (Call 05/15/22) | USD | 50 | 49,304 | |||||||||
Athlon Holdings LP/Athlon Finance Corp. | ||||||||||||
6.00%, 05/01/22 (Call 05/01/17)a | USD | 25 | 25,281 | |||||||||
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. | ||||||||||||
4.75%, 11/15/21 (Call 05/15/16) | USD | 50 | 47,487 | |||||||||
6.63%, 10/01/20 (Call 10/01/16)b | USD | 100 | 106,028 | |||||||||
Audatex North America Inc. | ||||||||||||
6.00%, 06/15/21 (Call 06/15/17)a | USD | 125 | 134,062 |
SCHEDULESOF INVESTMENTS | 47 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Avaya Inc. | ||||||||||||
7.00%, 04/01/19 (Call 04/01/15)a,b | USD | 100 | $ | 99,500 | ||||||||
10.50%, 03/01/21 (Call 03/01/17)a,b | USD | 100 | 90,750 | |||||||||
Aviation Capital Group Corp. | ||||||||||||
3.88%, 09/27/16a | USD | 75 | 77,625 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. | ||||||||||||
8.25%, 01/15/19 (Call 10/15/14) | USD | 57 | 60,877 | |||||||||
Axiall Corp. | ||||||||||||
4.88%, 05/15/23 (Call 05/15/18)a,b | USD | 50 | 48,938 | |||||||||
B/E Aerospace Inc. | ||||||||||||
5.25%, 04/01/22 (Call 04/01/17) | USD | 150 | 155,062 | |||||||||
6.88%, 10/01/20 (Call 10/01/15) | USD | 100 | 109,000 | |||||||||
Ball Corp. | ||||||||||||
4.00%, 11/15/23 | USD | 100 | 92,625 | |||||||||
5.75%, 05/15/21 (Call 11/15/15) | USD | 100 | 106,000 | |||||||||
Belden Inc. | ||||||||||||
5.50%, 04/15/23 (Call 04/15/18)c | EUR | 100 | 142,676 | |||||||||
Berry Petroleum Co. LLC | ||||||||||||
6.38%, 09/15/22 (Call 03/15/17) | USD | 100 | 103,193 | |||||||||
Berry Plastics Corp. | ||||||||||||
9.50%, 05/15/18 (Call 06/02/14) | USD | 100 | 105,350 | |||||||||
Big Heart Pet Brands | ||||||||||||
7.63%, 02/15/19 (Call 06/02/14) | USD | 69 | 71,846 | |||||||||
Biomet Inc. | ||||||||||||
6.50%, 08/01/20 (Call 08/01/15) | USD | 125 | 136,719 | |||||||||
6.50%, 10/01/20 (Call 10/01/15) | USD | 50 | 54,438 | |||||||||
BMC Software Inc. | ||||||||||||
8.13%, 07/15/21 (Call 07/15/16)a | USD | 100 | 104,750 |
Security | Principal (000s) | Value | ||||||||||
Boyd Gaming Corp. | ||||||||||||
9.13%, 12/01/18 (Call 12/01/14)b | USD | 25 | $ | 26,821 | ||||||||
BreitBurn Energy Partners LP/BreitBurn Finance Corp. | ||||||||||||
7.88%, 04/15/22 (Call 01/15/17) | USD | 50 | 53,978 | |||||||||
Building Materials Corp. of America | ||||||||||||
6.75%, 05/01/21 (Call 05/01/16)a | USD | 100 | 108,250 | |||||||||
Cablevision Systems Corp. | ||||||||||||
7.75%, 04/15/18 | USD | 150 | 169,875 | |||||||||
8.00%, 04/15/20 | USD | 75 | 86,625 | |||||||||
Caesars Entertainment Operating Co. Inc. | ||||||||||||
8.50%, 02/15/20 (Call 02/15/16) | USD | 75 | 64,875 | |||||||||
9.00%, 02/15/20 (Call 02/15/16) | USD | 300 | 261,000 | |||||||||
10.00%, 12/15/18 (Call 06/02/14)b | USD | 300 | 135,750 | |||||||||
10.75%, 02/01/16 (Call 06/02/14) | USD | 75 | 64,875 | |||||||||
11.25%, 06/01/17 (Call 06/02/14) | USD | 150 | 142,875 | |||||||||
12.75%, 04/15/18 (Call 06/02/14) | USD | 50 | 25,500 | |||||||||
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties Finance Inc. | ||||||||||||
8.00%, 10/01/20 (Call 10/01/16)a | USD | 100 | 104,125 | |||||||||
11.00%, 10/01/21 (Call 10/01/16)a | USD | 75 | 78,185 | |||||||||
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance Inc. | ||||||||||||
9.38%, 05/01/22 (Call 05/01/17)a,b | USD | 25 | 24,938 | |||||||||
Calpine Corp. | ||||||||||||
5.88%, 01/15/24 (Call 11/01/18)a | USD | 25 | 25,625 |
48 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
6.00%, 01/15/22 (Call 11/01/16)a | USD | 25 | $ | 26,429 | ||||||||
7.50%, 02/15/21 (Call 11/01/15)a | USD | 180 | 196,875 | |||||||||
7.88%, 07/31/20 (Call 07/31/15)a | USD | 89 | 97,566 | |||||||||
7.88%, 01/15/23 (Call 01/15/17)a | USD | 100 | 112,000 | |||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. | ||||||||||||
6.50%, 04/15/21 (Call 04/15/17)a | USD | 50 | 49,938 | |||||||||
Case New Holland Industrial Inc. | ||||||||||||
7.88%, 12/01/17b | USD | 100 | 117,125 | |||||||||
CBRE Services Inc. | ||||||||||||
5.00%, 03/15/23 (Call 03/15/18) | USD | 50 | 50,375 | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||||||
5.13%, 02/15/23 (Call 02/15/18) | USD | 100 | 97,500 | |||||||||
5.25%, 09/30/22 (Call 09/30/17) | USD | 100 | 100,250 | |||||||||
5.75%, 09/01/23 (Call 03/01/18) | USD | 75 | 75,469 | |||||||||
5.75%, 01/15/24 (Call 07/15/18) | USD | 50 | 50,375 | |||||||||
6.50%, 04/30/21 (Call 04/30/15)b | USD | 150 | 159,562 | |||||||||
6.63%, 01/31/22 (Call 01/31/17) | USD | 100 | 107,250 | |||||||||
7.00%, 01/15/19 (Call 06/02/14)b | USD | 100 | 105,750 | |||||||||
7.38%, 06/01/20 (Call 12/01/15)b | USD | 150 | 164,625 | |||||||||
CDW LLC/CDW Finance Corp. | ||||||||||||
8.50%, 04/01/19 (Call 04/01/15) | USD | 100 | 109,125 | |||||||||
Celanese U.S. Holdings LLC | ||||||||||||
4.63%, 11/15/22 | USD | 100 | 100,991 | |||||||||
6.63%, 10/15/18 (Call 10/15/14) | USD | 100 | 105,162 |
Security | Principal (000s) | Value | ||||||||||
CenturyLink Inc. | ||||||||||||
Series V | ||||||||||||
5.63%, 04/01/20c | USD | 100 | $ | 105,000 | ||||||||
5.80%, 03/15/22 | USD | 100 | 102,375 | |||||||||
6.00%, 04/01/17 | USD | 100 | 110,750 | |||||||||
6.45%, 06/15/21 | USD | 150 | 161,250 | |||||||||
Series W | ||||||||||||
6.75%, 12/01/23 | USD | 50 | 53,438 | |||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp. | ||||||||||||
5.13%, 12/15/21 (Call 06/15/16)a | USD | 125 | 121,563 | |||||||||
6.38%, 09/15/20 (Call 09/15/15)a | USD | 100 | 104,500 | |||||||||
Ceridian Corp. | ||||||||||||
11.25%, 11/15/15 (Call 06/02/14) | USD | 100 | 101,250 | |||||||||
Ceridian HCM Holding Inc. | ||||||||||||
11.00%, 03/15/21 (Call 03/15/16)a | USD | 50 | 57,750 | |||||||||
Chaparral Energy Inc. | ||||||||||||
7.63%, 11/15/22 (Call 05/15/17) | USD | 100 | 106,094 | |||||||||
Chesapeake Energy Corp. | ||||||||||||
3.25%, 03/15/16 (Call 06/02/14) | USD | 50 | 50,470 | |||||||||
4.88%, 04/15/22 (Call 04/15/17) | USD | 50 | 50,068 | |||||||||
5.38%, 06/15/21 (Call 06/15/16) | USD | 50 | | 52,191 | | |||||||
5.75%, 03/15/23b | USD | 100 | 106,580 | |||||||||
6.13%, 02/15/21 | USD | 100 | 109,216 | |||||||||
6.25%, 01/15/17 | EUR | 50 | 76,191 | |||||||||
6.63%, 08/15/20b | USD | 200 | 224,330 | |||||||||
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance Inc. | ||||||||||||
6.63%, 11/15/19 (Call 11/15/15) | USD | 50 | 52,014 | |||||||||
Chrysler Group LLC/CG Co-Issuer Inc. | ||||||||||||
8.00%, 06/15/19 (Call 06/15/15)b | USD | 200 | 218,500 |
SCHEDULESOF INVESTMENTS | 49 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
8.25%, 06/15/21 (Call 06/15/16)a | USD | 250 | $ | 280,625 | ||||||||
CHS/Community Health Systems Inc. | ||||||||||||
5.13%, 08/15/18 (Call 08/15/15) | USD | 150 | 156,937 | |||||||||
5.13%, 08/01/21 (Call 02/01/17)a | USD | 75 | 75,938 | |||||||||
6.88%, 02/01/22 (Call 02/01/18)a | USD | 225 | 232,875 | |||||||||
7.13%, 07/15/20 (Call 07/15/16) | USD | 100 | 107,250 | |||||||||
8.00%, 11/15/19 (Call 11/15/15) | USD | 100 | 109,375 | |||||||||
Cincinnati Bell Inc. | ||||||||||||
8.38%, 10/15/20 (Call 10/15/15) | USD | 81 | 88,898 | |||||||||
Cinemark USA Inc. | ||||||||||||
5.13%, 12/15/22 (Call 12/15/17) | USD | 50 | 50,162 | |||||||||
CIT Group Inc. | ||||||||||||
3.88%, 02/19/19 | USD | 50 | 50,780 | |||||||||
4.25%, 08/15/17 | USD | 150 | 157,500 | |||||||||
5.00%, 05/15/17 | USD | 100 | 107,837 | |||||||||
5.00%, 08/15/22 | USD | 100 | 102,500 | |||||||||
5.25%, 03/15/18 | USD | 150 | 161,062 | |||||||||
5.38%, 05/15/20 | USD | 75 | 79,959 | |||||||||
5.50%, 02/15/19a | USD | 150 | 161,926 | |||||||||
6.63%, 04/01/18a | USD | 100 | 111,500 | |||||||||
Claire’s Stores Inc. | ||||||||||||
9.00%, 03/15/19 (Call 03/15/15)a | USD | 100 | 104,000 | |||||||||
Clean Harbors Inc. | ||||||||||||
5.13%, 06/01/21 (Call 12/01/16) | USD | 100 | 101,750 | |||||||||
5.25%, 08/01/20 (Call 08/01/16) | USD | 100 | 102,500 | |||||||||
Clear Channel Communications Inc. | ||||||||||||
9.00%, 12/15/19 (Call 07/15/15) | USD | 125 | 133,281 | |||||||||
9.00%, 03/01/21 (Call 03/01/16) | USD | 150 | 159,375 | |||||||||
11.25%, 03/01/21 (Call 03/01/16) | USD | 75 | 84,563 |
