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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
1 Iron Street, Boston, MA 02210 |
(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, 2017
Date of reporting period: April 30, 2017
Explanatory Note:
The Registrant is filing this amendment to its Form N-CSRS for the period ended April 30, 2017, filed with the Securities and Exchange Commission on July 7, 2017 (Accession Number 0001193125-17-224125). The sole purpose of this amendment is to correct the fund market total returns presented in the Fund Performance Overview for the iShares International High Yield Bond ETF, iShares Emerging Markets Corporate Bond ETF, iShares Emerging Markets High Yield Bond ETF, and iShares Global High Yield Corporate Bond ETF within Item 1, Reports to Stockholders. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSRS filing.
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Item 1. | Reports to Stockholders. |
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APRIL 30, 2017
2017 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 High Yield Corporate Bond ETF | GHYG | BATS |
* | Effective June 1, 2017, the fund will change its name to iShares J.P. Morgan EM Corporate Bond ETF |
** | Effective June 1, 2017, the fund will change its name to iShares J.P. Morgan EM Local Currency Bond ETF |
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iSHARES® EMERGING MARKETS CORPORATE BOND ETF
Performance as of April 30, 2017
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, 2017, the total return for the Fund was 2.88%, net of fees, while the total return for the Index was 2.97%.
Special note: Effective June 1, 2017, the Fund will change its investment objective to track a new underlying index, the J.P. Morgan CEMBI Broad Diversified Core Index, and cease to track the Morningstar® Emerging Markets Corporate Bond IndexSM. Concurrently, the Fund will change its name to iShares J.P. Morgan EM Corporate Bond ETF.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||||
1 Year | 8.24% | 4.53% | 8.63% | 8.24% | 4.53% | 8.63% | ||||||||||||||||||||||
5 Years | 4.30% | 4.33% | 4.88% | 23.40% | 23.63% | 26.88% | ||||||||||||||||||||||
Since Inception | 4.46% | 4.54% | 5.02% | 24.56% | 25.09% | 27.98% |
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 9 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,028.80 | $ | 2.52 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. |
ALLOCATION BY CREDIT QUALITY As of 4/30/17
Moody’s Credit Rating 1 | Percentage of Total Investments 2 |
Aaa | 0.28 | % | ||
Aa | 9.67 | |||
A | 14.37 | |||
Baa | 31.11 | |||
Ba | 22.45 | |||
B | 8.87 | |||
Caa | 1.49 | |||
Not Rated | 11.76 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRIES As of 4/30/17
Country | Percentage of Total Investments 2 |
Brazil | 16.47 | % | ||
Mexico | 12.66 | |||
China | 11.96 | |||
Russia | 9.16 | |||
South Korea | 7.00 | |||
India | 5.55 | |||
Chile | 4.58 | |||
United Arab Emirates | 3.70 | |||
Turkey | 3.60 | |||
Indonesia | 2.79 | |||
|
| |||
TOTAL | 77.47 | % | ||
|
|
1 | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
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Fund Performance Overview
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
Performance as of April 30, 2017
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, 2017, the total return for the Fund was 4.39%, net of fees, while the total return for the Index was 4.66%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||||
1 Year | 12.25% | 12.50% | 13.08% | 12.25% | 12.50% | 13.08% | ||||||||||||||||||||||
5 Years | 6.10% | 6.01% | 6.48% | 34.48% | 33.91% | 36.88% | ||||||||||||||||||||||
Since Inception | 6.33% | 6.42% | 6.70% | 36.57% | 37.13% | 38.99% |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,043.90 | $ | 2.53 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. |
ALLOCATION BY CREDIT QUALITY As of 4/30/17
Moody’s Credit Rating 1 | Percentage of Total Investments 2 |
Baa | 13.39 | % | ||
Ba | 45.03 | |||
B | 22.16 | |||
Caa | 7.37 | |||
Not Rated | 12.05 | |||
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| |||
TOTAL | 100.00 | % | ||
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|
TEN LARGEST COUNTRIES As of 4/30/17
Country | Percentage of Total Investments 2 |
Brazil | 22.55 | % | ||
Turkey | 11.18 | |||
Russia | 10.24 | |||
Indonesia | 9.33 | |||
Argentina | 7.02 | |||
Venezuela | 4.57 | |||
South Africa | 3.91 | |||
Lebanon | 3.55 | |||
Ukraine | 2.28 | |||
Dominican Republic | 2.02 | |||
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| |||
TOTAL | 76.65 | % | ||
|
|
1 | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | Excludes money market funds. |
6 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Fund Performance Overview
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
Performance as of April 30, 2017
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 Bloomberg 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, 2017, the total return for the Fund was 1.06%, net of fees, while the total return for the Index was 1.30%.
Special note: Effective June 1, 2017, the Fund will change its investment objective to track a new underlying index, the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index, and cease to track the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Concurrently, the Fund will change its name to iShares J.P. Morgan EM Local Currency Bond ETF.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||||
1 Year | 3.17% | 3.51% | 3.40% | 3.17% | 3.51% | 3.40% | ||||||||||||||||||||||
5 Years | (0.48)% | (0.69)% | (0.03)% | (2.39)% | (3.41)% | (0.15)% | ||||||||||||||||||||||
Since Inception | 0.31% | 0.35% | 0.72% | 1.73% | 1.97% | 4.07% |
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 9 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,010.60 | $ | 2.49 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. |
ALLOCATION BY CREDIT QUALITY As of 4/30/17
Moody’s Credit Rating 1 | Percentage of Total Investments 2 | |||
Aa | 21.05 | % | ||
A | 26.26 | |||
Baa | 27.48 | |||
Ba | 24.80 | |||
Not Rated | 0.41 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST COUNTRIES As of 4/30/17
Country | Percentage of Total Investments 2 |
South Korea | 20.97 | % | ||
Brazil | 15.75 | |||
Mexico | 6.88 | |||
Malaysia | 4.67 | |||
Turkey | 4.59 | |||
Indonesia | 4.59 | |||
Israel | 4.52 | |||
Philippines | 4.50 | |||
Thailand | 4.48 | |||
Colombia | 4.46 | |||
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TOTAL | 75.41 | % | ||
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1 | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
Performance as of April 30, 2017
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, 2017, the total return for the Fund was 4.48%, net of fees, while the total return for the Index was 4.50%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||||
1 Year | 8.95% | 9.19% | 9.14% | 8.95% | 9.19% | 9.14% | ||||||||||||||||||||||
5 Years | 4.96% | 4.82% | 5.11% | 27.39% | 26.53% | 28.32% | ||||||||||||||||||||||
Since Inception | 5.01% | 5.08% | 5.19% | 28.18% | 28.58% | 29.30% |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,044.80 | $ | 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 9 for more information. |
ALLOCATION BY CREDIT QUALITY As of 4/30/17
Moody’s Credit Rating 1 | Percentage of Total Investments 2 |
Baa | 0.55 | % | ||
Ba | 45.16 | |||
B | 39.10 | |||
Caa | 10.34 | |||
Ca | 0.28 | |||
Not Rated | 4.57 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST COUNTRIES As of 4/30/17
Country | Percentage of Total Investments 2 |
United States | 65.65 | % | ||
United Kingdom | 5.91 | |||
Italy | 5.83 | |||
France | 4.62 | |||
Canada | 3.41 | |||
Luxembourg | 3.31 | |||
Germany | 3.30 | |||
Netherlands | 1.98 | |||
Ireland | 1.45 | |||
Spain | 1.39 | |||
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TOTAL | 96.85 | % | ||
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1 | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | Excludes money market funds. |
8 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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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 advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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, 2016 and held through April 30, 2017, 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. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to 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.
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | 9 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
CORPORATE BONDS & NOTESa — 92.72% |
| |||||||
ARGENTINA — 0.83% |
| |||||||
YPF SA | ||||||||
8.50%, 03/23/21b | $ | 200 | $ | 226,250 | ||||
8.50%, 07/28/25b | 125 | 141,406 | ||||||
8.75%, 04/04/24b | 180 | 207,810 | ||||||
8.88%, 12/19/18b | 35 | 37,881 | ||||||
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| |||||||
613,347 | ||||||||
AZERBAIJAN — 0.57% |
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Southern Gas Corridor CJSC | ||||||||
6.88%, 03/24/26b | 200 | 220,730 | ||||||
State Oil Co. of the Azerbaijan Republic | ||||||||
4.75%, 03/13/23b | 200 | 198,074 | ||||||
|
| |||||||
418,804 | ||||||||
BARBADOS — 0.29% |
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Columbus Cable Barbados Ltd. | ||||||||
7.38%, 03/30/21 (Call 03/30/18)b | 200 | 215,250 | ||||||
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| |||||||
215,250 | ||||||||
BRAZIL — 15.35% |
| |||||||
Banco Bradesco SA/Cayman Islands | ||||||||
5.75%, 03/01/22b | 200 | 214,000 | ||||||
5.90%, 01/16/21b | 100 | 106,580 | ||||||
Banco BTG Pactual SA/Cayman Islands | ||||||||
4.00%, 01/16/20b | 200 | 191,000 | ||||||
Banco do Brasil SA/Cayman Islands | ||||||||
5.38%, 01/15/21b | 200 | 209,362 | ||||||
5.88%, 01/26/22b | 200 | 208,750 | ||||||
5.88%, 01/19/23b | 200 | 208,000 | ||||||
Banco Votorantim SA | ||||||||
7.38%, 01/21/20b | 100 | 107,250 | ||||||
Braskem Finance Ltd. | ||||||||
5.38%, 05/02/22b | 200 | 205,567 | ||||||
BRF SA | ||||||||
3.95%, 05/22/23b | 200 | 190,400 | ||||||
Caixa Economica Federal | ||||||||
3.50%, 11/07/22b | 150 | 144,000 | ||||||
4.25%, 05/13/19b | 150 | 152,625 | ||||||
VRN, (5 year CMT + 5.551%) | ||||||||
7.25%, 07/23/24 (Call 07/23/19)b | 200 | 206,560 |
Security | Principal (000s) | Value | ||||||
Centrais Eletricas Brasileiras SA | ||||||||
5.75%, 10/27/21b | $ | 200 | $ | 204,800 | ||||
6.88%, 07/30/19b | 100 | 106,000 | ||||||
CSN Resources SA | ||||||||
6.50%, 07/21/20b | 100 | 80,500 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 100 | 103,000 | ||||||
5.40%, 02/01/27 | 150 | 156,000 | ||||||
Fibria Overseas Finance Ltd. | ||||||||
5.25%, 05/12/24 | 50 | 51,625 | ||||||
Gerdau Holdings Inc. | ||||||||
7.00%, 01/20/20b | 100 | 109,200 | ||||||
Gerdau Trade Inc. | ||||||||
4.75%, 04/15/23b | 200 | 197,860 | ||||||
GTL Trade Finance Inc. | ||||||||
5.89%, 04/29/24 (Call 01/29/24)b | 150 | 152,850 | ||||||
Itau Unibanco Holding SA/Cayman Islands | ||||||||
5.13%, 05/13/23b | 200 | 204,750 | ||||||
5.65%, 03/19/22b | 200 | 211,252 | ||||||
5.75%, 01/22/21b | 100 | 106,285 | ||||||
6.20%, 04/15/20b | 300 | 320,928 | ||||||
6.20%, 12/21/21b,c | 200 | 216,250 | ||||||
JBS Investments GmbH | ||||||||
7.25%, 04/03/24 (Call 04/03/19)b | 200 | 209,250 | ||||||
7.75%, 10/28/20 (Call 10/28/17)b | 200 | 209,690 | ||||||
JBS USA LUX SA/JBS USA Finance Inc. | ||||||||
7.25%, 06/01/21 (Call 05/29/17)b | 100 | 102,750 | ||||||
Marfrig Holdings Europe BV | ||||||||
8.00%, 06/08/23 (Call 06/08/19)b | 200 | 212,248 | ||||||
Minerva Luxembourg SA | ||||||||
6.50%, 09/20/26 (Call 09/20/21)b | 200 | 198,498 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd. | ||||||||
6.35%, 06/30/22 (Call 06/30/20)b | 144 | 86,658 | ||||||
Odebrecht Finance Ltd. | ||||||||
4.38%, 04/25/25b | 200 | 89,750 | ||||||
Petrobras Global Finance BV | ||||||||
4.38%, 05/20/23 | 410 | 392,452 | ||||||
4.88%, 03/17/20 | 150 | 154,575 | ||||||
5.38%, 01/27/21 | 550 | 565,042 | ||||||
5.63%, 05/20/43 | 150 | 125,438 | ||||||
5.75%, 01/20/20 | 100 | 105,250 |
10 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
6.13%, 01/17/22c | $ | 200 | $ | 209,570 | ||||
6.25%, 03/17/24 | 225 | 232,762 | ||||||
6.75%, 01/27/41 | 145 | 136,663 | ||||||
6.85%, 06/05/15 | 125 | 111,313 | ||||||
6.88%, 01/20/40 | 175 | 167,125 | ||||||
7.25%, 03/17/44c | 150 | 149,200 | ||||||
7.38%, 01/17/27c | 200 | 215,060 | ||||||
8.38%, 05/23/21 | 600 | 679,500 | ||||||
8.75%, 05/23/26 | 325 | 378,950 | ||||||
Rio Oil Finance Trust | ||||||||
9.25%, 07/06/24b,c | 224 | 229,398 | ||||||
Vale Overseas Ltd. | ||||||||
4.38%, 01/11/22 | 425 | 435,497 | ||||||
4.63%, 09/15/20 | 75 | 78,469 | ||||||
5.88%, 06/10/21 | 200 | 216,000 | ||||||
6.25%, 08/10/26 | 200 | 218,560 | ||||||
6.88%, 11/21/36c | 250 | 270,937 | ||||||
6.88%, 11/10/39 | 200 | 216,520 | ||||||
8.25%, 01/17/34 | 125 | 150,000 | ||||||
Vale SA | ||||||||
5.63%, 09/11/42 | 200 | 190,500 | ||||||
Votorantim Cimentos SA | ||||||||
7.25%, 04/05/41b | 200 | 204,250 | ||||||
|
| |||||||
11,307,269 | ||||||||
CHILE — 4.43% |
| |||||||
Banco del Estado de Chile | ||||||||
4.13%, 10/07/20b | 150 | 158,635 | ||||||
Celulosa Arauco y Constitucion SA | ||||||||
4.50%, 08/01/24 (Call 05/01/24) | 200 | 205,803 | ||||||
4.75%, 01/11/22 (Call 10/11/21) | 37 | 38,687 | ||||||
Cencosud SA | ||||||||
5.15%, 02/12/25 (Call 11/12/24)b | 200 | 211,046 | ||||||
5.50%, 01/20/21b | 150 | 162,088 | ||||||
Colbun SA | ||||||||
4.50%, 07/10/24 (Call 04/11/24)b | 200 | 206,055 | ||||||
Corp. Nacional del Cobre de Chile | ||||||||
3.00%, 07/17/22b | 200 | 201,535 | ||||||
3.75%, 11/04/20b | 100 | 104,994 | ||||||
4.25%, 07/17/42b | 200 | 185,701 | ||||||
4.50%, 08/13/23b | 200 | 214,793 | ||||||
4.50%, 09/16/25b | 400 | 421,999 | ||||||
6.15%, 10/24/36b | 100 | 117,065 |
Security | Principal (000s) | Value | ||||||
Empresa Nacional de Telecomunicaciones SA | ||||||||
4.88%, 10/30/24b,c | $ | 200 | $ | 207,781 | ||||
Empresa Nacional del Petroleo | ||||||||
3.75%, 08/05/26b | 200 | 196,096 | ||||||
Inversiones CMPC SA | ||||||||
4.75%, 09/15/24 (Call 06/15/24)b | 200 | 208,051 | ||||||
Itau CorpBanca | ||||||||
3.88%, 09/22/19b | 200 | 206,310 | ||||||
VTR Finance BV | ||||||||
6.88%, 01/15/24 (Call 01/15/19)b | 200 | 212,500 | ||||||
|
| |||||||
3,259,139 | ||||||||
CHINA — 11.30% |
| |||||||
Agile Group Holdings Ltd. | ||||||||
9.00%, 05/21/20 (Call 05/21/18)b | 200 | 218,743 | ||||||
Alibaba Group Holding Ltd. | ||||||||
2.50%, 11/28/19 (Call 10/28/19) | 200 | 201,013 | ||||||
3.13%, 11/28/21 (Call 09/28/21) | 400 | 406,305 | ||||||
3.60%, 11/28/24 (Call 08/28/24)c | 200 | 203,125 | ||||||
Amber Circle Funding Ltd. | ||||||||
3.25%, 12/04/22b | 200 | 202,743 | ||||||
Azure Nova International Finance Ltd. | ||||||||
2.63%, 11/01/21b | 200 | 195,657 | ||||||
Baidu Inc. | ||||||||
2.75%, 06/09/19 | 200 | 201,746 | ||||||
4.13%, 06/30/25 | 200 | 208,813 | ||||||
Bank of China Ltd./Hong Kong | ||||||||
3.88%, 06/30/25b | 200 | 205,925 | ||||||
Bank of Communications Co. Ltd. VRN, (5 year CMT + 2.850%) | ||||||||
4.50%, 10/03/24 (Call 10/03/19)b | 200 | 205,968 | ||||||
Beijing State-Owned Assets Management Hong Kong Co. Ltd. | ||||||||
4.13%, 05/26/25b | 200 | 204,893 | ||||||
China Construction Bank Corp. VRN, (5 year CMT + 2.425%) | ||||||||
3.88%, 05/13/25 (Call 05/13/20)b | 200 | 203,352 | ||||||
China Development Bank Corp. | ||||||||
2.50%, 10/09/20b | 200 | 199,629 | ||||||
China Overseas Finance II Ltd. | ||||||||
5.50%, 11/10/20b | 100 | 108,511 | ||||||
CITIC Ltd. | ||||||||
6.63%, 04/15/21b | 100 | 113,505 |
SCHEDULESOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
CNOOC Finance 2012 Ltd. | ||||||||
5.00%, 05/02/42b | $ | 200 | $ | 217,914 | ||||
CNOOC Finance 2015 Australia Pty Ltd. | ||||||||
2.63%, 05/05/20 | 200 | 199,491 | ||||||
CNPC General Capital Ltd. | ||||||||
3.40%, 04/16/23b | 200 | 203,039 | ||||||
COSCO Finance 2011 Ltd. | ||||||||
4.00%, 12/03/22b | 200 | 208,077 | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
7.25%, 04/04/21 (Call 10/04/17)b | 200 | 209,630 | ||||||
7.50%, 03/09/20 (Call 03/09/18)b | 200 | 213,240 | ||||||
Evergrande Real Estate Group Ltd. | ||||||||
8.75%, 10/30/18 (Call 05/30/17)b | 200 | 207,400 | ||||||
Greenland Global Investment Ltd. | ||||||||
5.88%, 07/03/24b | 200 | 205,750 | ||||||
Huarong Finance II Co. Ltd. | ||||||||
4.50%, 01/16/20b | 200 | 206,212 | ||||||
5.50%, 01/16/25b | 200 | 213,992 | ||||||
ICBCIL Finance Co. Ltd. | ||||||||
2.13%, 09/29/19b | 200 | 196,932 | ||||||
Industrial & Commercial Bank of China Ltd. | ||||||||
1.88%, 07/14/19b | 200 | 197,777 | ||||||
JD.com Inc. | ||||||||
3.88%, 04/29/26 | 200 | 197,566 | ||||||
Ping An Life Insurance Co. of China Ltd. | ||||||||
2.38%, 01/19/19b | 200 | 200,129 | ||||||
Shanghai Pudong Development Bank | ||||||||
2.38%, 02/13/20b | 200 | 199,357 | ||||||
Shimao Property Holdings Ltd. | ||||||||
8.13%, 01/22/21 (Call 01/22/18)b | 200 | 214,760 | ||||||
Sino-Ocean Land Treasure Finance I Ltd. | ||||||||
4.63%, 07/30/19b | 200 | 204,735 | ||||||
Sino-Ocean Land Treasure Finance II Ltd. | ||||||||
5.95%, 02/04/27b | 200 | 214,381 | ||||||
Sinochem Overseas Capital Co. Ltd. | ||||||||
4.50%, 11/12/20b | 100 | 105,504 | ||||||
Sinopec Group Overseas Development 2013 Ltd. | ||||||||
4.38%, 10/17/23b | 200 | 212,686 |
Security | Principal (000s) | Value | ||||||
Sinopec Group Overseas Development 2016 Ltd. | ||||||||
3.50%, 05/03/26b | $ | 200 | $ | 197,539 | ||||
State Grid Overseas Investment 2014 Ltd. | ||||||||
4.13%, 05/07/24b | 200 | 211,684 | ||||||
Sunshine Life Insurance Corp. Ltd. | ||||||||
2.50%, 04/20/19b | 200 | 197,392 | ||||||
Tencent Holdings Ltd. | ||||||||
2.88%, 02/11/20b | 400 | 405,182 | ||||||
3.38%, 05/02/19b | 200 | 204,221 | ||||||
|
| |||||||
8,324,518 | ||||||||
COLOMBIA — 2.65% |
| |||||||
Banco de Bogota SA | ||||||||
5.38%, 02/19/23b | 200 | 209,500 | ||||||
Bancolombia SA | ||||||||
5.13%, 09/11/22 | 200 | 208,500 | ||||||
6.13%, 07/26/20 | 75 | 81,116 | ||||||
Ecopetrol SA | ||||||||
4.13%, 01/16/25 | 300 | 290,100 | ||||||
5.38%, 06/26/26 (Call 03/26/26) | 225 | 230,625 | ||||||
5.88%, 09/18/23 | 200 | 216,440 | ||||||
5.88%, 05/28/45 | 150 | 137,655 | ||||||
7.38%, 09/18/43 | 100 | 108,500 | ||||||
7.63%, 07/23/19 | 50 | 55,610 | ||||||
Grupo Aval Ltd. | ||||||||
4.75%, 09/26/22b | 200 | 202,376 | ||||||
Millicom International Cellular SA | ||||||||
6.63%, 10/15/21 (Call 10/15/17)b | 200 | 209,750 | ||||||
|
| |||||||
1,950,172 | ||||||||
INDIA — 4.82% |
| |||||||
ABJA Investment Co. Pte Ltd. | ||||||||
5.95%, 07/31/24b | 200 | 207,250 | ||||||
Adani Ports & Special Economic Zone Ltd. | ||||||||
3.50%, 07/29/20b | 200 | 201,443 | ||||||
Axis Bank Ltd./Dubai | ||||||||
3.25%, 05/21/20b | 200 | 201,955 | ||||||
Bharat Petroleum Corp. Ltd. | ||||||||
4.00%, 05/08/25b | 200 | 203,405 | ||||||
Bharti Airtel International Netherlands BV | ||||||||
5.13%, 03/11/23b | 400 | 421,383 |
12 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
ICICI Bank Ltd./Dubai | ||||||||
3.13%, 08/12/20b | $ | 200 | $ | 201,345 | ||||
3.50%, 03/18/20b | 200 | 202,969 | ||||||
ICICI Bank Ltd./Hong Kong | ||||||||
5.75%, 11/16/20b | 100 | 109,315 | ||||||
Indian Oil Corp. Ltd. | ||||||||
5.75%, 08/01/23b | 200 | 224,944 | ||||||
NTPC Ltd. | ||||||||
4.38%, 11/26/24b | 200 | 208,228 | ||||||
ONGC Videsh Ltd. | ||||||||
4.63%, 07/15/24b | 200 | 210,871 | ||||||
Reliance Holdings USA Inc. | ||||||||
5.40%, 02/14/22b | 250 | 273,650 | ||||||
Reliance Industries Ltd. | ||||||||
4.13%, 01/28/25b | 250 | 256,176 | ||||||
State Bank of India/London | ||||||||
3.62%, 04/17/19b | 200 | 204,026 | ||||||
Vedanta Resources PLC | ||||||||
7.13%, 05/31/23b | 200 | 209,000 | ||||||
8.25%, 06/07/21b | 200 | 217,540 | ||||||
|
| |||||||
3,553,500 | ||||||||
INDONESIA — 2.70% |
| |||||||
Majapahit Holding BV | ||||||||
7.88%, 06/29/37b | 225 | 288,562 | ||||||
8.00%, 08/07/19b | 200 | 223,740 | ||||||
Pelabuhan Indonesia II PT | ||||||||
4.25%, 05/05/25b | 200 | 201,060 | ||||||
Pertamina Persero PT | ||||||||
4.30%, 05/20/23b | 200 | 205,768 | ||||||
4.88%, 05/03/22b | 200 | 211,008 | ||||||
5.63%, 05/20/43b | 200 | 205,896 | ||||||
6.00%, 05/03/42b | 200 | 212,513 | ||||||
6.45%, 05/30/44b | 200 | 225,611 | ||||||
Perusahaan Gas Negara Persero Tbk | ||||||||
5.13%, 05/16/24b | 200 | 213,015 | ||||||
|
| |||||||
1,987,173 | ||||||||
ISRAEL — 2.33% |
| |||||||
Israel Electric Corp. Ltd. | ||||||||
6.88%, 06/21/23b | 200 | 237,160 | ||||||
7.25%, 01/15/19b,c | 200 | 216,337 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.20%, 07/21/21 | 300 | 291,555 |
Security | Principal (000s) | Value | ||||||
2.80%, 07/21/23 | $ | 400 | $ | 385,163 | ||||
3.15%, 10/01/26 | 400 | 372,439 | ||||||
4.10%, 10/01/46 | 250 | 215,177 | ||||||
|
| |||||||
1,717,831 | ||||||||
JAMAICA — 0.76% |
| |||||||
Digicel Group Ltd. | ||||||||
8.25%, 09/30/20 (Call 05/29/17)b | 400 | 366,000 | ||||||
Digicel Ltd. | ||||||||
6.00%, 04/15/21 (Call 05/29/17)b | 200 | 190,000 | ||||||
|
| |||||||
556,000 | ||||||||
KAZAKHSTAN — 1.54% |
| |||||||
Development Bank of Kazakhstan JSC | ||||||||
4.13%, 12/10/22b | 200 | 198,790 | ||||||
Kazakhstan Temir Zholy Finance BV | ||||||||
6.95%, 07/10/42b | 200 | 210,759 | ||||||
Kazkommertsbank JSC | ||||||||
5.50%, 12/21/22 (Call 05/29/17)b | 100 | 94,120 | ||||||
KazMunayGas National Co. JSC | ||||||||
6.38%, 04/09/21b | 400 | 439,114 | ||||||
Tengizchevroil Finance Co. International Ltd. | ||||||||
4.00%, 08/15/26b | 200 | 193,300 | ||||||
|
| |||||||
1,136,083 | ||||||||
KUWAIT — 0.56% |
| |||||||
Equate Petrochemical BV | ||||||||
4.25%, 11/03/26b | 200 | 203,518 | ||||||
Kuwait Projects Co. | ||||||||
5.00%, 03/15/23b | 200 | 211,316 | ||||||
|
| |||||||
414,834 | ||||||||
MALAYSIA — 1.70% |
| |||||||
Malayan Banking Bhd | ||||||||
3.91%, 10/29/26 (Call 10/29/21)b | 200 | 202,515 | ||||||
Petronas Capital Ltd. | ||||||||
3.13%, 03/18/22b | 200 | 202,574 | ||||||
3.50%, 03/18/25b | 400 | 407,819 | ||||||
4.50%, 03/18/45b | 200 | 210,218 | ||||||
5.25%, 08/12/19b | 100 | 106,365 | ||||||
7.88%, 05/22/22b | 100 | 123,164 | ||||||
|
| |||||||
1,252,655 | ||||||||
MEXICO — 12.23% |
| |||||||
Alfa SAB de CV | ||||||||
5.25%, 03/25/24 (Call 12/25/23)b,c | 200 | 211,500 |
SCHEDULESOF INVESTMENTS | 13 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
America Movil SAB de CV | ||||||||
3.13%, 07/16/22 | $ | 200 | $ | 202,921 | ||||
5.00%, 10/16/19 | 100 | 106,742 | ||||||
5.00%, 03/30/20 | 200 | 215,062 | ||||||
6.13%, 03/30/40 | 200 | 237,749 | ||||||
6.38%, 03/01/35 | 200 | 238,445 | ||||||
Banco Inbursa SA Institucion de Banca Multiple | ||||||||
4.13%, 06/06/24b | 150 | 150,750 | ||||||
Banco Santander Mexico SA | ||||||||
4.13%, 11/09/22b | 150 | 154,313 | ||||||
BBVA Bancomer SA/Texas | ||||||||
4.38%, 04/10/24b | 150 | 154,688 | ||||||
6.75%, 09/30/22b | 300 | 339,240 | ||||||
Cemex Finance LLC | ||||||||
6.00%, 04/01/24 (Call 04/01/19)b | 200 | 211,500 | ||||||
Cemex SAB de CV | ||||||||
6.13%, 05/05/25 (Call 05/05/20)b | 200 | 214,742 | ||||||
7.75%, 04/16/26 (Call 04/16/21)b | 200 | 228,000 | ||||||
Coca-Cola FEMSA SAB de CV | ||||||||
3.88%, 11/26/23 | 150 | 155,954 | ||||||
4.63%, 02/15/20 | 100 | 105,704 | ||||||
Comision Federal de Electricidad | ||||||||
4.75%, 02/23/27b | 200 | 201,750 | ||||||
4.88%, 01/15/24b | 200 | 207,250 | ||||||
El Puerto de Liverpool SAB de CV | ||||||||
3.88%, 10/06/26b | 200 | 193,900 | ||||||
Fomento Economico Mexicano SAB de CV | ||||||||
4.38%, 05/10/43 | 150 | 148,223 | ||||||
Grupo Bimbo SAB de CV | ||||||||
4.50%, 01/25/22b | 100 | 105,565 | ||||||
4.88%, 06/27/44b | 200 | 194,780 | ||||||
Grupo Televisa SAB | ||||||||
5.00%, 05/13/45 (Call 11/13/44) | 200 | 188,420 | ||||||
6.63%, 03/18/25 | 100 | 117,700 | ||||||
6.63%, 01/15/40 | 100 | 112,204 | ||||||
Mexichem SAB de CV | ||||||||
4.88%, 09/19/22b | 200 | 211,000 | ||||||
Mexico City Airport Trust | ||||||||
4.25%, 10/31/26 (Call 07/31/26)b | 200 | 202,000 | ||||||
Petroleos Mexicanos | ||||||||
3.50%, 07/18/18 | 100 | 101,570 | ||||||
3.50%, 07/23/20 | 100 | 101,370 |
Security | Principal (000s) | Value | ||||||
3.50%, 01/30/23 | $ | 75 | $ | 71,595 | ||||
4.25%, 01/15/25 | 225 | 218,815 | ||||||
4.50%, 01/23/26 | 150 | 145,500 | ||||||
4.63%, 09/21/23 | 100 | 100,580 | ||||||
4.88%, 01/24/22 | 175 | 180,687 | ||||||
4.88%, 01/18/24 | 40 | 40,460 | ||||||
5.38%, 03/13/22b | 100 | 105,125 | ||||||
5.50%, 02/04/19 | 100 | 104,600 | ||||||
5.50%, 01/21/21 | 175 | 185,500 | ||||||
5.50%, 06/27/44 | 110 | 96,525 | ||||||
5.63%, 01/23/46 | 175 | 155,794 | ||||||
6.38%, 02/04/21 | 100 | 108,875 | ||||||
6.38%, 01/23/45 | 200 | 195,780 | ||||||
6.50%, 03/13/27b | 200 | 216,500 | ||||||
6.50%, 06/02/41 | 240 | 240,360 | ||||||
6.63%, 06/15/35 | 125 | 130,000 | ||||||
6.63%, 06/15/38 | 25 | 25,563 | ||||||
6.75%, 09/21/47 | 225 | 228,667 | ||||||
6.88%, 08/04/26 | 250 | 279,375 | ||||||
8.00%, 05/03/19 | 60 | 66,300 | ||||||
Sigma Alimentos SA de CV | ||||||||
4.13%, 05/02/26 (Call 02/02/26)b | 200 | 197,000 | ||||||
Southern Copper Corp. | ||||||||
5.25%, 11/08/42 | 100 | 97,556 | ||||||
5.88%, 04/23/45 | 150 | 158,006 | ||||||
7.50%, 07/27/35 | 200 | 244,690 | ||||||
Trust F/1401 | ||||||||
5.25%, 01/30/26 (Call 10/30/25)b | 400 | 405,000 | ||||||
|
| |||||||
9,011,895 | ||||||||
MOROCCO — 0.56% |
| |||||||
OCP SA | ||||||||
4.50%, 10/22/25b | 200 | 198,906 | ||||||
5.63%, 04/25/24b | 200 | 213,300 | ||||||
|
| |||||||
412,206 | ||||||||
OMAN — 0.26% |
| |||||||
Lamar Funding Ltd. | ||||||||
3.96%, 05/07/25b | 200 | 191,000 | ||||||
|
| |||||||
191,000 | ||||||||
PANAMA — 0.27% |
| |||||||
Global Bank Corp. | ||||||||
4.50%, 10/20/21b | 200 | 200,100 | ||||||
|
| |||||||
200,100 |
14 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
PERU — 1.10% |
| |||||||
Banco de Credito del Peru/Panama | ||||||||
5.38%, 09/16/20b | $ | 100 | $ | 109,250 | ||||
BBVA Banco Continental SA | ||||||||
5.00%, 08/26/22b | 150 | 161,445 | ||||||
Corp. Financiera de Desarrollo SA | ||||||||
4.75%, 07/15/25b | 200 | 214,460 | ||||||
Lima Metro Line 2 Finance Ltd. | ||||||||
5.88%, 07/05/34b | 200 | 213,700 | ||||||
Southern Copper Corp. | ||||||||
6.75%, 04/16/40 | 100 | 113,535 | ||||||
|
| |||||||
812,390 | ||||||||
PHILIPPINES — 0.17% |
| |||||||
Power Sector Assets & Liabilities Management Corp. | ||||||||
7.39%, 12/02/24b | 100 | 128,228 | ||||||
|
| |||||||
128,228 | ||||||||
QATAR — 2.51% |
| |||||||
CBQ Finance Ltd. | ||||||||
3.25%, 06/13/21b | 200 | 201,280 | ||||||
7.50%, 11/18/19b | 100 | 111,269 | ||||||
Ooredoo International Finance Ltd. | ||||||||
3.25%, 02/21/23b | 200 | 199,340 | ||||||
5.00%, 10/19/25b | 400 | 437,200 | ||||||
Qatari Diar Finance QSC | ||||||||
5.00%, 07/21/20b | 200 | 215,528 | ||||||
QNB Finance Ltd. | ||||||||
2.13%, 09/07/21b | 200 | 194,569 | ||||||
2.88%, 04/29/20b | 200 | 202,700 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. III | ||||||||
6.33%, 09/30/27b | 250 | 290,000 | ||||||
|
| |||||||
1,851,886 | ||||||||
RUSSIA — 8.86% |
| |||||||
AK Transneft OJSC Via TransCapitalInvest Ltd. | ||||||||
8.70%, 08/07/18b | 100 | 108,000 | ||||||
Alfa Bank AO Via Alfa Bond Issuance PLC | ||||||||
7.75%, 04/28/21b | 200 | 227,965 | ||||||
ALROSA Finance SA | ||||||||
7.75%, 11/03/20b | 200 | 228,230 |
Security | Principal (000s) | Value | ||||||
Evraz Group SA | ||||||||
6.50%, 04/22/20b | $ | 200 | $ | 213,750 | ||||
8.25%, 01/28/21b | 200 | 223,600 | ||||||
Gazprom Neft OAO Via GPN Capital SA | ||||||||
6.00%, 11/27/23b | 200 | 216,500 | ||||||
Gazprom OAO Via Gaz Capital SA | ||||||||
3.85%, 02/06/20b | 200 | 203,160 | ||||||
4.95%, 07/19/22b | 200 | 208,308 | ||||||
4.95%, 02/06/28b | 400 | 402,000 | ||||||
6.51%, 03/07/22b | 100 | 111,306 | ||||||
7.29%, 08/16/37b | 100 | 118,712 | ||||||
8.63%, 04/28/34b | 50 | 66,100 | ||||||
9.25%, 04/23/19b | 100 | 112,166 | ||||||
Gazprombank OJSC Via GPB Eurobond Finance PLC | ||||||||
4.96%, 09/05/19b | 200 | 208,260 | ||||||
Lukoil International Finance BV | ||||||||
4.56%, 04/24/23b | 200 | 205,460 | ||||||
6.13%, 11/09/20b | 200 | 219,952 | ||||||
6.66%, 06/07/22b | 120 | 135,000 | ||||||
7.25%, 11/05/19b | 100 | 110,960 | ||||||
MMC Norilsk Nickel OJSC via MMC Finance DAC | ||||||||
5.55%, 10/28/20b | 200 | 214,300 | ||||||
Novolipetsk Steel via Steel Funding DAC | ||||||||
4.50%, 06/15/23b | 200 | 203,000 | ||||||
Polyus Gold International Ltd. | ||||||||
5.25%, 02/07/23b | 200 | 204,000 | ||||||
5.63%, 04/29/20b | 200 | 212,250 | ||||||
Rosneft Finance SA | ||||||||
7.25%, 02/02/20b | 100 | 110,270 | ||||||
Russian Railways via RZD Capital PLC | ||||||||
3.45%, 10/06/20b | 200 | 200,872 | ||||||
Sberbank of Russia Via SB Capital SA | ||||||||
5.13%, 10/29/22b | 200 | 207,097 | ||||||
6.13%, 02/07/22b | 200 | 219,000 | ||||||
VRN, (5 year CMT + 4.023%) | ||||||||
5.50%, 02/26/24 (Call 02/26/19)b | 200 | 205,250 | ||||||
Severstal OAO Via Steel Capital SA | ||||||||
5.90%, 10/17/22b | 200 | 218,750 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
VimpelCom Holdings BV | ||||||||
5.95%, 02/13/23b | $ | 200 | $ | 212,602 | ||||
7.50%, 03/01/22b | 200 | 226,702 | ||||||
Vnesheconombank Via VEB Finance PLC | ||||||||
6.80%, 11/22/25b | 100 | 111,634 | ||||||
6.90%, 07/09/20b | 300 | 329,227 | ||||||
VTB Bank OJSC Via VTB Capital SA | ||||||||
6.55%, 10/13/20b | 100 | 110,250 | ||||||
6.95%, 10/17/22b | 200 | 218,000 | ||||||
|
| |||||||
6,522,633 | ||||||||
SOUTH AFRICA — 1.78% |
| |||||||
AngloGold Ashanti Holdings PLC | ||||||||
5.13%, 08/01/22 | 100 | 103,300 | ||||||
Eskom Holdings SOC Ltd. | ||||||||
5.75%, 01/26/21b | 200 | 200,750 | ||||||
6.75%, 08/06/23b | 200 | 205,540 | ||||||
MTN Mauritius Investment Ltd. | ||||||||
4.76%, 11/11/24b | 200 | 189,950 | ||||||
Myriad International Holdings BV | ||||||||
6.00%, 07/18/20b | 200 | 216,000 | ||||||
Sasol Financing International Ltd. | ||||||||
4.50%, 11/14/22c | 200 | 203,160 | ||||||
Transnet SOC Ltd. | ||||||||
4.00%, 07/26/22b | 200 | 194,616 | ||||||
|
| |||||||
1,313,316 | ||||||||
SOUTH KOREA — 4.48% | ||||||||
Hyundai Capital America | ||||||||
2.00%, 07/01/19b,c | 100 | 99,154 | ||||||
2.45%, 06/15/21b | 100 | 98,408 | ||||||
2.50%, 03/18/19b | 100 | 100,380 | ||||||
2.55%, 02/06/19b | 100 | 100,455 | ||||||
3.00%, 10/30/20b | 100 | 100,700 | ||||||
Kookmin Bank | ||||||||
2.13%, 10/21/20b | 200 | 197,580 | ||||||
Korea Development Bank (The) | ||||||||
2.00%, 09/12/26 | 200 | 182,103 | ||||||
2.50%, 03/11/20 | 200 | 200,709 | ||||||
2.50%, 01/13/21 | 200 | 199,303 | ||||||
3.75%, 01/22/24 | 200 | 208,550 | ||||||
Korea Gas Corp. | ||||||||
3.50%, 07/21/25b | 200 | 205,220 | ||||||
4.25%, 11/02/20b | 100 | 105,460 |
Security | Principal (000s) | Value | ||||||
Korea Hydro & Nuclear Power Co. Ltd. | ||||||||
3.00%, 09/19/22b | $ | 200 | $ | 202,047 | ||||
Korea National Oil Corp. | ||||||||
2.13%, 04/14/21b | 200 | 196,058 | ||||||
3.25%, 10/01/25b | 200 | 202,071 | ||||||
Korea Resources Corp. | ||||||||
2.25%, 04/19/21b | 200 | 195,118 | ||||||
POSCO | ||||||||
4.25%, 10/28/20b | 100 | 105,198 | ||||||
Shinhan Bank | ||||||||
2.25%, 04/15/20b | 200 | 197,765 | ||||||
Woori Bank | ||||||||
2.63%, 07/20/21b | 200 | 198,850 | ||||||
VRN, (5 year CMT + 3.328%) | ||||||||
5.00%, 06/10/45 (Call 06/10/20)b | 200 | 203,758 | ||||||
|
| |||||||
3,298,887 | ||||||||
TAIWAN — 0.27% | ||||||||
Formosa Group Cayman Ltd. | ||||||||
3.38%, 04/22/25b | 200 | 196,341 | ||||||
|
| |||||||
196,341 | ||||||||
THAILAND — 1.28% | ||||||||
Bangkok Bank PCL/Hong Kong | ||||||||
4.80%, 10/18/20b | 100 | 106,541 | ||||||
5.00%, 10/03/23b | 200 | 219,686 | ||||||
PTT Global Chemical PCL | ||||||||
4.25%, 09/19/22b | 200 | 210,691 | ||||||
PTT PCL | ||||||||
3.38%, 10/25/22b | 200 | 203,725 | ||||||
Thai Oil PCL | ||||||||
3.63%, 01/23/23b | 200 | 205,199 | ||||||
|
| |||||||
945,842 | ||||||||
TRINIDAD AND TOBAGO — 0.28% |
| |||||||
Consolidated Energy Finance SA | ||||||||
6.75%, 10/15/19 (Call 05/29/17)b | 200 | 204,000 | ||||||
|
| |||||||
204,000 | ||||||||
TURKEY — 3.20% | ||||||||
Akbank TAS | ||||||||
5.00%, 10/24/22b | 150 | 150,750 | ||||||
KOC Holding AS | ||||||||
3.50%, 04/24/20b | 200 | 200,112 | ||||||
TC Ziraat Bankasi AS | ||||||||
4.75%, 04/29/21b | 200 | 199,876 |
16 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
Turk Telekomunikasyon AS | ||||||||
4.88%, 06/19/24b | $ | 200 | $ | 197,246 | ||||
Turkiye Garanti Bankasi AS | ||||||||
6.25%, 04/20/21b | 200 | 212,440 | ||||||
Turkiye Halk Bankasi AS | ||||||||
4.75%, 02/11/21b | 200 | 195,002 | ||||||
Turkiye Is Bankasi | ||||||||
5.00%, 04/30/20b | 200 | 201,725 | ||||||
5.00%, 06/25/21b | 200 | 200,000 | ||||||
5.38%, 10/06/21b | 200 | 201,238 | ||||||
Turkiye Vakiflar Bankasi TAO VRN, (5 year USD Swap + 5.439%) | ||||||||
6.88%, 02/03/25 (Call 02/03/20)b | 200 | 203,505 | ||||||
Yapi ve Kredi Bankasi AS | ||||||||
4.00%, 01/22/20b | 200 | 197,505 | ||||||
5.50%, 12/06/22b | 200 | 194,977 | ||||||
|
| |||||||
2,354,376 | ||||||||
UNITED ARAB EMIRATES — 3.58% |
| |||||||
Abu Dhabi National Energy Co. | ||||||||
6.50%, 10/27/36b | 100 | 121,790 | ||||||
7.25%, 08/01/18b | 100 | 106,299 | ||||||
Abu Dhabi National Energy Co. PJSC | ||||||||
3.63%, 06/22/21b | 200 | 204,260 | ||||||
3.63%, 01/12/23b | 200 | 201,989 | ||||||
4.38%, 06/22/26b | 200 | 205,516 | ||||||
ADCB Finance Cayman Ltd. | ||||||||
4.50%, 03/06/23b | 200 | 206,725 | ||||||
Dolphin Energy Ltd. | ||||||||
5.50%, 12/15/21b | 200 | 221,557 | ||||||
DP World Ltd. | ||||||||
6.85%, 07/02/37b | 200 | 235,000 | ||||||
Dubai Electricity & Water Authority | ||||||||
7.38%, 10/21/20b | 100 | 115,250 | ||||||
Emirates NBD PJSC | ||||||||
3.25%, 11/19/19b | 200 | 203,758 | ||||||
Emirates Telecommunications Group Co. PJSC | ||||||||
2.38%, 06/18/19b | 200 | 200,673 | ||||||
First Gulf Bank PJSC | ||||||||
3.25%, 01/14/19b | 200 | 203,232 | ||||||
MAF Global Securities Ltd. | ||||||||
4.75%, 05/07/24b | 200 | 210,097 |
Security | Principal (000s) | Value | ||||||
National Bank of Abu Dhabi PJSC | ||||||||
2.25%, 02/11/20b | $ | 200 | $ | 199,754 | ||||
|
| |||||||
2,635,900 | ||||||||
UNITED STATES — 0.13% |
| |||||||
Hyundai Capital America | ||||||||
2.75%, 09/27/26b | 100 | 92,437 | ||||||
|
| |||||||
92,437 | ||||||||
VENEZUELA — 1.93% |
| |||||||
Petroleos de Venezuela SA | ||||||||
5.38%, 04/12/27b | 360 | 137,340 | ||||||
5.50%, 04/12/37b | 150 | 57,375 | ||||||
6.00%, 05/16/24b | 530 | 209,525 | ||||||
6.00%, 11/15/26b | 445 | 169,767 | ||||||
8.50%, 10/27/20b | 300 | 235,050 | ||||||
9.00%, 11/17/21b | 285 | 150,110 | ||||||
9.75%, 05/17/35b | 430 | 205,540 | ||||||
12.75%, 02/17/22b | 410 | 255,184 | ||||||
|
| |||||||
1,419,891 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||
(Cost: $67,024,570) |
| 68,297,903 | ||||||
FOREIGN GOVERNMENT OBLIGATIONSa — 3.95% |
| |||||||
BRAZIL — 0.57% |
| |||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||
4.00%, 04/14/19b | 200 | 203,840 | ||||||
5.50%, 07/12/20b | 100 | 105,750 | ||||||
6.50%, 06/10/19b | 100 | 107,250 | ||||||
|
| |||||||
416,840 | ||||||||
CHINA — 0.27% |
| |||||||
Export-Import Bank of China (The) | ||||||||
2.00%, 04/26/21b | 200 | 195,253 | ||||||
|
| |||||||
195,253 | ||||||||
INDIA — 0.54% |
| |||||||
Export-Import Bank of India | ||||||||
3.38%, 08/05/26b,c | 200 | 192,454 | ||||||
4.00%, 01/14/23b | 200 | 207,348 | ||||||
|
| |||||||
399,802 | ||||||||
SOUTH KOREA — 2.29% |
| |||||||
Export-Import Bank of Korea | ||||||||
1.75%, 05/26/19 | 200 | 198,809 | ||||||
2.63%, 05/26/26 | 200 | 192,203 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS CORPORATE BOND ETF
April 30, 2017
Security | Principal or Shares (000s) | Value | ||||||
2.88%, 01/21/25 | $ | 200 | $ | 196,829 | ||||
3.25%, 08/12/26 | 200 | 201,743 | ||||||
4.00%, 01/29/21 | 100 | 104,933 | ||||||
4.38%, 09/15/21 | 200 | 214,102 | ||||||
5.00%, 04/11/22c | 200 | 220,485 | ||||||
5.13%, 06/29/20 | 100 | 107,949 | ||||||
Korea Housing Finance Corp. | ||||||||
2.50%, 11/15/20b | 250 | 249,625 | ||||||
|
| |||||||
1,686,678 | ||||||||
TURKEY — 0.28% | ||||||||
Turkey Government International Bond | ||||||||
5.88%, 04/24/19b | 200 | 208,906 | ||||||
|
| |||||||
208,906 | ||||||||
|
| |||||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
| |||||||
(Cost: $2,895,814) |
| 2,907,479 | ||||||
SHORT-TERM INVESTMENTS — 5.30% |
| |||||||
MONEY MARKET FUNDS — 5.30% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
1.13%d,e,f | 2,588 | 2,588,569 |
Security | Shares (000s) | Value | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.67%d,e | 1,316 | $ | 1,315,827 | |||||
|
| |||||||
3,904,396 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $3,903,842) |
| 3,904,396 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $73,824,226)g |
| 75,109,778 | ||||||
Other Assets, Less Liabilities — (1.97)% |
| (1,448,534 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 73,661,244 | |||||
|
|
CMT — Constant Maturity Treasury
VRN — Variable Rate Note
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 | Affiliated money market fund. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
g | The cost of investments for federal income tax purposes was $73,843,964. Net unrealized appreciation was $1,265,814, of which $1,786,750 represented gross unrealized appreciation on securities and $520,936 represented gross unrealized depreciation on securities. |
Schedule 1 — Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Assets: | ||||||||||||||||
Corporate bonds & notes | $ | — | $ | 68,297,903 | $ | — | $ | 68,297,903 | ||||||||
Foreign government obligations | — | 2,907,479 | — | 2,907,479 | ||||||||||||
Money market funds | 3,904,396 | — | — | 3,904,396 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,904,396 | $ | 71,205,382 | $ | — | $ | 75,109,778 | ||||||||
|
|
|
|
|
|
|
| |||||||||
See notes to financial statements.
