UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-09102
iShares, Inc.
(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
100 Summer Street, 4th Floor, Boston, MA 02110
(Address of principal executive offices) (Zip code)
The Corporation Trust Incorporated
2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415)670-2000
Date of fiscal year end: October 31, 2019
Date of reporting period: April 30, 2019
Item 1. | Reports to Stockholders. |
Copies of the semi-annual reports transmitted to shareholders pursuant to Rule30e-1 under the Investment Company
Act of 1940 are attached.
Information Classification: Confidential
APRIL 30, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares Emerging Markets High Yield Bond ETF | EMHY | Cboe BZX |
▶ | iShares International High Yield Bond ETF | HYXU | Cboe BZX |
▶ | iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX |
▶ | iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca |
▶ | iShares US & Intl High Yield Corp Bond ETF | GHYG | Cboe BZX |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF |
Investment Objective
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.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 6.75 | % | 3.40 | % | 4.35 | % | 5.01 | % | 3.40 | % | 23.75 | % | 41.31 | % | ||||||||||||||||||
Fund Market | 6.94 | 3.60 | 4.25 | 5.02 | 3.60 | 23.14 | 41.44 | |||||||||||||||||||||||||
Index | 6.98 | 3.78 | 4.64 | 5.37 | 3.78 | 25.45 | 44.83 |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,067.50 | $ | 2.56 | $ | 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 10 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 4.7 | % | ||
Ba | 45.6 | |||
B | 34.7 | |||
Caa | 3.8 | |||
C | 1.2 | |||
Not Rated | 10.0 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
Brazil | 22.1 | % | ||
Turkey | 13.2 | |||
Argentina | 7.2 | |||
China | 6.6 | |||
South Africa | 4.5 | |||
Ukraine | 3.4 | |||
Egypt | 3.2 | |||
Ecuador | 3.0 | |||
Lebanon | 2.9 | |||
Dominican Republic | 2.7 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of April 30, 2019 | iShares® International High Yield Bond ETF |
Investment Objective
TheiShares International High Yield Bond ETF(the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets ex-US High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 3.17 | % | (4.33 | )% | (0.76 | )% | 3.37 | % | (4.33 | )% | (3.75 | )% | 26.48 | % | ||||||||||||||||||
Fund Market | 3.52 | (4.17 | ) | (0.81 | ) | 3.42 | (4.17 | ) | (3.98 | ) | 26.84 | |||||||||||||||||||||
Index | 3.36 | (4.01 | ) | (0.51 | ) | 3.53 | (4.01 | ) | (2.52 | ) | 27.86 |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,031.70 | $ | 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 10 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 0.8 | % | ||
Ba | 59.3 | |||
B | 23.3 | |||
Caa | 4.2 | |||
C | 0.1 | |||
Not Rated | 12.3 |
TEN LARGEST HOLDINGS
Country | | Percent of Total Investments | (a) | |
Italy | 19.5 | % | ||
United States | 18.0 | |||
France | 11.3 | |||
Germany | 9.0 | |||
United Kingdom | 7.9 | |||
Spain | 5.1 | |||
Netherlands | 4.8 | |||
Luxembourg | 3.9 | |||
Ireland | 3.5 | |||
Sweden | 3.2 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF |
Investment Objective
TheiShares J.P. Morgan EM Corporate Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the J.P. Morgan CEMBI Broad Diversified Core Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 6.77 | % | 5.81 | % | 4.02 | % | 4.13 | % | 5.81 | % | 21.78 | % | 32.97 | % | ||||||||||||||||||
Fund Market | 7.32 | 6.29 | 4.25 | 4.20 | 6.29 | 23.14 | 33.55 | |||||||||||||||||||||||||
Index | 6.94 | 6.38 | 4.63 | 4.71 | 6.38 | 25.40 | 38.23 |
The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.
Index Performance through May 31, 2017 reflects the performance of the Morningstar® Emerging Markets Corporate Bond IndexSM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,067.70 | $ | 2.56 | $ | 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 10 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aa | 2.6 | % | ||
A | 19.1 | |||
Baa | 33.2 | |||
Ba | 20.0 | |||
B | 10.0 | |||
Caa | 0.7 | |||
Not Rated | 14.4 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
China | 9.7 | % | ||
Brazil | 7.4 | |||
Mexico | 5.8 | |||
Russia | 5.6 | |||
United Arab Emirates | 5.5 | |||
Hong Kong | 5.5 | |||
India | 5.1 | |||
Colombia | 5.0 | |||
Israel | 4.6 | |||
South Korea | 4.6 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of April 30, 2019 | iShares® J.P. Morgan EM Local Currency Bond ETF |
Investment Objective
TheiShares J.P. Morgan EM Local Currency Bond ETF(the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 4.37 | % | (7.41 | )% | (1.57 | )% | 0.08 | % | (7.41 | )% | (7.59 | )% | 0.63 | % | ||||||||||||||||||
Fund Market | 4.75 | (6.99 | ) | (1.60 | ) | 0.13 | (6.99 | ) | (7.77 | ) | 0.98 | |||||||||||||||||||||
Index | 4.55 | (6.74 | ) | (0.95 | ) | 0.60 | (6.74 | ) | (4.66 | ) | 4.59 |
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
Index performance through May 31, 2017 reflects the performance of the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Index performancebeginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,043.70 | $ | 1.52 | $ | 1,000.00 | $ | 1,023.30 | $ | 1.51 | 0.30 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
A | 29.9 | % | ||
Baa | 43.3 | |||
Ba | 22.1 | |||
B | 4.6 | |||
Not Rated | 0.1 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
Brazil | 13.2 | % | ||
Mexico | 8.4 | |||
Indonesia | 6.4 | |||
Philippines | 4.6 | |||
Peru | 4.6 | |||
Chile | 4.6 | |||
Dominican Republic | 4.6 | |||
Argentina | 4.6 | |||
South Africa | 4.6 | |||
Czech Republic | 4.6 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF |
Investment Objective
TheiShares US & Intl HighYield Corp Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 5.15 | % | 4.00 | % | 2.79 | % | 4.91 | % | 4.00 | % | 14.74 | % | 40.35 | % | ||||||||||||||||||
Fund Market | 5.31 | 4.01 | 2.82 | 4.95 | 4.01 | 14.90 | 40.72 | |||||||||||||||||||||||||
Index | 5.27 | 4.18 | 2.99 | 5.08 | 4.18 | 15.88 | 42.02 |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/18) | | | Ending Account Value (04/30/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,051.50 | $ | 2.03 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.01 | 0.40 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 1.0 | % | ||
Ba | 49.3 | |||
B | 34.3 | |||
Caa | 10.7 | |||
Ca | 0.7 | |||
C | 0.1 | |||
Not Rated | 3.9 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
United States | 67.0 | % | ||
Italy | 5.3 | |||
United Kingdom | 3.6 | |||
France | 3.5 | |||
Canada | 3.3 | |||
Germany | 3.1 | |||
Luxembourg | 3.1 | |||
Netherlands | 2.4 | |||
Ireland | 1.7 | |||
Israel | 1.5 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 9 |
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 ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Argentina — 1.1% | ||||||||
Pampa Energia SA | ||||||||
7.38%, 07/21/23 (Call 07/21/20)(a) | $ | 400 | $ | 358,688 | ||||
7.50%, 01/24/27 (Call 01/24/22)(a) | 350 | 295,750 | ||||||
YPF SA | ||||||||
6.95%, 07/21/27(a) | 700 | 593,050 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(a) | 400 | 309,492 | ||||||
8.50%, 03/23/21(a) | 500 | 487,213 | ||||||
8.50%, 07/28/25(a) | 900 | 823,500 | ||||||
8.75%, 04/04/24(a) | 766 | 732,430 | ||||||
|
| |||||||
3,600,123 | ||||||||
Azerbaijan — 0.4% | ||||||||
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a) | 1,200 | 1,356,000 | ||||||
|
| |||||||
Bahrain — 0.4% | ||||||||
Oil and Gas Holding Co. BSCC (The) | ||||||||
7.50%, 10/25/27(a) | 600 | 637,500 | ||||||
7.63%, 11/07/24(a) | 400 | 434,966 | ||||||
8.38%, 11/07/28(a) | 200 | 225,451 | ||||||
|
| |||||||
1,297,917 | ||||||||
Brazil — 15.4% | ||||||||
Banco Bradesco SA/Cayman Islands | ||||||||
5.75%, 03/01/22(a) | 800 | 837,956 | ||||||
5.90%, 01/16/21(a) | 800 | 826,772 | ||||||
Banco BTG Pactual SA/Cayman Islands | ||||||||
5.50%, 01/31/23(a) | 200 | 201,940 | ||||||
7.75%, 02/15/29 (Call 02/15/24)(a)(b) | 400 | 407,456 | ||||||
Banco do Brasil SA/Cayman | ||||||||
3.88%, 10/10/22 | 1,200 | 1,195,095 | ||||||
4.63%, 01/15/25(a) | 600 | 606,768 | ||||||
4.75%, 03/20/24(a) | 200 | 203,849 | ||||||
4.88%, 04/19/23(a) | 400 | 410,800 | ||||||
5.38%, 01/15/21(a) | 300 | 307,229 | ||||||
5.88%, 01/26/22(a) | 900 | 937,525 | ||||||
5.88%, 01/19/23(a) | 600 | 631,623 | ||||||
Braskem Finance Ltd. | ||||||||
5.38%, 05/02/22(a) | 400 | 415,654 | ||||||
5.75%, 04/15/21(a) | 400 | 414,922 | ||||||
6.45%, 02/03/24 | 600 | 654,000 | ||||||
BRF SA | ||||||||
3.95%, 05/22/23(a) | 400 | 382,000 | ||||||
4.75%, 05/22/24(a) | 400 | 385,000 | ||||||
Caixa Economica Federal | ||||||||
3.50%, 11/07/22(a) | 450 | 445,741 | ||||||
7.25%, 07/23/24 (Call 07/23/19)(a)(b) | 200 | 201,479 | ||||||
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a) | 600 | 660,000 | ||||||
Centrais Eletricas Brasileiras SA, 5.75%, 10/27/21(a) | 1,000 | 1,035,050 | ||||||
CSN Resources SA | ||||||||
6.50%, 07/21/20(a) | 692 | 700,650 | ||||||
7.63%, 02/13/23 (Call 02/13/21)(a) | 200 | 203,000 | ||||||
Embraer Netherlands Finance BV, 5.05%, 06/15/25 | 600 | 632,250 | ||||||
Embraer Overseas Ltd., 5.70%, 09/16/23(a) | 450 | 482,958 | ||||||
Fibria Overseas Finance Ltd., 5.25%, 05/12/24 | 400 | 421,620 | ||||||
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)(a) | 400 | 380,000 | ||||||
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)(a) | 300 | 323,480 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
Itau Unibanco Holding SA/Cayman Islands | ||||||||
5.13%, 05/13/23(a) | $ | 1,120 | $ | 1,165,231 | ||||
5.50%, 08/06/22(a) | 960 | 999,878 | ||||||
5.65%, 03/19/22(a) | 800 | 835,164 | ||||||
5.75%, 01/22/21(a) | 300 | 309,491 | ||||||
6.20%, 12/21/21(a) | 800 | 846,004 | ||||||
JBS Investments GmbH | ||||||||
6.25%, 02/05/23 (Call 02/05/20)(a) | 400 | 406,250 | ||||||
7.25%, 04/03/24 (Call 04/03/20)(a) | 400 | 414,440 | ||||||
JBS Investments II GmbH, 7.00%, 01/15/26 | 600 | 623,940 | ||||||
JBS USA LUX SA/JBS USA Finance Inc. | ||||||||
5.75%, 06/15/25 (Call 06/15/20)(a) | 650 | 665,044 | ||||||
5.88%, 07/15/24 (Call 07/15/19)(a) | 525 | 536,025 | ||||||
6.75%, 02/15/28 (Call 02/15/23)(a) | 600 | 632,271 | ||||||
MARB BondCo PLC | ||||||||
6.88%, 01/19/25 (Call 01/19/21)(a) | 600 | 598,014 | ||||||
7.00%, 03/15/24 (Call 03/15/20)(a) | 400 | 407,850 | ||||||
Marfrig Holdings Europe BV, 8.00%, 06/08/23 | 600 | 623,400 | ||||||
Minerva Luxembourg SA, 6.50%, 09/20/26 | 700 | 687,498 | ||||||
Petrobras Global Finance BV | ||||||||
4.38%, 05/20/23 | 956 | 963,170 | ||||||
5.30%, 01/27/25 | 1,800 | 1,848,600 | ||||||
5.38%, 01/27/21 | 594 | 610,632 | ||||||
5.63%, 05/20/43 | 500 | 454,625 | ||||||
5.75%, 02/01/29 | 1,592 | 1,592,716 | ||||||
6.00%, 01/27/28 | 3,268 | 3,353,785 | ||||||
6.13%, 01/17/22 | 509 | 539,667 | ||||||
6.25%, 03/17/24 | 1,361 | 1,465,457 | ||||||
6.75%, 01/27/41 | 700 | 710,630 | ||||||
6.85%, 06/05/15 | 1,483 | 1,446,666 | ||||||
6.88%, 01/20/40 | 600 | 615,969 | ||||||
7.25%, 03/17/44 | 1,086 | 1,147,506 | ||||||
7.38%, 01/17/27 | 2,201 | 2,450,373 | ||||||
8.75%, 05/23/26 | 1,779 | 2,132,665 | ||||||
Rio Oil Finance Trust, Series 2014-1, 9.25%, 07/06/24(a) | 769 | 829,008 | ||||||
Rumo Luxembourg Sarl | ||||||||
5.88%, 01/18/25 (Call 01/18/22)(a) | 200 | 202,661 | ||||||
7.38%, 02/09/24 (Call 02/09/21)(a) | 600 | 640,470 | ||||||
Vale Overseas Ltd. | ||||||||
4.38%, 01/11/22 | 600 | 611,709 | ||||||
6.25%, 08/10/26 | 1,200 | 1,312,650 | ||||||
6.88%, 11/21/36 | 1,000 | 1,156,690 | ||||||
6.88%, 11/10/39 | 1,000 | 1,161,250 | ||||||
8.25%, 01/17/34 | 500 | 632,358 | ||||||
|
| |||||||
49,934,574 | ||||||||
Chile — 0.5% | ||||||||
Latam Finance Ltd. | ||||||||
6.88%, 04/11/24 (Call 04/11/21)(a) | 500 | 514,240 | ||||||
7.00%, 03/01/26 (Call 03/01/23)(a) | 400 | 409,000 | ||||||
VTR Finance BV, 6.88%, 01/15/24 (Call 01/15/20)(a) | 600 | 621,396 | ||||||
|
| |||||||
1,544,636 | ||||||||
China — 6.4% | ||||||||
Agile Group Holdings Ltd., 8.50%, 07/18/21 | 400 | 423,500 | ||||||
CFLD Cayman Investment Ltd. | ||||||||
6.50%, 12/21/20(a) | 600 | 602,250 | ||||||
9.00%, 07/31/21(a) | 600 | 619,800 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
China Aoyuan Group Ltd. | ||||||||
7.95%, 09/07/21 (Call 09/07/20)(a) | $ | 300 | $ | 310,399 | ||||
8.50%, 01/23/22 (Call 01/23/21)(a) | 400 | 420,000 | ||||||
China Evergrande Group | ||||||||
6.25%, 06/28/21(a) | 800 | 761,932 | ||||||
7.50%, 06/28/23 (Call 06/28/20)(a) | 900 | 824,531 | ||||||
8.25%, 03/23/22 (Call 03/23/20)(a) | 1,200 | 1,152,990 | ||||||
8.75%, 06/28/25 (Call 06/28/21)(a) | 2,666 | 2,442,722 | ||||||
9.50%, 03/29/24 (Call 03/29/21)(a) | 700 | 669,638 | ||||||
China SCE Group Holdings Ltd. | ||||||||
5.88%, 03/10/22 (Call 03/10/20)(a) | 200 | 194,646 | ||||||
7.45%, 04/17/21 (Call 04/17/20)(a) | 400 | 407,500 | ||||||
CIFI Holdings Group Co. Ltd. | ||||||||
5.50%, 01/23/22 (Call 01/23/20)(a) | 400 | 391,500 | ||||||
6.88%, 04/23/21 (Call 04/23/20)(a) | 200 | 203,500 | ||||||
Consolidated Energy Finance SA, 6.88%, 06/15/25 (Call 06/15/20)(a) | 300 | 309,000 | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
4.75%, 07/25/22 (Call 07/25/20)(a) | 400 | 392,390 | ||||||
4.75%, 09/28/23 (Call 09/28/20)(a) | 400 | 385,202 | ||||||
7.25%, 04/04/21 (Call 10/04/19)(a) | 400 | 408,084 | ||||||
Easy Tactic Ltd. | ||||||||
5.75%, 01/13/22 (Call 01/13/20)(a) | 600 | 586,227 | ||||||
5.88%, 02/13/23 (Call 11/17/20)(a) | 400 | 382,434 | �� | |||||
7.00%, 04/25/21 (Call 04/25/20)(a) | 200 | 202,250 | ||||||
Fantasia Holdings Group Co. Ltd. | ||||||||
7.38%, 10/04/21 (Call 10/04/19)(a) | 200 | 180,771 | ||||||
8.38%, 03/08/21(a) | 400 | 375,700 | ||||||
Fortune Star BVI Ltd. | ||||||||
5.25%, 03/23/22 (Call 03/23/20)(a) | 1,000 | 982,815 | ||||||
5.38%, 12/05/20(a) | 200 | 201,204 | ||||||
Greenland Global Investment Ltd., | 600 | 562,971 | ||||||
KWG Group Holdings Ltd. | ||||||||
6.00%, 09/15/22 (Call 03/15/20)(a) | 400 | 393,898 | ||||||
7.88%, 09/01/23 (Call 09/01/21)(a) | 400 | 404,500 | ||||||
New Metro Global Ltd., 6.50%, 04/23/21 | 200 | 200,750 | ||||||
Powerlong Real Estate Holdings Ltd., 5.95%, 07/19/20(a) | 400 | 396,000 | ||||||
Scenery Journey Ltd. | ||||||||
13.00%, 11/06/22 (Call 11/06/20)(a) | 400 | 429,700 | ||||||
13.75%, 11/06/23 (Call 11/06/21)(a) | 300 | 322,275 | ||||||
Shimao Property Holdings Ltd., 4.75%, 07/03/22 (Call 07/03/20)(a) | 800 | 799,748 | ||||||
Sunac China Holdings Ltd. | ||||||||
7.35%, 07/19/21 (Call 07/19/20)(a) | 600 | 609,669 | ||||||
7.88%, 02/15/22 (Call 02/15/21)(a) | 400 | 407,977 | ||||||
7.95%, 08/08/22 (Call 08/08/20)(a) | 400 | 408,490 | ||||||
8.35%, 04/19/23 (Call 04/19/21)(a) | 200 | 205,471 | ||||||
Times China Holdings Ltd. | ||||||||
6.25%, 01/17/21 (Call 01/31/20)(a) | 200 | 200,000 | ||||||
7.63%, 02/21/22 (Call 02/21/21)(a) | 400 | 411,000 | ||||||
Yuzhou Properties Co. Ltd. | ||||||||
7.90%, 05/11/21 (Call 05/11/20)(a) | 400 | 411,138 | ||||||
8.50%, 02/04/23 (Call 02/04/22)(a) | 200 | 206,714 | ||||||
8.50%, 02/26/24 (Call 02/26/22)(a) | 400 | 407,378 | ||||||
8.63%, 01/23/22(a) | 200 | 208,708 | ||||||
|
| |||||||
20,817,372 |
Security | Par (000) | Value | ||||||
Colombia — 1.4% | ||||||||
Banco de Bogota SA | ||||||||
4.38%, 08/03/27(a) | $ | 400 | $ | 403,040 | ||||
5.38%, 02/19/23(a) | 400 | 417,126 | ||||||
6.25%, 05/12/26(a) | 600 | 653,556 | ||||||
Bancolombia SA | ||||||||
4.88%, 10/18/27 (Call 10/18/22)(b) | 600 | 603,402 | ||||||
5.13%, 09/11/22 | 400 | 416,000 | ||||||
Colombia Telecomunicaciones SA ESP, 5.38%, 09/27/22 (Call 09/27/19)(a) | 345 | 350,175 | ||||||
Grupo Aval Ltd., 4.75%, 09/26/22(a) | 600 | 611,073 | ||||||
Millicom International Cellular SA | ||||||||
5.13%, 01/15/28 (Call 09/20/22)(a) | 200 | 195,801 | ||||||
6.00%, 03/15/25 (Call 03/15/20)(a) | 700 | 727,125 | ||||||
6.63%, 10/15/26 (Call 10/15/21)(a) | 200 | 213,780 | ||||||
|
| |||||||
4,591,078 | ||||||||
Ghana — 0.1% | ||||||||
Tullow Oil PLC, 7.00%, 03/01/25 (Call 03/01/21)(a) | 400 | 407,280 | ||||||
|
| |||||||
India — 1.6% | ||||||||
ABJA Investment Co. Pte Ltd. | ||||||||
5.45%, 01/24/28(a) | 600 | 561,000 | ||||||
5.95%, 07/31/24(a) | 625 | 637,453 | ||||||
Bharti Airtel International Netherlands BV | ||||||||
5.13%, 03/11/23(a) | 400 | 413,030 | ||||||
5.35%, 05/20/24(a) | 600 | 622,851 | ||||||
Bharti Airtel Ltd., 4.38%, 06/10/25(a) | 600 | 591,138 | ||||||
Greenko Dutch BV, 5.25%, 07/24/24 (Call 07/24/20)(a) | 400 | 389,650 | ||||||
JSW Steel Ltd., 5.25%, 04/13/22(a) | 200 | 200,451 | ||||||
Vedanta Resources Ltd. | ||||||||
6.13%, 08/09/24 (Call 08/09/21)(a) | 600 | 541,821 | ||||||
6.38%, 07/30/22(a) | 600 | 585,975 | ||||||
7.13%, 05/31/23(a) | 300 | 292,520 | ||||||
8.25%, 06/07/21(a) | 400 | 413,954 | ||||||
|
| |||||||
5,249,843 | ||||||||
Indonesia — 0.1% | ||||||||
Pelabuhan Indonesia III Persero PT, | 200 | 208,625 | ||||||
|
| |||||||
Israel — 2.5% | ||||||||
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22 | 350 | 328,625 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.20%, 07/21/21 | 1,751 | 1,678,894 | ||||||
2.80%, 07/21/23 | 1,875 | 1,700,025 | ||||||
3.15%, 10/01/26 | 2,100 | 1,753,773 | ||||||
4.10%, 10/01/46 | 1,200 | 848,712 | ||||||
6.00%, 04/15/24 (Call 01/15/24) | 800 | 813,484 | ||||||
6.75%, 03/01/28 (Call 12/01/27) | 800 | 823,244 | ||||||
|
| |||||||
7,946,757 | ||||||||
Jamaica — 0.5% | ||||||||
Digicel Group One Ltd., 8.25%, 12/30/22 | 713 | 469,511 | ||||||
Digicel Group Two Ltd., 8.25%, 09/30/22 | 487 | 188,403 | ||||||
Digicel Ltd. | ||||||||
6.00%, 04/15/21 (Call 05/30/19)(a) | 650 | 570,700 | ||||||
6.75%, 03/01/23 (Call 03/01/20)(a) | 600 | 422,280 | ||||||
|
| |||||||
1,650,894 | ||||||||
Kazakhstan — 1.3% | ||||||||
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22(a) | 750 | 755,625 | ||||||
Halyk Savings Bank of Kazakhstan JSC | ||||||||
5.50%, 12/21/22 (Call 05/30/19)(a) | 147 | 146,700 | ||||||
7.25%, 01/28/21(a) | 600 | 628,839 | ||||||
Kazakhstan Temir Zholy Finance BV, | 600 | 708,000 |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Kazakhstan (continued) | ||||||||
KazMunayGas National Co. JSC | ||||||||
3.88%, 04/19/22(a) | $ | 200 | $ | 201,980 | ||||
4.75%, 04/19/27(a) | 600 | 621,000 | ||||||
5.75%, 04/19/47(a) | 800 | 840,000 | ||||||
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 07/25/19)(a) | 400 | 283,000 | ||||||
|
| |||||||
4,185,144 | ||||||||
Mexico — 1.4% | ||||||||
Axtel SAB de CV, 6.38%, 11/14/24 (Call 11/14/20)(a) | 200 | 200,079 | ||||||
Banco Mercantil del Norte SA/Grand Cayman, 5.75%, 10/04/31 (Call 10/04/26)(a)(b) | 400 | 391,690 | ||||||
Banco Nacional de Comercio Exterior SNC, 3.80%, 08/11/26 (Call 08/11/21)(a)(b) | 400 | 394,000 | ||||||