Security | Principal (000s) | Value | ||||||||||
Clear Channel Worldwide Holdings Inc. | ||||||||||||
6.50%, 11/15/22 (Call 11/15/17) | USD | 200 | $ | 213,000 | ||||||||
Series B | ||||||||||||
7.63%, 03/15/20 (Call 03/15/15)b | USD | 125 | 134,687 | |||||||||
CNH Industrial Capital LLC | ||||||||||||
3.63%, 04/15/18 | USD | 100 | 101,875 | |||||||||
3.88%, 11/01/15 | USD | 100 | 102,500 | |||||||||
Commercial Metals Co. | ||||||||||||
7.35%, 08/15/18 | USD | 100 | 113,889 | |||||||||
Concho Resources Inc. | ||||||||||||
5.50%, 10/01/22 (Call 10/01/17)b | USD | 100 | 105,184 | |||||||||
5.50%, 04/01/23 (Call 10/01/17) | USD | 100 | 104,409 | |||||||||
6.50%, 01/15/22 (Call 01/15/17) | USD | 100 | 108,838 | |||||||||
CONSOL Energy Inc. | ||||||||||||
5.88%, 04/15/22 (Call 04/15/17)a | USD | 100 | 102,753 | |||||||||
8.00%, 04/01/17 (Call 05/15/14) | USD | 150 | 156,330 | |||||||||
8.25%, 04/01/20 (Call 04/01/15) | USD | 100 | 108,682 | |||||||||
Constellation Brands Inc. | ||||||||||||
6.00%, 05/01/22b | USD | 150 | 166,687 | |||||||||
7.25%, 05/15/17 | USD | 100 | 115,375 | |||||||||
Covanta Holding Corp. | ||||||||||||
5.88%, 03/01/24 (Call 03/01/19) | USD | 25 | 25,500 | |||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||||||
6.13%, 03/01/22 (Call 11/01/16)a | USD | 75 | 78,388 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. IV | ||||||||||||
4.50%, 01/15/23 | USD | 100 | 96,000 | |||||||||
Crown Castle International Corp. | ||||||||||||
4.88%, 04/15/22 | USD | 100 | 101,375 | |||||||||
5.25%, 01/15/23 | USD | 100 | 102,750 |
50 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
CSC Holdings LLC | ||||||||||||
6.75%, 11/15/21b | USD | 100 | $ | 111,375 | ||||||||
Dana Holding Corp. | ||||||||||||
5.38%, 09/15/21 (Call 09/15/16)b | USD | 100 | 103,396 | |||||||||
DaVita HealthCare Partners Inc. | ||||||||||||
5.75%, 08/15/22 (Call 08/15/17) | USD | 50 | 52,875 | |||||||||
6.38%, 11/01/18 (Call 06/02/14) | USD | 100 | 105,125 | |||||||||
6.63%, 11/01/20 (Call 11/01/14) | USD | 100 | 107,000 | |||||||||
DCP Midstream LLC | ||||||||||||
5.85%, 05/21/43 (Call 05/21/23)a,d | USD | 100 | 94,000 | |||||||||
Dell Inc. | ||||||||||||
5.88%, 06/15/19 | USD | 150 | 156,375 | |||||||||
Denali Borrower LLC/Denali Finance Corp. | ||||||||||||
5.63%, 10/15/20 (Call 10/15/16)a | USD | 125 | 128,438 | |||||||||
Denbury Resources Inc. | ||||||||||||
4.63%, 07/15/23 (Call 01/15/18) | USD | 100 | 94,977 | |||||||||
5.50%, 05/01/22 (Call 05/01/17) | USD | 50 | 50,647 | |||||||||
DISH DBS Corp. | ||||||||||||
4.25%, 04/01/18 | USD | 100 | 104,369 | |||||||||
4.63%, 07/15/17 | USD | 100 | 106,500 | |||||||||
5.00%, 03/15/23 | USD | 175 | 178,726 | |||||||||
5.13%, 05/01/20 | USD | 100 | 104,996 | |||||||||
5.88%, 07/15/22 | USD | 150 | 162,000 | |||||||||
6.75%, 06/01/21 | USD | 150 | 169,500 | |||||||||
7.13%, 02/01/16 | USD | 100 | 109,260 | |||||||||
7.88%, 09/01/19 | USD | 150 | 178,132 | |||||||||
DJO Finance LLC/DJO Finance Corp. | ||||||||||||
9.88%, 04/15/18 (Call 04/15/15) | USD | 50 | 54,250 | |||||||||
DPL Inc. | ||||||||||||
6.50%, 10/15/16 (Call 09/15/16) | USD | 50 | 53,992 | |||||||||
7.25%, 10/15/21 (Call 07/15/21) | USD | 100 | 107,065 |
Security | Principal (000s) | Value | ||||||||||
DR Horton Inc. | ||||||||||||
3.63%, 02/15/18 (Call 11/15/17) | USD | 100 | $ | 101,875 | ||||||||
E*TRADE Financial Corp. | ||||||||||||
6.00%, 11/15/17 (Call 11/15/14) | USD | 100 | 105,000 | |||||||||
Eagle Spinco Inc. | ||||||||||||
4.63%, 02/15/21 (Call 02/15/18)a | USD | 100 | 99,250 | |||||||||
El Paso LLC | ||||||||||||
7.00%, 06/15/17 | USD | 100 | 112,494 | |||||||||
Endo Health Solutions Inc. | ||||||||||||
7.00%, 07/15/19 (Call 07/15/15) | USD | 100 | 107,500 | |||||||||
Energy Future Intermediate Holding Co. LLC/EFIH Finance Inc. | ||||||||||||
6.88%, 08/15/17 (Call 02/15/15)a | USD | 100 | 102,378 | |||||||||
10.25%, 12/01/20 (Call 12/01/15)a | USD | 250 | 265,625 | |||||||||
12.25%, 03/01/22 (Call 03/01/17)a,b | USD | 150 | 178,500 | |||||||||
Energy Transfer Equity LP | ||||||||||||
5.88%, 01/15/24 | USD | 50 | 50,938 | |||||||||
7.50%, 10/15/20 | USD | 100 | 115,100 | |||||||||
Energy XXI Gulf Coast Inc. | ||||||||||||
7.50%, 12/15/21 (Call 12/15/16)a | USD | 55 | 57,794 | |||||||||
9.25%, 12/15/17 (Call 12/15/14) | USD | 100 | 108,853 | |||||||||
EP Energy LLC/EP Energy Finance Inc. | ||||||||||||
9.38%, 05/01/20 (Call 05/01/16) | USD | 100 | 115,326 | |||||||||
EP Energy LLC/Everest Acquisition Finance Inc. | ||||||||||||
6.88%, 05/01/19 (Call 05/01/15) | USD | 100 | 107,350 | |||||||||
Equinix Inc. | ||||||||||||
4.88%, 04/01/20 (Call 04/01/17) | USD | 25 | 25,531 | |||||||||
5.38%, 04/01/23 (Call 04/01/18)b | USD | 100 | 101,875 |
SCHEDULESOF INVESTMENTS | 51 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
7.00%, 07/15/21 (Call 07/15/16)b | USD | 100 | $ | 111,625 | ||||||||
EXCO Resources Inc. |
| |||||||||||
8.50%, 04/15/22 (Call 04/15/17) | USD | 25 | 25,550 | |||||||||
Felcor Lodging LP | ||||||||||||
5.63%, 03/01/23 (Call 03/01/18) | USD | 50 | 50,625 | |||||||||
Fifth Third Bancorp | ||||||||||||
5.10%, 12/31/49 (Call 06/30/23)d | USD | 100 | 92,250 | |||||||||
First Data Corp. | ||||||||||||
6.75%, 11/01/20 (Call 11/01/15)a | USD | 150 | 160,159 | |||||||||
7.38%, 06/15/19 (Call 06/15/15)a | USD | 150 | 161,062 | |||||||||
8.25%, 01/15/21 (Call 01/15/16)a,b | USD | 250 | 269,073 | |||||||||
8.88%, 08/15/20 (Call 08/15/15)a,b | USD | 150 | 166,449 | |||||||||
10.63%, 06/15/21 (Call 04/15/16) | USD | 50 | 56,450 | |||||||||
11.25%, 01/15/21 (Call 01/15/16) | USD | 50 | 57,125 | |||||||||
11.75%, 08/15/21 (Call 05/15/16) | USD | 125 | 133,437 | |||||||||
12.63%, 01/15/21 (Call 01/15/16) | USD | 300 | 360,938 | |||||||||
FirstEnergy Corp. Series B | ||||||||||||
4.25%, 03/15/23 (Call 12/15/22) | USD | 50 | 49,179 | |||||||||
Forest Laboratories Inc. | ||||||||||||
4.38%, 02/01/19a | USD | 50 | 53,125 | |||||||||
5.00%, 12/15/21 (Call 09/16/21)a | USD | 75 | 80,156 | |||||||||
Freescale Semiconductor Inc. | ||||||||||||
8.05%, 02/01/20 (Call 06/01/15) | USD | 100 | 109,250 | |||||||||
10.75%, 08/01/20 (Call 08/01/15) | USD | 50 | 57,500 | |||||||||
Fresenius Medical Care US Finance II Inc. | ||||||||||||
5.63%, 07/31/19a | USD | 200 | 216,500 |
Security | Principal (000s) | Value | ||||||||||
Fresenius Medical Care US Finance Inc. | ||||||||||||
5.75%, 02/15/21a | USD | 100 | $ | 107,750 | ||||||||
Frontier Communications Corp. | ||||||||||||
7.13%, 01/15/23b | USD | 100 | 103,500 | |||||||||
7.63%, 04/15/24 | USD | 100 | 103,750 | |||||||||
8.25%, 04/15/17b | USD | 200 | 232,750 | |||||||||
8.50%, 04/15/20b | USD | 100 | 116,500 | |||||||||
8.75%, 04/15/22 | USD | 50 | 57,000 | |||||||||
Gannett Co. Inc. | ||||||||||||
5.13%, 10/15/19 (Call 10/15/16)a | USD | 100 | 104,375 | |||||||||
6.38%, 10/15/23 (Call 10/15/18)a | USD | 100 | 105,999 | |||||||||
General Motors Co. | ||||||||||||
3.50%, 10/02/18a | USD | 75 | 76,594 | |||||||||
General Motors Financial Co. Inc. | ||||||||||||
3.25%, 05/15/18 | USD | 100 | 101,000 | |||||||||
4.25%, 05/15/23 | USD | 205 | 201,412 | |||||||||
4.75%, 08/15/17 | USD | 100 | 106,784 | |||||||||
GenOn Energy Inc. | ||||||||||||
9.50%, 10/15/18 | USD | 100 | 105,301 | |||||||||
9.88%, 10/15/20 (Call 10/15/15) | USD | 100 | 104,509 | |||||||||
GLP Capital LP/GLP Financing II Inc. | ||||||||||||
4.88%, 11/01/20 (Call 08/01/20)a | USD | 25 | 25,813 | |||||||||
5.38%, 11/01/23 (Call 08/01/23)a,b | USD | 100 | 103,000 | |||||||||
Goodyear Tire & Rubber Co. (The) | ||||||||||||
6.50%, 03/01/21 (Call 03/01/16) | USD | 100 | 107,750 | |||||||||
8.25%, 08/15/20 (Call 08/15/15) | USD | 100 | 110,625 | |||||||||
H.J. Heinz Co. | ||||||||||||
4.25%, 10/15/20 (Call 04/15/15)a | USD | 300 | 297,150 | |||||||||
Halcon Resources Corp. | ||||||||||||
8.88%, 05/15/21 (Call 11/15/16) | USD | 125 | 130,000 | |||||||||
9.25%, 02/15/22 (Call 08/15/17)a,b | USD | 100 | 104,362 | |||||||||
9.75%, 07/15/20 (Call 07/15/16) | USD | 50 | 53,375 |
52 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Hanesbrands Inc. | ||||||||||||
6.38%, 12/15/20 (Call 12/15/15) | USD | 100 | $ | 109,375 | ||||||||