18 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
CORPORATE BONDS & NOTESa — 40.30% |
| |||||||
ARGENTINA — 0.87% |
| |||||||
YPF SA | ||||||||
8.50%, 03/23/21b | $ | 600 | $ | 678,750 | ||||
8.50%, 07/28/25b | 385 | 435,531 | ||||||
8.75%, 04/04/24b | 778 | 898,201 | ||||||
8.88%, 12/19/18b | 187 | 202,390 | ||||||
|
| |||||||
2,214,872 | ||||||||
AZERBAIJAN — 0.42% |
| |||||||
Southern Gas Corridor CJSC | ||||||||
6.88%, 03/24/26b | 600 | 662,190 | ||||||
State Oil Co. of the Azerbaijan Republic | ||||||||
4.75%, 03/13/23b | 400 | 396,147 | ||||||
|
| |||||||
1,058,337 | ||||||||
BARBADOS — 0.25% |
| |||||||
Columbus Cable Barbados Ltd. | ||||||||
7.38%, 03/30/21 (Call 03/30/18)b | 600 | 645,750 | ||||||
|
| |||||||
645,750 | ||||||||
BRAZIL — 16.65% |
| |||||||
Banco Bradesco SA/Cayman Islands | ||||||||
5.75%, 03/01/22b | 800 | 856,000 | ||||||
5.90%, 01/16/21 | 400 | 426,320 | ||||||
6.75%, 09/29/19b | 200 | 215,540 | ||||||
Banco BTG Pactual SA/Cayman Islands | ||||||||
4.00%, 01/16/20b | 600 | 573,000 | ||||||
5.75%, 09/28/22b | 200 | 185,924 | ||||||
Banco do Brasil SA/Cayman Islands | ||||||||
3.88%, 10/10/22 | 800 | 774,000 | ||||||
5.38%, 01/15/21b | 200 | 209,362 | ||||||
5.88%, 01/26/22b | 400 | 417,500 | ||||||
5.88%, 01/19/23b | 200 | 208,000 | ||||||
6.00%, 01/22/20b | 200 | 213,500 | ||||||
Banco Votorantim SA | ||||||||
7.38%, 01/21/20b | 100 | 107,250 | ||||||
Braskem Finance Ltd. | ||||||||
5.38%, 05/02/22b | 200 | 205,567 | ||||||
5.75%, 04/15/21b | 600 | 630,000 | ||||||
6.45%, 02/03/24 | 200 | 213,000 | ||||||
BRF SA | ||||||||
3.95%, 05/22/23b | 200 | 190,400 | ||||||
4.75%, 05/22/24b | 400 | 395,600 |
Security | Principal (000s) | Value | ||||||
Caixa Economica Federal | ||||||||
3.50%, 11/07/22b | $ | 450 | $ | 432,000 | ||||
4.25%, 05/13/19b | 700 | 712,250 | ||||||
VRN, (5 year CMT + 5.551%) | ||||||||
7.25%, 07/23/24 (Call 07/23/19)b | 400 | 413,120 | ||||||
Centrais Eletricas Brasileiras SA | ||||||||
5.75%, 10/27/21b | 400 | 409,600 | ||||||
6.88%, 07/30/19b | 500 | 530,000 | ||||||
CSN Resources SA | ||||||||
6.50%, 07/21/20b | 550 | 442,750 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 420 | 432,600 | ||||||
Embraer Overseas Ltd. | ||||||||
5.70%, 09/16/23b | 300 | 323,625 | ||||||
Fibria Overseas Finance Ltd. | ||||||||
5.25%, 05/12/24 | 200 | 206,500 | ||||||
Gerdau Trade Inc. | ||||||||
4.75%, 04/15/23b | 600 | 593,580 | ||||||
GTL Trade Finance Inc. | ||||||||
5.89%, 04/29/24 (Call 01/29/24)b | 450 | 458,550 | ||||||
7.25%, 04/16/44 (Call 10/16/43)b | 200 | 198,750 | ||||||
Itau Unibanco Holding SA/Cayman Islands | ||||||||
5.13%, 05/13/23b | 620 | 634,725 | ||||||
5.50%, 08/06/22b | 600 | 627,750 | ||||||
5.65%, 03/19/22b | 400 | 422,504 | ||||||
5.75%, 01/22/21b | 700 | 743,995 | ||||||
6.20%, 04/15/20b | 700 | 748,832 | ||||||
6.20%, 12/21/21b | 800 | 865,000 | ||||||
JBS Investments GmbH | ||||||||
7.25%, 04/03/24 (Call 04/03/19)b | 200 | 209,250 | ||||||
7.75%, 10/28/20 (Call 10/28/17)b | 400 | 419,380 | ||||||
JBS USA LUX SA/JBS USA Finance Inc. | ||||||||
5.75%, 06/15/25 (Call 06/15/20)b | 600 | 619,500 | ||||||
5.88%, 07/15/24 (Call 07/15/19)b | 600 | 625,500 | ||||||
7.25%, 06/01/21 (Call 05/29/17)b | 200 | 205,500 | ||||||
8.25%, 02/01/20 (Call 05/30/17)b | 100 | 102,450 | ||||||
Marfrig Holdings Europe BV | ||||||||
8.00%, 06/08/23 (Call 06/08/19)b | 600 | 636,744 | ||||||
Minerva Luxembourg SA | ||||||||
6.50%, 09/20/26 (Call 09/20/21)b | 400 | 396,996 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd. | ||||||||
6.35%, 06/30/22b | 393 | 235,950 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
Odebrecht Finance Ltd. | ||||||||
4.38%, 04/25/25b | $ | 200 | $ | 89,750 | ||||
5.25%, 06/27/29b | 200 | 87,375 | ||||||
7.13%, 06/26/42 (Call 12/26/41)b | 400 | 180,000 | ||||||
Petrobras Global Finance BV | ||||||||
4.38%, 05/20/23 | 1,850 | 1,770,820 | ||||||
4.88%, 03/17/20 | 350 | 360,675 | ||||||
5.38%, 01/27/21 | 2,150 | 2,208,803 | ||||||
5.63%, 05/20/43 | 700 | 585,375 | ||||||
5.75%, 01/20/20 | 450 | 473,625 | ||||||
6.13%, 01/17/22 | 1,000 | 1,047,850 | ||||||
6.25%, 03/17/24 | 1,400 | 1,448,300 | ||||||
6.75%, 01/27/41 | 850 | 801,125 | ||||||
6.85%, 06/05/15 | 950 | 845,975 | ||||||
6.88%, 01/20/40 | 1,000 | 955,000 | ||||||
7.25%, 03/17/44 | 200 | 198,933 | ||||||
7.38%, 01/17/27 | 600 | 645,180 | ||||||
7.88%, 03/15/19 | 300 | 325,650 | ||||||
8.38%, 05/23/21 | 2,750 | 3,114,375 | ||||||
8.75%, 05/23/26 | 1,075 | 1,253,450 | ||||||
Rio Oil Finance Trust | ||||||||
9.25%, 07/06/24b | 671 | 688,194 | ||||||
Vale Overseas Ltd. | ||||||||
4.38%, 01/11/22 | 900 | 922,230 | ||||||
4.63%, 09/15/20 | 500 | 523,125 | ||||||
5.63%, 09/15/19 | 200 | 212,160 | ||||||
5.88%, 06/10/21 | 600 | 648,000 | ||||||
6.25%, 08/10/26 | 1,100 | 1,202,080 | ||||||
6.88%, 11/21/36 | 950 | 1,029,563 | ||||||
6.88%, 11/10/39 | 600 | 649,560 | ||||||
8.25%, 01/17/34 | 300 | 360,000 | ||||||
Vale SA | ||||||||
5.63%, 09/11/42 | 800 | 762,000 | ||||||
Votorantim Cimentos SA | ||||||||
7.25%, 04/05/41b | 600 | 612,750 | ||||||
|
| |||||||
42,470,287 | ||||||||
CHILE — 0.25% |
| |||||||
VTR Finance BV | ||||||||
6.88%, 01/15/24 (Call 01/15/19)b | 600 | 637,500 | ||||||
|
| |||||||
637,500 | ||||||||
CHINA — 1.86% |
| |||||||
Agile Group Holdings Ltd. | ||||||||
8.38%, 02/18/19 (Call 05/30/17)b | 400 | 417,440 |
Security | Principal (000s) | Value | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
4.75%, 09/28/23 (Call 09/28/20)b | $ | 200 | $ | 197,386 | ||||
7.25%, 04/04/21 (Call 10/04/17)b | 500 | 524,074 | ||||||
7.50%, 03/09/20 (Call 03/09/18)b | 400 | 426,481 | ||||||
7.50%, 01/10/23 (Call 01/10/18)b | 500 | 528,849 | ||||||
Evergrande Real Estate Group Ltd. | ||||||||
8.75%, 10/30/18 (Call 05/30/17)b | 500 | 518,500 | ||||||
12.00%, 02/17/20 (Call 02/17/18)b | 200 | 222,495 | ||||||
Fantasia Holdings Group Co. Ltd. | ||||||||
7.38%, 10/04/21 (Call 10/04/19)b | 200 | 204,113 | ||||||
Greenland Global Investment Ltd. | ||||||||
5.88%, 07/03/24b | 400 | 411,500 | ||||||
KWG Property Holding Ltd. | ||||||||
8.98%, 01/14/19 (Call 05/30/17)b | 400 | 417,989 | ||||||
Shimao Property Holdings Ltd. | ||||||||
8.13%, 01/22/21 (Call 01/22/18)b | 400 | 429,520 | ||||||
8.38%, 02/10/22 (Call 02/10/19)b | 400 | 445,491 | ||||||
|
| |||||||
4,743,838 | ||||||||
COLOMBIA — 1.23% |
| |||||||
Banco Davivienda SA | ||||||||
5.88%, 07/09/22b | 200 | 215,700 | ||||||
Banco de Bogota SA | ||||||||
5.38%, 02/19/23b | 200 | 209,500 | ||||||
6.25%, 05/12/26b | 400 | 426,080 | ||||||
Bancolombia SA | ||||||||
5.13%, 09/11/22 | 600 | 625,500 | ||||||
6.13%, 07/26/20 | 400 | 432,620 | ||||||
Colombia Telecomunicaciones SA ESP | ||||||||
5.38%, 09/27/22 (Call 09/27/17)b | 200 | 203,000 | ||||||
Grupo Aval Ltd. | ||||||||
4.75%, 09/26/22b | 600 | 607,128 | ||||||
Millicom International Cellular SA | ||||||||
6.00%, 03/15/25 (Call 03/15/20)b | 200 | 210,746 | ||||||
6.63%, 10/15/21 (Call 10/15/17)b | 200 | 209,750 | ||||||
|
| |||||||
3,140,024 | ||||||||
COSTA RICA — 0.08% |
| |||||||
Banco Nacional de Costa Rica | ||||||||
5.88%, 04/25/21b | 200 | 206,144 | ||||||
|
| |||||||
206,144 | ||||||||
INDIA — 1.07% |
| |||||||
ABJA Investment Co. Pte Ltd. | ||||||||
4.85%, 01/31/20b | 200 | 205,760 | ||||||
5.95%, 07/31/24b | 400 | 414,500 |
20 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
Bank of India/London | ||||||||
6.25%, 02/16/21b | $ | 400 | $ | 437,219 | ||||
IDBI Bank Ltd. | ||||||||
3.75%, 01/25/19b | 200 | 202,328 | ||||||
Vedanta Resources PLC | ||||||||
6.00%, 01/31/19b | 400 | 414,000 | ||||||
6.38%, 07/30/22b | 400 | 405,400 | ||||||
7.13%, 05/31/23b | 200 | 209,000 | ||||||
8.25%, 06/07/21b | 400 | 435,080 | ||||||
|
| |||||||
2,723,287 | ||||||||
INDONESIA — 2.77% |
| |||||||
Majapahit Holding BV | ||||||||
7.75%, 01/20/20b | 500 | 563,500 | ||||||
7.88%, 06/29/37b | 300 | 384,750 | ||||||
8.00%, 08/07/19b | 250 | 279,675 | ||||||
Pelabuhan Indonesia II PT | ||||||||
4.25%, 05/05/25b | 400 | 402,120 | ||||||
5.38%, 05/05/45b | 200 | 197,750 | ||||||
Pertamina Persero PT | ||||||||
4.30%, 05/20/23b | 800 | 823,072 | ||||||
4.88%, 05/03/22b | 600 | 633,023 | ||||||
5.25%, 05/23/21b | 200 | 213,768 | ||||||
5.63%, 05/20/43b | 800 | 823,583 | ||||||
6.00%, 05/03/42b | 600 | 637,540 | ||||||
6.45%, 05/30/44b | 600 | 676,832 | ||||||
Perusahaan Gas Negara Persero Tbk | ||||||||
5.13%, 05/16/24b | 550 | 585,792 | ||||||
Perusahaan Listrik Negara PT | ||||||||
5.25%, 10/24/42b | 200 | 199,500 | ||||||
5.50%, 11/22/21b | 600 | 654,780 | ||||||
|
| |||||||
7,075,685 | ||||||||
JAMAICA — 0.79% |
| |||||||
Digicel Group Ltd. | ||||||||
7.13%, 04/01/22 (Call 05/30/17)b | 400 | 335,600 | ||||||
8.25%, 09/30/20 (Call 05/29/17)b | 800 | 732,000 | ||||||
Digicel Ltd. | ||||||||
6.00%, 04/15/21 (Call 05/29/17)b | 600 | 570,000 | ||||||
6.75%, 03/01/23 (Call 03/01/18)b | 400 | 380,000 | ||||||
|
| |||||||
2,017,600 | ||||||||
KAZAKHSTAN — 1.19% |
| |||||||
Halyk Savings Bank of Kazakhstan JSC | ||||||||
7.25%, 01/28/21b | 600 | 655,858 |
Security | Principal (000s) | Value | ||||||
Kazakhstan Temir Zholy Finance BV | ||||||||
6.95%, 07/10/42b | $ | 400 | $ | 421,518 | ||||
Kazkommertsbank JSC | ||||||||
5.50%, 12/21/22 (Call 05/29/17)b | 350 | 329,420 | ||||||
KazMunaiGaz Finance Sub BV | ||||||||
9.13%, 07/02/18b | 160 | 171,872 | ||||||
KazMunayGas National Co. JSC | ||||||||
5.75%, 04/30/43b | 200 | 198,008 | ||||||
6.38%, 04/09/21b | 400 | 439,114 | ||||||
7.00%, 05/05/20b | 750 | 823,330 | ||||||
|
| |||||||
3,039,120 | ||||||||
MEXICO — 1.24% |
| |||||||
BBVA Bancomer SA/Texas | ||||||||
7.25%, 04/22/20b | 400 | 440,000 | ||||||
Cemex Finance LLC | ||||||||
6.00%, 04/01/24 (Call 04/01/19)b | 800 | 846,000 | ||||||
9.38%, 10/12/22 (Call 10/12/17)b | 300 | 322,875 | ||||||
Cemex SAB de CV | ||||||||
5.70%, 01/11/25 (Call 01/11/20)b | 200 | 209,000 | ||||||
6.13%, 05/05/25 (Call 05/05/20)b | 400 | 429,484 | ||||||
7.75%, 04/16/26 (Call 04/16/21)b | 800 | 912,000 | ||||||
|
| |||||||
3,159,359 | ||||||||
RUSSIA — 4.08% |
| |||||||
Alfa Bank AO Via Alfa Bond Issuance PLC | ||||||||
5.00%, 11/27/18b | 200 | 206,755 | ||||||
7.50%, 09/26/19b | 400 | 436,000 | ||||||
7.75%, 04/28/21b | 700 | 797,877 | ||||||
ALROSA Finance SA | ||||||||
7.75%, 11/03/20b | 400 | 456,461 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC | ||||||||
5.88%, 11/07/21b | 200 | 208,000 | ||||||
Evraz Group SA | ||||||||
6.50%, 04/22/20b | 400 | 427,500 | ||||||
6.75%, 01/31/22b | 400 | 428,000 | ||||||
8.25%, 01/28/21b | 400 | 447,200 | ||||||
Gazprombank OAO Via GPB Eurobond Finance PLC VRN, (5 year CMT + 6.024%) | ||||||||
7.50%, 12/28/23 (Call 12/28/18)b | 200 | 209,977 | ||||||
MMC Norilsk Nickel OJSC via MMC Finance DAC | ||||||||
5.55%, 10/28/20b | 200 | 214,300 | ||||||
6.63%, 10/14/22b | 600 | 675,840 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
Novolipetsk Steel via Steel Funding DAC | ||||||||
4.50%, 06/15/23b | $ | 600 | $ | 609,000 | ||||
Polyus Gold International Ltd. | ||||||||
4.70%, 03/28/22b | 400 | 401,548 | ||||||
5.25%, 02/07/23b | 200 | 204,000 | ||||||
5.63%, 04/29/20b | 200 | 212,250 | ||||||
Russian Agricultural Bank OJSC Via RSHB Capital SA | ||||||||
5.10%, 07/25/18b | 200 | 206,000 | ||||||
Russian Railways via RZD Capital PLC | ||||||||
3.45%, 10/06/20b | 200 | 200,872 | ||||||
Sberbank of Russia Via SB Capital SA | ||||||||
5.13%, 10/29/22b | 800 | 828,387 | ||||||
SCF Capital Ltd. | ||||||||
5.38%, 06/16/23b | 400 | 412,382 | ||||||
Severstal OAO Via Steel Capital SA | ||||||||
5.90%, 10/17/22b | 400 | 437,500 | ||||||
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC | ||||||||
7.75%, 02/02/21b | 200 | 226,290 | ||||||
VimpelCom Holdings BV | ||||||||
5.20%, 02/13/19b | 400 | 413,920 | ||||||
5.95%, 02/13/23b | 400 | 425,204 | ||||||
7.50%, 03/01/22b | 600 | 680,106 | ||||||
VTB Bank OJSC Via VTB Capital SA | ||||||||
6.95%, 10/17/22b | 600 | 654,000 | ||||||
|
| |||||||
10,419,369 | ||||||||
SOUTH AFRICA — 1.68% |
| |||||||
AngloGold Ashanti Holdings PLC | ||||||||
5.13%, 08/01/22 | 200 | 206,600 | ||||||
5.38%, 04/15/20 | 300 | 315,900 | ||||||
Eskom Holdings SOC Ltd. | ||||||||
5.75%, 01/26/21b | 600 | 602,250 | ||||||
6.75%, 08/06/23b | 600 | 616,621 | ||||||
7.13%, 02/11/25b | 860 | 884,496 | ||||||
Gold Fields Orogen Holding BVI Ltd. | ||||||||
4.88%, 10/07/20b | 200 | 203,600 | ||||||
MTN Mauritius Investment Ltd. | ||||||||
4.76%, 11/11/24b | 200 | 189,950 | ||||||
Myriad International Holdings BV | ||||||||
5.50%, 07/21/25 (Call 04/21/25)b | 400 | 423,700 | ||||||
6.00%, 07/18/20b | 600 | 648,000 |
Security | Principal (000s) | Value | ||||||
Transnet SOC Ltd. | ||||||||
4.00%, 07/26/22b | $ | 200 | $ | 194,616 | ||||
|
| |||||||
4,285,733 | ||||||||
SOUTH KOREA — 0.32% |
| |||||||
Woori Bank | ||||||||
4.75%, 04/30/24b | 600 | 619,790 | ||||||
VRN, (5 year CMT + 3.328%) | ||||||||
5.00%, 06/10/45 (Call 06/10/20)b | 200 | 203,758 | ||||||
|
| |||||||
823,548 | ||||||||
SRI LANKA — 0.08% |
| |||||||
National Savings Bank | ||||||||
8.88%, 09/18/18b | 200 | 212,554 | ||||||
|
| |||||||
212,554 | ||||||||
THAILAND — 0.16% |
| |||||||
Krung Thai Bank PCL/Cayman Islands VRN, (5 year CMT + 3.535%) | ||||||||
5.20%, 12/26/24 (Call 12/26/19)b | 400 | 413,845 | ||||||
|
| |||||||
413,845 | ||||||||
TRINIDAD AND TOBAGO — 0.21% |
| |||||||
Consolidated Energy Finance SA | ||||||||
6.75%, 10/15/19 (Call 05/29/17)b | 200 | 204,000 | ||||||
Petroleum Co. of Trinidad & Tobago Ltd. | ||||||||
9.75%, 08/14/19b | 300 | 318,750 | ||||||
|
| |||||||
522,750 | ||||||||
TURKEY — 3.01% |
| |||||||
Akbank TAS | ||||||||
4.00%, 01/24/20b | 200 | 200,024 | ||||||
5.00%, 10/24/22b | 150 | 150,750 | ||||||
5.13%, 03/31/25b | 200 | 196,001 | ||||||
TC Ziraat Bankasi AS | ||||||||
4.25%, 07/03/19b | 200 | 201,140 | ||||||
4.75%, 04/29/21b | 200 | 199,876 | ||||||
Turkiye Garanti Bankasi AS | ||||||||
4.75%, 10/17/19b | 600 | 614,323 | ||||||
5.25%, 09/13/22b | 200 | 203,604 | ||||||
6.25%, 04/20/21b | 200 | 212,440 | ||||||
Turkiye Halk Bankasi AS | ||||||||
3.88%, 02/05/20b | 500 | 483,117 | ||||||
4.75%, 06/04/19b | 200 | 199,532 | ||||||
4.75%, 02/11/21b | 200 | 195,002 | ||||||
5.00%, 07/13/21b | 200 | 196,000 |
22 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
Turkiye Is Bankasi | ||||||||
3.75%, 10/10/18b | $ | 200 | $ | 200,230 | ||||
5.00%, 04/30/20b | 400 | 403,450 | ||||||
5.00%, 06/25/21b | 200 | 200,000 | ||||||
5.38%, 10/06/21b | 600 | 603,714 | ||||||
5.50%, 04/21/19b | 200 | 206,098 | ||||||
6.00%, 10/24/22b | 200 | 199,854 | ||||||
Turkiye Is Bankasi AS | ||||||||
5.50%, 04/21/22b | 400 | 401,200 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
5.50%, 10/27/21b | 400 | 402,000 | ||||||
6.00%, 11/01/22b | 200 | 198,868 | ||||||
VRN, (5 year USD Swap + 5.439%) | ||||||||
6.88%, 02/03/25 (Call 02/03/20)b | 200 | 203,505 | ||||||
Yapi ve Kredi Bankasi AS | ||||||||
5.13%, 10/22/19b | 800 | 812,432 | ||||||
5.25%, 12/03/18b | 200 | 203,738 | ||||||
5.50%, 12/06/22b | 400 | 389,954 | ||||||
5.75%, 02/24/22b | 200 | 202,800 | ||||||
|
| |||||||
7,679,652 | ||||||||
UNITED KINGDOM — 0.16% |
| |||||||
Sable International Finance Ltd. | ||||||||
6.88%, 08/01/22 (Call 08/01/18)b | 200 | 214,560 | ||||||
Tullow Oil PLC | ||||||||
6.00%, 11/01/20 (Call 05/08/17)b | 200 | 194,500 | ||||||
|
| |||||||
409,060 | ||||||||
VENEZUELA — 1.93% |
| |||||||
Petroleos de Venezuela SA | ||||||||
5.38%, 04/12/27b | 1,170 | 446,355 | ||||||
5.50%, 04/12/37b | 595 | 227,588 | ||||||
6.00%, 05/16/24b | 2,095 | 828,216 | ||||||
6.00%, 11/15/26b | 1,600 | 610,400 | ||||||
8.50%, 10/27/20b | 1,400 | 1,096,900 | ||||||
9.00%, 11/17/21b | 795 | 418,726 | ||||||
9.75%, 05/17/35b | 1,180 | 564,040 | ||||||
12.75%, 02/17/22b | 1,175 | 731,320 | ||||||
|
| |||||||
4,923,545 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||
(Cost: $100,331,037) | 102,821,859 |
Security | Principal (000s) | Value | ||||||
FOREIGN GOVERNMENT OBLIGATIONSa — 58.32% |
| |||||||
ARGENTINA — 6.06% |
| |||||||
Argentine Republic Government International Bond | ||||||||
2.50%, 12/31/38c | $ | 644 | $ | 428,260 | ||||
2.50%, 12/31/38c | 1,285 | 854,525 | ||||||
5.63%, 01/26/22 | 1,300 | 1,353,950 | ||||||
6.25%, 04/22/19 | 1,200 | 1,273,200 | ||||||
6.63%, 07/06/28 | 450 | 460,350 | ||||||
6.88%, 04/22/21 | 1,550 | 1,695,700 | ||||||
6.88%, 01/26/27 | 1,700 | 1,796,050 | ||||||
7.13%, 07/06/36 | 850 | 860,200 | ||||||
7.50%, 04/22/26 | 2,750 | 3,012,625 | ||||||
7.63%, 04/22/46 | 1,050 | 1,117,725 | ||||||
8.28%, 12/31/33 | 477 | 532,704 | ||||||
8.28%, 12/31/33 | 533 | 584,454 | ||||||
8.28%, 12/31/33 | 1,331 | 1,486,872 | ||||||
|
| |||||||
15,456,615 | ||||||||
AZERBAIJAN — 0.25% |
| |||||||
State Oil Co. of the Azerbaijan Republic | ||||||||
6.95%, 03/18/30b | 600 | 649,500 | ||||||
|
| |||||||
649,500 | ||||||||
BAHRAIN — 1.56% |
| |||||||
Bahrain Government International Bond | ||||||||
5.50%, 03/31/20b | 200 | 209,981 | ||||||
5.88%, 01/26/21b | 850 | 893,698 | ||||||
6.00%, 09/19/44b | 400 | 351,600 | ||||||
6.13%, 07/05/22b | 200 | 211,351 | ||||||
6.13%, 08/01/23b | 800 | 846,202 | ||||||
7.00%, 01/26/26b | 700 | 749,028 | ||||||
7.00%, 10/12/28b | 700 | 727,237 | ||||||
|
| |||||||
3,989,097 | ||||||||
BRAZIL — 5.60% |
| |||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||
4.00%, 04/14/19b | 400 | 407,680 | ||||||
5.50%, 07/12/20b | 200 | 211,500 | ||||||
5.75%, 09/26/23b | 300 | 319,650 | ||||||
6.50%, 06/10/19b | 600 | 643,500 |
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
Brazilian Government International Bond | ||||||||
2.63%, 01/05/23 | $ | 1,200 | $ | 1,120,500 | ||||
4.25%, 01/07/25 | 2,320 | 2,314,200 | ||||||
4.88%, 01/22/21 | 880 | 932,800 | ||||||
5.00%, 01/27/45 | 1,500 | 1,359,375 | ||||||
5.63%, 01/07/41 | 950 | 943,682 | ||||||
5.63%, 02/21/47 | 600 | 594,000 | ||||||
5.88%, 01/15/19 | 900 | 961,785 | ||||||
6.00%, 04/07/26 | 1,300 | 1,425,450 | ||||||
7.13%, 01/20/37 | 950 | 1,102,000 | ||||||
8.25%, 01/20/34 | 350 | 444,518 | ||||||
8.75%, 02/04/25 | 500 | 640,000 | ||||||
8.88%, 10/14/19 | 300 | 348,450 | ||||||
8.88%, 04/15/24 | 150 | 189,375 | ||||||
10.13%, 05/15/27 | 225 | 324,563 | ||||||
|
| |||||||
14,283,028 | ||||||||
COSTA RICA — 0.62% |
| |||||||
Costa Rica Government International Bond | ||||||||
4.25%, 01/26/23b | 200 | 194,250 | ||||||
4.38%, 04/30/25b | 400 | 381,984 | ||||||
5.63%, 04/30/43b | 200 | 180,464 | ||||||
7.00%, 04/04/44b | 400 | 412,816 | ||||||
7.16%, 03/12/45b | 400 | 416,000 | ||||||
|
| |||||||
1,585,514 | ||||||||
CROATIA — 1.41% |
| |||||||
Croatia Government International Bond | ||||||||
5.50%, 04/04/23b | 600 | 651,300 | ||||||
6.00%, 01/26/24b | 600 | 667,920 | ||||||
6.38%, 03/24/21b | 1,000 | 1,106,070 | ||||||
6.63%, 07/14/20b | 670 | 737,588 | ||||||
6.75%, 11/05/19b | 400 | 435,640 | ||||||
|
| |||||||
3,598,518 | ||||||||
DOMINICAN REPUBLIC — 1.99% |
| |||||||
Dominican Republic International Bond | ||||||||
5.50%, 01/27/25b | 300 | 310,995 | ||||||
5.88%, 04/18/24b | 300 | 319,542 | ||||||
5.95%, 01/25/27b | 200 | 209,348 | ||||||
6.60%, 01/28/24b | 600 | 663,000 | ||||||
6.85%, 01/27/45b | 790 | 840,363 |
Security | Principal (000s) | Value | ||||||
6.88%, 01/29/26b | $ | 1,100 | $ | 1,226,962 | ||||
7.45%, 04/30/44b | 750 | 850,312 | ||||||
7.50%, 05/06/21b | 600 | 666,000 | ||||||
|
| |||||||
5,086,522 | ||||||||
ECUADOR — 1.20% |
| |||||||
Ecuador Government International Bond | ||||||||
7.95%, 06/20/24b | 865 | 826,075 | ||||||
9.65%, 12/13/26b | 600 | 610,500 | ||||||
10.50%, 03/24/20b | 400 | 428,000 | ||||||
10.75%, 03/28/22b | 1,100 | 1,193,500 | ||||||
|
| |||||||
3,058,075 | ||||||||
EGYPT — 1.20% |
| |||||||
Egypt Government International Bond | ||||||||
5.75%, 04/29/20b | 360 | 374,256 | ||||||
5.88%, 06/11/25b | 600 | 591,924 | ||||||
6.13%, 01/31/22b | 800 | 831,800 | ||||||
6.88%, 04/30/40b | 300 | 284,700 | ||||||
7.50%, 01/31/27b | 400 | 431,160 | ||||||
8.50%, 01/31/47b | 500 | 544,125 | ||||||
|
| |||||||
3,057,965 | ||||||||
EL SALVADOR — 0.89% |
| |||||||
El Salvador Government International Bond | ||||||||
5.88%, 01/30/25b | 450 | 402,750 | ||||||
6.38%, 01/18/27b | 300 | 267,750 | ||||||
7.38%, 12/01/19b | 250 | 251,250 | ||||||
7.63%, 02/01/41b | 300 | 269,250 | ||||||
7.65%, 06/15/35b | 680 | 618,800 | ||||||
7.75%, 01/24/23b | 275 | 277,063 | ||||||
8.25%, 04/10/32b | 200 | 193,000 | ||||||
|
| |||||||
2,279,863 | ||||||||
GHANA — 0.73% |
| |||||||
Ghana Government International Bond | ||||||||
7.88%, 08/07/23b | 800 | 792,400 | ||||||
8.13%, 01/18/26b | 400 | 394,920 | ||||||
9.25%, 09/15/22b | 400 | 423,840 | ||||||
10.75%, 10/14/30b | 200 | 241,300 | ||||||
|
| |||||||
1,852,460 | ||||||||
GUATEMALA — 0.37% |
| |||||||
Guatemala Government Bond | ||||||||
4.50%, 05/03/26b | 400 | 405,240 |
24 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
4.88%, 02/13/28b | $ | 100 | $ | 103,752 | ||||
5.75%, 06/06/22b | 400 | 439,924 | ||||||
|
| |||||||
948,916 | ||||||||
INDONESIA — 6.43% |
| |||||||
Indonesia Government International Bond | ||||||||
3.38%, 04/15/23b | 400 | 400,602 | ||||||
3.70%, 01/08/22b | 200 | 205,224 | ||||||
3.75%, 04/25/22b | 1,000 | 1,026,533 | ||||||
4.13%, 01/15/25b | 1,000 | 1,030,098 | ||||||
4.35%, 01/08/27b | 1,100 | 1,147,843 | ||||||
4.63%, 04/15/43b | 400 | 406,506 | ||||||
4.75%, 01/08/26b | 1,400 | 1,499,819 | ||||||
4.88%, 05/05/21b | 1,092 | 1,173,785 | ||||||
5.13%, 01/15/45b | 800 | 848,886 | ||||||
5.25%, 01/17/42b | 800 | 862,132 | ||||||
5.25%, 01/08/47b | 600 | 644,291 | ||||||
5.38%, 10/17/23b | 200 | 222,654 | ||||||
5.88%, 03/13/20b | 946 | 1,032,720 | ||||||
5.88%, 01/15/24b | 600 | 683,807 | ||||||
5.95%, 01/08/46b | 600 | 706,869 | ||||||
6.63%, 02/17/37b | 640 | 784,840 | ||||||
6.75%, 01/15/44b | 900 | 1,154,910 | ||||||
7.75%, 01/17/38b | 750 | 1,031,648 | ||||||
8.50%, 10/12/35b | 700 | 1,003,159 | ||||||
11.63%, 03/04/19b | 450 | 529,200 | ||||||
|
| |||||||
16,395,526 | ||||||||
IVORY COAST — 0.31% |
| |||||||
Ivory Coast Government International Bond | ||||||||
5.38%, 07/23/24b | 400 | 389,458 | ||||||
6.38%, 03/03/28b | 400 | 402,112 | ||||||
|
| |||||||
791,570 | ||||||||
JAMAICA — 0.74% |
| |||||||
Jamaica Government International Bond | ||||||||
6.75%, 04/28/28 | 600 | 670,494 | ||||||
7.63%, 07/09/25 | 200 | 231,276 | ||||||
7.88%, 07/28/45 | 400 | 463,536 | ||||||
8.00%, 03/15/39 | 443 | 514,748 | ||||||
|
| |||||||
1,880,054 |
Security | Principal (000s) | Value | ||||||
JORDAN — 0.24% |
| |||||||
Jordan Government International Bond | ||||||||
5.75%, 01/31/27b | $ | 400 | $ | 395,128 | ||||
6.13%, 01/29/26b | 200 | 204,320 | ||||||
|
| |||||||
599,448 | ||||||||
LEBANON — 3.50% |
| |||||||
Lebanese Republic | ||||||||
6.85%, 05/25/29 | 400 | 406,080 | ||||||
Lebanon Government International Bond | ||||||||
5.15%, 11/12/18b | 150 | 152,039 | ||||||
5.45%, 11/28/19b | 300 | 305,478 | ||||||
5.50%, 04/23/19 | 200 | 203,920 | ||||||
5.80%, 04/14/20b | 700 | 713,580 | ||||||
6.00%, 05/20/19b | 300 | 308,490 | ||||||
6.00%, 01/27/23b | 300 | 306,657 | ||||||
6.10%, 10/04/22b | 500 | 512,940 | ||||||
6.15%, 06/19/20 | 100 | 103,000 | ||||||
6.20%, 02/26/25b | 300 | 299,079 | ||||||
6.25%, 05/27/22 | 300 | 309,060 | ||||||
6.25%, 11/04/24b | 475 | 476,862 | ||||||
6.38%, 03/09/20 | 700 | 723,100 | ||||||
6.40%, 05/26/23 | 600 | 618,120 | ||||||
6.60%, 11/27/26b | 300 | 303,090 | ||||||
6.65%, 04/22/24b | 640 | 661,062 | ||||||
6.65%, 11/03/28b | 350 | 351,540 | ||||||
6.65%, 02/26/30b | 500 | 501,410 | ||||||
6.75%, 11/29/27b | 617 | 623,775 | ||||||
7.05%, 11/02/35b | 100 | 100,190 | ||||||
8.25%, 04/12/21b | 850 | 942,106 | ||||||
|
| |||||||
8,921,578 | ||||||||
MOROCCO — 0.41% |
| |||||||
Morocco Government International Bond | ||||||||
4.25%, 12/11/22b | 800 | 832,128 | ||||||
5.50%, 12/11/42b | 200 | 216,800 | ||||||
|
| |||||||
1,048,928 | ||||||||
NIGERIA — 0.58% |
| |||||||
Nigeria Government International Bond | ||||||||
5.13%, 07/12/18b | 200 | 202,799 | ||||||
6.38%, 07/12/23b | 400 | 412,440 |
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
7.88%, 02/16/32b | $ | 800 | $ | 868,800 | ||||
|
| |||||||
1,484,039 | ||||||||
PAKISTAN — 0.45% |
| |||||||
Pakistan Government International Bond | ||||||||
7.25%, 04/15/19b | 400 | 423,200 | ||||||
8.25%, 04/15/24b | 450 | 500,801 | ||||||
8.25%, 09/30/25b | 200 | 224,544 | ||||||
|
| |||||||
1,148,545 | ||||||||
RUSSIA — 6.02% |
| |||||||
Russian Foreign Bond-Eurobond | ||||||||
3.50%, 01/16/19b | 800 | 820,400 | ||||||
4.50%, 04/04/22b | 1,200 | 1,284,096 | ||||||
4.88%, 09/16/23b | 1,400 | 1,517,572 | ||||||
5.00%, 04/29/20b | 1,600 | 1,709,894 | ||||||
5.63%, 04/04/42b | 1,000 | 1,113,698 | ||||||
5.88%, 09/16/43b | 800 | 924,000 | ||||||
7.50%, 03/31/30b,c | 4,917 | 5,927,905 | ||||||
11.00%, 07/24/18b | 500 | 557,202 | ||||||
12.75%, 06/24/28b | 850 | 1,507,111 | ||||||
|
| |||||||
15,361,878 | ||||||||
SENEGAL — 0.09% |
| |||||||
Senegal Government International Bond | ||||||||
8.75%, 05/13/21b | 200 | 228,790 | ||||||
|
| |||||||
228,790 | ||||||||
SERBIA — 0.82% |
| |||||||
Serbia International Bond | ||||||||
4.88%, 02/25/20b | 700 | 729,750 | ||||||
5.88%, 12/03/18b | 200 | 210,407 | ||||||
7.25%, 09/28/21b | 1,000 | 1,151,500 | ||||||
|
| |||||||
2,091,657 | ||||||||
SOUTH AFRICA — 2.17% |
| |||||||
Republic of South Africa Government International Bond | ||||||||
4.67%, 01/17/24 | 1,400 | 1,414,902 | ||||||
4.88%, 04/14/26 | 1,400 | 1,411,351 | ||||||
5.00%, 10/12/46 | 600 | 567,372 | ||||||
5.50%, 03/09/20 | 1,400 | 1,485,971 | ||||||
6.25%, 03/08/41 | 600 | 662,484 | ||||||
|
| |||||||
5,542,080 |
Security | Principal (000s) | Value | ||||||
SRI LANKA — 1.51% |
| |||||||
Sri Lanka Government International Bond | ||||||||
5.13%, 04/11/19b | $ | 200 | $ | 205,000 | ||||
5.75%, 01/18/22b | 600 | 620,303 | ||||||
5.88%, 07/25/22b | 1,209 | 1,251,363 | ||||||
6.00%, 01/14/19b | 400 | 414,400 | ||||||
6.13%, 06/03/25b | 200 | 203,711 | ||||||
6.25%, 10/04/20b | 300 | 317,862 | ||||||
6.25%, 07/27/21b | 200 | 212,008 | ||||||
6.83%, 07/18/26b | 400 | 420,038 | ||||||
6.85%, 11/03/25b | 200 | 210,518 | ||||||
|
| |||||||
3,855,203 | ||||||||
TURKEY — 8.02% |
| |||||||
Export Credit Bank of Turkey | ||||||||
5.00%, 09/23/21b | 200 | 202,500 | ||||||
5.38%, 02/08/21b | 400 | 411,546 | ||||||
Turkey Government International Bond | ||||||||
3.25%, 03/23/23 | 400 | 375,200 | ||||||
4.25%, 04/14/26 | 600 | 569,980 | ||||||
4.88%, 10/09/26 | 1,400 | 1,386,000 | ||||||
4.88%, 04/16/43 | 1,100 | 994,125 | ||||||
5.13%, 03/25/22 | 600 | 621,350 | ||||||
5.63%, 03/30/21 | 450 | 476,883 | ||||||
5.75%, 03/22/24 | 1,300 | 1,378,801 | ||||||
5.88%, 04/24/19b | 400 | 417,812 | ||||||
6.00%, 03/25/27 | 1,400 | 1,498,000 | ||||||
6.00%, 01/14/41 | 1,600 | 1,658,560 | ||||||
6.25%, 09/26/22 | 800 | 869,290 | ||||||
6.63%, 02/17/45 | 950 | 1,064,661 | ||||||
6.75%, 05/30/40 | 725 | 816,364 | ||||||
6.88%, 03/17/36 | 1,220 | 1,382,565 | ||||||
7.00%, 03/11/19 | 800 | 856,000 | ||||||
7.00%, 06/05/20 | 1,400 | 1,540,420 | ||||||
7.25%, 03/05/38 | 200 | 236,670 | ||||||
7.38%, 02/05/25 | 1,070 | 1,241,318 | ||||||
7.50%, 11/07/19 | 400 | 440,520 | ||||||
8.00%, 02/14/34 | 400 | 499,984 | ||||||
8.00%, 02/14/34 | 263 | 328,739 | ||||||
11.88%, 01/15/30 | 750 | 1,195,825 | ||||||
|
| |||||||
20,463,113 |
26 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||
UKRAINE — 2.25% |
| |||||||
Ukraine Government International Bond | ||||||||
7.75%, 09/01/19b | $ | 800 | $ | 816,032 | ||||
7.75%, 09/01/20b | 540 | 544,072 | ||||||
7.75%, 09/01/21b | �� | 850 | 847,382 | |||||
7.75%, 09/01/22b | 400 | 390,116 | ||||||
7.75%, 09/01/23b | 675 | 651,847 | ||||||
7.75%, 09/01/24b | 563 | 535,785 | ||||||
7.75%, 09/01/25b | 505 | 478,992 | ||||||
7.75%, 09/01/26b | 760 | 711,512 | ||||||
7.75%, 09/01/27b | 400 | 375,000 | ||||||
Ukreximbank Via Biz Finance PLC | ||||||||
9.75%, 01/22/25b | 400 | 399,000 | ||||||
|
| |||||||
5,749,738 | ||||||||
VENEZUELA — 2.57% |
| |||||||
Venezuela Government International Bond | ||||||||
6.00%, 12/09/20b | 430 | 222,181 | ||||||
7.00%, 12/01/18b | 500 | 351,850 | ||||||
7.00%, 03/31/38b | 500 | 225,850 | ||||||
7.65%, 04/21/25b | 508 | 234,544 | ||||||
7.75%, 10/13/19b | 899 | 540,928 | ||||||
8.25%, 10/13/24b | 900 | 427,590 | ||||||
9.00%, 05/07/23b | 937 | 466,345 | ||||||
9.25%, 09/15/27 | 1,690 | 902,122 | ||||||
9.25%, 05/07/28b | 1,040 | 495,768 | ||||||
9.38%, 01/13/34 | 510 | 247,503 | ||||||
11.75%, 10/21/26b | 985 | 570,020 | ||||||
11.95%, 08/05/31b | 1,720 | 993,300 | ||||||
12.75%, 08/23/22b | 1,075 | 661,447 | ||||||
13.63%, 08/15/18 | 265 | 225,250 | ||||||
|
| |||||||
6,564,698 | ||||||||
VIETNAM — 0.33% |
| |||||||
Vietnam Government International Bond | ||||||||
4.80%, 11/19/24b | 400 | 410,632 | ||||||
6.75%, 01/29/20b | 400 | 436,989 | ||||||
|
| |||||||
847,621 | ||||||||
|
| |||||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
| |||||||
(Cost: $146,489,298) | 148,820,539 |
Security | Shares (000s) | Value | ||||||
SHORT-TERM INVESTMENTS — 0.86% |
| |||||||
MONEY MARKET FUNDS — 0.86% |
| |||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | ||||||||
0.67%d,e | 2,195 | $ | 2,195,268 | |||||
|
| |||||||
2,195,268 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $2,195,268) | 2,195,268 | |||||||
|
| |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $249,015,603)f | 253,837,666 | |||||||
Other Assets, Less Liabilities — 0.52% |
| 1,319,455 | ||||||
|
| |||||||
NET ASSETS — 100.00% | $ | 255,157,121 | ||||||
|
|
CMT — Constant Maturity Treasury
VRN — Variable Rate Note
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 | 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. |
d | Affiliated money market fund. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | The cost of investments for federal income tax purposes was $249,173,538. Net unrealized appreciation was $4,664,128, of which $6,195,029 represented gross unrealized appreciation on securities and $1,530,901 represented gross unrealized depreciation on securities. |
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS HIGH YIELD BOND ETF
April 30, 2017
Schedule 1 — Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Assets: | ||||||||||||||||
Corporate bonds & notes | $ | — | $ | 102,821,859 | $ | — | $ | 102,821,859 | ||||||||
Foreign government obligations | — | 148,820,539 | — | 148,820,539 | ||||||||||||
Money market funds | 2,195,268 | — | — | 2,195,268 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,195,268 | $ | 251,642,398 | $ | — | $ | 253,837,666 | ||||||||
|
|
|
|
|
|
|
| |||||||||
See notes to financial statements.