BBVA Bancomer SA/Texas, 5.13%, 01/18/33 | 600 | 568,500 | ||||||
Cemex Finance LLC, 6.00%, 04/01/24 | 650 | 667,729 | ||||||
Cemex SAB de CV | ||||||||
5.70%, 01/11/25 (Call 01/11/20)(a) | 700 | 717,500 | ||||||
6.13%, 05/05/25 (Call 05/05/20)(a) | 400 | 415,824 | ||||||
7.75%, 04/16/26 (Call 04/16/21)(a) | 600 | 655,500 | ||||||
Credito Real SAB de, 7.25%, 07/20/23 | 400 | 413,846 | ||||||
|
| |||||||
4,424,668 | ||||||||
Oman — 0.7% | ||||||||
Bank Muscat SAOG, 3.75%, 05/03/21(a) | 400 | 392,510 | ||||||
Lamar Funding Ltd., 3.96%, 05/07/25(a) | 600 | 525,789 | ||||||
National Bank of Oman SAOG, 5.63%, 09/25/23(a) | 400 | 399,594 | ||||||
Oztel Holdings SPC Ltd. | ||||||||
5.63%, 10/24/23(a) | 400 | 401,436 | ||||||
6.63%, 04/24/28(a) | 500 | 487,402 | ||||||
|
| |||||||
2,206,731 | ||||||||
Panama — 0.3% | ||||||||
C&W Senior Financing DAC | ||||||||
6.88%, 09/15/27 (Call 09/15/22)(a) | 600 | 602,250 | ||||||
7.50%, 10/15/26 (Call 10/15/21)(a) | 200 | 207,000 | ||||||
Sable International Finance Ltd., 6.88%, 08/01/22 (Call 08/01/19)(a) | 250 | 260,312 | ||||||
|
| |||||||
1,069,562 | ||||||||
Russia — 2.1% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/21(a) | 600 | 641,250 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC, 7.50%, 10/05/27 (Call 10/05/22)(a)(b) | 200 | 163,750 | ||||||
Evraz PLC | ||||||||
5.38%, 03/20/23(a) | 500 | 508,750 | ||||||
6.75%, 01/31/22(a) | 400 | 424,000 | ||||||
8.25%, 01/28/21(a) | 350 | 374,500 | ||||||
GTLK Europe DAC, 5.13%, 05/31/24(a) | 600 | 591,750 | ||||||
Metalloinvest Finance DAC, 4.85%, 05/02/24(a) | 600 | 598,500 | ||||||
Polyus Finance PLC, 5.25%, 02/07/23(a) | 600 | 605,250 | ||||||
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22(a) | 1,100 | 1,120,300 | ||||||
VEON Holdings BV | ||||||||
3.95%, 06/16/21 (Call 03/16/21)(a) | 200 | 198,500 | ||||||
4.95%, 06/16/24 (Call 03/16/24)(a) | 400 | 403,500 | ||||||
5.95%, 02/13/23(a) | 400 | 415,000 | ||||||
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22(a) | 800 | 834,000 | ||||||
|
| |||||||
6,879,050 | ||||||||
South Africa — 1.7% | ||||||||
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22 | 545 | 564,122 |
Security | Par (000) | Value | ||||||
South Africa (continued) | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
5.75%, 01/26/21(a) | $ | 1,000 | $ | 991,250 | ||||
6.35%, 08/10/28(a) | 800 | 831,292 | ||||||
6.75%, 08/06/23(a) | 617 | 620,085 | ||||||
7.13%, 02/11/25(a) | 660 | 666,600 | ||||||
8.45%, 08/10/28(a) | 200 | 216,097 | ||||||
FirstRand Bank Ltd., 6.25%, 04/23/28 | 400 | 409,002 | ||||||
Gold Fields Orogen Holdings BVI Ltd., 4.88%, 10/07/20(a) | 200 | 202,540 | ||||||
MTN Mauritius Investment Ltd., 4.76%, 11/11/24(a) | 400 | 385,916 | ||||||
Transnet SOC Ltd., 4.00%, 07/26/22(a) | 671 | 659,727 | ||||||
|
| |||||||
5,546,631 | ||||||||
South Korea — 0.1% | ||||||||
Woori Bank, 5.00%, 06/10/45 (Call 06/10/20)(a)(b) | 400 | 402,198 | ||||||
|
| |||||||
Turkey — 3.8% | ||||||||
Akbank Turk AS | ||||||||
5.00%, 10/24/22(a) | 300 | 275,937 | ||||||
5.13%, 03/31/25(a) | 200 | 171,708 | ||||||
7.20%, 03/16/27 (Call 03/16/22)(a)(b) | 400 | 324,974 | ||||||
KOC Holding AS | ||||||||
5.25%, 03/15/23 (Call 12/15/22)(a) | 400 | 381,500 | ||||||
6.50%, 03/11/25 (Call 12/11/24)(a) | 400 | 388,298 | ||||||
QNB Finansbank AS | ||||||||
4.88%, 05/19/22(a) | 488 | 458,720 | ||||||
6.88%, 09/07/24(a) | 200 | 194,949 | ||||||
TC Ziraat Bankasi AS | ||||||||
4.75%, 04/29/21(a) | 200 | 188,250 | ||||||
5.13%, 05/03/22(a) | 570 | 519,470 | ||||||
5.13%, 09/29/23(a) | 200 | 174,520 | ||||||
Turk Telekomunikasyon AS | ||||||||
4.88%, 06/19/24(a) | 200 | 178,770 | ||||||
6.88%, 02/28/25(a) | 200 | 191,520 | ||||||
Turkcell Iletisim Hizmetleri AS | ||||||||
5.75%, 10/15/25(a) | 400 | 366,040 | ||||||
5.80%, 04/11/28 (Call 01/11/28)(a) | 200 | 173,750 | ||||||
Turkiye Garanti Bankasi AS | ||||||||
5.25%, 09/13/22(a) | 600 | 558,750 | ||||||
5.88%, 03/16/23(a) | 400 | 372,000 | ||||||
6.13%, 05/24/27 (Call 05/24/22)(a)(b) | 400 | 316,000 | ||||||
6.25%, 04/20/21(a) | 200 | 196,000 | ||||||
Turkiye Halk Bankasi AS | ||||||||
4.75%, 02/11/21(a) | 200 | 179,073 | ||||||
5.00%, 07/13/21(a) | 300 | 265,092 | ||||||
Turkiye Is Bankasi AS | ||||||||
5.00%, 06/25/21(a) | 200 | 186,750 | ||||||
5.38%, 10/06/21(a) | 700 | 654,500 | ||||||
5.50%, 04/21/22(a) | 400 | 365,500 | ||||||
6.00%, 10/24/22(a) | 650 | 553,988 | ||||||
6.13%, 04/25/24(a) | 900 | 777,276 | ||||||
7.00%, 06/29/28 (Call 06/29/23)(a)(b) | 200 | 150,750 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a) | 200 | 191,500 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
5.50%, 10/27/21(a) | 400 | 374,500 | ||||||
5.63%, 05/30/22(a) | 400 | 363,876 | ||||||
5.75%, 01/30/23(a) | 600 | 530,310 | ||||||
6.00%, 11/01/22(a) | 200 | 172,770 | ||||||
6.88%, 02/03/25 (Call 02/03/20)(a)(b) | 200 | 177,000 |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Turkey (continued) | ||||||||
Yapi ve Kredi Bankasi AS | ||||||||
5.50%, 12/06/22(a) | $ | 600 | $ | 511,500 | ||||
5.75%, 02/24/22(a) | 400 | 375,540 | ||||||
5.85%, 06/21/24(a) | 200 | 173,627 | ||||||
6.10%, 03/16/23(a) | 400 | 363,956 | ||||||
8.25%, 10/15/24(a) | 200 | 190,520 | ||||||
8.50%, 03/09/26 (Call 03/09/21)(a)(b) | 400 | 358,882 | ||||||
|
| |||||||
12,348,066 | ||||||||
Ukraine — 0.4% | ||||||||
Metinvest BV | ||||||||
7.75%, 04/23/23 (Call 01/23/23)(a) | 600 | 586,500 | ||||||
8.50%, 04/23/26 (Call 01/23/26)(a) | 400 | 391,956 | ||||||
MHP SE, 7.75%, 05/10/24(a) | 200 | 201,728 | ||||||
|
| |||||||
1,180,184 | ||||||||
United Arab Emirates — 0.5% | ||||||||
DAE Funding LLC | ||||||||
4.50%, 08/01/22 (Call 08/01/19)(a) | 400 | 406,000 | ||||||
5.00%, 08/01/24 (Call 08/01/20)(a) | 700 | 713,125 | ||||||
5.75%, 11/15/23 (Call 11/15/20)(a) | 400 | 418,584 | ||||||
|
| |||||||
1,537,709 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 42.7% |
| 138,385,042 | ||||||
|
| |||||||
Foreign Government Obligations(c) | ||||||||
Argentina — 6.0% | ||||||||
Argentine Republic Government International Bond | ||||||||
4.63%, 01/11/23 | 1,000 | 737,665 | ||||||
5.63%, 01/26/22 | 2,128 | 1,655,584 | ||||||
5.88%, 01/11/28 | 2,550 | 1,767,010 | ||||||
6.63%, 07/06/28 | 630 | 444,159 | ||||||
6.88%, 04/22/21 | 2,575 | 2,159,138 | ||||||
6.88%, 01/26/27 | 1,924 | 1,382,394 | ||||||
6.88%, 01/11/48 | 1,750 | 1,158,911 | ||||||
7.13%, 07/06/36 | 1,070 | 735,625 | ||||||
7.13%, 06/28/17 | 1,631 | 1,086,890 | ||||||
7.50%, 04/22/26 | 4,055 | 3,042,690 | ||||||
7.63%, 04/22/46 | 1,581 | 1,100,795 | ||||||
8.28%, 12/31/33 | 883 | 661,359 | ||||||
Series NY, 3.75%, 12/31/38(d) | 3,151 | 1,655,482 | ||||||
Series NY, 8.28%, 12/31/33 | 2,358 | 1,745,784 | ||||||
|
| |||||||
19,333,486 | ||||||||
Azerbaijan — 0.4% | ||||||||
State Oil Co. of the Azerbaijan Republic | ||||||||
4.75%, 03/13/23(a) | 550 | 562,455 | ||||||
6.95%, 03/18/30(a) | 600 | 683,160 | ||||||
|
| |||||||
1,245,615 | ||||||||
Bahrain — 1.9% | ||||||||
Bahrain Government International Bond | ||||||||
5.88%, 01/26/21(a) | 350 | 355,687 | ||||||
6.00%, 09/19/44(a) | 600 | 561,000 | ||||||
6.13%, 07/05/22(a) | 1,000 | 1,032,500 | ||||||
6.13%, 08/01/23(a) | 1,000 | 1,040,000 | ||||||
6.75%, 09/20/29(a) | 800 | 846,000 | ||||||
7.00%, 01/26/26(a) | 600 | 643,500 | ||||||
7.00%, 10/12/28(a) | 1,000 | 1,079,665 | ||||||
7.50%, 09/20/47(a) | 600 | 639,000 | ||||||
|
| |||||||
6,197,352 |
Security | Par (000) | Value | ||||||
Brazil — 6.2% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social | ||||||||
5.50%, 07/12/20(a) | $ | 400 | $ | 411,366 | ||||
5.75%, 09/26/23(a) | 600 | 646,323 | ||||||
Brazilian Government International Bond | ||||||||
2.63%, 01/05/23 | 1,500 | 1,447,500 | ||||||
4.25%, 01/07/25 | 2,548 | 2,572,206 | ||||||
4.50%, 05/30/29 (Call 02/28/29) | 400 | 389,500 | ||||||
4.63%, 01/13/28 (Call 10/13/27) | 1,900 | 1,905,177 | ||||||
4.88%, 01/22/21 | 1,511 | 1,550,286 | ||||||
5.00%, 01/27/45 | 2,226 | 2,030,112 | ||||||
5.63%, 01/07/41 | 1,567 | 1,563,607 | ||||||
5.63%, 02/21/47 | 1,700 | 1,668,831 | ||||||
6.00%, 04/07/26 | 1,414 | 1,555,400 | ||||||
7.13%, 01/20/37 | 1,160 | 1,359,340 | ||||||
8.25%, 01/20/34 | 950 | 1,206,096 | ||||||
8.75%, 02/04/25 | 400 | 497,702 | ||||||
8.88%, 04/15/24 | 520 | 645,840 | ||||||
10.13%, 05/15/27 | 500 | 687,623 | ||||||
|
| |||||||
20,136,909 | ||||||||
Costa Rica — 0.7% | ||||||||
Costa Rica Government International Bond | ||||||||
4.25%, 01/26/23(a) | 600 | 574,557 | ||||||
4.38%, 04/30/25(a) | 400 | 372,754 | ||||||
5.63%, 04/30/43(a) | 200 | 168,905 | ||||||
7.00%, 04/04/44(a) | 662 | 635,305 | ||||||
7.16%, 03/12/45(a) | 600 | 583,500 | ||||||
|
| |||||||
2,335,021 | ||||||||
Croatia — 1.2% | ||||||||
Croatia Government International Bond | ||||||||
5.50%, 04/04/23(a) | 800 | 867,200 | ||||||
6.00%, 01/26/24(a) | 1,100 | 1,231,774 | ||||||
6.38%, 03/24/21(a) | 1,006 | 1,067,366 | ||||||
6.63%, 07/14/20(a) | 650 | 677,300 | ||||||
|
| |||||||
3,843,640 | ||||||||
Dominican Republic — 2.6% | ||||||||
Dominican Republic International Bond | ||||||||
5.50%, 01/27/25(a) | 800 | 824,000 | ||||||
5.88%, 04/18/24(a) | 640 | 668,160 | ||||||
5.95%, 01/25/27(a) | 1,075 | 1,131,437 | ||||||
6.00%, 07/19/28(a) | 1,250 | 1,317,406 | ||||||
6.50%, 02/15/48(a) | 750 | 777,169 | ||||||
6.60%, 01/28/24(a) | 313 | 337,571 | ||||||
6.85%, 01/27/45(a) | 990 | 1,057,815 | ||||||
6.88%, 01/29/26(a) | 703 | 775,057 | ||||||
7.45%, 04/30/44(a) | 850 | 960,075 | ||||||
7.50%, 05/06/21(a) | 600 | 621,000 | ||||||
|
| |||||||
8,469,690 | ||||||||
Ecuador — 3.0% | ||||||||
Ecuador Government International Bond | ||||||||
7.88%, 01/23/28(a) | 1,700 | 1,638,638 | ||||||
7.95%, 06/20/24(a) | 1,345 | 1,365,612 | ||||||
8.75%, 06/02/23(a) | 700 | 741,300 | ||||||
8.88%, 10/23/27(a) | 1,500 | 1,524,113 | ||||||
9.63%, 06/02/27(a) | 600 | 635,700 | ||||||
9.65%, 12/13/26(a) | 1,044 | 1,111,615 | ||||||
10.75%, 03/28/22(a) | 1,762 | 1,974,612 | ||||||
10.75%, 01/31/29(a) | 600 | 669,141 | ||||||
|
| |||||||
9,660,731 |
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Egypt — 3.1% | ||||||||
Egypt Government International Bond | ||||||||
5.58%, 02/21/23(a) | $ | 800 | $ | 792,000 | ||||
5.88%, 06/11/25(a) | 800 | 781,000 | ||||||
6.13%, 01/31/22(a) | 1,500 | 1,515,000 | ||||||
6.20%, 03/01/24(a) | 400 | 401,500 | ||||||
6.59%, 02/21/28(a) | 814 | 784,492 | ||||||
6.88%, 04/30/40(a) | 506 | 467,418 | ||||||
7.50%, 01/31/27(a) | 1,200 | 1,231,500 | ||||||
7.60%, 03/01/29(a) | 1,000 | 1,005,000 | ||||||
7.90%, 02/21/48(a) | 800 | 771,000 | ||||||
8.50%, 01/31/47(a) | 1,500 | 1,518,750 | ||||||
8.70%, 03/01/49(a) | 800 | 821,000 | ||||||
|
| |||||||
10,088,660 | ||||||||
El Salvador — 1.0% | ||||||||
El Salvador Government International Bond | ||||||||
5.88%, 01/30/25(a) | 500 | 487,313 | ||||||
6.38%, 01/18/27(a) | 500 | 489,750 | ||||||
7.63%, 02/01/41(a) | 500 | 511,875 | ||||||
7.65%, 06/15/35(a) | 500 | 517,750 | ||||||
7.75%, 01/24/23(a) | 600 | 633,000 | ||||||
8.25%, 04/10/32(a) | 200 | 215,700 | ||||||
8.63%, 02/28/29(a) | 400 | 444,400 | ||||||
|
| |||||||
3,299,788 | ||||||||
Ghana — 1.0% | ||||||||
Ghana Government International Bond | ||||||||
7.63%, 05/16/29(a) | 800 | 785,000 | ||||||
7.88%, 08/07/23(a) | 400 | 418,500 | ||||||
8.13%, 01/18/26(a) | 770 | 796,950 | ||||||
8.63%, 06/16/49(a) | 400 | 383,000 | ||||||
10.75%, 10/14/30(a) | 700 | 864,500 | ||||||
|
| |||||||
3,247,950 | ||||||||
Guatemala — 0.4% | ||||||||
Guatemala Government Bond | ||||||||
4.38%, 06/05/27(a) | 200 | 196,213 | ||||||
4.50%, 05/03/26(a) | 400 | 396,800 | ||||||
4.88%, 02/13/28(a) | 400 | 404,266 | ||||||
5.75%, 06/06/22(a) | 400 | 419,678 | ||||||
|
| |||||||
1,416,957 | ||||||||
Ivory Coast — 0.5% | ||||||||
Ivory Coast Government International Bond | ||||||||
5.38%, 07/23/24(a) | 200 | 195,500 | ||||||
6.13%, 06/15/33(a) | 800 | 727,484 | ||||||
6.38%, 03/03/28(a) | 700 | 678,125 | ||||||
|
| |||||||
1,601,109 | ||||||||
Jamaica — 1.1% | ||||||||
Jamaica Government International Bond | ||||||||
6.75%, 04/28/28 | 1,100 | 1,230,152 | ||||||
7.63%, 07/09/25 | 500 | 571,603 | ||||||
7.88%, 07/28/45 | 700 | 846,996 | ||||||
8.00%, 03/15/39 | 700 | 847,731 | ||||||
|
| |||||||
3,496,482 | ||||||||
Jordan — 0.6% | ||||||||
Jordan Government International Bond | ||||||||
5.75%, 01/31/27(a) | 400 | 390,500 | ||||||
6.13%, 01/29/26(a) | 800 | 801,000 | ||||||
7.38%, 10/10/47(a) | 600 | 583,500 | ||||||
|
| |||||||
1,775,000 |
Security | Par (000) | Value | ||||||
Lebanon — 2.8% | ||||||||
Lebanon Government International Bond | ||||||||
6.00%, 01/27/23(a) | $ | 700 | $ | 604,625 | ||||
6.10%, 10/04/22(a) | 900 | 791,473 | ||||||
6.15%, 06/19/20 | 350 | 336,807 | ||||||
6.20%, 02/26/25(a) | 550 | 457,875 | ||||||
6.25%, 05/27/22 | 300 | 264,508 | ||||||
6.25%, 11/04/24(a) | 435 | 362,681 | ||||||
6.40%, 05/26/23 | 400 | 345,159 | ||||||
6.60%, 11/27/26(a) | 650 | 533,582 | ||||||
6.65%, 04/22/24(a) | 520 | 443,950 | ||||||
6.65%, 11/03/28(a) | 500 | 402,398 | ||||||
6.65%, 02/26/30(a) | 790 | 624,072 | ||||||
6.75%, 11/29/27(a) | 600 | 486,753 | ||||||
6.85%, 03/23/27(a) | 800 | 656,764 | ||||||
6.85%, 05/25/29 | 600 | 482,205 | ||||||
7.00%, 03/23/32(a) | 600 | 482,787 | ||||||
7.05%, 11/02/35(a) | 300 | 236,210 | ||||||
7.25%, 03/23/37(a) | 500 | 396,692 | ||||||
8.25%, 04/12/21(a) | 1,256 | 1,212,040 | ||||||
|
| |||||||
9,120,581 | ||||||||
Morocco — 0.4% | ||||||||
Morocco Government International Bond | ||||||||
4.25%, 12/11/22(a) | 890 | 907,800 | ||||||
5.50%, 12/11/42(a) | 400 | 428,000 | ||||||
|
| |||||||
1,335,800 | ||||||||
Nigeria — 2.1% | ||||||||
Nigeria Government International Bond | ||||||||
6.38%, 07/12/23(a) | 200 | 205,961 | ||||||
6.50%, 11/28/27(a) | 1,000 | 985,000 | ||||||
6.75%, 01/28/21(a) | 400 | 412,000 | ||||||
7.14%, 02/23/30(a) | 714 | 708,645 | ||||||
7.63%, 11/21/25(a) | 700 | 747,250 | ||||||
7.63%, 11/28/47(a) | 700 | 672,875 | ||||||
7.70%, 02/23/38(a) | 800 | 789,236 | ||||||
7.88%, 02/16/32(a) | 800 | 826,000 | ||||||
8.75%, 01/21/31(a) | 700 | 770,000 | ||||||
9.25%, 01/21/49(a) | 500 | 544,375 | ||||||
|
| |||||||
6,661,342 | ||||||||
Pakistan — 0.6% | ||||||||
Pakistan Government International Bond | ||||||||
6.88%, 12/05/27(a) | 800 | 791,860 | ||||||
8.25%, 04/15/24(a) | 727 | 784,815 | ||||||
8.25%, 09/30/25(a) | 400 | 432,842 | ||||||
|
| |||||||
2,009,517 | ||||||||
Senegal — 0.5% | ||||||||
Senegal Government International Bond | ||||||||
6.25%, 07/30/24(a) | 400 | 416,500 | ||||||
6.25%, 05/23/33(a) | 900 | 867,375 | ||||||
6.75%, 03/13/48(a) | 400 | 368,554 | ||||||
|
| |||||||
1,652,429 | ||||||||
Serbia — 0.4% | ||||||||
Serbia International Bond, 7.25%, 09/28/21(a) | 1,286 | 1,400,133 | ||||||
|
| |||||||
South Africa — 2.7% | ||||||||
Republic of South Africa Government International Bond | ||||||||
4.30%, 10/12/28 | 1,000 | 933,625 | ||||||
4.67%, 01/17/24 | 900 | 906,750 | ||||||
4.85%, 09/27/27 | 800 | 778,000 | ||||||
4.88%, 04/14/26 | 700 | 692,989 |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||
South Africa (continued) | ||||||||
5.00%, 10/12/46 | $ | 500 | $ | 440,018 | ||||
5.38%, 07/24/44 | 700 | 643,633 | ||||||
5.65%, 09/27/47 | 1,100 | 1,031,552 | ||||||
5.88%, 05/30/22 | 650 | 681,688 | ||||||
5.88%, 09/16/25 | 1,286 | 1,355,122 | ||||||
5.88%, 06/22/30 | 800 | 816,940 | ||||||
6.25%, 03/08/41 | 400 | 411,754 | ||||||
6.30%, 06/22/48 | 200 | 200,325 | ||||||
|
| |||||||
8,892,396 | ||||||||
Sri Lanka — 2.3% | ||||||||
Sri Lanka Government International Bond | ||||||||
5.75%, 01/18/22(a) | 200 | 198,067 | ||||||
5.75%, 04/18/23(a) | 900 | 879,997 | ||||||
5.88%, 07/25/22(a) | 562 | 556,074 | ||||||
6.13%, 06/03/25(a) | 500 | 480,072 | ||||||
6.20%, 05/11/27(a) | 800 | 752,796 | ||||||
6.25%, 10/04/20(a) | 300 | 301,433 | ||||||
6.25%, 07/27/21(a) | 778 | 781,396 | ||||||
6.75%, 04/18/28(a) | 600 | 578,250 | ||||||
6.83%, 07/18/26(a) | 800 | 785,996 | ||||||
6.85%, 03/14/24(a) | 500 | 503,750 | ||||||
6.85%, 11/03/25(a) | 1,000 | 996,565 | ||||||
7.85%, 03/14/29(a) | 700 | 717,706 | ||||||
|
| |||||||
7,532,102 | ||||||||
Trinidad And Tobago — 0.3% | ||||||||
Trinidad & Tobago Government International Bond | ||||||||
4.38%, 01/16/24(a) | 400 | 404,598 | ||||||
4.50%, 08/04/26(a) | 400 | 395,000 | ||||||
|
| |||||||
799,598 | ||||||||
Turkey — 9.1% | ||||||||
Export Credit Bank of Turkey | ||||||||
5.00%, 09/23/21(a) | 450 | 420,750 | ||||||
5.38%, 02/08/21(a) | 400 | 382,956 | ||||||
5.38%, 10/24/23(a) | 200 | 178,500 | ||||||
Turkey Government International Bond | ||||||||
3.25%, 03/23/23 | 1,000 | 875,175 | ||||||
4.25%, 04/14/26 | 1,000 | 830,635 | ||||||
4.88%, 10/09/26 | 1,860 | 1,584,320 | ||||||
4.88%, 04/16/43 | 1,729 | 1,271,291 | ||||||
5.13%, 03/25/22 | 749 | 714,460 | ||||||
5.13%, 02/17/28 | 1,300 | 1,098,598 | ||||||
5.63%, 03/30/21 | 1,286 | 1,266,710 | ||||||
5.75%, 03/22/24 | 1,550 | 1,450,327 | ||||||
5.75%, 05/11/47 | 2,176 | 1,705,821 | ||||||
6.00%, 03/25/27 | 1,921 | 1,728,256 | ||||||
6.00%, 01/14/41 | 1,703 | 1,381,346 | ||||||
6.13%, 10/24/28 | 1,300 | 1,165,613 | ||||||
6.25%, 09/26/22 | 1,683 | 1,641,068 | ||||||
6.63%, 02/17/45 | 1,779 | 1,514,151 | ||||||
6.75%, 05/30/40 | 1,175 | 1,028,084 | ||||||
6.88%, 03/17/36 | 1,691 | 1,513,741 | ||||||
7.00%, 06/05/20 | 600 | 605,250 | ||||||
7.25%, 12/23/23 | 1,200 | 1,195,998 | ||||||
7.25%, 03/05/38 | 500 | 462,388 | ||||||
7.38%, 02/05/25 | 1,870 | 1,847,700 | ||||||
7.63%, 04/26/29 | 1,500 | 1,458,750 | ||||||
8.00%, 02/14/34 | 863 | 863,280 | ||||||
11.88%, 01/15/30 | 950 | 1,213,221 | ||||||
|
| |||||||
29,398,389 |
Security | Par/ Shares (000) | Value | ||||||
Ukraine — 3.0% | ||||||||
Ukraine Government International Bond | ||||||||
7.38%, 09/25/32(a) | $ | 1,800 | $ | 1,588,500 | ||||
7.75%, 09/01/20(a) | 500 | 498,612 | ||||||
7.75%, 09/01/21(a) | 850 | 843,200 | ||||||
7.75%, 09/01/22(a) | 1,000 | 982,000 | ||||||
7.75%, 09/01/23(a) | 975 | 940,875 | ||||||
7.75%, 09/01/24(a) | 918 | 877,608 | ||||||
7.75%, 09/01/25(a) | 836 | 788,348 | ||||||
7.75%, 09/01/26(a) | 900 | 838,800 | ||||||
7.75%, 09/01/27(a) | 848 | 781,856 | ||||||
8.99%, 02/01/24(a) | 500 | 499,500 | ||||||
9.75%, 11/01/28(a) | 500 | 510,697 | ||||||
Ukreximbank Via Biz Finance PLC, 9.75%, 01/22/25(a) | 450 | 451,688 | ||||||
|
| |||||||
9,601,684 | ||||||||
Venezuela — 1.1% | ||||||||
Venezuela Government International Bond | ||||||||
6.00%, 12/09/20(a)(b)(e) | 640 | 177,600 | ||||||
7.00%, 03/31/38(a)(b)(e) | 600 | 162,000 | ||||||
7.65%, 04/21/25(a)(b)(e) | 658 | 182,595 | ||||||
8.25%, 10/13/24(a)(b)(e) | 1,230 | 347,475 | ||||||
9.00%, 05/07/23(a)(b)(e) | 1,037 | 294,249 | ||||||
9.25%, 09/15/27(b)(e) | 1,962 | 593,505 | ||||||