Harbinger Group Inc. | ||||||||||||
7.88%, 07/15/19 (Call 01/15/16) | USD | 50 | 54,500 | |||||||||
HCA Holdings Inc. | ||||||||||||
4.75%, 05/01/23 | USD | 100 | 98,250 | |||||||||
5.00%, 03/15/24 | USD | 100 | 99,250 | |||||||||
5.88%, 03/15/22 | USD | 100 | 107,250 | |||||||||
6.25%, 02/15/21 | USD | 75 | 79,219 | |||||||||
6.50%, 02/15/16b | USD | 100 | 108,250 | |||||||||
6.50%, 02/15/20 | USD | 400 | 446,000 | |||||||||
7.25%, 09/15/20 (Call 03/15/15) | USD | 100 | 108,000 | |||||||||
7.50%, 02/15/22 | USD | 100 | 113,625 | |||||||||
7.75%, 05/15/21 (Call 11/15/15) | USD | 100 | 110,000 | |||||||||
HCA Inc. | ||||||||||||
5.88%, 05/01/23 | USD | 100 | 101,875 | |||||||||
HD Supply Inc. | ||||||||||||
7.50%, 07/15/20 (Call 10/15/16)b | USD | 200 | 216,000 | |||||||||
11.00%, 04/15/20 (Call 04/15/16) | USD | 100 | 118,000 | |||||||||
11.50%, 07/15/20 (Call 10/15/16) | USD | 50 | 59,125 | |||||||||
Hercules Offshore Inc. | ||||||||||||
8.75%, 07/15/21 (Call 07/15/17)a | USD | 50 | 53,674 | |||||||||
Hertz Corp. (The) | ||||||||||||
5.88%, 10/15/20 (Call 10/15/15) | USD | 100 | 106,000 | |||||||||
6.25%, 10/15/22 (Call 10/15/17)b | USD | 100 | 107,000 | |||||||||
6.75%, 04/15/19 (Call 04/15/15) | USD | 150 | 160,885 | |||||||||
Hexion U.S. Finance Corp. | ||||||||||||
6.63%, 04/15/20 (Call 04/15/15) | USD | 125 | 130,000 | |||||||||
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC | ||||||||||||
9.00%, 11/15/20 (Call 11/15/15)b | USD | 100 | 97,250 |
Security | Principal (000s) | Value | ||||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | ||||||||||||
5.63%, 10/15/21 (Call 10/15/16)a,b | USD | 100 | $ | 104,250 | ||||||||
Hologic Inc. | ||||||||||||
6.25%, 08/01/20 (Call 08/01/15) | USD | 100 | 106,125 | |||||||||
Hughes Satellite Systems Corp. | ||||||||||||
7.63%, 06/15/21b | USD | 100 | 112,375 | |||||||||
Huntington Ingalls Industries Inc. | ||||||||||||
7.13%, 03/15/21 (Call 03/15/16) | USD | 50 | 55,125 | |||||||||
Huntsman International LLC | ||||||||||||
8.63%, 03/15/21 (Call 09/15/15)b | USD | 100 | 111,500 | |||||||||
IAC/InterActiveCorp | ||||||||||||
4.75%, 12/15/22 (Call 12/15/17) | USD | 50 | 49,313 | |||||||||
4.88%, 11/30/18 (Call 11/30/14) | USD | 25 | 26,250 | |||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||||||
5.88%, 02/01/22 (Call 08/01/17)a | USD | 170 | 172,975 | |||||||||
6.00%, 08/01/20 (Call 02/01/17)b | USD | 50 | 53,031 | |||||||||
IMS Health Inc. | ||||||||||||
6.00%, 11/01/20 (Call 11/01/15)a | USD | 150 | 159,000 | |||||||||
Infor US Inc. | ||||||||||||
9.38%, 04/01/19 (Call 04/01/15) | USD | 100 | 112,250 | |||||||||
International Lease Finance Corp. | ||||||||||||
3.88%, 04/15/18 | USD | 100 | 101,625 | |||||||||
5.75%, 05/15/16 | USD | 100 | 107,315 | |||||||||
5.88%, 04/01/19 | USD | 150 | 162,572 | |||||||||
5.88%, 08/15/22 | USD | 100 | 105,375 | |||||||||
8.25%, 12/15/20 | USD | 200 | 242,235 | |||||||||
8.63%, 09/15/15 | USD | 100 | 109,523 | |||||||||
8.75%, 03/15/17 | USD | 200 | 233,216 | |||||||||
inVentiv Health Inc. | ||||||||||||
9.00%, 01/15/18 (Call 01/15/16)a | USD | 75 | 79,594 |
SCHEDULESOF INVESTMENTS | 53 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
11.00%, 08/15/18 (Call 08/15/14)a,b | USD | 25 | $ | 23,375 | ||||||||
Iron Mountain Inc. | ||||||||||||
5.75%, 08/15/24 (Call 08/15/17) | USD | 75 | 73,971 | |||||||||
6.00%, 08/15/23 (Call 08/15/18) | USD | 100 | 106,534 | |||||||||
7.75%, 10/01/19 (Call 10/01/15) | USD | 100 | 110,037 | |||||||||
Jaguar Holding Co. | ||||||||||||
9.50%, 12/01/19 (Call 12/01/14)a | USD | 100 | 110,500 | |||||||||
JC Penney Corp. Inc. | ||||||||||||
5.65%, 06/01/20b | USD | 75 | 60,765 | |||||||||
Kinder Morgan Finance Co. LLC |
| |||||||||||
6.00%, 01/15/18a | USD | 100 | 109,004 | |||||||||
Kinder Morgan Inc. | ||||||||||||
5.00%, 02/15/21 (Call 01/15/21)a | USD | 100 | 99,500 | |||||||||
5.63%, 11/15/23 (Call 08/15/23)a | USD | 100 | 99,750 | |||||||||
Kinetic Concepts Inc./KCI USA Inc. | ||||||||||||
10.50%, 11/01/18 (Call 11/01/15) | USD | 150 | 171,562 | |||||||||
12.50%, 11/01/19 (Call 11/01/15)b | USD | 50 | 58,250 | |||||||||
L Brands Inc. | ||||||||||||
5.63%, 02/15/22 | USD | 100 | 104,500 | |||||||||
6.63%, 04/01/21 | USD | 100 | 111,625 | |||||||||
6.90%, 07/15/17 | USD | 100 | 113,750 | |||||||||
7.00%, 05/01/20 | USD | 100 | 114,250 | |||||||||
Lamar Media Corp. | ||||||||||||
5.00%, 05/01/23 (Call 05/01/18) | USD | 50 | 50,223 | |||||||||
5.38%, 01/15/24 (Call 01/15/19)a | USD | 25 | 25,787 | |||||||||
Laredo Petroleum Inc. | ||||||||||||
9.50%, 02/15/19 (Call 02/15/15) | USD | 100 | 110,290 | |||||||||
Laureate Education Inc. | ||||||||||||
9.25%, 09/01/19 (Call 09/01/15)a | USD | 100 | 105,500 |
Security | Principal (000s) | Value | ||||||||||
Lear Corp. | ||||||||||||
4.75%, 01/15/23 (Call 01/15/18)a | USD | 25 | $ | 24,375 | ||||||||
5.38%, 03/15/24 (Call 03/15/19) | USD | 25 | 25,625 | |||||||||
Lennar Corp. | ||||||||||||
4.50%, 06/15/19 (Call 04/16/19) | USD | 25 | 25,250 | |||||||||
4.75%, 12/15/17 (Call 09/15/17)b | USD | 100 | 105,750 | |||||||||
Level 3 Financing Inc. | ||||||||||||
6.13%, 01/15/21 (Call 11/15/16)a | USD | 100 | 104,625 | |||||||||
8.13%, 07/01/19 (Call 07/01/15)b | USD | 200 | 219,000 | |||||||||
8.63%, 07/15/20 (Call 01/15/16) | USD | 100 | 112,000 | |||||||||
Levi Strauss & Co. | ||||||||||||
6.88%, 05/01/22 (Call 05/01/17) | USD | 100 | 110,890 | |||||||||
LifePoint Hospitals Inc. | ||||||||||||
5.50%, 12/01/21 (Call 12/01/16)a | USD | 25 | 25,875 | |||||||||
Linn Energy LLC/Linn Energy Finance Corp. | ||||||||||||
7.25%, 11/01/19 (Call 11/01/15)a,b | USD | 200 | 206,136 | |||||||||
7.75%, 02/01/21 (Call 09/15/15) | USD | 100 | 107,193 | |||||||||
8.63%, 04/15/20 (Call 04/15/15) | USD | 100 | 108,115 | |||||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | ||||||||||||
4.50%, 07/15/23 (Call 04/15/23) | USD | 100 | 97,999 | |||||||||
6.75%, 11/01/20 (Call 11/01/15) | USD | 150 | 162,656 | |||||||||
Masco Corp. | ||||||||||||
6.13%, 10/03/16b | USD | 150 | 165,375 | |||||||||
McClatchy Co. (The) | ||||||||||||
9.00%, 12/15/22 (Call 12/15/17) | USD | 100 | 114,770 |
54 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
MetroPCS Wireless Inc. | ||||||||||||
6.63%, 11/15/20 (Call 11/15/15) | USD | 100 | $ | 106,750 | ||||||||
7.88%, 09/01/18 (Call 09/01/14) | USD | 100 | 105,500 | |||||||||
MGM Resorts International | ||||||||||||
5.25%, 03/31/20 | USD | 100 | 103,153 | |||||||||
6.63%, 12/15/21 | USD | 175 | 191,550 | |||||||||
6.75%, 10/01/20b | USD | 100 | 110,265 | |||||||||
7.50%, 06/01/16 | USD | 100 | 111,250 | |||||||||
7.63%, 01/15/17 | USD | 100 | 113,422 | |||||||||
8.63%, 02/01/19b | USD | 150 | 178,318 | |||||||||
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC | ||||||||||||
9.25%, 06/01/21 (Call 06/01/16) | USD | 50 | 50,969 | |||||||||
10.75%, 10/01/20 (Call 10/01/16) | USD | 50 | 53,860 | |||||||||
Momentive Performance Materials Inc. | ||||||||||||
9.00%, 01/15/21 (Call 01/15/16)b | USD | 50 | 38,797 | |||||||||
MPH Acquisition Holdings LLC | ||||||||||||
6.63%, 04/01/22 (Call 04/01/17)a | USD | 50 | 52,000 | |||||||||
Nationstar Mortgage LLC/Nationstar Capital Corp. | ||||||||||||
6.50%, 07/01/21 (Call 01/01/17)b | USD | 100 | 95,250 | |||||||||
7.88%, 10/01/20 (Call 10/01/16) | USD | 100 | 101,750 | |||||||||
Navistar International Corp. | ||||||||||||
8.25%, 11/01/21 (Call 11/01/14)b | USD | 100 | 102,125 | |||||||||
NBTY Inc. | ||||||||||||
9.00%, 10/01/18 (Call 10/01/14) | USD | 50 | 53,625 | |||||||||
NCR Corp. | ||||||||||||
4.63%, 02/15/21 (Call 02/15/17) | USD | 50 | 50,375 | |||||||||
5.00%, 07/15/22 (Call 07/15/17) | USD | 50 | 50,875 | |||||||||
6.38%, 12/15/23 (Call 12/15/18)a,b | USD | 50 | 53,250 |
Security | Principal (000s) | Value | ||||||||||
Neiman Marcus Group Ltd. LLC | ||||||||||||
8.00%, 10/15/21 (Call 10/15/16)a | USD | 100 | $ | 110,000 | ||||||||
Newfield Exploration Co. | ||||||||||||
5.75%, 01/30/22 | USD | 100 | 106,712 | |||||||||
6.88%, 02/01/20 (Call 02/01/15) | USD | 100 | 106,494 | |||||||||
NGPL PipeCo LLC | ||||||||||||
7.12%, 12/15/17a | USD | 100 | 99,173 | |||||||||