28 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
FOREIGN GOVERNMENT OBLIGATIONS — 94.53% |
| |||||||||||
BRAZIL — 14.89% |
| |||||||||||
Brazil Letras do Tesouro Nacional | ||||||||||||
0.00%, 07/01/17 | BRL | 15,032 | $ | 4,617,076 | ||||||||
0.00%, 01/01/18 | BRL | 14,048 | 4,133,423 | |||||||||
0.00%, 07/01/18 | BRL | 16,070 | 4,532,027 | |||||||||
0.00%, 01/01/19 | BRL | 17,257 | 4,650,507 | |||||||||
0.00%, 07/01/20 | BRL | 13,000 | 3,014,702 | |||||||||
Brazil Notas do Tesouro Nacional | ||||||||||||
Series F | ||||||||||||
10.00%, 01/01/18 | BRL | 389 | 122,069 | |||||||||
10.00%, 01/01/19 | BRL | 9,197 | 2,906,907 | |||||||||
10.00%, 01/01/21 | BRL | 11,148 | 3,498,040 | |||||||||
10.00%, 01/01/23 | BRL | 10,702 | 3,333,187 | |||||||||
10.00%, 01/01/25 | BRL | 9,769 | 3,020,999 | |||||||||
10.00%, 01/01/27 | BRL | 5,466 | 1,683,198 | |||||||||
Brazilian Government International Bond | ||||||||||||
8.50%, 01/05/24 | BRL | 500 | 150,056 | |||||||||
10.25%, 01/10/28 | BRL | 1,420 | 452,795 | |||||||||
12.50%, 01/05/22 | BRL | 1,633 | 567,297 | |||||||||
|
| |||||||||||
36,682,283 | ||||||||||||
CHILE — 0.33% |
| |||||||||||
Bonos del Banco Central de Chile en Pesos | ||||||||||||
4.50%, 04/01/20 | CLP | 150,000 | 233,406 | |||||||||
4.50%, 06/01/20 | CLP | 105,000 | 163,453 | |||||||||
6.00%, 02/01/21 | CLP | 140,000 | 229,189 | |||||||||
Chile Government International Bond | ||||||||||||
5.50%, 08/05/20 | CLP | 123,000 | 195,437 | |||||||||
|
| |||||||||||
821,485 | ||||||||||||
COLOMBIA — 4.22% |
| |||||||||||
Colombia Government International Bond | ||||||||||||
7.75%, 04/14/21 | COP | 496,000 | 180,667 | |||||||||
9.85%, 06/28/27 | COP | 2,058,000 | 915,505 | |||||||||
Colombian TES | ||||||||||||
5.00%, 11/21/18 | COP | 1,300,000 | 436,928 | |||||||||
6.00%, 04/28/28 | COP | 1,975,000 | 644,173 | |||||||||
7.00%, 09/11/19 | COP | 2,508,000 | 873,049 |
Security | Principal (000s) | Value | ||||||||||
7.00%, 05/04/22 | COP | 4,640,000 | $ | 1,650,013 | ||||||||
7.50%, 08/26/26 | COP | 6,080,800 | 2,241,223 | |||||||||
7.75%, 09/18/30 | COP | 980,000 | 369,180 | |||||||||
10.00%, 07/24/24 | COP | 3,561,000 | 1,475,680 | |||||||||
11.00%, 07/24/20 | COP | 2,525,300 | 984,548 | |||||||||
11.25%, 10/24/18 | COP | 1,681,200 | 613,447 | |||||||||
|
| |||||||||||
10,384,413 | ||||||||||||
CZECH REPUBLIC — 4.02% |
| |||||||||||
Czech Republic Government Bond | ||||||||||||
1.50%, 10/29/19a | CZK | 48,990 | 2,061,093 | |||||||||
3.75%, 09/12/20a | CZK | 10,840 | 495,458 | |||||||||
3.85%, 09/29/21a | CZK | 3,810 | 180,094 | |||||||||
4.20%, 12/04/36a | CZK | 11,620 | 683,570 | |||||||||
4.60%, 08/18/18a | CZK | 3,600 | 155,265 | |||||||||
4.70%, 09/12/22a | CZK | 44,030 | 2,216,605 | |||||||||
5.00%, 04/11/19a | CZK | 14,330 | 638,903 | |||||||||
5.70%, 05/25/24a | CZK | 62,810 | 3,484,415 | |||||||||
|
| |||||||||||
9,915,403 | ||||||||||||
HUNGARY — 2.72% |
| |||||||||||
Hungary Government Bond | ||||||||||||
2.50%, 10/27/21 | HUF | 353,000 | 1,279,427 | |||||||||
3.50%, 06/24/20 | HUF | 99,630 | 375,701 | |||||||||
5.50%, 06/24/25 | HUF | 329,380 | 1,346,793 | |||||||||
6.00%, 11/24/23 | HUF | 58,850 | 247,251 | |||||||||
7.00%, 06/24/22 | HUF | 406,160 | 1,760,870 | |||||||||
7.50%, 11/12/20 | HUF | 396,400 | 1,687,714 | |||||||||
|
| |||||||||||
6,697,756 | ||||||||||||
INDONESIA — 4.34% |
| |||||||||||
Indonesia Treasury Bond | ||||||||||||
5.63%, 05/15/23 | IDR | 7,286,000 | 509,736 | |||||||||
6.63%, 05/15/33 | IDR | 2,000,000 | 136,006 | |||||||||
7.00%, 05/15/22 | IDR | 14,846,000 | 1,128,893 | |||||||||
7.88%, 04/15/19 | IDR | 18,697,000 | 1,437,308 | |||||||||
8.25%, 06/15/32 | IDR | 4,538,000 | 359,349 | |||||||||
8.38%, 03/15/24 | IDR | 13,138,000 | 1,058,304 | |||||||||
8.38%, 09/15/26 | IDR | 6,000,000 | 489,746 | |||||||||
8.38%, 03/15/34 | IDR | 14,574,000 | 1,162,541 | |||||||||
8.75%, 02/15/44 | IDR | 2,000,000 | 162,777 | |||||||||
9.00%, 03/15/29 | IDR | 4,000,000 | 335,818 | |||||||||
9.50%, 07/15/31 | IDR | 13,698,000 | 1,193,902 | |||||||||
10.00%, 09/15/24 | IDR | 3,560,000 | 310,427 | |||||||||
10.00%, 02/15/28 | IDR | 9,815,000 | 880,869 |
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
10.50%, 07/15/38 | IDR | 4,860,000 | $ | 462,026 | ||||||||
11.00%, 11/15/20 | IDR | 1,748,000 | 148,666 | |||||||||
11.00%, 09/15/25 | IDR | 8,485,000 | 787,102 | |||||||||
Perusahaan Penerbit SBSN Indonesia | ||||||||||||
7.75%, 01/25/18 | IDR | 1,590,000 | 120,766 | |||||||||
|
| |||||||||||
10,684,236 | ||||||||||||
ISRAEL — 4.27% |
| |||||||||||
Israel Government Bond – Fixed | ||||||||||||
0.50%, 10/31/18 | ILS | 8,900 | 2,466,830 | |||||||||
1.75%, 08/31/25 | ILS | 4,970 | 1,350,024 | |||||||||
2.25%, 05/31/19 | ILS | 4,169 | 1,196,756 | |||||||||
4.25%, 03/31/23 | ILS | 5,503 | 1,768,212 | |||||||||
5.00%, 01/31/20 | ILS | 759 | 235,216 | |||||||||
5.50%, 01/31/42 | ILS | 3,246 | 1,219,610 | |||||||||
6.00%, 02/28/19 | ILS | 3,872 | 1,180,340 | |||||||||
6.25%, 10/30/26 | ILS | 2,950 | 1,108,230 | |||||||||
|
| |||||||||||
10,525,218 | ||||||||||||
MALAYSIA — 4.42% |
| |||||||||||
Malaysia Government Bond | ||||||||||||
3.26%, 03/01/18 | MYR | 9,719 | 2,240,811 | |||||||||
3.48%, 03/15/23 | MYR | 859 | 193,442 | |||||||||
3.49%, 03/31/20 | MYR | 1,773 | 407,757 | |||||||||
3.50%, 05/31/27 | MYR | 3,404 | 728,735 | |||||||||
3.89%, 03/15/27 | MYR | 1,775 | 395,750 | |||||||||
4.01%, 09/15/17 | MYR | 2,809 | 649,247 | |||||||||
4.05%, 09/30/21 | MYR | 2,520 | 587,542 | |||||||||
4.13%, 04/15/32 | MYR | 1,776 | 388,883 | |||||||||
4.39%, 04/15/26 | MYR | 4,964 | 1,160,531 | |||||||||
4.50%, 04/15/30 | MYR | 840 | 194,477 | |||||||||
4.94%, 09/30/43 | MYR | 3,095 | 723,614 | |||||||||
5.73%, 07/30/19 | MYR | 4,418 | 1,067,658 | |||||||||
Malaysia Government Investment Issue | ||||||||||||
4.17%, 04/30/21 | MYR | 3,978 | 925,314 | |||||||||
4.44%, 05/22/24 | MYR | 5,175 | 1,216,822 | |||||||||
|
| |||||||||||
10,880,583 | ||||||||||||
MEXICO — 6.50% |
| |||||||||||
Mexican Bonos | ||||||||||||
5.75%, 03/05/26 | MXN | 7,332 | 350,919 | |||||||||
6.50%, 06/09/22 | MXN | 16,799 | 863,038 | |||||||||
7.50%, 06/03/27 | MXN | 83,641 | 4,491,918 |
Security | Principal (000s) | Value | ||||||||||
7.75%, 12/14/17 | MXN | 10,530 | $ | 558,028 | ||||||||
7.75%, 05/29/31 | MXN | 10,369 | 560,866 | |||||||||
7.75%, 11/13/42 | MXN | 19,411 | 1,038,821 | |||||||||
8.00%, 06/11/20 | MXN | 8,542 | 462,260 | |||||||||
8.00%, 12/07/23 | MXN | 9,446 | 521,079 | |||||||||
8.50%, 12/13/18 | MXN | 98,106 | 5,299,563 | |||||||||
8.50%, 11/18/38 | MXN | 6,451 | 372,094 | |||||||||
10.00%, 12/05/24 | MXN | 24,207 | 1,488,689 | |||||||||
10.00%, 11/20/36 | MXN | 97 | 6,351 | |||||||||
|
| |||||||||||
16,013,626 | ||||||||||||
PERU — 1.67% |
| |||||||||||
Peru Government Bond | ||||||||||||
5.70%, 08/12/24 | PEN | 1,545 | 486,905 | |||||||||
6.35%, 08/12/28 | PEN | 4,200 | 1,339,806 | |||||||||
6.85%, 02/12/42 | PEN | 2,310 | 749,300 | |||||||||
6.90%, 08/12/37 | PEN | 2,481 | 825,548 | |||||||||
8.20%, 08/12/26 | PEN | 1,960 | 715,564 | |||||||||
|
| |||||||||||
4,117,123 | ||||||||||||
PHILIPPINES — 4.26% |
| |||||||||||
Philippine Government Bond | ||||||||||||
2.13%, 05/23/18 | PHP | 20,122 | 398,522 | |||||||||
2.88%, 05/22/17 | PHP | 26,500 | 530,562 | |||||||||
3.38%, 08/20/20 | PHP | 60,640 | 1,184,898 | |||||||||
3.50%, 03/20/21 | PHP | 11,000 | 214,364 | |||||||||
3.50%, 04/21/23 | PHP | 29,500 | 559,670 | |||||||||
3.63%, 09/09/25 | PHP | 36,040 | 668,801 | |||||||||
3.88%, 11/22/19 | PHP | 960 | 19,148 | |||||||||
4.00%, 12/06/22 | PHP | 5,660 | 110,373 | |||||||||
4.13%, 08/20/24 | PHP | 50,000 | 965,936 | |||||||||
4.63%, 09/09/40 | PHP | 18,450 | 334,766 | |||||||||
6.38%, 01/19/22 | PHP | 25,608 | 556,319 | |||||||||
8.00%, 07/19/31 | PHP | 45,500 | 1,187,262 | |||||||||
8.13%, 12/16/35 | PHP | 44,477 | 1,195,898 | |||||||||
8.50%, 11/29/32 | PHP | 8,760 | 239,987 | |||||||||
Philippine Government International Bond | ||||||||||||
4.95%, 01/15/21 | PHP | 52,000 | 1,062,532 | |||||||||
6.25%, 01/14/36 | PHP | 57,000 | 1,262,647 | |||||||||
|
| |||||||||||
10,491,685 | ||||||||||||
POLAND — 3.94% |
| |||||||||||
Republic of Poland Government Bond | ||||||||||||
1.50%, 04/25/20 | PLN | 1,342 | 337,671 |
30 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
2.50%, 07/25/26 | PLN | 3,300 | $ | 795,794 | ||||||||
3.25%, 07/25/19 | PLN | 4,877 | 1,287,683 | |||||||||
3.25%, 07/25/25 | PLN | 5,617 | 1,449,389 | |||||||||
3.75%, 04/25/18 | PLN | 2,235 | 588,090 | |||||||||
4.00%, 10/25/23 | PLN | 6,866 | 1,866,249 | |||||||||
5.25%, 10/25/20 | PLN | 3,121 | 878,258 | |||||||||
5.50%, 10/25/19 | PLN | 3,477 | 968,314 | |||||||||
5.75%, 09/23/22 | PLN | 5,208 | 1,529,256 | |||||||||
|
| |||||||||||
9,700,704 | ||||||||||||
ROMANIA — 2.40% |
| |||||||||||
Romania Government Bond | ||||||||||||
3.25%, 03/22/21 | RON | 3,600 | 886,584 | |||||||||
4.75%, 06/24/19 | RON | 2,155 | 551,000 | |||||||||
5.60%, 11/28/18 | RON | 9,950 | 2,548,504 | |||||||||
5.80%, 07/26/27 | RON | 3,750 | 1,041,060 | |||||||||
5.85%, 04/26/23 | RON | 1,060 | 290,774 | |||||||||
5.90%, 07/26/17 | RON | 1,710 | 415,527 | |||||||||
6.75%, 06/11/17 | RON | 790 | 190,909 | |||||||||
|
| |||||||||||
5,924,358 | ||||||||||||
RUSSIA — 4.21% |
| |||||||||||
Russian Federal Bond – OFZ | ||||||||||||
6.70%, 05/15/19 | RUB | 45,757 | 783,703 | |||||||||
6.80%, 12/11/19 | RUB | 43,838 | 748,504 | |||||||||
7.00%, 01/25/23 | RUB | 163,966 | 2,802,918 | |||||||||
7.05%, 01/19/28 | RUB | 60,500 | 1,021,055 | |||||||||
7.50%, 03/15/18 | RUB | 27,933 | 487,656 | |||||||||
7.50%, 02/27/19 | RUB | 48,600 | 846,100 | |||||||||
7.60%, 04/14/21 | RUB | 106,245 | 1,860,909 | |||||||||
8.15%, 02/03/27 | RUB | 64,366 | 1,182,365 | |||||||||
8.50%, 09/17/31 | RUB | 2,000 | 37,369 | |||||||||
Russian Foreign Bond – Eurobond | ||||||||||||
7.85%, 03/10/18a | RUB | 35,000 | 611,456 | |||||||||
|
| |||||||||||
10,382,035 | ||||||||||||
SOUTH AFRICA — 3.94% |
| |||||||||||
Republic of South Africa Government Bond | ||||||||||||
6.25%, 03/31/36 | ZAR | 17,469 | 941,039 | |||||||||
6.50%, 02/28/41 | ZAR | 685 | 36,485 | |||||||||
6.75%, 03/31/21 | ZAR | 1,000 | 72,363 | |||||||||
7.25%, 01/15/20 | ZAR | 3,528 | 261,924 | |||||||||
8.00%, 12/21/18 | ZAR | 3,471 | 261,439 |
Security | Principal (000s) | Value | ||||||||||
8.00%, 01/31/30 | ZAR | 60,687 | $ | 4,152,414 | ||||||||
8.50%, 01/31/37 | ZAR | 17,880 | 1,212,574 | |||||||||
8.75%, 02/28/48 | ZAR | 7,332 | 498,239 | |||||||||
10.50%, 12/21/26 | ZAR | 27,150 | 2,263,491 | |||||||||
|
| |||||||||||
9,699,968 | ||||||||||||
SOUTH KOREA — 19.82% |
| |||||||||||
Korea Treasury Bond | ||||||||||||
1.50%, 12/10/26 | KRW | 2,734,690 | 2,258,817 | |||||||||
2.00%, 03/10/46 | KRW | 500,000 | 407,865 | |||||||||
2.75%, 09/10/17 | KRW | 7,215,810 | 6,372,348 | |||||||||
2.75%, 03/10/18 | KRW | 7,020,000 | 6,237,059 | |||||||||
2.75%, 12/10/44 | KRW | 3,577,110 | 3,400,188 | |||||||||
3.00%, 03/10/23 | KRW | 1,056,000 | 979,679 | |||||||||
3.00%, 12/10/42 | KRW | 3,200,190 | 3,157,189 | |||||||||
3.13%, 03/10/19 | KRW | 3,402,050 | 3,072,219 | |||||||||
3.50%, 03/10/24 | KRW | 3,928,280 | 3,763,644 | |||||||||
3.75%, 06/10/22 | KRW | 1,038,000 | 992,873 | |||||||||
3.75%, 12/10/33 | KRW | 1,665,410 | 1,755,493 | |||||||||
4.00%, 12/10/31 | KRW | 1,939,000 | 2,062,848 | |||||||||
4.25%, 06/10/21 | KRW | 600,000 | 577,643 | |||||||||
4.75%, 12/10/30 | KRW | 91,860 | 103,967 | |||||||||
5.00%, 06/10/20 | KRW | 2,626,680 | 2,536,077 | |||||||||
5.25%, 03/10/27 | KRW | 2,577,000 | 2,870,029 | |||||||||
5.50%, 09/10/17 | KRW | 2,179,600 | 1,943,367 | |||||||||
5.50%, 12/10/29 | KRW | 1,484,790 | 1,765,751 | |||||||||
5.75%, 09/10/18 | KRW | 4,927,680 | 4,573,835 | |||||||||
|
| |||||||||||
48,830,891 | ||||||||||||
THAILAND — 4.24% |
| |||||||||||
Thailand Government Bond | ||||||||||||
2.88%, 06/17/46 | THB | 6,000 | 152,262 | |||||||||
3.58%, 12/17/27 | THB | 8,886 | 273,842 | |||||||||
3.65%, 12/17/21 | THB | 22,940 | 710,954 | |||||||||
3.78%, 06/25/32 | THB | 8,638 | 263,211 | |||||||||
3.80%, 06/14/41 | THB | 15,368 | 471,094 | |||||||||
3.85%, 12/12/25 | THB | 52,949 | 1,673,351 | |||||||||
3.88%, 06/13/19 | THB | 46,650 | 1,412,892 | |||||||||
4.26%, 12/12/37a | THB | 16,170 | 520,745 | |||||||||
4.68%, 06/29/44 | THB | 3,500 | 121,976 | |||||||||
4.85%, 06/17/61 | THB | 14,748 | 546,759 | |||||||||
4.88%, 06/22/29 | THB | 58,300 | 2,014,055 | |||||||||
5.13%, 03/13/18 | THB | 10,238 | 305,083 | |||||||||
5.67%, 03/13/28 | THB | 16,395 | 588,955 | |||||||||
6.15%, 07/07/26 | THB | 37,899 | 1,385,532 | |||||||||
|
| |||||||||||
10,440,711 |
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® EMERGING MARKETS LOCAL CURRENCY BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
TURKEY — 4.34% |
| |||||||||||
Turkey Government Bond | ||||||||||||
6.30%, 02/14/18 | TRY | 1,616 | $ | 437,776 | ||||||||
8.00%, 03/12/25 | TRY | 2,652 | 655,812 | |||||||||
8.50%, 07/10/19 | TRY | 9,378 | 2,514,215 | |||||||||
8.50%, 09/14/22 | TRY | 2,890 | 747,272 | |||||||||
8.70%, 07/11/18 | TRY | 3,700 | 1,012,824 | |||||||||
8.80%, 09/27/23 | TRY | 853 | 222,242 | |||||||||
9.00%, 07/24/24 | TRY | 4,679 | 1,232,149 | |||||||||
9.50%, 01/12/22 | TRY | 5,530 | 1,494,652 | |||||||||
10.50%, 01/15/20 | TRY | 5,403 | 1,510,271 | |||||||||
10.60%, 02/11/26 | TRY | 3,000 | 859,821 | |||||||||
|
| |||||||||||
10,687,034 | ||||||||||||
|
| |||||||||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
| |||||||||||
(Cost: $238,178,491) | 232,879,512 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS |
| |||||||||||
(Cost: $238,178,491)b | 232,879,512 | |||||||||||
Other Assets, Less Liabilities — 5.47% |
| 13,485,590 | ||||||||||
|
| |||||||||||
NET ASSETS — 100.00% | $ | 246,365,102 | ||||||||||
|
|
Currency abbreviations:
BRL — Brazilian Real
CLP — Chilean Peso
COP — Colombian Peso
CZK — Czech Koruna
HUF — Hungarian Forint
IDR — Indonesian Rupiah
ILS — Israeli Shekel
KRW — South Korean Won
MXN — Mexican Peso
MYR — Malaysian Ringgit
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 | The cost of investments for federal income tax purposes was $244,977,475. Net unrealized depreciation was $12,097,963, of which $9,118,034 represented gross unrealized appreciation on securities and $21,215,997 represented gross unrealized depreciation on securities. |
Schedule 1 — Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Assets: | ||||||||||||||||
Foreign government obligations | $ | — | $ | 232,879,512 | $ | — | $ | 232,879,512 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 232,879,512 | $ | — | $ | 232,879,512 | ||||||||
|
|
|
|
|
|
|
| |||||||||
See notes to financial statements.
32 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
CORPORATE BONDS & NOTES — 97.46% |
| |||||||||||
AUSTRALIA — 0.08% |
| |||||||||||
FMG Resources August 2006 Pty Ltd. | ||||||||||||
6.88%, 04/01/22 (Call 05/29/17)a,b | USD | 40 | $ | 41,450 | ||||||||
Origin Energy Finance Ltd. | ||||||||||||
VRN, (5 year EUR Swap + 3.670%) |
| |||||||||||
4.00%, 09/16/74 (Call 09/16/19)c | EUR | 100 | 110,541 | |||||||||
|
| |||||||||||
151,991 | ||||||||||||
AUSTRIA — 0.20% |
| |||||||||||
Raiffeisen Bank International AG | ||||||||||||
6.00%, 10/16/23c | EUR | 200 | 253,067 | |||||||||
VRN, (5 year EUR Swap + 3.300%) 4.50%, 02/21/25 (Call 02/21/20)c | EUR | 100 | 114,813 | |||||||||
|
| |||||||||||
367,880 | ||||||||||||
BELGIUM — 0.25% |
| |||||||||||
Barry Callebaut Services NV | ||||||||||||
5.63%, 06/15/21c | EUR | 100 | 130,286 | |||||||||
Ethias SA |
| |||||||||||
5.00%, 01/14/26c | EUR | 100 | 110,841 | |||||||||
Nyrstar Netherlands Holdings BV | ||||||||||||
6.88%, 03/15/24 (Call 03/15/20)c | EUR | 100 | 109,309 | |||||||||
8.50%, 09/15/19c | EUR | 100 | 120,293 | |||||||||
|
| |||||||||||
470,729 | ||||||||||||
CANADA — 3.32% |
| |||||||||||
1011778 BC ULC/New Red Finance Inc. | ||||||||||||
4.63%, 01/15/22 (Call 10/01/17)a | USD | 200 | 205,500 | |||||||||
6.00%, 04/01/22 (Call 10/01/17)a,b | USD | 375 | 390,000 | |||||||||
Air Canada | ||||||||||||
4.75%, 10/06/23 (Call 10/06/19)a | CAD | 25 | 18,307 | |||||||||
7.75%, 04/15/21a,b | USD | 75 | 84,844 | |||||||||
Baytex Energy Corp. | ||||||||||||
6.63%, 07/19/22 (Call 07/19/17) | CAD | 50 | 35,380 | |||||||||
Bombardier Inc. | ||||||||||||
4.75%, 04/15/19a | USD | 50 | 51,141 | |||||||||
5.75%, 03/15/22a | USD | 150 | 149,058 | |||||||||
6.00%, 10/15/22 (Call 05/29/17)a,b | USD | 200 | 199,337 | |||||||||
6.13%, 05/15/21c | EUR | 100 | 117,588 | |||||||||
6.13%, 01/15/23a | USD | 175 | 174,125 | |||||||||
7.50%, 03/15/25 (Call 03/15/20)a,b | USD | 225 | 234,943 | |||||||||
7.75%, 03/15/20a | USD | 125 | 135,132 | |||||||||
8.75%, 12/01/21a | USD | 225 | 250,092 |
Security | Principal (000s) | Value | ||||||||||
Brookfield Residential Properties Inc. | ||||||||||||
6.13%, 05/15/23 (Call 05/15/18)a | CAD | 50 | $ | 37,665 | ||||||||
6.50%, 12/15/20 (Call 05/29/17)a | USD | 50 | 51,742 | |||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp. |
| |||||||||||
6.13%, 07/01/22 (Call 07/01/17)a | USD | 75 | 78,188 | |||||||||
Canadian Energy Services & Technology Corp. | ||||||||||||
7.38%, 04/17/20 (Call 05/29/17) | CAD | 25 | 18,964 | |||||||||
Cascades Inc. | ||||||||||||
5.50%, 07/15/21 (Call 07/15/17)a | CAD | 25 | 18,970 | |||||||||
Cenovus Energy Inc. | ||||||||||||
5.70%, 10/15/19 | USD | 200 | 214,952 | |||||||||
Concordia International Corp. | ||||||||||||
7.00%, 04/15/23 (Call 04/15/18)a,b | USD | 50 | 7,750 | |||||||||
9.50%, 10/21/22 (Call 12/15/18)a | USD | 75 | 14,625 | |||||||||
Cott Beverages Inc. | ||||||||||||
5.38%, 07/01/22 (Call 07/01/17) | USD | 125 | 129,119 | |||||||||
Cott Corp. | ||||||||||||
5.50%, 07/01/24 (Call 07/01/19)c | EUR | 100 | 116,666 | |||||||||
Cott Holdings Inc. | ||||||||||||
5.50%, 04/01/25 (Call 04/01/20)a | USD | 125 | 127,031 | |||||||||
Enbridge Inc. | ||||||||||||
6.00%, 01/15/77 (Call 01/15/27) | USD | 125 | 128,125 | |||||||||
Gibson Energy Inc. | ||||||||||||
5.38%, 07/15/22 (Call 07/15/17)a | CAD | 50 | 37,117 | |||||||||
Great Canadian Gaming Corp. | ||||||||||||
6.63%, 07/25/22 (Call 07/25/17)a | CAD | 50 | 37,940 | |||||||||
Iron Mountain Canada Operations ULC | ||||||||||||
5.38%, 09/15/23 (Call 09/15/19)a | CAD | 25 | 18,878 | |||||||||
Jupiter Resources Inc. | ||||||||||||
8.50%, 10/01/22 (Call 10/01/17)a | USD | 175 | 142,698 | |||||||||
Kinross Gold Corp. | ||||||||||||
5.13%, 09/01/21 (Call 06/01/21) | USD | 50 | 52,054 | |||||||||
5.95%, 03/15/24 (Call 12/15/23)b | USD | 105 | 112,318 | |||||||||
Lundin Mining Corp. | ||||||||||||
7.50%, 11/01/20 (Call 11/01/17)a | USD | 50 | 52,688 | |||||||||
7.88%, 11/01/22 (Call 11/01/18)a | USD | 75 | 82,406 | |||||||||
Mattamy Group Corp. | ||||||||||||
6.88%, 11/15/20 (Call 05/29/17)a | CAD | 50 | 37,711 |
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
MEG Energy Corp. | ||||||||||||
6.38%, 01/30/23 (Call 07/30/17)a | USD | 150 | $ | 132,375 | ||||||||
6.50%, 01/15/25 (Call 01/15/20)a,b | USD | 125 | 123,594 | |||||||||
7.00%, 03/31/24 (Call 09/30/18)a | USD | 125 | 111,185 | |||||||||
Newalta Corp. | ||||||||||||
7.75%, 11/14/19 (Call 05/29/17) | CAD | 22 | 15,929 | |||||||||
NOVA Chemicals Corp. | ||||||||||||
5.00%, 05/01/25 (Call 01/31/25)a | USD | 50 | 51,188 | |||||||||
5.25%, 08/01/23 (Call 08/01/18)a | USD | 125 | 127,500 | |||||||||
Open Text Corp. | ||||||||||||
5.63%, 01/15/23 (Call 01/15/18)a | USD | 50 | 52,458 | |||||||||
5.88%, 06/01/26 (Call 06/01/21)a | USD | 155 | 165,462 | |||||||||
Parkland Fuel Corp. | ||||||||||||
5.75%, 09/16/24 (Call 09/16/19)a | CAD | 25 | 18,696 | |||||||||
5.75%, 09/16/24 (Call 09/16/19) | CAD | 50 | 37,391 | |||||||||
6.00%, 11/21/22 (Call 11/21/17) | CAD | 50 | 37,940 | |||||||||
Precision Drilling Corp. | ||||||||||||
5.25%, 11/15/24 (Call 05/15/19)b | USD | 75 | 71,813 | |||||||||
Quebecor Media Inc. | ||||||||||||
5.75%, 01/15/23 | USD | 225 | 236,292 | |||||||||
6.63%, 01/15/23a | CAD | 100 | 79,049 | |||||||||
7.38%, 01/15/21 (Call 05/01/17) | CAD | 50 | 37,467 | |||||||||
Russel Metals Inc. | ||||||||||||
6.00%, 04/19/22 (Call 05/29/17)a | CAD | 25 | 18,707 | |||||||||
Seven Generations Energy Ltd. | ||||||||||||
6.75%, 05/01/23 (Call 05/01/18)a | USD | 50 | 52,946 | |||||||||
6.88%, 06/30/23 (Call 06/30/18)a | USD | 125 | 132,500 | |||||||||
Superior Plus LP | ||||||||||||
5.25%, 02/27/24 (Call 02/27/20) | CAD | 50 | 37,300 | |||||||||
6.50%, 12/09/21 (Call 12/09/17) | CAD | 25 | 19,336 | |||||||||
Teck Resources Ltd. | ||||||||||||
3.75%, 02/01/23 (Call 11/01/22)b | USD | 100 | 98,530 | |||||||||
4.75%, 01/15/22 (Call 10/15/21) | USD | 150 | 155,206 | |||||||||
8.50%, 06/01/24 (Call 06/01/19)a | USD | 100 | 115,596 | |||||||||
Trilogy Energy Corp. | ||||||||||||
7.25%, 12/13/19 (Call 05/30/17) | CAD | 25 | 18,467 | |||||||||
Valeant Pharmaceuticals International Inc. | ||||||||||||
5.63%, 12/01/21 (Call 05/29/17)a | USD | 175 | 134,615 | |||||||||
6.75%, 08/15/18 (Call 05/30/17)a | USD | 73 | 72,807 | |||||||||
7.50%, 07/15/21 (Call 05/30/17)a | USD | 250 | 207,812 | |||||||||
Videotron Ltd. | ||||||||||||
5.00%, 07/15/22 | USD | 75 | 79,508 |
Security | Principal (000s) | Value | ||||||||||
5.38%, 06/15/24 (Call 03/15/24)a | USD | 50 | $ | 52,248 | ||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 50 | 38,911 | |||||||||
5.75%, 01/15/26 (Call 09/15/20)c | CAD | 75 | 58,452 | |||||||||
Videotron Ltd./Videotron Ltee | ||||||||||||
5.13%, 04/15/27 (Call 04/15/22)a | USD | 85 | 86,381 | |||||||||
Yellow Pages Digital & Media Solutions Ltd. | ||||||||||||
9.25%, 11/30/18 (Call 05/29/17) | CAD | 28 | 20,400 | |||||||||
|
| |||||||||||
6,261,115 | ||||||||||||
DENMARK — 0.12% |
| |||||||||||
Nassa Topco AS | ||||||||||||
2.88%, 04/06/24 (Call 01/06/24)c | EUR | 100 | 110,392 | |||||||||
TDC A/S | ||||||||||||
VRN, (5 year EUR Swap + 3.110%) |
| |||||||||||
3.50%, 02/26/49 (Call 02/26/21)c | EUR | 100 | 109,175 | |||||||||
|
| |||||||||||
219,567 | ||||||||||||
FINLAND — 0.30% |
| |||||||||||
Nokia OYJ | ||||||||||||
1.00%, 03/15/21 (Call 02/15/21)c | EUR | 100 | 109,113 | |||||||||
2.00%, 03/15/24 (Call 12/15/23)c | EUR | 125 | 135,777 | |||||||||
5.38%, 05/15/19 | USD | 75 | 79,500 | |||||||||
Outokumpu OYJ | ||||||||||||
7.25%, 06/16/21 (Call 06/16/18)c | EUR | 100 | 121,414 | |||||||||
Stora Enso OYJ | ||||||||||||
2.13%, 06/16/23 (Call 03/16/23)c | EUR | 100 | 110,517 | |||||||||
|
| |||||||||||
556,321 | ||||||||||||
FRANCE — 4.50% |
| |||||||||||
3AB Optique Developpement SAS | ||||||||||||
5.63%, 04/15/19 (Call 05/29/17)c | EUR | 100 | 110,048 | |||||||||
Areva SA | ||||||||||||
3.25%, 09/04/20c | EUR | 100 | 109,413 | |||||||||
3.50%, 03/22/21 | EUR | 100 | 109,739 | |||||||||
Autodis SA | ||||||||||||
4.38%, 05/01/22 (Call 05/01/18)c | EUR | 100 | 112,947 | |||||||||
BiSoho SAS | ||||||||||||
5.88%, 05/01/23 (Call 05/01/19)c | EUR | 90 | 105,554 | |||||||||
Burger King France SAS | ||||||||||||
6.00%, 05/01/24 (Call 05/01/20)c | EUR | 100 | 112,757 | |||||||||
Casino Guichard Perrachon SA | ||||||||||||
4.05%, 08/05/26 (Call 05/05/26)c | EUR | 100 | 115,921 | |||||||||
4.41%, 08/06/19c | EUR | 100 | 118,601 | |||||||||
4.50%, 03/07/24 (Call 12/07/23)c | EUR | 200 | 240,250 | |||||||||
4.56%, 01/25/23c | EUR | 100 | 122,225 |
34 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
5.24%, 03/09/20 | EUR | 100 | $ | 123,081 | ||||||||
5.98%, 05/26/21 | EUR | 200 | 256,400 | |||||||||
CMA CGM SA | ||||||||||||
8.75%, 12/15/18 (Call 05/30/17)c | EUR | 100 | 111,585 | |||||||||
ContourGlobal Power Holdings SA | ||||||||||||
5.13%, 06/15/21 (Call 06/15/18)c | EUR | 100 | 115,305 | |||||||||
Credit Agricole SA | ||||||||||||
VRN, (3 mo. LIBOR US + 6.982%) |
| |||||||||||
8.38%, 10/29/49 (Call 10/13/19)a | USD | 100 | 111,573 | |||||||||
Elis SA | ||||||||||||
3.00%, 04/30/22 (Call 04/30/18)c | EUR | 100 | 112,229 | |||||||||
Faurecia | ||||||||||||
3.13%, 06/15/22 (Call 06/15/18)c | EUR | 100 | 112,641 | |||||||||
3.63%, 06/15/23 (Call 06/15/19)c | EUR | 100 | 114,417 | |||||||||
Groupama SA | ||||||||||||
6.00%, 01/23/27 | EUR | 100 | 117,548 | |||||||||
VRN, (3 mo. Euribor + 5.360%) |
| |||||||||||
7.88%, 10/27/39 (Call 10/27/19) | EUR | 100 | 121,763 | |||||||||
Groupe Fnac SA | ||||||||||||
3.25%, 09/30/23 (Call 09/30/19)c | EUR | 200 | 223,976 | |||||||||
Holding Medi-Partenaires SAS | ||||||||||||
7.00%, 05/15/20 (Call 05/08/17)c | EUR | 100 | 112,702 | |||||||||
HomeVi SAS | ||||||||||||
6.88%, 08/15/21 (Call 08/15/17)c | EUR | 100 | 114,180 | |||||||||
La Financiere Atalian SAS | ||||||||||||
4.00%, 05/15/24 (Call 05/15/20)c | EUR | 100 | 110,626 | |||||||||
7.25%, 01/15/20 (Call 05/30/17)c | EUR | 100 | 113,231 | |||||||||
Labeyrie Fine Foods SAS | ||||||||||||
5.63%, 03/15/21 (Call 05/30/17)c | EUR | 100 | 111,937 | |||||||||
Loxam SAS | ||||||||||||
4.88%, 07/23/21 (Call 07/23/17)c | EUR | 100 | 112,294 | |||||||||
6.00%, 04/15/25 (Call 04/15/20)c | EUR | 100 | 113,989 | |||||||||
Mobilux Finance SAS | ||||||||||||
5.50%, 11/15/24 (Call 11/15/19)c | EUR | 100 | 112,955 | |||||||||
NEW Areva Holding SA | ||||||||||||
3.13%, 03/20/23 (Call 12/20/22)c | EUR | 200 | 212,054 | |||||||||
4.88%, 09/23/24 | EUR | 100 | 113,123 | |||||||||
Nexans SA | ||||||||||||
3.25%, 05/26/21 (Call 02/26/21)c | EUR | 100 | 116,003 | |||||||||
Novafives SAS | ||||||||||||
4.50%, 06/30/21 (Call 06/30/17)c | EUR | 100 | 109,609 | |||||||||
Paprec Holding | ||||||||||||
5.25%, 04/01/22 (Call 04/01/18)c | EUR | 125 | 143,117 |
Security | Principal (000s) | Value | ||||||||||
Peugeot SA | ||||||||||||
2.00%, 03/23/24c | EUR | 100 | $ | 110,361 | ||||||||
2.38%, 04/14/23c | EUR | 100 | 113,632 | |||||||||
6.50%, 01/18/19c | EUR | 100 | 120,414 | |||||||||
Rexel SA | ||||||||||||
2.63%, 06/15/24 (Call 03/15/20)c | EUR | 125 | 135,110 | |||||||||
3.25%, 06/15/22 (Call 06/15/18)c | EUR | 100 | 113,007 | |||||||||
3.50%, 06/15/23 (Call 06/15/19)c | EUR | 100 | 113,795 | |||||||||
SFR Group SA | ||||||||||||
5.38%, 05/15/22 (Call 05/29/17)c | EUR | 200 | 226,621 | |||||||||
5.63%, 05/15/24 (Call 05/15/19)c | EUR | 200 | 234,948 | |||||||||
6.00%, 05/15/22 (Call 05/29/17)a | USD | 600 | 625,550 | |||||||||
6.25%, 05/15/24 (Call 05/15/19)a | USD | 200 | 207,126 | |||||||||
7.38%, 05/01/26 (Call 05/01/21)a | USD | 1,000 | 1,052,500 | |||||||||
SPCM SA | ||||||||||||
2.88%, 06/15/23 (Call 06/15/18)c | EUR | 100 | 111,226 | |||||||||
SPIE SA | ||||||||||||
3.13%, 03/22/24 (Call 09/22/23)c | EUR | 100 | 111,759 | |||||||||
Synlab Bondco PLC | ||||||||||||
6.25%, 07/01/22 (Call 07/01/18)c | EUR | 150 | 176,732 | |||||||||
Tereos Finance Groupe I SA | ||||||||||||
4.13%, 06/16/23 (Call 03/16/23)c | EUR | 100 | 109,091 | |||||||||
THOM Europe SAS | ||||||||||||
7.38%, 07/15/19 (Call 05/08/17)c | EUR | 100 | 112,117 | |||||||||
Vallourec SA | ||||||||||||
2.25%, 09/30/24c | EUR | 100 | 87,656 | |||||||||
3.25%, 08/02/19 | EUR | 100 | 111,273 | |||||||||
Verallia Packaging SASU | ||||||||||||
5.13%, 08/01/22 (Call 08/01/18)c | EUR | 100 | 115,909 | |||||||||
WFS Global Holding SAS | ||||||||||||
9.50%, 07/15/22 (Call 07/15/18)c | EUR | 100 | 117,665 | |||||||||
|
| |||||||||||
8,480,285 | ||||||||||||
GERMANY — 3.21% |
| |||||||||||
Bilfinger SE | ||||||||||||
2.38%, 12/07/19c | EUR | 100 | 113,117 | |||||||||
BMBG Bond Finance SCA | ||||||||||||
3.00%, 06/15/21 (Call 06/15/18)c | EUR | 100 | 112,123 | |||||||||
Deutsche Lufthansa AG |
| |||||||||||
5.13%, 08/12/75 (Call 02/12/21)c | EUR | 100 | 118,866 | |||||||||
Douglas GmbH | ||||||||||||
6.25%, 07/15/22 (Call 07/15/18)c | EUR | 100 | 118,493 |
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Fresenius Medical Care U.S. Finance II Inc. | ||||||||||||
4.13%, 10/15/20 (Call 07/17/20)a | USD | 50 | $ | 51,260 | ||||||||
4.75%, 10/15/24 (Call 07/17/24)a | USD | 50 | 51,025 | |||||||||
5.63%, 07/31/19a,b | USD | 100 | 106,344 | |||||||||
5.88%, 01/31/22a | USD | 100 | 109,271 | |||||||||
6.50%, 09/15/18a | USD | 100 | 105,606 | |||||||||
Fresenius Medical Care U.S. Finance Inc. | ||||||||||||
5.75%, 02/15/21a | USD | 125 | 136,496 | |||||||||
Hapag-Lloyd AG | ||||||||||||
6.75%, 02/01/22 (Call 02/01/19)c | EUR | 100 | 115,005 | |||||||||
K+S AG | ||||||||||||
3.00%, 06/20/22c | EUR | 100 | 114,980 | |||||||||
4.13%, 12/06/21c | EUR | 100 | 121,481 | |||||||||
LANXESS AG |
| |||||||||||
4.50%, 12/06/76 (Call 06/06/23)c | EUR | 100 | 118,197 | |||||||||
Norddeutsche Landesbank Girozentrale | ||||||||||||
6.00%, 06/29/20 | EUR | 50 | 60,383 | |||||||||
Phoenix PIB Dutch Finance BV | ||||||||||||
3.13%, 05/27/20c | EUR | 100 | 116,490 | |||||||||
PrestigeBidCo GmbH | ||||||||||||
6.25%, 12/15/23 (Call 12/15/19)c | EUR | 100 | 115,368 | |||||||||
ProGroup AG | ||||||||||||
5.13%, 05/01/22 (Call 05/01/18)c | EUR | 100 | 115,480 | |||||||||
RWE AG | ||||||||||||
VRN, (5 year EUR Swap + 2.643%) |
| |||||||||||
2.75%, 04/21/75 (Call 10/21/20)c | EUR | 100 | 108,185 | |||||||||
VRN, (5 year EUR Swap + 3.245%) |
| |||||||||||
3.50%, 04/21/75 (Call 04/21/25)c | EUR | 100 | 103,944 | |||||||||
Schaeffler Finance BV | ||||||||||||
3.25%, 05/15/25 (Call 05/15/20)c | EUR | 100 | 117,794 | |||||||||
3.50%, 05/15/22 (Call 05/29/17)c | EUR | 100 | 110,853 | |||||||||
4.75%, 05/15/23 (Call 05/15/18)a | USD | 200 | 208,500 | |||||||||
Senvion Holding GmbH | ||||||||||||
6.63%, 11/15/20 (Call 05/05/17)c | EUR | 100 | 112,495 | |||||||||
thyssenkrupp AG | ||||||||||||
1.38%, 03/03/22 (Call 12/03/21)c | EUR | 150 | 160,256 | |||||||||
1.75%, 11/25/20 (Call 08/25/20)c | EUR | 100 | 111,235 | |||||||||
2.50%, 02/25/25c | EUR | 100 | 112,515 | |||||||||
2.75%, 03/08/21 (Call 12/08/20)c | EUR | 400 | 456,876 |
Security | Principal (000s) | Value | ||||||||||
4.00%, 08/27/18 | EUR | 175 | $ | 199,597 | ||||||||
TUI AG | ||||||||||||
2.13%, 10/26/21 (Call 07/26/21)c | EUR | 100 | 112,843 | |||||||||
Unitymedia GmbH | ||||||||||||
3.75%, 01/15/27 (Call 01/15/21)c | EUR | 100 | 110,134 | |||||||||
6.13%, 01/15/25 (Call 01/15/20)a,b | USD | 200 | 212,256 | |||||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | ||||||||||||
3.50%, 01/15/27 (Call 01/15/21)c | EUR | 100 | 111,984 | |||||||||
4.00%, 01/15/25 (Call 01/15/20)c | EUR | 100 | 114,466 | |||||||||
4.63%, 02/15/26 (Call 02/15/21)c | EUR | 100 | 117,250 | |||||||||
5.13%, 01/21/23 (Call 01/21/18)c | EUR | 81 | 92,602 | |||||||||
5.50%, 09/15/22 (Call 09/15/17)c | EUR | 81 | 91,972 | |||||||||
5.50%, 01/15/23 (Call 01/15/18)a | USD | 200 | 207,805 | |||||||||
5.63%, 04/15/23 (Call 04/15/18)c | EUR | 80 | 92,567 | |||||||||
WEPA Hygieneprodukte GmbH | ||||||||||||
3.75%, 05/15/24 (Call 05/15/19)c | EUR | 100 | 113,665 | |||||||||
ZF North America Capital Inc. | ||||||||||||
2.25%, 04/26/19c | EUR | 100 | 113,068 | |||||||||
2.75%, 04/27/23c | EUR | 200 | 234,886 | |||||||||
4.00%, 04/29/20a | USD | 150 | 155,542 | |||||||||
4.50%, 04/29/22a | USD | 150 | 157,500 | |||||||||
4.75%, 04/29/25a | USD | 300 | 311,344 | |||||||||
|
| |||||||||||
6,052,119 | ||||||||||||
GREECE — 0.24% |
| |||||||||||
Intralot Capital Luxembourg SA | ||||||||||||
6.75%, 09/15/21 (Call 09/15/18)c | EUR | 100 | 114,745 | |||||||||
OTE PLC | ||||||||||||
3.50%, 07/09/20c | EUR | 100 | 111,087 | |||||||||
7.88%, 02/07/18c | EUR | 100 | 114,340 | |||||||||
Titan Global Finance PLC | ||||||||||||
3.50%, 06/17/21c | EUR | 100 | 113,669 | |||||||||
|
| |||||||||||
453,841 | ||||||||||||
HONG KONG — 0.10% |
| |||||||||||
Noble Group Ltd. | ||||||||||||
6.75%, 01/29/20a | USD | 200 | 190,450 | |||||||||
|
| |||||||||||
190,450 | ||||||||||||
INDIA — 0.06% |
| |||||||||||
Samvardhana Motherson Automotive Systems Group BV | ||||||||||||
4.13%, 07/15/21 (Call 07/15/17)c | EUR | 100 | 111,465 | |||||||||
|
| |||||||||||
111,465 |
36 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
IRELAND — 1.42% |
| |||||||||||
Allied Irish Banks PLC |
| |||||||||||
4.13%, 11/26/25 (Call 11/26/20)c | EUR | 100 | $ | 114,915 | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
2.75%, 03/15/24 (Call 03/15/20)c | EUR | 150 | 162,087 | |||||||||
4.13%, 05/15/23 (Call 05/15/19)c | EUR | 100 | 115,182 | |||||||||
4.25%, 01/15/22 (Call 06/30/17)c | EUR | 35 | 39,221 | |||||||||
4.25%, 09/15/22 (Call 03/15/19)a | USD | 200 | 202,850 | |||||||||
4.63%, 05/15/23 (Call 05/15/19)a | USD | 200 | 204,207 | |||||||||
6.00%, 02/15/25 (Call 02/15/20)a | USD | 200 | 206,750 | |||||||||
6.75%, 05/15/24 (Call 05/15/19)c | EUR | 100 | 119,545 | |||||||||
7.25%, 05/15/24 (Call 05/15/19)a,b | USD | 400 | 432,912 | |||||||||
Bank of Ireland |
| |||||||||||