9.25%, 05/07/28(a)(b)(e) | 892 | 251,990 | ||||||
9.38%, 01/13/34(b)(e) | 730 | 231,775 | ||||||
11.75%, 10/21/26(a)(b)(e) | 1,435 | 430,500 | ||||||
11.95%, 08/05/31(a)(b)(e) | 2,030 | 588,700 | ||||||
12.75%, 08/23/22(a)(b)(e) | 1,430 | 429,000 | ||||||
|
| |||||||
3,689,389 | ||||||||
Vietnam — 0.2% | ||||||||
Vietnam Government International Bond, 4.80%, 11/19/24(a) | 600 | 628,881 | ||||||
|
| |||||||
Total Foreign Government Obligations — 55.2% |
| 178,870,631 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Treasury, | 2,494 | 2,493,613 | ||||||
|
| |||||||
Total Short-Term Investments — 0.8% |
| 2,493,613 | ||||||
|
| |||||||
Total Investments in Securities — 98.7% |
| 319,749,286 | ||||||
Other Assets, Less Liabilities — 1.3% |
| 4,277,701 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 324,026,987 | |||||
|
|
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(c) | U.S. dollar denominated security issued by foreign domiciled entity. |
(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) | Issuer filed for bankruptcy and/or is in default. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period-end. |
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® Emerging Markets High Yield Bond ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/18 (000) | | | Net Activity (000) | | | Shares Held at 04/30/19 (000) | | | Value at 04/30/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized | | |||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 3,376 | (882 | ) | 2,494 | $ | 2,493,613 | $ | 26,720 | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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 | $ | — | $ | 138,385,042 | $ | — | $ | 138,385,042 | ||||||||
Foreign Government Obligations | — | 178,870,631 | — | 178,870,631 | ||||||||||||
Money Market Funds | 2,493,613 | — | — | 2,493,613 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,493,613 | $ | 317,255,673 | $ | — | $ | 319,749,286 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) April 30, 2019 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Corporate Bonds & Notes |
| |||||||||||
Austria — 0.2% | ||||||||||||
Raiffeisenlandesbank Niederoesterreich-Wien AG, 5.88%, 11/27/23(a) | EUR | 100 | $ | 124,589 | ||||||||
|
| |||||||||||
Belgium — 0.5% | ||||||||||||
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a) | EUR | 200 | 227,386 | |||||||||
|
| |||||||||||
Canada — 1.7% | ||||||||||||
Baytex Energy Corp., 6.63%, 07/19/22 (Call 05/30/19) | CAD | 75 | 55,963 | |||||||||
Bombardier Inc., 6.13%, 05/15/21(a) | EUR | 100 | 120,820 | |||||||||
Brookfield Residential Properties Inc., 6.13%, 05/15/23 (Call 05/30/19)(a) | CAD | 50 | 37,848 | |||||||||
Cott Corp., 5.50%, 07/01/24 (Call 07/01/19)(a) | EUR | 100 | 117,193 | |||||||||
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 09/15/19)(a) | CAD | 50 | 37,971 | |||||||||
Mattamy Group Corp., 6.50%, 10/01/25 (Call 10/01/20)(b) | CAD | 50 | 37,857 | |||||||||
Parkland Fuel Corp. | ||||||||||||
5.63%, 05/09/25 (Call 05/09/20) | CAD | 150 | 113,110 | |||||||||
5.75%, 09/16/24 (Call 09/16/19) | CAD | 100 | 75,825 | |||||||||
Postmedia Network Inc., 8.25%, 07/15/21 (Call 05/30/19)(b) | CAD | 3 | 1,892 | |||||||||
Quebecor Media Inc., 6.63%, 01/15/23(b) | CAD | 100 | 80,137 | |||||||||
Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)(d) | CAD | 50 | 4 | |||||||||
Videotron Ltd. | ||||||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 100 | 79,062 | |||||||||
5.75%, 01/15/26 (Call 09/15/20)(a) | CAD | 100 | 78,613 | |||||||||
|
| |||||||||||
836,295 | ||||||||||||
Denmark — 1.0% | ||||||||||||
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)(a) | EUR | 200 | 243,074 | |||||||||
TDC AS | ||||||||||||
5.00%, 03/02/22 | EUR | 100 | 125,072 | |||||||||
6.88%, 02/23/23(a) | GBP | 100 | 147,987 | |||||||||
|
| |||||||||||
516,133 | ||||||||||||
Finland — 2.0% | ||||||||||||
Nokia OYJ | ||||||||||||
1.00%, 03/15/21 (Call 02/15/21)(a) | EUR | 100 | 113,466 | |||||||||
2.00%, 03/15/24 (Call 12/15/23)(a) | EUR | 200 | 231,314 | |||||||||
2.00%, 03/11/26 (Call 12/11/25)(a) | EUR | 150 | 168,679 | |||||||||
Teollisuuden Voima OYJ | ||||||||||||
2.13%, 02/04/25 (Call 11/04/24)(a) | EUR | 100 | 114,640 | |||||||||
2.50%, 03/17/21(a) | EUR | 100 | 116,385 | |||||||||
2.63%, 01/13/23(a) | EUR | 200 | 236,112 | |||||||||
|
| |||||||||||
980,596 | ||||||||||||
France — 11.0% | ||||||||||||
Altice France SA/France | ||||||||||||
5.63%, 05/15/24 (Call 05/30/19)(a) | EUR | 200 | 231,116 | |||||||||
5.88%, 02/01/27 (Call 02/01/22)(a) | EUR | 250 | 296,637 | |||||||||
Casino Guichard Perrachon SA | ||||||||||||
1.87%, 06/13/22 (Call 03/13/22)(a) | EUR | 200 | 208,752 | |||||||||
3.58%, 02/07/25 (Call 11/07/24)(a) | EUR | 200 | 201,810 | |||||||||
4.05%, 08/05/26 (Call 05/05/26)(a) | EUR | 100 | 100,103 | |||||||||
4.50%, 03/07/24 (Call 12/07/23)(a) | EUR | 100 | 109,538 | |||||||||
4.56%, 01/25/23(a) | EUR | 100 | 110,748 | |||||||||
5.24%, 03/09/20 | EUR | 100 | 114,976 | |||||||||
5.98%, 05/26/21(a) | EUR | 100 | 119,243 | |||||||||
CMA CGM SA | ||||||||||||
5.25%, 01/15/25 (Call 10/15/20)(a) | EUR | 200 | 186,718 | |||||||||
7.75%, 01/15/21 (Call 05/10/19)(a) | EUR | 200 | 225,943 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Elis SA | ||||||||||||
1.75%, 04/11/24 (Call 01/11/24)(a) | EUR | 100 | $ | 112,605 | ||||||||
1.88%, 02/15/23 (Call 11/15/22)(a) | EUR | 100 | 114,600 | |||||||||
2.88%, 02/15/26 (Call 11/15/25)(a) | EUR | 100 | 117,328 | |||||||||
Europcar Mobility Group | ||||||||||||
4.13%, 11/15/24 (Call 11/15/20)(a) | EUR | 200 | 230,951 | |||||||||
5.75%, 06/15/22 (Call 05/10/19)(a) | EUR | 200 | 228,433 | |||||||||
Faurecia SA | ||||||||||||
2.63%, 06/15/25 (Call 06/15/21)(a) | EUR | 150 | 171,592 | |||||||||
3.13%, 06/15/26 (Call 06/15/22)(a) | EUR | 100 | 114,309 | |||||||||
3.63%, 06/15/23 (Call 06/15/19)(a) | EUR | 100 | 114,468 | |||||||||
La Financiere Atalian SASU | ||||||||||||
4.00%, 05/15/24 (Call 05/15/20)(a) | EUR | 100 | 84,053 | |||||||||
5.13%, 05/15/25 (Call 05/15/21)(a) | EUR | 100 | 84,236 | |||||||||
Loxam SAS | ||||||||||||
3.50%, 05/03/23 (Call 05/10/19)(a) | EUR | 100 | 113,970 | |||||||||
6.00%, 04/15/25 (Call 04/15/20)(a) | EUR | 100 | 118,581 | |||||||||
Orano SA | ||||||||||||
3.13%, 03/20/23 (Call 12/20/22)(a) | EUR | 100 | 117,129 | |||||||||
3.25%, 09/04/20(a) | EUR | 100 | 115,861 | |||||||||
3.38%, 04/23/26 (Call 01/23/26)(a) | EUR | 100 | 113,064 | |||||||||
3.50%, 03/22/21(a) | EUR | 200 | 235,108 | |||||||||
4.88%, 09/23/24 | EUR | 200 | 249,365 | |||||||||
Rexel SA | ||||||||||||
2.13%, 06/15/25 (Call 12/15/20)(a) | EUR | 150 | 169,399 | |||||||||
2.75%, 06/15/26 (Call 03/15/22)(a) | EUR | 100 | 113,661 | |||||||||
SPCM SA, 2.88%, 06/15/23 (Call 05/10/19)(a) | EUR | 200 | 226,149 | |||||||||
Synlab Bondco PLC, 6.25%, 07/01/22 (Call 05/10/19)(a) | EUR | 200 | 229,462 | |||||||||
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23 (Call 05/10/19)(a) | EUR | 150 | 176,955 | |||||||||
Vallourec SA | ||||||||||||
2.25%, 09/30/24(a) | EUR | 100 | 78,805 | |||||||||
6.38%, 10/15/23 (Call 10/15/20)(a) | EUR | 100 | 95,498 | |||||||||
6.63%, 10/15/22 (Call 10/15/20)(a) | EUR | 100 | 99,872 | |||||||||
|
| |||||||||||
5,531,038 | ||||||||||||
Germany — 8.8% | ||||||||||||
ADLER Real Estate AG | ||||||||||||
1.50%, 12/06/21 (Call 11/06/21)(a) | EUR | 100 | 113,334 | |||||||||
1.50%, 04/17/22 (Call 03/17/22)(a) | EUR | 100 | 112,787 | |||||||||
1.88%, 04/27/23 (Call 03/27/23)(a) | EUR | 200 | 226,411 | |||||||||
3.00%, 04/27/26 (Call 02/27/26)(a) | EUR | 100 | 115,462 | |||||||||
Deutsche Bank AG | ||||||||||||
2.75%, 02/17/25(a) | EUR | 225 | 252,663 | |||||||||
4.50%, 05/19/26(a) | EUR | 200 | 233,987 | |||||||||
Deutsche Lufthansa AG, 5.13%, 08/12/75 (Call 02/12/21)(a)(e) | EUR | 150 | 179,551 | |||||||||
K+S AG | ||||||||||||
2.63%, 04/06/23 (Call 01/06/23)(a) | EUR | 100 | 117,494 | |||||||||
3.25%, 07/18/24 (Call 04/18/24)(a) | EUR | 100 | 118,595 | |||||||||
4.13%, 12/06/21(a) | EUR | 200 | 243,251 | |||||||||
LANXESS AG, 4.50%, 12/06/76 | EUR | 75 | 91,809 | |||||||||
METRO AG | ||||||||||||
1.38%, 10/28/21(a) | EUR | 100 | 113,817 | |||||||||
1.50%, 03/19/25(a) | EUR | 100 | 110,838 | |||||||||
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/20)(a) | EUR | 100 | 110,092 | |||||||||
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/20)(a) | EUR | 200 | 229,351 | |||||||||
Norddeutsche Landesbank Girozentrale, 6.00%, 06/29/20 | EUR | 100 | 115,954 | |||||||||
RWE AG | ||||||||||||
2.75%, 04/21/75 (Call 10/21/20)(a)(e) | EUR | 125 | 143,068 | |||||||||
3.50%, 04/21/75 (Call 04/21/25)(a)(e) | EUR | 50 | 58,392 |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
thyssenkrupp AG | ||||||||||||
1.38%, 03/03/22 (Call 12/03/21)(a) | EUR | 350 | $ | 393,629 | ||||||||
1.75%, 11/25/20 (Call 08/25/20)(a) | EUR | 250 | 284,321 | |||||||||
2.50%, 02/25/25(a) | EUR | 100 | 115,659 | |||||||||
2.88%, 02/22/24 (Call 11/22/23)(a) | EUR | 300 | 347,162 | |||||||||
Unitymedia GmbH, 3.75%, 01/15/27 (Call 01/15/21)(a) | EUR | 200 | 237,104 | |||||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | ||||||||||||
3.50%, 01/15/27 (Call 01/15/21)(a) | EUR | 100 | 118,246 | |||||||||
4.00%, 01/15/25 (Call 01/15/20)(a) | EUR | 100 | 116,524 | |||||||||
4.63%, 02/15/26 (Call 02/15/21)(a) | EUR | 90 | 109,394 | |||||||||
|
| |||||||||||
4,408,895 | ||||||||||||
Greece — 0.6% | ||||||||||||
OTE PLC | ||||||||||||
2.38%, 07/18/22(a) | EUR | 100 | 117,254 | |||||||||
3.50%, 07/09/20(a) | EUR | 175 | 202,896 | |||||||||
|
| |||||||||||
320,150 | ||||||||||||
Ireland — 3.5% | ||||||||||||
Allied Irish Banks PLC, 4.13%, 11/26/25 (Call 11/26/20)(a)(e) | EUR | 100 | 117,150 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
4.13%, 05/15/23 (Call 05/15/19)(a) | EUR | 200 | 229,329 | |||||||||
4.75%, 07/15/27 (Call 07/15/22)(a) | GBP | 100 | 127,057 | |||||||||
6.75%, 05/15/24 (Call 05/15/19)(a) | EUR | 150 | 177,380 | |||||||||
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)(a)(e) | GBP | 100 | 128,972 | |||||||||
James Hardie International Finance DAC, 3.63%, 10/01/26 (Call 10/01/21)(a) | EUR | 100 | 116,897 | |||||||||
Smurfit Kappa Acquisitions ULC | ||||||||||||
2.38%, 02/01/24 (Call 11/01/23)(a) | EUR | 100 | 118,171 | |||||||||
2.88%, 01/15/26(a) | EUR | 125 | 147,956 | |||||||||
3.25%, 06/01/21 (Call 03/10/21)(a) | EUR | 200 | 236,310 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24(a) | EUR | 200 | 201,782 | |||||||||
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23 (Call 09/15/19)(a) | GBP | 100 | 134,656 | |||||||||
|
| |||||||||||
1,735,660 | ||||||||||||
Israel — 2.6% | ||||||||||||
Teva Pharmaceutical Finance Netherlands II BV | ||||||||||||
0.38%, 07/25/20(a) | EUR | 350 | 389,140 | |||||||||
1.25%, 03/31/23 (Call 12/31/22)(a) | EUR | 300 | 319,347 | |||||||||
1.63%, 10/15/28(a) | EUR | 150 | 136,045 | |||||||||
1.88%, 03/31/27 (Call 12/31/26)(a) | EUR | 100 | 96,670 | |||||||||
4.50%, 03/01/25 (Call 12/01/24) | EUR | 300 | 354,080 | |||||||||
|
| |||||||||||
1,295,282 | ||||||||||||
Italy — 19.1% | ||||||||||||
Banca IFIS SpA, 2.00%, 04/24/23(a) | EUR | 100 | 106,421 | |||||||||
Banca Monte dei Paschi di Siena SpA, 5.38%, 01/18/28 (Call 01/18/23)(a)(e) | EUR | 100 | 69,564 | |||||||||
Banco BPM SpA | ||||||||||||
1.75%, 04/24/23(a) | EUR | 100 | 111,636 | |||||||||
2.00%, 03/08/22(a) | EUR | 150 | 169,404 | |||||||||
2.75%, 07/27/20(a) | EUR | 275 | 316,774 | |||||||||
4.38%, 09/21/27 (Call 09/21/22)(a)(e) | EUR | 100 | 111,090 | |||||||||
6.00%, 11/05/20(a) | EUR | 150 | 177,550 | |||||||||
6.38%, 05/31/21(a) | EUR | 100 | 120,584 | |||||||||
BPER Banca, 5.13%, 05/31/27 | EUR | 100 | 115,126 | |||||||||
Fiat Chrysler Finance Europe SA | ||||||||||||
4.75%, 03/22/21(a) | EUR | 150 | 181,560 | |||||||||
4.75%, 07/15/22(a) | EUR | 400 | 501,616 | |||||||||
Iccrea Banca SpA, 1.50%, 10/11/22(a) | EUR | 200 | 223,486 |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
International Game Technology PLC, 4.75%, 02/15/23 (Call 08/15/22)(a) | EUR | 100 | $ | 122,066 | ||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.86%, 04/23/25(a) | EUR | 175 | 198,788 | |||||||||
3.93%, 09/15/26(a) | EUR | 175 | 206,401 | |||||||||
5.15%, 07/16/20 | EUR | 150 | 177,450 | |||||||||
6.63%, 09/13/23(a) | EUR | 300 | 398,999 | |||||||||
Leonardo SpA | ||||||||||||
1.50%, 06/07/24 (Call 03/07/24)(a) | EUR | 125 | 140,184 | |||||||||
4.50%, 01/19/21 | EUR | 200 | 239,952 | |||||||||
5.25%, 01/21/22 | EUR | 100 | 125,807 | |||||||||
Mediobanca Banca di Credito Finanziario SpA | ||||||||||||
3.75%, 06/16/26 | EUR | 75 | 88,196 | |||||||||
5.00%, 11/15/20 | EUR | 100 | 119,014 | |||||||||
5.75%, 04/18/23 | EUR | 125 | 158,483 | |||||||||
Nexi Capital SpA, 4.13%, 11/01/23 | EUR | 150 | 174,636 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(a) | EUR | 200 | 241,617 | |||||||||
Saipem Finance International BV | ||||||||||||
2.75%, 04/05/22(a) | EUR | 100 | 117,323 | |||||||||
3.00%, 03/08/21(a) | EUR | 100 | 116,776 | |||||||||
3.75%, 09/08/23(a) | EUR | 100 | 120,777 | |||||||||
Salini Impregilo SpA | ||||||||||||
1.75%, 10/26/24(a) | EUR | 150 | 132,341 | |||||||||
3.75%, 06/24/21(a) | EUR | 100 | 107,799 | |||||||||
Telecom Italia SpA/Milano | ||||||||||||
2.38%, 10/12/27 (Call 07/12/27)(a) | EUR | 200 | 207,755 | |||||||||
2.50%, 07/19/23(a) | EUR | 100 | 113,809 | |||||||||
2.88%, 01/28/26 (Call 10/28/25)(a) | EUR | 100 | 109,373 | |||||||||
3.00%, 09/30/25(a) | EUR | 100 | 112,089 | |||||||||
3.25%, 01/16/23(a) | EUR | 150 | 176,159 | |||||||||
3.63%, 01/19/24(a) | EUR | 100 | 117,001 | |||||||||
3.63%, 05/25/26(a) | EUR | 100 | 114,675 | |||||||||
4.00%, 04/11/24 (Call 01/11/24)(a) | EUR | 125 | 146,777 | |||||||||
4.88%, 09/25/20(a) | EUR | 100 | 119,022 | |||||||||
5.25%, 02/10/22(a) | EUR | 200 | 250,337 | |||||||||
UniCredit SpA | ||||||||||||
4.38%, 01/03/27 (Call 01/03/22)(a)(e) | EUR | 100 | 116,488 | |||||||||
4.88%, 02/20/29 (Call 02/20/24)(a)(e) | EUR | 200 | 233,130 | |||||||||
5.75%, 10/28/25 (Call 10/28/20)(a)(e) | EUR | 200 | 235,615 | |||||||||
6.13%, 04/19/21(a) | EUR | 100 | 122,471 | |||||||||
6.95%, 10/31/22(a) | EUR | 386 | 501,216 | |||||||||
Unione di Banche Italiane SpA | ||||||||||||
4.25%, 05/05/26 (Call 05/05/21)(a)(e) | EUR | 200 | 225,741 | |||||||||
4.45%, 09/15/27 (Call 09/15/22)(a)(e) | EUR | 100 | 112,687 | |||||||||
5.88%, 03/04/29 (Call 03/04/24)(a)(e) | EUR | 150 | 171,959 | |||||||||
Unipol Gruppo SpA | ||||||||||||
3.00%, 03/18/25(a) | EUR | 175 | 197,823 | |||||||||
3.50%, 11/29/27 (Call 08/29/27)(a) | EUR | 100 | 111,564 | |||||||||
4.38%, 03/05/21(a) | EUR | 100 | 119,230 | |||||||||
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(a) | EUR | 100 | 106,757 | |||||||||
Wind Tre SpA | ||||||||||||
2.63%, 01/20/23 (Call 11/03/19)(a) | EUR | 200 | 218,846 | |||||||||
3.13%, 01/20/25 (Call 11/03/20)(a) | EUR | 425 | 454,557 | |||||||||
|
| |||||||||||
9,586,501 | ||||||||||||
Japan — 2.4% | ||||||||||||
SoftBank Group Corp. | ||||||||||||
3.13%, 09/19/25 (Call 06/21/25)(a) | EUR | 250 | 281,810 | |||||||||
4.00%, 07/30/22 (Call 04/30/22)(a) | EUR | 200 | 241,339 | |||||||||
4.00%, 09/19/29 (Call 06/21/29)(a) | EUR | 200 | 223,268 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Japan (continued) | ||||||||||||
4.50%, 04/20/25 (Call 01/20/25)(a) | EUR | 100 | $ | 122,017 | ||||||||
5.00%, 04/15/28 (Call 01/16/28)(a) | EUR | 300 | 360,940 | |||||||||
|
| |||||||||||
1,229,374 | ||||||||||||
Luxembourg — 3.8% | ||||||||||||
Altice Financing SA, 5.25%, 02/15/23 (Call 05/30/19)(a) | EUR | 200 | 230,285 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a) | EUR | 100 | 97,221 | |||||||||
Altice Luxembourg SA | ||||||||||||
6.25%, 02/15/25 (Call 02/15/20)(a) | EUR | 200 | 221,457 | |||||||||
7.25%, 05/15/22 (Call 05/30/19)(a) | EUR | 400 | 457,458 | |||||||||
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 05/10/19)(a) | GBP | 200 | 241,039 | |||||||||
INEOS Finance PLC, 2.13%, 11/15/25 (Call 11/15/20)(a) | EUR | 100 | 108,875 | |||||||||
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 08/01/19)(a) | EUR | 100 | 115,001 | |||||||||
Matterhorn Telecom SA | ||||||||||||
3.88%, 05/01/22 (Call 05/10/19)(a) | EUR | 300 | 338,482 | |||||||||
4.00%, 11/15/27 (Call 11/15/22)(a) | EUR | 100 | 110,151 | |||||||||
|
| |||||||||||
1,919,969 | ||||||||||||
Netherlands — 4.7% | ||||||||||||
Axalta Coating Systems LLC, 4.25%, 08/15/24 (Call 08/15/19)(a) | EUR | 100 | 115,749 | |||||||||
Constellium NV | ||||||||||||
4.25%, 02/15/26 (Call 11/15/20)(a) | EUR | 100 | 115,560 | |||||||||
4.63%, 05/15/21 (Call 05/30/19)(a) | EUR | 100 | 112,266 | |||||||||
InterXion Holding NV, 4.75%, 06/15/25 (Call 06/15/21)(a) | EUR | 250 | 299,087 | |||||||||
Lincoln Financing SARL, 3.63%, 04/01/24 (Call 10/01/20)(a) | EUR | 100 | 114,770 | |||||||||
OCI NV, 5.00%, 04/15/23 (Call 04/15/20)(a) | EUR | 100 | 118,335 | |||||||||
Saipem Finance International BV, 2.63%, 01/07/25(a) | EUR | 100 | 114,000 | |||||||||
Selecta Group BV, 5.88%, 02/01/24 (Call 02/01/20)(a) | EUR | 100 | 115,558 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(a) | EUR | 100 | 107,750 | |||||||||
SNS Bank NV, 6.25%, 10/26/20(d) | EUR | 50 | — | |||||||||
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)(a) | EUR | 100 | 115,100 | |||||||||
United Group BV, 4.88%, 07/01/24 (Call 07/01/20)(a) | EUR | 100 | 115,453 | |||||||||
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a) | EUR | 200 | 230,341 | |||||||||
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(a) | EUR | 100 | 117,566 | |||||||||
Ziggo Bond Co. BV, 7.13%, 05/15/24 (Call 05/30/19)(a) | EUR | 200 | 232,741 | |||||||||
Ziggo BV | ||||||||||||
3.75%, 01/15/25 (Call 01/15/20)(a) | EUR | 100 | 115,432 | |||||||||
4.25%, 01/15/27 (Call 01/15/22)(a) | EUR | 200 | 233,377 | |||||||||
|
| |||||||||||
2,373,085 | ||||||||||||
Portugal — 1.7% | ||||||||||||
Banco Comercial Portugues SA, 4.50%, 12/07/27 (Call 12/07/22)(a)(e) | EUR | 100 | 110,856 | |||||||||
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)(a)(e) | EUR | 100 | 121,596 | |||||||||
EDP — Energias de Portugal SA | ||||||||||||
4.50%, 04/30/79 (Call 01/30/24)(a)(e) | EUR | 200 | 240,042 | |||||||||
5.38%, 09/16/75 (Call 03/16/21)(a)(e) | EUR | 200 | 241,249 | |||||||||
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(a)(e) | EUR | 100 | 115,633 | |||||||||
|
| |||||||||||
829,376 | ||||||||||||
Spain — 5.0% | ||||||||||||
Banco de Sabadell SA | ||||||||||||
5.38%, 12/12/28 (Call 12/12/23)(a)(e) | EUR | 100 | 120,310 | |||||||||
5.63%, 05/06/26(a) | EUR | 100 | 124,526 | |||||||||
Bankia SA | ||||||||||||
3.38%, 03/15/27 (Call 03/15/22)(a)(e) | EUR | 100 | 116,404 | |||||||||