9.63%, 06/01/19 (Call 06/01/15)a,b | USD | 100 | 107,901 | |||||||||
Nielsen Finance LLC/Nielsen Finance Co. | ||||||||||||
4.50%, 10/01/20 (Call 10/01/16) | USD | 50 | 50,371 | |||||||||
7.75%, 10/15/18 (Call 10/15/14) | USD | 75 | 79,796 | |||||||||
NRG Energy Inc. | ||||||||||||
6.25%, 05/01/24 (Call 05/01/19)a | USD | 175 | 175,182 | |||||||||
6.63%, 03/15/23 (Call 09/15/17) | USD | 100 | 104,483 | |||||||||
7.63%, 01/15/18 | USD | 100 | 113,104 | |||||||||
7.63%, 05/15/19 (Call 05/21/14) | USD | 250 | 260,302 | |||||||||
7.88%, 05/15/21 (Call 05/15/16) | USD | 100 | 110,606 | |||||||||
8.25%, 09/01/20 (Call 09/01/15) | USD | 50 | 55,033 | |||||||||
Nuance Communications Inc. | ||||||||||||
5.38%, 08/15/20 (Call 08/15/16)a | USD | 100 | 100,500 | |||||||||
NuStar Logistics LP | ||||||||||||
4.80%, 09/01/20 | USD | 50 | 49,585 | |||||||||
Nuveen Investments Inc. | ||||||||||||
9.13%, 10/15/17 (Call 10/15/14)a | USD | 50 | 54,750 | |||||||||
9.50%, 10/15/20 (Call 10/15/16)a | USD | 50 | 59,750 | |||||||||
Oasis Petroleum Inc. | ||||||||||||
6.88%, 03/15/22 (Call 09/15/17)a | USD | 100 | 108,000 | |||||||||
7.25%, 02/01/19 (Call 02/01/15) | USD | 100 | 107,000 |
SCHEDULESOF INVESTMENTS | 55 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Offshore Group Investments Ltd. | ||||||||||||
7.13%, 04/01/23 (Call 04/01/18) | USD | 75 | $ | 73,556 | ||||||||
7.50%, 11/01/19 (Call 11/01/15) | USD | 50 | 51,911 | |||||||||
Peabody Energy Corp. | ||||||||||||
6.00%, 11/15/18 | USD | 150 | 159,334 | |||||||||
6.25%, 11/15/21b | USD | 100 | 101,734 | |||||||||
6.50%, 09/15/20 | USD | 100 | 104,247 | |||||||||
Penn Virginia Corp. | ||||||||||||
8.50%, 05/01/20 (Call 05/01/17) | USD | 50 | 55,375 | |||||||||
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II | ||||||||||||
8.38%, 06/01/20 (Call 06/01/16) | USD | 59 | 66,523 | |||||||||
Petco Animal Supplies Inc. | ||||||||||||
9.25%, 12/01/18 (Call 06/02/14)a | USD | 50 | 53,813 | |||||||||
Pinnacle Entertainment Inc. | ||||||||||||
7.50%, 04/15/21 (Call 04/15/15)b | USD | 100 | 108,375 | |||||||||
PNK Finance Corp. | ||||||||||||
6.38%, 08/01/21 (Call 08/01/16)a | USD | 115 | 120,489 | |||||||||
Post Holdings Inc. | ||||||||||||
6.75%, 12/01/21 (Call 12/01/17)a | USD | 100 | 104,500 | |||||||||
7.38%, 02/15/22 (Call 02/15/17) | USD | 50 | 53,625 | |||||||||
QEP Resources Inc. | ||||||||||||
5.38%, 10/01/22 (Call 07/01/22) | USD | 100 | 100,273 | |||||||||
6.88%, 03/01/21 | USD | 50 | 55,430 | |||||||||
QVC Inc. | ||||||||||||
3.13%, 04/01/19a | USD | 50 | 50,293 | |||||||||
4.85%, 04/01/24a | USD | 25 | 25,441 | |||||||||
5.13%, 07/02/22 | USD | 100 | 104,185 | |||||||||
7.50%, 10/01/19 (Call 10/01/14)a | USD | 100 | 106,000 | |||||||||
Range Resources Corp. | ||||||||||||
5.00%, 08/15/22 (Call 02/15/17) | USD | 100 | 102,744 |
Security | Principal (000s) | Value | ||||||||||
5.75%, 06/01/21 (Call 06/01/16) | USD | 100 | $ | 106,761 | ||||||||
Realogy Group LLC | ||||||||||||
7.88%, 02/15/19 (Call 02/15/15)a,b | USD | 100 | 108,068 | |||||||||
Regency Energy Partners LP/Regency Energy Finance Corp. | ||||||||||||
5.50%, 04/15/23 (Call 10/15/17) | USD | 50 | 50,500 | |||||||||
6.50%, 07/15/21 (Call 07/15/16) | USD | 100 | 107,250 | |||||||||
6.88%, 12/01/18 (Call 12/01/14) | USD | 100 | 106,000 | |||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC | ||||||||||||
5.75%, 10/15/20 (Call 10/15/15) | USD | 300 | 311,640 | |||||||||
7.13%, 04/15/19 (Call 10/15/14) | USD | 350 | 370,125 | |||||||||
7.88%, 08/15/19 (Call 08/15/15) | USD | 100 | 109,625 | |||||||||
8.25%, 02/15/21 (Call 02/15/16)b | USD | 100 | 108,125 | |||||||||
9.00%, 04/15/19 (Call 10/15/14) | USD | 100 | 106,875 | |||||||||
9.88%, 08/15/19 (Call 08/15/15) | USD | 250 | 278,125 | |||||||||
Rite Aid Corp. | ||||||||||||
6.75%, 06/15/21 (Call 06/15/16) | USD | 100 | 108,550 | |||||||||
9.25%, 03/15/20 (Call 03/15/16) | USD | 50 | 56,887 | |||||||||
Rockies Express Pipeline LLC | ||||||||||||
5.63%, 04/15/20a | USD | 75 | 74,871 | |||||||||
6.85%, 07/15/18a | USD | 50 | 52,619 | |||||||||
Rockwood Specialties Group Inc. | ||||||||||||
4.63%, 10/15/20 (Call 10/15/15) | USD | 100 | 102,750 | |||||||||
Rosetta Resources Inc. | ||||||||||||
5.88%, 06/01/22 (Call 12/01/17) | USD | 90 | 91,987 | |||||||||
RR Donnelley & Sons Co. | ||||||||||||
6.00%, 04/01/24 | USD | 50 | 50,625 | |||||||||
7.88%, 03/15/21b | USD | 50 | 57,060 |
56 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||
5.63%, 02/01/21 | USD | 200 | $ | 207,000 | ||||||||
5.63%, 04/15/23 | USD | 100 | 100,979 | |||||||||
6.25%, 03/15/22a | USD | 100 | 104,643 | |||||||||
Sabine Pass LNG LP | ||||||||||||
7.50%, 11/30/16 | USD | 100 | 110,702 | |||||||||
Sabre GLBL Inc. | ||||||||||||
8.50%, 05/15/19 (Call 05/15/15)a | USD | 100 | 110,529 | |||||||||
Sally Holdings LLC/Sally Capital Inc. | ||||||||||||
6.88%, 11/15/19 (Call 11/15/15) | USD | 150 | 164,062 | |||||||||
Samson Investment Co. | ||||||||||||
10.75%, 02/15/20 (Call 02/15/16)a | USD | 200 | 211,000 | |||||||||
SandRidge Energy Inc. | ||||||||||||
7.50%, 03/15/21 (Call 03/15/16) | USD | 100 | 106,385 | |||||||||
7.50%, 02/15/23 (Call 08/15/17) | USD | 50 | 52,875 | |||||||||
8.13%, 10/15/22 (Call 04/15/17) | USD | 100 | 108,516 | |||||||||
SBA Communications Corp. | ||||||||||||
5.63%, 10/01/19 (Call 10/01/16) | USD | 50 | 52,375 | |||||||||
SBA Telecommunications Inc. | ||||||||||||
5.75%, 07/15/20 (Call 07/15/16) | USD | 50 | 52,500 | |||||||||
Sealed Air Corp. | ||||||||||||
8.13%, 09/15/19 (Call 09/15/15)a | USD | 100 | 111,250 | |||||||||
8.38%, 09/15/21 (Call 09/15/16)a | USD | 100 | 115,000 | |||||||||
Sears Holdings Corp. | ||||||||||||
6.63%, 10/15/18b | USD | 100 | 92,250 | |||||||||
Service Corp. International | ||||||||||||
5.38%, 01/15/22 (Call 07/15/17) | USD | 50 | 51,375 | |||||||||
ServiceMaster Co. (The) | ||||||||||||
7.00%, 08/15/20 (Call 08/15/15) | USD | 50 | 52,625 | |||||||||
8.00%, 02/15/20 (Call 02/15/15) | USD | 50 | 53,828 |
Security | Principal (000s) | Value | ||||||||||
SESI LLC | ||||||||||||
6.38%, 05/01/19 (Call 05/01/15) | USD | 100 | $ | 107,179 | ||||||||
Sinclair Television Group Inc. |
| |||||||||||
6.13%, 10/01/22 (Call 10/01/17) | USD | 100 | 102,217 | |||||||||
Sirius XM Radio Inc. | ||||||||||||
4.63%, 05/15/23 (Call 05/15/18)a | USD | 100 | 92,250 | |||||||||
5.75%, 08/01/21 (Call 08/01/16)a,b | USD | 100 | 102,000 | |||||||||
SLM Corp. | ||||||||||||
5.50%, 01/15/19 | USD | 200 | 211,365 | |||||||||
5.50%, 01/25/23b | USD | 100 | 97,959 | |||||||||
6.00%, 01/25/17 | USD | 100 | 108,796 | |||||||||
6.25%, 01/25/16 | USD | 150 | 161,641 | |||||||||
7.25%, 01/25/22 | USD | 150 | 165,305 | |||||||||
8.00%, 03/25/20 | USD | 200 | 230,527 | |||||||||
SM Energy Co. | ||||||||||||
5.00%, 01/15/24 (Call 07/15/18)a | USD | 100 | 97,750 | |||||||||
Smithfield Foods Inc. | ||||||||||||
5.25%, 08/01/18 (Call 08/01/15)a | USD | 25 | 26,156 | |||||||||
5.88%, 08/01/21 (Call 08/01/16)a | USD | 50 | 52,500 | |||||||||
6.63%, 08/15/22 (Call 08/15/17) | USD | 100 | 109,000 | |||||||||
Spectrum Brands Inc. | ||||||||||||
6.38%, 11/15/20 (Call 11/15/16) | USD | 100 | 108,250 | |||||||||
Springleaf Finance Corp. | ||||||||||||
Series I | ||||||||||||
5.40%, 12/01/15 | USD | 50 | 52,500 | |||||||||
6.90%, 12/15/17 | USD | 250 | 273,750 | |||||||||
7.75%, 10/01/21 | USD | 100 | 111,000 | |||||||||
Sprint Communications Inc. | ||||||||||||
6.00%, 12/01/16 | USD | 150 | 164,062 | |||||||||
6.00%, 11/15/22 | USD | 200 | 201,500 | |||||||||
7.00%, 03/01/20a | USD | 100 | 115,125 | |||||||||
7.00%, 08/15/20 | USD | 50 | 54,250 | |||||||||
8.38%, 08/15/17b | USD | 150 | 175,875 | |||||||||
9.00%, 11/15/18a | USD | 250 | 304,062 | |||||||||
9.13%, 03/01/17 | USD | 150 | 177,375 |
SCHEDULESOF INVESTMENTS | 57 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
11.50%, 11/15/21b | USD | 100 | $ | 134,000 | ||||||||
Sprint Corp. | ||||||||||||
7.13%, 06/15/24a | USD | 200 | 209,500 | |||||||||
7.25%, 09/15/21a | USD | 150 | 163,125 | |||||||||
7.88%, 09/15/23a | USD | 400 | 439,500 | |||||||||
Standard Pacific Corp. | ||||||||||||