4.25%, 06/11/24 (Call 06/11/19)c | EUR | 200 | 229,144 | |||||||||
eircom Finance DAC | ||||||||||||
4.50%, 05/31/22 (Call 05/31/18)c | EUR | 100 | 113,800 | |||||||||
Park Aerospace Holdings Ltd. | ||||||||||||
5.25%, 08/15/22a | USD | 260 | 274,300 | |||||||||
5.50%, 02/15/24a,b | USD | 210 | 222,525 | |||||||||
Smurfit Kappa Acquisitions | ||||||||||||
2.38%, 02/01/24 (Call 11/01/23)c | EUR | 100 | 110,725 | |||||||||
4.13%, 01/30/20c | EUR | 100 | 119,443 | |||||||||
|
| |||||||||||
2,667,606 | ||||||||||||
ITALY — 5.68% |
| |||||||||||
Autostrada Brescia Verona Vicenza Padova SpA | ||||||||||||
2.38%, 03/20/20c | EUR | 100 | 115,156 | |||||||||
Banca Monte dei Paschi di Siena SpA | ||||||||||||
3.63%, 04/01/19c | EUR | 100 | 108,549 | |||||||||
5.00%, 04/21/20c | EUR | 50 | 19,699 | |||||||||
Banca Popolare di Milano Scarl | ||||||||||||
7.13%, 03/01/21c | EUR | 100 | 119,938 | |||||||||
Banca Popolare di Vicenza | ||||||||||||
2.75%, 03/20/20c | EUR | 100 | 89,294 | |||||||||
5.00%, 10/25/18c | EUR | 100 | 96,535 | |||||||||
Banco BPM SpA | ||||||||||||
2.75%, 07/27/20c | EUR | 300 | 334,195 | |||||||||
Banco Popolare SC | ||||||||||||
3.50%, 03/14/19c | EUR | 200 | 225,194 | |||||||||
6.00%, 11/05/20c | EUR | 100 | 116,267 |
Security | Principal (000s) | Value | ||||||||||
Buzzi Unicem SpA | ||||||||||||
2.13%, 04/28/23 (Call 01/28/23)c | EUR | 100 | $ | 112,656 | ||||||||
Enel SpA | ||||||||||||
VRN, (5 year EUR Swap + 3.648%) |
| |||||||||||
5.00%, 01/15/75 (Call 01/15/20)c | EUR | 200 | 235,063 | |||||||||
VRN, (5 year EUR Swap + 5.242%) |
| |||||||||||
6.50%, 01/10/74 (Call 01/10/19)c | EUR | 200 | 235,466 | |||||||||
VRN, (5 year USD Swap + 5.880%) |
| |||||||||||
8.75%, 09/24/73 (Call 09/24/23)a | USD | 200 | 232,143 | |||||||||
Fiat Chrysler Finance Europe | ||||||||||||
4.75%, 03/22/21c | EUR | 300 | 362,336 | |||||||||
4.75%, 07/15/22c | EUR | 200 | 241,694 | |||||||||
6.75%, 10/14/19c | EUR | 200 | 247,936 | |||||||||
Iccrea Banca SpA | ||||||||||||
1.50%, 02/21/20c | EUR | 100 | 109,505 | |||||||||
1.88%, 11/25/19c | EUR | 100 | 110,738 | |||||||||
International Game Technology PLC | ||||||||||||
4.13%, 02/15/20 (Call 11/15/19)c | EUR | 100 | 116,597 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.86%, 04/23/25c | EUR | 100 | 108,301 | |||||||||
3.93%, 09/15/26c | EUR | 100 | 112,996 | |||||||||
5.00%, 09/23/19c | EUR | 150 | 177,940 | |||||||||
5.15%, 07/16/20 | EUR | 300 | 363,121 | |||||||||
6.63%, 09/13/23c | EUR | 200 | 261,297 | |||||||||
Leonardo SpA | ||||||||||||
4.50%, 01/19/21 | EUR | 100 | 123,039 | |||||||||
5.25%, 01/21/22 | EUR | 100 | 129,012 | |||||||||
8.00%, 12/16/19 | GBP | 100 | 150,763 | |||||||||
Mediobanca SpA | ||||||||||||
5.00%, 11/15/20 | EUR | 100 | 122,693 | |||||||||
5.75%, 04/18/23 | EUR | 100 | 123,964 | |||||||||
N&W Global Vending SpA | ||||||||||||
7.00%, 10/15/23 (Call 10/15/19)c | EUR | 100 | 114,091 | |||||||||
Saipem Finance International BV | ||||||||||||
3.00%, 03/08/21c | EUR | 100 | 111,752 | |||||||||
3.75%, 09/08/23c | EUR | 100 | 113,693 | |||||||||
Salini Impregilo SpA | ||||||||||||
3.75%, 06/24/21c | EUR | 100 | 117,430 | |||||||||
Schumann SpA | ||||||||||||
7.00%, 07/31/23 (Call 07/31/19)c | EUR | 100 | 111,599 | |||||||||
Snaitech SpA | ||||||||||||
6.38%, 11/07/21 (Call 11/07/18)c | EUR | 100 | 115,834 |
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Telecom Italia Capital SA | ||||||||||||
7.00%, 06/04/18 | USD | 50 | $ | 52,546 | ||||||||
7.18%, 06/18/19 | USD | 100 | 109,270 | |||||||||
Telecom Italia SpA | ||||||||||||
4.00%, 01/21/20c | EUR | 200 | 237,897 | |||||||||
4.88%, 09/25/20c | EUR | 100 | 124,166 | |||||||||
5.25%, 02/10/22c | EUR | 150 | 193,593 | |||||||||
Telecom Italia SpA/Milano | ||||||||||||
2.50%, 07/19/23c | EUR | 400 | 447,866 | |||||||||
3.00%, 09/30/25c | EUR | 200 | 223,058 | |||||||||
3.25%, 01/16/23c | EUR | 100 | 117,733 | |||||||||
3.63%, 01/19/24c | EUR | 100 | 117,325 | |||||||||
3.63%, 05/25/26c | EUR | 100 | 116,168 | |||||||||
4.50%, 01/25/21c | EUR | 100 | 123,738 | |||||||||
5.30%, 05/30/24a,b | USD | 200 | 205,482 | |||||||||
5.38%, 01/29/19c | EUR | 100 | 118,667 | |||||||||
6.38%, 06/24/19 | GBP | 100 | 141,232 | |||||||||
UniCredit SpA | ||||||||||||
6.70%, 06/05/18c | EUR | 100 | 115,997 | |||||||||
6.95%, 10/31/22c | EUR | 200 | 259,308 | |||||||||
VRN, (5 year EUR Swap + 4.100%) |
| |||||||||||
5.75%, 10/28/25c | EUR | 300 | 355,258 | |||||||||
VRN, (5 year EUR Swap + 4.316%) |
| |||||||||||
4.38%, 01/03/27 (Call 01/03/22)c | EUR | 100 | 113,608 | |||||||||
Unione di Banche Italiane SpA |
| |||||||||||
4.25%, 05/05/26 (Call 05/05/21)c | EUR | 100 | 111,346 | |||||||||
Unipol Gruppo Finanziario SpA | ||||||||||||
3.00%, 03/18/25c | EUR | 115 | 124,219 | |||||||||
4.38%, 03/05/21c | EUR | 100 | 118,476 | |||||||||
Veneto Banca SCPA | ||||||||||||
4.00%, 05/20/19c | EUR | 100 | 94,739 | |||||||||
Wind Acquisition Finance SA | ||||||||||||
4.00%, 07/15/20 (Call 05/08/17)c | EUR | 300 | 331,338 | |||||||||
4.75%, 07/15/20 (Call 05/30/17)a | USD | 400 | 405,277 | |||||||||
7.00%, 04/23/21 (Call 05/29/17)c | EUR | 300 | 339,358 | |||||||||
7.38%, 04/23/21 (Call 06/13/17)a,b | USD | 400 | 416,200 | |||||||||
|
| |||||||||||
10,700,351 | ||||||||||||
JAPAN — 0.48% |
| |||||||||||
SoftBank Group Corp. | ||||||||||||
4.00%, 07/30/22 (Call 04/30/22)c | EUR | 100 | 119,574 | |||||||||
4.50%, 04/15/20a | USD | 400 | 416,260 | |||||||||
4.75%, 07/30/25 (Call 04/30/25)c | EUR | 200 | 244,863 |
Security | Principal (000s) | Value | ||||||||||
5.25%, 07/30/27 (Call 04/30/27)c | EUR | 100 | $ | 124,208 | ||||||||
|
| |||||||||||
904,905 | ||||||||||||
LUXEMBOURG — 3.23% |
| |||||||||||
Altice Financing SA | ||||||||||||
5.25%, 02/15/23 (Call 02/15/18)c | EUR | 100 | 115,937 | |||||||||
6.50%, 01/15/22 (Call 05/30/17)a | USD | 200 | 210,000 | |||||||||
6.63%, 02/15/23 (Call 02/15/18)a | USD | 400 | 424,000 | |||||||||
7.50%, 05/15/26 (Call 05/15/21)a | USD | 400 | 432,000 | |||||||||
Altice Finco SA | ||||||||||||
9.00%, 06/15/23 (Call 06/15/18)c | EUR | 100 | 123,166 | |||||||||
Altice Luxembourg SA | ||||||||||||
6.25%, 02/15/25 (Call 02/15/20)c | EUR | 100 | 117,938 | |||||||||
7.25%, 05/15/22 (Call 05/30/17)c | EUR | 400 | 460,137 | |||||||||
7.63%, 02/15/25 (Call 02/15/20)a,b | USD | 200 | 213,500 | |||||||||
7.75%, 05/15/22 (Call 05/30/17)a | USD | 400 | 424,500 | |||||||||
ArcelorMittal | ||||||||||||
2.88%, 07/06/20c | EUR | 100 | 114,528 | |||||||||
3.13%, 01/14/22c | EUR | 300 | 343,184 | |||||||||
6.00%, 08/05/20 | USD | 150 | 161,944 | |||||||||
6.13%, 06/01/18 | USD | 100 | 104,013 | |||||||||
6.13%, 06/01/25b | USD | 75 | 83,813 | |||||||||
6.25%, 03/01/21 | USD | 200 | 217,850 | |||||||||
7.00%, 02/25/22b | USD | 150 | 169,944 | |||||||||
B&M European Value Retail SA | ||||||||||||
4.13%, 02/01/22 (Call 02/01/19)c | GBP | 100 | 135,151 | |||||||||
DEA Finance SA | ||||||||||||
7.50%, 10/15/22 (Call 04/15/19)c | EUR | 100 | 116,404 | |||||||||
Garfunkelux Holdco 3 SA | ||||||||||||
8.50%, 11/01/22 (Call 11/01/18)c | GBP | 100 | 139,384 | |||||||||
INEOS Group Holdings SA | ||||||||||||
5.38%, 08/01/24 (Call 08/01/19)c | EUR | 100 | 115,598 | |||||||||
Intelsat Connect Finance SA | ||||||||||||
12.50%, 04/01/22 (Call 06/01/18)a,b | USD | 125 | 109,543 | |||||||||
Intelsat Jackson Holdings SA | ||||||||||||
5.50%, 08/01/23 (Call 08/01/18)b | USD | 300 | 256,125 | |||||||||
7.25%, 04/01/19 (Call 05/30/17)b | USD | 250 | 240,996 | |||||||||
7.25%, 10/15/20 (Call 05/30/17) | USD | 350 | 326,947 | |||||||||
7.50%, 04/01/21 (Call 05/30/17)b | USD | 200 | 183,000 | |||||||||
8.00%, 02/15/24 (Call 02/15/19)a,b | USD | 200 | 215,250 | |||||||||
9.50%, 09/30/22a | USD | 50 | 59,000 | |||||||||
Matterhorn Telecom SA | ||||||||||||
3.88%, 05/01/22 (Call 05/01/18)c | EUR | 100 | 111,668 |
38 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Picard Bondco SA | ||||||||||||
7.75%, 02/01/20 (Call 05/30/17)c | EUR | 100 | $ | 114,031 | ||||||||
Swissport Investments SA | ||||||||||||
6.75%, 12/15/21 (Call 06/15/18)c | EUR | 100 | 119,270 | |||||||||
Telenet Finance VI Luxembourg SCA | ||||||||||||
4.88%, 07/15/27 (Call 07/15/21)c | EUR | 100 | 118,777 | |||||||||
|
| |||||||||||
6,077,598 | ||||||||||||
NETHERLANDS — 1.93% |
| |||||||||||
Constellium NV | ||||||||||||
4.63%, 05/15/21 (Call 05/15/18)c | EUR | 100 | 108,645 | |||||||||
5.75%, 05/15/24 (Call 05/15/19)a | USD | 250 | 233,464 | |||||||||
CSC Holdings LLC | ||||||||||||
6.63%, 10/15/25 (Call 10/15/20)a | USD | 200 | 217,750 | |||||||||
Hema Bondco I BV | ||||||||||||
6.25%, 06/15/19 (Call 05/08/17)c | EUR | 100 | 110,012 | |||||||||
InterXion Holding NV | ||||||||||||
6.00%, 07/15/20 (Call 05/08/17)c | EUR | 100 | 113,292 | |||||||||
LGE HoldCo VI BV | ||||||||||||
7.13%, 05/15/24 (Call 05/15/19)c | EUR | 100 | 123,334 | |||||||||
NXP BV/NXP Funding LLC | ||||||||||||
3.88%, 09/01/22a | USD | 200 | 207,250 | |||||||||
4.13%, 06/15/20a,b | USD | 200 | 209,143 | |||||||||
4.13%, 06/01/21a | USD | 200 | 209,292 | |||||||||
4.63%, 06/01/23a | USD | 200 | 215,000 | |||||||||
Sensata Technologies BV | ||||||||||||
4.88%, 10/15/23a | USD | 125 | 126,264 | |||||||||
5.00%, 10/01/25a | USD | 150 | 153,296 | |||||||||
5.63%, 11/01/24a | USD | 100 | 105,745 | |||||||||
UPC Holding BV | ||||||||||||
6.38%, 09/15/22 (Call 09/15/17)c | EUR | 100 | 114,292 | |||||||||
6.75%, 03/15/23 (Call 03/15/18)c | EUR | 100 | 117,468 | |||||||||
UPCB Finance IV Ltd. | ||||||||||||
4.00%, 01/15/27 (Call 01/15/21)c | EUR | 100 | 112,626 | |||||||||
5.38%, 01/15/25 (Call 01/15/20)a | USD | 200 | 203,513 | |||||||||
Ziggo Bond Finance BV | ||||||||||||
4.63%, 01/15/25 (Call 01/15/20)c | EUR | 100 | 114,396 | |||||||||
6.00%, 01/15/27 (Call 01/15/22)a | USD | 150 | 152,556 | |||||||||
Ziggo Secured Finance BV | ||||||||||||
3.75%, 01/15/25 (Call 01/15/20)c | EUR | 200 | 226,541 | |||||||||
4.25%, 01/15/27 (Call 01/15/22)c | EUR | 100 | 114,884 | |||||||||
5.50%, 01/15/27 (Call 01/15/22)a | USD | 350 | 357,269 | |||||||||
|
| |||||||||||
3,646,032 |
Security | Principal (000s) | Value | ||||||||||
NEW ZEALAND — 0.21% |
| |||||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC | ||||||||||||
5.13%, 07/15/23 (Call 07/15/19)a | USD | 245 | $ | 254,545 | ||||||||
7.00%, 07/15/24 (Call 07/15/19)a,b | USD | 125 | 134,531 | |||||||||
|
| |||||||||||
389,076 | ||||||||||||
NORWAY — 0.12% |
| |||||||||||
Lock AS | ||||||||||||
7.00%, 08/15/21 (Call 08/15/17)c | EUR | 100 | 114,256 | |||||||||
Silk Bidco AS | ||||||||||||
7.50%, 02/01/22 (Call 02/01/18)c | EUR | 100 | 116,652 | |||||||||
|
| |||||||||||
230,908 | ||||||||||||
PORTUGAL — 0.06% |
| |||||||||||
EDP — Energias de Portugal SA |
| |||||||||||
5.38%, 09/16/75 (Call 03/16/21)c | EUR | 100 | 117,885 | |||||||||
|
| |||||||||||
117,885 | ||||||||||||
SINGAPORE — 0.31% |
| |||||||||||
Global A&T Electronics Ltd. | ||||||||||||
10.00%, 02/01/19 (Call 05/29/17)a | USD | 200 | 145,000 | |||||||||
Lincoln Finance Ltd. | ||||||||||||
6.88%, 04/15/21 (Call 04/15/18)c | EUR | 200 | 233,680 | |||||||||
Puma International Financing SA | ||||||||||||
6.75%, 02/01/21 (Call 05/29/17)a | USD | 200 | 206,874 | |||||||||
|
| |||||||||||
585,554 | ||||||||||||
SPAIN — 1.35% |
| |||||||||||
Banco de Sabadell SA | ||||||||||||
5.63%, 05/06/26c | EUR | 100 | 121,282 | |||||||||
Bankia SA | ||||||||||||
VRN, (5 year EUR Swap + 3.166%) |
| |||||||||||
4.00%, 05/22/24 (Call 05/22/19)c | EUR | 200 | 226,498 | |||||||||
VRN, (5 year EUR Swap + 3.350%) |
| |||||||||||
3.38%, 03/15/27 (Call 03/15/22)c | EUR | 100 | 110,950 | |||||||||
Bankinter SA |
| |||||||||||
2.50%, 04/06/27 (Call 04/06/22)c | EUR | 100 | 110,285 | |||||||||
BPE Financiaciones SA | ||||||||||||
2.00%, 02/03/20c | EUR | 100 | 104,573 | |||||||||
CaixaBank SA | ||||||||||||
VRN, (5 year EUR Swap + 3.350%) |
| |||||||||||
3.50%, 02/15/27 (Call 02/15/22)c | EUR | 100 | 112,964 |
SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
VRN, (5 year EUR Swap + 3.950%) |
| |||||||||||
5.00%, 11/14/23 (Call 11/14/18)c | EUR | 100 | $ | 115,745 | ||||||||
Campofrio Food Group SA | ||||||||||||
3.38%, 03/15/22 (Call 03/15/18)c | EUR | 80 | 90,160 | |||||||||
Cellnex Telecom SA | ||||||||||||
2.38%, 01/16/24 (Call 10/16/23)c | EUR | 100 | 110,596 | |||||||||
2.88%, 04/18/25 (Call 01/18/25)c | EUR | 100 | 110,586 | |||||||||
3.13%, 07/27/22c | EUR | 100 | 118,101 | |||||||||
Cirsa Funding Luxembourg SA | ||||||||||||
5.88%, 05/15/23 (Call 05/15/18)c | EUR | 100 | 115,366 | |||||||||
Codere Finance 2 Luxembourg SA | ||||||||||||
6.75%, 11/01/21 (Call 10/31/18)c | EUR | 100 | 110,165 | |||||||||
eDreams ODIGEO SA | ||||||||||||
8.50%, 08/01/21 (Call 08/01/18)c | EUR | 100 | 118,602 | |||||||||
Gestamp Funding Luxembourg SA | ||||||||||||
3.50%, 05/15/23 (Call 05/15/19)c | EUR | 100 | 113,316 | |||||||||
Grifols SA | ||||||||||||
3.20%, 05/01/25 (Call 05/01/20)c | EUR | 100 | 108,183 | |||||||||
Grupo Antolin Dutch BV | ||||||||||||
5.13%, 06/30/22 (Call 06/30/18)c | EUR | 100 | 116,504 | |||||||||
Grupo Isolux Corsan SA | ||||||||||||
1.00%, 12/30/21d | EUR | 28 | 772 | |||||||||
Grupo-Antolin Irausa SA | ||||||||||||
3.25%, 04/30/24 (Call 04/30/20)c | EUR | 100 | 109,440 | |||||||||
NH Hotel Group SA | ||||||||||||
3.75%, 10/01/23 (Call 10/01/19)c | EUR | 100 | 113,442 | |||||||||
Obrascon Huarte Lain SA | ||||||||||||
4.75%, 03/15/22 (Call 03/15/18)c | EUR | 100 | 91,250 | |||||||||
Repsol International Finance BV | ||||||||||||
4.50%, 03/25/75 (Call 03/25/25)c | EUR | 200 | 222,852 | |||||||||
|
| |||||||||||
2,551,632 | ||||||||||||
SWEDEN — 0.30% |
| |||||||||||
Hoist Kredit AB | ||||||||||||
3.13%, 12/09/19c | EUR | 100 | 114,297 | |||||||||
Verisure Holding AB | ||||||||||||
6.00%, 11/01/22 (Call 11/01/18)c | EUR | 90 | 106,010 | |||||||||
Volvo Car AB | ||||||||||||
3.25%, 05/18/21c | EUR | 100 | 116,422 | |||||||||
Volvo Treasury AB | ||||||||||||
VRN, (5 year EUR Swap + 3.797%) |
| |||||||||||
4.20%, 06/10/75 (Call 06/10/20)c | EUR | 100 | 115,536 |
Security | Principal (000s) | Value | ||||||||||
VRN, (5 year EUR Swap + 4.101%) |
| |||||||||||
4.85%, 03/10/78 (Call 03/10/23)c | EUR | 100 | $ | 119,323 | ||||||||
|
| |||||||||||
571,588 | ||||||||||||
SWITZERLAND — 0.24% |
| |||||||||||
Dufry Finance SCA | ||||||||||||
4.50%, 07/15/22 (Call 07/15/17)c | EUR | 100 | 113,356 | |||||||||
4.50%, 08/01/23 (Call 08/01/18)c | EUR | 100 | 116,656 | |||||||||
Selecta Group BV | ||||||||||||
6.50%, 06/15/20 (Call 05/29/17)c | EUR | 100 | 108,454 | |||||||||
SIG Combibloc Holdings SCA | ||||||||||||
7.75%, 02/15/23 (Call 02/15/18)c | EUR | 100 | 116,646 | |||||||||
|
| |||||||||||
455,112 | ||||||||||||
UNITED KINGDOM — 5.76% |
| |||||||||||
Algeco Scotsman Global Finance PLC | ||||||||||||
8.50%, 10/15/18 (Call 05/30/17)a,b | USD | 200 | 188,000 | |||||||||
Alliance Automotive Finance PLC | ||||||||||||
6.25%, 12/01/21 (Call 11/19/17)c | EUR | 100 | 115,272 | |||||||||
Amigo Luxembourg SA | ||||||||||||
7.63%, 01/15/24 (Call 01/15/20)c | GBP | 100 | 135,355 | |||||||||
Anglo American Capital PLC | ||||||||||||
1.50%, 04/01/20c | EUR | 100 | 111,108 | |||||||||
2.50%, 04/29/21c | EUR | 100 | 114,460 | |||||||||
2.75%, 06/07/19c | EUR | 100 | 114,140 | |||||||||
2.88%, 11/20/20c | EUR | 100 | 116,041 | |||||||||
3.25%, 04/03/23c | EUR | 100 | 118,110 | |||||||||
3.50%, 03/28/22c | EUR | 200 | 238,184 | |||||||||
3.63%, 05/14/20a | USD | 200 | 202,295 | |||||||||
4.13%, 04/15/21a | USD | 200 | 204,650 | |||||||||
4.75%, 04/10/27a | USD | 200 | 205,500 | |||||||||
4.88%, 05/14/25a | USD | 200 | 208,500 | |||||||||
Arqiva Broadcast Finance PLC | ||||||||||||
9.50%, 03/31/20 (Call 09/30/17)c | GBP | 100 | 139,481 | |||||||||
Ashtead Capital Inc. | ||||||||||||
6.50%, 07/15/22 (Call 07/15/17)a | USD | 200 | 208,000 | |||||||||
Boparan Finance PLC | ||||||||||||
5.50%, 07/15/21 (Call 07/15/17)c | GBP | 100 | 129,367 | |||||||||
Cabot Financial Luxembourg SA | ||||||||||||
7.50%, 10/01/23 (Call 10/01/19)c | GBP | 100 | 139,420 | |||||||||
CNH Industrial Finance Europe SA | ||||||||||||
2.88%, 05/17/23c | EUR | 100 | 115,265 | |||||||||
CNH Industrial NV | ||||||||||||
4.50%, 08/15/23 | USD | 75 | 76,537 |
40 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
EC Finance PLC | ||||||||||||
5.13%, 07/15/21 (Call 05/08/17)c | EUR | 100 | $ | 112,319 | ||||||||
Fiat Chrysler Automobiles NV | ||||||||||||
3.75%, 03/29/24c | EUR | 100 | 114,674 | |||||||||
4.50%, 04/15/20 | USD | 200 | 205,250 | |||||||||
5.25%, 04/15/23b | USD | 200 | 205,335 | |||||||||
Iceland Bondco PLC | ||||||||||||
6.25%, 07/15/21 (Call 07/15/17)c | GBP | 100 | 133,901 | |||||||||
IDH Finance PLC | ||||||||||||
6.25%, 08/15/22 (Call 08/15/18)c | GBP | 100 | 124,992 | |||||||||
Ineos Finance PLC | ||||||||||||
4.00%, 05/01/23 (Call 05/01/18)c | EUR | 100 | 113,005 | |||||||||
Inmarsat Finance PLC | ||||||||||||
4.88%, 05/15/22 (Call 05/30/17)a | USD | 200 | 201,722 | |||||||||
International Personal Finance PLC | ||||||||||||
5.75%, 04/07/21c | EUR | 100 | 91,150 | |||||||||
Interoute Finco PLC | ||||||||||||
7.38%, 10/15/20 (Call 10/15/17)c | EUR | 100 | 114,746 | |||||||||
Iron Mountain Europe PLC | ||||||||||||
6.13%, 09/15/22 (Call 09/15/17)c | GBP | 100 | 137,022 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
2.20%, 01/15/24c | EUR | 100 | 108,660 | |||||||||
2.75%, 01/24/21c | GBP | 100 | 130,638 | |||||||||
3.50%, 03/15/20 (Call 12/15/19)a,b | USD | 200 | 203,000 | |||||||||
3.88%, 03/01/23c | GBP | 100 | 134,296 | |||||||||
4.13%, 12/15/18a | USD | 200 | 204,292 | |||||||||
Jerrold Finco PLC | ||||||||||||
6.25%, 09/15/21 (Call 09/15/18)c | GBP | 100 | 134,473 | |||||||||
Lecta SA | ||||||||||||
6.50%, 08/01/23 (Call 08/01/19)c | EUR | 100 | 114,283 | |||||||||
Merlin Entertainments PLC | ||||||||||||
2.75%, 03/15/22 (Call 12/15/21)c | EUR | 225 | 256,121 | |||||||||
New Look Secured Issuer PLC | ||||||||||||
6.50%, 07/01/22 (Call 06/24/18)c | GBP | 100 | 113,108 | |||||||||
Noble Holding International Ltd. | ||||||||||||
7.75%, 01/15/24 (Call 10/15/23)b | USD | 155 | 140,663 | |||||||||
Nomad Foods Bondco PLC | ||||||||||||
3.25%, 05/15/24 (Call 05/15/20)c | EUR | 150 | 165,636 | |||||||||
Pizzaexpress Financing 2 PLC | ||||||||||||
6.63%, 08/01/21 (Call 08/01/17)c | GBP | 100 | 133,905 | |||||||||
Premier Foods Finance PLC | ||||||||||||
6.50%, 03/15/21 (Call 05/30/17)c | GBP | 100 | 132,053 | |||||||||
Royal Bank of Scotland Group PLC | ||||||||||||
5.13%, 05/28/24 | USD | 300 | 307,635 |
Security | Principal (000s) | Value | ||||||||||
6.00%, 12/19/23b | USD | 350 | $ | 377,091 | ||||||||
6.10%, 06/10/23 | USD | 175 | 188,476 | |||||||||
6.13%, 12/15/22b | USD | 375 | 402,789 | |||||||||
VRN, (5 year EUR Swap + 2.650%) |
| |||||||||||
3.63%, 03/25/24 (Call 03/25/19)c | EUR | 200 | 223,219 | |||||||||
Stonegate Pub Co. Financing PLC | ||||||||||||
4.88%, 03/15/22 (Call 03/15/19)c | GBP | 150 | 194,599 | |||||||||
Tesco Corporate Treasury Services PLC | ||||||||||||
1.38%, 07/01/19c | EUR | 100 | 110,739 | |||||||||
2.13%, 11/12/20 (Call 08/12/20)c | EUR | 200 | 227,068 | |||||||||
2.50%, 07/01/24c | EUR | 200 | 223,092 | |||||||||
Tesco PLC | ||||||||||||
6.13%, 02/24/22 | GBP | 100 | 149,163 | |||||||||
Thomas Cook Finance PLC | ||||||||||||
6.75%, 06/15/21 (Call 01/15/18)c | EUR | 100 | 116,061 | |||||||||
Thomas Cook Group PLC | ||||||||||||
6.25%, 06/15/22 (Call 06/15/19)c | EUR | 100 | 118,406 | |||||||||
Travis Perkins PLC | ||||||||||||
4.38%, 09/15/21c | GBP | 100 | 134,387 | |||||||||
Tullow Oil PLC | ||||||||||||
6.00%, 11/01/20 (Call 05/09/17)a | USD | 200 | 194,500 | |||||||||
Virgin Media Finance PLC | ||||||||||||
4.50%, 01/15/25 (Call 01/15/20)c | EUR | 100 | 113,575 | |||||||||
5.75%, 01/15/25 (Call 01/15/20)a | USD | 200 | 203,500 | |||||||||
6.38%, 04/15/23 (Call 04/15/18)a | USD | 200 | 209,475 | |||||||||
Virgin Media Secured Finance PLC | ||||||||||||
4.88%, 01/15/27 (Call 01/15/21)c | GBP | 100 | 131,902 | |||||||||
5.00%, 04/15/27 (Call 04/15/22)c | GBP | 100 | 132,411 | |||||||||
5.25%, 01/15/26 (Call 01/15/20)a | USD | 200 | 202,205 | |||||||||
5.50%, 01/15/25 (Call 01/15/19)c | GBP | 90 | 122,920 | |||||||||
6.25%, 03/28/29 (Call 01/15/21)c | GBP | 100 | 140,776 | |||||||||
Viridian Group FundCo II Ltd. | ||||||||||||
7.50%, 03/01/20 (Call 09/01/17)c | EUR | 100 | 114,573 | |||||||||
Worldpay Finance PLC | ||||||||||||
3.75%, 11/15/22c | EUR | 100 | 117,636 | |||||||||
|
| |||||||||||
10,861,127 | ||||||||||||
UNITED STATES — 63.99% |
| |||||||||||
Acadia Healthcare Co. Inc. | ||||||||||||
5.63%, 02/15/23 (Call 02/15/18) | USD | 100 | 103,000 | |||||||||
Adient Global Holdings Ltd. | ||||||||||||
3.50%, 08/15/24 (Call 05/15/24)c | EUR | 200 | 222,496 |
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
ADT Corp. (The) | ||||||||||||
3.50%, 07/15/22 | USD | 150 | $ | 145,545 | ||||||||
4.13%, 06/15/23 | USD | 100 | 97,419 | |||||||||
6.25%, 10/15/21 | USD | 175 | 191,630 | |||||||||
AECOM | ||||||||||||
5.13%, 03/15/27 (Call 12/15/26)a | USD | 175 | 175,306 | |||||||||
5.75%, 10/15/22 (Call 10/15/17) | USD | 125 | 131,453 | |||||||||
5.88%, 10/15/24 (Call 07/15/24) | USD | 100 | 107,300 | |||||||||
AES Corp./VA | ||||||||||||
4.88%, 05/15/23 (Call 05/15/18) | USD | 200 | 201,344 | |||||||||
5.50%, 03/15/24 (Call 03/15/19) | USD | 150 | 153,801 | |||||||||
5.50%,��04/15/25 (Call 04/15/20) | USD | 150 | 153,844 | |||||||||
6.00%, 05/15/26 (Call 05/15/21)b | USD | 25 | 26,354 | |||||||||
7.38%, 07/01/21 (Call 06/01/21) | USD | 175 | 199,062 | |||||||||
Aircastle Ltd. | ||||||||||||
4.13%, 05/01/24 (Call 02/01/24)b | USD | 75 | 76,287 | |||||||||
4.63%, 12/15/18b | USD | 75 | 77,585 | |||||||||
5.00%, 04/01/23 | USD | 100 | 106,750 | |||||||||
5.13%, 03/15/21b | USD | 75 | 80,021 | |||||||||
5.50%, 02/15/22 | USD | 100 | 108,360 | |||||||||
6.25%, 12/01/19b | USD | 50 | 54,183 | |||||||||
AK Steel Corp. | ||||||||||||
7.00%, 03/15/27 (Call 03/15/22)b | USD | 50 | 49,563 | |||||||||
7.63%, 10/01/21 (Call 10/01/17)b | USD | 75 | 77,906 | |||||||||
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC | ||||||||||||
5.75%, 03/15/25 (Call 09/15/19)a | USD | 195 | 188,925 | |||||||||
6.63%, 06/15/24 (Call 06/15/19)a,b | USD | 210 | 214,725 | |||||||||
Alcoa Nederland Holding BV | ||||||||||||
6.75%, 09/30/24 (Call 09/30/19)a | USD | 200 | 217,143 | |||||||||
Alere Inc. | ||||||||||||
6.38%, 07/01/23 (Call 07/01/18)a | USD | 50 | 54,438 | |||||||||
6.50%, 06/15/20 (Call 05/30/17) | USD | 100 | 102,375 | |||||||||
7.25%, 07/01/18 (Call 05/30/17) | USD | 50 | 50,313 | |||||||||
Aleris International Inc. | ||||||||||||
9.50%, 04/01/21 (Call 04/01/18)a | USD | 95 | 101,769 | |||||||||
Allegheny Technologies Inc. | ||||||||||||
5.95%, 01/15/21 (Call 10/15/20) | USD | 75 | 74,361 | |||||||||
7.88%, 08/15/23 (Call 05/15/23) | USD | 75 | 77,531 | |||||||||
Allison Transmission Inc. | ||||||||||||
5.00%, 10/01/24 (Call 10/01/19)a,b | USD | 175 | 178,336 | |||||||||
Ally Financial Inc. | ||||||||||||
3.25%, 11/05/18 | USD | 100 | 100,750 |
Security | Principal (000s) | Value | ||||||||||
3.50%, 01/27/19b | USD | 200 | $ | 202,500 | ||||||||
3.60%, 05/21/18 | USD | 100 | 101,385 | |||||||||
3.75%, 11/18/19 | USD | 200 | 203,478 | |||||||||
4.13%, 03/30/20 | USD | 100 | 102,271 | |||||||||
4.13%, 02/13/22 | USD | 100 | 100,460 | |||||||||
4.25%, 04/15/21 | USD | 150 | 153,064 | |||||||||
4.63%, 05/19/22 | USD | 75 | 76,462 | |||||||||
4.63%, 03/30/25 | USD | 100 | 98,738 | |||||||||
4.75%, 09/10/18 | USD | 50 | 51,460 | |||||||||
5.13%, 09/30/24 | USD | 125 | 127,344 | |||||||||
5.75%, 11/20/25 (Call 10/20/25)b | USD | 155 | 158,593 | |||||||||
7.50%, 09/15/20 | USD | 25 | 28,182 | |||||||||
8.00%, 12/31/18 | USD | 150 | 162,258 | |||||||||
8.00%, 03/15/20 | USD | 100 | 112,865 | |||||||||
Altice U.S. Finance I Corp. | ||||||||||||
5.38%, 07/15/23 (Call 07/15/18)a | USD | 200 | 209,000 | |||||||||
5.50%, 05/15/26 (Call 05/15/21)a | USD | 200 | 206,982 | |||||||||
AMC Entertainment Holdings Inc. | ||||||||||||
5.75%, 06/15/25 (Call 06/15/20) | USD | 150 | 153,750 | |||||||||
5.88%, 11/15/26 (Call 11/15/21)a,b | USD | 65 | 65,813 | |||||||||
6.13%, 05/15/27 (Call 05/15/22)a | USD | 50 | 50,996 | |||||||||
6.38%, 11/15/24 (Call 11/15/19)c | GBP | 100 | 137,660 | |||||||||
AMC Networks Inc. | ||||||||||||
4.75%, 12/15/22 (Call 12/15/17) | USD | 100 | 101,773 | |||||||||
5.00%, 04/01/24 (Call 04/01/20) | USD | 160 | 162,104 | |||||||||
American Airlines Group Inc. | ||||||||||||
4.63%, 03/01/20a,b | USD | 100 | 101,312 | |||||||||
5.50%, 10/01/19a | USD | 100 | 104,200 | |||||||||
6.13%, 06/01/18b | USD | 50 | 51,652 | |||||||||
American Axle & Manufacturing Inc. | ||||||||||||
6.25%, 03/15/21 (Call 05/30/17)b | USD | 25 | 25,657 | |||||||||
6.25%, 04/01/25 (Call 04/01/20)a | USD | 110 | 109,450 | |||||||||
6.50%, 04/01/27 (Call 04/01/22)a | USD | 75 | 74,438 | |||||||||
6.63%, 10/15/22 (Call 10/15/17)b | USD | 150 | 154,240 | |||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||||||
5.50%, 05/20/25 (Call 02/20/25)b | USD | 125 | 126,071 | |||||||||
5.63%, 05/20/24 (Call 03/20/24) | USD | 95 | 96,673 | |||||||||
5.75%, 05/20/27 (Call 02/20/27) | USD | 75 | 74,983 | |||||||||
5.88%, 08/20/26 (Call 05/20/26) | USD | 95 | 96,529 | |||||||||
Anixter Inc. | ||||||||||||
5.13%, 10/01/21 | USD | 50 | 52,938 | |||||||||
Antero Resources Corp. | ||||||||||||
5.00%, 03/01/25 (Call 03/01/20)a | USD | 100 | 98,250 |
42 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
5.13%, 12/01/22 (Call 06/01/17)b | USD | 175 | $ | 178,061 | ||||||||
5.38%, 11/01/21 (Call 05/30/17) | USD | 75 | 77,438 | |||||||||
5.63%, 06/01/23 (Call 06/01/18)b | USD | 125 | 128,750 | |||||||||
APX Group Inc. | ||||||||||||
6.38%, 12/01/19 (Call 05/30/17) | USD | 75 | 77,625 | |||||||||
7.88%, 12/01/22 (Call 12/01/18) | USD | 100 | 109,250 | |||||||||
8.75%, 12/01/20 (Call 05/30/17) | USD | 125 | 129,687 | |||||||||
Aramark Services Inc. | ||||||||||||
4.75%, 06/01/26 (Call 06/01/21) | USD | 125 | 127,396 | |||||||||
5.00%, 04/01/25 (Call 04/01/20)a | USD | 75 | 78,375 | |||||||||
5.13%, 01/15/24 (Call 01/15/19) | USD | 75 | 79,125 | |||||||||
Arconic Inc. | ||||||||||||
5.13%, 10/01/24 (Call 07/01/24)b | USD | 200 | 209,250 | |||||||||
5.40%, 04/15/21 (Call 01/15/21) | USD | 150 | 160,387 | |||||||||
5.87%, 02/23/22 | USD | 100 | 108,361 | |||||||||
6.15%, 08/15/20 | USD | 200 | 218,466 | |||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||||||
10.00%, 04/01/22 (Call 04/01/20)a | USD | 75 | 77,438 | |||||||||
Ashland LLC | ||||||||||||
3.88%, 04/15/18 (Call 03/15/18)b | USD | 50 | 50,688 | |||||||||
4.75%, 08/15/22 (Call 05/15/22) | USD | 200 | 208,312 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. | ||||||||||||
5.13%, 06/01/22 (Call 06/01/17)a,b | USD | 50 | 48,609 | |||||||||
5.50%, 04/01/23 (Call 04/01/18)b | USD | 100 | 97,750 | |||||||||
Avon International Operations Inc. | ||||||||||||
7.88%, 08/15/22 (Call 08/15/19)a | USD | 75 | 80,406 | |||||||||
Avon Products Inc. | ||||||||||||
6.60%, 03/15/20 | USD | 75 | 76,313 | |||||||||
7.00%, 03/15/23b | USD | 75 | 72,188 | |||||||||
Axalta Coating Systems Dutch Holding B BV | ||||||||||||
3.75%, 01/15/25 (Call 01/15/20)c | EUR | 125 | 143,568 | |||||||||
B&G Foods Inc. | ||||||||||||
4.63%, 06/01/21 (Call 05/30/17) | USD | 50 | 50,785 | |||||||||
5.25%, 04/01/25 (Call 04/01/20) | USD | 65 | 66,544 | |||||||||
Ball Corp. | ||||||||||||
3.50%, 12/15/20 | EUR | 100 | 120,120 | |||||||||
4.00%, 11/15/23b | USD | 175 | 177,625 | |||||||||
4.38%, 12/15/20 | USD | 75 | 78,908 | |||||||||
4.38%, 12/15/23 | EUR | 100 | 121,466 | |||||||||
5.00%, 03/15/22 | USD | 200 | 213,500 | |||||||||
5.25%, 07/01/25 | USD | 175 | 189,000 |
Security | Principal (000s) | Value | ||||||||||
Beazer Homes USA Inc. | ||||||||||||
8.75%, 03/15/22 (Call 03/15/19)b | USD | 85 | $ | 94,169 | ||||||||
Belden Inc. | ||||||||||||
5.50%, 04/15/23 (Call 04/15/18)c | EUR | 100 | 114,591 | |||||||||
Berry Plastics Corp. | ||||||||||||
5.13%, 07/15/23 (Call 07/15/18) | USD | 150 | 155,281 | |||||||||
5.50%, 05/15/22 (Call 05/30/17) | USD | 50 | 52,250 | |||||||||
6.00%, 10/15/22 (Call 10/15/18) | USD | 40 | 42,450 | |||||||||
Blue Cube Spinco Inc. | ||||||||||||
9.75%, 10/15/23 (Call 10/15/20)b | USD | 100 | 120,990 | |||||||||
10.00%, 10/15/25 (Call 10/15/20) | USD | 75 | 92,344 | |||||||||
BlueLine Rental Finance Corp./BlueLine Rental LLC | ||||||||||||
9.25%, 03/15/24 (Call 03/15/20)a | USD | 150 | 156,479 | |||||||||
BMC Software Finance Inc. | ||||||||||||
8.13%, 07/15/21 (Call 05/30/17)a | USD | 250 | 254,220 | |||||||||
Boyd Gaming Corp. | ||||||||||||
6.38%, 04/01/26 (Call 04/01/21)b | USD | 125 | 134,765 | |||||||||
6.88%, 05/15/23 (Call 05/15/18) | USD | 125 | 134,659 | |||||||||
Builders FirstSource Inc. | ||||||||||||
5.63%, 09/01/24 (Call 09/01/19)a | USD | 100 | 103,674 | |||||||||
BWAY Holding Co. | ||||||||||||
5.50%, 04/15/24 (Call 04/15/20)a | USD | 225 | 227,101 | |||||||||
7.25%, 04/15/25 (Call 04/15/20)a | USD | 175 | 174,781 | |||||||||
Cablevision Systems Corp. | ||||||||||||
5.88%, 09/15/22b | USD | 150 | 153,426 | |||||||||
7.75%, 04/15/18 | USD | 50 | 52,375 | |||||||||
8.00%, 04/15/20b | USD | 75 | 83,766 | |||||||||
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties | ||||||||||||
8.00%, 10/01/20 (Call 05/30/17) | USD | 75 | 77,854 | |||||||||
11.00%, 10/01/21 (Call 05/30/17)b | USD | 100 | 108,500 | |||||||||
CalAtlantic Group Inc. | ||||||||||||
5.25%, 06/01/26 (Call 12/01/25) | USD | 40 | 41,046 | |||||||||
5.88%, 11/15/24 (Call 05/15/24) | USD | 50 | 53,750 | |||||||||
8.38%, 05/15/18 | USD | 100 | 105,250 | |||||||||
California Resources Corp. | ||||||||||||
8.00%, 12/15/22 (Call 12/15/18)a | USD | 355 | 270,935 | |||||||||
Calpine Corp. | ||||||||||||
5.25%, 06/01/26 (Call 06/01/21)a,b | USD | 100 | 100,485 | |||||||||
5.38%, 01/15/23 (Call 10/15/18)b | USD | 225 | 221,625 | |||||||||
5.50%, 02/01/24 (Call 02/01/19)b | USD | 100 | 96,341 | |||||||||
5.75%, 01/15/25 (Call 10/15/19)b | USD | 225 | 217,060 |
SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
5.88%, 01/15/24 (Call 11/01/18)a,b | USD | 75 | $ | 78,800 | ||||||||
6.00%, 01/15/22 (Call 05/30/17)a,b | USD | 25 | 26,113 | |||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. | ||||||||||||
6.50%, 04/15/21 (Call 05/30/17) | USD | 125 | 105,781 | |||||||||
11.50%, 01/15/21 (Call 04/15/18)a | USD | 75 | 86,987 | |||||||||
Carrizo Oil & Gas Inc. | ||||||||||||
6.25%, 04/15/23 (Call 04/15/18)b | USD | 130 | 130,975 | |||||||||
7.50%, 09/15/20 (Call 05/30/17) | USD | 25 | 25,750 | |||||||||
Catalent Pharma Solutions Inc. | ||||||||||||
4.75%, 12/15/24 (Call 12/15/19)c | EUR | 100 | 115,612 | |||||||||
CBS Radio Inc. | ||||||||||||
7.25%, 11/01/24 (Call 11/01/19)a,b | USD | 50 | 54,250 | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||||||
5.13%, 02/15/23 (Call 02/15/18) | USD | 100 | 104,000 | |||||||||
5.13%, 05/01/23 (Call 05/01/18)a | USD | 225 | 234,844 | |||||||||
5.13%, 05/01/27 (Call 05/01/22)a | USD | 425 | 433,500 | |||||||||
5.25%, 03/15/21 (Call 05/30/17)b | USD | 50 | 51,462 | |||||||||
5.25%, 09/30/22 (Call 09/30/17) | USD | 300 | 310,492 | |||||||||
5.38%, 05/01/25 (Call 05/01/20)a | USD | 125 | 129,687 | |||||||||
5.50%, 05/01/26 (Call 05/01/21)a | USD | 225 | 235,704 | |||||||||
5.75%, 09/01/23 (Call 03/01/18) | USD | 50 | 52,411 | |||||||||
5.75%, 01/15/24 (Call 07/15/18) | USD | 175 | 184,187 | |||||||||
5.75%, 02/15/26 (Call 02/15/21)a | USD | 375 | 396,990 | |||||||||
5.88%, 04/01/24 (Call 04/01/19)a,b | USD | 250 | 267,812 | |||||||||
5.88%, 05/01/27 (Call 05/01/21)a | USD | 125 | 132,534 | |||||||||
CDW LLC/CDW Finance Corp. | ||||||||||||
5.00%, 09/01/23 (Call 03/01/18) | USD | 100 | 102,691 | |||||||||
5.00%, 09/01/25 (Call 03/01/20) | USD | 180 | 184,309 | |||||||||
5.50%, 12/01/24 (Call 06/01/24) | USD | 75 | 79,794 | |||||||||
Centene Corp. | ||||||||||||
4.75%, 05/15/22 (Call 05/15/19) | USD | 150 | 155,625 | |||||||||
4.75%, 01/15/25 (Call 01/15/20) | USD | 185 | 188,006 | |||||||||
5.63%, 02/15/21 (Call 02/15/18) | USD | 280 | 292,950 | |||||||||
6.13%, 02/15/24 (Call 02/15/19) | USD | 175 | 188,562 | |||||||||
CenturyLink Inc. | ||||||||||||
5.63%, 04/01/25 (Call 01/01/25)b | USD | 100 | 97,750 | |||||||||
5.80%, 03/15/22b | USD | 250 | 261,562 | |||||||||
6.45%, 06/15/21 | USD | 200 | 216,000 | |||||||||
Series V | ||||||||||||
5.63%, 04/01/20 | USD | 175 | 184,945 | |||||||||
Series W | ||||||||||||
6.75%, 12/01/23b | USD | 125 | 134,219 |
Security | Principal (000s) | Value | ||||||||||
Series Y | ||||||||||||