3.75%, 02/15/29 (Call 02/15/24)(a)(e) | EUR | 200 | 231,825 | |||||||||
Bankinter SA, 2.50%, 04/06/27 | EUR | 100 | 115,129 |
Security | Par (000) | Value | ||||||||||
Spain (continued) | ||||||||||||
Cellnex Telecom SA | ||||||||||||
2.38%, 01/16/24 (Call 10/16/23)(a) | EUR | 200 | $ | 229,248 | ||||||||
2.88%, 04/18/25 (Call 01/18/25)(a) | EUR | 100 | 116,951 | |||||||||
3.13%, 07/27/22(a) | EUR | 100 | 118,980 | |||||||||
Distribuidora Internacional de Alimentacion SA, 0.88%, 04/06/23 (Call 01/06/23)(a) | EUR | 100 | 71,725 | |||||||||
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)(a) | EUR | 100 | 116,255 | |||||||||
Gestamp Automocion SA, 3.25%, 04/30/26 (Call 04/30/21)(a) | EUR | 200 | 220,137 | |||||||||
Grifols SA, 3.20%, 05/01/25 (Call 05/01/20)(a) | EUR | 200 | 228,368 | |||||||||
Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 05/30/19)(c) | EUR | 141 | 79 | |||||||||
Ibercaja Banco SA, 5.00%, 07/28/25 (Call 07/28/20)(a)(e) | EUR | 100 | 115,612 | |||||||||
LHMC Finco Sarl, 6.25%, 12/20/23 (Call 06/20/20)(a) | EUR | 200 | 237,636 | |||||||||
Liberbank SA, 6.88%, 03/14/27 | EUR | 100 | 121,463 | |||||||||
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(e) | EUR | 175 | 219,624 | |||||||||
|
| |||||||||||
2,504,272 | ||||||||||||
Sweden — 3.1% | ||||||||||||
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)(a)(e) | EUR | 100 | 115,697 | |||||||||
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(a)(e) | EUR | 100 | 110,969 | |||||||||
Intrum AB | ||||||||||||
2.75%, 07/15/22 (Call 07/15/19)(a) | EUR | 300 | 333,218 | |||||||||
3.13%, 07/15/24 (Call 07/15/20)(a) | EUR | 200 | 220,926 | |||||||||
Telefonaktiebolaget LM Ericsson | ||||||||||||
0.88%, 03/01/21(a) | EUR | 100 | 113,273 | |||||||||
Series 7Y, 1.88%, 03/01/24(a) | EUR | 100 | 115,129 | |||||||||
Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/19)(a) | EUR | 200 | 230,184 | |||||||||
Volvo Car AB | ||||||||||||
2.00%, 01/24/25 (Call 10/24/24)(a) | EUR | 200 | 223,864 | |||||||||
3.25%, 05/18/21(a) | EUR | 100 | 118,331 | |||||||||
|
| |||||||||||
1,581,591 | ||||||||||||
Switzerland — 0.7% | ||||||||||||
Dufry Finance SCA, 4.50%, 08/01/23 (Call 05/30/19)(a) | EUR | 100 | 115,851 | |||||||||
Dufry One BV, 2.50%, 10/15/24 (Call 10/15/20)(a) | EUR | 200 | 229,132 | |||||||||
|
| |||||||||||
344,983 | ||||||||||||
United Kingdom — 7.7% | ||||||||||||
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/20)(a) | EUR | 100 | 117,481 | |||||||||
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)(a) | GBP | 100 | 108,227 | |||||||||
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/20)(a) | GBP | 150 | 210,132 | |||||||||
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/19)(a) | GBP | 100 | 132,185 | |||||||||
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24(a) | EUR | 200 | 247,632 | |||||||||
Heathrow Finance PLC, 3.88%, 03/01/27(a) | GBP | 100 | 125,841 | |||||||||
INEOS Finance PLC | ||||||||||||
2.88%, 05/01/26 (Call 05/01/22)(a) | EUR | 100 | 111,333 | |||||||||
4.00%, 05/01/23 (Call 05/10/19)(a) | EUR | 200 | 226,299 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
2.20%, 01/15/24(a) | EUR | 150 | 145,771 | |||||||||
2.75%, 01/24/21(a) | GBP | 200 | 249,524 | |||||||||
4.50%, 01/15/26 (Call 10/15/25)(a) | EUR | 150 | 152,559 | |||||||||
Merlin Entertainments PLC, 2.75%, 03/15/22 (Call 12/15/21)(a) | EUR | 150 | 175,608 | |||||||||
New Look Secured Issuer PLC, 6.50%, 07/01/22 (Call 05/10/19)(a) | GBP | 100 | 37,806 | |||||||||
Tesco Corporate Treasury Services PLC | ||||||||||||
1.38%, 10/24/23 (Call 07/24/23)(a) | EUR | 200 | 229,460 | |||||||||
2.50%, 07/01/24(a) | EUR | 200 | 242,025 |
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
Tesco PLC, 6.13%, 02/24/22 | GBP | 100 | $ | 145,530 | ||||||||
Thomas Cook Finance 2 PLC, 3.88%, 07/15/23 (Call 01/15/20)(a) | EUR | 100 | 74,711 | |||||||||
Thomas Cook Group PLC, 6.25%, 06/15/22 (Call 06/15/19)(a) | EUR | 100 | 85,515 | |||||||||
Virgin Media Finance PLC | ||||||||||||
4.50%, 01/15/25 (Call 01/15/20)(a) | EUR | 100 | 116,158 | |||||||||
6.38%, 10/15/24 (Call 10/15/19)(a) | GBP | 100 | 136,925 | |||||||||
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 09/15/19)(a) | GBP | 100 | 134,362 | |||||||||
Virgin Media Secured Finance PLC | ||||||||||||
4.88%, 01/15/27 (Call 01/15/21)(a) | GBP | 100 | 131,738 | |||||||||
5.00%, 04/15/27 (Call 04/15/22)(a) | GBP | 200 | 264,582 | |||||||||
5.13%, 01/15/25 (Call 01/15/20)(a) | GBP | 100 | 134,144 | |||||||||
6.25%, 03/28/29 (Call 01/15/21)(a) | GBP | 100 | 137,937 | |||||||||
|
| |||||||||||
3,873,485 | ||||||||||||
United States — 17.6% | ||||||||||||
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a) | EUR | 175 | 169,156 | |||||||||
AMC Entertainment Holdings Inc., 6.38%, 11/15/24 (Call 11/15/19) | GBP | 100 | 130,188 | |||||||||
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/20)(a) | EUR | 100 | 116,643 | |||||||||
Avantor Inc., 4.75%, 10/01/24 (Call 10/01/20)(a) | EUR | 100 | 118,653 | |||||||||
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(a) | EUR | 100 | 116,440 | |||||||||
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/20)(a) | EUR | 100 | 115,345 | |||||||||
Ball Corp. | ||||||||||||
3.50%, 12/15/20 | EUR | 100 | 117,724 | |||||||||
4.38%, 12/15/23 | EUR | 200 | 256,369 | |||||||||
Banff Merger Sub Inc., 8.38%, 09/01/26 (Call 09/01/21)(a) | EUR | 100 | 113,926 | |||||||||
Bausch Health Companies Inc., 4.50%, 05/15/23 (Call 05/30/19)(a) | EUR | 300 | 339,090 | |||||||||
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(a) | EUR | 150 | 173,789 | |||||||||
BWAY Holding Co., 4.75%, 04/15/24 (Call 04/15/20)(a) | EUR | 100 | 114,820 | |||||||||
Ceva Logistics Finance BV, 5.25%, 08/01/25 (Call 08/01/21)(a) | EUR | 100 | 113,013 | |||||||||
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21) | EUR | 100 | 116,535 | |||||||||
Coty Inc. | ||||||||||||
4.00%, 04/15/23 (Call 04/15/20)(a) | EUR | 100 | 112,702 | |||||||||
4.75%, 04/15/26 (Call 04/15/21)(a) | EUR | 100 | 112,287 | |||||||||
Crown European Holdings SA | ||||||||||||
2.25%, 02/01/23 (Call 11/01/22)(a) | EUR | 100 | 116,901 | |||||||||
2.63%, 09/30/24 (Call 03/31/24)(a) | EUR | 125 | 147,896 | |||||||||
2.88%, 02/01/26 (Call 08/01/25)(a) | EUR | 100 | 117,263 | |||||||||
3.38%, 05/15/25 (Call 11/15/24)(a) | EUR | 100 | 121,430 | |||||||||
4.00%, 07/15/22 (Call 04/15/22)(a) | EUR | 100 | 122,756 | |||||||||
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(a) | EUR | 100 | 117,430 | |||||||||
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(a) | EUR | 100 | 115,364 | |||||||||
Equinix Inc. | ||||||||||||
2.88%, 03/15/24 (Call 09/15/20) | EUR | 200 | 231,989 | |||||||||
2.88%, 10/01/25 (Call 10/01/20) | EUR | 150 | 172,726 | |||||||||
2.88%, 02/01/26 (Call 02/01/21) | EUR | 300 | 345,854 | |||||||||
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a) | EUR | 100 | 120,869 | |||||||||
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 03/30/20)(a) | EUR | 100 | 117,415 | |||||||||
Infor U.S. Inc., 5.75%, 05/15/22 (Call 05/15/19) | EUR | 100 | 113,709 | |||||||||
International Game Technology PLC | ||||||||||||
3.50%, 07/15/24 (Call 01/15/24)(a) | EUR | 125 | 145,935 | |||||||||
4.75%, 03/05/20(a) | EUR | 100 | 116,137 |
Security | Par/ Shares (000) | Value | ||||||||||
United States (continued) | ||||||||||||
IQVIA Inc. | ||||||||||||
2.88%, 09/15/25 (Call 09/15/20)(a) | EUR | 100 | $ | 113,794 | ||||||||
3.25%, 03/15/25 (Call 03/15/20)(a) | EUR | 350 | 399,351 | |||||||||
3.50%, 10/15/24 (Call 10/15/19)(a) | EUR | 100 | 114,677 | |||||||||
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(a) | GBP | 100 | 125,630 | |||||||||
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22) | EUR | 100 | 117,704 | |||||||||
LKQ European Holdings BV | ||||||||||||
3.63%, 04/01/26 (Call 04/01/21)(a) | EUR | 100 | 116,952 | |||||||||
4.13%, 04/01/28 (Call 04/01/23)(a) | EUR | 100 | 117,482 | |||||||||
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(a) | EUR | 100 | 122,231 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
3.33%, 03/24/25 (Call 12/24/24) | EUR | 100 | 118,188 | |||||||||
4.00%, 08/19/22 (Call 05/19/22) | EUR | 100 | 122,259 | |||||||||
Netflix Inc. | ||||||||||||
3.63%, 05/15/27 | EUR | 350 | 410,096 | |||||||||
3.88%, 11/15/29(a) | EUR | 200 | 229,356 | |||||||||
4.63%, 05/15/29(a) | EUR | 200 | 243,733 | |||||||||
OI European Group BV | ||||||||||||
3.13%, 11/15/24 (Call 08/15/24)(a) | EUR | 100 | 119,209 | |||||||||
4.88%, 03/31/21(a) | EUR | 100 | 121,391 | |||||||||
6.75%, 09/15/20(a) | EUR | 100 | 121,863 | |||||||||
Panther BF Aggregator 2 LP/Panther Finance Co. Inc., 4.38%, 05/15/26 (Call 05/15/22)(a) | EUR | 125 | 143,502 | |||||||||
PVH Corp., 3.13%, 12/15/27 | EUR | 150 | 178,402 | |||||||||
Refinitiv U.S. Holdings Inc. | ||||||||||||
4.50%, 05/15/26 (Call 11/15/21)(a) | EUR | 150 | 169,400 | |||||||||
6.88%, 11/15/26 (Call 11/15/21)(a) | EUR | 100 | 112,423 | |||||||||
Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/21)(a) | EUR | 100 | 108,240 | |||||||||
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a) | EUR | 100 | 125,806 | |||||||||
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 03/15/20) | EUR | 200 | 230,517 | |||||||||
Tenneco Inc. | ||||||||||||
4.88%, 04/15/22 (Call 05/30/19)(a) | EUR | 125 | 143,560 | |||||||||
5.00%, 07/15/24 (Call 07/15/20)(a) | EUR | 100 | 117,836 | |||||||||
Vantiv LLC/Vanity Issuer Corp., 3.88%, 11/15/25 (Call 11/15/20)(a) | GBP | 100 | 135,749 | |||||||||
WMG Acquisition Corp., 3.63%, 10/15/26 (Call 10/15/21)(a) | EUR | 100 | 116,445 | |||||||||
|
| |||||||||||
8,856,150 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.7% |
| 49,074,810 | ||||||||||
|
| |||||||||||
Common Stocks |
| |||||||||||
South Africa — 0.0% | ||||||||||||
Sentry Holdings Ltd. Class A(d) |
| 0 | (f) | — | ||||||||
|
| |||||||||||
Total Common Stocks — 0.0% |
| — | ||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||||||
Short-Term Investments | ||||||||||||
Money Market Funds — 0.0% | ||||||||||||
BlackRock Cash Funds: Treasury, | 5 | $ | 4,688 | |||||||||
|
| |||||||||||
Total Short-Term Investments — 0.0% | 4,688 | |||||||||||
|
| |||||||||||
Total Investments in Securities — 97.7% | 49,079,498 | |||||||||||
Other Assets, Less Liabilities — 2.3% | 1,154,814 | |||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 50,234,312 | ||||||||||
|
|
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Issuer filed for bankruptcy and/or is in default. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(f) | Rounds to less than 1,000. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/18 (000) | | Net Activity (000) | | Shares Held at 04/30/19 (000) | | Value at 04/30/19 | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 13 | (8 | ) | 5 | $ | 4,688 | $ | 561 | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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 | $ | — | $ | 49,074,806 | $ | 4 | $ | 49,074,810 | ||||||||
Common Stocks | — | — | — | — | ||||||||||||
Money Market Funds | 4,688 | — | — | 4,688 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,688 | $ | 49,074,806 | $ | 4 | $ | 49,079,498 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Argentina — 2.2% | ||||||||
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)(a) | $ | 150 | $ | 139,125 | ||||
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/20)(a) | 224 | 209,475 | ||||||
Genneia SA, 8.75%, 01/20/22 (Call 01/20/20)(a)(b) | 100 | 78,704 | ||||||
Pampa Energia SA | ||||||||
7.38%, 07/21/23 (Call 07/21/20)(a) | 100 | 89,672 | ||||||
7.50%, 01/24/27 (Call 01/24/22)(a) | 150 | 126,750 | ||||||
Rio Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(a) | 150 | 97,275 | ||||||
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)(a) | 139 | 118,696 | ||||||
Tecpetrol SA, 4.88%, 12/12/22 (Call 12/12/20)(a) | 100 | 89,651 | ||||||
Telecom Argentina SA, 6.50%, 06/15/21 (Call 06/15/19)(a) | 150 | 141,452 | ||||||
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(a)(b) | 150 | 135,691 | ||||||
YPF SA | ||||||||
6.95%, 07/21/27(a)(b) | 225 | 190,623 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(a) | 200 | 154,746 | ||||||
8.50%, 07/28/25(a) | 450 | 411,750 | ||||||
8.75%, 04/04/24(a) | 330 | 315,538 | ||||||
|
| |||||||
2,299,148 | ||||||||
Brazil — 7.3% | ||||||||
Banco BTG Pactual SA/Cayman Islands, 5.50%, 01/31/23(a) | 200 | 201,940 | ||||||
Banco do Brasil SA/Cayman | ||||||||
4.63%, 01/15/25(a) | 200 | 202,256 | ||||||
5.88%, 01/19/23(a) | 200 | 210,541 | ||||||
9.00%, (Call 06/18/24)(a)(b)(c)(d) | 200 | 213,000 | ||||||
9.25%, (Call 04/15/23)(a)(c)(d) | 200 | 218,037 | ||||||
Braskem Netherlands Finance BV | ||||||||
3.50%, 01/10/23(a)(b) | 200 | 197,095 | ||||||
4.50%, 01/10/28(a) | 200 | 196,000 | ||||||
BRF SA, 3.95%, 05/22/23(a) | 200 | 191,000 | ||||||
CSN Islands XII Corp., 7.00%, (Call 06/23/19)(a)(c) | 100 | 87,000 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 157 | 165,439 | ||||||
5.40%, 02/01/27 | 50 | 53,688 | ||||||
Fibria Overseas Finance Ltd., 5.25%, 05/12/24 | 50 | 52,703 | ||||||
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)(a) | 50 | 47,500 | ||||||
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)(a) | 150 | 161,740 | ||||||
Itau Unibanco Holding SA/Cayman Islands | ||||||||
5.13%, 05/13/23(a)(b) | 200 | 208,077 | ||||||
5.65%, 03/19/22(a)(b) | 200 | 208,791 | ||||||
6.50%, (Call 03/19/23)(a)(c)(d) | 200 | 199,321 | ||||||
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a)(b) | 200 | 207,980 | ||||||
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 07/15/19)(a) | 75 | 76,575 | ||||||
Klabin Austria GmbH, 5.75%, 04/03/29 (Call 01/03/29)(e) | 200 | 199,960 | ||||||
Marfrig Holdings Europe BV, 8.00%, 06/08/23 (Call 06/08/19)(a) | 200 | 207,800 | ||||||
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(a) | 200 | 196,428 | ||||||
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(a)(b)(f) | 152 | 37,825 | ||||||
Oi SA, 10.00%, (10.00% PIK), 07/27/25(f) | 100 | 105,000 | ||||||
Petrobras Global Finance BV | ||||||||
4.38%, 05/20/23(b) | 100 | 100,750 | ||||||
5.30%, 01/27/25(b) | 158 | 162,266 | ||||||
5.63%, 05/20/43 | 100 | 90,925 | ||||||
5.75%, 02/01/29(b) | 100 | 100,045 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
6.00%, 01/27/28(b) | $ | 325 | $ | 333,531 | ||||
6.13%, 01/17/22 | 134 | 142,073 | ||||||
6.25%, 03/17/24 | 225 | 242,269 | ||||||
6.75%, 01/27/41 | 100 | 101,519 | ||||||
6.85%, 06/05/15 | 100 | 97,550 | ||||||
6.88%, 01/20/40 | 98 | 100,608 | ||||||
6.90%, 03/19/49 | 200 | 199,940 | ||||||
7.25%, 03/17/44(b) | 150 | 158,495 | ||||||
7.38%, 01/17/27 | 250 | 278,325 | ||||||
8.75%, 05/23/26(b) | 200 | 239,760 | ||||||
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)(a) | 200 | 202,661 | ||||||
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(a) | 200 | 212,500 | ||||||
Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28)(a) | 400 | 427,792 | ||||||
Vale Overseas Ltd. | ||||||||
6.25%, 08/10/26(b) | 200 | 218,775 | ||||||
6.88%, 11/10/39 | 200 | 232,250 | ||||||
8.25%, 01/17/34 | 100 | 126,471 | ||||||
|
| |||||||
7,614,201 | ||||||||
Chile — 4.0% | ||||||||
Banco de Credito e Inversiones SA, | 200 | 196,300 | ||||||
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24) | 200 | 205,480 | ||||||
Cencosud SA | ||||||||
4.38%, 07/17/27 (Call 04/17/27)(a) | 200 | 190,750 | ||||||
5.15%, 02/12/25 (Call 11/12/24)(a)(b) | 200 | 206,200 | ||||||
Colbun SA, 4.50%, 07/10/24 (Call 04/11/24)(a) | 400 | 410,634 | ||||||
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(a) | 200 | 189,221 | ||||||
Empresa Nacional de Telecomunicaciones SA | ||||||||
4.75%, 08/01/26 (Call 05/03/26)(a) | 200 | 201,291 | ||||||
4.88%, 10/30/24(a) | 200 | 203,255 | ||||||
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26) | 200 | 198,050 | ||||||
Enel Chile SA, 4.88%, 06/12/28 | 300 | 317,666 | ||||||
GNL Quintero SA, 4.63%, 07/31/29(a) | 200 | 206,163 | ||||||
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)(a) | 600 | 610,500 | ||||||
Latam Finance Ltd. | ||||||||
6.88%, 04/11/24 (Call 04/11/21)(a) | 200 | 205,696 | ||||||
7.00%, 03/01/26 (Call 03/01/23)(a) | 200 | 204,500 | ||||||
SACI Falabella, 3.75%, 04/30/23(a) | 200 | 200,550 | ||||||
VTR Finance BV, 6.88%, 01/15/24 (Call 05/10/19)(a) | 400 | 414,264 | ||||||
|
| |||||||
4,160,520 | ||||||||
China — 9.5% | ||||||||
Alibaba Group Holding Ltd. | ||||||||
3.40%, 12/06/27 (Call 09/06/27) | 500 | 490,325 | ||||||
4.00%, 12/06/37 (Call 06/06/37) | 200 | 193,356 | ||||||
Azure Nova International Finance Ltd., 3.50%, 03/21/22(a) | 200 | 198,789 | ||||||
Baidu Inc., 4.13%, 06/30/25 | 200 | 204,739 | ||||||
Bank of China Ltd./Hong Kong | ||||||||
3.44%, 03/08/23, (3 mo. LIBOR US + 0.850%)(a)(g) | 200 | 200,383 | ||||||
3.88%, 06/30/25(a) | 200 | 204,545 | ||||||
Bank of China Ltd./Macau, 2.88%, 04/20/22(a) | 200 | 198,423 | ||||||
Bank of Communications Co. Ltd., 4.50%, 10/03/24 (Call 10/03/19)(a)(d) | 200 | 200,509 | ||||||
BOC Aviation Ltd., 3.73%, 09/26/23 (Call 08/26/23), | 200 | 200,000 | ||||||
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a) | 200 | 203,245 | ||||||
China Cinda Finance 2017 I Ltd., 3.88%, 02/08/23(a) | 200 | 202,371 |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
China Construction Bank Corp., 3.88%, 05/13/25 (Call 05/13/20)(a)(d) | $ | 200 | $ | 200,361 | ||||
China Evergrande Group | ||||||||
8.25%, 03/23/22 (Call 03/23/20)(a) | 200 | 192,165 | ||||||
8.75%, 06/28/25 (Call 06/28/21)(a) | 200 | 183,250 | ||||||
China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24(a) | 200 | 221,205 | ||||||
CITIC Ltd., 3.88%, 02/28/27(a) | 200 | 197,245 | ||||||
CMBLEMTN 1 Ltd., 3.25%, 11/29/21(a) | 200 | 197,409 | ||||||
CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23(a) | 200 | 205,387 | ||||||
CNOOC Finance 2012 Ltd., 3.88%, 05/02/22(a) | 200 | 204,075 | ||||||
CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/24 | 200 | 208,065 | ||||||
CNPC General Capital Ltd., 3.40%, 04/16/23(a) | 200 | 200,591 | ||||||
Country Garden Holdings Co. Ltd., 4.75%, 07/25/22 (Call 07/25/20)(a) | 200 | 196,195 | ||||||
Easy Tactic Ltd., 5.75%, 01/13/22 (Call 01/13/20)(a) | 200 | 195,409 | ||||||
Fortune Star BVI Ltd., 5.25%, 03/23/22 (Call 03/23/20)(a) | 200 | 196,563 | ||||||
Franshion Brilliant Ltd., 4.00%, (Call 01/03/23)(a)(c)(d) | 200 | 191,850 | ||||||
Huarong Finance 2017 Co. Ltd. | ||||||||
4.50%, (Call 01/24/22)(a)(c)(d) | 400 | 399,886 | ||||||
4.75%, 04/27/27(a) | 200 | 204,070 | ||||||
Huarong Finance II Co. Ltd., 5.50%, 01/16/25(a) | 200 | 212,491 | ||||||
ICBCIL Finance Co. Ltd., 2.50%, 09/29/21(a) | 200 | 195,557 | ||||||