8.38%, 05/15/18 | USD | 100 | 118,000 | |||||||||
Steel Dynamics Inc. | ||||||||||||
5.25%, 04/15/23 (Call 04/15/18) | USD | 75 | 76,309 | |||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||||||
7.50%, 10/01/18 (Call 10/01/14) | USD | 84 | 88,937 | |||||||||
SunGard Data Systems Inc. | ||||||||||||
6.63%, 11/01/19 (Call 11/01/15) | USD | 50 | 52,375 | |||||||||
7.38%, 11/15/18 (Call 06/02/14) | USD | 100 | 106,000 | |||||||||
7.63%, 11/15/20 (Call 11/15/15) | USD | 100 | 109,125 | |||||||||
SUPERVALU Inc. | ||||||||||||
6.75%, 06/01/21 (Call 06/01/17)b | USD | 50 | 50,906 | |||||||||
8.00%, 05/01/16 | USD | 50 | 55,250 | |||||||||
T-Mobile USA Inc. | ||||||||||||
6.25%, 04/01/21 (Call 04/01/17) | USD | 100 | 106,625 | |||||||||
6.46%, 04/28/19 (Call 04/28/15)b | USD | 150 | 158,812 | |||||||||
6.54%, 04/28/20 (Call 04/28/16) | USD | 200 | 215,000 | |||||||||
6.63%, 04/28/21 (Call 04/28/17) | USD | 200 | 215,750 | |||||||||
6.63%, 04/01/23 (Call 04/01/18)b | USD | 200 | 214,500 | |||||||||
6.73%, 04/28/22 (Call 04/28/17) | USD | 150 | 161,625 | |||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||||||
4.25%, 11/15/23 (Call 05/15/18)a,b | USD | 50 | 46,410 |
Security | Principal (000s) | Value | ||||||||||
6.88%, 02/01/21 (Call 02/01/16) | USD | 100 | $ | 107,138 | ||||||||
Taylor Morrison Communities Inc./Monarch Communities Inc. | ||||||||||||
5.25%, 04/15/21 (Call 04/15/16)a | USD | 200 | 201,500 | |||||||||
Tenet Healthcare Corp. | ||||||||||||
4.50%, 04/01/21 | USD | 200 | 193,500 | |||||||||
5.00%, 03/01/19a | USD | 25 | 25,031 | |||||||||
6.00%, 10/01/20 | USD | 150 | 157,500 | |||||||||
6.25%, 11/01/18 | USD | 100 | 109,500 | |||||||||
8.00%, 08/01/20 (Call 08/01/15) | USD | 50 | 54,438 | |||||||||
8.13%, 04/01/22 | USD | 300 | 331,500 | |||||||||
Terex Corp. | ||||||||||||
6.00%, 05/15/21 (Call 11/15/16)b | USD | 100 | 107,000 | |||||||||
Tesoro Corp. | ||||||||||||
5.38%, 10/01/22 (Call 10/01/17) | USD | 50 | 51,726 | |||||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. | ||||||||||||
6.13%, 10/15/21 (Call 10/15/16) | USD | 50 | 52,754 | |||||||||
Toll Brothers Finance Corp. | ||||||||||||
5.88%, 02/15/22 (Call 11/15/21) | USD | 100 | 107,500 | |||||||||
Toys R Us Inc. | ||||||||||||
10.38%, 08/15/17 (Call 02/15/15) | USD | 25 | 20,375 | |||||||||
Toys R Us Property Co. II LLC | ||||||||||||
8.50%, 12/01/17 (Call 06/02/14) | USD | 50 | 51,125 | |||||||||
TransDigm Inc. | ||||||||||||
7.50%, 07/15/21 (Call 07/15/16) | USD | 100 | 110,000 | |||||||||
7.75%, 12/15/18 (Call 12/15/14) | USD | 150 | 159,375 | |||||||||
tw telecom holdings Inc. | ||||||||||||
5.38%, 10/01/22 (Call 10/01/17) | USD | 100 | 101,500 | |||||||||
UBS Preferred Funding Trust V Series 1 | �� | |||||||||||
6.24%, 05/29/49 (Call 05/15/16)d | USD | 75 | 79,594 |
58 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal (000s) | Value | ||||||||||
United Airlines Inc. | ||||||||||||
6.75%, 09/15/15 (Call 06/02/14)a | USD | 100 | $ | 101,625 | ||||||||
United Rentals (North America) Inc. | ||||||||||||
5.75%, 11/15/24 (Call 05/15/19) | USD | 75 | 77,867 | |||||||||
6.13%, 06/15/23 (Call 12/15/17) | USD | 75 | 80,659 | |||||||||
7.38%, 05/15/20 (Call 05/15/16) | USD | 150 | 167,201 | |||||||||
7.63%, 04/15/22 (Call 04/15/17)b | USD | 100 | 112,854 | |||||||||
8.38%, 09/15/20 (Call 09/15/15)b | USD | 100 | 111,143 | |||||||||
United States Steel Corp. | ||||||||||||
7.38%, 04/01/20b | USD | 100 | 111,722 | |||||||||
7.50%, 03/15/22 (Call 03/15/17)b | USD | 100 | 110,258 | |||||||||
Univision Communications Inc. | ||||||||||||
5.13%, 05/15/23 (Call 05/15/18)a,b | USD | 100 | 101,965 | |||||||||
6.75%, 09/15/22 (Call 09/15/17)a | USD | 90 | 98,886 | |||||||||
6.88%, 05/15/19 (Call 05/15/15)a | USD | 150 | 160,207 | |||||||||
8.50%, 05/15/21 (Call 11/15/15)a,b | USD | 50 | 54,816 | |||||||||
US Airways Group Inc. | ||||||||||||
6.13%, 06/01/18 | USD | 50 | 52,659 | |||||||||
US Foods Inc. | ||||||||||||
8.50%, 06/30/19 (Call 06/30/14) | USD | 100 | 107,750 | |||||||||
USG Corp. | ||||||||||||
6.30%, 11/15/16 | USD | 100 | 108,250 | |||||||||
Valeant Pharmaceuticals International Inc. | ||||||||||||
6.38%, 10/15/20 (Call 10/15/16)a | USD | 200 | 214,500 | |||||||||
6.75%, 08/15/21 (Call 02/15/16)a | USD | 100 | 106,750 | |||||||||
6.88%, 12/01/18 (Call 12/01/14)a | USD | 200 | 210,750 | |||||||||
7.00%, 10/01/20 (Call 10/01/15)a | USD | 100 | 107,000 |
Security | Principal (000s) | Value | ||||||||||
Verso Paper Holdings LLC/Verso Paper Inc. | ||||||||||||
11.75%, 01/15/19 (Call 01/15/15) | USD | 30 | $ | 32,345 | ||||||||
Voya Financial Inc. | ||||||||||||
5.65%, 05/15/53 (Call 05/15/23)d | USD | 50 | 49,825 | |||||||||
Vulcan Materials Co. | ||||||||||||
7.50%, 06/15/21 | USD | 100 | 117,500 | |||||||||
VWR Funding Inc. | ||||||||||||
7.25%, 09/15/17 (Call 09/15/14) | USD | 50 | 53,438 | |||||||||
Walter Energy Inc. | ||||||||||||
8.50%, 04/15/21 (Call 04/15/17)b | USD | 25 | 14,929 | |||||||||
9.88%, 12/15/20 (Call 12/15/16)b | USD | 50 | 32,598 | |||||||||
West Corp. |
| |||||||||||
8.63%, 10/01/18 (Call 10/01/14) | USD | 100 | 106,750 | |||||||||
Whiting Petroleum Corp. | ||||||||||||
5.00%, 03/15/19 (Call 12/15/18) | USD | 100 | 105,125 | |||||||||
5.75%, 03/15/21 (Call 12/15/20) | USD | 150 | 160,500 | |||||||||
WideOpenWest Finance LLC/WideOpenWest Capital Corp. | ||||||||||||
10.25%, 07/15/19 (Call 07/15/15) | USD | 75 | 84,750 | |||||||||
Windstream Corp. | ||||||||||||
7.50%, 04/01/23 (Call 04/01/16)b | USD | 100 | 105,500 | |||||||||
7.75%, 10/15/20 (Call 10/15/15) | USD | 200 | 215,750 | |||||||||
7.88%, 11/01/17 | USD | 100 | 115,125 | |||||||||
WMG Acquisition Corp. | ||||||||||||
6.75%, 04/15/22 (Call 04/15/17)a | USD | 50 | 50,250 | |||||||||
WPX Energy Inc. | ||||||||||||
6.00%, 01/15/22 (Call 10/15/21) | USD | 100 | 103,153 |
SCHEDULESOF INVESTMENTS | 59 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2014
Security | Principal or Shares (000s) | Value | ||||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||||||
5.38%, 03/15/22 (Call 03/15/17)b | USD | 100 | $ | 103,253 | ||||||||
7.75%, 08/15/20 (Call 08/15/15) | USD | 100 | 110,395 | |||||||||
Zayo Group LLC/Zayo Capital Inc. | ||||||||||||
10.13%, 07/01/20 (Call 07/01/16) | USD | 100 | 115,750 | |||||||||
|
| |||||||||||
54,637,711 | ||||||||||||
|
| |||||||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||||||
(Cost: $86,155,006) |
| 90,014,239 | ||||||||||
FOREIGN AGENCY OBLIGATIONS — 0.16% |
| |||||||||||
PORTUGAL — 0.16% |
| |||||||||||
Caixa Geral de Depositos SA | ||||||||||||
5.63%, 12/04/15c | EUR | 100 | 146,843 | |||||||||
|
| |||||||||||
146,843 | ||||||||||||
|
| |||||||||||
TOTAL FOREIGN AGENCY OBLIGATIONS |
| |||||||||||
(Cost: $135,163) |
| 146,843 | ||||||||||
SHORT-TERM INVESTMENTS — 10.52% |
| |||||||||||
MONEY MARKET FUNDS — 10.52% |
| |||||||||||
BlackRock Cash Funds: Institutional, |
| |||||||||||
0.13%f,g,h | 9,001 | 9,001,413 | ||||||||||
BlackRock Cash Funds: Prime, | ||||||||||||
0.11%f,g,h | 693 | 693,313 | ||||||||||
BlackRock Cash Funds: Treasury, | ||||||||||||
0.00%f,g | 33 | 33,183 | ||||||||||
|
| |||||||||||
9,727,909 | ||||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||||||
(Cost: $9,727,909) |
| 9,727,909 | ||||||||||
|
|
Value | ||||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $96,018,078) | $ | 99,888,991 | ||||||
Other Assets, Less Liabilities — (8.01)% | (7,407,553 | ) | ||||||
|
| |||||||
NET ASSETS — 100.00% | $ | 92,481,438 | ||||||
|
|
CAD | — Canadian Dollar | |
EUR | — Euro | |
GBP | — British Pound | |
USD | — United States Dollar |
a | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
d | Variable rate security. Rate shown is as of report date. |
e | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
f | Affiliated issuer. See Note 2. |
g | The rate quoted is the annualized seven-day yield of the fund at period end. |
h | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
60 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
April 30, 2014
iShares Emerging Markets Corporate Bond ETF | iShares Emerging Markets High Yield Bond ETF | iShares Emerging Markets Local Currency Bond ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 30,393,713 | $ | 185,261,897 | $ | 593,392,207 | ||||||