7.50%, 04/01/24 (Call 01/01/24)b | USD | 125 | $ | 135,814 | ||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp. | ||||||||||||
5.13%, 12/15/21 (Call 05/30/17)a | USD | 250 | 255,780 | |||||||||
6.38%, 09/15/20 (Call 05/30/17)a | USD | 140 | 144,288 | |||||||||
CF Industries Inc. | ||||||||||||
3.45%, 06/01/23b | USD | 100 | 93,250 | |||||||||
7.13%, 05/01/20 | USD | 150 | 163,651 | |||||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc. | ||||||||||||
5.75%, 03/01/25 (Call 03/01/20)a | USD | 155 | 159,456 | |||||||||
Chemours Co. (The) | ||||||||||||
6.13%, 05/15/23 (Call 05/15/18) | EUR | 100 | 117,270 | |||||||||
6.63%, 05/15/23 (Call 05/15/18)b | USD | 200 | 214,000 | |||||||||
7.00%, 05/15/25 (Call 05/15/20)b | USD | 100 | 109,875 | |||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||
5.88%, 03/31/25a | USD | 230 | 244,640 | |||||||||
7.00%, 06/30/24a | USD | 200 | 223,455 | |||||||||
Chesapeake Energy Corp. | ||||||||||||
4.88%, 04/15/22 (Call 05/30/17) | USD | 50 | 45,834 | |||||||||
6.13%, 02/15/21 | USD | 75 | 73,739 | |||||||||
6.63%, 08/15/20 | USD | 25 | 25,250 | |||||||||
8.00%, 12/15/22 (Call 12/15/18)a,b | USD | 390 | 411,450 | |||||||||
8.00%, 01/15/25 (Call 01/15/20)a,b | USD | 160 | 157,800 | |||||||||
CHS/Community Health Systems Inc. | ||||||||||||
5.13%, 08/01/21 (Call 05/30/17)b | USD | 175 | 173,250 | |||||||||
6.25%, 03/31/23 (Call 03/31/20) | USD | 305 | 309,987 | |||||||||
6.88%, 02/01/22 (Call 02/01/18)b | USD | 500 | 413,077 | |||||||||
7.13%, 07/15/20 (Call 05/30/17)b | USD | 250 | 224,345 | |||||||||
8.00%, 11/15/19 (Call 05/30/17)b | USD | 300 | 290,735 | |||||||||
Cinemark USA Inc. | ||||||||||||
4.88%, 06/01/23 (Call 06/01/18) | USD | 100 | 101,222 | |||||||||
5.13%, 12/15/22 (Call 12/15/17) | USD | 125 | 128,672 | |||||||||
CIT Group Inc. | ||||||||||||
3.88%, 02/19/19 | USD | 150 | 153,937 | |||||||||
5.00%, 08/15/22 | USD | 200 | 215,160 | |||||||||
5.00%, 08/01/23b | USD | 100 | 107,500 | |||||||||
5.38%, 05/15/20 | USD | 150 | 161,437 | |||||||||
5.50%, 02/15/19a | USD | 101 | 106,681 | |||||||||
6.63%, 04/01/18a | USD | 50 | 52,236 | |||||||||
Citgo Holding Inc. | ||||||||||||
10.75%, 02/15/20a | USD | 225 | 240,412 |
44 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Claire’s Stores Inc. | ||||||||||||
9.00%, 03/15/19 (Call 05/30/17)a | USD | 100 | $ | 46,250 | ||||||||
Clean Harbors Inc. | ||||||||||||
5.13%, 06/01/21 (Call 05/30/17) | USD | 150 | 153,624 | |||||||||
5.25%, 08/01/20 (Call 05/30/17) | USD | 50 | 50,986 | |||||||||
Clear Channel Worldwide Holdings Inc. | ||||||||||||
6.50%, 11/15/22 (Call 11/15/17)b | USD | 300 | 310,875 | |||||||||
6.50%, 11/15/22 (Call 11/15/17) | USD | 100 | 101,750 | |||||||||
Series B | ||||||||||||
7.63%, 03/15/20 (Call 05/30/17) | USD | 300 | 303,375 | |||||||||
Cliffs Natural Resources Inc. | ||||||||||||
5.75%, 03/01/25 (Call 03/01/20)a,b | USD | 60 | 57,626 | |||||||||
8.25%, 03/31/20 (Call 03/31/18)a | USD | 93 | 101,172 | |||||||||
CNH Industrial Capital LLC | ||||||||||||
3.38%, 07/15/19 | USD | 100 | 101,311 | |||||||||
3.63%, 04/15/18 | USD | 50 | 50,644 | |||||||||
3.88%, 07/16/18b | USD | 50 | 50,922 | |||||||||
3.88%, 10/15/21 | USD | 50 | 50,158 | |||||||||
4.38%, 11/06/20 | USD | 115 | 118,959 | |||||||||
4.38%, 04/05/22 | USD | 100 | 101,874 | |||||||||
4.88%, 04/01/21 | USD | 125 | 131,250 | |||||||||
CNH Industrial Finance Europe SA | ||||||||||||
2.75%, 03/18/19c | EUR | 200 | 226,867 | |||||||||
2.88%, 09/27/21c | EUR | 100 | 116,931 | |||||||||
Colfax Corp. | ||||||||||||
3.25%, 05/15/25 (Call 05/15/20)c | EUR | 125 | 137,990 | |||||||||
Commercial Metals Co. | ||||||||||||
7.35%, 08/15/18 | USD | 50 | 52,719 | |||||||||
CommScope Inc. | ||||||||||||
5.00%, 06/15/21 (Call 06/15/17)a | USD | 100 | 102,875 | |||||||||
5.50%, 06/15/24 (Call 06/15/19)a | USD | 100 | 104,541 | |||||||||
CommScope Technologies LLC | ||||||||||||
5.00%, 03/15/27 (Call 03/15/22)a | USD | 200 | 201,569 | |||||||||
6.00%, 06/15/25 (Call 06/15/20)a | USD | 230 | 245,240 | |||||||||
Concho Resources Inc. | ||||||||||||
4.38%, 01/15/25 (Call 01/15/20) | USD | 75 | 76,125 | |||||||||
5.50%, 10/01/22 (Call 10/01/17)b | USD | 200 | 207,560 | |||||||||
5.50%, 04/01/23 (Call 10/01/17) | USD | 225 | 232,703 | |||||||||
CONSOL Energy Inc. | ||||||||||||
5.88%, 04/15/22 (Call 05/30/17) | USD | 250 | 242,500 | |||||||||
8.00%, 04/01/23 (Call 04/01/18) | USD | 100 | 105,000 | |||||||||
Continental Resources Inc./OK | ||||||||||||
3.80%, 06/01/24 (Call 03/01/24)b | USD | 150 | 140,625 |
Security | Principal (000s) | Value | ||||||||||
4.50%, 04/15/23 (Call 01/15/23) | USD | 225 | $ | 222,187 | ||||||||
5.00%, 09/15/22 (Call 05/30/17)b | USD | 325 | 328,250 | |||||||||
Covanta Holding Corp. | ||||||||||||
5.88%, 03/01/24 (Call 03/01/19)b | USD | 75 | 75,366 | |||||||||
5.88%, 07/01/25 (Call 07/01/20) | USD | 50 | 50,000 | |||||||||
6.38%, 10/01/22 (Call 05/30/17)b | USD | 75 | 77,170 | |||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||||||
5.75%, 04/01/25 (Call 04/01/20)a | USD | 100 | 104,000 | |||||||||
6.25%, 04/01/23 (Call 04/01/18)b | USD | 125 | 130,527 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. IV | ||||||||||||
4.50%, 01/15/23 | USD | 175 | 180,770 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. V | ||||||||||||
4.25%, 09/30/26 (Call 03/31/26)a | USD | 50 | 48,922 | |||||||||
Crown European Holdings SA | ||||||||||||
2.63%, 09/30/24 (Call 03/31/24)c | EUR | 100 | 108,409 | |||||||||
3.38%, 05/15/25 (Call 11/15/24)c | EUR | 100 | 111,811 | |||||||||
4.00%, 07/15/22 (Call 04/15/22)c | EUR | 100 | 121,527 | |||||||||
CSC Holdings LLC | ||||||||||||
5.25%, 06/01/24 | USD | 125 | 126,640 | |||||||||
5.50%, 04/15/27 (Call 04/15/22)a | USD | 200 | 207,000 | |||||||||
6.75%, 11/15/21 | USD | 175 | 192,190 | |||||||||
8.63%, 02/15/19 | USD | 75 | 82,417 | |||||||||
10.13%, 01/15/23 (Call 01/15/19)a | USD | 200 | 232,000 | |||||||||
10.88%, 10/15/25 (Call 10/15/20)a | USD | 400 | 480,817 | |||||||||
Dana Inc. | ||||||||||||
5.38%, 09/15/21 (Call 05/30/17)b | USD | 21 | 21,809 | |||||||||
5.50%, 12/15/24 (Call 12/15/19)b | USD | 75 | 76,230 | |||||||||
Darling Global Finance BV | ||||||||||||
4.75%, 05/30/22 (Call 05/30/18)c | EUR | 100 | 114,923 | |||||||||
DaVita Inc. | ||||||||||||
5.00%, 05/01/25 (Call 05/01/20) | USD | 220 | 221,980 | |||||||||
5.13%, 07/15/24 (Call 07/15/19) | USD | 275 | 282,097 | |||||||||
5.75%, 08/15/22 (Call 08/15/17)b | USD | 200 | 207,365 | |||||||||
DCP Midstream Operating LP | ||||||||||||
3.88%, 03/15/23 (Call 12/15/22) | USD | 100 | 96,938 | |||||||||
4.75%, 09/30/21 (Call 06/30/21)a | USD | 50 | 50,938 | |||||||||
5.35%, 03/15/20a | USD | 50 | 52,188 | |||||||||
VRN, (3 mo. LIBOR US + 3.850%) |
| |||||||||||
5.85%, 05/21/43 (Call 05/21/23)a | USD | 100 | 94,583 |
SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Dell Inc. | ||||||||||||
4.63%, 04/01/21b | USD | 75 | $ | 77,084 | ||||||||
5.65%, 04/15/18 | USD | 50 | 51,601 | |||||||||
5.88%, 06/15/19 | USD | 150 | 158,960 | |||||||||
Dell International LLC/EMC Corp. | ||||||||||||
5.88%, 06/15/21 (Call 06/15/18)a | USD | 225 | 238,500 | |||||||||
7.13%, 06/15/24 (Call 06/15/19)a,b | USD | 250 | 275,258 | |||||||||
Denbury Resources Inc. | ||||||||||||
4.63%, 07/15/23 (Call 01/15/18) | USD | 125 | 85,938 | |||||||||
5.50%, 05/01/22 (Call 05/30/17) | USD | 125 | 93,125 | |||||||||
9.00%, 05/15/21 (Call 12/15/18)a | USD | 100 | 105,500 | |||||||||
Diamond Offshore Drilling Inc. | ||||||||||||
5.88%, 05/01/19b | USD | 50 | 51,866 | |||||||||
Diamond Resorts International Inc. | ||||||||||||
7.75%, 09/01/23 (Call 09/01/19)a | USD | 100 | 106,500 | |||||||||
10.75%, 09/01/24 (Call 09/01/19)a | USD | 75 | 79,744 | |||||||||
Diamondback Energy Inc. | ||||||||||||
4.75%, 11/01/24 (Call 11/01/19)a | USD | 150 | 149,625 | |||||||||
5.38%, 05/31/25 (Call 05/31/20)a | USD | 60 | 62,100 | |||||||||
DISH DBS Corp. | ||||||||||||
4.25%, 04/01/18 | USD | 100 | 101,525 | |||||||||
5.00%, 03/15/23b | USD | 225 | 225,456 | |||||||||
5.13%, 05/01/20b | USD | 175 | 182,656 | |||||||||
5.88%, 07/15/22 | USD | 400 | 423,000 | |||||||||
5.88%, 11/15/24b | USD | 300 | 315,000 | |||||||||
6.75%, 06/01/21 | USD | 400 | 435,188 | |||||||||
7.75%, 07/01/26 | USD | 300 | 351,375 | |||||||||
7.88%, 09/01/19 | USD | 250 | 277,344 | |||||||||
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp. | ||||||||||||
8.13%, 06/15/21 (Call 06/15/18)a | USD | 150 | 133,500 | |||||||||
Dollar Tree Inc. | ||||||||||||
5.25%, 03/01/20 (Call 05/30/17) | USD | 150 | 154,376 | |||||||||
5.75%, 03/01/23 (Call 03/01/18)b | USD | 400 | 426,000 | |||||||||
DPL Inc. | ||||||||||||
7.25%, 10/15/21 (Call 07/15/21)b | USD | 50 | 53,250 | |||||||||
Dynegy Inc. | ||||||||||||
5.88%, 06/01/23 (Call 06/01/18) | USD | 100 | 88,000 | |||||||||
6.75%, 11/01/19 (Call 05/30/17)b | USD | 325 | 329,382 | |||||||||
7.38%, 11/01/22 (Call 11/01/18)b | USD | 275 | 263,312 | |||||||||
7.63%, 11/01/24 (Call 11/01/19)b | USD | 225 | 206,719 | |||||||||
8.00%, 01/15/25 (Call 01/15/20)a,b | USD | 100 | 91,939 |
Security | Principal (000s) | Value | ||||||||||
Edgewell Personal Care Co. | ||||||||||||
4.70%, 05/19/21 | USD | 150 | $ | 159,250 | ||||||||
4.70%, 05/24/22b | USD | 50 | 53,290 | |||||||||
EMC Corp. | ||||||||||||
2.65%, 06/01/20 | USD | 325 | 318,094 | |||||||||
3.38%, 06/01/23 (Call 03/01/23)b | USD | 150 | 144,375 | |||||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. | ||||||||||||
6.00%, 07/15/23 (Call 07/15/18)a | USD | 200 | 175,250 | |||||||||
6.00%, 02/01/25 (Call 02/01/20)a | USD | 200 | 168,900 | |||||||||
Endo Finance LLC | ||||||||||||
5.75%, 01/15/22 (Call 05/30/17)a | USD | 100 | 92,193 | |||||||||
Endo Finance LLC/Endo Finco Inc. | ||||||||||||
5.38%, 01/15/23 (Call 07/15/17)a | USD | 200 | 171,312 | |||||||||
Energy Transfer Equity LP | ||||||||||||
5.50%, 06/01/27 (Call 03/01/27) | USD | 150 | 160,875 | |||||||||
5.88%, 01/15/24 (Call 10/15/23)b | USD | 200 | 215,950 | |||||||||
7.50%, 10/15/20 | USD | 150 | 169,312 | |||||||||
EnLink Midstream Partners LP | ||||||||||||
4.15%, 06/01/25 (Call 03/01/25)b | USD | 100 | 100,558 | |||||||||
4.40%, 04/01/24 (Call 01/01/24) | USD | 125 | 128,177 | |||||||||
4.85%, 07/15/26 (Call 04/15/26) | USD | 75 | 78,729 | |||||||||
Ensco PLC | ||||||||||||
4.50%, 10/01/24 (Call 07/01/24) | USD | 100 | 82,500 | |||||||||
5.20%, 03/15/25 (Call 12/15/24)b | USD | 75 | 63,434 | |||||||||
Envision Healthcare Corp. | ||||||||||||
5.13%, 07/01/22 (Call 07/01/17)a | USD | 50 | 50,875 | |||||||||
5.63%, 07/15/22 (Call 07/15/17) | USD | 225 | 231,469 | |||||||||
6.25%, 12/01/24 (Call 12/01/19)a,b | USD | 85 | 89,356 | |||||||||
EP Energy LLC/Everest Acquisition Finance Inc. | ||||||||||||
6.38%, 06/15/23 (Call 06/15/18)b | USD | 75 | 56,625 | |||||||||
8.00%, 11/29/24 (Call 11/30/19)a | USD | 75 | 78,375 | |||||||||
8.00%, 02/15/25 (Call 02/15/20)a | USD | 155 | 137,562 | |||||||||
9.38%, 05/01/20 (Call 05/30/17) | USD | 200 | 189,012 | |||||||||
Equinix Inc. | ||||||||||||
4.88%, 04/01/20 (Call 05/30/17)b | USD | 25 | 25,629 | |||||||||
5.38%, 01/01/22 (Call 01/01/18) | USD | 180 | 190,097 | |||||||||
5.38%, 04/01/23 (Call 04/01/18) | USD | 150 | 156,332 | |||||||||
5.38%, 05/15/27 (Call 05/15/22) | USD | 180 | 187,631 | |||||||||
5.75%, 01/01/25 (Call 01/01/20)b | USD | 150 | 160,500 | |||||||||
5.88%, 01/15/26 (Call 01/15/21) | USD | 175 | 188,562 |
46 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
ESH Hospitality Inc. | ||||||||||||
5.25%, 05/01/25 (Call 05/01/20)a | USD | 205 | $ | 207,375 | ||||||||
Federal-Mogul Holdings LLC | ||||||||||||
4.88%, 04/15/22 (Call 04/15/19)c | EUR | 175 | 190,357 | |||||||||
Felcor Lodging LP | ||||||||||||
5.63%, 03/01/23 (Call 03/01/18) | USD | 50 | 52,527 | |||||||||
6.00%, 06/01/25 (Call 06/01/20) | USD | 75 | 79,906 | |||||||||
Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||||||
6.50%, 05/01/21 (Call 05/30/17)b | USD | 50 | 48,406 | |||||||||
6.75%, 01/15/22 (Call 05/30/17)b | USD | 100 | 96,688 | |||||||||
6.75%, 06/15/23 (Call 06/15/19) | USD | 75 | 72,375 | |||||||||
Fifth Third Bancorp. |
| |||||||||||
5.10%, 12/29/49 (Call 06/30/23) | USD | 100 | 98,300 | |||||||||
First Data Corp. | ||||||||||||
5.00%, 01/15/24 (Call 01/15/19)a,b | USD | 290 | 296,887 | |||||||||
5.38%, 08/15/23 (Call 08/15/18)a | USD | 200 | 207,914 | |||||||||
5.75%, 01/15/24 (Call 01/15/19)a | USD | 385 | 399,469 | |||||||||
7.00%, 12/01/23 (Call 12/01/18)a,b | USD | 575 | 616,176 | |||||||||
Florida East Coast Holdings Corp. | ||||||||||||
6.75%, 05/01/19 (Call 05/30/17)a | USD | 125 | 128,500 | |||||||||
Freeport-McMoRan Inc. | ||||||||||||
3.10%, 03/15/20 | USD | 131 | 129,690 | |||||||||
3.55%, 03/01/22 (Call 12/01/21)b | USD | 325 | 305,094 | |||||||||
3.88%, 03/15/23 (Call 12/15/22)b | USD | 300 | 277,500 | |||||||||
4.00%, 11/14/21b | USD | 100 | 97,875 | |||||||||
4.55%, 11/14/24 (Call 08/14/24)b | USD | 125 | 117,401 | |||||||||
6.50%, 11/15/20 (Call 05/30/17)a | USD | 150 | 153,723 | |||||||||
6.75%, 02/01/22 (Call 02/01/18)a | USD | 50 | 52,031 | |||||||||
6.88%, 02/15/23 (Call 02/15/20)a | USD | 150 | 157,125 | |||||||||
Frontier Communications Corp. | ||||||||||||
6.25%, 09/15/21 (Call 06/15/21)b | USD | 125 | 115,620 | |||||||||
6.88%, 01/15/25 (Call 10/15/24)b | USD | 100 | 83,275 | |||||||||
7.13%, 03/15/19 | USD | 50 | 52,635 | |||||||||
7.13%, 01/15/23 | USD | 150 | 131,250 | |||||||||
7.63%, 04/15/24 | USD | 100 | 86,568 | |||||||||
8.13%, 10/01/18 | USD | 50 | 53,188 | |||||||||
8.50%, 04/15/20b | USD | 175 | 185,430 | |||||||||
8.75%, 04/15/22b | USD | 75 | 72,446 | |||||||||
8.88%, 09/15/20 (Call 06/15/20) | USD | 175 | 184,733 | |||||||||
9.25%, 07/01/21b | USD | 150 | 153,031 | |||||||||
10.50%, 09/15/22 (Call 06/15/22) | USD | 375 | 377,303 | |||||||||
11.00%, 09/15/25 (Call 06/15/25) | USD | 550 | 529,375 |
Security | Principal (000s) | Value | ||||||||||
Gates Global LLC/Gates Global Co. | ||||||||||||
6.00%, 07/15/22 (Call 07/15/17)a | USD | 175 | $ | 176,094 | ||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||||||
6.00%, 05/15/23 (Call 05/15/18) | USD | 50 | 49,833 | |||||||||
6.75%, 08/01/22 (Call 08/01/18) | USD | 150 | 154,687 | |||||||||
GenOn Energy Inc. | ||||||||||||
9.50%, 10/15/18 | USD | 50 | 30,781 | |||||||||
9.88%, 10/15/20 (Call 05/30/17)b | USD | 50 | 31,000 | |||||||||
Genworth Holdings Inc. | ||||||||||||
4.80%, 02/15/24 | USD | 50 | 41,169 | |||||||||
4.90%, 08/15/23 | USD | 75 | 62,771 | |||||||||
6.52%, 05/22/18b | USD | 50 | 50,170 | |||||||||
7.20%, 02/15/21 | USD | 100 | 94,750 | |||||||||
7.63%, 09/24/21 | USD | 100 | 95,250 | |||||||||
7.70%, 06/15/20 | USD | 50 | 49,235 | |||||||||
GLP Capital LP/GLP Financing II Inc. | ||||||||||||
4.38%, 11/01/18 (Call 08/01/18) | USD | 50 | 51,303 | |||||||||
4.38%, 04/15/21 | USD | 50 | 52,306 | |||||||||
4.88%, 11/01/20 (Call 08/01/20) | USD | 125 | 133,125 | |||||||||
5.38%, 11/01/23 (Call 08/01/23) | USD | 100 | 107,227 | |||||||||
5.38%, 04/15/26 | USD | 150 | 157,659 | |||||||||
Goodyear Dunlop Tires Europe BV | ||||||||||||
3.75%, 12/15/23 (Call 12/15/18)c | EUR | 100 | 114,889 | |||||||||
Goodyear Tire & Rubber Co. (The) | ||||||||||||
4.88%, 03/15/27 (Call 12/15/26) | USD | 125 | 125,000 | |||||||||
5.00%, 05/31/26 (Call 05/31/21) | USD | 150 | 154,125 | |||||||||
5.13%, 11/15/23 (Call 11/15/18)b | USD | 125 | 131,054 | |||||||||
7.00%, 05/15/22 (Call 05/15/17)b | USD | 50 | 51,825 | |||||||||
Gray Television Inc. | ||||||||||||
5.13%, 10/15/24 (Call 10/15/19)a | USD | 100 | 100,613 | |||||||||
5.88%, 07/15/26 (Call 07/15/21)a,b | USD | 105 | 108,731 | |||||||||
Gulfport Energy Corp. | ||||||||||||
6.00%, 10/15/24 (Call 10/15/19)a,b | USD | 75 | 73,706 | |||||||||
6.38%, 05/15/25 (Call 05/15/20)a,b | USD | 110 | 109,521 | |||||||||
Hanesbrands Finance Luxembourg SCA | ||||||||||||
3.50%, 06/15/24 (Call 03/15/24)c | EUR | 100 | 112,418 | |||||||||
Hanesbrands Inc. | ||||||||||||
4.63%, 05/15/24 (Call 02/15/24)a,b | USD | 175 | 173,819 | |||||||||
4.88%, 05/15/26 (Call 02/15/26)a,b | USD | 125 | 124,387 | |||||||||
Harland Clarke Holdings Corp. | ||||||||||||
9.25%, 03/01/21 (Call 05/30/17)a | USD | 125 | 120,625 |
SCHEDULESOF INVESTMENTS | 47 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
HCA Holdings Inc. | ||||||||||||
6.25%, 02/15/21 | USD | 175 | $ | 189,437 | ||||||||
HCA Inc. | ||||||||||||
3.75%, 03/15/19 | USD | 250 | 254,687 | |||||||||
4.25%, 10/15/19 | USD | 150 | 155,437 | |||||||||
4.50%, 02/15/27 (Call 08/15/26) | USD | 180 | 181,258 | |||||||||
4.75%, 05/01/23 | USD | 175 | 183,341 | |||||||||
5.00%, 03/15/24 | USD | 300 | 318,375 | |||||||||
5.25%, 04/15/25b | USD | 200 | 214,663 | |||||||||
5.25%, 06/15/26 (Call 12/15/25) | USD | 240 | 255,432 | |||||||||
5.38%, 02/01/25 | USD | 475 | 494,594 | |||||||||
5.88%, 03/15/22b | USD | 200 | 221,272 | |||||||||
5.88%, 05/01/23b | USD | 200 | 217,640 | |||||||||
5.88%, 02/15/26 (Call 08/15/25)b | USD | 225 | 239,764 | |||||||||
6.50%, 02/15/20 | USD | 450 | 493,902 | |||||||||
7.50%, 02/15/22 | USD | 300 | 345,120 | |||||||||
HD Supply Inc. | ||||||||||||
5.25%, 12/15/21 (Call 12/15/17)a | USD | 150 | 158,394 | |||||||||
5.75%, 04/15/24 (Call 04/15/19)a | USD | 200 | 211,861 | |||||||||
HealthSouth Corp. | ||||||||||||
5.75%, 11/01/24 (Call 11/01/17) | USD | 175 | 178,332 | |||||||||
Herc Rentals Inc. | ||||||||||||
7.50%, 06/01/22 (Call 06/01/19)a,b | USD | 90 | 97,700 | |||||||||
7.75%, 06/01/24 (Call 06/01/19)a | USD | 90 | 98,128 | |||||||||
Hertz Corp. (The) | ||||||||||||
5.50%, 10/15/24 (Call 10/15/19)a,b | USD | 100 | 85,900 | |||||||||
5.88%, 10/15/20 (Call 05/30/17)b | USD | 100 | 93,074 | |||||||||
6.25%, 10/15/22 (Call 10/15/17)b | USD | 100 | 92,250 | |||||||||
6.75%, 04/15/19 (Call 05/30/17)b | USD | 104 | 103,740 | |||||||||
7.38%, 01/15/21 (Call 05/30/17)b | USD | 75 | 72,188 | |||||||||
Hertz Holdings Netherlands BV | ||||||||||||
4.38%, 01/15/19c | EUR | 100 | 109,902 | |||||||||
Hexion Inc. | ||||||||||||
6.63%, 04/15/20 (Call 05/30/17) | USD | 225 | 210,937 | |||||||||
10.38%, 02/01/22 (Call 02/01/19)a,b | USD | 75 | 76,500 | |||||||||
Hexion Inc./Hexion Nova Scotia Finance ULC | ||||||||||||
9.00%, 11/15/20 (Call 05/30/17) | USD | 100 | 77,911 | |||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||||||
5.00%, 12/01/24 (Call 06/01/19)a | USD | 50 | 47,050 | |||||||||
5.75%, 10/01/25 (Call 04/01/20)a | USD | 100 | 96,950 | |||||||||
Hilton Domestic Operating Co. Inc. | ||||||||||||
4.25%, 09/01/24 (Call 09/01/19)a,b | USD | 175 | 176,094 |
Security | Principal (000s) | Value | ||||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | ||||||||||||
4.63%, 04/01/25 (Call 04/01/20)a | USD | 120 | $ | 123,300 | ||||||||
4.88%, 04/01/27 (Call 04/01/22)a | USD | 75 | 76,833 | |||||||||
Hologic Inc. | ||||||||||||
5.25%, 07/15/22 (Call 07/15/18)a | USD | 150 | 158,062 | |||||||||
HRG Group Inc. | ||||||||||||
7.75%, 01/15/22 (Call 05/30/17) | USD | 175 | 184,844 | |||||||||
7.88%, 07/15/19 (Call 05/30/17) | USD | 50 | 52,208 | |||||||||
HUB International Ltd. | ||||||||||||
7.88%, 10/01/21 (Call 05/30/17)a | USD | 150 | 157,477 | |||||||||
Hughes Satellite Systems Corp. | ||||||||||||
5.25%, 08/01/26a,b | USD | 135 | 137,362 | |||||||||
6.50%, 06/15/19 | USD | 90 | 97,316 | |||||||||
6.63%, 08/01/26a | USD | 115 | 118,091 | |||||||||
7.63%, 06/15/21 | USD | 175 | 196,945 | |||||||||
Huntington Ingalls Industries Inc. | ||||||||||||
5.00%, 12/15/21 (Call 12/15/17)a | USD | 50 | 51,769 | |||||||||
5.00%, 11/15/25 (Call 11/15/20)a,b | USD | 125 | 132,585 | |||||||||
Huntsman International LLC | ||||||||||||
4.88%, 11/15/20 (Call 08/15/20) | USD | 75 | 78,844 | |||||||||
5.13%, 04/15/21 (Call 01/15/21) | EUR | 100 | 120,920 | |||||||||
5.13%, 11/15/22 (Call 08/15/22)b | USD | 50 | 52,641 | |||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||||||
4.88%, 03/15/19 (Call 05/30/17) | USD | 250 | 252,969 | |||||||||
5.88%, 02/01/22 (Call 08/01/17) | USD | 175 | 179,854 | |||||||||
6.00%, 08/01/20 (Call 05/30/17) | USD | 325 | 336,375 | |||||||||
6.25%, 02/01/22 (Call 02/01/19)a | USD | 125 | 130,000 | |||||||||
6.75%, 02/01/24 (Call 02/01/20)a | USD | 100 | 104,250 | |||||||||
iHeartCommunications Inc. | ||||||||||||
9.00%, 12/15/19 (Call 05/30/17) | USD | 225 | 184,803 | |||||||||
9.00%, 03/01/21 (Call 05/30/17) | USD | 250 | 189,519 | |||||||||
9.00%, 09/15/22 (Call 09/15/17) | USD | 150 | 111,937 | |||||||||
10.63%, 03/15/23 (Call 03/15/18) | USD | 125 | 95,354 | |||||||||
11.25%, 03/01/21 (Call 05/30/17) | USD | 100 | 76,736 | |||||||||
11.25%, 03/01/21 (Call 05/30/17)a | USD | 75 | 57,552 | |||||||||
Infor U.S. Inc. | ||||||||||||
5.75%, 08/15/20 (Call 08/15/17)a | USD | 50 | 52,000 | |||||||||
6.50%, 05/15/22 (Call 05/15/18) | USD | 250 | 260,000 | |||||||||
Ingram Micro Inc. | ||||||||||||
5.45%, 12/15/24 (Call 09/15/24) | USD | 25 | 24,938 | |||||||||
International Game Technology | ||||||||||||
7.50%, 06/15/19 | USD | 75 | 82,059 |
48 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
International Game Technology PLC | ||||||||||||
4.75%, 03/05/20c | EUR | 100 | $ | 119,438 | ||||||||
4.75%, 02/15/23 (Call 08/15/22)c | EUR | 100 | 118,870 | |||||||||
6.25%, 02/15/22 (Call 08/15/21)a | USD | 250 | 273,273 | |||||||||
6.50%, 02/15/25 (Call 08/15/24)a | USD | 200 | 219,250 | |||||||||
inVentiv Group Holdings Inc./inVentiv Health Inc./inVentiv Health Clinical Inc. | ||||||||||||
7.50%, 10/01/24 (Call 10/01/19)a | USD | 100 | 103,242 | |||||||||
IPALCO Enterprises Inc. | ||||||||||||
3.45%, 07/15/20 (Call 06/15/20) | USD | 200 | 203,125 | |||||||||
Iron Mountain Inc. | ||||||||||||
5.75%, 08/15/24 (Call 08/15/17) | USD | 200 | 205,750 | |||||||||
6.00%, 10/01/20 (Call 10/01/17)a | USD | 100 | 104,125 | |||||||||
6.00%, 08/15/23 (Call 08/15/18) | USD | 100 | 105,748 | |||||||||
iStar Inc. | ||||||||||||
5.00%, 07/01/19 (Call 05/30/17) | USD | 100 | 100,687 | |||||||||
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. | ||||||||||||
6.75%, 11/15/21 (Call 11/15/18)a | USD | 100 | 104,500 | |||||||||
Jaguar Holding Co. II/Pharmaceutical Product Development LLC | ||||||||||||
6.38%, 08/01/23 (Call 08/01/18)a | USD | 200 | 208,059 | |||||||||
JC Penney Corp. Inc. | ||||||||||||
5.65%, 06/01/20b | USD | 75 | 74,381 | |||||||||
5.88%, 07/01/23 (Call 07/01/19)a | USD | 50 | 50,500 | |||||||||
8.13%, 10/01/19 | USD | 75 | 81,617 | |||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | ||||||||||||
6.88%, 04/15/22 (Call 05/30/17)a | USD | 200 | 198,031 | |||||||||
K. Hovnanian Enterprises Inc. | ||||||||||||
7.25%, 10/15/20 (Call 05/30/17)a,b | USD | 100 | 97,010 | |||||||||
KB Home | ||||||||||||
4.75%, 05/15/19 (Call 02/15/19)b | USD | 75 | 77,227 | |||||||||
7.00%, 12/15/21 (Call 09/15/21)b | USD | 50 | 55,688 | |||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | ||||||||||||
5.00%, 06/01/24 (Call 06/01/19)a | USD | 200 | 206,500 | |||||||||
5.25%, 06/01/26 (Call 06/01/21)a | USD | 125 | 128,125 | |||||||||
Kindred Healthcare Inc. | ||||||||||||
6.38%, 04/15/22 (Call 05/30/17)b | USD | 75 | 72,375 | |||||||||
8.00%, 01/15/20b | USD | 100 | 103,725 | |||||||||
8.75%, 01/15/23 (Call 01/15/18)b | USD | 100 | 102,625 |
Security | Principal (000s) | Value | ||||||||||
Kinetic Concepts Inc./KCI USA Inc. | ||||||||||||
7.88%, 02/15/21 (Call 02/15/18)a | USD | 150 | $ | 159,951 | ||||||||
12.50%, 11/01/21 (Call 05/01/19)a,b | USD | 50 | 56,019 | |||||||||
KLX Inc. | ||||||||||||
5.88%, 12/01/22 (Call 12/01/17)a | USD | 200 | 209,991 | |||||||||
Kronos Acquisition Holdings Inc. | ||||||||||||
9.00%, 08/15/23 (Call 08/15/18)a | USD | 140 | 141,645 | |||||||||
L Brands Inc. | ||||||||||||
5.63%, 02/15/22b | USD | 175 | 184,844 | |||||||||
5.63%, 10/15/23b | USD | 100 | 104,884 | |||||||||
6.63%, 04/01/21 | USD | 175 | 192,172 | |||||||||
7.00%, 05/01/20 | USD | 25 | 27,625 | |||||||||
8.50%, 06/15/19 | USD | 50 | 55,938 | |||||||||
Lamar Media Corp. | ||||||||||||
5.00%, 05/01/23 (Call 05/01/18) | USD | 100 | 104,552 | |||||||||
5.38%, 01/15/24 (Call 01/15/19) | USD | 50 | 52,677 | |||||||||
5.88%, 02/01/22 (Call 05/30/17) | USD | 75 | 77,679 | |||||||||
Series WI | �� | |||||||||||
5.75%, 02/01/26 (Call 02/01/21)b | USD | 75 | 81,301 | |||||||||
Lamb Weston Holdings Inc. | ||||||||||||
4.63%, 11/01/24 (Call 11/01/21)a | USD | 100 | 103,250 | |||||||||
4.88%, 11/01/26 (Call 11/01/21)a,b | USD | 150 | 154,636 | |||||||||
Laredo Petroleum Inc. | ||||||||||||
5.63%, 01/15/22 (Call 05/30/17) | USD | 125 | 125,312 | |||||||||
7.38%, 05/01/22 (Call 05/30/17) | USD | 100 | 103,875 | |||||||||
Laureate Education Inc. | ||||||||||||
10.00%, 09/01/19 (Call 05/30/17)a | USD | 150 | 157,500 | |||||||||
Leidos Holdings Inc. | ||||||||||||
4.45%, 12/01/20 (Call 09/01/20) | USD | 50 | 52,305 | |||||||||
Lennar Corp. | ||||||||||||
4.13%, 01/15/22 (Call 10/15/21) | USD | 80 | 81,300 | |||||||||
4.50%, 06/15/19 (Call 04/16/19) | USD | 25 | 25,825 | |||||||||
4.50%, 11/15/19 (Call 08/15/19) | USD | 150 | 154,687 | |||||||||
4.50%, 04/30/24 (Call 01/31/24) | USD | 100 | 100,770 | |||||||||
4.75%, 04/01/21 (Call 02/01/21)b | USD | 140 | 146,454 | |||||||||
4.75%, 11/15/22 (Call 08/15/22) | USD | 100 | 104,000 | |||||||||
4.75%, 05/30/25 (Call 02/28/25) | USD | 50 | 50,865 | |||||||||
4.88%, 12/15/23 (Call 09/15/23) | USD | 80 | 82,839 | |||||||||
Leucadia National Corp. | ||||||||||||
5.50%, 10/18/23 (Call 01/18/23) | USD | 100 | 107,484 | |||||||||
Level 3 Communications Inc. | ||||||||||||
5.75%, 12/01/22 (Call 12/01/17) | USD | 150 | 156,169 |
SCHEDULESOF INVESTMENTS | 49 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Level 3 Financing Inc. | ||||||||||||
5.13%, 05/01/23 (Call 05/01/18) | USD | 100 | $ | 102,656 | ||||||||
5.25%, 03/15/26 (Call 03/15/21) | USD | 105 | 108,019 | |||||||||
5.38%, 08/15/22 (Call 08/15/17) | USD | 125 | 128,910 | |||||||||
5.38%, 01/15/24 (Call 01/15/19) | USD | 125 | 129,160 | |||||||||
5.38%, 05/01/25 (Call 05/01/20) | USD | 150 | 155,797 | |||||||||
5.63%, 02/01/23 (Call 02/01/18)b | USD | 150 | 155,562 | |||||||||
6.13%, 01/15/21 (Call 05/30/17) | USD | 50 | 51,651 | |||||||||
Levi Strauss & Co. | ||||||||||||
3.38%, 03/15/27 (Call 03/15/22)c | EUR | 100 | 109,658 | |||||||||
LifePoint Health Inc. | ||||||||||||
5.38%, 05/01/24 (Call 05/01/19)a,b | USD | 75 | 75,188 | |||||||||
5.50%, 12/01/21 (Call 05/30/17)b | USD | 175 | 181,212 | |||||||||
5.88%, 12/01/23 (Call 12/01/18)b | USD | 65 | 66,788 | |||||||||
LIN Television Corp. | ||||||||||||
5.88%, 11/15/22 (Call 11/15/17) | USD | 75 | 78,147 | |||||||||
LKQ Italia Bondco SpA | ||||||||||||
3.88%, 04/01/24 (Call 01/01/24)c | EUR | 100 | 115,976 | |||||||||
Mallinckrodt International Finance SA | ||||||||||||
4.75%, 04/15/23b | USD | 100 | 85,250 | |||||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC | ||||||||||||
4.88%, 04/15/20 (Call 05/30/17)a,b | USD | 125 | 124,531 | |||||||||
5.50%, 04/15/25 (Call 04/15/20)a,b | USD | 100 | 90,500 | |||||||||
5.63%, 10/15/23 (Call 10/15/18)a,b | USD | 100 | 95,045 | |||||||||
5.75%, 08/01/22 (Call 08/01/17)a,b | USD | 150 | 146,923 | |||||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. | ||||||||||||
4.50%, 09/01/26 (Call 06/01/26)b | USD | 75 | 74,542 | |||||||||
5.63%, 05/01/24 (Call 02/01/24) | USD | 200 | 215,479 | |||||||||
MGM Resorts International | ||||||||||||
4.63%, 09/01/26 (Call 06/01/26) | USD | 75 | 74,813 | |||||||||
5.25%, 03/31/20 | USD | 50 | 52,868 | |||||||||
6.00%, 03/15/23 | USD | 175 | 190,312 | |||||||||
6.63%, 12/15/21 | USD | 175 | 196,437 | |||||||||
6.75%, 10/01/20b | USD | 200 | 222,278 | |||||||||
7.75%, 03/15/22 | USD | 150 | 175,125 | |||||||||
8.63%, 02/01/19 | USD | 150 | 165,586 | |||||||||
Micron Technology Inc. | ||||||||||||
5.25%, 08/01/23 (Call 02/01/18)a | USD | 200 | 207,000 | |||||||||
5.25%, 01/15/24 (Call 05/01/18)a | USD | 100 | 103,250 | |||||||||
5.50%, 02/01/25 (Call 08/01/19) | USD | 190 | 198,877 |
Security | Principal (000s) | Value | ||||||||||
5.88%, 02/15/22 (Call 05/30/17)b | USD | 50 | $ | 52,375 | ||||||||
MPH Acquisition Holdings LLC | ||||||||||||
7.13%, 06/01/24 (Call 06/01/19)a | USD | 250 | 268,750 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
4.00%, 08/19/22 (Call 05/19/22) | EUR | 100 | 119,800 | |||||||||
5.25%, 08/01/26 (Call 08/01/21) | USD | 100 | 102,455 | |||||||||
6.38%, 03/01/24 (Call 03/01/19) | USD | 50 | 54,118 | |||||||||
MSCI Inc. | ||||||||||||
4.75%, 08/01/26 (Call 08/01/21)a | USD | 75 | 76,840 | |||||||||
5.25%, 11/15/24 (Call 11/15/19)a | USD | 75 | 79,438 | |||||||||
5.75%, 08/15/25 (Call 08/15/20)a | USD | 175 | 188,781 | |||||||||
Murphy Oil Corp. | ||||||||||||
4.00%, 06/01/22 (Call 03/01/22)b | USD | 75 | 72,493 | |||||||||
4.70%, 12/01/22 (Call 09/01/22) | USD | 100 | 97,750 | |||||||||
6.88%, 08/15/24 (Call 08/15/19) | USD | 100 | 106,306 | |||||||||
Murray Energy Corp. | ||||||||||||
11.25%, 04/15/21 (Call 04/15/18)a | USD | 150 | 113,062 | |||||||||
Nabors Industries Inc. | ||||||||||||
4.63%, 09/15/21 | USD | 100 | 101,000 | |||||||||
5.00%, 09/15/20 | USD | 150 | 154,335 | |||||||||
5.50%, 01/15/23 (Call 11/15/22)a,b | USD | 100 | 100,796 | |||||||||
Nationstar Mortgage LLC/Nationstar Capital Corp. | ||||||||||||
6.50%, 08/01/18 (Call 05/30/17) | USD | 50 | 50,500 | |||||||||
6.50%, 07/01/21 (Call 05/30/17) | USD | 75 | 76,057 | |||||||||
7.88%, 10/01/20 (Call 05/30/17) | USD | 50 | 51,833 | |||||||||
Nature’s Bounty Co. (The) | ||||||||||||
7.63%, 05/15/21 (Call 05/15/18)a | USD | 140 | 148,750 | |||||||||
Navient Corp. | ||||||||||||
4.88%, 06/17/19 | USD | 200 | 206,250 | |||||||||
5.00%, 10/26/20 | USD | 150 | 152,625 | |||||||||
5.50%, 01/15/19 | USD | 200 | 208,000 | |||||||||
5.50%, 01/25/23b | USD | 150 | 148,125 | |||||||||
5.88%, 03/25/21 | USD | 50 | 51,750 | |||||||||
5.88%, 10/25/24 | USD | 75 | 73,125 | |||||||||
6.13%, 03/25/24b | USD | 175 | 173,687 | |||||||||
6.50%, 06/15/22 | USD | 100 | 103,375 | |||||||||
6.63%, 07/26/21 | USD | 125 | 132,500 | |||||||||
7.25%, 01/25/22b | USD | 125 | 133,125 | |||||||||
7.25%, 09/25/23 | USD | 50 | 52,125 | |||||||||
8.00%, 03/25/20b | USD | 250 | 275,625 | |||||||||
8.45%, 06/15/18 | USD | 200 | 213,500 |
50 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc. | ||||||||||||
7.38%, 01/15/22 (Call 05/29/17)a | USD | 100 | $ | 85,750 | ||||||||
Navistar International Corp. | ||||||||||||
8.25%, 11/01/21 (Call 05/30/17) | USD | 200 | 202,620 | |||||||||
NCL Corp. Ltd. | ||||||||||||
4.63%, 11/15/20 (Call 11/15/17)a | USD | 100 | 102,292 | |||||||||
4.75%, 12/15/21 (Call 12/15/18)a | USD | 75 | 76,781 | |||||||||
NCR Corp. | ||||||||||||
4.63%, 02/15/21 (Call 05/30/17)b | USD | 150 | 153,605 | |||||||||
5.00%, 07/15/22 (Call 07/15/17)b | USD | 200 | 204,455 | |||||||||
5.88%, 12/15/21 (Call 12/15/17) | USD | 75 | 78,418 | |||||||||
6.38%, 12/15/23 (Call 12/15/18) | USD | 75 | 80,098 | |||||||||
Neiman Marcus Group Ltd. LLC | ||||||||||||
8.00%, 10/15/21 (Call 05/30/17)a | USD | 125 | 73,576 | |||||||||
Netflix Inc. | ||||||||||||
4.38%, 11/15/26a,b | USD | 240 | 236,400 | |||||||||
5.38%, 02/01/21 | USD | 100 | 107,112 | |||||||||
5.50%, 02/15/22 | USD | 100 | 107,223 | |||||||||
5.75%, 03/01/24 | USD | 50 | 53,517 | |||||||||
5.88%, 02/15/25 | USD | 125 | 135,625 | |||||||||
Newfield Exploration Co. | ||||||||||||
5.38%, 01/01/26 (Call 10/01/25) | USD | 100 | 104,625 | |||||||||
5.63%, 07/01/24b | USD | 175 | 184,954 | |||||||||
5.75%, 01/30/22 | USD | 75 | 79,467 | |||||||||
Nexstar Broadcasting Inc. | ||||||||||||
5.63%, 08/01/24 (Call 08/01/19)a,b | USD | 125 | 127,830 | |||||||||
NGL Energy Partners LP/NGL Energy Finance Corp. | ||||||||||||
6.13%, 03/01/25 (Call 03/01/20)a | USD | 100 | 93,000 | |||||||||
7.50%, 11/01/23 (Call 11/01/19)a | USD | 100 | 100,000 | |||||||||
NGPL PipeCo LLC | ||||||||||||
9.63%, 06/01/19 (Call 05/30/17)a | USD | 50 | 51,438 | |||||||||
Nielsen Co. Luxembourg Sarl (The) | ||||||||||||
5.00%, 02/01/25 (Call 02/01/20)a,b | USD | 75 | 75,094 | |||||||||
5.50%, 10/01/21 (Call 05/30/17)a | USD | 150 | 155,480 | |||||||||
Nielsen Finance LLC/Nielsen Finance Co. | ||||||||||||
4.50%, 10/01/20 (Call 05/30/17) | USD | 75 | 76,391 | |||||||||
5.00%, 04/15/22 (Call 05/30/17)a,b | USD | 350 | 359,625 | |||||||||
Noble Holding International Ltd. | ||||||||||||
7.70%, 04/01/25 (Call 01/01/25) | USD | 75 | 67,605 |
Security | Principal (000s) | Value | ||||||||||
Novelis Corp. | ||||||||||||
5.88%, 09/30/26 (Call 09/30/21)a | USD | 250 | $ | 256,875 | ||||||||
6.25%, 08/15/24 (Call 08/15/19)a | USD | 150 | 157,875 | |||||||||