Industrial & Commercial Bank of China Ltd./London, 3.43%, 10/25/23, (3 mo. LIBOR US + 0.850%)(a)(g) | 400 | 400,683 | ||||||
Industrial & Commercial Bank of China Ltd./Singapore, 3.53%, 04/24/22, (3 mo. LIBOR US + 0.950%)(a)(g) | 200 | 201,439 | ||||||
JD.com Inc., 3.88%, 04/29/26 | 200 | 195,461 | ||||||
Kaisa Group Holdings Ltd., 8.50%, 06/30/22 (Call 06/30/20)(a) | 200 | 183,519 | ||||||
Lenovo Group Ltd., 4.75%, 03/29/23(a) | 200 | 200,730 | ||||||
Nexen Inc. | ||||||||
6.40%, 05/15/37 | 200 | 253,735 | ||||||
7.50%, 07/30/39 | 100 | 143,369 | ||||||
Proven Honour Capital Ltd., 4.13%, 05/19/25(a) | 200 | 198,551 | ||||||
Shimao Property Holdings Ltd., 4.75%, 07/03/22 (Call 07/03/20)(a) | 200 | 199,937 | ||||||
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a) | 200 | 207,095 | ||||||
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23(a)(b) | 200 | 198,417 | ||||||
Sunac China Holdings Ltd., 7.95%, 08/08/22 (Call 08/08/20)(a) | 200 | 204,245 | ||||||
Tencent Holdings Ltd. | ||||||||
3.60%, 01/19/28 (Call 10/19/27)(a) | 300 | 294,278 | ||||||
3.93%, 01/19/38 (Call 07/19/37)(a) | 200 | 191,243 | ||||||
Tsinghua Unic Ltd., 5.38%, 01/31/23(a) | 200 | 193,250 | ||||||
Vanke Real Estate Hong Kong Co. Ltd., 4.15%, 04/18/23(a) | 200 | 201,853 | ||||||
Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)(a) | 200 | 201,059 | ||||||
|
| |||||||
9,967,323 | ||||||||
Colombia — 4.9% | ||||||||
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(a) | 250 | 263,750 | ||||||
Banco de Bogota SA | ||||||||
4.38%, 08/03/27(a) | 200 | 201,520 | ||||||
5.38%, 02/19/23(a) | 200 | 208,563 | ||||||
6.25%, 05/12/26(a) | 200 | 217,852 | ||||||
Bancolombia SA | ||||||||
4.88%, 10/18/27 (Call 10/18/22)(d) | 200 | 201,134 | ||||||
5.13%, 09/11/22 | 193 | 200,720 | ||||||
5.95%, 06/03/21 | 300 | 315,630 | ||||||
Colombia Telecomunicaciones SA ESP | ||||||||
5.38%, 09/27/22 (Call 05/30/19)(a)(b) | 200 | 203,000 | ||||||
8.50%, (Call 03/30/20)(a)(c)(d) | 100 | 103,385 |
Security | Par (000) | Value | ||||||
Colombia (continued) | ||||||||
Ecopetrol SA | ||||||||
4.13%, 01/16/25 | $ | 200 | $ | 201,200 | ||||
5.38%, 06/26/26 (Call 03/26/26) | 325 | 347,766 | ||||||
5.88%, 09/18/23 | 550 | 596,530 | ||||||
5.88%, 05/28/45 | 600 | 618,030 | ||||||
7.38%, 09/18/43 | 100 | 121,013 | ||||||
Grupo Aval Ltd., 4.75%, 09/26/22(a) | 200 | 203,691 | ||||||
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)(a) | 200 | 213,480 | ||||||
Millicom International Cellular SA | ||||||||
6.00%, 03/15/25 (Call 03/15/20)(a) | 200 | 207,750 | ||||||
6.25%, 03/25/29 (Call 03/25/24)(e) | 200 | 206,750 | ||||||
6.63%, 10/15/26 (Call 10/15/21)(a) | 200 | 213,780 | ||||||
SURAAsset Management SA, 4.88%, 04/17/24(a)(b) | 100 | 104,300 | ||||||
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28(a) | 200 | 218,039 | ||||||
|
| |||||||
5,167,883 | ||||||||
Ghana — 0.6% | ||||||||
Kosmos Energy Ltd., 7.13%, 04/04/26 | 200 | 200,500 | ||||||
Tullow Oil PLC | ||||||||
6.25%, 04/15/22 (Call 05/10/19)(a) | 200 | 201,281 | ||||||
7.00%, 03/01/25 (Call 03/01/21)(a)(b) | 200 | 203,640 | ||||||
|
| |||||||
605,421 | ||||||||
Guatemala — 0.4% | ||||||||
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 06/14/19)(a) | 200 | 206,935 | ||||||
Industrial Senior Trust, 5.50%, 11/01/22(a) | 200 | 202,339 | ||||||
|
| |||||||
409,274 | ||||||||
Hong Kong — 5.4% | ||||||||
AIA Group Ltd. | ||||||||
3.90%, 04/06/28 (Call 01/06/28)(a) | 200 | 204,988 | ||||||
4.50%, 03/16/46 (Call 09/16/45)(a) | 200 | 211,407 | ||||||
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)(a)(c)(d) | 400 | 419,360 | ||||||
Bank of East Asia Ltd. (The), 4.00%, 11/03/26 (Call 11/03/21)(a)(d) | 200 | 199,965 | ||||||
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(a)(c)(d) | 200 | 206,625 | ||||||
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(a)(c)(d) | 200 | 209,463 | ||||||
CK Hutchison International 16 Ltd., | 800 | 756,108 | ||||||
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(a) | 200 | 189,525 | ||||||
HLP Finance Ltd., 4.75%, 06/25/22(a) | 200 | 207,067 | ||||||
Hongkong Electric Finance Ltd., 2.88%, 05/03/26(a) | 200 | 191,569 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 06/01/22(a) | 200 | 207,857 | ||||||
Hutchison Whampoa International 11 Ltd., 4.63%, 01/13/22(a)(b) | 600 | 623,380 | ||||||
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(a)(c)(d) | 200 | 197,839 | ||||||
Nan Fung Treasury II Ltd., 5.50%, (Call 05/29/20)(a)(c) | 200 | 189,551 | ||||||
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(a)(c)(d) | 200 | 193,611 | ||||||
NWD Finance BVI Ltd., 5.75%, (Call 10/05/21)(a)(c) | 200 | 190,819 | ||||||
OVPH Ltd., 5.88%, (Call 03/01/21)(a)(c) | 200 | 201,925 | ||||||
PCPD Capital Ltd., 4.75%, 03/09/22(a) | 200 | 199,851 | ||||||
Radiant Access Ltd., 4.60%, (Call 05/18/20)(a)(c) | 200 | 180,225 | ||||||
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 02/14/22(a) | 200 | 207,363 | ||||||
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23(a) | 200 | 210,257 | ||||||
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(a) | 200 | 200,031 | ||||||
|
| |||||||
5,598,786 |
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
India — 5.0% | ||||||||
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28(a) | $ | 200 | $ | 187,000 | ||||
Adani Ports & Special Economic Zone Ltd., 4.00%, 07/30/27 (Call 06/30/27)(a) | 200 | 191,951 | ||||||
Axis Bank Ltd./Dubai, 3.00%, 08/08/22(a) | 200 | 196,375 | ||||||
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a) | 200 | 200,237 | ||||||
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(a) | 200 | 207,617 | ||||||
Bharti Airtel Ltd., 4.38%, 06/10/25(a)(b) | 200 | 197,046 | ||||||
Canara Bank/London, 3.25%, 08/10/22(a) | 200 | 197,175 | ||||||
Delhi International Airport Ltd., 6.13%, 10/31/26(a) | 200 | 206,453 | ||||||
Greenko Dutch BV, 5.25%, 07/24/24 | 200 | 194,825 | ||||||
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a) | 250 | 249,519 | ||||||
Indian Oil Corp. Ltd. | ||||||||
4.75%, 01/16/24(a) | 200 | 207,049 | ||||||
5.75%, 08/01/23(a) | 200 | 215,059 | ||||||
JSW Steel Ltd., 5.25%, 04/13/22(a) | 200 | 200,451 | ||||||
NTPC Ltd., 4.38%, 11/26/24(a) | 200 | 205,113 | ||||||
Oil India Ltd., 5.38%, 04/17/24(a) | 200 | 212,827 | ||||||
ONGC Videsh Ltd., 4.63%, 07/15/24(a) | 200 | 207,277 | ||||||
REC Ltd., 5.25%, 11/13/23(a) | 200 | 209,377 | ||||||
Reliance Holdings USA Inc., | ||||||||
5.40%, 02/14/22(a) | 250 | 262,639 | ||||||
Reliance Industries Ltd. | ||||||||
4.13%, 01/28/25(a) | 250 | 255,259 | ||||||
4.88%, 02/10/45(a) | 250 | 258,599 | ||||||
State Bank of India/London | ||||||||
4.38%, 01/24/24(a) | 200 | 204,973 | ||||||
4.88%, 04/17/24(a) | 200 | 209,547 | ||||||
Vedanta Resources Ltd. | ||||||||
7.13%, 05/31/23(a)(b) | 400 | 390,026 | ||||||
8.25%, 06/07/21(a) | 200 | 206,977 | ||||||
|
| |||||||
5,273,371 | ||||||||
Indonesia — 2.0% | ||||||||
Eterna Capital Pte Ltd., Series B, 8.00%, (8.00% PIK), 12/11/22 (Call 05/30/19)(f) | 102 | 91,756 | ||||||
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(a) | 250 | 235,681 | ||||||
Listrindo Capital BV, 4.95%, 09/14/26 (Call 09/14/21)(a) | 200 | 193,001 | ||||||
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a) | 200 | 215,916 | ||||||
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)(a) | 200 | 194,500 | ||||||
Minejesa Capital BV | ||||||||
4.63%, 08/10/30(a) | 400 | 387,487 | ||||||
5.63%, 08/10/37(a) | 200 | 197,975 | ||||||
Perusahaan Gas Negara Persero Tbk, 5.13%, 05/16/24(a) | 400 | 419,326 | ||||||
Saka Energi Indonesia PT, 4.45%, 05/05/24(a) | 200 | 198,000 | ||||||
|
| |||||||
2,133,642 | ||||||||
Israel — 4.6% | ||||||||
Altice Financing SA | ||||||||
6.63%, 02/15/23 (Call 05/30/19)(a) | 400 | 410,500 | ||||||
7.50%, 05/15/26 (Call 05/15/21)(a) | 600 | 607,500 | ||||||
Israel Chemicals Ltd., 6.38%, 05/31/38 (Call 11/30/37)(e) | 150 | 164,063 | ||||||
Israel Electric Corp. Ltd. | ||||||||
6.88%, 06/21/23(a) | 200 | 224,750 | ||||||
Series 6, 5.00%, 11/12/24(e) | 400 | 426,010 | ||||||
Teva Pharmaceutical Finance Co. BV | ||||||||
2.95%, 12/18/22 | 200 | 187,786 | ||||||
Series 2, 3.65%, 11/10/21(b) | 300 | 295,319 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36 | 300 | 292,875 |
Security | Par (000) | Value | ||||||
Israel (continued) | ||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.20%, 07/21/21 | $ | 450 | $ | 431,469 | ||||
2.80%, 07/21/23 | 600 | 544,008 | ||||||
3.15%, 10/01/26 | 800 | 668,104 | ||||||
4.10%, 10/01/46 | 290 | 205,105 | ||||||
6.75%, 03/01/28 (Call 12/01/27) | 300 | 308,716 | ||||||
|
| |||||||
4,766,205 | ||||||||
Jamaica — 0.6% | ||||||||
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 12/30/20)(a) | 400 | 263,400 | ||||||
Digicel Group Two Ltd. | ||||||||
9.13%, (9.13% PIK), 04/01/24 (Call 05/31/19)(e)(f) | 1 | 265 | ||||||
9.13%, (9.13% PIK), 04/01/24 (Call 05/30/19)(a)(f) | 200 | 62,000 | ||||||
Digicel Ltd., 6.75%, 03/01/23 (Call 05/15/19)(a)(b) | 400 | 281,520 | ||||||
|
| |||||||
607,185 | ||||||||
Kazakhstan — 0.5% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 05/30/19)(a) | 147 | 146,700 | ||||||
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 07/25/19)(a) | 200 | 141,500 | ||||||
Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/26(a) | 200 | 199,750 | ||||||
|
| |||||||
487,950 | ||||||||
Kuwait — 1.8% | ||||||||
Burgan Senior SPC Ltd., 3.13%, 09/14/21(a) | 200 | 198,170 | ||||||
Equate Petrochemical BV | ||||||||
3.00%, 03/03/22(a) | 450 | 446,063 | ||||||
4.25%, 11/03/26(a) | 200 | 204,500 | ||||||
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(a) | 200 | 202,500 | ||||||
Kuwait Projects Co. SPC Ltd. | ||||||||
4.50%, 02/23/27(a) | 200 | 194,500 | ||||||
5.00%, 03/15/23(a) | 200 | 207,000 | ||||||
NBK SPC Ltd., 2.75%, 05/30/22(a) | 400 | 394,000 | ||||||
|
| |||||||
1,846,733 | ||||||||
Macau — 2.2% | ||||||||
Melco Resorts Finance Ltd., 4.88%, 06/06/25 (Call 06/06/20)(a) | 200 | 199,267 | ||||||
Sands China Ltd. | ||||||||
4.60%, 08/08/23 (Call 07/08/23) | 200 | 206,195 | ||||||
5.13%, 08/08/25 (Call 06/08/25) | 600 | 633,297 | ||||||
5.40%, 08/08/28 (Call 05/08/28) | 600 | 633,915 | ||||||
Studio City Co. Ltd., 7.25%, 11/30/21 | 200 | 206,559 | ||||||
Studio City Finance Ltd., 7.25%, 02/11/24 (Call 02/11/21)(a) | 200 | 208,250 | ||||||
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 10/01/20)(a) | 200 | 196,737 | ||||||
|
| |||||||
2,284,220 | ||||||||
Malaysia — 1.3% | ||||||||
Gohl Capital Ltd., 4.25%, 01/24/27(a) | 400 | 397,894 | ||||||
IOI Investment L Bhd, 4.38%, 06/27/22(a) | 200 | 202,907 | ||||||
Malayan Banking Bhd, 3.91%, 10/29/26 (Call 10/29/21)(a)(d) | 200 | 200,351 | ||||||
RHB Bank Bhd, 2.50%, 10/06/21(a) | 200 | 197,131 | ||||||
TNB Global Ventures Capital Bhd | ||||||||
3.24%, 10/19/26(a) | 200 | 191,629 | ||||||
4.85%, 11/01/28(a) | 200 | 213,760 | ||||||
|
| |||||||
1,403,672 | ||||||||
Mexico — 5.6% | ||||||||
Alfa SAB de CV, 5.25%, 03/25/24 (Call 12/25/23)(a) | 200 | 208,799 | ||||||
America Movil SAB de CV | ||||||||
3.13%, 07/16/22 | 200 | 200,974 | ||||||
6.13%, 03/30/40 | 400 | 496,440 |
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
6.38%, 03/01/35 | $ | 200 | $ | 246,033 | ||||
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24(a) | 150 | 149,698 | ||||||
Banco Mercantil del Norte SA/Grand Cayman, 5.75%, 10/04/31 (Call 10/04/26)(a)(d) | 200 | 195,845 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | ||||||||
4.13%, 11/09/22(a)(b) | 300 | 304,621 | ||||||
5.95%, 10/01/28 (Call 10/01/23)(a)(d) | 200 | 209,910 | ||||||
BBVA Bancomer SA/Texas | ||||||||
4.38%, 04/10/24(a) | 150 | 154,097 | ||||||
5.13%, 01/18/33 (Call 01/17/28)(a)(d) | 200 | 189,500 | ||||||
6.75%, 09/30/22(a) | 150 | 162,902 | ||||||
Cemex SAB de CV | ||||||||
6.13%, 05/05/25 (Call 05/05/20)(a)(b) | 200 | 207,912 | ||||||
7.75%, 04/16/26 (Call 04/16/21)(a) | 200 | 218,500 | ||||||
Coca-Cola FEMSA SAB de CV, 3.88%, 11/26/23 | 150 | 154,709 | ||||||
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a) | 195 | 195,101 | ||||||
El Puerto de Liverpool SAB de CV, | 200 | 194,936 | ||||||
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43 | 150 | 150,136 | ||||||
Grupo Bimbo SAB de CV | ||||||||
3.88%, 06/27/24(a) | 200 | 202,503 | ||||||
4.50%, 01/25/22(a) | 100 | 102,625 | ||||||
4.88%, 06/27/44(a) | 200 | 195,000 | ||||||
Grupo Televisa SAB | ||||||||
5.00%, 05/13/45 (Call 11/13/44) | 200 | 197,575 | ||||||
6.63%, 01/15/40 | 100 | 116,147 | ||||||
Mexichem SAB de CV, 5.50%, 01/15/48 (Call 07/15/47)(a) | 200 | 190,500 | ||||||
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a) | 200 | 196,993 | ||||||
Southern Copper Corp. | ||||||||
3.88%, 04/23/25 | 100 | 101,000 | ||||||
5.25%, 11/08/42 | 200 | 208,500 | ||||||
5.88%, 04/23/45(b) | 150 | 167,625 | ||||||
6.75%, 04/16/40 | 100 | 120,125 | ||||||
7.50%, 07/27/35 | 200 | 253,250 | ||||||
Trust F/1401, 5.25%, 01/30/26 (Call 10/30/25)(a) | 200 | 204,737 | ||||||
|
| |||||||
5,896,693 | ||||||||
Morocco — 0.6% | ||||||||
OCP SA | ||||||||
4.50%, 10/22/25(a) | 200 | 198,250 | ||||||
5.63%, 04/25/24(a) | 200 | 210,250 | ||||||
6.88%, 04/25/44(a) | 200 | 217,000 | ||||||
|
| |||||||
625,500 | ||||||||
Nigeria — 0.4% | ||||||||
IHS Netherlands Holdco BV, 9.50%, 10/27/21 (Call 05/30/19)(a) | 200 | 207,028 | ||||||
Zenith Bank PLC, 7.38%, 05/30/22(a) | 200 | 208,500 | ||||||
|
| |||||||
415,528 | ||||||||
Oman — 0.5% | ||||||||
National Bank of Oman SAOG, 5.63%, 09/25/23(a) | 200 | 199,797 | ||||||
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a) | 300 | 292,442 | ||||||
|
| |||||||
492,239 | ||||||||
Panama — 0.6% | ||||||||
Banco General SA, 4.13%, 08/07/27 | 200 | 195,976 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(a)(b) | 200 | 200,750 | ||||||
Global Bank Corp., 4.50%, 10/20/21(a)(b) | 200 | 203,000 | ||||||
|
| |||||||
599,726 |
Security | Par (000) | Value | ||||||
Peru — 2.0% | ||||||||
Banco de Credito del Peru, 4.25%, 04/01/23(a) | $ | 300 | $ | 310,088 | ||||
BBVA Banco Continental SA, 5.00%, 08/26/22(a) | 150 | 157,875 | ||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a) | 200 | 218,231 | ||||||
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(a) | 200 | 200,113 | ||||||
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(a) | 200 | 196,841 | ||||||
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a) | 200 | 212,500 | ||||||
Nexa Resources SA, 5.38%, 05/04/27 | 200 | 207,730 | ||||||
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27 (Call 04/28/22)(a) | 200 | 198,000 | ||||||
Peru LNG Srl, 5.38%, 03/22/30(a)(b) | 200 | 211,129 | ||||||
Transportadora de Gas del Peru SA, | 200 | 204,250 | ||||||
|
| |||||||
2,116,757 | ||||||||
Philippines — 0.8% | ||||||||
Bank of the Philippine Islands, 4.25%, 09/04/23(a) | 200 | 206,749 | ||||||
BDO Unibank Inc., 2.95%, 03/06/23(a) | 200 | 196,491 | ||||||
JGSH Philippines Ltd., 4.38%, 01/23/23(a) | 200 | 201,999 | ||||||
Petron Corp., 4.60%, (Call 07/19/23)(a)(c)(d) | 200 | 195,800 | ||||||
|
| |||||||
801,039 | ||||||||
Poland — 0.2% | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB, 4.63%, 09/26/22(a) | 200 | 207,529 | ||||||
|
| |||||||
Qatar — 2.6% | ||||||||
ABQ Finance Ltd., 3.50%, 02/22/22(a) | 200 | 198,213 | ||||||
AKCB Finance Ltd., 4.75%, 10/09/23(a) | 200 | 206,301 | ||||||
CBQ Finance Ltd., 3.25%, 06/13/21(a) | 200 | 198,750 | ||||||
Nakilat Inc., 6.07%, 12/31/33(a) | 350 | 395,500 | ||||||
Ooredoo International Finance Ltd. | ||||||||
3.25%, 02/21/23(a) | 350 | 349,563 | ||||||
3.88%, 01/31/28(a) | 200 | 201,500 | ||||||
5.00%, 10/19/25(a) | 200 | 215,500 | ||||||
QIB Sukuk Ltd., 3.25%, 05/23/22(a) | 200 | 196,000 | ||||||
QNB Finance Ltd., 2.13%, 09/07/21(a) | 200 | 195,300 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. III | ||||||||
5.84%, 09/30/27(a) | 250 | 275,769 | ||||||
6.33%, 09/30/27(a) | 250 | 281,616 | ||||||
|
| |||||||
2,714,012 | ||||||||
Russia — 5.5% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC, 8.00%, (Call 02/03/22)(a)(c)(d) | 200 | 195,987 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC, 7.50%, 10/05/27 (Call 10/05/22)(a)(d) | 200 | 163,750 | ||||||
Eurochem Finance DAC, 5.50%, 03/13/24(a) | 200 | 202,626 | ||||||
Evraz PLC, 5.38%, 03/20/23(a) | 200 | 203,500 | ||||||
Gazprom Neft OAO Via GPN Capital SA | ||||||||
4.38%, 09/19/22(a) | 200 | 202,250 | ||||||
6.00%, 11/27/23(a) | 200 | 215,000 | ||||||
Gazprom OAO Via Gaz Capital SA | ||||||||
4.95%, 07/19/22(a) | 400 | 414,500 | ||||||
4.95%, 02/06/28(a) | 200 | 203,250 | ||||||
6.51%, 03/07/22(a) | 100 | 107,500 | ||||||
7.29%, 08/16/37(a) | 100 | 119,950 | ||||||
8.63%, 04/28/34(a) | 250 | 328,611 | ||||||
Lukoil International Finance BV | ||||||||
4.56%, 04/24/23(a) | 400 | 410,000 | ||||||
6.66%, 06/07/22(a) | 100 | 108,250 | ||||||
Metalloinvest Finance DAC, 4.85%, 05/02/24(a) | 200 | 199,500 |
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Russia (continued) | ||||||||
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23(a) | $ | 200 | $ | 199,000 | ||||
Novatek OAO Via Novatek Finance DAC, 4.42%, 12/13/22(a) | 200 | 202,500 | ||||||
Novolipetsk Steel via Steel Funding DAC, 4.50%, 06/15/23(a) | 200 | 200,750 | ||||||
Polyus Finance PLC, 5.25%, 02/07/23(a) | 200 | 201,750 | ||||||
Rosneft Oil Co. Via Rosneft International Finance DAC, 4.20%, 03/06/22(a) | 200 | 200,500 | ||||||
Sberbank of Russia Via SB Capital SA | ||||||||
5.13%, 10/29/22(a) | 400 | 407,382 | ||||||
6.13%, 02/07/22(a) | 200 | 211,900 | ||||||
VEON Holdings BV | ||||||||
4.95%, 06/16/24 (Call 03/16/24)(a) | 200 | 201,750 | ||||||
5.95%, 02/13/23(a) | 200 | 207,500 | ||||||
VTB Bank OJSC Via VTB Capital SA, | 400 | 417,000 | ||||||
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(a)(c)(d) | 200 | 206,850 | ||||||
|
| |||||||
5,731,556 | ||||||||
Saudi Arabia — 3.0% | ||||||||
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a) | 200 | 207,000 | ||||||
Almarai Sukuk Ltd., 4.31%, 03/05/24(a) | 200 | 203,710 | ||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 03/21/23(a) | 200 | 190,283 | ||||||
SABIC Capital II BV | ||||||||
4.00%, 10/10/23(a) | 400 | 410,400 | ||||||
4.50%, 10/10/28(a) | 200 | 210,800 | ||||||
Saudi Electricity Global Sukuk Co., | 200 | 206,000 | ||||||
Saudi Electricity Global Sukuk Co. 2, | 200 | 206,690 | ||||||
Saudi Electricity Global Sukuk Co. 3 | ||||||||
4.00%, 04/08/24(a) | 600 | 615,600 | ||||||
5.50%, 04/08/44(a) | 200 | 216,500 | ||||||
Saudi Electricity Global Sukuk Co. 4 | ||||||||
4.22%, 01/27/24(a) | 200 | 206,500 | ||||||
4.72%, 09/27/28(a) | 400 | 424,000 | ||||||
|
| |||||||
3,097,483 | ||||||||
Singapore — 2.9% | ||||||||
DBS Group Holdings Ltd. | ||||||||