Affiliated (Note 2) | 1,608,006 | 1,550,377 | 46,411 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 32,001,719 | $ | 186,812,274 | $ | 593,438,618 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 29,727,475 | $ | 179,591,301 | $ | 574,720,916 | ||||||
Affiliated (Note 2) | 1,608,006 | 1,550,377 | 46,411 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 31,335,481 | 181,141,678 | 574,767,327 | |||||||||
Foreign currency, at valueb | — | — | 12,345,680 | |||||||||
Cash | 20,900 | 124,815 | 141,257 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 280,353 | 578,316 | 10,209,683 | |||||||||
Due from custodian (Note 4) | 110,747 | — | 280,837 | |||||||||
Interest | 408,757 | 2,903,788 | 9,537,077 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 32,156,238 | 184,748,597 | 607,281,861 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 526,471 | 738,106 | 16,149,536 | |||||||||
Collateral for securities on loan (Note 1) | 1,206,150 | — | — | |||||||||
Deferred foreign capital gains taxes (Note 1) | — | — | 60,478 | |||||||||
Investment advisory fees (Note 2) | 14,390 | 97,678 | 288,114 | |||||||||
Unrealized depreciation on forward currency contracts (Note 1) | — | — | 90,369 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,747,011 | 835,784 | 16,588,497 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 30,409,227 | $ | 183,912,813 | $ | 590,693,364 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 31,490,502 | $ | 197,744,206 | $ | 621,316,074 | ||||||
Undistributed net investment income | 104,624 | 925,988 | 3,902,790 | |||||||||
Accumulated net realized loss | (519,661 | ) | (9,086,785 | ) | (15,859,099 | ) | ||||||
Net unrealized depreciation | (666,238 | ) | (5,670,596 | ) | (18,666,401 | ) | ||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 30,409,227 | $ | 183,912,813 | $ | 590,693,364 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 600,000 | 3,600,000 | 11,800,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 50.68 | $ | 51.09 | $ | 50.06 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $1,178,090, $ — and $ —, respectively. See Note 1. |
b | Cost of foreign currency: $ —, $ — and $12,310,513, respectively. |
c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 61 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
April 30, 2014
iShares Global ex USD High Yield Corporate Bond ETF | iShares Global High Bond ETF | |||||||
ASSETS | ||||||||
Investments, at cost: | ||||||||
Unaffiliated | $ | 157,519,734 | $ | 86,290,169 | ||||
Affiliated (Note 2) | 44,239 | 9,727,909 | ||||||
|
|
|
| |||||
Total cost of investments | $ | 157,563,973 | $ | 96,018,078 | ||||
|
|
|
| |||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||
Unaffiliated | $ | 164,485,956 | $ | 90,161,082 | ||||
Affiliated (Note 2) | 44,239 | 9,727,909 | ||||||
|
|
|
| |||||
Total fair value of investments | 164,530,195 | 99,888,991 | ||||||
Foreign currency, at valueb | 4,565,305 | 647,565 | ||||||
Cash | — | 111,877 | ||||||
Receivables: | ||||||||
Investment securities sold | 1,240,973 | 991,135 | ||||||
Interest | 3,088,372 | 1,562,447 | ||||||
Capital shares sold | 5,938,621 | — | ||||||
|
|
|
| |||||
Total Assets | 179,363,466 | 103,202,015 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Payables: | ||||||||
Investment securities purchased | 7,935,211 | 995,571 | ||||||
Collateral for securities on loan (Note 1) | — | 9,694,726 | ||||||
Investment advisory fees (Note 2) | 52,571 | 30,280 | ||||||
|
|
|
| |||||
Total Liabilities | 7,987,782 | 10,720,577 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 171,375,684 | $ | 92,481,438 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 163,389,261 | $ | 87,934,759 | ||||
Undistributed net investment income | 278,008 | 277,243 | ||||||
Undistributed net realized gain | 694,204 | 387,789 | ||||||
Net unrealized appreciation | 7,014,211 | 3,881,647 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 171,375,684 | $ | 92,481,438 | ||||
|
|
|
| |||||
Shares outstandingc | 2,900,000 | 1,700,000 | ||||||
|
|
|
| |||||
Net asset value per share | $ | 59.10 | $ | 54.40 | ||||
|
|
|
|
a | Securities on loan with values of $ — and $9,464,666, respectively. See Note 1. |
b | Cost of foreign currency: $4,546,840 and $642,721, respectively. |
c | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to financial statements.
62 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended April 30, 2014
iShares Emerging Markets Corporate Bond ETF | iShares Emerging Markets High Yield Bond ETF | iShares Emerging Markets Local Currency Bond ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Interest — unaffiliateda | $ | 648,692 | $ | 6,310,180 | $ | 14,603,979 | ||||||
Interest — affiliated (Note 2) | 15 | 141 | 61 | |||||||||
Securities lending income — affiliated (Note 2) | 365 | — | — | |||||||||
|
|
|
|
|
| |||||||
649,072 | 6,310,321 | 14,604,040 | ||||||||||
Less: Other foreign taxes (Note 1) | — | — | (248 | ) | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 649,072 | 6,310,321 | 14,603,792 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 84,181 | 604,019 | 1,747,821 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 84,181 | 604,019 | 1,747,821 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 564,891 | 5,706,302 | 12,855,971 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliatedb | (29,618 | ) | (1,122,885 | ) | (10,734,264 | ) | ||||||
In-kind redemptions — unaffiliated | (308,025 | ) | (1,119,272 | ) | 90,301 | |||||||
Foreign currency transactions | — | — | (594,650 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized loss | (337,643 | ) | (2,242,157 | ) | (11,238,613 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investmentsc | 321,406 | 2,247,298 | (2,072,546 | ) | ||||||||
Forward currency contracts | — | — | (90,369 | ) | ||||||||
Translation of assets and liabilities in foreign currencies | — | — | 20,585 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | 321,406 | 2,247,298 | (2,142,330 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (16,237 | ) | 5,141 | (13,380,943 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 548,654 | $ | 5,711,443 | $ | (524,972 | ) | |||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $ —, $ — and $706,676, respectively. |
b | Net of foreign capital gains taxes of $ —, $ — and $7,669, respectively. |
c | Net of deferred foreign capital gains taxes of $ —, $ — and $58,706, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 63 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended April 30, 2014
iShares Global ex USD High Yield Corporate Bond ETF | iShares Global High Bond ETF | |||||||
NET INVESTMENT INCOME | ||||||||
Interest — unaffiliated | $ | 2,375,153 | $ | 2,544,185 | ||||
Interest — affiliated (Note 2) | 7 | 89 | ||||||
Securities lending income — affiliated (Note 2) | — | 18,555 | ||||||
|
|
|
| |||||
Total investment income | 2,375,160 | 2,562,829 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees (Note 2) | 261,068 | 239,474 | ||||||
|
|
|
| |||||
Total expenses | 261,068 | 239,474 | ||||||
Less investment advisory fees waived (Note 2) | (71,200 | ) | (65,311 | ) | ||||
|
|
|
| |||||
Net expenses | 189,868 | 174,163 | ||||||
|
|
|
| |||||
Net investment income | 2,185,292 | 2,388,666 | ||||||
|
|
|
| |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated | 253,554 | 350,702 | ||||||
Foreign currency transactions | 234,020 | 51,062 | ||||||
|
|
|
| |||||
Net realized gain | 487,574 | 401,764 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation on: | ||||||||
Investments | 3,937,511 | 1,416,667 | ||||||
Translation of assets and liabilities in foreign currencies | 29,982 | (2,888 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation | 3,967,493 | 1,413,779 | ||||||
|
|
|
| |||||
Net realized and unrealized gain | 4,455,067 | 1,815,543 | ||||||
|
|
|
| |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,640,359 | $ | 4,204,209 | ||||
|
|
|
|
See notes to financial statements.