NRG Energy Inc. | ||||||||||||
6.25%, 07/15/22 (Call 07/15/18) | USD | 175 | 177,722 | |||||||||
6.25%, 05/01/24 (Call 05/01/19)b | USD | 175 | 174,387 | |||||||||
6.63%, 03/15/23 (Call 09/15/17) | USD | 175 | 177,625 | |||||||||
6.63%, 01/15/27 (Call 07/15/21)b | USD | 200 | 198,500 | |||||||||
7.25%, 05/15/26 (Call 05/15/21)b | USD | 160 | 164,182 | |||||||||
7.88%, 05/15/21 (Call 05/30/17)b | USD | 30 | 30,750 | |||||||||
Nuance Communications Inc. | ||||||||||||
5.38%, 08/15/20 (Call��05/30/17)a | USD | 43 | 43,894 | |||||||||
5.63%, 12/15/26 (Call 12/15/21)a,b | USD | 75 | 77,531 | |||||||||
NuStar Logistics LP | ||||||||||||
4.80%, 09/01/20 | USD | 50 | 51,550 | |||||||||
5.63%, 04/28/27 (Call 01/28/27) | USD | 25 | 25,750 | |||||||||
Oasis Petroleum Inc. | ||||||||||||
6.88%, 03/15/22 (Call 09/15/17)b | USD | 200 | 202,833 | |||||||||
OI European Group BV | ||||||||||||
3.13%, 11/15/24 (Call 08/15/24)c | EUR | 100 | 109,846 | |||||||||
6.75%, 09/15/20c | EUR | 100 | 130,013 | |||||||||
Olin Corp. | ||||||||||||
5.13%, 09/15/27 (Call 03/15/22) | USD | 100 | 104,045 | |||||||||
OneMain Financial Holdings LLC | ||||||||||||
6.75%, 12/15/19 (Call 05/30/17)a | USD | 75 | 78,750 | |||||||||
7.25%, 12/15/21 (Call 12/15/17)a | USD | 75 | 77,894 | |||||||||
ONEOK Inc. | ||||||||||||
4.25%, 02/01/22 (Call 11/01/21) | USD | 150 | 154,177 | |||||||||
7.50%, 09/01/23 (Call 06/01/23) | USD | 50 | 59,285 | |||||||||
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA | ||||||||||||
6.63%, 05/15/22 (Call 05/30/17)a | USD | 200 | 184,500 | |||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||||||
5.25%, 02/15/22 (Call 05/30/17) | USD | 100 | 103,875 | |||||||||
5.63%, 02/15/24 (Call 02/15/19) | USD | 75 | 78,633 | |||||||||
5.88%, 03/15/25 (Call 09/15/19) | USD | 75 | 79,289 | |||||||||
Owens-Brockway Glass Container Inc. | ||||||||||||
5.00%, 01/15/22a,b | USD | 150 | 155,414 | |||||||||
5.88%, 08/15/23a,b | USD | 100 | 106,862 | |||||||||
Pacific Drilling SA | ||||||||||||
5.38%, 06/01/20 (Call 05/30/17)a,b | USD | 100 | 47,875 |
SCHEDULESOF INVESTMENTS | 51 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Parsley Energy LLC/Parsley Finance Corp. | ||||||||||||
5.25%, 08/15/25 (Call 08/15/20)a | USD | 75 | $ | 75,563 | ||||||||
5.38%, 01/15/25 (Call 01/15/20)a,b | USD | 60 | 60,450 | |||||||||
6.25%, 06/01/24 (Call 06/01/19)a | USD | 100 | 105,134 | |||||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||||||
7.00%, 11/15/23 (Call 11/15/18)b | USD | 115 | 116,635 | |||||||||
Peabody Energy Corp. | ||||||||||||
6.38%, 03/31/25 (Call 03/31/20)a | USD | 75 | 76,125 | |||||||||
Penske Automotive Group Inc. | ||||||||||||
5.50%, 05/15/26 (Call 05/15/21) | USD | 60 | 59,367 | |||||||||
5.75%, 10/01/22 (Call 10/01/17)b | USD | 100 | 103,275 | |||||||||
Permian Resources LLC | ||||||||||||
13.00%, 11/30/20 (Call 11/30/18)a | USD | 50 | 58,425 | |||||||||
Permian Resources LLC/AEPB Finance Corp. | ||||||||||||
7.13%, 11/01/20 (Call 05/30/17)a | USD | 100 | 80,750 | |||||||||
7.38%, 11/01/21 (Call 07/31/17)a | USD | 100 | 80,792 | |||||||||
PetSmart Inc. | ||||||||||||
7.13%, 03/15/23 (Call 03/15/18)a,b | USD | 300 | 274,125 | |||||||||
Platform Specialty Products Corp. | ||||||||||||
6.50%, 02/01/22 (Call 02/01/18)a,b | USD | 175 | 180,031 | |||||||||
10.38%, 05/01/21 (Call 05/01/18)a | USD | 50 | 55,375 | |||||||||
Post Holdings Inc. | ||||||||||||
5.00%, 08/15/26 (Call 08/15/21)a | USD | 250 | 248,585 | |||||||||
5.50%, 03/01/25 (Call 03/01/20)a,b | USD | 160 | 167,200 | |||||||||
5.75%, 03/01/27 (Call 03/01/22)a | USD | 125 | 129,844 | |||||||||
6.00%, 12/15/22 (Call 06/15/18)a | USD | 100 | 106,000 | |||||||||
7.75%, 03/15/24 (Call 09/15/18)a | USD | 175 | 194,250 | |||||||||
8.00%, 07/15/25 (Call 07/15/20)a | USD | 75 | 85,179 | |||||||||
Postmedia Network Inc. | ||||||||||||
8.25%, 07/15/21 (Call 05/29/17)a | CAD | 1 | 409 | |||||||||
Pride International LLC | ||||||||||||
6.88%, 08/15/20 | USD | 150 | 159,240 | |||||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||||||
9.25%, 05/15/23 (Call 05/15/19)a | USD | 490 | 534,547 | |||||||||
PulteGroup Inc. | ||||||||||||
4.25%, 03/01/21 (Call 02/01/21) | USD | 100 | 103,472 | |||||||||
5.00%, 01/15/27 (Call 10/15/26) | USD | 100 | 101,179 | |||||||||
5.50%, 03/01/26 (Call 12/01/25) | USD | 105 | 110,644 | |||||||||
PVH Corp. | ||||||||||||
3.63%, 07/15/24 (Call 04/15/24)c | EUR | 100 | 113,060 |
Security | Principal (000s) | Value | ||||||||||
QEP Resources Inc. | ||||||||||||
5.25%, 05/01/23 (Call 02/01/23) | USD | 75 | $ | 73,781 | ||||||||
5.38%, 10/01/22 (Call 07/01/22) | USD | 100 | 98,740 | |||||||||
6.88%, 03/01/21b | USD | 100 | 105,740 | |||||||||
Qorvo Inc. | ||||||||||||
6.75%, 12/01/23 (Call 12/01/18) | USD | 25 | 27,128 | |||||||||
7.00%, 12/01/25 (Call 12/01/20) | USD | 100 | 110,821 | |||||||||
Quicken Loans Inc. | ||||||||||||
5.75%, 05/01/25 (Call 05/01/20)a | USD | 185 | 187,312 | |||||||||
Quintiles IMS Inc. | ||||||||||||
3.25%, 03/15/25 (Call 03/15/20)c | EUR | 200 | 218,500 | |||||||||
3.50%, 10/15/24 (Call 10/15/19)c | EUR | 200 | 224,079 | |||||||||
4.88%, 05/15/23 (Call 05/15/18)a | USD | 100 | 102,768 | |||||||||
5.00%, 10/15/26 (Call 10/15/21)a | USD | 200 | 204,792 | |||||||||
QVC Inc. | ||||||||||||
3.13%, 04/01/19 | USD | 75 | 75,733 | |||||||||
4.38%, 03/15/23 | USD | 150 | 151,088 | |||||||||
4.45%, 02/15/25 (Call 11/15/24) | USD | 50 | 49,085 | |||||||||
4.85%, 04/01/24 | USD | 125 | 126,818 | |||||||||
5.13%, 07/02/22 | USD | 50 | 52,325 | |||||||||
Rackspace Hosting Inc. | ||||||||||||
8.63%, 11/15/24 (Call 11/15/19)a,b | USD | 175 | 185,327 | |||||||||
Range Resources Corp. | ||||||||||||
4.88%, 05/15/25 (Call 02/15/25) | USD | 100 | 96,500 | |||||||||
5.00%, 08/15/22 (Call 05/15/22)a,b | USD | 100 | 98,625 | |||||||||
5.00%, 03/15/23 (Call 12/15/22)a,b | USD | 125 | 123,310 | |||||||||
5.75%, 06/01/21 (Call 03/01/21)a | USD | 150 | 153,678 | |||||||||
Realogy Group LLC/Realogy Co-Issuer Corp. | ||||||||||||
4.50%, 04/15/19a | USD | 50 | 52,063 | |||||||||
4.88%, 06/01/23 (Call 03/01/23)a | USD | 100 | 101,000 | |||||||||
5.25%, 12/01/21 (Call 12/01/17)a | USD | 75 | 78,820 | |||||||||
Regal Entertainment Group | ||||||||||||
5.75%, 03/15/22 (Call 05/30/17) | USD | 75 | 78,094 | |||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC | ||||||||||||
5.75%, 10/15/20 (Call 05/29/17) | USD | 400 | 411,385 | |||||||||
6.88%, 02/15/21 (Call 05/30/17)b | USD | 65 | 66,353 | |||||||||
Rite Aid Corp. | ||||||||||||
6.13%, 04/01/23 (Call 04/01/18)a,b | USD | 300 | 297,750 | |||||||||
6.75%, 06/15/21 (Call 05/30/17)b | USD | 75 | 75,747 | |||||||||
9.25%, 03/15/20 (Call 05/30/17) | USD | 50 | 51,500 | |||||||||
Rockies Express Pipeline LLC | ||||||||||||
5.63%, 04/15/20a | USD | 100 | 106,900 |
52 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
6.00%, 01/15/19a,b | USD | 150 | $ | 157,179 | ||||||||
6.85%, 07/15/18a,b | USD | 50 | 52,250 | |||||||||
Rowan Companies Inc. | ||||||||||||
4.88%, 06/01/22 (Call 03/01/22) | USD | 100 | 93,750 | |||||||||
7.38%, 06/15/25 (Call 03/15/25)b | USD | 100 | 98,750 | |||||||||
Royal Caribbean Cruises Ltd. | ||||||||||||
5.25%, 11/15/22b | USD | 150 | 165,516 | |||||||||
RR Donnelley & Sons Co. | ||||||||||||
6.00%, 04/01/24b | USD | 75 | 69,938 | |||||||||
7.88%, 03/15/21b | USD | 50 | 53,648 | |||||||||
RSP Permian Inc. | ||||||||||||
5.25%, 01/15/25 (Call 01/15/20)a | USD | 50 | 50,644 | |||||||||
6.63%, 10/01/22 (Call 10/01/17) | USD | 100 | 105,625 | |||||||||
Sabre GLBL Inc. | ||||||||||||
5.25%, 11/15/23 (Call 11/15/18)a | USD | 50 | 51,675 | |||||||||
Sally Holdings LLC/Sally Capital Inc. | ||||||||||||
5.63%, 12/01/25 (Call 12/01/20)b | USD | 180 | 185,850 | |||||||||
5.75%, 06/01/22 (Call 06/01/17) | USD | 50 | 51,500 | |||||||||
Sanchez Energy Corp. | ||||||||||||
6.13%, 01/15/23 (Call 07/15/18)b | USD | 175 | 161,000 | |||||||||
7.75%, 06/15/21 (Call 06/15/17) | USD | 100 | 96,681 | |||||||||
SBA Communications Corp. | ||||||||||||
4.88%, 07/15/22 (Call 07/15/17) | USD | 75 | 77,238 | |||||||||
4.88%, 09/01/24 (Call 09/01/19)a | USD | 195 | 196,950 | |||||||||
Scientific Games International Inc. | ||||||||||||
7.00%, 01/01/22 (Call 01/01/18)a,b | USD | 350 | 374,500 | |||||||||
10.00%, 12/01/22 (Call 12/01/18)b | USD | 325 | 352,625 | |||||||||
Sealed Air Corp. | ||||||||||||
4.50%, 09/15/23 (Call 06/15/23)c | EUR | 100 | 121,391 | |||||||||
4.88%, 12/01/22 (Call 09/01/22)a | USD | 50 | 51,938 | |||||||||
5.13%, 12/01/24 (Call 09/01/24)a | USD | 75 | 78,504 | |||||||||
5.25%, 04/01/23 (Call 01/01/23)a,b | USD | 50 | 53,313 | |||||||||
5.50%, 09/15/25 (Call 06/15/25)a | USD | 75 | 79,987 | |||||||||
6.50%, 12/01/20 (Call 09/01/20)a | USD | 50 | 55,892 | |||||||||
SemGroup Corp./Rose Rock Finance Corp. | ||||||||||||
5.63%, 07/15/22 (Call 07/15/17) | USD | 25 | 24,872 | |||||||||
Senvion Holding GmbH | ||||||||||||
3.88%, 10/25/22c | EUR | 100 | 108,895 | |||||||||
Service Corp. International/U.S. | ||||||||||||
5.38%, 01/15/22 (Call 07/15/17) | USD | 50 | 51,625 | |||||||||
5.38%, 05/15/24 (Call 05/15/19) | USD | 100 | 105,750 | |||||||||
ServiceMaster Co. LLC (The) | ||||||||||||
5.13%, 11/15/24 (Call 11/15/19)a | USD | 175 | 180,011 |
Security | Principal (000s) | Value | ||||||||||
Silgan Holdings Inc. | ||||||||||||
3.25%, 03/15/25 (Call 03/15/20)c | EUR | 100 | $ | 109,819 | ||||||||
Sinclair Television Group Inc. | ||||||||||||
5.13%, 02/15/27 (Call 08/15/21)a | USD | 75 | 74,597 | |||||||||
5.38%, 04/01/21 (Call 05/15/17) | USD | 50 | 51,438 | |||||||||
5.63%, 08/01/24 (Call 08/01/19)a | USD | 50 | 52,014 | |||||||||
6.13%, 10/01/22 (Call 10/01/17) | USD | 150 | 156,833 | |||||||||
Sirius XM Radio Inc. | ||||||||||||
4.25%, 05/15/20 (Call 05/30/17)a | USD | 50 | 50,526 | |||||||||
4.63%, 05/15/23 (Call 05/15/18)a | USD | 150 | 152,847 | |||||||||
5.38%, 04/15/25 (Call 04/15/20)a | USD | 200 | 204,997 | |||||||||
5.38%, 07/15/26 (Call 07/15/21)a | USD | 100 | 102,479 | |||||||||
5.75%, 08/01/21 (Call 05/30/17)a,b | USD | 200 | 207,500 | |||||||||
6.00%, 07/15/24 (Call 07/15/19)a | USD | 225 | 240,750 | |||||||||
Six Flags Entertainment Corp. | ||||||||||||
4.88%, 07/31/24 (Call 07/31/19)a | USD | 135 | 136,181 | |||||||||
5.50%, 04/15/27 (Call 04/15/22)a,b | USD | 90 | 91,638 | |||||||||
SM Energy Co. | ||||||||||||
5.00%, 01/15/24 (Call 07/15/18)b | USD | 75 | 70,629 | |||||||||
5.63%, 06/01/25 (Call 06/01/20)b | USD | 100 | 95,650 | |||||||||
6.13%, 11/15/22 (Call 11/15/18)b | USD | 75 | 76,036 | |||||||||
6.75%, 09/15/26 (Call 09/15/21)b | USD | 75 | 75,625 | |||||||||
Solera LLC/Solera Finance Inc. | ||||||||||||
10.50%, 03/01/24 (Call 03/01/19)a,b | USD | 275 | 313,906 | |||||||||
Southwestern Energy Co. | ||||||||||||
4.10%, 03/15/22 (Call 12/15/21)b | USD | 200 | 186,340 | |||||||||
5.80%, 01/23/20 (Call 12/23/19) | USD | 75 | 75,703 | |||||||||
6.70%, 01/23/25 (Call 10/23/24) | USD | 150 | 148,785 | |||||||||
Spectrum Brands Inc. | ||||||||||||
4.00%, 10/01/26 (Call 10/01/21)c | EUR | 100 | 113,174 | |||||||||
5.75%, 07/15/25 (Call 07/15/20) | USD | 175 | 186,937 | |||||||||
6.63%, 11/15/22 (Call 11/15/17)b | USD | 50 | 52,625 | |||||||||
Springleaf Finance Corp. | ||||||||||||
5.25%, 12/15/19 | USD | 100 | 101,337 | |||||||||
7.75%, 10/01/21b | USD | 125 | 134,375 | |||||||||
8.25%, 12/15/20b | USD | 175 | 190,993 | |||||||||
Sprint Communications Inc. | ||||||||||||
6.00%, 11/15/22 | USD | 350 | 365,251 | |||||||||
7.00%, 03/01/20a | USD | 100 | 109,375 | |||||||||
7.00%, 08/15/20 | USD | 225 | 244,240 | |||||||||
9.00%, 11/15/18a | USD | 475 | 518,937 | |||||||||
11.50%, 11/15/21 | USD | 200 | 252,150 | |||||||||
Sprint Corp. | ||||||||||||
7.13%, 06/15/24b | USD | 400 | 434,000 |
SCHEDULESOF INVESTMENTS | 53 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
7.25%, 09/15/21b | USD | 400 | $ | 438,000 | ||||||||
7.63%, 02/15/25 (Call 11/15/24)b | USD | 200 | 223,500 | |||||||||
7.88%, 09/15/23 | USD | 725 | 814,719 | |||||||||
Standard Industries Inc./NJ | ||||||||||||
5.00%, 02/15/27 (Call 02/15/22)a | USD | 100 | 100,391 | |||||||||
5.13%, 02/15/21 (Call 02/15/18)a,b | USD | 50 | 52,151 | |||||||||
5.38%, 11/15/24 (Call 11/15/19)a | USD | 175 | 182,219 | |||||||||
5.50%, 02/15/23 (Call 02/15/19)a | USD | 50 | 51,840 | |||||||||
6.00%, 10/15/25 (Call 10/15/20)a,b | USD | 175 | 186,462 | |||||||||
Steel Dynamics Inc. | ||||||||||||
5.00%, 12/15/26 (Call 12/15/21)a | USD | 75 | 76,947 | |||||||||
5.13%, 10/01/21 (Call 10/01/17) | USD | 50 | 51,531 | |||||||||
5.25%, 04/15/23 (Call 04/15/18) | USD | 50 | 52,000 | |||||||||
5.50%, 10/01/24 (Call 10/01/19) | USD | 100 | 105,653 | |||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||||||
5.50%, 06/01/24 (Call 06/01/19) | USD | 50 | 49,975 | |||||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||||||
5.50%, 08/01/20 (Call 08/01/17) | USD | 50 | 51,688 | |||||||||
6.25%, 04/15/21 (Call 04/15/18) | USD | 175 | 183,878 | |||||||||
6.38%, 04/01/23 (Call 04/01/18) | USD | 100 | 106,500 | |||||||||
T-Mobile USA Inc. | ||||||||||||
4.00%, 04/15/22 | USD | 100 | 102,367 | |||||||||
5.13%, 04/15/25 (Call 04/15/20) | USD | 75 | 79,031 | |||||||||
5.38%, 04/15/27 (Call 04/15/22)b | USD | 75 | 80,105 | |||||||||
6.00%, 03/01/23 (Call 09/01/18) | USD | 200 | 213,500 | |||||||||
6.00%, 04/15/24 (Call 04/15/19) | USD | 250 | 270,317 | |||||||||
6.13%, 01/15/22 (Call 01/15/18)b | USD | 400 | 423,000 | |||||||||
6.38%, 03/01/25 (Call 09/01/19) | USD | 250 | 273,205 | |||||||||
6.50%, 01/15/24 (Call 01/15/19) | USD | 150 | 162,369 | |||||||||
6.50%, 01/15/26 (Call 01/15/21)b | USD | 300 | 332,625 | |||||||||
6.63%, 04/01/23 (Call 04/01/18)b | USD | 350 | 374,500 | |||||||||
6.84%, 04/28/23 (Call 04/28/18) | USD | 100 | 107,000 | |||||||||
TA MFG. Ltd. | ||||||||||||
3.63%, 04/15/23 (Call 04/15/18)c | EUR | 100 | 111,580 | |||||||||
Talen Energy Supply LLC | ||||||||||||
4.60%, 12/15/21 (Call 09/15/21) | USD | 100 | 77,878 | |||||||||
4.63%, 07/15/19 (Call 04/15/19)a | USD | 36 | 35,460 | |||||||||
6.50%, 06/01/25 (Call 06/01/20)b | USD | 100 | 79,500 | |||||||||
9.50%, 07/15/22 (Call 07/15/20)a | USD | 100 | 92,480 | |||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| |||||||||||
4.13%, 11/15/19 (Call 05/30/17) | USD | 50 | 50,844 | |||||||||
4.25%, 11/15/23 (Call 05/15/18) | USD | 100 | 99,000 |
Security | Principal (000s) | Value | ||||||||||
5.13%, 02/01/25 (Call 02/01/20)a | USD | 95 | $ | 98,040 | ||||||||
5.25%, 05/01/23 (Call 11/01/17) | USD | 50 | 51,545 | |||||||||
5.38%, 02/01/27 (Call 02/01/22)a | USD | 50 | 52,188 | |||||||||
6.75%, 03/15/24 (Call 09/15/19) | USD | 150 | 162,900 | |||||||||
TEGNA Inc. | ||||||||||||
5.13%, 10/15/19 (Call 05/30/17) | USD | 125 | 128,094 | |||||||||
5.13%, 07/15/20 (Call 05/30/17) | USD | 100 | 103,146 | |||||||||
6.38%, 10/15/23 (Call 10/15/18)b | USD | 75 | 79,672 | |||||||||
Tempur Sealy International Inc. | ||||||||||||
5.50%, 06/15/26 (Call 06/15/21)b | USD | 100 | 98,938 | |||||||||
5.63%, 10/15/23 (Call 10/15/18) | USD | 50 | 51,200 | |||||||||
Tenet Healthcare Corp. | ||||||||||||
4.38%, 10/01/21 | USD | 150 | 149,504 | |||||||||
4.50%, 04/01/21 | USD | 175 | 175,012 | |||||||||
5.00%, 03/01/19 | USD | 300 | 300,189 | |||||||||
5.50%, 03/01/19 | USD | 25 | 25,250 | |||||||||
6.00%, 10/01/20 | USD | 300 | 315,375 | |||||||||
6.25%, 11/01/18 | USD | 100 | 104,939 | |||||||||
6.75%, 06/15/23b | USD | 275 | 262,625 | |||||||||
7.50%, 01/01/22 (Call 01/01/19)a | USD | 125 | 133,442 | |||||||||
8.00%, 08/01/20 (Call 05/30/17)b | USD | 150 | 151,796 | |||||||||
8.13%, 04/01/22b | USD | 475 | 482,719 | |||||||||
TerraForm Power Operating LLC | ||||||||||||
6.38%, 02/01/23 (Call 02/01/18)a,d | USD | 125 | 129,219 | |||||||||
Tesoro Corp. | ||||||||||||
4.75%, 12/15/23 (Call 10/15/23)a | USD | 110 | 115,362 | |||||||||
5.13%, 12/15/26 (Call 09/15/26)a | USD | 125 | 132,812 | |||||||||
5.38%, 10/01/22 (Call 10/01/17)b | USD | 50 | 51,835 | |||||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. | ||||||||||||
5.25%, 01/15/25 (Call 01/15/21) | USD | 125 | 132,656 | |||||||||
5.50%, 10/15/19 (Call 09/15/19) | USD | 50 | 53,035 | |||||||||
5.88%, 10/01/20 (Call 05/30/17) | USD | 50 | 51,088 | |||||||||
6.13%, 10/15/21 (Call 05/15/17) | USD | 50 | 52,216 | |||||||||
6.25%, 10/15/22 (Call 10/15/18) | USD | 175 | 187,496 | |||||||||
6.38%, 05/01/24 (Call 05/01/19) | USD | 75 | 81,938 | |||||||||
Toll Brothers Finance Corp. | ||||||||||||
5.88%, 02/15/22 (Call 11/15/21) | USD | 100 | 109,950 | |||||||||
TransDigm Inc. | ||||||||||||
5.50%, 10/15/20 (Call 05/30/17)b | USD | 50 | 50,972 | |||||||||
6.00%, 07/15/22 (Call 07/15/17)b | USD | 175 | 179,703 | |||||||||
6.38%, 06/15/26 (Call 06/15/21)b | USD | 200 | 201,681 | |||||||||
6.50%, 07/15/24 (Call 07/15/19)b | USD | 175 | 179,707 | |||||||||
6.50%, 05/15/25 (Call 05/15/20) | USD | 50 | 51,250 |
54 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Transocean Inc. | ||||||||||||
5.80%, 10/15/22 (Call 07/15/22)b | USD | 50 | $ | 46,268 | ||||||||
6.50%, 11/15/20b | USD | 100 | 101,062 | |||||||||
8.13%, 12/15/21b | USD | 125 | 129,752 | |||||||||
9.00%, 07/15/23 (Call 07/15/20)a,b | USD | 200 | 214,125 | |||||||||
Transocean Phoenix 2 Ltd. | ||||||||||||
7.75%, 10/15/24 (Call 10/15/20)a | USD | 95 | 102,400 | |||||||||
Transocean Proteus Ltd. | ||||||||||||
6.25%, 12/01/24 (Call 12/01/20)a | USD | 100 | 102,403 | |||||||||
TreeHouse Foods Inc. | ||||||||||||
4.88%, 03/15/22 (Call 05/30/17) | USD | 50 | 51,756 | |||||||||
6.00%, 02/15/24 (Call 02/15/19)a | USD | 100 | 106,705 | |||||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc. | ||||||||||||
4.38%, 06/15/19 | USD | 50 | 51,375 | |||||||||
5.88%, 06/15/24 | USD | 100 | 104,950 | |||||||||
Tribune Media Co. | ||||||||||||
5.88%, 07/15/22 (Call 07/15/18) | USD | 175 | 183,841 | |||||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc. | ||||||||||||
6.38%, 05/01/22 (Call 05/01/18)c | EUR | 100 | 116,433 | |||||||||
Tronox Finance LLC | ||||||||||||
6.38%, 08/15/20 (Call 05/30/17) | USD | 125 | 126,839 | |||||||||
7.50%, 03/15/22 (Call 03/15/18)a,b | USD | 100 | 104,817 | |||||||||
U.S. Steel Corp. | ||||||||||||
7.38%, 04/01/20b | USD | 24 | 25,674 | |||||||||
7.50%, 03/15/22 (Call 05/30/17)b | USD | 75 | 76,313 | |||||||||
8.38%, 07/01/21 (Call 07/01/18)a | USD | 175 | 192,477 | |||||||||
Ultra Resources Inc. | ||||||||||||
6.88%, 04/15/22 (Call 04/15/19)a | USD | 100 | 101,125 | |||||||||
7.13%, 04/15/25 (Call 04/15/20)a | USD | 65 | 64,391 | |||||||||
United Rentals North America Inc. | ||||||||||||
4.63%, 07/15/23 (Call 07/15/18) | USD | 225 | 232,717 | |||||||||
5.50%, 07/15/25 (Call 07/15/20) | USD | 125 | 130,447 | |||||||||
5.50%, 05/15/27 (Call 05/15/22) | USD | 180 | 185,225 | |||||||||
5.75%, 11/15/24 (Call 05/15/19)b | USD | 175 | 184,297 | |||||||||
5.88%, 09/15/26 (Call 09/15/21) | USD | 150 | 158,270 | |||||||||
6.13%, 06/15/23 (Call 12/15/17) | USD | 125 | 130,556 | |||||||||
7.63%, 04/15/22 (Call 05/30/17) | USD | 36 | 37,522 | |||||||||
Uniti Group Inc./CSL Capital LLC | ||||||||||||
6.00%, 04/15/23 (Call 04/15/18)a,b | USD | 50 | 52,032 | |||||||||
7.13%, 12/15/24 (Call 12/15/19)a | USD | 75 | 76,219 | |||||||||
8.25%, 10/15/23 (Call 04/15/19) | USD | 200 | 212,000 |
Security | Principal (000s) | Value | ||||||||||
Univision Communications Inc. | ||||||||||||
5.13%, 05/15/23 (Call 05/15/18)a,b | USD | 150 | $ | 151,893 | ||||||||
5.13%, 02/15/25 (Call 02/15/20)a | USD | 250 | 248,406 | |||||||||
6.75%, 09/15/22 (Call 09/15/17)a,b | USD | 190 | 199,025 | |||||||||
Valeant Pharmaceuticals International Inc. | ||||||||||||
4.50%, 05/15/23 (Call 05/15/18)c | EUR | 225 | 171,970 | |||||||||
5.38%, 03/15/20 (Call 05/30/17)a | USD | 300 | 257,250 | |||||||||
5.50%, 03/01/23 (Call 03/01/18)a | USD | 150 | 110,479 | |||||||||
5.88%, 05/15/23 (Call 05/15/18)a,b | USD | 525 | 389,812 | |||||||||
6.13%, 04/15/25 (Call 04/15/20)a | USD | 500 | 369,084 | |||||||||
6.38%, 10/15/20 (Call 05/30/17)a | USD | 425 | 363,906 | |||||||||
6.50%, 03/15/22 (Call 03/15/19)a | USD | 200 | 204,750 | |||||||||
6.75%, 08/15/21 (Call 05/30/17)a | USD | 100 | 82,563 | |||||||||
7.00%, 10/01/20 (Call 05/30/17)a | USD | 100 | 87,750 | |||||||||
7.00%, 03/15/24 (Call 03/15/20)a | USD | 300 | 305,625 | |||||||||
7.25%, 07/15/22 (Call 05/30/17)a | USD | 50 | 40,134 | |||||||||
VeriSign Inc. | ||||||||||||
4.63%, 05/01/23 (Call 05/01/18) | USD | 150 | 154,185 | |||||||||
5.25%, 04/01/25 (Call 01/01/25)b | USD | 50 | 52,170 | |||||||||
Veritas U.S. Inc./Veritas Bermuda Ltd. | ||||||||||||
7.50%, 02/01/23 (Call 02/01/19)a | USD | 200 | 210,964 | |||||||||
Vertiv Group Corp. | ||||||||||||
9.25%, 10/15/24 (Call 10/15/19)a | USD | 125 | 134,531 | |||||||||
Viacom Inc. | ||||||||||||
VRN, (3 mo. LIBOR US + 3.895%) | ||||||||||||
5.88%, 02/28/57 (Call 02/28/22)b | USD | 100 | 103,186 | |||||||||
VRN, (3 mo. LIBOR US + 3.899%) | ||||||||||||
6.25%, 02/28/57 (Call 02/28/27) | USD | 100 | 102,875 | |||||||||
Voya Financial Inc. | ||||||||||||
VRN, (3 mo. LIBOR US + 3.580%) | ||||||||||||
5.65%, 05/15/53 (Call 05/15/23)b | USD | 100 | 103,917 | |||||||||
VWR Funding Inc. | ||||||||||||
4.63%, 04/15/22 (Call 04/15/18)c | EUR | 100 | 113,693 | |||||||||
Weatherford International Ltd. | ||||||||||||
4.50%, 04/15/22 (Call 01/15/22)b | USD | 105 | 99,488 | |||||||||
7.75%, 06/15/21 (Call 05/15/21) | USD | 95 | 100,700 | |||||||||
8.25%, 06/15/23 (Call 03/15/23)b | USD | 120 | 130,050 | |||||||||
9.63%, 03/01/19 | USD | 100 | 109,857 | |||||||||
9.88%, 02/15/24 (Call 11/15/23)a,b | USD | 100 | 116,275 | |||||||||
WellCare Health Plans Inc. | ||||||||||||
5.25%, 04/01/25 (Call 04/01/20) | USD | 185 | 192,400 |
SCHEDULESOF INVESTMENTS | 55 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
West Corp. | ||||||||||||
4.75%, 07/15/21 (Call 07/15/18)a | USD | 100 | $ | 102,500 | ||||||||
5.38%, 07/15/22 (Call 07/15/17)a | USD | 125 | 125,187 | |||||||||
Western Digital Corp. | ||||||||||||
10.50%, 04/01/24 (Call 04/01/19)b | USD | 525 | 618,187 | |||||||||
Whiting Petroleum Corp. | ||||||||||||
5.00%, 03/15/19 (Call 12/15/18) | USD | 150 | 151,500 | |||||||||
5.75%, 03/15/21 (Call 12/15/20)b | USD | 150 | 149,062 | |||||||||
6.25%, 04/01/23 (Call 01/01/23)b | USD | 50 | 50,219 | |||||||||
Williams Companies Inc. (The) | ||||||||||||
3.70%, 01/15/23 (Call 10/15/22) | USD | 100 | 98,000 | |||||||||
4.55%, 06/24/24 (Call 03/24/24) | USD | 225 | 230,906 | |||||||||
Windstream Services LLC | ||||||||||||
6.38%, 08/01/23 (Call 02/01/18)b | USD | 75 | 65,991 | |||||||||
7.50%, 06/01/22 (Call 06/01/17)b | USD | 100 | 97,250 | |||||||||
7.75%, 10/15/20 (Call 05/30/17) | USD | 100 | 102,200 | |||||||||
7.75%, 10/01/21 (Call 05/30/17)b | USD | 125 | 125,432 | |||||||||
WMG Acquisition Corp. | ||||||||||||
4.13%, 11/01/24 (Call 11/01/19)c | EUR | 100 | 114,109 | |||||||||
6.75%, 04/15/22 (Call 05/30/17)a | USD | 75 | 79,133 | |||||||||
WPX Energy Inc. | ||||||||||||
5.25%, 09/15/24 (Call 06/15/24) | USD | 100 | 97,712 | |||||||||
6.00%, 01/15/22 (Call 10/15/21) | USD | 175 | 176,312 | |||||||||
7.50%, 08/01/20 (Call 07/01/20) | USD | 50 | 53,125 | |||||||||
8.25%, 08/01/23 (Call 06/01/23) | USD | 75 | 83,784 | |||||||||
WR Grace & Co.-Conn | ||||||||||||
5.13%, 10/01/21a,b | USD | 100 | 107,375 | |||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||||||
4.25%, 05/30/23 (Call 02/28/23)a,b | USD | 75 | 74,472 | |||||||||
5.38%, 03/15/22 (Call 05/30/17) | USD | 200 | 205,500 | |||||||||
5.50%, 03/01/25 (Call 12/01/24)a | USD | 275 | 283,937 | |||||||||
XPO Logistics Inc. | ||||||||||||
5.75%, 06/15/21 (Call 12/15/17)c | EUR | 100 | 114,479 | |||||||||
6.13%, 09/01/23 (Call 09/01/19)a | USD | 75 | 78,820 | |||||||||
6.50%, 06/15/22 (Call 06/15/18)a | USD | 275 | 291,500 | |||||||||
Zayo Group LLC/Zayo Capital Inc. | ||||||||||||
5.75%, 01/15/27 (Call 01/15/22)a | USD | 200 | 212,024 | |||||||||
6.00%, 04/01/23 (Call 04/01/18) | USD | 225 | 239,906 | |||||||||
6.38%, 05/15/25 (Call 05/15/20)b | USD | 155 | 167,487 |
Security | Principal or Shares (000s) | Value | ||||||||||
Zebra Technologies Corp. |
| |||||||||||
7.25%, 10/15/22 (Call 10/15/17)b | USD | 200 | $ | 216,250 | ||||||||
|
| |||||||||||
120,567,938 | ||||||||||||
|
| |||||||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||||||
(Cost: $182,588,151) | 183,643,075 | |||||||||||
SHORT-TERM INVESTMENTS — 21.75% |
| |||||||||||
MONEY MARKET FUNDS — 21.75% |
| |||||||||||
BlackRock Cash Funds: Institutional, |
| |||||||||||
1.13%e,f,g | 38,315 | 38,329,857 | ||||||||||
BlackRock Cash Funds: Treasury, |
| |||||||||||
0.67%e,f | 2,649 | 2,648,854 | ||||||||||
|
| |||||||||||
40,978,711 | ||||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||||||
(Cost: $40,969,897) | 40,978,711 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS |
| |||||||||||
(Cost: $223,558,048)h |
| 224,621,786 | ||||||||||
Other Assets, Less Liabilities — (19.21)% |
| (36,196,257 | ) | |||||||||
|
| |||||||||||
NET ASSETS — 100.00% |
| $ | 188,425,529 | |||||||||
|
|
VRN — Variable Rate Note
Currency abbreviations:
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 | 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 money market fund. |
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. |
h | The cost of investments for federal income tax purposes was $223,582,224. Net unrealized appreciation was $1,039,562, of which $3,988,029 represented gross unrealized appreciation on securities and $2,948,467 represented gross unrealized depreciation on securities. |
56 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® GLOBAL HIGH YIELD CORPORATE BOND ETF
April 30, 2017
Schedule 1 — Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Assets: | ||||||||||||||||
Corporate bonds & notes | $ | — | $ | 183,643,075 | $ | — | $ | 183,643,075 | ||||||||
Money market funds | 40,978,711 | — | — | 40,978,711 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 40,978,711 | $ | 183,643,075 | $ | — | $ | 224,621,786 | ||||||||
|
|
|
|
|
|
|
| |||||||||
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 57 |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
April 30, 2017
iShares Emerging Markets Bond ETF | iShares Emerging Markets Bond ETF | iShares Emerging Markets Bond ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 69,920,384 | $ | 246,820,335 | $ | 238,178,491 | ||||||
Affiliated (Note 2) | 3,903,842 | 2,195,268 | — | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 73,824,226 | $ | 249,015,603 | $ | 238,178,491 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 71,205,382 | $ | 251,642,398 | $ | 232,879,512 | ||||||
Affiliated (Note 2) | 3,904,396 | 2,195,268 | — | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 75,109,778 | 253,837,666 | 232,879,512 | |||||||||
Foreign currency, at valueb | — | — | 16,311,763 | |||||||||
Cash | 500 | 43,125 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 649,082 | 3,747,940 | 15,729,848 | |||||||||
Due from custodian (Note 4) | — | 4,355,479 | — | |||||||||
Dividends and interest | 940,330 | 3,858,369 | 4,033,637 | |||||||||
Capital shares redeemed | — | — | 2,527 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 76,699,690 | 265,842,579 | 268,957,287 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 414,419 | 10,570,978 | 7,009,519 | |||||||||
Collateral for securities on loan (Note 1) | 2,587,850 | — | — | |||||||||
Due to custodian | — | — | 3,378,362 | |||||||||
Foreign taxes | — | — | 16,037 | |||||||||
Deferred foreign capital gains taxes (Note 1) | 6,467 | 16,147 | 88,042 | |||||||||
Securities related to in-kind transactions (Note 4) | — | — | 11,969,911 | |||||||||
Investment advisory fees (Note 2) | 29,710 | 98,333 | 130,314 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 3,038,446 | 10,685,458 | 22,592,185 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 73,661,244 | $ | 255,157,121 | $ | 246,365,102 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 72,800,487 | $ | 267,925,301 | $ | 280,202,426 | ||||||
Undistributed net investment income | 224,759 | 734,482 | 7,203,277 | |||||||||
Accumulated net realized loss | (643,087 | ) | (18,308,578 | ) | (35,730,525 | ) | ||||||
Net unrealized appreciation (depreciation) | 1,279,085 | 4,805,916 | (5,310,076 | ) | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 73,661,244 | $ | 255,157,121 | $ | 246,365,102 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 1,450,000 | 5,050,000 | 5,400,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 50.80 | $ | 50.53 | $ | 45.62 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $2,499,236, $ — and $ —, respectively. See Note 1. |
b | Cost of foreign currency: $ —, $ — and $16,265,327, respectively. |
c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to financial statements.
58 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
April 30, 2017
iShares Global High Yield Bond ETF | ||||
ASSETS | ||||
Investments, at cost: | ||||
Unaffiliated | $ | 182,588,151 | ||
Affiliated (Note 2) | 40,969,897 | |||
|
| |||
Total cost of investments | $ | 223,558,048 | ||
|
| |||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||
Unaffiliated | $ | 183,643,075 | ||
Affiliated (Note 2) | 40,978,711 | |||
|
| |||
Total fair value of investments | 224,621,786 | |||
Foreign currency, at valueb | 483,872 | |||
Receivables: | ||||
Investment securities sold | 955,366 | |||
Dividends and interest | 2,819,854 | |||
|
| |||
Total Assets | 228,880,878 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investment securities purchased | 2,075,142 | |||
Collateral for securities on loan (Note 1) | 38,319,873 | |||
Investment advisory fees (Note 2) | 60,334 | |||
|
| |||
Total Liabilities | 40,455,349 | |||
|
| |||
NET ASSETS | $ | 188,425,529 | ||
|
| |||
Net assets consist of: | ||||
Paid-in capital | $ | 189,737,078 | ||
Undistributed net investment income | 1,052,687 | |||
Accumulated net realized loss | (3,430,697 | ) | ||
Net unrealized appreciation | 1,066,461 | |||
|
| |||
NET ASSETS | $ | 188,425,529 | ||
|
| |||
Shares outstandingc | 3,800,000 | |||
|
| |||
Net asset value per share | $ | 49.59 | ||
|
|
a | Securities on loan with a value of $36,916,945. See Note 1. |
b | Cost of foreign currency: $490,586. |
c | $0.001 par value, number of shares authorized: 500 million. |
See notes to financial statements.
FINANCIAL STATEMENTS | 59 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended April 30, 2017
iShares Emerging Markets Bond ETF | iShares Emerging Markets Bond ETF | iShares Emerging Markets Bond ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — affiliated (Note 2) | $ | 2,423 | $ | 5,406 | $ | 2,206 | ||||||
Interest — unaffiliateda | 1,419,034 | 5,036,815 | 7,949,893 | |||||||||
Miscellaneous income | — | — | 44,763 | |||||||||
Securities lending income — affiliated — net (Note 2) | 6,370 | — | — | |||||||||
|
|
|
|
|
| |||||||
1,427,827 | 5,042,221 | 7,996,862 | ||||||||||
Less: Other foreign taxes (Note 1) | — | — | (117 | ) | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 1,427,827 | 5,042,221 | 7,996,745 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 146,598 | 397,550 | 784,579 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 146,598 | 397,550 | 784,579 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 1,281,229 | 4,644,671 | 7,212,166 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliatedb | 38,173 | (801,858 | ) | (14,240,495 | ) | |||||||
Investments — affiliated (Note 2) | 164 | — | — | |||||||||
In-kind redemptions — unaffiliated | 19,503 | 234,498 | (4,072,287 | ) | ||||||||
Foreign currency transactions | — | — | (406,752 | ) | ||||||||
Realized gain distributions from affiliated funds | 43 | 16 | 33 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 57,883 | (567,344 | ) | (18,719,501 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investmentsc | 1,141,151 | 4,111,817 | 9,522,793 | |||||||||
Translation of assets and liabilities in foreign currencies | — | — | (16,822 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | 1,141,151 | 4,111,817 | 9,505,971 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | 1,199,034 | 3,544,473 | (9,213,530 | ) | ||||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,480,263 | $ | 8,189,144 | $ | (2,001,364 | ) | |||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $ —, $ — and $248,576, respectively. |
b | Net of foreign capital gains taxes of $ —, $ — and $73,182, respectively. |
c | Net of deferred foreign capital gains taxes of $6,467, $16,147 and $88,207, respectively. |
See notes to financial statements.