3.20%, 07/25/22, (3 mo. LIBOR US + 0.620%)(a)(g) | 200 | 200,613 | ||||||
3.60%, (Call 09/07/21)(a)(c)(d) | 200 | 196,927 | ||||||
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25) | 310 | 318,913 | ||||||
GLP Pte Ltd., 3.88%, 06/04/25(a) | 425 | 409,753 | ||||||
Oversea-Chinese Banking Corp. Ltd. | ||||||||
4.00%, 10/15/24 (Call 10/15/19)(a)(d) | 400 | 400,992 | ||||||
4.25%, 06/19/24(a)(b) | 200 | 206,425 | ||||||
SingTel Group Treasury Pte Ltd. | ||||||||
3.25%, 06/30/25(a) | 500 | 501,622 | ||||||
3.88%, 08/28/28 (Call 05/28/28)(a) | 200 | 206,191 | ||||||
United Overseas Bank Ltd. | ||||||||
3.50%, 09/16/26 (Call 09/16/21)(a)(d) | 400 | 400,042 | ||||||
3.88%, (Call 10/19/23)(a)(c)(d) | 200 | 193,581 | ||||||
|
| |||||||
3,035,059 | ||||||||
South Africa — 2.5% | ||||||||
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22(b) | 157 | 162,508 | ||||||
Liquid Telecommunications Financing PLC, 8.50%, 07/13/22 (Call 07/13/20)(a) | 200 | 202,250 | ||||||
MTN Mauritius Investment Ltd. | ||||||||
4.76%, 11/11/24(a) | 200 | 192,958 | ||||||
5.37%, 02/13/22(a) | 200 | 201,438 | ||||||
6.50%, 10/13/26(a) | 200 | 205,500 |
Security | Par (000) | Value | ||||||
South Africa (continued) | ||||||||
Myriad International Holdings BV | ||||||||
4.85%, 07/06/27 (Call 04/06/27)(a) | $ | 200 | $ | 207,905 | ||||
5.50%, 07/21/25 (Call 04/21/25)(a) | 400 | 432,000 | ||||||
Petra Diamonds U.S. Treasury PLC, 7.25%, 05/01/22 (Call 05/30/19)(a) | 200 | 188,750 | ||||||
Sasol Financing International Ltd., 4.50%, 11/14/22(b) | 400 | 405,000 | ||||||
SASOL Financing USA LLC | ||||||||
5.88%, 03/27/24 (Call 02/27/24) | 200 | 212,300 | ||||||
6.50%, 09/27/28 (Call 06/27/28) | 200 | 218,352 | ||||||
|
| |||||||
2,628,961 | ||||||||
South Korea — 4.0% | ||||||||
Hanwha Life Insurance Co. Ltd., 4.70%, | 200 | 195,000 | ||||||
Heungkuk Life Insurance Co. Ltd., 4.48%, 11/09/47 (Call 11/09/22)(a)(d) | 200 | 188,000 | ||||||
Hyundai Capital Services Inc., 3.00%, 03/06/22(a) | 400 | 395,769 | ||||||
Kia Motors Corp., 3.00%, 04/25/23(a) | 200 | 196,519 | ||||||
Kookmin Bank, 2.88%, 03/25/23(a) | 200 | 197,976 | ||||||
Korea East-West Power Company Ltd., 2.63%, 06/19/22(a) | 200 | 198,145 | ||||||
Korea Gas Corp. | ||||||||
3.50%, 07/21/25(a) | 200 | 203,663 | ||||||
3.88%, 02/12/24(a) | 200 | 206,565 | ||||||
Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/22(a) | 200 | 200,367 | ||||||
Kyobo Life Insurance Co. Ltd., 3.95%, 07/24/47 (Call 07/24/22)(a)(d) | 200 | 196,575 | ||||||
NongHyup Bank | ||||||||
1.88%, 09/12/21(a) | 200 | 195,151 | ||||||
2.88%, 07/17/22(a) | 200 | 198,963 | ||||||
Shinhan Bank Co. Ltd., 2.88%, 03/28/22(a) | 400 | 398,962 | ||||||
SK Innovation Co. Ltd., 4.13%, 07/13/23(a) | 200 | 206,530 | ||||||
SK Telecom Co. Ltd., 3.75%, 04/16/23(a) | 200 | 204,298 | ||||||
Woori Bank | ||||||||
2.63%, 07/20/21(a)(b) | 200 | 198,503 | ||||||
4.75%, 04/30/24(a) | 400 | 418,598 | ||||||
5.25%, (Call 05/16/22)(a)(c)(d) | 200 | 202,485 | ||||||
|
| |||||||
4,202,069 | ||||||||
Taiwan — 0.2% | ||||||||
Formosa Group Cayman Ltd., 3.38%, 04/22/25(a) | 200 | 198,561 | ||||||
|
| |||||||
Thailand — 1.6% | ||||||||
Bangkok Bank PCL/Hong Kong | ||||||||
4.05%, 03/19/24(a) | 200 | 205,953 | ||||||
4.45%, 09/19/28(a)(b) | 200 | 209,357 | ||||||
5.00%, 10/03/23(a) | 200 | 213,567 | ||||||
PTT Global Chemical PCL, 4.25%, 09/19/22(a) | 200 | 204,947 | ||||||
PTTEP Treasury Center Co. Ltd., 4.60%, (Call 07/17/22)(a)(c)(d) | 200 | 199,291 | ||||||
Siam Commercial Bank PCL/Cayman Islands | ||||||||
2.75%, 05/16/23(a) | 200 | 195,168 | ||||||
4.40%, 02/11/29(a) | 200 | 207,963 | ||||||
Thaioil Treasury Center Co. Ltd., 5.38%, 11/20/48(a) | 200 | 225,679 | ||||||
|
| |||||||
1,661,925 | ||||||||
Turkey — 4.4% | ||||||||
Akbank Turk AS, 5.13%, 03/31/25(a) | 200 | 171,708 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 11/01/22(a) | 200 | 188,020 | ||||||
Coca-Cola Icecek AS, 4.22%, 09/19/24 | 200 | 190,708 | ||||||
KOC Holding AS | ||||||||
5.25%, 03/15/23 (Call 12/15/22)(a) | 200 | 190,750 | ||||||
6.50%, 03/11/25 (Call 12/11/24)(a) | 200 | 194,149 | ||||||
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (Call 01/26/21)(a) | 200 | 184,500 |
S C H E D U L E O F I N V E S T M E N T S | 27 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Turkey (continued) | ||||||||
QNB Finansbank AS, 4.88%, 05/19/22(a) | $ | 200 | $ | 188,000 | ||||
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a) | 200 | 175,438 | ||||||
Turk Telekomunikasyon AS, 4.88%, 06/19/24(a) | 200 | 178,770 | ||||||
Turkcell Iletisim Hizmetleri AS, 5.75%, 10/15/25(a) | 200 | 183,020 | ||||||
Turkiye Garanti Bankasi AS, 5.88%, 03/16/23(a) | 400 | 372,000 | ||||||
Turkiye Is Bankasi AS | ||||||||
5.00%, 06/25/21(a) | 200 | 186,750 | ||||||
5.38%, 10/06/21(a) | 200 | 187,000 | ||||||
5.50%, 04/21/22(a) | 200 | 182,750 | ||||||
6.13%, 04/25/24(a) | 200 | 172,728 | ||||||
7.00%, 06/29/28 (Call 06/29/23)(a)(d) | 200 | 150,750 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(e) | 200 | 191,500 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
5.63%, 05/30/22(a) | 200 | 181,938 | ||||||
5.75%, 01/30/23(a) | 200 | 176,770 | ||||||
6.00%, 11/01/22(a) | 200 | 172,770 | ||||||
Yapi ve Kredi Bankasi AS | ||||||||
5.85%, 06/21/24(a) | 200 | 173,627 | ||||||
6.10%, 03/16/23(a) | 200 | 181,978 | ||||||
8.25%, 10/15/24(e) | 200 | 190,520 | ||||||
8.50%, 03/09/26 (Call 03/09/21)(a)(d) | 300 | 269,162 | ||||||
|
| |||||||
4,635,306 | ||||||||
Ukraine — 1.1% | ||||||||
DTEK Finance PLC, 10.75%, (10.75% PIK), 12/31/24 (Call 05/31/19)(f) | 360 | 350,085 | ||||||
Kernel Holding SA, 8.75%, 01/31/22(a) | 200 | 203,938 | ||||||
Metinvest BV | ||||||||
7.75%, 04/23/23 (Call 01/23/23)(a) | 200 | 195,500 | ||||||
8.50%, 04/23/26 (Call 01/23/26)(a) | 200 | 195,978 | ||||||
MHP SE, 7.75%, 05/10/24(a) | 200 | 201,728 | ||||||
|
| |||||||
1,147,229 | ||||||||
United Arab Emirates — 5.4% | ||||||||
Abu Dhabi National Energy Co. PJSC | ||||||||
3.63%, 06/22/21(a) | 200 | 201,250 | ||||||
3.63%, 01/12/23(a) | 200 | 202,520 | ||||||
4.38%, 04/23/25(a) | 200 | 206,049 | ||||||
4.38%, 06/22/26(a) | 200 | 205,500 | ||||||
4.88%, 04/23/30(a) | 200 | 213,500 | ||||||
6.50%, 10/27/36(a) | 100 | 126,125 | ||||||
ADCB Finance Cayman Ltd., 4.50%, 03/06/23(a) | 200 | 205,250 | ||||||
ADIB Capital Invest 2 Ltd., 7.13%, | 200 | 212,250 | ||||||
BOS Funding Ltd., 4.23%, 03/07/22(a) | 200 | 200,500 | ||||||
DAE Funding LLC, 5.00%, 08/01/24 (Call 08/01/20)(a) | 400 | 407,500 | ||||||
DIB Sukuk Ltd., 3.66%, 02/14/22(a) | 200 | 200,250 | ||||||
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(c)(d) | 200 | 207,500 | ||||||
Dolphin Energy Ltd. LLC, 5.50%, 12/15/21(a) | 200 | 211,100 | ||||||
DP World Crescent Ltd. | ||||||||
3.91%, 05/31/23(a) | 200 | 203,000 | ||||||
4.85%, 09/26/28(a) | 200 | 208,851 | ||||||
DP World PLC, 6.85%, 07/02/37(a) | 300 | 365,164 | ||||||
Emaar Sukuk Ltd., 3.64%, 09/15/26(a) | 200 | 191,068 | ||||||
EMG SUKUK Ltd., 4.56%, 06/18/24(a) | 200 | 203,000 | ||||||
Emirates NBD Tier 1 Ltd., 5.75%, | 200 | 199,250 | ||||||
Fab Sukuk Co. Ltd., 3.63%, 03/05/23(a) | 200 | 201,071 | ||||||
First Abu Dhabi Bank PJSC, 3.00%, 03/30/22(a) | 200 | 198,000 | ||||||
MAF Global Securities Ltd., 4.75%, 05/07/24(a) | 200 | 204,533 | ||||||
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a) | 200 | 233,500 |
Security | Par/ Shares (000) | Value | ||||||
United Arab Emirates (continued) | ||||||||
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(a) | $ | 200 | $ | 194,750 | ||||
SIB Sukuk Co. III Ltd., 4.23%, 04/18/23(a) | 200 | 202,000 | ||||||
Union National Bank PJSC, 4.00%, 03/13/23(a) | 200 | 201,614 | ||||||
|
| |||||||
5,605,095 | ||||||||
Zambia — 1.1% | ||||||||
First Quantum Minerals Ltd. | ||||||||
6.50%, 03/01/24 (Call 09/01/20)(a) | 200 | 188,295 | ||||||
7.25%, 04/01/23 (Call 10/01/19)(a) | 600 | 592,500 | ||||||
7.50%, 04/01/25 (Call 04/01/20)(a) | 400 | 387,054 | ||||||
|
| |||||||
1,167,849 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.3% |
| 101,605,650 | ||||||
|
| |||||||
Foreign Government Obligations(h) | ||||||||
Nigeria — 0.2% | ||||||||
Africa Finance Corp., 3.88%, 04/13/24(a) | 200 | 199,250 | ||||||
|
| |||||||
South Korea — 0.5% | ||||||||
Korea Gas Corp., 6.25%, 01/20/42(a)(b) | 200 | 271,925 | ||||||
Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23(a) | 200 | 204,832 | ||||||
|
| |||||||
476,757 | ||||||||
Supranational — 0.2% | ||||||||
African Export-Import Bank (The), 5.25%, 10/11/23(a) | 200 | 209,250 | ||||||
|
| |||||||
Total Foreign Government Obligations — 0.9% |
| 885,257 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 8.4% | ||||||||
BlackRock Cash Funds: Institutional, | 7,886 | 7,889,628 | ||||||
BlackRock Cash Funds: Treasury, | 903 | 903,351 | ||||||
|
| |||||||
8,792,979 | ||||||||
|
| |||||||
Total Short-Term Investments — 8.4% |
| 8,792,979 | ||||||
|
| |||||||
Total Investments in Securities — 106.6% |
| 111,283,886 | ||||||
Other Assets, Less Liabilities — (6.6)% |
| (6,905,119 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 104,378,767 | ||||||
|
|
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | All or a portion of this security is on loan. |
(c) | Perpetual security with no stated maturity date. |
(d) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(e) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(f) | Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate. |
(g) | Variable or floating rate security. Rate shown is the rate in effect as of period-end. |
(h) | U.S. dollar denominated security issued by foreign domiciled entity. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period-end. |
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Corporate Bond ETF |
(k) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/18 (000) |
| | Net Activity (000) |
| | Shares Held at 04/30/19 (000) |
| | Value at 04/30/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Institutional, | 4,764 | 3,122 | 7,886 | $ | 7,889,628 | $ | 20,963 | (b) | $ | 15 | $ | 1,277 | ||||||||||||||||
BlackRock Cash Funds: Treasury, | 336 | 567 | 903 | 903,351 | 8,297 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$8,792,979 | $29,260 | $ 15 | $ 1,277 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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 | $ | — | $ | 101,605,650 | $ | — | $ | 101,605,650 | ||||||||
Foreign Government Obligations | — | 885,257 | — | 885,257 | ||||||||||||
Money Market Funds | 8,792,979 | — | — | 8,792,979 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ 8,792,979 | $102,490,907 | $ — | $111,283,886 | |||||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 29 |
Schedule of Investments (unaudited) April 30, 2019 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Foreign Government Obligations |
| |||||||||||
Argentina — 4.5% | ||||||||||||
Argentine Bonos del Tesoro | ||||||||||||
15.50%, 10/17/26 | ARS | 783,640 | $ | 12,818,922 | ||||||||
16.00%, 10/17/23 | ARS | 553,441 | 9,239,703 | |||||||||
18.20%, 10/03/21 | ARS | 454,348 | 7,480,317 | |||||||||
|
| |||||||||||
29,538,942 | ||||||||||||
Brazil — 12.9% | ||||||||||||
Brazil Letras do Tesouro Nacional | ||||||||||||
0.00%, 07/01/20(a) | BRL | 51,500 | 12,085,022 | |||||||||
0.00%, 07/01/21(a) | BRL | 37,037 | 7,997,754 | |||||||||
0.00%, 01/01/22(a) | BRL | 39,524 | 8,164,823 | |||||||||
0.00%, 07/01/22(a) | BRL | 44,000 | 8,693,683 | |||||||||
Brazil Notas do Tesouro Nacional | ||||||||||||
Series F, 10.00%, 01/01/21 | BRL | 51,772 | 13,661,140 | |||||||||
Series F, 10.00%, 01/01/23 | BRL | 52,557 | 14,041,780 | |||||||||
Series F, 10.00%, 01/01/25 | BRL | 37,399 | 10,025,824 | |||||||||
Series F, 10.00%, 01/01/27 | BRL | 32,193 | 8,628,442 | |||||||||
Series F, 10.00%, 01/01/29 | BRL | 5,263 | 1,414,985 | |||||||||
Brazilian Government International Bond | ||||||||||||
8.50%, 01/05/24 | BRL | 500 | 130,251 | |||||||||
10.25%, 01/10/28 | BRL | 1,420 | 403,950 | |||||||||
12.50%, 01/05/22 | BRL | 1,633 | 465,835 | |||||||||
|
| |||||||||||
85,713,489 | ||||||||||||
Chile — 4.5% | ||||||||||||
Bonos de la Tesoreria de la Republica en pesos | ||||||||||||
4.00%, 03/01/23(b) | CLP | 1,610,000 | 2,401,317 | |||||||||
4.50%, 02/28/21 | CLP | 1,425,000 | 2,140,623 | |||||||||
4.50%, 03/01/21 | CLP | 2,905,000 | 4,363,817 | |||||||||
4.50%, 03/01/26 | CLP | 3,450,000 | 5,245,910 | |||||||||
4.70%, 09/01/30(b) | CLP | 1,190,000 | 1,835,231 | |||||||||
5.00%, 03/01/35 | CLP | 4,015,000 | 6,421,419 | |||||||||
6.00%, 01/01/43 | CLP | 3,705,000 | 6,812,437 | |||||||||
Chile Government International Bond, 5.50%, 08/05/20 | CLP | 390,000 | 586,724 | |||||||||
|
| |||||||||||
29,807,478 | ||||||||||||
Colombia — 4.2% | ||||||||||||
Colombia Government International Bond | ||||||||||||
7.75%, 04/14/21 | COP | 5,918,000 | 1,907,783 | |||||||||
9.85%, 06/28/27 | COP | 745,000 | 286,205 | |||||||||
Colombian TES | ||||||||||||
6.00%, 04/28/28 | COP | 10,213,300 | 3,023,902 | |||||||||
6.25%, 11/26/25 | COP | 9,058,000 | 2,791,726 | |||||||||
7.00%, 05/04/22 | COP | 14,339,200 | 4,628,819 | |||||||||
7.00%, 06/30/32 | COP | 10,094,900 | 3,103,130 | |||||||||
7.50%, 08/26/26 | COP | 13,353,000 | 4,383,718 | |||||||||
7.75%, 09/18/30 | COP | 6,683,600 | 2,201,440 | |||||||||
10.00%, 07/24/24 | COP | 12,055,800 | 4,385,933 | |||||||||
11.00%, 07/24/20 | COP | 2,417,900 | 802,923 | |||||||||
|
| |||||||||||
27,515,579 | ||||||||||||
Czech Republic — 4.4% | ||||||||||||
Czech Republic Government Bond | ||||||||||||
0.25%, 02/10/27 | CZK | 49,300 | 1,901,853 | |||||||||
0.45%, 10/25/23(c) | CZK | 62,700 | 2,585,970 | |||||||||
0.95%, 05/15/30(c) | CZK | 60,430 | 2,357,596 | |||||||||
1.00%, 06/26/26(c) | CZK | 79,660 | 3,280,517 | |||||||||
2.40%, 09/17/25(c) | CZK | 59,750 | 2,701,136 | |||||||||
2.50%, 08/25/28(c) | CZK | 76,580 | 3,517,022 | |||||||||
2.75%, 07/23/29 | CZK | 59,400 | 2,775,277 |
Security | Par (000) | Value | ||||||||||
Czech Republic (continued) | ||||||||||||
3.75%, 09/12/20(c) | CZK | 20,820 | $ | 935,157 | ||||||||
3.85%, 09/29/21(c) | CZK | 76,740 | 3,526,952 | |||||||||
4.70%, 09/12/22(c) | CZK | 59,850 | 2,870,968 | |||||||||
5.70%, 05/25/24(c) | CZK | 57,450 | 3,001,936 | |||||||||
|
| |||||||||||
29,454,384 | ||||||||||||
Dominican Republic — 4.5% | ||||||||||||
Dominican Republic International Bond, 8.90%, 02/15/23(c) | DOP | 1,530,350 | 29,658,739 | |||||||||
|
| |||||||||||
Hungary — 4.3% | ||||||||||||
Hungary Government Bond | ||||||||||||
0.50%, 04/21/21 | HUF | 443,240 | 1,526,097 | |||||||||
1.75%, 10/26/22 | HUF | 703,090 | 2,455,963 | |||||||||
2.50%, 10/27/21 | HUF | 404,000 | 1,453,453 | |||||||||
2.75%, 12/22/26 | HUF | 950,650 | 3,300,716 | |||||||||
3.00%, 06/26/24 | HUF | 504,000 | 1,824,224 | |||||||||
3.00%, 10/27/27 | HUF | 725,680 | 2,540,912 | |||||||||
3.50%, 06/24/20 | HUF | 841,710 | 3,023,555 | |||||||||
5.50%, 06/24/25 | HUF | 835,010 | 3,406,201 | |||||||||
6.00%, 11/24/23 | HUF | 667,380 | 2,731,489 | |||||||||
6.75%, 10/22/28 | HUF | 406,390 | 1,831,182 | |||||||||
7.00%, 06/24/22 | HUF | 786,630 | 3,198,642 | |||||||||
7.50%, 11/12/20 | HUF | 332,320 | 1,277,911 | |||||||||
|
| |||||||||||
28,570,345 | ||||||||||||
Indonesia — 6.3% | ||||||||||||
Indonesia Treasury Bond | ||||||||||||
5.63%, 05/15/23 | IDR | 37,962,000 | 2,514,816 | |||||||||
6.13%, 05/15/28 | IDR | 27,992,000 | 1,752,692 | |||||||||
6.63%, 05/15/33 | IDR | 16,216,000 | 981,495 | |||||||||
7.00%, 05/15/22 | IDR | 34,074,000 | 2,381,593 | |||||||||
7.00%, 05/15/27 | IDR | 40,550,000 | 2,710,447 | |||||||||
7.50%, 08/15/32 | IDR | 21,966,000 | 1,447,444 | |||||||||
7.50%, 05/15/38 | IDR | 26,056,000 | 1,679,469 | |||||||||
8.13%, 05/15/24 | IDR | 20,400,000 | 1,478,105 | |||||||||
8.25%, 07/15/21 | IDR | 41,215,000 | 2,967,480 | |||||||||
8.25%, 05/15/29 | IDR | 31,102,000 | 2,247,387 | |||||||||
8.25%, 06/15/32 | IDR | 13,183,000 | 922,810 | |||||||||
8.25%, 05/15/36 | IDR | 23,110,000 | 1,607,970 | |||||||||
8.38%, 03/15/24 | IDR | 47,242,000 | 3,454,955 | |||||||||
8.38%, 09/15/26 | IDR | 39,283,000 | 2,844,144 | |||||||||
8.38%, 03/15/34 | IDR | 47,766,000 | 3,385,704 | |||||||||
8.38%, 04/15/39 | IDR | 19,505,000 | 1,363,981 | |||||||||
8.75%, 05/15/31 | IDR | 27,159,000 | 1,991,660 | |||||||||
9.00%, 03/15/29 | IDR | 30,798,000 | 2,317,955 | |||||||||
9.50%, 07/15/31 | IDR | 4,008,000 | 309,389 | |||||||||
10.50%, 08/15/30 | IDR | 6,985,000 | 575,956 | |||||||||
11.00%, 11/15/20 | IDR | 3,648,000 | 271,872 | |||||||||
11.00%, 09/15/25 | IDR | 10,435,000 | 850,544 | |||||||||
12.80%, 06/15/21 | IDR | 8,190,000 | 639,970 | |||||||||
Perusahaan Penerbit SBSN Indonesia, 8.88%, 11/15/31 | IDR | 13,500,000 | 963,711 | |||||||||
|
| |||||||||||
41,661,549 | ||||||||||||
Malaysia — 4.4% | ||||||||||||
Malaysia Government Bond | ||||||||||||
3.48%, 03/15/23 | MYR | 9,261 | 2,228,329 | |||||||||
3.49%, 03/31/20 | MYR | 10,443 | 2,528,537 | |||||||||
3.62%, 11/30/21 | MYR | 2,340 | 568,374 | |||||||||
3.73%, 06/15/28 | MYR | 4,708 | 1,124,636 | |||||||||
3.76%, 04/20/23 | MYR | 1,442 | 350,752 |
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Malaysia (continued) | ||||||||||||
3.80%, 08/17/23 | MYR | 804 | $ | 195,583 | ||||||||
3.90%, 11/30/26 | MYR | 6,640 | 1,612,843 | |||||||||
3.90%, 11/16/27 | MYR | 9,000 | 2,179,931 | |||||||||
3.96%, 09/15/25 | MYR | 4,449 | 1,086,075 | |||||||||
4.06%, 09/30/24 | MYR | 1,200 | 294,984 | |||||||||
4.16%, 07/15/21 | MYR | 2,406 | 590,946 | |||||||||
4.18%, 07/15/24 | MYR | 6,391 | 1,580,349 | |||||||||
4.23%, 06/30/31 | MYR | 4,362 | 1,067,500 | |||||||||
4.76%, 04/07/37 | MYR | 3,117 | 793,050 | |||||||||
4.94%, 09/30/43 | MYR | 3,695 | 939,771 | |||||||||
Malaysia Government Investment Issue | ||||||||||||
3.23%, 04/15/20 | MYR | 1,500 | 362,092 | |||||||||
3.95%, 04/14/22 | MYR | 19,405 | 4,743,601 | |||||||||
4.07%, 09/30/26 | MYR | 6,898 | 1,691,856 | |||||||||
4.09%, 11/30/23 | MYR | 4,191 | 1,030,055 | |||||||||
4.13%, 08/15/25 | MYR | 5,450 | 1,340,918 | |||||||||
4.26%, 07/26/27 | MYR | 5,000 | 1,242,379 | |||||||||
4.37%, 10/31/28 | MYR | 7,065 | 1,771,243 | |||||||||
|
| |||||||||||
29,323,804 | ||||||||||||
Mexico — 8.2% | ||||||||||||
Mexican Bonos | ||||||||||||
5.00%, 12/11/19 | MXN | 10,623 | 547,772 | |||||||||
5.75%, 03/05/26 | MXN | 68,562 | 3,164,875 | |||||||||
6.50%, 06/10/21 | MXN | 103,448 | 5,284,805 | |||||||||
6.50%, 06/09/22 | MXN | 161,923 | 8,168,079 | |||||||||
7.25%, 12/09/21 | MXN | 55,900 | 2,881,550 | |||||||||
7.50%, 06/03/27 | MXN | 125,285 | 6,342,164 | |||||||||
7.75%, 05/29/31 | MXN | 43,707 | 2,204,833 | |||||||||
7.75%, 11/23/34 | MXN | 39,700 | 1,968,721 | |||||||||
7.75%, 11/13/42 | MXN | 66,840 | 3,242,624 | |||||||||