64 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares Emerging Markets Corporate Bond ETF | iShares Emerging Markets High Yield Bond ETF | |||||||||||||||
Six months ended April 30, 2014 (Unaudited) | Year ended October 31, 2013 | Six months ended April 30, 2014 (Unaudited) | Year ended October 31, 2013 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 564,891 | $ | 1,262,982 | $ | 5,706,302 | $ | 12,680,618 | ||||||||
Net realized loss | (337,643 | ) | (618,461 | ) | (2,242,157 | ) | (8,733,079 | ) | ||||||||
Net change in unrealized appreciation/depreciation | 321,406 | (1,561,100 | ) | 2,247,298 | (7,436,270 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 548,654 | (916,579 | ) | 5,711,443 | (3,488,731 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (567,141 | ) | (1,215,670 | ) | (5,791,942 | ) | (11,875,701 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (567,141 | ) | (1,215,670 | ) | (5,791,942 | ) | (11,875,701 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 5,050,610 | 21,155,693 | — | 93,145,288 | ||||||||||||
Cost of shares redeemed | (9,960,684 | ) | (4,855,891 | ) | (19,610,613 | ) | (40,407,967 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (4,910,074 | ) | 16,299,802 | (19,610,613 | ) | 52,737,321 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (4,928,561 | ) | 14,167,553 | (19,691,112 | ) | 37,372,889 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 35,337,788 | 21,170,235 | 203,603,925 | 166,231,036 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 30,409,227 | $ | 35,337,788 | $ | 183,912,813 | $ | 203,603,925 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 104,624 | $ | 106,874 | $ | 925,988 | $ | 1,011,628 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 100,000 | 400,000 | — | 1,700,000 | ||||||||||||
Shares redeemed | (200,000 | ) | (100,000 | ) | (400,000 | ) | (800,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (100,000 | ) | 300,000 | (400,000 | ) | 900,000 | ||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 65 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares Emerging Markets Local Currency Bond ETF | iShares Global ex USD High Yield Corporate Bond ETF | |||||||||||||||
Six months ended April 30, 2014 (Unaudited) | Year ended October 31, 2013 | Six months ended April 30, 2014 (Unaudited) | Year ended October 31, 2013 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 12,855,971 | $ | 22,189,749 | $ | 2,185,292 | $ | 2,293,814 | ||||||||
Net realized gain (loss) | (11,238,613 | ) | (12,303,456 | ) | 487,574 | 263,561 | ||||||||||
Net change in unrealized appreciation/depreciation | (2,142,330 | ) | (18,539,293 | ) | 3,967,493 | 2,319,598 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (524,972 | ) | (8,653,000 | ) | 6,640,359 | 4,876,973 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (8,953,181 | ) | (14,179,444 | ) | (2,391,471 | ) | (1,957,170 | ) | ||||||||
Return of capital | — | (450,972 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (8,953,181 | ) | (14,630,416 | ) | (2,391,471 | ) | (1,957,170 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 10,063,634 | 473,342,721 | 115,973,791 | 22,229,000 | ||||||||||||
Cost of shares redeemed | (48,233,688 | ) | (19,471,218 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (38,170,054 | ) | 453,871,503 | 115,973,791 | 22,229,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (47,648,207 | ) | 430,588,087 | 120,222,679 | 25,148,803 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 638,341,571 | 207,753,484 | 51,153,005 | 26,004,202 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 590,693,364 | $ | 638,341,571 | $ | 171,375,684 | $ | 51,153,005 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 3,902,790 | $ | — | $ | 278,008 | $ | 484,187 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 200,000 | 9,000,000 | 2,000,000 | 400,000 | ||||||||||||
Shares redeemed | (1,000,000 | ) | (400,000 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (800,000 | ) | 8,600,000 | 2,000,000 | 400,000 | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
66 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares Global High Yield Corporate Bond ETF | ||||||||
Six months ended April 30, 2014 (Unaudited) | Year ended October 31, 2013 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 2,388,666 | $ | 3,196,617 | ||||
Net realized gain | 401,764 | 82,124 | ||||||
Net change in unrealized appreciation/depreciation | 1,413,779 | 1,697,021 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 4,204,209 | 4,975,762 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (2,631,562 | ) | (2,923,699 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (2,631,562 | ) | (2,923,699 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 16,015,459 | 36,671,836 | ||||||
|
|
|
| |||||
Net increase in net assets from capital share transactions | 16,015,459 | 36,671,836 | ||||||
|
|
|
| |||||
INCREASE IN NET ASSETS | 17,588,106 | 38,723,899 | ||||||
NET ASSETS | ||||||||
Beginning of period | 74,893,332 | 36,169,433 | ||||||
|
|
|
| |||||
End of period | $ | 92,481,438 | $ | 74,893,332 | ||||
|
|
|
| |||||
Undistributed net investment income included in net assets at end of period | $ | 277,243 | $ | 520,139 | ||||
|
|
|
| |||||
SHARES ISSUED | ||||||||
Shares sold | 300,000 | 700,000 | ||||||
|
|
|
| |||||
Net increase in shares outstanding | 300,000 | 700,000 | ||||||
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 67 |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares Emerging Markets Corporate Bond ETF |
Six months ended Apr. 30, 2014 (Unaudited) | Year ended Oct. 31, 2013 | Period from to Oct. 31, 2012 | ||||||||||
Net asset value, beginning of period | $ | 50.48 | $ | 52.93 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 1.00 | 1.92 | 1.07 | |||||||||
Net realized and unrealized gain (loss)c | 0.20 | (2.49 | ) | 2.76 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.20 | (0.57 | ) | 3.83 | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (1.00 | ) | (1.88 | ) | (0.90 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.00 | ) | (1.88 | ) | (0.90 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 50.68 | $ | 50.48 | $ | 52.93 | ||||||
|
|
|
|
|
| |||||||
Total return | 2.44 | %d | (1.07 | )% | 7.75 | %d | ||||||
|
|
|
|
|
| |||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000s) | $ | 30,409 | $ | 35,338 | $ | 21,170 | ||||||
Ratio of expenses to average net assetse | 0.60 | % | 0.60 | % | 0.60 | % | ||||||
Ratio of net investment income to average net assetse | 4.03 | % | 3.74 | % | 3.87 | % | ||||||
Portfolio turnover ratef | 11 | % | 33 | % | 29 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
68 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares Emerging Markets High Yield Bond ETF |
Six months ended Apr. 30, 2014 (Unaudited) | Year ended Oct. 31, 2013 | Period from to Oct. 31, 2012 | ||||||||||
Net asset value, beginning of period | $ | 50.90 | $ | 53.62 | $ | 50.02 | ||||||
|
|
|
|
|
| |||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 1.51 | 2.97 | 1.60 | |||||||||
Net realized and unrealized gain (loss)c | 0.20 | (2.91 | ) | 3.40 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.71 | 0.06 | 5.00 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (1.52 | ) | (2.78 | ) | (1.40 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.52 | ) | (2.78 | ) | (1.40 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 51.09 | $ | 50.90 | $ | 53.62 | ||||||
|
|
|
|
|
| |||||||
Total return | 3.48 | %d | 0.14 | % | 10.21 | %d | ||||||
|
|
|
|
|
| |||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000s) | $ | 183,913 | $ | 203,604 | $ | 166,231 | ||||||
Ratio of expenses to average net assetse | 0.65 | % | 0.65 | % | 0.65 | % | ||||||
Ratio of net investment income to average net assetse | 6.14 | % | 5.64 | % | 5.34 | % | ||||||
Portfolio turnover ratef | 12 | % | 57 | % | 40 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 69 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares Emerging Markets Local Currency Bond ETF |
Six months ended Apr. 30, 2014 (Unaudited) | Year ended Oct. 31, 2013 | Year ended Oct. 31, 2012 | Period from to Oct. 31, 2011 | |||||||||||||
Net asset value, beginning of period | $ | 50.66 | $ | 51.94 | $ | 51.13 | $ | 49.85 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 1.07 | 2.07 | 2.31 | 0.02 | ||||||||||||
Net realized and unrealized gain (loss)c | (0.93 | ) | (1.92 | ) | 0.41 | 1.26 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.14 | 0.15 | 2.72 | 1.28 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.74 | ) | (1.39 | ) | (0.81 | ) | — | |||||||||
Return of capital | — | (0.04 | ) | (1.10 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.74 | ) | (1.43 | ) | (1.91 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 50.06 | $ | 50.66 | $ | 51.94 | $ | 51.13 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | 0.33 | %d | 0.28 | % | 5.48 | % | 2.57 | %d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 590,693 | $ | 638,342 | $ | 207,753 | $ | 30,681 | ||||||||
Ratio of expenses to average net assetse | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||
Ratio of net investment income to average net assetse | 4.41 | % | 4.04 | % | 4.57 | % | 1.21 | % | ||||||||
Portfolio turnover ratef | 30 | % | 41 | % | 61 | % | 0 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended April 30, 2014, the years ended October 31, 2013 and October 30, 2012 were 26%, 39% and 61%, respectively. See Note 4. |
See notes to financial statements.
70 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares Global ex USD High Yield Corporate Bond ETF |
Six months ended Apr. 30, 2014 (Unaudited) | Year ended Oct. 31, 2013 | Period from Apr. 3, 2012a to Oct. 31, 2012 | ||||||||||
Net asset value, beginning of period | $ | 56.84 | $ | 52.01 | $ | 50.14 | ||||||
|
|
|
|
|
| |||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 1.32 | 3.15 | 1.94 | |||||||||
Net realized and unrealized gainc | 2.63 | 4.51 | 1.18 | |||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 3.95 | 7.66 | 3.12 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (1.69 | ) | (2.83 | ) | (1.25 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.69 | ) | (2.83 | ) | (1.25 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 59.10 | $ | 56.84 | $ | 52.01 | ||||||
|
|
|
|
|
| |||||||
Total return | 7.11 | %d | 15.20 | % | 6.49 | %d | ||||||
|
|
|
|
|
| |||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000s) | $ | 171,376 | $ | 51,153 | $ | 26,004 | ||||||
Ratio of expenses to average net assetse | 0.40 | % | 0.40 | % | 0.40 | % | ||||||
Ratio of expenses to average net assets prior to waived feese | 0.55 | % | 0.55 | % | 0.55 | % | ||||||
Ratio of net investment income to average net assetse | 4.60 | % | 5.85 | % | 6.92 | % | ||||||
Portfolio turnover ratef | 8 | % | 33 | % | 18 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 71 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares Global High Yield Corporate Bond ETF |
Six months ended Apr. 30, 2014 (Unaudited) | Year ended Oct. 31, 2013 | Period from Apr. 3, 2012a to Oct. 31, 2012 | ||||||||||
Net asset value, beginning of period | $ | 53.50 | $ | 51.67 | $ | 50.00 | ||||||
|
|
|
|
|
| |||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 1.46 | 3.05 | 1.82 | |||||||||
Net realized and unrealized gainc | 1.09 | 1.70 | 1.35 | |||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 2.55 | 4.75 | 3.17 | |||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (1.65 | ) | (2.92 | ) | (1.50 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (1.65 | ) | (2.92 | ) | (1.50 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 54.40 | $ | 53.50 | $ | 51.67 | ||||||
|
|
|
|
|
| |||||||
Total return | 4.86 | %d | 9.50 | % | 6.53 | %d | ||||||
|
|
|
|
|
| |||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000s) | $ | 92,481 | $ | 74,893 | $ | 36,169 | ||||||
Ratio of expenses to average net assetse | 0.40 | % | 0.40 | % | 0.40 | % | ||||||
Ratio of expenses to average net assets prior to waived feese | 0.55 | % | 0.55 | % | 0.55 | % | ||||||
Ratio of net investment income to average net assetse | 5.49 | % | 5.82 | % | 6.28 | % | ||||||
Portfolio turnover ratef | 11 | % | 20 | % | 10 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
72 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
Emerging Markets Corporate Bond | Non-diversified | |
Emerging Markets High Yield Bond | Non-diversified | |
Emerging Markets Local Currency Bond | Non-diversified | |
Global ex USD High Yield Corporate Bond | Non-diversified | |
Global High Yield Corporate Bond | Non-diversified |
The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve each Fund’s investment objective.
Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
The Funds invest in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in emerging market and frontier market countries.
The Funds invest a significant portion of their assets in fixed-income securities. Changes in market interest rates or economic conditions, including the decision in December 2013 by the Federal Reserve Bank (the “Fed”) to taper its quantitative easing policy, may affect the value and/or liquidity of such investments. International bond funds may be adversely impacted by lower levels of market liquidity if the Fed and other central banks become less accommodative by removing liquidity from the markets. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Given the environment of historically low interest rates, the Funds may be subject to a greater risk of price losses if interest rates rise from current levels.
The United States and the European Union have imposed economic sanctions on certain Russian individuals and corporate entities. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the iShares Emerging Markets Corporate Bond ETF, iShares Emerging Markets High Yield Bond ETF and iShares Emerging Markets Local Currency Bond ETF to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.
NOTESTO FINANCIAL STATEMENTS | 73 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Pursuant to the Company’s organizational documents, the Funds’ officers and directors are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
1. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).
• | Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures. |
• | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
• | Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.
74 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of April 30, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and Investment Type
| Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Emerging Markets Corporate Bond | ||||||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 14,122,297 | $ | — | $ | 14,122,297 | ||||||||
Foreign Agency Obligations | — | 15,605,178 | — | 15,605,178 | ||||||||||||
Money Market Funds | 1,608,006 | — | — | 1,608,006 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,608,006 | $ | 29,727,475 | $ | — | $ | 31,335,481 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Emerging Markets High Yield Bond | ||||||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 48,644,628 | $ | — | $ | 48,644,628 | ||||||||
Foreign Agency Obligations | — | 24,133,064 | — | 24,133,064 | ||||||||||||
Foreign Government Obligations | — | 106,813,609 | — | 106,813,609 | ||||||||||||
Money Market Funds | 1,550,377 | — | — | 1,550,377 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,550,377 | $ | 179,591,301 | $ | — | $ | 181,141,678 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NOTESTO FINANCIAL STATEMENTS | 75 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
iShares ETF and Investment Type
| Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Emerging Markets Local Currency Bond | ||||||||||||||||
Assets: | ||||||||||||||||
Foreign Government Obligations | $ | — | $ | 574,720,916 | $ | — | $ | 574,720,916 | ||||||||
Money Market Funds | 46,411 | — | — | 46,411 | ||||||||||||
Liabilities: | ||||||||||||||||
Forward Currency Contractsa | — | (90,369 | ) | — | (90,369 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 46,411 | $ | 574,630,547 | $ | — | $ | 574,676,958 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Global ex USD High Yield Corporate Bond | ||||||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 163,751,743 | $ | 0 | b | $ | 163,751,743 | |||||||
Foreign Agency Obligations | — | 734,213 | — | 734,213 | ||||||||||||
Money Market Funds | 44,239 | — | — | 44,239 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 44,239 | $ | 164,485,956 | $ | 0 | b | $ | 164,530,195 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global High Yield Corporate Bond | ||||||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 90,014,239 | $ | — | $ | 90,014,239 | ||||||||
Foreign Agency Obligations | — | 146,843 | — | 146,843 | ||||||||||||
Money Market Funds | 9,727,909 | — | — | 9,727,909 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 9,727,909 | $ | 90,161,082 | $ | — | $ | 99,888,991 | |||||||||
|
|
|
|
|
|
|
| |||||||||
a | Forward currency contracts are valued at the unrealized appreciation/depreciation on the contracts. |
b | Rounds to less than $1. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
76 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2014, if any, are disclosed in the Funds’ statements of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
FEDERAL INCOME TAXES
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities plus the interest accrued on such securities, if any, for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan plus accrued interest, if any. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of April 30, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of April 30, 2014 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
NOTESTO FINANCIAL STATEMENTS | 77 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of April 30, 2014:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
Emerging Markets Corporate Bond | $ | 1,178,090 | $ | 1,178,090 | $ | — | ||||||
Global High Yield Corporate Bond | 9,464,666 | 9,464,666 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Advisor”), an affiliate of BFA, under which BFA pays the Sub-Advisor for services it provides to the iShares Emerging Markets Local Currency Bond ETF, iShares Global ex USD High Yield Corporate Bond ETF and iShares Global High Yield Corporate Bond ETF.
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Emerging Markets Corporate Bond | 0.60 | % | ||
Emerging Markets High Yield Bond | 0.65 | |||
Emerging Markets Local Currency Bond | 0.60 | |||
Global ex USD High Yield Corporate Bond | 0.55 | |||
Global High Yield Corporate Bond | 0.55 |
78 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares Global ex USD High Yield Corporate Bond ETF and the iShares Global High Yield Corporate Bond ETF through February 28, 2015 in order to limit total annual operating expenses to 0.40% of average daily net assets.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014, each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement effective January 1, 2014, (i) each Fund retains 75% of securities lending income and (ii) the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.
For the six months ended April 30, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
Emerging Markets Corporate Bond | $ | 156 | ||
Global High Yield Corporate Bond | 8,641 |
In addition, commencing the business day following the date that the aggregate securities lending income generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 (or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, (i) each Fund will receive for the remainder of that calendar year 80% of securities lending income and (ii) the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
NOTESTO FINANCIAL STATEMENTS | 79 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2014 were as follows:
iShares ETF | Purchases | Sales | ||||||
Emerging Markets Corporate Bond | $ | 2,962,986 | $ | 2,953,853 | ||||
Emerging Markets High Yield Bond | 22,269,324 | 21,239,000 | ||||||
Emerging Markets Local Currency Bond | 154,921,038 | 187,488,610 | ||||||
Global ex USD High Yield Corporate Bond | 62,670,465 | 7,693,173 | ||||||
Global High Yield Corporate Bond | 14,799,144 | 9,149,890 |
In-kind transactions (see Note 4) for the six months ended April 30, 2014 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Emerging Markets Corporate Bond | $ | 4,726,252 | $ | 9,533,458 | ||||
Emerging Markets High Yield Bond | — | 18,938,985 | ||||||
Emerging Markets Local Currency Bond | 4,989,421 | 8,442,261 | ||||||
Global ex USD High Yield Corporate Bond | 58,095,155 | — | ||||||
Global High Yield Corporate Bond | 10,225,099 | — |
4. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the statements of changes in net assets.
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.
5. | INCOME TAX INFORMATION |
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
80 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of October 31, 2013, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non- Expiring | |||
Emerging Markets Corporate Bond | $ | 177,446 | ||
Emerging Markets High Yield Bond | 6,533,856 | |||
Emerging Markets Local Currency Bond | 2,413,710 | |||
Global High Yield Corporate Bond | 13,975 |
As of April 30, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Emerging Markets Corporate Bond | $ | 32,006,291 | $ | 254,581 | $ | (925,391 | ) | $ | (670,810 | ) | ||||||
Emerging Markets High Yield Bond | 187,123,046 | 3,003,474 | (8,984,842 | ) | (5,981,368 | ) | ||||||||||
Emerging Markets Local Currency Bond | 595,645,394 | 15,108,545 | (35,986,612 | ) | (20,878,067 | ) | ||||||||||
Global ex USD High Yield Corporate Bond | 157,563,973 | 7,199,810 | (233,588 | ) | 6,966,222 | |||||||||||
Global High Yield Corporate Bond | 96,018,078 | 4,457,780 | (586,867 | ) | 3,870,913 |
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2014, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
6. | FORWARD CURRENCY CONTRACTS |
Each Fund may enter into forward currency contracts for the purpose of hedging against the effects of foreign currencies on the value of such Fund’s assets that are denominated in a non-U.S. currency. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange. The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. The Fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the Fund failing to close out its position due to an illiquid market.
NOTESTO FINANCIAL STATEMENTS | 81 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table shows the value of forward currency contracts held by the iShares Emerging Markets Local Currency Bond ETF as of April 30, 2014 and the related locations in the statements of assets and liabilities, presented by risk exposure category:
Liabilities | ||||
Forward currency contracts: | ||||
Unrealized depreciation on forward currency contracts / Net assets consist of – net unrealized appreciation (depreciation) | $ | (90,369 | ) | |
|
| |||
The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Emerging Markets Local Currency Bond ETF during the six months ended April 30, 2014 and the related locations in the statements of operations, presented by risk exposure category:
Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/Depreciation | |||||||
Forward currency contracts: | ||||||||
Foreign currency transactions / Forward currency contracts | $ | — | $ | (90,369 | ) | |||
|
|
|
| |||||
The number of contracts and notional values of forward currency contracts as presented in the Fund’s schedule of investments is representative of such amounts held during the period.
The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds. In order to better define their contractual rights and to secure rights that will help the Funds to mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.
The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the parties. Forward currency contracts held by the Funds generally do not require collateral. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
82 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.
The following table presents the exposure of the open forward currency contracts that are subject to potential offset on the statements of assets and liabilities as of April 30, 2014:
Derivative Liabilities Subject to Offsetting | Derivatives Available for Offset | Net Amount of Derivative Liabilities | ||||||||||
iShares Emerging Markets Local Currency Bond ETF | ||||||||||||
Forward currency contracts | $ | 90,369 | $ | — | $ | 90,369 | ||||||
|
|
|
|
|
| |||||||
7. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 83 |
Table of Contents
Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Emerging Markets Corporate Bond | $ | 1.003899 | $ | — | $ | — | $ | 1.003899 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
Emerging Markets High Yield Bond | 1.524908 | — | — | 1.524908 | 100 | — | — | 100 | ||||||||||||||||||||||||
Emerging Markets Local Currency Bond | 0.191177 | — | 0.550847 | 0.742024 | 26 | — | 74 | 100 | ||||||||||||||||||||||||
Global ex USD High Yield Corporate Bond | 1.628254 | — | 0.065295 | 1.693549 | 96 | — | 4 | 100 | ||||||||||||||||||||||||
Global High Yield Corporate Bond | 1.628732 | — | 0.020393 | 1.649125 | 99 | — | 1 | 100 |
84 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes:
NOTES | 85 |
Table of Contents
Notes:
86 | 2014 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
![]() |
For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited or Morningstar, Inc., nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Funds’ website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily and monthly basis on the Funds’ website.
©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-102-0414
Table of Contents
Item 2. Code of Ethics.
Not applicable to this semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this semi-annual filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this semi-annual filing.
Item 6. Investments.
(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. Controls and Procedures.
(a) | The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a) (1) Not applicable to this semi-annual filing.
(a) (2) Section 302 Certifications are attached.
(a) (3) Not applicable to the Registrant.
(b) Section 906 Certifications are attached.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares, Inc.
By: | /s/ Manish Mehta | |
Manish Mehta, President (Principal Executive Officer) | ||
Date: | June 23, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Manish Mehta | |
Manish Mehta, President (Principal Executive Officer) | ||
Date: | June 23, 2014 | |
By: | /s/ Jack Gee | |
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer) | ||
Date: | June 23, 2014 |