60 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended April 30, 2017
iShares Global High Yield Bond ETF | ||||
NET INVESTMENT INCOME | ||||
Dividends — affiliated (Note 2) | $ | 4,886 | ||
Interest — unaffiliated | 3,869,037 | |||
Securities lending income — affiliated — net (Note 2) | 82,173 | |||
|
| |||
Total investment income | 3,956,096 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees (Note 2) | 289,504 | |||
|
| |||
Total expenses | 289,504 | |||
|
| |||
Net investment income | 3,666,592 | |||
|
| |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (285,887 | ) | ||
Investments — affiliated (Note 2) | 1,111 | |||
In-kind redemptions — unaffiliated | 679,954 | |||
Foreign currency transactions | (77,950 | ) | ||
Realized gain distributions from affiliated funds | 62 | |||
|
| |||
Net realized gain | 317,290 | |||
|
| |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | 2,662,301 | |||
Translation of assets and liabilities in foreign currencies | 29,542 | |||
|
| |||
Net change in unrealized appreciation/depreciation | 2,691,843 | |||
|
| |||
Net realized and unrealized gain | 3,009,133 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,675,725 | ||
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 61 |
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, 2017 (Unaudited) | Year ended October 31, 2016 | Six months April 30, 2017 (Unaudited) | Year ended October 31, 2016 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,281,229 | $ | 1,129,020 | $ | 4,644,671 | $ | 4,458,156 | ||||||||
Net realized gain (loss) | 57,883 | (885,163 | ) | (567,344 | ) | (9,426,759 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 1,141,151 | 1,653,164 | 4,111,817 | 13,084,861 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 2,480,263 | 1,897,021 | 8,189,144 | 8,116,258 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (1,155,855 | ) | (1,132,294 | ) | (4,772,541 | ) | (4,977,922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,155,855 | ) | (1,132,294 | ) | (4,772,541 | ) | (4,977,922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 42,072,013 | 12,468,983 | 165,961,166 | 59,002,370 | ||||||||||||
Cost of shares redeemed | (2,493,366 | ) | (9,404,316 | ) | (21,651,387 | ) | (113,909,444 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 39,578,647 | 3,064,667 | 144,309,779 | (54,907,074 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | 40,903,055 | 3,829,394 | 147,726,382 | (51,768,738 | ) | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 32,758,189 | 28,928,795 | 107,430,739 | 159,199,477 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 73,661,244 | $ | 32,758,189 | $ | 255,157,121 | $ | 107,430,739 | ||||||||
|
|
| �� |
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 224,759 | $ | 99,385 | $ | 734,482 | $ | 862,352 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 850,000 | 250,000 | 3,350,000 | 1,200,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (200,000 | ) | (450,000 | ) | (2,450,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | 800,000 | 50,000 | 2,900,000 | (1,250,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
62 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares Emerging Markets Local Currency Bond ETF | iShares Global High Yield Corporate Bond ETF | |||||||||||||||
Six months ended April 30, 2017 (Unaudited) | Year ended October 31, 2016 | Six months April 30, 2017 (Unaudited) | Year ended October 31, 2016 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 7,212,166 | $ | 20,092,446 | $ | 3,666,592 | $ | 5,362,631 | ||||||||
Net realized gain (loss) | (18,719,501 | ) | (65,625,259 | ) | 317,290 | (5,141,727 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 9,505,971 | 74,309,131 | 2,691,843 | 5,170,998 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (2,001,364 | ) | 28,776,318 | 6,675,725 | 5,391,902 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | — | — | (3,527,340 | ) | (4,092,928 | ) | ||||||||||
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|
|
|
|
|
| |||||||||
Total distributions to shareholders | — | — | (3,527,340 | ) | (4,092,928 | ) | ||||||||||
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|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 26,893,350 | 157,898,478 | 107,380,721 | 18,646,272 | ||||||||||||
Cost of shares redeemed | (229,937,308 | ) | (255,796,504 | ) | (19,650,421 | ) | (41,329,406 | ) | ||||||||
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|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (203,043,958 | ) | (97,898,026 | ) | 87,730,300 | (22,683,134 | ) | |||||||||
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|
|
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| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (205,045,322 | ) | (69,121,708 | ) | 90,878,685 | (21,384,160 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 451,410,424 | 520,532,132 | 97,546,844 | 118,931,004 | ||||||||||||
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| |||||||||
End of period | $ | 246,365,102 | $ | 451,410,424 | $ | 188,425,529 | $ | 97,546,844 | ||||||||
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| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | 7,203,277 | $ | (8,889 | ) | $ | 1,052,687 | $ | 913,435 | |||||||
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|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 600,000 | 3,600,000 | 2,200,000 | 400,000 | ||||||||||||
Shares redeemed | (5,200,000 | ) | (6,200,000 | ) | (400,000 | ) | (900,000 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (4,600,000 | ) | (2,600,000 | ) | 1,800,000 | (500,000 | ) | |||||||||
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|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 63 |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares Emerging Markets Corporate Bond ETF | ||||||||||||||||||||||||
Six months ended Apr. 30, 2017 (Unaudited) | Year ended Oct. 31, 2016 | Year ended Oct. 31, 2015 | Year ended Oct. 31, 2014 | Year ended Oct. 31, 2013 | Period from to Oct. 31, 2012 | |||||||||||||||||||
Net asset value, beginning of period | $ | 50.40 | $ | 48.21 | $ | 51.18 | $ | 50.48 | $ | 52.93 | $ | 50.00 | ||||||||||||
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| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 1.08 | 2.19 | 2.19 | 2.01 | 1.92 | 1.07 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 0.35 | 2.18 | (3.02 | ) | 0.75 | (2.49 | ) | 2.76 | ||||||||||||||||
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|
|
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|
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| |||||||||||||
Total from investment operations | 1.43 | 4.37 | (0.83 | ) | 2.76 | (0.57 | ) | 3.83 | ||||||||||||||||
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| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.03 | ) | (2.18 | ) | (2.14 | ) | (2.06 | ) | (1.88 | ) | (0.90 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (1.03 | ) | (2.18 | ) | (2.14 | ) | (2.06 | ) | (1.88 | ) | (0.90 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 50.80 | $ | 50.40 | $ | 48.21 | $ | 51.18 | $ | 50.48 | $ | 52.93 | ||||||||||||
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| |||||||||||||
Total return | 2.88 | %d | 9.33 | % | (1.62 | )% | 5.61 | % | (1.07 | )% | 7.75 | %d | ||||||||||||
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Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 73,661 | $ | 32,758 | $ | 28,929 | $ | 25,591 | $ | 35,338 | $ | 21,170 | ||||||||||||
Ratio of expenses to average net assetse | 0.50 | % | 0.50 | % | 0.53 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Ratio of net investment income to average net assetse | 4.37 | % | 4.51 | % | 4.47 | % | 3.99 | % | 3.74 | % | 3.87 | % | ||||||||||||
Portfolio turnover ratef | 7 | %d | 22 | % | 11 | % | 20 | % | 33 | % | 29 | %d |
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.
64 | 2017 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, 2017 (Unaudited) | Year ended Oct. 31, 2016 | Year ended Oct. 31, 2015 | Year ended Oct. 31, 2014 | Year ended Oct. 31, 2013 | Period from to Oct. 31, 2012 | |||||||||||||||||||
Net asset value, beginning of period | $ | 49.97 | $ | 46.82 | $ | 51.03 | $ | 50.90 | $ | 53.62 | $ | 50.02 | ||||||||||||
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Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 1.43 | 3.03 | 2.99 | 2.93 | 2.97 | 1.60 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 0.71 | 3.25 | (4.11 | ) | 0.15 | (2.91 | ) | 3.40 | ||||||||||||||||
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Total from investment operations | 2.14 | 6.28 | (1.12 | ) | 3.08 | 0.06 | 5.00 | |||||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.58 | ) | (3.13 | ) | (3.09 | ) | (2.95 | ) | (2.78 | ) | (1.40 | ) | ||||||||||||
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Total distributions | (1.58 | ) | (3.13 | ) | (3.09 | ) | (2.95 | ) | (2.78 | ) | (1.40 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 50.53 | $ | 49.97 | $ | 46.82 | $ | 51.03 | $ | 50.90 | $ | 53.62 | ||||||||||||
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| |||||||||||||
Total return | 4.39 | %d | 14.02 | % | (2.13 | )% | 6.24 | % | 0.14 | % | 10.21 | %d | ||||||||||||
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| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 255,157 | $ | 107,431 | $ | 159,199 | $ | 199,005 | $ | 203,604 | $ | 166,231 | ||||||||||||
Ratio of expenses to average net assetse | 0.50 | % | 0.50 | % | 0.55 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Ratio of net investment income to average net assetse | 5.84 | % | 6.35 | % | 6.29 | % | 5.78 | % | 5.64 | % | 5.34 | % | ||||||||||||
Portfolio turnover ratef | 13 | %d | 29 | % | 39 | % | 24 | % | 57 | % | 40 | %d |
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 | 65 |
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, 2017 (Unaudited) | Year ended Oct. 31, 2016 | Year ended Oct. 31, 2015 | Year ended Oct. 31, 2014 | Year ended Oct. 31, 2013 | Year ended Oct. 31, 2012 | |||||||||||||||||||
Net asset value, beginning of period | $ | 45.14 | $ | 41.31 | $ | 48.74 | $ | 50.66 | $ | 51.94 | $ | 51.13 | ||||||||||||
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| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 1.00 | 1.94 | 2.03 | 2.26 | 2.07 | 2.31 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (0.52 | ) | 1.89 | (8.87 | ) | (2.84 | ) | (1.92 | ) | 0.41 | ||||||||||||||
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| |||||||||||||
Total from investment operations | 0.48 | 3.83 | (6.84 | ) | (0.58 | ) | 0.15 | 2.72 | ||||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (1.31 | ) | (1.39 | ) | (0.81 | ) | |||||||||||||||
Return of capital | — | — | (0.59 | ) | (0.03 | ) | (0.04 | ) | (1.10 | ) | ||||||||||||||
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| |||||||||||||
Total distributions | — | — | (0.59 | ) | (1.34 | ) | (1.43 | ) | (1.91 | ) | ||||||||||||||
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|
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| |||||||||||||
Net asset value, end of period | $ | 45.62 | $ | 45.14 | $ | 41.31 | $ | 48.74 | $ | 50.66 | $ | 51.94 | ||||||||||||
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| |||||||||||||
Total return | 1.06 | %d | 9.06 | %c | (13.99 | )%c | (1.14 | )% | 0.28 | % | 5.48 | % | ||||||||||||
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|
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| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 246,365 | $ | 451,410 | $ | 520,532 | $ | 584,857 | $ | 638,342 | $ | 207,753 | ||||||||||||
Ratio of expenses to average net assetse | 0.50 | % | 0.50 | % | 0.50 | % | 0.59 | % | 0.60 | % | 0.60 | % | ||||||||||||
Ratio of expenses to average net assets prior to waived feese | n/a | n/a | 0.53 | % | 0.60 | % | n/a | n/a | ||||||||||||||||
Ratio of net investment income to average net assetse | 4.60 | % | 4.56 | % | 4.63 | % | 4.56 | % | 4.04 | % | 4.57 | % | ||||||||||||
Portfolio turnover ratef | 28 | %d | 59 | % | 46 | % | 43 | % | 41 | % | 61 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the years ended October 31, 2016 and October 31, 2015 were 9.27% and -14.16%, respectively. |
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 include 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 six months ended April 30, 2017, the years ended October 31, 2016, October 31, 2015, October 31, 2014, October 31, 2013 and October 30, 2012 were 27%, 33%, 32%, 36%, 39% and 61%, respectively. See Note 4. |
See notes to financial statements.
66 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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, 2017 (Unaudited) | Year ended Oct. 31, 2016 | Year ended Oct. 31, 2015 | Year ended Oct. 31, 2014 | Year ended Oct. 31, 2013 | Period from to Oct. 31, 2012 | |||||||||||||||||||
Net asset value, beginning of period | $ | 48.77 | $ | 47.57 | $ | 52.00 | $ | 53.50 | $ | 51.67 | $ | 50.00 | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 1.22 | 2.55 | 2.56 | 2.84 | 3.05 | 1.82 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 0.94 | 0.57 | (4.76 | ) | (1.28 | ) | 1.70 | 1.35 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.16 | 3.12 | (2.20 | ) | 1.56 | 4.75 | 3.17 | |||||||||||||||||
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|
|
|
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|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.34 | ) | (1.92 | ) | (2.23 | ) | (3.06 | ) | (2.92 | ) | (1.50 | ) | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.34 | ) | (1.92 | ) | (2.23 | ) | (3.06 | ) | (2.92 | ) | (1.50 | ) | ||||||||||||
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|
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|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 49.59 | $ | 48.77 | $ | 47.57 | $ | 52.00 | $ | 53.50 | $ | 51.67 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 4.48 | %d | 6.82 | % | (4.32 | )% | 2.91 | % | 9.50 | % | 6.53 | %d | ||||||||||||
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| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 188,426 | $ | 97,547 | $ | 118,931 | $ | 104,002 | $ | 74,893 | $ | 36,169 | ||||||||||||
Ratio of expenses to average net assetse | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of expenses to average net assets prior to waived feese | n/a | 0.51 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | |||||||||||||
Ratio of net investment income to average net assetse | 5.07 | % | 5.44 | % | 5.18 | % | 5.31 | % | 5.82 | % | 6.28 | % | ||||||||||||
Portfolio turnover ratef | 11 | %d | 24 | % | 21 | % | 21 | % | 20 | % | 10 | %d |
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 | 67 |
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 Articles of Incorporation as subsequently amended and restated.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
Emerging Markets Corporate Bond | Diversified | |
Emerging Markets High Yield Bond | Non-diversified | |
Emerging Markets Local Currency Bond | Non-diversified | |
Global High Yield Corporate Bond | 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.
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 each Fund in the preparation of its 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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
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 using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; |
68 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. |
• | Open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
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 by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
NOTESTO FINANCIAL STATEMENTS | 69 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value 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 categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.
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. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.
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.
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, 2017, 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.
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 an approved 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,
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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. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 but does not receive interest income on securities received as collateral. 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.
On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.
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, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of April 30, 2017 and the total value of the related cash 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.
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. 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.
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The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of April 30, 2017:
iShares ETF and Counterparty | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
Emerging Markets Corporate Bond | ||||||||||||
Barclays Capital Inc. | $ | 216,337 | $ | 216,337 | $ | — | ||||||
Citigroup Global Markets Inc. | 624,664 | 624,664 | — | |||||||||
Jefferies LLC | 261,909 | 261,909 | — | |||||||||
Merrill Lynch, Pierce, Fenner & Smith | 561,267 | 561,267 | — | |||||||||
Morgan Stanley & Co. LLC | 461,653 | 461,653 | — | |||||||||
Nomura Securities International Inc. | 149,200 | 149,200 | — | |||||||||
SG Americas Securities LLC | 203,384 | 203,384 | — | |||||||||
Wells Fargo Securities LLC | 20,822 | 20,822 | — | |||||||||
|
|
|
|
|
| |||||||
$ | 2,499,236 | $ | 2,499,236 | $ | — | |||||||
|
|
|
|
|
| |||||||
Global High Yield Corporate Bond | ||||||||||||
Barclays Capital Inc. | $ | 7,739,068 | $ | 7,739,068 | $ | — | ||||||
BMO Capital Markets | 1,528,974 | 1,528,974 | — | |||||||||
BNP Paribas New York Branch | 266,870 | 266,870 | — | |||||||||
BNP Paribas Prime Brokerage International Ltd. | 324,837 | 324,837 | — | |||||||||
Citigroup Global Markets Inc. | 4,325,712 | 4,325,712 | — | |||||||||
Credit Suisse Securities (USA) LLC | 1,778,371 | 1,778,371 | — | |||||||||
Deutsche Bank Securities Inc. | 3,222,155 | 3,222,155 | — | |||||||||
Goldman Sachs & Co. | 3,269,282 | 3,269,282 | — | |||||||||
HSBC Securities (USA) Inc. | 281,963 | 281,963 | — | |||||||||
Jefferies LLC | 1,472,833 | 1,472,833 | — | |||||||||
JPMorgan Securities LLC | 5,872,362 | 5,872,362 | — | |||||||||
Merrill Lynch, Pierce, Fenner & Smith | 1,760,166 | 1,760,166 | — | |||||||||
Morgan Stanley & Co. LLC | 1,605,476 | 1,605,476 | — | |||||||||
SG Americas Securities LLC | 840,017 | 840,017 | — | |||||||||
UBS Securities LLC | 2,628,859 | 2,628,859 | — | |||||||||
|
|
|
|
|
| |||||||
$ | 36,916,945 | $ | 36,916,945 | $ | — | |||||||
|
|
|
|
|
| |||||||
a | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Fund’s financial statements.
In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the
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earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.
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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).
BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Shares Emerging Markets Local Currency 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, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Emerging Markets Corporate Bond | 0.50 | % | ||
Emerging Markets High Yield Bond | 0.50 | |||
Emerging Markets Local Currency Bond | 0.50 | |||
Global High Yield Corporate Bond | 0.40 |
The SEC 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. 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% (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 the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees 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 the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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For the six months ended April 30, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:
iShares ETF | Fees Paid to BTC | |||
Emerging Markets Corporate Bond | $ | 1,904 | ||
Global High Yield Corporate Bond | 24,126 |
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.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended April 30, 2017, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
Emerging Markets Corporate Bond | $ | 29,838 | $ | 168,899 | ||||
Emerging Markets High Yield Bond | 261,345 | 156,830 | ||||||
Global High Yield Corporate Bond | 325,012 | 705,447 |
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 “Dividends – 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.
3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017 were as follows:
iShares ETF | Purchases | Sales | ||||||
Emerging Markets Corporate Bond | $ | 15,719,119 | $ | 3,854,656 | ||||
Emerging Markets High Yield Bond | 37,695,949 | 20,657,164 | ||||||
Emerging Markets Local Currency Bond | 81,847,250 | 177,601,445 | ||||||
Global High Yield Corporate Bond | 61,375,523 | 15,892,814 |
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iSHARES®, INC.
In-kind transactions (see Note 4) for the six months ended April 30, 2017 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Emerging Markets Corporate Bond | $ | 28,477,452 | $ | 2,359,777 | ||||
Emerging Markets High Yield Bond | 146,851,384 | 21,133,183 | ||||||
Emerging Markets Local Currency Bond | — | 70,636,094 | ||||||
Global High Yield Corporate Bond | 57,530,757 | 16,901,442 |
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 NAV. 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
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. | PRINCIPAL RISKS |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global
NOTESTO FINANCIAL STATEMENTS | 75 |
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iSHARES®, INC.
political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Investing in the securities of non-U.S. issuers 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 Fund; 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 issuers from countries with less developed markets.
The economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by a fund issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies 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. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
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iSHARES®, INC.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
High yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-” by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s) or are unrated, may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.
6. | INCOME TAX INFORMATION |
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.
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 NAV per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of October 31, 2016, 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 | $ | 679,122 | ||
Emerging Markets High Yield Bond | 17,583,299 | |||
Emerging Markets Local Currency Bond | 10,212,040 | |||
Global High Yield Corporate Bond | 3,723,811 |
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2017, 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.
NOTESTO FINANCIAL STATEMENTS | 77 |
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iSHARES®, INC.
7. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.
8. | 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.
On March 15, 2017, the Board approved several changes for the iShares Emerging Markets Corporate Bond ETF (“CEMB”) and iShares Emerging Market Local Currency Bond ETF (“LEMB”). Effective on or around June 1, 2017, CEMB will track a new underlying index, the J.P. Morgan CEMBI Broad Diversified Core Index, and cease to track the Morningstar Emerging Markets Corporate Bond Index. LEMB will track a new underlying index, the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index, and cease to track the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Concurrently, CEMB and LEMB will change their names to the iShares J.P. Morgan EM Corporate Bond ETF and iShares J.P. Morgan EM Local Currency Bond ETF, respectively.
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Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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 these 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 | $ | 1.002659 | $ | — | $ | 0.029301 | $ | 1.031960 | 97 | % | — | % | 3 | % | 100 | % | ||||||||||||||||
Emerging Markets High Yield Bond | 1.488925 | — | 0.089090 | 1.578015 | 94 | — | 6 | 100 | ||||||||||||||||||||||||
Global High Yield Corporate Bond | 1.337003 | — | — | 1.337003 | 100 | — | — | 100 |
SUPPLEMENTAL INFORMATION | 79 |
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For more information visit www.iShares.com or call 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 Barclays, Bloomberg Finance L.P., JPMorgan Chase & Co., Markit Indices Limited or Morningstar, 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 basis on the Funds’ website.
©2017 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-1002-0417
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APRIL 30, 2017
2017 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
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iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
Performance as of April 30, 2017
The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended April 30, 2017, the total return for the Fund was 3.30%, net of fees, while the total return for the Index was 3.57%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||||
1 Year | 1.55% | 1.21% | 1.90% | 1.55% | 1.21% | 1.90% | ||||||||||||||||||||||
5 Years | 3.15% | 3.00% | 3.10% | 16.78% | 15.93% | 16.49% | ||||||||||||||||||||||
Since Inception | 2.98% | 3.03% | 3.09% | 16.09% | 16.35% | 16.70% |
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 6 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Beginning Account Value (11/1/16) | Ending Account Value (4/30/17) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,033.00 | $ | 2.02 | $ | 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 6 for more information. |
ALLOCATION BY CREDIT QUALITY
As of 4/30/17
Moody’s Credit Rating 1 | Percentage of Total Investments 2 |
Baa | 0.36 | % | ||
Ba | 50.44 | |||
B | 29.67 | |||
Caa | 5.01 | |||
Ca | 0.26 | |||
Not Rated | 14.26 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRIES
As of 4/30/17
Country | Percentage of Total Investments 2 |
Italy | 20.62 | % | ||
United Kingdom | 13.99 | |||
France | 13.77 | |||
Germany | 10.80 | |||
United States | 10.23 | |||
Spain | 6.29 | |||
Luxembourg | 4.96 | |||
Canada | 2.96 | |||
Ireland | 2.54 | |||
Netherlands | 2.44 | |||
|
| |||
TOTAL | 88.60 | % | ||
|
|
1 | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
2 | Excludes money market funds. |
FUND PERFORMANCE OVERVIEW | 5 |
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 advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 the 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, 2016 and held through April 30, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on the 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.
6 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal or Shares (000s) | Value | ||||||||||
COMMON STOCKS — 0.00% |
| |||||||||||
SOUTH AFRICA — 0.00% |
| |||||||||||
Sentry Holdings Ltd. Class A |
| 25 | $ | — | ||||||||
|
| |||||||||||
TOTAL COMMON STOCKS |
| |||||||||||
(Cost: $159,437) |
| — | ||||||||||
CORPORATE BONDS & NOTES — 97.86% |
| |||||||||||
AUSTRALIA — 0.35% |
| |||||||||||
Origin Energy Finance Ltd. |
| |||||||||||
4.00%, 09/16/74 (Call 09/16/19)a | EUR | 200 | 221,081 | |||||||||
|
| |||||||||||
221,081 | ||||||||||||
AUSTRIA — 1.15% |
| |||||||||||
Raiffeisen Bank International AG |
| |||||||||||
6.00%, 10/16/23a | EUR | 100 | 126,533 | |||||||||
6.63%, 05/18/21 | EUR | 100 | 127,846 | |||||||||
VRN, (5 year EUR Swap + 3.300%) |
| |||||||||||
4.50%, 02/21/25 (Call 02/21/20)a | EUR | 100 | 114,813 | |||||||||
VRN, (5 year EUR Swap + 4.840%) |
| |||||||||||
5.88%, 04/27/23 (Call 04/27/18) | EUR | 100 | 114,129 | |||||||||
Raiffeisenlandesbank Niederoesterreich-Wien AG | ||||||||||||
5.88%, 11/27/23a | EUR | 100 | 120,191 | |||||||||
Wienerberger AG |
| |||||||||||
4.00%, 04/17/20 | EUR | 100 | 119,234 | |||||||||
|
| |||||||||||
722,746 | ||||||||||||
BELGIUM — 1.48% |
| |||||||||||
Barry Callebaut Services NV |
| |||||||||||
2.38%, 05/24/24a | EUR | 100 | 112,358 | |||||||||
5.63%, 06/15/21a | EUR | 100 | 130,286 | |||||||||
Ethias SA |
| |||||||||||
5.00%, 01/14/26a | EUR | 100 | 110,840 | |||||||||
Nyrstar Netherlands Holdings BV |
| |||||||||||
6.88%, 03/15/24 (Call 03/15/20)a | EUR | 100 | 109,309 | |||||||||
8.50%, 09/15/19a | EUR | 100 | 120,293 | |||||||||
Ontex Group NV |
| |||||||||||
4.75%, 11/15/21 (Call 11/15/17)a | EUR | 100 | 113,652 | |||||||||
Telenet Finance V Luxembourg SCA |
| |||||||||||
6.25%, 08/15/22 (Call 08/15/17)a | EUR | 100 | 113,957 | |||||||||
6.75%, 08/15/24 (Call 08/15/18)a | EUR | 100 | 119,822 | |||||||||
|
| |||||||||||
930,517 |
Security | Principal (000s) | Value | ||||||||||
CANADA — 2.90% |
| |||||||||||
AutoCanada Inc. |
| |||||||||||
5.63%, 05/25/21 (Call 05/29/17) | CAD | 50 | $ | 37,117 | ||||||||
Baytex Energy Corp. |
| |||||||||||
6.63%, 07/19/22 (Call 07/19/17) | CAD | 75 | 53,070 | |||||||||
Bombardier Inc. |
| |||||||||||
6.13%, 05/15/21a | EUR | 200 | 235,175 | |||||||||
Brookfield Residential Properties Inc. |
| |||||||||||
6.13%, 05/15/23 (Call 05/15/18)a | CAD | 75 | 56,498 | |||||||||
Canadian Energy Services & Technology Corp. | ||||||||||||
7.38%, 04/17/20 (Call 05/29/17) | CAD | 75 | 56,892 | |||||||||
Cascades Inc. |
| |||||||||||
5.50%, 07/15/21 (Call 07/15/17)b | CAD | 50 | 37,940 | |||||||||
Cott Corp. |
| |||||||||||
5.50%, 07/01/24 (Call 07/01/19)a | EUR | 100 | 116,666 | |||||||||
DHX Media Ltd. |
| |||||||||||
5.88%, 12/02/21 (Call 12/02/17) | CAD | 50 | 36,386 | |||||||||
Entertainment One Ltd. |
| |||||||||||
6.88%, 12/15/22 (Call 12/15/18)a | GBP | 100 | 140,852 | |||||||||
Gibson Energy Inc. |
| |||||||||||
5.38%, 07/15/22 (Call 07/15/17)b | CAD | 75 | 55,675 | |||||||||
Great Canadian Gaming Corp. |
| |||||||||||
6.63%, 07/25/22 (Call 07/25/17)b | CAD | 75 | 56,910 | |||||||||
Iron Mountain Canada Operations ULC |
| |||||||||||
5.38%, 09/15/23 | CAD | 50 | 37,757 | |||||||||
Mattamy Group Corp. |
| |||||||||||
6.88%, 11/15/20 (Call 05/29/17)b | CAD | 50 | 37,711 | |||||||||
Newalta Corp. |
| |||||||||||
7.75%, 11/14/19 (Call 05/29/17) | CAD | 50 | 36,203 | |||||||||
Noralta Lodge Ltd. |
| |||||||||||
7.50%, 09/24/19 (Call 05/30/17)a | CAD | 13 | 8,652 | |||||||||
Parkland Fuel Corp. |
| |||||||||||
5.50%, 05/28/21 (Call 05/29/17) | CAD | 50 | 37,711 | |||||||||
6.00%, 11/21/22 (Call 11/21/17) | CAD | 100 | 75,880 | |||||||||
Quebecor Media Inc. |
| |||||||||||
6.63%, 01/15/23b | CAD | 125 | 98,811 | |||||||||
7.38%, 01/15/21 (Call 05/01/17) | CAD | 50 | 37,467 | |||||||||
River Cree Enterprises LP |
| |||||||||||
11.00%, 01/20/21 (Call 01/20/18)b | CAD | 50 | 37,666 | |||||||||
Russel Metals Inc. |
| |||||||||||
6.00%, 04/19/22 (Call 05/29/17)b | CAD | 75 | 56,121 |
SCHEDULEOF INVESTMENTS | 7 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Sirius XM Canada Holdings Inc. |
| |||||||||||
5.63%, 04/23/21 (Call 05/29/17)b | CAD | 50 | $ | 36,751 | ||||||||
Southern Pacific Resource Corp. |
| |||||||||||
8.75%, 01/25/18 (Call 05/29/17)b,c | CAD | 50 | 4 | |||||||||
Superior Plus LP |
| |||||||||||
5.25%, 02/27/24 (Call 02/27/20) | CAD | 50 | 37,300 | |||||||||
6.50%, 12/09/21 (Call 12/09/17) | CAD | 50 | 38,671 | |||||||||
Trilogy Energy Corp. |
| |||||||||||
7.25%, 12/13/19 (Call 05/29/17)b | CAD | 75 | 55,401 | |||||||||
Videotron Ltd. |
| |||||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 75 | 58,367 | |||||||||
5.75%, 01/15/26 (Call 09/15/20)a | CAD | 100 | 77,936 | |||||||||
6.88%, 07/15/21 (Call 05/01/17) | CAD | 31 | 23,457 | |||||||||
Wajax Corp. |
| |||||||||||
6.13%, 10/23/20 (Call 10/23/17)a | CAD | 50 | 37,574 | |||||||||
Western Energy Services Corp. |
| |||||||||||
7.88%, 01/30/19 (Call 05/29/17) | CAD | 53 | 38,375 | |||||||||
Yellow Pages Digital & |
| |||||||||||
9.25%, 11/30/18 (Call 05/29/17) | CAD | 88 | 64,810 | |||||||||
|
| |||||||||||
1,815,806 | ||||||||||||
CYPRUS — 0.19% |
| |||||||||||
Bank of Cyprus PCL |
| |||||||||||
9.25%, 01/19/27 (Call 01/19/22)a | EUR | 100 | 116,986 | |||||||||
|
| |||||||||||
116,986 | ||||||||||||
DENMARK — 0.52% |
| |||||||||||
Nassa Topco AS |
| |||||||||||
2.88%, 04/06/24 (Call 01/06/24)a | EUR | 100 | 110,392 | |||||||||
TDC A/S |
| |||||||||||
3.50%, 02/26/49 (Call 02/26/21)a | EUR | 200 | 218,350 | |||||||||
|
| |||||||||||
328,742 | ||||||||||||
FINLAND — 0.90% |
| |||||||||||
Nokia OYJ |
| |||||||||||
1.00%, 03/15/21 (Call 02/15/21)a | EUR | 100 | 109,113 | |||||||||
2.00%, 03/15/24 (Call 12/15/23)a | EUR | 100 | 108,622 | |||||||||
Outokumpu OYJ |
| |||||||||||
6.63%, 09/30/19 (Call 05/30/17) | EUR | 100 | 113,389 | |||||||||
Stora Enso OYJ |
| |||||||||||
2.13%, 06/16/23 (Call 03/16/23)a | EUR | 100 | 110,517 | |||||||||
5.50%, 03/07/19a | EUR | 100 | 119,249 | |||||||||
|
| |||||||||||
560,890 |
Security | Principal (000s) | Value | ||||||||||
FRANCE — 13.47% |
| |||||||||||
3AB Optique Developpement SAS |
| |||||||||||
5.63%, 04/15/19 (Call 05/29/17)a | EUR | 100 | $ | 110,048 | ||||||||
Areva SA |
| |||||||||||
3.25%, 09/04/20a | EUR | 200 | 218,825 | |||||||||
3.50%, 03/22/21 | EUR | 100 | 109,739 | |||||||||
4.38%, 11/06/19 | EUR | 200 | 225,836 | |||||||||
Autodis SA |
| |||||||||||
4.38%, 05/01/22 (Call 05/01/18)a | EUR | 100 | 112,947 | |||||||||
BiSoho SAS |
| |||||||||||
5.88%, 05/01/23 (Call 05/01/19)a | EUR | 90 | 105,554 | |||||||||
Burger King France SAS |
| |||||||||||
6.00%, 05/01/24 (Call 05/01/20)a | EUR | 100 | 112,757 | |||||||||
Casino Guichard Perrachon SA |
| |||||||||||
3.58%, 02/07/25 (Call 11/07/24)a | EUR | 100 | 112,979 | |||||||||
4.05%, 08/05/26 (Call 05/05/26)a | EUR | 200 | 231,843 | |||||||||
4.41%, 08/06/19a | EUR | 200 | 237,203 | |||||||||
4.50%, 03/07/24 (Call 12/07/23)a | EUR | 200 | 240,250 | |||||||||
4.56%, 01/25/23a | EUR | 100 | 122,225 | |||||||||
5.24%, 03/09/20 | EUR | 100 | 123,081 | |||||||||
5.98%, 05/26/21 | EUR | 200 | 256,400 | |||||||||
CGG SA |
| |||||||||||
5.88%, 05/15/20 (Call 05/29/17)a | EUR | 100 | 51,741 | |||||||||
CMA CGM SA |
| |||||||||||
7.75%, 01/15/21 (Call 01/15/18)a | EUR | 100 | 112,698 | |||||||||
8.75%, 12/15/18 (Call 05/30/17)a | EUR | 100 | 111,585 | |||||||||
ContourGlobal Power Holdings SA |
| |||||||||||
5.13%, 06/15/21 (Call 06/15/18)a | EUR | 100 | 115,305 | |||||||||
Elis SA |
| |||||||||||
3.00%, 04/30/22 (Call 04/30/18)a | EUR | 200 | 224,457 | |||||||||
Europcar Groupe SA |
| |||||||||||
5.75%, 06/15/22 (Call 06/15/18)a | EUR | 100 | 114,298 | |||||||||
Faurecia |
| |||||||||||
3.13%, 06/15/22 (Call 06/15/18)a | EUR | 100 | 112,641 | |||||||||
3.63%, 06/15/23 (Call 06/15/19)a | EUR | 200 | 228,834 | |||||||||
Groupama SA |
| |||||||||||
6.00%, 01/23/27 | EUR | 100 | 117,548 | |||||||||
VRN, (3 mo. Euribor + 5.360%) |
| |||||||||||
7.88%, 10/27/39 (Call 10/27/19) | EUR | 200 | 243,526 | |||||||||
Groupe Fnac SA |
| |||||||||||
3.25%, 09/30/23 (Call 09/30/19)a | EUR | 100 | 111,988 | |||||||||
Holdikks SAS |
| |||||||||||
6.75%, 07/15/21 (Call 07/15/17)a | EUR | 100 | 66,426 |
8 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Holding Medi-Partenaires SAS |
| |||||||||||
7.00%, 05/15/20 (Call 05/08/17)a | EUR | 100 | $ | 112,702 | ||||||||
HomeVi SAS |
| |||||||||||
6.88%, 08/15/21 (Call 08/15/17)a | EUR | 100 | 114,180 | |||||||||
La Financiere Atalian SAS |
| |||||||||||
4.00%, 05/15/24 (Call 05/15/20)a | EUR | 100 | 110,626 | |||||||||
7.25%, 01/15/20 (Call 05/30/17)a | EUR | 100 | 113,231 | |||||||||
Labeyrie Fine Foods SAS |
| |||||||||||
5.63%, 03/15/21 (Call 05/30/17)a | EUR | 100 | 111,937 | |||||||||
Loxam SAS |
| |||||||||||
3.50%, 05/03/23 (Call 05/03/19)a | EUR | 100 | 111,485 | |||||||||
4.88%, 07/23/21 (Call 07/23/17)a | EUR | 100 | 112,294 | |||||||||
6.00%, 04/15/25 (Call 04/15/20)a | EUR | 100 | 113,989 | |||||||||
Mobilux Finance SAS |
| |||||||||||
5.50%, 11/15/24 (Call 11/15/19)a | EUR | 100 | 112,955 | |||||||||
NEW Areva Holding SA |
| |||||||||||
3.13%, 03/20/23 (Call 12/20/22)a | EUR | 200 | 212,054 | |||||||||
4.88%, 09/23/24 | EUR | 200 | 226,246 | |||||||||
Nexans SA |
| |||||||||||
3.25%, 05/26/21 (Call 02/26/21)a | EUR | 100 | 116,003 | |||||||||
Novafives SAS |
| |||||||||||
4.50%, 06/30/21 (Call 06/30/17)a | EUR | 100 | 109,609 | |||||||||
Paprec Holding |
| |||||||||||
5.25%, 04/01/22 (Call 04/01/18)a | EUR | 100 | 114,493 | |||||||||
Peugeot SA |
| |||||||||||
2.00%, 03/23/24a | EUR | 75 | 82,771 | |||||||||
2.38%, 04/14/23a | EUR | 150 | 170,448 | |||||||||
6.50%, 01/18/19a | EUR | 100 | 120,414 | |||||||||
Rexel SA |
| |||||||||||
2.63%, 06/15/24 (Call 03/15/20)a | EUR | 125 | 135,110 | |||||||||
3.25%, 06/15/22 (Call 06/15/18)a | EUR | 100 | 113,007 | |||||||||
3.50%, 06/15/23 (Call 06/15/19)a | EUR | 200 | 227,591 | |||||||||
SFR Group SA |
| |||||||||||
5.38%, 05/15/22 (Call 05/29/17)a | EUR | 200 | 226,621 | |||||||||
5.63%, 05/15/24 (Call 05/15/19)a | EUR | 300 | 352,422 | |||||||||
SPCM SA |
| |||||||||||
2.88%, 06/15/23 (Call 06/15/18)a | EUR | 100 | 111,226 | |||||||||
SPIE SA |
| |||||||||||
3.13%, 03/22/24 (Call 09/22/23)a | EUR | 100 | 111,759 | |||||||||
Synlab Bondco PLC |
| |||||||||||
6.25%, 07/01/22 (Call 07/01/18)a | EUR | 100 | 117,821 | |||||||||
Synlab Unsecured Bondco PLC |
| |||||||||||
8.25%, 07/01/23 (Call 07/01/18)a | EUR | 150 | 181,776 |
Security | Principal (000s) | Value | ||||||||||
Tereos Finance Groupe I SA |
| |||||||||||
4.13%, 06/16/23 (Call 03/16/23)a | EUR | 100 | $ | 109,091 | ||||||||
4.25%, 03/04/20 (Call 03/04/19) | EUR | 100 | 113,971 | |||||||||
THOM Europe SAS |
| |||||||||||
7.38%, 07/15/19 (Call 05/08/17)a | EUR | 100 | 112,117 | |||||||||
Vallourec SA |
| |||||||||||
2.25%, 09/30/24a | EUR | 100 | 87,656 | |||||||||
3.25%, 08/02/19 | EUR | 100 | 111,273 | |||||||||
Verallia Packaging SASU |
| |||||||||||
5.13%, 08/01/22 (Call 08/01/18)a | EUR | 100 | 115,909 | |||||||||
WFS Global Holding SAS |
| |||||||||||
9.50%, 07/15/22 (Call 07/15/18)a | EUR | 100 | 117,665 | |||||||||
|
| |||||||||||
8,441,186 | ||||||||||||
GERMANY — 10.57% |
| |||||||||||
Auris Luxembourg II SA |
| |||||||||||
8.00%, 01/15/23 (Call 01/15/18)a | EUR | 100 | 117,525 | |||||||||
Bilfinger SE |
| |||||||||||
2.38%, 12/07/19a | EUR | 100 | 113,117 | |||||||||
BMBG Bond Finance SCA |
| |||||||||||
3.00%, 06/15/21 (Call 06/15/18)a | EUR | 100 | 112,123 | |||||||||
CeramTec Group GmbH |
| |||||||||||
8.25%, 08/15/21 (Call 05/30/17)a | EUR | 100 | 115,347 | |||||||||
Deutsche Lufthansa AG |
| |||||||||||
5.13%, 08/12/75 (Call 02/12/21)a | EUR | 100 | 118,866 | |||||||||
FMC Finance VII SA |
| |||||||||||
5.25%, 02/15/21a | EUR | 100 | 126,859 | |||||||||
FMC Finance VIII SA |
| |||||||||||
5.25%, 07/31/19a | EUR | 100 | 121,057 | |||||||||
FTE Verwaltungs GmbH |
| |||||||||||
9.00%, 07/15/20 (Call 05/08/17)a | EUR | 100 | 113,520 | |||||||||
Hapag-Lloyd AG |
| |||||||||||
6.75%, 02/01/22 (Call 02/01/19)a | EUR | 100 | 115,005 | |||||||||
K+S AG |
| |||||||||||
2.63%, 04/06/23 (Call 01/06/23)a | EUR | 100 | 112,122 | |||||||||
3.00%, 06/20/22a | EUR | 100 | 114,980 | |||||||||
Kirk Beauty One GmbH |
| |||||||||||
8.75%, 07/15/23 (Call 07/15/18)a | EUR | 150 | 179,172 | |||||||||
LANXESS AG |
| |||||||||||
4.50%, 12/06/76 (Call 06/06/23)a | EUR | 50 | 59,098 | |||||||||
Norddeutsche Landesbank Girozentrale |
| |||||||||||
6.00%, 06/29/20 | EUR | 100 | 120,766 |
SCHEDULEOF INVESTMENTS | 9 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
PCF GmbH |
| |||||||||||
7.88%, 08/01/19 (Call 05/30/17)a | EUR | 100 | $ | 112,992 | ||||||||
Phoenix PIB Dutch Finance BV |
| |||||||||||
3.63%, 07/30/21a | EUR | 100 | 120,451 | |||||||||
PrestigeBidCo GmbH |
| |||||||||||
6.25%, 12/15/23 (Call 12/15/19)a | EUR | 100 | 115,368 | |||||||||
ProGroup AG |
| |||||||||||
5.13%, 05/01/22 (Call 05/01/18)a | EUR | 100 | 115,480 | |||||||||
RWE AG |
| |||||||||||
2.75%, 04/21/75 (Call 10/21/20)a | EUR | 200 | 216,369 | |||||||||
VRN, (5 year EUR Swap + 3.245%) |
| |||||||||||
3.50%, 04/21/75 (Call 04/21/25)a | EUR | 100 | 103,944 | |||||||||
Schaeffler Finance BV |
| |||||||||||
2.50%, 05/15/20 (Call 05/30/17)a | EUR | 100 | 110,322 | |||||||||
3.50%, 05/15/22 (Call 05/29/17)a | EUR | 100 | 110,853 | |||||||||
Senvion Holding GmbH |
| |||||||||||
6.63%, 11/15/20 (Call 05/05/17)a | EUR | 100 | 112,495 | |||||||||
SGL Carbon SE |
| |||||||||||
4.88%, 01/15/21 (Call 05/30/17)a | EUR | 100 | 111,545 | |||||||||
Takko Luxembourg 2 SCA |
| |||||||||||
9.88%, 04/15/19 (Call 05/08/17)a | EUR | 100 | 90,019 | |||||||||
Techem Energy Metering Service GmbH & Co. KG | ||||||||||||
7.88%, 10/01/20 (Call 05/08/17)a | EUR | 100 | 113,435 | |||||||||
Techem GmbH |
| |||||||||||
6.13%, 10/01/19 (Call 05/08/17)a | EUR | 100 | 112,383 | |||||||||
thyssenkrupp AG |
| |||||||||||
1.38%, 03/03/22 (Call 12/03/21)a | EUR | 125 | 133,547 | |||||||||
1.75%, 11/25/20 (Call 08/25/20)a | EUR | 200 | 222,471 | |||||||||
2.50%, 02/25/25a | EUR | 100 | 112,515 | |||||||||
2.75%, 03/08/21 (Call 12/08/20)a | EUR | 200 | 228,438 | |||||||||
3.13%, 10/25/19 (Call 07/25/19)a | EUR | 300 | 343,889 | |||||||||
4.00%, 08/27/18 | EUR | 300 | 342,167 | |||||||||
Trionista Holdco GmbH |
| |||||||||||
5.00%, 04/30/20 (Call 05/30/17)a | EUR | 100 | 110,475 | |||||||||
Trionista TopCo GmbH |
| |||||||||||
6.88%, 04/30/21 (Call 05/30/17)a | EUR | 100 | 113,325 | |||||||||
TUI AG |
| |||||||||||