8.00%, 06/11/20 | MXN | 20,929 | 1,100,755 | |||||||||
8.00%, 12/07/23 | MXN | 100,915 | 5,309,491 | |||||||||
8.00%, 09/05/24 | MXN | 23,900 | 1,254,068 | |||||||||
8.00%, 11/07/47 | MXN | 23,251 | 1,151,278 | |||||||||
8.50%, 05/31/29 | MXN | 42,300 | 2,270,877 | |||||||||
8.50%, 11/18/38 | MXN | 54,525 | 2,868,855 | |||||||||
10.00%, 12/05/24 | MXN | 90,723 | 5,202,235 | |||||||||
10.00%, 11/20/36 | MXN | 22,923 | 1,377,135 | |||||||||
|
| |||||||||||
54,340,117 | ||||||||||||
Peru — 4.5% | ||||||||||||
Peru Government Bond | ||||||||||||
5.70%, 08/12/24 | PEN | 8,940 | 2,869,455 | |||||||||
5.94%, 02/12/29(b) | PEN | 9,573 | 3,055,084 | |||||||||
6.15%, 08/12/32(b) | PEN | 14,317 | 4,554,973 | |||||||||
6.35%, 08/12/28 | PEN | 21,864 | 7,179,429 | |||||||||
6.90%, 08/12/37 | PEN | 9,535 | 3,207,294 | |||||||||
6.95%, 08/12/31 | PEN | 12,511 | 4,259,129 | |||||||||
8.20%, 08/12/26 | PEN | 13,056 | 4,745,364 | |||||||||
|
| |||||||||||
29,870,728 | ||||||||||||
Philippines — 4.5% | ||||||||||||
Philippine Government International Bond | ||||||||||||
3.90%, 11/26/22 | PHP | 372,000 | 6,869,035 | |||||||||
4.95%, 01/15/21 | PHP | 536,000 | 10,209,791 | |||||||||
6.25%, 01/14/36 | PHP | 614,000 | 12,985,871 | |||||||||
|
| |||||||||||
30,064,697 | ||||||||||||
Poland — 4.4% | ||||||||||||
Republic of Poland Government Bond | ||||||||||||
1.50%, 04/25/20 | PLN | 1,756 | 458,213 | |||||||||
1.75%, 07/25/21 | PLN | 10,723 | 2,802,417 |
Security | Par (000) | Value | ||||||||||
Poland (continued) | ||||||||||||
2.00%, 04/25/21 | PLN | 6,468 | $ | 1,698,836 | ||||||||
2.25%, 04/25/22 | PLN | 10,284 | 2,710,010 | |||||||||
2.50%, 01/25/23 | PLN | 7,867 | 2,082,707 | |||||||||
2.50%, 04/25/24 | PLN | 6,326 | 1,664,994 | |||||||||
2.50%, 07/25/26 | PLN | 10,403 | 2,676,664 | |||||||||
2.50%, 07/25/27 | PLN | 11,588 | 2,949,626 | |||||||||
2.75%, 04/25/28 | PLN | 7,508 | 1,932,455 | |||||||||
3.25%, 07/25/25 | PLN | 9,867 | 2,677,553 | |||||||||
4.00%, 10/25/23 | PLN | 5,421 | 1,521,267 | |||||||||
5.25%, 10/25/20 | PLN | 3,950 | 1,086,026 | |||||||||
5.75%, 10/25/21 | PLN | 7,803 | 2,234,458 | |||||||||
5.75%, 09/23/22 | PLN | 8,789 | 2,572,942 | |||||||||
|
| |||||||||||
29,068,168 | ||||||||||||
Romania — 4.3% | ||||||||||||
Romania Government Bond | ||||||||||||
3.25%, 03/22/21 | RON | 14,370 | 3,363,274 | |||||||||
3.25%, 04/29/24 | RON | 12,685 | 2,841,261 | |||||||||
3.40%, 03/08/22 | RON | 10,000 | 2,323,555 | |||||||||
3.50%, 12/19/22 | RON | 17,125 | 3,946,431 | |||||||||
4.00%, 10/27/21 | RON | 8,720 | 2,061,451 | |||||||||
4.25%, 06/28/23 | RON | 9,095 | 2,137,405 | |||||||||
4.75%, 02/24/25 | RON | 10,715 | 2,544,355 | |||||||||
5.80%, 07/26/27 | RON | 13,810 | 3,457,231 | |||||||||
5.85%, 04/26/23 | RON | 13,630 | 3,398,723 | |||||||||
5.95%, 06/11/21 | RON | 10,960 | 2,700,766 | |||||||||
|
| |||||||||||
28,774,452 | ||||||||||||
Russia — 4.4% | ||||||||||||
Russian Federal Bond — OFZ | ||||||||||||
6.50%, 02/28/24 | RUB | 86,135 | 1,266,812 | |||||||||
6.90%, 05/23/29 | RUB | 73,010 | 1,047,324 | |||||||||
7.00%, 12/15/21 | RUB | 90,356 | 1,380,522 | |||||||||
7.00%, 01/25/23 | RUB | 401,004 | 6,069,317 | |||||||||
7.00%, 08/16/23 | RUB | 62,473 | 943,700 | |||||||||
7.05%, 01/19/28 | RUB | 186,136 | 2,729,313 | |||||||||
7.10%, 10/16/24 | RUB | 272,990 | 4,102,998 | |||||||||
7.25%, 05/10/34 | RUB | 22,872 | 324,796 | |||||||||
7.40%, 12/07/22 | RUB | 147,696 | 2,265,179 | |||||||||
7.50%, 08/18/21 | RUB | 65,550 | 1,013,638 | |||||||||
7.60%, 04/14/21 | RUB | 46,910 | 726,632 | |||||||||
7.70%, 03/23/33 | RUB | 140,231 | 2,088,997 | |||||||||
7.75%, 09/16/26 | RUB | 140,486 | 2,159,779 | |||||||||
8.15%, 02/03/27 | RUB | 126,370 | 1,989,005 | |||||||||
8.50%, 09/17/31 | RUB | 71,080 | 1,134,804 | |||||||||
|
| |||||||||||
29,242,816 | ||||||||||||
South Africa — 4.5% | ||||||||||||
Republic of South Africa Government Bond | ||||||||||||
6.25%, 03/31/36 | ZAR | 29,716 | 1,505,914 | |||||||||
6.50%, 02/28/41 | ZAR | 18,685 | 923,168 | |||||||||
6.75%, 03/31/21 | ZAR | 17,000 | 1,181,519 | |||||||||
7.00%, 02/28/31 | ZAR | 26,800 | 1,571,146 | |||||||||
7.75%, 02/28/23 | ZAR | 21,912 | 1,530,534 | |||||||||
8.00%, 01/31/30 | ZAR | 38,063 | 2,453,432 | |||||||||
8.25%, 03/31/32 | ZAR | 27,921 | 1,786,834 | |||||||||
8.50%, 01/31/37 | ZAR | 43,662 | 2,743,996 | |||||||||
8.75%, 01/31/44 | ZAR | 37,191 | 2,343,667 | |||||||||
8.75%, 02/28/48 | ZAR | 76,577 | 4,832,563 | |||||||||
8.88%, 02/28/35 | ZAR | 28,000 | 1,840,139 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
South Africa (continued) | ||||||||||||
9.00%, 01/31/40 | ZAR | 21,273 | $ | 1,383,229 | ||||||||
10.50%, 12/21/26 | ZAR | 69,704 | 5,388,343 | |||||||||
|
| |||||||||||
29,484,484 | ||||||||||||
Thailand — 4.4% | ||||||||||||
Thailand Government Bond | ||||||||||||
1.88%, 06/17/22 | THB | 62,213 | 1,937,908 | |||||||||
2.00%, 12/17/22 | THB | 89,013 | 2,777,699 | |||||||||
2.13%, 12/17/26 | THB | 97,746 | 2,998,560 | |||||||||
2.40%, 12/17/23 | THB | 42,075 | 1,329,287 | |||||||||
2.55%, 06/26/20 | THB | 24,775 | 779,198 | |||||||||
2.88%, 12/17/28 | THB | 28,385 | 917,168 | |||||||||
2.88%, 06/17/46 | THB | 40,854 | 1,197,974 | |||||||||
3.40%, 06/17/36 | THB | 106,370 | 3,526,026 | |||||||||
3.63%, 06/16/23 | THB | 78,428 | 2,607,259 | |||||||||
3.65%, 12/17/21 | THB | 99,272 | 3,250,773 | |||||||||
3.65%, 06/20/31 | THB | 46,584 | 1,594,653 | |||||||||
3.78%, 06/25/32 | THB | 37,303 | 1,288,435 | |||||||||
3.85%, 12/12/25 | THB | 52,949 | 1,816,857 | |||||||||
4.26%, 12/12/37(c) | THB | 470 | 16,489 | |||||||||
4.88%, 06/22/29 | THB | 84,799 | 3,193,610 | |||||||||
|
| |||||||||||
29,231,896 | ||||||||||||
Turkey — 4.2% | ||||||||||||
Turkey Government Bond | ||||||||||||
7.10%, 03/08/23 | TRY | 20,730 | 2,130,472 | |||||||||
7.40%, 02/05/20 | TRY | 2,042 | 302,905 | |||||||||
8.00%, 03/12/25 | TRY | 9,008 | 900,125 | |||||||||
8.50%, 09/14/22 | TRY | 8,799 | 1,003,052 | |||||||||
8.80%, 09/27/23 | TRY | 16,464 | 1,755,483 | |||||||||
9.00%, 07/24/24 | TRY | 17,668 | 1,863,139 | |||||||||
9.20%, 09/22/21 | TRY | 20,670 | 2,647,159 | |||||||||
9.40%, 07/08/20 | TRY | 7,700 | 1,104,791 | |||||||||
9.50%, 01/12/22 | TRY | 5,614 | 682,720 | |||||||||
10.40%, 03/20/24 | TRY | 9,000 | 1,009,381 | |||||||||
10.50%, 08/11/27 | TRY | 12,774 | 1,381,291 | |||||||||
10.60%, 02/11/26 | TRY | 16,322 | 1,844,240 | |||||||||
10.70%, 02/17/21 | TRY | 18,533 | 2,530,261 | |||||||||
10.70%, 08/17/22 | TRY | 10,980 | 1,336,288 |
Security | Par/ Shares (000) | Value | ||||||||||
Turkey (continued) | ||||||||||||
11.00%, 03/02/22 | TRY | 16,565 | $ | 2,088,142 | ||||||||
11.00%, 02/24/27 | TRY | 9,586 | 1,062,256 | |||||||||
12.20%, 01/18/23 | TRY | 16,799 | 2,109,197 | |||||||||
12.40%, 03/08/28 | TRY | 7,939 | 959,542 | |||||||||
16.20%, 06/14/23 | TRY | 7,662 | 1,078,161 | |||||||||
|
| |||||||||||
27,788,605 | ||||||||||||
Uruguay — 4.3% | ||||||||||||
Uruguay Government International Bond | ||||||||||||
8.50%, 03/15/28(c) | UYU | 530,905 | 12,960,125 | |||||||||
9.88%, 06/20/22(c) | UYU | 545,682 | 15,512,093 | |||||||||
|
| |||||||||||
28,472,218 | ||||||||||||
|
| |||||||||||
Total Foreign Government Obligations — 97.7% |
| 647,582,490 | ||||||||||
|
| |||||||||||
Short-Term Investments | ||||||||||||
Money Market Funds — 0.4% | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(d)(e) | 2,319 | 2,318,672 | ||||||||||
|
| |||||||||||
Total Short-Term Investments — 0.4% | 2,318,672 | |||||||||||
|
| |||||||||||
Total Investments in Securities — 98.1% |
| 649,901,162 | ||||||||||
Other Assets, Less Liabilities — 1.9% | 12,736,976 | |||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 662,638,138 | ||||||||||
|
|
(a) | Zero-coupon bond. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/18 (000) | | | Net Activity (000) | | | Shares Held at 04/30/19 (000) | | | Value at 04/30/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized | | |||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 35 | 2,284 | 2,319 | $ | 2,318,672 | $ | 37,062 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® J.P. Morgan EM Local Currency Bond ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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 | $ | — | $ | 647,582,490 | $ | — | $ | 647,582,490 | ||||||||
Money Market Funds | 2,318,672 | — | — | 2,318,672 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,318,672 | $ | 647,582,490 | $ | — | $ | 649,901,162 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 33 |
Schedule of Investments (unaudited) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Corporate Bonds & Notes | ||||||||||||
Australia — 0.2% | ||||||||||||
FMG Resources August 2006 Pty Ltd. | ||||||||||||
4.75%, 05/15/22 (Call 02/15/22)(a) | USD | 100 | $ | 101,053 | ||||||||
5.13%, 03/15/23 (Call 12/15/22)(a) | USD | 50 | 51,022 | |||||||||
5.13%, 05/15/24 (Call 02/15/24)(a) | USD | 100 | 101,344 | |||||||||
|
| |||||||||||
253,419 | ||||||||||||
Austria — 0.1% | ||||||||||||
Raiffeisenlandesbank | EUR | 100 | 124,589 | |||||||||
Wienerberger AG, 2.00%, 05/02/24(b) | EUR | 50 | 57,756 | |||||||||
|
| |||||||||||
182,345 | ||||||||||||
Belgium — 0.2% | ||||||||||||
Telenet Finance Luxembourg Note, 5.50%, 03/01/28 (Call 12/01/22)(a) | USD | 200 | 198,550 | |||||||||
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(b) | EUR | 100 | 113,693 | |||||||||
|
| |||||||||||
312,243 | ||||||||||||
Bermuda — 0.1% | ||||||||||||
Weatherford International Ltd., 9.88%, 02/15/24 (Call 11/15/23)(c) | USD | 125 | 87,924 | |||||||||
|
| |||||||||||
Brazil — 0.6% | ||||||||||||
JBS Investments GmbH, 6.25%, 02/05/23 | USD | 200 | 203,000 | |||||||||
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a) | USD | 200 | 208,100 | |||||||||
JBS USA LUX SA/JBS USA Finance Inc. | ||||||||||||
5.75%, 06/15/25 (Call 06/15/20)(a)(c) | USD | 175 | 179,337 | |||||||||
5.88%, 07/15/24 (Call 07/15/19)(a) | USD | 110 | 113,163 | |||||||||
6.75%, 02/15/28 (Call 02/15/23)(a) | USD | 175 | 185,212 | |||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 6.50%, 04/15/29 (Call 04/15/24)(a)(c) | USD | 215 | 227,423 | |||||||||
|
| |||||||||||
1,116,235 | ||||||||||||
Canada — 3.2% | ||||||||||||
1011778 BC ULC/New Red Finance Inc. | ||||||||||||
4.25%, 05/15/24 (Call 05/15/20)(a)(c) | USD | 300 | 295,748 | |||||||||
4.63%, 01/15/22 (Call 05/31/19)(a) | USD | 225 | 226,055 | |||||||||
5.00%, 10/15/25 (Call 10/15/20)(a)(c) | USD | 400 | 396,813 | |||||||||
Air Canada | ||||||||||||
4.75%, 10/06/23 (Call 10/06/19)(a) | CAD | 25 | 19,249 | |||||||||
7.75%, 04/15/21(a) | USD | 50 | 53,556 | |||||||||
Bausch Health Companies Inc., 5.75%, 08/15/27 (Call 08/15/22)(a) | USD | 65 | 67,811 | |||||||||
Baytex Energy Corp., 6.63%, 07/19/22 (Call 05/30/19) | CAD | 50 | 37,309 | |||||||||
Bombardier Inc. | ||||||||||||
5.75%, 03/15/22(a)(c) | USD | 75 | 76,027 | |||||||||
6.00%, 10/15/22 (Call 05/31/19)(a)(c) | USD | 250 | 250,625 | |||||||||
6.13%, 01/15/23(a) | USD | 175 | 175,261 | |||||||||
7.50%, 12/01/24 (Call 12/01/20)(a) | USD | 225 | 228,686 | |||||||||
7.50%, 03/15/25 (Call 03/15/20)(a)(c) | USD | 225 | 226,069 | |||||||||
7.88%, 04/15/27 ( 04/15/22)(a)(c) | USD | 290 | 292,156 | |||||||||
8.75%, 12/01/21(a) | USD | 175 | 193,594 | |||||||||
Brookfield Residential Properties Inc. | ||||||||||||
6.13%, 05/15/23 (Call 05/30/19)(a) | CAD | 50 | 37,848 | |||||||||
6.50%, 12/15/20 (Call 05/31/19)(a) | USD | 50 | 50,203 | |||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (Call 05/31/19)(a) | USD | 75 | 76,263 | |||||||||
Cascades Inc., 5.50%, 07/15/21 (Call 05/30/19)(a) | CAD | 25 | 18,826 |
Security | Par (000) | Value | ||||||||||
Canada (continued) | ||||||||||||
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 10/21/20) | CAD | 50 | $ | 36,635 | ||||||||
Cott Corp., 5.50%, 07/01/24 (Call 07/01/19)(b) | EUR | 100 | 117,193 | |||||||||
Crew Energy Inc., 6.50%, 03/14/24 (Call 03/14/20)(a) | CAD | 50 | 33,208 | |||||||||
GFL Environmental Inc. | ||||||||||||
5.38%, 03/01/23 (Call 03/01/20)(a)(c) | USD | 75 | 73,033 | |||||||||
7.00%, 06/01/26 (Call 06/01/21)(a)(c) | USD | 50 | 48,750 | |||||||||
8.50%, 05/01/27 (Call 05/01/22)(a) | USD | 68 | 70,840 | |||||||||
Gibson Energy Inc. | ||||||||||||
5.25%, 07/15/24 (Call 07/15/20)(b) | CAD | 100 | 77,064 | |||||||||
5.38%, 07/15/22 (Call 05/30/19)(a) | CAD | 50 | 37,796 | |||||||||
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 09/15/19)(a) | CAD | 25 | 18,985 | |||||||||
MEG Energy Corp. | ||||||||||||
6.38%, 01/30/23 (Call 05/31/19)(a) | USD | 100 | 94,250 | |||||||||
6.50%, 01/15/25 (Call 01/15/20)(a) | USD | 100 | 100,807 | |||||||||
7.00%, 03/31/24 (Call 05/31/19)(a)(c) | USD | 150 | 142,546 | |||||||||
NOVA Chemicals Corp. | ||||||||||||
4.88%, 06/01/24 (Call 03/03/24)(a) | USD | 140 | 137,708 | |||||||||
5.00%, 05/01/25 (Call 01/31/25)(a) | USD | 75 | 73,332 | |||||||||
5.25%, 08/01/23 (Call 05/31/19)(a)(c) | USD | 75 | 75,623 | |||||||||
5.25%, 06/01/27 (Call 03/03/27)(a) | USD | 175 | 171,302 | |||||||||
NuVista Energy Ltd., 6.50%, 03/02/23 (Call 03/02/20) | CAD | 50 | 36,821 | |||||||||
Open Text Corp. | ||||||||||||
5.63%, 01/15/23 (Call 05/31/19)(a) | USD | 125 | 128,180 | |||||||||
5.88%, 06/01/26 (Call 06/01/21)(a) | USD | 100 | 104,904 | |||||||||
Parkland Fuel Corp. | ||||||||||||
5.63%, 05/09/25 (Call 05/09/20) | CAD | 100 | 75,407 | |||||||||
5.75%, 09/16/24 (Call 09/16/19)(a) | CAD | 25 | 18,956 | |||||||||
5.75%, 09/16/24 (Call 09/16/19) | CAD | 50 | 37,913 | |||||||||
6.00%, 11/21/22 (Call 05/30/19) | CAD | 50 | 38,029 | |||||||||
Postmedia Network Inc., 8.25%, 07/15/21 (Call 05/30/19)(a) | CAD | 1 | 438 | |||||||||
Precision Drilling Corp., 7.13%, 01/15/26 (Call 11/15/20)(a) | USD | 80 | 80,700 | |||||||||
Quebecor Media Inc. | ||||||||||||
5.75%, 01/15/23 | USD | 125 | 130,829 | |||||||||
6.63%, 01/15/23(a) | CAD | 75 | 60,103 | |||||||||
Russel Metals Inc., 6.00%, 04/19/22 (Call 05/30/19)(a) | CAD | 25 | 18,816 | |||||||||
Seven Generations Energy Ltd. | ||||||||||||
5.38%, 09/30/25 (Call 09/30/20)(a) | USD | 150 | 146,437 | |||||||||
6.75%, 05/01/23 (Call 05/31/19)(a) | USD | 50 | 51,373 | |||||||||
6.88%, 06/30/23 (Call 05/31/19)(a) | USD | 50 | 51,354 | |||||||||
Stars Group Holdings BV/Stars Group US | USD | 175 | 183,378 | |||||||||
Superior Plus LP | ||||||||||||
5.13%, 08/27/25 (Call 02/27/21) | CAD | 50 | 36,135 | |||||||||
5.25%, 02/27/24 (Call 02/27/20) | CAD | 50 | 36,751 | |||||||||
Videotron Ltd. | ||||||||||||
5.00%, 07/15/22 | USD | 100 | 103,685 | |||||||||
5.13%, 04/15/27 (Call 04/15/22)(a) | USD | 75 | 76,517 | |||||||||
5.38%, 06/15/24 (Call 03/15/24)(a) | USD | 150 | 157,637 | |||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 50 | 39,531 | |||||||||
5.75%, 01/15/26 (Call 09/15/20)(b) | CAD | 75 | 58,960 | |||||||||
|
| |||||||||||
5,704,025 | ||||||||||||
Denmark — 0.2% | ||||||||||||
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)(b) | EUR | 200 | 243,074 | |||||||||
TDC AS, 6.88%, 02/23/23(b) | GBP | 100 | 147,986 | |||||||||
|
| |||||||||||
391,060 |
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Finland — 0.5% | ||||||||||||
Nokia OYJ | ||||||||||||
1.00%, 03/15/21 (Call 02/15/21)(b) | EUR | 100 | $ | 113,466 | ||||||||
2.00%, 03/11/26 (Call 12/11/25)(b) | EUR | 200 | 224,906 | |||||||||
3.38%, 06/12/22 | USD | 100 | 99,846 | |||||||||
4.38%, 06/12/27 | USD | 80 | 80,428 | |||||||||
Teollisuuden Voima OYJ | ||||||||||||
2.00%, 05/08/24 (Call 02/08/24)(b) | EUR | 100 | 114,679 | |||||||||
2.13%, 02/04/25 (Call 11/04/24)(b) | EUR | 100 | 114,640 | |||||||||
2.50%, 03/17/21(b) | EUR | 100 | 116,385 | |||||||||
|
| |||||||||||
864,350 | ||||||||||||
France — 3.4% | ||||||||||||
Altice France SA/France | ||||||||||||
5.63%, 05/15/24 (Call 05/30/19)(b) | EUR | 100 | 115,558 | |||||||||
5.88%, 02/01/27 (Call 02/01/22)(b) | EUR | 200 | 237,310 | |||||||||
6.25%, 05/15/24 (Call 06/13/19)(a) | USD | 200 | 205,094 | |||||||||
7.38%, 05/01/26 (Call 05/01/21)(a) | USD | 800 | 813,000 | |||||||||
8.13%, 02/01/27 (Call 02/01/22)(a) | USD | 200 | 208,875 | |||||||||
Banijay Group SAS, 4.00%, 07/01/22 (Call 07/01/19)(b) | EUR | 100 | 114,865 | |||||||||
Burger King France SAS, 6.00%, 05/01/24 (Call 05/01/20)(b) | EUR | 100 | 119,355 | |||||||||
Casino Guichard Perrachon SA | ||||||||||||
1.87%, 06/13/22 (Call 03/13/22)(b) | EUR | 100 | 104,376 | |||||||||
4.05%, 08/05/26 (Call 05/05/26)(b) | EUR | 100 | 100,103 | |||||||||
4.50%, 03/07/24 (Call 12/07/23)(b) | EUR | 200 | 219,076 | |||||||||
4.56%, 01/25/23(b) | EUR | 100 | 110,748 | |||||||||
5.98%, 05/26/21(b) | EUR | 100 | 119,243 | |||||||||
CMA CGM SA | ||||||||||||
5.25%, 01/15/25 (Call 10/15/20)(b) | EUR | 100 | 93,359 | |||||||||
6.50%, 07/15/22 (Call 07/15/19)(b) | EUR | 100 | 106,176 | |||||||||
Elis SA | ||||||||||||
1.75%, 04/11/24 (Call 01/11/24)(b) | EUR | 100 | 112,605 | |||||||||
1.88%, 02/15/23 (Call 11/15/22)(b) | EUR | 100 | 114,600 | |||||||||
Europcar Mobility Group | ||||||||||||
4.13%, 11/15/24 (Call 11/15/20)(b) | EUR | 100 | 115,475 | |||||||||
5.75%, 06/15/22 (Call 05/10/19)(b) | EUR | 100 | 114,216 | |||||||||
Faurecia SA | ||||||||||||
2.63%, 06/15/25 (Call 06/15/21)(b) | EUR | 100 | 114,395 | |||||||||
3.13%, 06/15/26 (Call 06/15/22)(b) | EUR | 100 | 114,309 | |||||||||
3.63%, 06/15/23 (Call 06/15/19)(b) | EUR | 100 | 114,468 | |||||||||
Fnac Darty SA, 3.25%, 09/30/23 | EUR | 100 | 114,928 | |||||||||
Getlink SE, 3.63%, 10/01/23(b) | EUR | 100 | 117,189 | |||||||||
La Financiere Atalian SASU | ||||||||||||
4.00%, 05/15/24 (Call 05/15/20)(b) | EUR | 100 | 84,053 | |||||||||
5.13%, 05/15/25 (Call 05/15/21)(b) | EUR | 100 | 84,236 | |||||||||
Loxam SAS | ||||||||||||
2.88%, 04/15/26 (Call 04/15/22)(b) | EUR | 125 | 139,780 | |||||||||
6.00%, 04/15/25 (Call 04/15/20)(b) | EUR | 100 | 118,581 | |||||||||
Mobilux Finance SAS, 5.50%, 11/15/24 (Call 11/15/19)(b) | EUR | 100 | 113,243 | |||||||||
Nexans SA, 3.25%, 05/26/21 (Call 02/26/21)(b) | EUR | 100 | 117,549 | |||||||||
Orano SA | ||||||||||||
3.13%, 03/20/23 (Call 12/20/22)(b) | EUR | 100 | 117,129 | |||||||||
3.38%, 04/23/26 (Call 01/23/26)(b) | EUR | 100 | 113,064 | |||||||||
3.50%, 03/22/21(b) | EUR | 200 | 235,108 | |||||||||
4.88%, 09/23/24 | EUR | 150 | 187,024 | |||||||||
Paprec Holding SA, 4.00%, 03/31/25 (Call 03/31/21)(b) | EUR | 100 | 107,831 | |||||||||
Rexel SA | ||||||||||||
2.63%, 06/15/24 (Call 03/15/20)(b) | EUR | 100 | 115,239 | |||||||||
2.75%, 06/15/26 (Call 03/15/22)(b) | EUR | 125 | 142,076 | |||||||||
SPCM SA, 2.88%, 06/15/23 (Call 05/10/19)(b) | EUR | 100 | 113,075 | |||||||||