2.13%, 10/26/21 (Call 07/26/21)a | EUR | 100 | 112,843 | |||||||||
Unitymedia GmbH |
| |||||||||||
3.75%, 01/15/27 (Call 01/15/21)a | EUR | 200 | 220,267 | |||||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | ||||||||||||
3.50%, 01/15/27 (Call 01/15/21)a | EUR | 100 | 111,984 |
Security | Principal (000s) | Value | ||||||||||
4.00%, 01/15/25 (Call 01/15/20)a | EUR | 100 | $ | 114,466 | ||||||||
4.63%, 02/15/26 (Call 02/15/21)a | EUR | 100 | 117,250 | |||||||||
5.13%, 01/21/23 (Call 01/21/18)a | EUR | 162 | 185,205 | |||||||||
5.50%, 09/15/22 (Call 09/15/17)a | EUR | 81 | 91,972 | |||||||||
5.63%, 04/15/23 (Call 04/15/18)a | EUR | 80 | 92,567 | |||||||||
5.75%, 01/15/23 (Call 01/15/18)a | EUR | 81 | 93,246 | |||||||||
WEPA Hygieneprodukte GmbH |
| |||||||||||
3.75%, 05/15/24 (Call 05/15/19)a | EUR | 100 | 113,665 | |||||||||
ZF North America Capital Inc. |
| |||||||||||
2.25%, 04/26/19a | EUR | 300 | 339,204 | |||||||||
2.75%, 04/27/23a | EUR | 200 | 234,887 | |||||||||
|
| |||||||||||
6,619,596 | ||||||||||||
GREECE — 1.16% |
| |||||||||||
Frigoglass Finance BV |
| |||||||||||
8.25%, 05/15/18 (Call 05/30/17)a | EUR | 100 | 67,832 | |||||||||
Intralot Capital Luxembourg SA |
| |||||||||||
6.75%, 09/15/21 (Call 09/15/18)a | EUR | 100 | 114,746 | |||||||||
OTE PLC |
| |||||||||||
3.50%, 07/09/20a | EUR | 200 | 222,174 | |||||||||
4.38%, 12/02/19a | EUR | 100 | 113,064 | |||||||||
PPC Finance PLC |
| |||||||||||
5.50%, 05/01/19 (Call 05/08/17)a | EUR | 100 | 94,315 | |||||||||
Titan Global Finance PLC |
| |||||||||||
3.50%, 06/17/21a | EUR | 100 | 113,669 | |||||||||
|
| |||||||||||
725,800 | ||||||||||||
INDIA — 0.18% |
| |||||||||||
Samvardhana Motherson Automotive Systems Group BV | ||||||||||||
4.13%, 07/15/21 (Call 07/15/17)a | EUR | 100 | 111,465 | |||||||||
|
| |||||||||||
111,465 | ||||||||||||
IRELAND — 2.49% |
| |||||||||||
Allied Irish Banks PLC |
| |||||||||||
4.13%, 11/26/25 (Call 11/26/20)a | EUR | 200 | 229,831 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
2.75%, 03/15/24 (Call 03/15/20)a | EUR | 125 | 135,073 | |||||||||
4.13%, 05/15/23 (Call 05/15/19)a | EUR | 100 | 115,182 | |||||||||
4.25%, 01/15/22 (Call 06/30/17)a | EUR | 105 | 117,663 | |||||||||
6.75%, 05/15/24 (Call 05/15/19)a | EUR | 100 | 119,545 | |||||||||
Bank of Ireland |
| |||||||||||
10.00%, 12/19/22a | EUR | 100 | 151,893 | |||||||||
VRN, (5 year EUR Swap + 3.550%) |
| |||||||||||
4.25%, 06/11/24 (Call 06/11/19)a | EUR | 100 | 114,572 |
10 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
eircom Finance DAC |
| |||||||||||
4.50%, 05/31/22 (Call 05/31/18)a | EUR | 200 | $ | 227,599 | ||||||||
Smurfit Kappa Acquisitions |
| |||||||||||
2.38%, 02/01/24 (Call 11/01/23)a | EUR | 100 | 110,725 | |||||||||
3.25%, 06/01/21 (Call 03/10/21)a | EUR | 100 | 117,602 | |||||||||
4.13%, 01/30/20a | EUR | 100 | 119,443 | |||||||||
|
| |||||||||||
1,559,128 | ||||||||||||
ITALY — 20.18% |
| |||||||||||
Astaldi SpA |
| |||||||||||
7.13%, 12/01/20 (Call 12/01/17)a | EUR | 200 | 227,160 | |||||||||
Autostrada Brescia Verona Vicenza Padova SpA | ||||||||||||
2.38%, 03/20/20a | EUR | 100 | 115,156 | |||||||||
Banca Monte dei Paschi di Siena SpA |
| |||||||||||
3.63%, 04/01/19a | EUR | 200 | 217,098 | |||||||||
5.60%, 09/09/20 | EUR | 100 | 39,284 | |||||||||
Banca Popolare di Milano Scarl |
| |||||||||||
7.13%, 03/01/21a | EUR | 100 | 119,939 | |||||||||
Banca Popolare di Vicenza |
| |||||||||||
2.75%, 03/20/20a | EUR | 200 | 178,588 | |||||||||
5.00%, 10/25/18a | EUR | 100 | 96,535 | |||||||||
Banco BPM SpA |
| |||||||||||
2.75%, 07/27/20a | EUR | 200 | 222,797 | |||||||||
4.25%, 01/30/19a | EUR | 100 | 113,987 | |||||||||
Banco Popolare SC |
| |||||||||||
2.63%, 09/21/18a | EUR | 100 | 111,102 | |||||||||
3.50%, 03/14/19a | EUR | 300 | 337,791 | |||||||||
6.00%, 11/05/20a | EUR | 100 | 116,267 | |||||||||
6.38%, 05/31/21a | EUR | 100 | 116,860 | |||||||||
Bormioli Rocco Holdings SA |
| |||||||||||
10.00%, 08/01/18 (Call 05/29/17)a | EUR | 100 | 111,219 | |||||||||
Buzzi Unicem SpA |
| |||||||||||
2.13%, 04/28/23 (Call 01/28/23)a | EUR | 100 | 112,656 | |||||||||
6.25%, 09/28/18a | EUR | 100 | 118,188 | |||||||||
Enel SpA |
| |||||||||||
5.00%, 01/15/75 (Call 01/15/20)a | EUR | 200 | 235,063 | |||||||||
VRN, (5 year EUR Swap + 5.242%) |
| |||||||||||
6.50%, 01/10/74 (Call 01/10/19)a | EUR | 300 | 353,199 | |||||||||
Fiat Chrysler Finance Europe |
| |||||||||||
4.75%, 03/22/21a | EUR | 200 | 241,557 | |||||||||
4.75%, 07/15/22a | EUR | 300 | 362,542 | |||||||||
6.75%, 10/14/19a | EUR | 200 | 247,936 | |||||||||
7.38%, 07/09/18 | EUR | 200 | 235,366 |
Security | Principal (000s) | Value | ||||||||||
Iccrea Banca SpA |
| |||||||||||
1.88%, 11/25/19a | EUR | 100 | $ | 110,738 | ||||||||
International Game Technology PLC |
| |||||||||||
4.13%, 02/15/20 (Call 11/15/19)a | EUR | 200 | 233,193 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.86%, 04/23/25a | EUR | 200 | 216,602 | |||||||||
3.93%, 09/15/26a | EUR | 200 | 225,991 | |||||||||
5.00%, 09/23/19a | EUR | 200 | 237,253 | |||||||||
5.15%, 07/16/20 | EUR | 200 | 242,081 | |||||||||
6.63%, 05/08/18a | EUR | 200 | 230,988 | |||||||||
6.63%, 09/13/23a | EUR | 300 | 391,946 | |||||||||
Leonardo SpA |
| |||||||||||
4.50%, 01/19/21 | EUR | 200 | 246,078 | |||||||||
5.25%, 01/21/22 | EUR | 200 | 258,023 | |||||||||
Manutencoop Facility Management SpA | ||||||||||||
8.50%, 08/01/20 (Call 05/30/17)a | EUR | 100 | 105,751 | |||||||||
Mediobanca SpA |
| |||||||||||
5.00%, 11/15/20 | EUR | 100 | 122,693 | |||||||||
5.75%, 04/18/23 | EUR | 100 | 123,964 | |||||||||
Moby SpA |
| |||||||||||
7.75%, 02/15/23 (Call 02/15/19)a | EUR | 100 | 112,348 | |||||||||
N&W Global Vending SpA |
| |||||||||||
7.00%, 10/15/23 (Call 10/15/19)a | EUR | 100 | 114,091 | |||||||||
Piaggio & C SpA |
| |||||||||||
4.63%, 04/30/21 (Call 05/30/17)a | EUR | 100 | 112,420 | |||||||||
Saipem Finance International BV |
| |||||||||||
2.75%, 04/05/22a | EUR | 100 | 109,575 | |||||||||
3.00%, 03/08/21a | EUR | 100 | 111,752 | |||||||||
3.75%, 09/08/23a | EUR | 100 | 113,693 | |||||||||
Salini Costruttori SpA |
| |||||||||||
6.13%, 08/01/18 | EUR | 100 | 116,741 | |||||||||
Salini Impregilo SpA |
| |||||||||||
3.75%, 06/24/21a | EUR | 100 | 117,430 | |||||||||
Schumann SpA |
| |||||||||||
7.00%, 07/31/23 (Call 07/31/19)a | EUR | 100 | 111,599 | |||||||||
Snaitech SpA |
| |||||||||||
6.38%, 11/07/21 (Call 11/07/18)a | EUR | 100 | 115,834 | |||||||||
Telecom Italia SpA |
| |||||||||||
4.88%, 09/25/20a | EUR | 100 | 124,166 | |||||||||
5.25%, 02/10/22a | EUR | 200 | 258,124 | |||||||||
6.13%, 12/14/18 | EUR | 100 | 119,465 |
SCHEDULEOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Telecom Italia SpA/Milano |
| |||||||||||
3.00%, 09/30/25a | EUR | 100 | $ | 111,529 | ||||||||
3.25%, 01/16/23a | EUR | 200 | 235,466 | |||||||||
3.63%, 01/19/24a | EUR | 100 | 117,325 | |||||||||
3.63%, 05/25/26a | EUR | 200 | 232,336 | |||||||||
4.50%, 01/25/21a | EUR | 100 | 123,738 | |||||||||
5.38%, 01/29/19a | EUR | 200 | 237,335 | |||||||||
6.38%, 06/24/19 | GBP | 150 | 211,847 | |||||||||
UniCredit SpA |
| |||||||||||
6.70%, 06/05/18a | EUR | 200 | 231,995 | |||||||||
6.95%, 10/31/22a | EUR | 300 | 388,962 | |||||||||
VRN, (5 year EUR Swap + 4.100%) |
| |||||||||||
5.75%, 10/28/25a | EUR | 300 | 355,258 | |||||||||
VRN, (5 year EUR Swap + 4.316%) |
| |||||||||||
4.38%, 01/03/27 (Call 01/03/22)a | EUR | 200 | 227,215 | |||||||||
Unione di Banche Italiane SpA |
| |||||||||||
4.25%, 05/05/26 (Call 05/05/21)a | EUR | 200 | 222,691 | |||||||||
Unipol Gruppo Finanziario SpA |
| |||||||||||
3.00%, 03/18/25a | EUR | 300 | 324,051 | |||||||||
Veneto Banca SCPA |
| |||||||||||
4.00%, 05/20/19a | EUR | 100 | 94,739 | |||||||||
Wind Acquisition Finance SA |
| |||||||||||
4.00%, 07/15/20 (Call 05/08/17)a | EUR | 600 | 662,676 | |||||||||
7.00%, 04/23/21 (Call 05/29/17)a | EUR | 400 | 452,478 | |||||||||
|
| |||||||||||
12,642,470 | ||||||||||||
JAPAN — 1.17% |
| |||||||||||
SoftBank Group Corp. |
| |||||||||||
4.00%, 07/30/22 (Call 04/30/22)a | EUR | 100 | 119,574 | |||||||||
4.63%, 04/15/20a | EUR | 100 | 120,057 | |||||||||
4.75%, 07/30/25 (Call 04/30/25)a | EUR | 200 | 244,863 | |||||||||
5.25%, 07/30/27 (Call 04/30/27)a | EUR | 200 | 248,416 | |||||||||
|
| |||||||||||
732,910 | ||||||||||||
LUXEMBOURG — 4.85% |
| |||||||||||
Altice Financing SA |
| |||||||||||
5.25%, 02/15/23 (Call 02/15/18)a | EUR | 100 | 115,937 | |||||||||
Altice Finco SA |
| |||||||||||
9.00%, 06/15/23 (Call 06/15/18)a | EUR | 100 | 123,166 | |||||||||
Altice Luxembourg SA |
| |||||||||||
6.25%, 02/15/25 (Call 02/15/20)a | EUR | 200 | 235,876 | |||||||||
7.25%, 05/15/22 (Call 05/30/17)a | EUR | 400 | 460,137 | |||||||||
ArcelorMittal |
| |||||||||||
2.88%, 07/06/20a | EUR | 100 | 114,528 |
Security | Principal (000s) | Value | ||||||||||
3.00%, 03/25/19a | EUR | 200 | $ | 228,061 | ||||||||
3.00%, 04/09/21a | EUR | 100 | 114,416 | |||||||||
3.13%, 01/14/22a | EUR | 200 | 228,789 | |||||||||
DEA Finance SA |
| |||||||||||
7.50%, 10/15/22 (Call 04/15/19)a | EUR | 100 | 116,404 | |||||||||
Garfunkelux Holdco 3 SA |
| |||||||||||
7.50%, 08/01/22 (Call 08/01/18)a | EUR | 100 | 117,176 | |||||||||
8.50%, 11/01/22 (Call 11/01/18)a | GBP | 100 | 139,384 | |||||||||
INEOS Group Holdings SA |
| |||||||||||
5.38%, 08/01/24 (Call 08/01/19)a | EUR | 200 | 231,196 | |||||||||
LSF9 Balta Issuer SA |
| |||||||||||
7.75%, 09/15/22 (Call 09/15/18)a | EUR | 100 | 119,287 | |||||||||
Matterhorn Telecom SA |
| |||||||||||
3.88%, 05/01/22 (Call 05/01/18)a | EUR | 200 | 223,336 | |||||||||
Picard Bondco SA |
| |||||||||||
7.75%, 02/01/20 (Call 05/30/17)a | EUR | 100 | 114,032 | |||||||||
Swissport Investments SA |
| |||||||||||
6.75%, 12/15/21 (Call 06/15/18)a | EUR | 200 | 238,539 | |||||||||
Telenet Finance VI Luxembourg SCA |
| |||||||||||
4.88%, 07/15/27 (Call 07/15/21)a | EUR | 100 | 118,778 | |||||||||
|
| |||||||||||
3,039,042 | ||||||||||||
NETHERLANDS — 2.39% |
| |||||||||||
Constellium NV |
| |||||||||||
4.63%, 05/15/21 (Call 05/15/18)a | EUR | 100 | 108,645 | |||||||||
Hema Bondco I BV |
| |||||||||||
6.25%, 06/15/19 (Call 05/08/17)a | EUR | 100 | 110,012 | |||||||||
InterXion Holding NV |
| |||||||||||
6.00%, 07/15/20 (Call 05/08/17)a | EUR | 100 | 113,292 | |||||||||
LGE HoldCo VI BV |
| |||||||||||
7.13%, 05/15/24 (Call 05/15/19)a | EUR | 200 | 246,668 | |||||||||
SNS Bank NV |
| |||||||||||
6.25%, 10/26/20c | EUR | 50 | — | |||||||||
UPC Holding BV |
| |||||||||||
6.38%, 09/15/22 (Call 09/15/17)a | EUR | 200 | 228,584 | |||||||||
6.75%, 03/15/23 (Call 03/15/18)a | EUR | 100 | 117,469 | |||||||||
UPCB Finance IV Ltd. |
| |||||||||||
4.00%, 01/15/27 (Call 01/15/21)a | EUR | 100 | 112,626 | |||||||||
Ziggo Bond Finance BV |
| |||||||||||
4.63%, 01/15/25 (Call 01/15/20)a | EUR | 100 | 114,396 | |||||||||
Ziggo Secured Finance BV | ||||||||||||
3.75%, 01/15/25 (Call 01/15/20)a | EUR | 100 | 113,271 | |||||||||
4.25%, 01/15/27 (Call 01/15/22)a | EUR | 200 | 229,768 | |||||||||
|
| |||||||||||
1,494,731 |
12 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
NORWAY — 0.57% |
| |||||||||||
Lock AS |
| |||||||||||
7.00%, 08/15/21 (Call 08/15/17)a | EUR | 100 | $ | 114,256 | ||||||||
Lock Lower Holding AS |
| |||||||||||
9.50%, 08/15/22 (Call 08/15/18)a | EUR | 100 | 123,623 | |||||||||
Silk Bidco AS | ||||||||||||
7.50%, 02/01/22 (Call 02/01/18)a | EUR | 100 | 116,652 | |||||||||
|
| |||||||||||
354,531 | ||||||||||||
PORTUGAL — 0.38% |
| |||||||||||
EDP – Energias de Portugal SA |
| |||||||||||
5.38%, 09/16/75 (Call 03/16/21)a | EUR | 200 | 235,769 | |||||||||
|
| |||||||||||
235,769 | ||||||||||||
SINGAPORE — 0.56% |
| |||||||||||
Lincoln Finance Ltd. |
| |||||||||||
6.88%, 04/15/21 (Call 04/15/18)a | EUR | 300 | 350,519 | |||||||||
|
| |||||||||||
350,519 | ||||||||||||
SPAIN — 6.15% |
| |||||||||||
Banco de Sabadell SA |
| |||||||||||
5.63%, 05/06/26a | EUR | 100 | 121,282 | |||||||||
6.25%, 04/26/20 | EUR | 100 | 123,178 | |||||||||
Bankia SA |
| |||||||||||
4.00%, 05/22/24 (Call 05/22/19)a | EUR | 200 | 226,498 | |||||||||
VRN, (5 year EUR Swap + 3.350%) |
| |||||||||||
3.38%, 03/15/27 (Call 03/15/22)a | EUR | 100 | 110,950 | |||||||||
Bankinter SA |
| |||||||||||
2.50%, 04/06/27 (Call 04/06/22)a | EUR | 100 | 110,285 | |||||||||
Befesa Zinc SAU Via Zinc Capital SA |
| |||||||||||
8.88%, 05/15/18 (Call 05/29/17)a | EUR | 100 | 109,354 | |||||||||
BPE Financiaciones SA |
| |||||||||||
2.00%, 02/03/20a | EUR | 200 | 209,147 | |||||||||
CaixaBank SA |
| |||||||||||
3.50%, 02/15/27 (Call 02/15/22)a | EUR | 200 | 225,927 | |||||||||
VRN, (5 year EUR Swap + 3.950%) |
| |||||||||||
5.00%, 11/14/23 (Call 11/14/18)a | EUR | 200 | 231,490 | |||||||||
Campofrio Food Group SA |
| |||||||||||
3.38%, 03/15/22 (Call 03/15/18)a | EUR | 80 | 90,160 | |||||||||
Cellnex Telecom SA |
| |||||||||||
2.38%, 01/16/24 (Call 10/16/23)a | EUR | 200 | 221,192 | |||||||||
2.88%, 04/18/25 (Call 01/18/25)a | EUR | 100 | 110,586 | |||||||||
3.13%, 07/27/22a | EUR | 100 | 118,101 |
Security | Principal (000s) | Value | ||||||||||
Cirsa Funding Luxembourg SA |
| |||||||||||
5.75%, 05/15/21 (Call 05/15/18)a | EUR | 100 | $ | 115,931 | ||||||||
5.88%, 05/15/23 (Call 05/15/18)a | EUR | 100 | 115,366 | |||||||||
Codere Finance 2 Luxembourg SA |
| |||||||||||
6.75%, 11/01/21 (Call 10/31/18)a | EUR | 100 | 110,165 | |||||||||
eDreams ODIGEO SA |
| |||||||||||
8.50%, 08/01/21 (Call 08/01/18)a | EUR | 100 | 118,602 | |||||||||
Ence Energia y Celulosa SA |
| |||||||||||
5.38%, 11/01/22 (Call 11/01/18)a | EUR | 100 | 117,229 | |||||||||
Gestamp Funding Luxembourg SA |
| |||||||||||
3.50%, 05/15/23 (Call 05/15/19)a | EUR | 100 | 113,316 | |||||||||
Grifols SA |
| |||||||||||
3.20%, 05/01/25 (Call 05/01/20)a | EUR | 200 | 216,366 | |||||||||
Grupo Antolin Dutch BV |
| |||||||||||
4.75%, 04/01/21 (Call 05/22/17)a | EUR | 100 | 111,558 | |||||||||
5.13%, 06/30/22 (Call 06/30/18)a | EUR | 100 | 116,504 | |||||||||
Grupo Isolux Corsan SA |
| |||||||||||
1.00%, 12/30/21 (Call 05/29/17)d | EUR | 141 | 3,852 | |||||||||
Ibercaja Banco SA |
| |||||||||||
5.00%, 07/28/25 (Call 07/28/20)a | EUR | 100 | 109,570 | |||||||||
Liberbank SA |
| |||||||||||
6.88%, 03/14/27 (Call 03/14/22)a | EUR | 100 | 112,728 | |||||||||
Obrascon Huarte Lain SA |
| |||||||||||
5.50%, 03/15/23 (Call 03/15/18)a | EUR | 100 | 91,317 | |||||||||
PortAventura Entertainment Barcelona BV | ||||||||||||
7.25%, 12/01/20 (Call 05/08/17)a | EUR | 100 | 112,842 | |||||||||
Repsol International Finance BV |
| |||||||||||
4.50%, 03/25/75 (Call 03/25/25)a | EUR | 250 | 278,565 | |||||||||
|
| |||||||||||
3,852,061 | ||||||||||||
SWEDEN — 1.45% |
| |||||||||||
Hoist Kredit AB |
| |||||||||||
3.13%, 12/09/19a | EUR | 100 | 114,298 | |||||||||
Perstorp Holding AB |
| |||||||||||
7.63%, 06/30/21 (Call 11/18/18)a | EUR | 100 | 115,484 | |||||||||
Verisure Holding AB |
| |||||||||||
6.00%, 11/01/22 (Call 11/01/18)a | EUR | 180 | 212,020 | |||||||||
Volvo Car AB |
| |||||||||||
3.25%, 05/18/21a | EUR | 100 | 116,422 | |||||||||
Volvo Treasury AB |
| |||||||||||
4.20%, 06/10/75 (Call 06/10/20)a | EUR | 200 | 231,071 |
SCHEDULEOF INVESTMENTS | 13 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
VRN, (5 year EUR Swap + 4.101%) |
| |||||||||||
4.85%, 03/10/78 (Call 03/10/23)a | EUR | 100 | $ | 119,323 | ||||||||
|
| |||||||||||
908,618 | ||||||||||||
SWITZERLAND — 1.10% |
| |||||||||||
Dufry Finance SCA |
| |||||||||||
4.50%, 07/15/22 (Call 07/15/17)a | EUR | 100 | 113,356 | |||||||||
4.50%, 08/01/23 (Call 08/01/18)a | EUR | 200 | 233,312 | |||||||||
Selecta Group BV |
| |||||||||||
6.50%, 06/15/20 (Call 05/29/17)a | EUR | 100 | 108,454 | |||||||||
SIG Combibloc Holdings SCA |
| |||||||||||
7.75%, 02/15/23 (Call 02/15/18)a | EUR | 200 | 233,293 | |||||||||
|
| |||||||||||
688,415 | ||||||||||||
UNITED KINGDOM — 13.69% |
| |||||||||||
Algeco Scotsman Global Finance PLC |
| |||||||||||
9.00%, 10/15/18 (Call 05/30/17)a | EUR | 100 | 102,130 | |||||||||
Alliance Automotive Finance PLC |
| |||||||||||
6.25%, 12/01/21 (Call 11/19/17)a | EUR | 100 | 115,272 | |||||||||
Amigo Luxembourg SA |
| |||||||||||
7.63%, 01/15/24 (Call 01/15/20)a | GBP | 100 | 135,355 | |||||||||
Anglo American Capital PLC |
| |||||||||||
1.50%, 04/01/20a | EUR | 100 | 111,108 | |||||||||
2.50%, 04/29/21a | EUR | 200 | 228,920 | |||||||||
2.75%, 06/07/19a | EUR | 100 | 114,140 | |||||||||
2.88%, 11/20/20a | EUR | 200 | 232,082 | |||||||||
3.25%, 04/03/23a | EUR | 200 | 236,221 | |||||||||
3.50%, 03/28/22a | EUR | 100 | 119,092 | |||||||||
Arqiva Broadcast Finance PLC |
| |||||||||||
9.50%, 03/31/20 (Call 09/30/17)a | GBP | 100 | 139,481 | |||||||||
Boparan Finance PLC |
| |||||||||||
4.38%, 07/15/21 (Call 07/15/17)a | EUR | 100 | 109,010 | |||||||||
5.50%, 07/15/21 (Call 07/15/17)a | GBP | 100 | 129,367 | |||||||||
Cabot Financial Luxembourg SA |
| |||||||||||
7.50%, 10/01/23 (Call 10/01/19)a | GBP | 100 | 139,420 | |||||||||
CNH Industrial Finance Europe SA |
| |||||||||||
2.88%, 05/17/23a | EUR | 100 | 115,265 | |||||||||
EC Finance PLC |
| |||||||||||
5.13%, 07/15/21 (Call 05/08/17)a | EUR | 100 | 112,319 | |||||||||
Elli Finance UK PLC |
| |||||||||||
8.75%, 06/15/19 (Call 05/30/17)a | GBP | 100 | 128,922 | |||||||||
Fiat Chrysler Automobiles NV |
| |||||||||||
3.75%, 03/29/24a | EUR | 300 | 344,022 | |||||||||
Iceland Bondco PLC |
| |||||||||||
6.25%, 07/15/21 (Call 07/15/17)a | GBP | 100 | 133,901 |
Security | Principal (000s) | Value | ||||||||||
IDH Finance PLC |
| |||||||||||
6.25%, 08/15/22 (Call 08/15/18)a | GBP | 100 | $ | 124,992 | ||||||||
Ineos Finance PLC |
| |||||||||||
4.00%, 05/01/23 (Call 05/01/18)a | EUR | 100 | 113,005 | |||||||||
Inovyn Finance PLC |
| |||||||||||
6.25%, 05/15/21 (Call 11/15/17)a | EUR | 100 | 114,318 | |||||||||
International Personal Finance PLC |
| |||||||||||
5.75%, 04/07/21a | EUR | 100 | 91,150 | |||||||||
Interoute Finco PLC |
| |||||||||||
7.38%, 10/15/20 (Call 10/15/17)a | EUR | 100 | 114,746 | |||||||||
Iron Mountain Europe PLC |
| |||||||||||
6.13%, 09/15/22 (Call 09/15/17)a | GBP | 100 | 137,022 | |||||||||
Jaguar Land Rover Automotive PLC |
| |||||||||||
2.20%, 01/15/24a | EUR | 100 | 108,660 | |||||||||
3.88%, 03/01/23a | GBP | 100 | 134,296 | |||||||||
5.00%, 02/15/22a | GBP | 100 | 141,944 | |||||||||
Jerrold Finco PLC |
| |||||||||||
6.25%, 09/15/21 (Call 09/15/18)a | GBP | 100 | 134,473 | |||||||||
Keystone Financing PLC |
| |||||||||||
9.50%, 10/15/19 (Call 05/30/17)a | GBP | 100 | 135,507 | |||||||||
Lecta SA |
| |||||||||||
6.50%, 08/01/23 (Call 08/01/19)a | EUR | 100 | 114,283 | |||||||||
Matalan Finance PLC |
| |||||||||||
6.88%, 06/01/19 (Call 05/08/17)a | GBP | 100 | 112,272 | |||||||||
Merlin Entertainments PLC |
| |||||||||||
2.75%, 03/15/22 (Call 12/15/21)a | EUR | 200 | 227,663 | |||||||||
New Look Secured Issuer PLC |
| |||||||||||
6.50%, 07/01/22 (Call 06/24/18)a | GBP | 100 | 113,108 | |||||||||
Nomad Foods Bondco PLC |
| |||||||||||
3.25%, 05/15/24 (Call 05/15/20)a | EUR | 100 | 110,424 | |||||||||
Pizzaexpress Financing 2 PLC |
| |||||||||||
6.63%, 08/01/21 (Call 08/01/17)a | GBP | 150 | 200,858 | |||||||||
Premier Foods Finance PLC |
| |||||||||||
6.50%, 03/15/21 (Call 05/30/17)a | GBP | 100 | 132,053 | |||||||||
Royal Bank of Scotland Group PLC |
| |||||||||||
3.63%, 03/25/24 (Call 03/25/19)a | EUR | 300 | 334,829 | |||||||||
Stonegate Pub Co. Financing PLC |
| |||||||||||
4.88%, 03/15/22 (Call 03/15/19)a | GBP | 100 | 129,733 | |||||||||
Tesco Corporate Treasury Services PLC |
| |||||||||||
1.38%, 07/01/19a | EUR | 300 | 332,216 | |||||||||
2.13%, 11/12/20 (Call 08/12/20)a | EUR | 100 | 113,534 | |||||||||
2.50%, 07/01/24a | EUR | 200 | 223,092 |
14 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal (000s) | Value | ||||||||||
Tesco PLC |
| |||||||||||
3.38%, 11/02/18a | EUR | 100 | $ | 113,950 | ||||||||
6.13%, 02/24/22 | GBP | 200 | 298,325 | |||||||||
Thomas Cook Group PLC |
| |||||||||||
6.25%, 06/15/22 (Call 06/15/19)a | EUR | 100 | 118,406 | |||||||||
Travis Perkins PLC |
| |||||||||||
4.38%, 09/15/21a | GBP | 100 | 134,387 | |||||||||
TVL Finance PLC |
| |||||||||||
8.50%, 05/15/23 (Call 05/15/19)a | GBP | 100 | 141,479 | |||||||||
Virgin Media Finance PLC |
| |||||||||||
6.38%, 10/15/24 (Call 10/15/19)a | GBP | 100 | 138,943 | |||||||||
7.00%, 04/15/23 (Call 04/15/18)a | GBP | 100 | 138,849 | |||||||||
Virgin Media Receivables Financing Notes I DAC | ||||||||||||
5.50%, 09/15/24 (Call 09/15/19)a | GBP | 100 | 136,082 | |||||||||
Virgin Media Secured Finance PLC |
| |||||||||||
4.88%, 01/15/27 (Call 01/15/21)a | GBP | 100 | 131,902 | |||||||||
5.00%, 04/15/27 (Call 04/15/22)a | GBP | 100 | 132,411 | |||||||||
5.13%, 01/15/25 (Call 01/15/20)a | GBP | 100 | 136,632 | |||||||||
6.00%, 01/15/25 (Call 01/15/21)a,d | GBP | 100 | 150,468 | |||||||||
6.25%, 03/28/29 (Call 01/15/21)a | GBP | 100 | 140,776 | |||||||||
Viridian Group FundCo II Ltd. |
| |||||||||||
7.50%, 03/01/20 (Call 09/01/17)a | EUR | 100 | 114,573 | |||||||||
Vue International Bidco PLC |
| |||||||||||
7.88%, 07/15/20 (Call 05/30/17)a | GBP | 100 | 133,580 | |||||||||
Worldpay Finance PLC |
| |||||||||||
3.75%, 11/15/22a | EUR | 150 | 176,454 | |||||||||
|
| |||||||||||
8,577,422 | ||||||||||||
UNITED STATES — 10.01% |
| |||||||||||
Adient Global Holdings Ltd. |
| |||||||||||
3.50%, 08/15/24 (Call 05/15/24)a | EUR | 200 | 222,496 | |||||||||
AMC Entertainment Holdings Inc. |
| |||||||||||
6.38%, 11/15/24 (Call 11/15/19)a | GBP | 100 | 137,660 | |||||||||
Avis Budget Finance PLC |
| |||||||||||
4.13%, 11/15/24 (Call 11/15/19)a | EUR | 100 | 107,492 | |||||||||
Axalta Coating Systems Dutch Holding B BV | ||||||||||||
3.75%, 01/15/25 (Call 01/15/20)a | EUR | 100 | 114,854 | |||||||||
Ball Corp. |
| |||||||||||
3.50%, 12/15/20 | EUR | 100 | 120,120 | |||||||||
4.38%, 12/15/23 | EUR | 100 | 121,466 | |||||||||
Belden Inc. |
| |||||||||||
5.50%, 04/15/23 (Call 04/15/18)a | EUR | 100 | 114,591 |
Security | Principal (000s) | Value | ||||||||||
Catalent Pharma Solutions Inc. |
| |||||||||||
4.75%, 12/15/24 (Call 12/15/19)a | EUR | 100 | $ | 115,612 | ||||||||
Chemours Co. (The) |
| |||||||||||
6.13%, 05/15/23 (Call 05/15/18) | EUR | 100 | 117,270 | |||||||||
CNH Industrial Finance Europe SA |
| |||||||||||
2.75%, 03/18/19a | EUR | 200 | 226,867 | |||||||||
2.88%, 09/27/21a | EUR | 200 | 233,862 | |||||||||
Colfax Corp. |
| |||||||||||
3.25%, 05/15/25 (Call 05/15/20)a | EUR | 100 | 110,392 | |||||||||
Crown European Holdings SA |
| |||||||||||
2.63%, 09/30/24 (Call 03/31/24)a | EUR | 100 | 108,409 | |||||||||
3.38%, 05/15/25 (Call 11/15/24)a | EUR | 200 | 223,622 | |||||||||
4.00%, 07/15/22 (Call 04/15/22)a | EUR | 100 | 121,527 | |||||||||
Darling Global Finance BV |
| |||||||||||
4.75%, 05/30/22 (Call 05/30/18)a | EUR | 100 | 114,923 | |||||||||
Federal-Mogul Holdings LLC |
| |||||||||||
4.88%, 04/15/22 (Call 04/15/19)a | EUR | 125 | 135,969 | |||||||||
Goodyear Dunlop Tires Europe BV |
| |||||||||||
3.75%, 12/15/23 (Call 12/15/18)a | EUR | 100 | 114,889 | |||||||||
Hanesbrands Finance Luxembourg SCA |
| |||||||||||
3.50%, 06/15/24 (Call 03/15/24)a | EUR | 100 | 112,418 | |||||||||
Hertz Holdings Netherlands BV |
| |||||||||||
4.38%, 01/15/19a | EUR | 100 | 109,902 | |||||||||
Huntsman International LLC |
| |||||||||||
4.25%, 04/01/25 (Call 01/01/25) | EUR | 100 | 114,755 | |||||||||
5.13%, 04/15/21 (Call 01/15/21) | EUR | 100 | 120,920 | |||||||||
Infor U.S. Inc. |
| |||||||||||
5.75%, 05/15/22 (Call 05/15/18) | EUR | 100 | 112,273 | |||||||||
International Game Technology PLC |
| |||||||||||
4.75%, 03/05/20a | EUR | 100 | 119,438 | |||||||||
4.75%, 02/15/23 (Call 08/15/22)a | EUR | 200 | 237,740 | |||||||||
Iron Mountain Canada Operations ULC |
| |||||||||||
6.13%, 08/15/21 (Call 08/15/17) | CAD | 50 | 37,940 | |||||||||
Levi Strauss & Co. |
| |||||||||||
3.38%, 03/15/27 (Call 03/15/22)a | EUR | 100 | 109,658 | |||||||||
LKQ Italia Bondco SpA |
| |||||||||||
3.88%, 04/01/24 (Call 01/01/24)a | EUR | 100 | 115,976 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
3.33%, 03/24/25 (Call 12/24/24) | EUR | 100 | 111,057 | |||||||||
4.00%, 08/19/22 (Call 05/19/22) | EUR | 100 | 119,800 | |||||||||
OI European Group BV |
| |||||||||||
3.13%, 11/15/24 (Call 08/15/24)a | EUR | 100 | 109,846 | |||||||||
4.88%, 03/31/21a | EUR | 100 | 124,095 | |||||||||
6.75%, 09/15/20a | EUR | 100 | 130,013 |
SCHEDULEOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Security | Principal or Shares (000s) | Value | ||||||||||
Postmedia Network Inc. |
| |||||||||||
8.25%, 07/15/21 (Call 05/29/17)b | CAD | 3 | $ | 1,765 | ||||||||
PSPC Escrow Corp. |
| |||||||||||
6.00%, 02/01/23 (Call 02/01/18)a | EUR | 100 | 114,376 | |||||||||
PVH Corp. |
| |||||||||||
3.63%, 07/15/24 (Call 04/15/24)a | EUR | 100 | 113,060 | |||||||||
Quintiles IMS Inc. |
| |||||||||||
3.25%, 03/15/25 (Call 03/15/20)a | EUR | 300 | 327,750 | |||||||||
3.50%, 10/15/24 (Call 10/15/19)a | EUR | 200 | 224,079 | |||||||||
Sealed Air Corp. |
| |||||||||||
4.50%, 09/15/23 (Call 06/15/23)a | EUR | 100 | 121,391 | |||||||||
Silgan Holdings Inc. |
| |||||||||||
3.25%, 03/15/25 (Call 03/15/20)a | EUR | 100 | 109,819 | |||||||||
Spectrum Brands Inc. |
| |||||||||||
4.00%, 10/01/26 (Call 10/01/21)a | EUR | 100 | 113,174 | |||||||||
TA MFG. Ltd. |
| |||||||||||
3.63%, 04/15/23 (Call 04/15/18)a | EUR | 100 | 111,580 | |||||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc. | ||||||||||||
6.38%, 05/01/22 (Call 05/01/18)a | EUR | 100 | 116,433 | |||||||||
Valeant Pharmaceuticals International Inc. |
| |||||||||||
4.50%, 05/15/23 (Call 05/15/18)a | EUR | 300 | 229,294 | |||||||||
VWR Funding Inc. |
| |||||||||||
4.63%, 04/15/22 (Call 04/15/18)a | EUR | 100 | 113,693 | |||||||||
WMG Acquisition Corp. |
| |||||||||||
4.13%, 11/01/24 (Call 11/01/19)a | EUR | 100 | 114,109 | |||||||||
XPO Logistics Inc. |
| |||||||||||
5.75%, 06/15/21 (Call 12/15/17)a | EUR | 100 | 114,479 | |||||||||
|
| |||||||||||
6,272,854 | ||||||||||||
|
| |||||||||||
TOTAL CORPORATE BONDS & NOTES |
| |||||||||||
(Cost: $66,727,983) |
| 61,303,285 | ||||||||||
SHORT-TERM INVESTMENTS — 0.02% |
| |||||||||||
MONEY MARKET FUNDS — 0.02% |
| |||||||||||
BlackRock Cash Funds: Treasury, |
| |||||||||||
0.67%e,f | 10 | 9,633 | ||||||||||
|
| |||||||||||
9,633 | ||||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||||||
(Cost: $9,633) |
| 9,633 | ||||||||||
|
|
Value | ||||||||||
TOTAL INVESTMENTS |
| |||||||||
(Cost: $66,897,053)g | $ | 61,312,918 | ||||||||
Other Assets, Less Liabilities — 2.12% | 1,329,769 | |||||||||
|
| |||||||||
NET ASSETS — 100.00% | $ | 62,642,687 | ||||||||
|
|
CAD — Canadian Dollar
EUR — Euro
GBP — British Pound
VRN — Variable Rate Note
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 | Issuer is in default of interest payments. |
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 money market fund. |
f | The rate quoted is the annualized seven-day yield of the fund at period end. |
g | The cost of investments for federal income tax purposes was $66,978,383. Net unrealized depreciation was $5,665,465, of which $1,042,686 represented gross unrealized appreciation on securities and $6,708,151 represented gross unrealized depreciation on securities. |
16 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
Schedule 1 — Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Assets: | ||||||||||||||||
Common stocks | $ | — | $ | — | $ | 0 | a | $ | 0 | a | ||||||
Corporate bonds & notes | — | 61,303,281 | 4 | 61,303,285 | ||||||||||||
Money market funds | 9,633 | — | — | 9,633 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 9,633 | $ | 61,303,281 | $ | 4 | $ | 61,312,918 | ||||||||
|
|
|
|
|
|
|
| |||||||||
a | Rounds to less than $1. |
See notes to financial statements.
SCHEDULEOF INVESTMENTS | 17 |
Table of Contents
Statement of Assets and Liabilities (Unaudited)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
April 30, 2017
ASSETS | ||||
Investments, at cost: | ||||
Unaffiliated | $ | 66,887,420 | ||
Affiliated (Note 2) | 9,633 | |||
|
| |||
Total cost of investments | $ | 66,897,053 | ||
|
| |||
Investments in securities, at fair value (Note 1): | ||||
Unaffiliated | $ | 61,303,285 | ||
Affiliated (Note 2) | 9,633 | |||
|
| |||
Total fair value of investments | 61,312,918 | |||
Foreign currency, at valuea | 1,017,119 | |||
Receivables: | ||||
Investment securities sold | 826,664 | |||
Dividends and interest | 969,116 | |||
|
| |||
Total Assets | 64,125,817 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investment securities purchased | 1,463,008 | |||
Investment advisory fees (Note 2) | 20,122 | |||
|
| |||
Total Liabilities | 1,483,130 | |||
|
| |||
NET ASSETS | $ | 62,642,687 | ||
|
| |||
Net assets consist of: | ||||
Paid-in capital | $ | 82,037,989 | ||
Undistributed net investment income | 913,197 | |||
Accumulated net realized loss | (14,750,069 | ) | ||
Net unrealized depreciation | (5,558,430 | ) | ||
|
| |||
NET ASSETS | $ | 62,642,687 | ||
|
| |||
Shares outstandingb | 1,300,000 | |||
|
| |||
Net asset value per share | $ | 48.19 | ||
|
|
a | Cost of foreign currency: $1,002,075. |
b | $0.001 par value, number of shares authorized: 500 million. |
See notes to financial statements.
18 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statement of Operations (Unaudited)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
Six months ended April 30, 2017
NET INVESTMENT INCOME | ||||
Dividends — affiliated (Note 2) | $ | 25 | ||
Interest — unaffiliated | 1,539,928 | |||
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Total investment income | 1,539,953 | |||
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EXPENSES | ||||
Investment advisory fees (Note 2) | 145,887 | |||
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Total expenses | 145,887 | |||
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Net investment income | 1,394,066 | |||
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NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (1,430,113 | ) | ||
In-kind redemptions — unaffiliated | (9,153,084 | ) | ||
Foreign currency transactions | (64,882 | ) | ||
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Net realized loss | (10,648,079 | ) | ||
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Net change in unrealized appreciation/depreciation on: | ||||
Investments | 9,021,170 | |||
Translation of assets and liabilities in foreign currencies | 85,827 | |||
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Net change in unrealized appreciation/depreciation | 9,106,997 | |||
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Net realized and unrealized loss | (1,541,082 | ) | ||
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NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (147,016 | ) | |
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See notes to financial statements.
FINANCIAL STATEMENTS | 19 |
Table of Contents
Statements of Changes in Net Assets
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
Six months April 30, 2017 (Unaudited) | Year ended October 31, 2016 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 1,394,066 | $ | 6,445,680 | ||||
Net realized loss | (10,648,079 | ) | (12,040,585 | ) | ||||
Net change in unrealized appreciation/depreciation | 9,106,997 | 9,692,594 | ||||||
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Net increase (decrease) in net assets resulting from operations | (147,016 | ) | 4,097,689 | |||||
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DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (480,882 | ) | (906,680 | ) | ||||
Return of capital | — | (2,212,307 | ) | |||||
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Total distributions to shareholders | (480,882 | ) | (3,118,987 | ) | ||||
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CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | — | 27,637,363 | ||||||
Cost of shares redeemed | (91,525,582 | ) | (59,575,641 | ) | ||||
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Net decrease in net assets from capital share transactions | (91,525,582 | ) | (31,938,278 | ) | ||||
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DECREASE IN NET ASSETS | (92,153,480 | ) | (30,959,576 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 154,796,167 | 185,755,743 | ||||||
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End of period | $ | 62,642,687 | $ | 154,796,167 | ||||
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Undistributed net investment income included in net assets at end of period | $ | 913,197 | $ | 13 | ||||
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SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | — | 600,000 | ||||||
Shares redeemed | (2,000,000 | ) | (1,300,000 | ) | ||||
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Net decrease in shares outstanding | (2,000,000 | ) | (700,000 | ) | ||||
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See notes to financial statements.
20 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
(For a share outstanding throughout each period)
Six months ended Apr. 30, 2017 (Unaudited) | Year ended Oct. 31, 2016 | Year ended Oct. 31, 2015 | Year ended Oct. 31, 2014 | Year ended Oct. 31, 2013 | Period from to Oct. 31, 2012 | |||||||||||||||||||
Net asset value, beginning of period | $ | 46.91 | $ | 46.44 | $ | 52.90 | $ | 56.84 | $ | 52.01 | $ | 50.14 | ||||||||||||
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Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 0.88 | 1.82 | 1.84 | 2.43 | 3.15 | 1.94 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 0.67 | (0.47 | ) | (6.57 | ) | (3.55 | ) | 4.51 | 1.18 | |||||||||||||||
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Total from investment operations | 1.55 | 1.35 | (4.73 | ) | (1.12 | ) | 7.66 | 3.12 | ||||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.26 | ) | (0.05 | ) | (2.82 | ) | (2.83 | ) | (1.25 | ) | ||||||||||||
Net realized gain | — | — | (0.02 | ) | — | — | — | |||||||||||||||||
Return of capital | — | (0.62 | ) | (1.66 | ) | — | — | — | ||||||||||||||||
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Total distributions | (0.27 | ) | (0.88 | ) | (1.73 | ) | (2.82 | ) | (2.83 | ) | (1.25 | ) | ||||||||||||
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Net asset value, end of period | $ | 48.19 | $ | 46.91 | $ | 46.44 | $ | 52.90 | $ | 56.84 | $ | 52.01 | ||||||||||||
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Total return | 3.30 | %d | 2.95 | % | (9.02 | )% | (2.20 | )% | 15.20 | % | 6.49 | %d | ||||||||||||
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Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 62,643 | $ | 154,796 | $ | 185,756 | $ | 142,827 | $ | 51,153 | $ | 26,004 | ||||||||||||
Ratio of expenses to average net assetse | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of expenses to average net assets prior to waived feese | n/a | 0.51 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | |||||||||||||
Ratio of net investment income to average net assetse | 3.82 | % | 3.93 | % | 3.85 | % | 4.25 | % | 5.85 | % | 6.92 | % | ||||||||||||
Portfolio turnover ratef | 10 | %d | 24 | % | 28 | % | 25 | % | 33 | % | 18 | %d |
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 | 21 |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
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 Articles of Incorporation as subsequently amended and restated.
These financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |
International High Yield Bond | Diversified |
The investment objective of the 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 the Fund’s investment objective.
Pursuant to the Company’s organizational documents, the Fund’s officers and directors are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
1. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Fund in the preparation of its 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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
The 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 Fund. The investments of the 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 using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes. |
22 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
• | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
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 by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that 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.
Fair value pricing could result in a difference between the prices used to calculate the Fund’s NAV 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 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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.
NOTESTO FINANCIAL STATEMENTS | 23 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value 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 categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.
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. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund 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.
The 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 Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement 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, 2017, if any, are disclosed in the Fund’s statement of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by the 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 Fund.
RECENT ACCOUNTING STANDARD
In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the
24 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Fund’s financial statements.
In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Directors).
BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund.
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended April 30, 2017, the purchase and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $ 324,435 and $ 225,342, respectively.
The 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 “Dividends – affiliated” in the statement of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Fund for 1940 Act purposes.
Certain directors and officers of the Company are also officers of BlackRock Institutional Trust Company, N.A. and/or BFA.
3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017, were $7,690,208 and $9,101,971, respectively.
In-kind purchases and sales (see Note 4) for the six months ended April 30, 2017, were $ — and $87,062,673, respectively.
NOTESTO FINANCIAL STATEMENTS | 25 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
4. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statement of changes in net assets.
5. | PRINCIPAL RISKS |
In the normal course of business, the Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks the Fund is exposed to include market risk and credit risk. The Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its schedule of investments.
Investing in the securities of non-U.S. issuers 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 Fund; 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;
26 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
The economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. The European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union. The referendum may introduce significant new uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the European Union.
Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
High yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-” by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s) or are unrated, may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.
6. | INCOME TAX INFORMATION |
The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of the 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.
NOTESTO FINANCIAL STATEMENTS | 27 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or NAV per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of October 31, 2016, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $4,020,660 available to offset future realized capital gains.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2017, 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 Fund’s financial statements.
7. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.
8. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Fund 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.
28 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Supplemental Information (Unaudited)
iSHARES® INTERNATIONAL HIGH YIELD BOND ETF
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the 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 these 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 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||
$0.069498 | $ | — | $ | 0.197624 | $ | 0.267122 | 26 | % | — | % | 74 | % | 100 | % |
SUPPLEMENTAL INFORMATION | 29 |
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Notes:
30 | 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)
This report is intended for the Fund’s 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, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund 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 Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s 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 Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.
©2017 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-1017-0417
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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.
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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.
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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/ Martin Small |
Martin Small, President (Principal Executive Officer) |
Date: May 4, 2018
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/ Martin Small |
Martin Small, President (Principal Executive Officer) | ||
Date: May 4, 2018 |
By: | /s/ Jack Gee |
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer) | ||
Date: May 4, 2018 |