SPIE SA, 3.13%, 03/22/24 (Call 09/22/23)(b) | EUR | 100 | 116,907 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Synlab Bondco PLC, 6.25%, 07/01/22 (Call 05/10/19)(b) | EUR | 150 | $ | 172,096 | ||||||||
Tereos Finance Groupe I SA, 4.13%, 06/16/23 (Call 03/16/23)(b) | EUR | 100 | 95,213 | |||||||||
Vallourec SA | ||||||||||||
2.25%, 09/30/24(b) | EUR | 100 | 78,805 | |||||||||
6.63%, 10/15/22 (Call 10/15/20)(b) | EUR | 100 | 99,872 | |||||||||
|
| |||||||||||
6,050,204 | ||||||||||||
Germany — 3.0% | ||||||||||||
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 04/01/20)(b) | EUR | 100 | 110,847 | |||||||||
ADLER Real Estate AG | ||||||||||||
1.50%, 12/06/21 (Call 11/06/21)(b) | EUR | 100 | 113,334 | |||||||||
1.50%, 04/17/22 (Call 03/17/22)(b) | EUR | 100 | 112,787 | |||||||||
3.00%, 04/27/26 (Call 02/27/26)(b) | EUR | 100 | 115,462 | |||||||||
BMBG Bond Finance SCA, 3.00%, 06/15/21 (Call 05/30/19)(b) | EUR | 100 | 113,071 | |||||||||
CBR Fashion Finance BV, 5.13%, 10/01/22 (Call 10/01/19)(b) | EUR | 100 | 108,019 | |||||||||
CeramTec BondCo GmbH, 5.25%, 12/15/25 (Call 12/15/20)(b) | EUR | 100 | 113,126 | |||||||||
Deutsche Bank AG | ||||||||||||
2.75%, 02/17/25(b) | EUR | 225 | 252,664 | |||||||||
4.30%, 05/24/28 (Call 05/24/23)(d) | USD | 200 | 181,256 | |||||||||
4.50%, 05/19/26(b) | EUR | 100 | 116,994 | |||||||||
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(d) | USD | 200 | 170,404 | |||||||||
Deutsche Lufthansa AG, 5.13%, 08/12/75 | EUR | 100 | 119,701 | |||||||||
Douglas GmbH, 6.25%, 07/15/22 | EUR | 100 | 109,146 | |||||||||
Hapag-Lloyd AG, 5.13%, 07/15/24 | EUR | 100 | 115,254 | |||||||||
K+S AG | ||||||||||||
2.63%, 04/06/23 (Call 01/06/23)(b) | EUR | 100 | 117,494 | |||||||||
3.25%, 07/18/24 (Call 04/18/24)(b) | EUR | 100 | 118,595 | |||||||||
4.13%, 12/06/21(b) | EUR | 100 | 121,625 | |||||||||
KME AG, 6.75%, 02/01/23 (Call 02/01/20)(b) | EUR | 100 | 107,626 | |||||||||
LANXESS AG, 4.50%, 12/06/76 | EUR | 100 | 122,412 | |||||||||
METRO AG, 1.50%, 03/19/25(b) | EUR | 200 | 221,676 | |||||||||
Nidda BondCo GmbH, 5.00%, 09/30/25 | EUR | 100 | 110,092 | |||||||||
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/20)(b) | EUR | 100 | 114,676 | |||||||||
Norddeutsche Landesbank Girozentrale, 6.00%, 06/29/20 | EUR | 50 | 57,977 | |||||||||
Platin 1426 GmbH, 5.38%, 06/15/23 | EUR | 100 | 111,435 | |||||||||
RWE AG | ||||||||||||
2.75%, 04/21/75 (Call 10/21/20)(b)(d) | EUR | 100 | 114,454 | |||||||||
3.50%, 04/21/75 (Call 04/21/25)(b)(d) | EUR | 50 | 58,392 | |||||||||
Senvion Holding GmbH, 3.88%, 10/25/22 (Call 05/10/19)(b)(e) | EUR | 100 | 42,587 | |||||||||
Summit Properties Ltd., 2.00%, 01/31/25 (Call 01/31/21)(b) | EUR | 100 | 106,002 | |||||||||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/21)(b) | EUR | 100 | 116,621 | |||||||||
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/02/21)(b) | EUR | 100 | 107,337 | |||||||||
thyssenkrupp AG | ||||||||||||
1.38%, 03/03/22 (Call 12/03/21)(b) | EUR | 100 | 112,465 | |||||||||
1.75%, 11/25/20 (Call 08/25/20)(b) | EUR | 100 | 113,728 | |||||||||
2.50%, 02/25/25(b) | EUR | 100 | 115,659 | |||||||||
2.75%, 03/08/21 (Call 12/08/20)(b) | EUR | 75 | 86,901 | |||||||||
2.88%, 02/22/24 (Call 11/22/23)(b) | EUR | 325 | 376,092 | |||||||||
TUI AG, 2.13%, 10/26/21 (Call 07/26/21)(b) | EUR | 100 | 114,706 |
S C H E D U L E O F I N V E S T M E N T S | 35 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
Unitymedia GmbH | ||||||||||||
3.75%, 01/15/27 (Call 01/15/21)(b) | EUR | 200 | $ | 237,104 | ||||||||
6.13%, 01/15/25 (Call 01/15/20)(a) | USD | 200 | 207,575 | |||||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH | ||||||||||||
4.00%, 01/15/25 (Call 01/15/20)(b) | EUR | 100 | 116,524 | |||||||||
4.63%, 02/15/26 (Call 02/15/21)(b) | EUR | 90 | 109,394 | |||||||||
WEPA Hygieneprodukte GmbH, | EUR | 100 | 113,654 | |||||||||
|
| |||||||||||
5,304,868 | ||||||||||||
Greece — 0.2% | ||||||||||||
Intralot Capital Luxembourg SA, 5.25%, 09/15/24 (Call 09/15/20)(b) | EUR | 100 | 56,112 | |||||||||
OTE PLC, 3.50%, 07/09/20(b) | EUR | 100 | 115,941 | |||||||||
Titan Global Finance PLC | ||||||||||||
2.38%, 11/16/24 (Call 05/16/24)(b) | EUR | 100 | 111,892 | |||||||||
3.50%, 06/17/21(b) | EUR | 100 | 117,717 | |||||||||
|
| |||||||||||
401,662 | ||||||||||||
Ireland — 1.6% | ||||||||||||
Allied Irish Banks PLC, 4.13%, 11/26/25 | EUR | 100 | 117,150 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
4.13%, 05/15/23 (Call 05/15/19)(b) | EUR | 100 | 114,665 | |||||||||
4.25%, 09/15/22 (Call 05/13/19)(a)(c) | USD | 200 | 200,750 | |||||||||
4.63%, 05/15/23 (Call 05/31/19)(a)(c) | USD | 200 | 201,508 | |||||||||
4.75%, 07/15/27 (Call 07/15/22)(b) | GBP | 100 | 127,057 | |||||||||
6.00%, 02/15/25 (Call 02/15/20)(a) | USD | 200 | 201,717 | |||||||||
6.75%, 05/15/24 (Call 05/15/19)(b) | EUR | 100 | 118,253 | |||||||||
7.25%, 05/15/24 (Call 05/31/19)(a) | USD | 400 | 422,420 | |||||||||
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)(b)(d) | GBP | 100 | 128,972 | |||||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 | USD | 200 | 200,448 | |||||||||
eircom Finance DAC, 4.50%, 05/31/22 | EUR | 100 | 113,490 | |||||||||
James Hardie International Finance DAC, | EUR | 100 | 116,897 | |||||||||
Smurfit Kappa Acquisitions ULC | ||||||||||||
2.38%, 02/01/24 (Call 11/01/23)(b) | EUR | 100 | 118,171 | |||||||||
2.88%, 01/15/26(b) | EUR | 200 | 236,729 | |||||||||
3.25%, 06/01/21 (Call 03/10/21)(b) | EUR | 100 | 118,155 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24(b) | EUR | 200 | 201,782 | |||||||||
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23 (Call 09/15/19)(b) | GBP | 100 | 134,656 | |||||||||
|
| |||||||||||
2,872,820 | ||||||||||||
Israel — 1.5% | ||||||||||||
Teva Pharmaceutical Finance Netherlands II BV | ||||||||||||
0.38%, 07/25/20(b) | EUR | 150 | 166,775 | |||||||||
1.25%, 03/31/23 (Call 12/31/22)(b) | EUR | 200 | 212,898 | |||||||||
1.63%, 10/15/28(b) | EUR | 100 | 90,697 | |||||||||
1.88%, 03/31/27 (Call 12/31/26)(b) | EUR | 100 | 96,670 | |||||||||
3.25%, 04/15/22 (Call 01/15/22) | EUR | 100 | 116,363 | |||||||||
4.50%, 03/01/25 (Call 12/01/24) | EUR | 200 | 236,053 | |||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||||
2.20%, 07/21/21 | USD | 400 | 383,820 | |||||||||
2.80%, 07/21/23 | USD | 400 | 363,130 | |||||||||
3.15%, 10/01/26(c) | USD | 625 | 525,781 |
Security | Par (000) | Value | ||||||||||
Israel (continued) | ||||||||||||
6.00%, 04/15/24 (Call 01/15/24) | USD | 200 | $ | 204,500 | ||||||||
6.75%, 03/01/28 (Call 12/01/27) | USD | 200 | 206,250 | |||||||||
|
| |||||||||||
2,602,937 | ||||||||||||
Italy — 5.2% | ||||||||||||
Banca IFIS SpA, 4.50%, 10/17/27 | EUR | 100 | 93,582 | |||||||||
Banca Monte dei Paschi di Siena SpA, | EUR | 100 | 69,564 | |||||||||
Banco BPM SpA | ||||||||||||
1.75%, 04/24/23(b) | EUR | 150 | 167,454 | |||||||||
2.00%, 03/08/22(b) | EUR | 100 | 112,936 | |||||||||
2.75%, 07/27/20(b) | EUR | 100 | 115,190 | |||||||||
4.38%, 09/21/27 (Call 09/21/22)(b)(d) | EUR | 100 | 111,090 | |||||||||
6.00%, 11/05/20(b) | EUR | 100 | 118,366 | |||||||||
7.13%, 03/01/21(b) | EUR | 100 | 121,547 | |||||||||
BPER Banca, 5.13%, 05/31/27 | EUR | 100 | 115,126 | |||||||||
EVOCA SpA, 7.00%, 10/15/23 | EUR | 100 | 118,207 | |||||||||
Fiat Chrysler Finance Europe SA | ||||||||||||
4.75%, 03/22/21(b) | EUR | 200 | 242,080 | |||||||||
4.75%, 07/15/22(b) | EUR | 150 | 188,106 | |||||||||
Iccrea Banca SpA, 1.50%, 10/11/22(b) | EUR | 150 | 167,615 | |||||||||
Inter Media and Communication SpA, | EUR | 99 | 113,833 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.86%, 04/23/25(b) | EUR | 100 | 113,593 | |||||||||
3.93%, 09/15/26(b) | EUR | 200 | 235,887 | |||||||||
5.02%, 06/26/24(a)(c) | USD | 200 | 192,785 | |||||||||
5.15%, 07/16/20 | EUR | 100 | 118,300 | |||||||||
6.63%, 09/13/23(b) | EUR | 300 | 398,999 | |||||||||
Leonardo SpA | ||||||||||||
1.50%, 06/07/24 (Call 03/07/24)(b) | EUR | 100 | 112,148 | |||||||||
4.50%, 01/19/21 | EUR | 100 | 119,976 | |||||||||
5.25%, 01/21/22 | EUR | 100 | 125,807 | |||||||||
Mediobanca Banca di Credito Finanziario SpA | ||||||||||||
5.00%, 11/15/20 | EUR | 100 | 119,014 | |||||||||
5.75%, 04/18/23 | EUR | 100 | 126,786 | |||||||||
Nexi Capital SpA, 4.13%, 11/01/23 | EUR | 100 | 116,424 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 | EUR | 100 | 120,808 | |||||||||
Saipem Finance International BV | ||||||||||||
2.75%, 04/05/22(b) | EUR | 100 | 117,323 | |||||||||
3.00%, 03/08/21(b) | EUR | 100 | 116,776 | |||||||||
Salini Impregilo SpA, 1.75%, 10/26/24(b) | EUR | 100 | 88,227 | |||||||||
Sisal Group SpA, 7.00%, 07/31/23 | EUR | 100 | 113,915 | |||||||||
Societa Cattolica di Assicurazioni SC, | EUR | 100 | 109,133 | |||||||||
Telecom Italia SpA/Milano | ||||||||||||
2.38%, 10/12/27 (Call 07/12/27)(b) | EUR | 100 | 103,878 | |||||||||
2.50%, 07/19/23(b) | EUR | 200 | 227,618 | |||||||||
2.75%, 04/15/25 (Call 01/15/25)(b) | EUR | 150 | 164,227 | |||||||||
2.88%, 01/28/26 (Call 10/28/25)(b) | EUR | 100 | 109,373 | |||||||||
3.00%, 09/30/25(b) | EUR | 200 | 224,179 | |||||||||
3.25%, 01/16/23(b) | EUR | 200 | 234,879 | |||||||||
3.63%, 01/19/24(b) | EUR | 100 | 117,001 | |||||||||
3.63%, 05/25/26(b) | EUR | 200 | 229,350 | |||||||||
4.00%, 04/11/24 (Call 01/11/24)(b) | EUR | 200 | 234,844 | |||||||||
4.50%, 01/25/21(b) | EUR | 100 | 119,379 | |||||||||
4.88%, 09/25/20(b) | EUR | 100 | 119,022 | |||||||||
5.30%, 05/30/24(a)(c) | USD | 200 | 199,883 | |||||||||
UniCredit SpA | ||||||||||||
4.38%, 01/03/27 (Call 01/03/22)(b)(d) | EUR | 100 | 116,488 | |||||||||
4.88%, 02/20/29 (Call 02/20/24)(b)(d) | EUR | 200 | 233,130 |
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
5.75%, 10/28/25 (Call 10/28/20)(b)(d) | EUR | 300 | $ | 353,422 | ||||||||
5.86%, 06/19/32 (Call 06/19/27)(a)(d) | USD | 200 | 187,048 | |||||||||
6.95%, 10/31/22(b) | EUR | 200 | 259,697 | |||||||||
Unione di Banche Italiane SpA | ||||||||||||
4.25%, 05/05/26 (Call 05/05/21)(b)(d) | EUR | 100 | 112,870 | |||||||||
4.45%, 09/15/27 (Call 09/15/22)(b)(d) | EUR | 100 | 112,686 | |||||||||
5.88%, 03/04/29 (Call 03/04/24)(b)(d) | EUR | 150 | 171,959 | |||||||||
Unipol Gruppo SpA | ||||||||||||
3.00%, 03/18/25(b) | EUR | 100 | 113,042 | |||||||||
3.50%, 11/29/27 (Call 08/29/27)(b) | EUR | 100 | 111,564 | |||||||||
4.38%, 03/05/21(b) | EUR | 100 | 119,230 | |||||||||
UnipolSai Assicurazioni SpA, | EUR | 100 | 106,757 | |||||||||
Wind Tre SpA | ||||||||||||
2.63%, 01/20/23 (Call 11/03/19)(b) | EUR | 200 | 218,846 | |||||||||
3.13%, 01/20/25 (Call 11/03/20)(b) | EUR | 300 | 320,864 | |||||||||
5.00%, 01/20/26 (Call 11/03/20)(a) | USD | 250 | 229,208 | |||||||||
|
| |||||||||||
9,151,041 | ||||||||||||
Japan — 0.6% | ||||||||||||
SoftBank Group Corp. | ||||||||||||
3.13%, 09/19/25 (Call 06/21/25)(b) | EUR | 250 | 281,810 | |||||||||
4.00%, 07/30/22 (Call 04/30/22)(b) | EUR | 100 | 120,670 | |||||||||
4.00%, 04/20/23 (Call 01/20/23)(b) | EUR | 100 | 120,310 | |||||||||
4.00%, 09/19/29 (Call 06/21/29)(b) | EUR | 125 | 139,543 | |||||||||
4.50%, 04/20/25 (Call 01/20/25)(b) | EUR | 100 | 122,017 | |||||||||
4.75%, 07/30/25 (Call 04/30/25)(b) | EUR | 100 | 123,560 | |||||||||
5.00%, 04/15/28 (Call 01/16/28)(b) | EUR | 100 | 120,313 | |||||||||
|
| |||||||||||
1,028,223 | ||||||||||||
Luxembourg — 3.0% | ||||||||||||
Altice Financing SA | ||||||||||||
5.25%, 02/15/23 (Call 05/30/19)(b) | EUR | 100 | 115,142 | |||||||||
6.63%, 02/15/23 (Call 05/31/19)(a)(c) | USD | 400 | 410,000 | |||||||||
7.50%, 05/15/26 (Call 05/15/21)(a) | USD | 600 | 609,000 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 | EUR | 100 | 97,221 | |||||||||
Altice Luxembourg SA | ||||||||||||
6.25%, 02/15/25 (Call 02/15/20)(b) | EUR | 100 | 110,729 | |||||||||
7.25%, 05/15/22 (Call 05/30/19)(b) | EUR | 400 | 457,458 | |||||||||
7.63%, 02/15/25 (Call 02/15/20)(a) | USD | 200 | 187,500 | |||||||||
7.75%, 05/15/22 (Call 05/31/19)(a)(c) | USD | 400 | 407,500 | |||||||||
Arena Luxembourg Finance Sarl, | EUR | 100 | 115,292 | |||||||||
ContourGlobal Power Holdings SA, 3.38%, 08/01/23 (Call 08/01/20)(b) | EUR | 100 | 116,518 | |||||||||
Crystal Almond SARL, 10.00%, 11/01/21 | EUR | 79 | 94,670 | |||||||||
DEA Finance SA, 7.50%, 10/15/22 (Call 05/01/19)(b) | EUR | 100 | 115,959 | |||||||||
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 | GBP | 100 | 120,520 | |||||||||
INEOS Finance PLC, 2.13%, 11/15/25 | EUR | 100 | 108,874 | |||||||||
INEOS Group Holdings SA, 5.38%, 08/01/24 | EUR | 100 | 115,001 | |||||||||
Intelsat Connect Finance SA, 9.50%, 02/15/23 | USD | 200 | 185,722 | |||||||||
Intelsat Jackson Holdings SA | ||||||||||||
5.50%, 08/01/23 (Call 05/31/19) | USD | 300 | 271,500 | |||||||||
8.00%, 02/15/24 (Call 05/31/19)(a) | USD | 175 | 182,656 | |||||||||
8.50%, 10/15/24 (Call 10/15/20)(a) | USD | 450 | 445,500 | |||||||||
9.50%, 09/30/22(a) | USD | 75 | 86,766 | |||||||||
9.75%, 07/15/25 (Call 07/15/21)(a) | USD | 250 | 256,562 | |||||||||
Intelsat Luxembourg SA, 8.13%, 06/01/23 | USD | 125 | 95,469 |
Security | Par (000) | Value | ||||||||||
Luxembourg (continued) | ||||||||||||
Matterhorn Telecom Holding SA, 4.88%, 05/01/23 (Call 05/10/19)(b) | EUR | 100 | $ | 112,860 | ||||||||
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)(b) | EUR | 100 | 110,151 | |||||||||
Samsonite Finco Sarl, 3.50%, 05/15/26 (Call 05/15/21)(b) | EUR | 100 | 113,761 | |||||||||
Swissport Investments SA, 6.75%, 12/15/21 (Call 05/10/19)(b) | EUR | 100 | 115,410 | |||||||||
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27 (Call 07/15/21)(b) | EUR | 90 | 108,804 | |||||||||
|
| |||||||||||
5,266,545 | ||||||||||||
Netherlands — 2.3% | ||||||||||||
Constellium NV | ||||||||||||
4.63%, 05/15/21 (Call 05/30/19)(b) | EUR | 100 | 112,266 | |||||||||
6.63%, 03/01/25 (Call 03/01/20)(a)(c) | USD | 250 | 260,379 | |||||||||
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)(b) | EUR | 100 | 117,250 | |||||||||
InterXion Holding NV, 4.75%, 06/15/25 (Call 06/15/21)(b) | EUR | 200 | 239,270 | |||||||||
IPD 3 BV, 4.50%, 07/15/22 (Call 07/15/19)(b) | EUR | 100 | 114,863 | |||||||||
JBS Investments GmbH, 7.25%, 04/03/24 (Call 05/31/19)(a) | USD | 200 | 207,220 | |||||||||
Lincoln Financing SARL, 3.63%, 04/01/24 (Call 10/01/20)(b) | EUR | 100 | 114,770 | |||||||||
Maxeda DIY Holding BV, 6.13%, 07/15/22 | EUR | 100 | 111,588 | |||||||||
Nielsen Co Luxembourg SARL/The, | USD | 75 | 75,405 | |||||||||
PPF Arena 1 BV, 3.13%, 03/27/26 | EUR | 100 | 112,458 | |||||||||
Promontoria Holding 264 BV, | EUR | 100 | 115,982 | |||||||||
Saipem Finance International BV, | EUR | 100 | 114,000 | |||||||||
Selecta Group BV, 5.88%, 02/01/24 | EUR | 100 | 115,558 | |||||||||
Sensata Technologies BV | ||||||||||||
4.88%, 10/15/23(a) | USD | 75 | 77,909 | |||||||||
5.00%, 10/01/25(a) | USD | 150 | 154,109 | |||||||||
5.63%, 11/01/24(a) | USD | 50 | 53,198 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 | EUR | 100 | 107,750 | |||||||||
SRLEV NV, 9.00%, 04/15/41 (Call 04/15/21)(d) | EUR | 100 | 127,431 | |||||||||
Starfruit Finco BV/Starfruit U.S. Holdco LLC, | EUR | 100 | 115,100 | |||||||||
Sunshine Mid BV, 6.50%, 05/15/26 (Call 05/15/21)(b) | EUR | 100 | 115,279 | |||||||||
United Group BV, 4.38%, 07/01/22 (Call 07/01/19)(b) | EUR | 100 | 114,688 | |||||||||
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(b) | EUR | 100 | 115,170 | |||||||||
UPCB Finance IV Ltd., 5.38%, 01/15/25 | USD | 200 | 204,440 | |||||||||
UPCB Finance VII Ltd., 3.63%, 06/15/29 | EUR | 150 | 176,349 | |||||||||
Ziggo Bond Co. BV | ||||||||||||
6.00%, 01/15/27 (Call 01/15/22)(a) | USD | 150 | 147,429 | |||||||||
7.13%, 05/15/24 (Call 05/30/19)(b) | EUR | 100 | 116,371 | |||||||||
Ziggo BV | ||||||||||||
3.75%, 01/15/25 (Call 01/15/20)(b) | EUR | 100 | 115,432 | |||||||||
4.25%, 01/15/27 (Call 01/15/22)(b) | EUR | 200 | 233,377 | |||||||||
5.50%, 01/15/27 (Call 01/15/22)(a) | USD | 250 | 249,375 | |||||||||
|
| |||||||||||
4,034,416 | ||||||||||||
Portugal — 0.3% | ||||||||||||
Caixa Geral de Depositos SA, 5.75%, 06/28/28 | EUR | 100 | 121,596 | |||||||||
EDP - Energias de Portugal SA | ||||||||||||
4.50%, 04/30/79 (Call 01/30/24)(b)(d) | EUR | 200 | 240,042 | |||||||||
5.38%, 09/16/75 (Call 03/16/21)(b)(d) | EUR | 100 | 120,624 |
S C H E D U L E O F I N V E S T M E N T S | 37 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Portugal (continued) | ||||||||||||
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(b)(d) | EUR | 100 | $ | 115,633 | ||||||||
|
| |||||||||||
597,895 | ||||||||||||
Singapore — 0.1% | ||||||||||||
Puma International Financing SA, 5.13%, 10/06/24 (Call 10/06/20)(a) | USD | 200 | 181,346 | |||||||||
|
| |||||||||||
Spain — 1.3% | ||||||||||||
Banco de Sabadell SA | ||||||||||||
5.38%, 12/12/28 (Call 12/12/23)(b)(d) | EUR | 100 | 120,310 | |||||||||
5.63%, 05/06/26(b) | EUR | 100 | 124,526 | |||||||||
Bankia SA | ||||||||||||
3.38%, 03/15/27 (Call 03/15/22)(b)(d) | EUR | 100 | 116,404 | |||||||||
3.75%, 02/15/29 (Call 02/15/24)(b)(d) | EUR | �� | 100 | 115,912 | ||||||||
Bankinter SA, 2.50%, 04/06/27 | EUR | 100 | 115,129 | |||||||||
Cellnex Telecom SA | ||||||||||||
2.38%, 01/16/24 (Call 10/16/23)(b) | EUR | 100 | 114,624 | |||||||||
3.13%, 07/27/22(b) | EUR | 100 | 118,980 | |||||||||
Codere Finance 2 Luxembourg SA, | EUR | 100 | 107,130 | |||||||||
Distribuidora Internacional de Alimentacion SA, | EUR | 100 | 71,725 | |||||||||
El Corte Ingles SA, | EUR | 100 | 116,255 | |||||||||
Gestamp Funding Luxembourg SA, | EUR | 100 | 113,505 | |||||||||
Grifols SA, 3.20%, 05/01/25 (Call 05/01/20)(b) | EUR | 200 | 228,368 | |||||||||
Grupo Isolux Corsan SA, Series B, | EUR | 28 | 16 | |||||||||
Grupo-Antolin Irausa SA, 3.25%, 04/30/24 | EUR | 100 | 105,010 | |||||||||
Ibercaja Banco SA, 5.00%, 07/28/25 (Call 07/28/20)(b)(d) | EUR | 100 | 115,612 | |||||||||
LHMC Finco Sarl, 6.25%, 12/20/23 | EUR | 100 | 118,818 | |||||||||
NH Hotel Group SA, 3.75%, 10/01/23 (Call 10/01/19)(b) | EUR | 90 | 103,783 | |||||||||
Obrascon Huarte Lain SA, 4.75%, 03/15/22 | EUR | 100 | 74,737 | |||||||||
Repsol International Finance BV, | EUR | 200 | 250,999 | |||||||||
|
| |||||||||||
2,231,843 | ||||||||||||
Sweden — 0.7% | ||||||||||||
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)(b)(d) | EUR | 100 | 115,697 | |||||||||
Fastighets AB Balder, 3.00%, 03/07/78 | EUR | 100 | 110,969 | |||||||||
Intrum AB | ||||||||||||
2.75%, 07/15/22 (Call 07/15/19)(b) | EUR | 100 | 111,073 | |||||||||
3.13%, 07/15/24 (Call 07/15/20)(b) | EUR | 200 | 220,926 | |||||||||
Telefonaktiebolaget LM Ericsson | ||||||||||||
4.13%, 05/15/22 | USD | 125 | 127,188 | |||||||||
Series 7Y, 1.88%, 03/01/24(b) | EUR | 100 | 115,129 | |||||||||
Verisure Midholding AB, 5.75%, 12/01/23 | EUR | 200 | 230,184 | |||||||||
Volvo Car AB | ||||||||||||
2.13%, 04/02/24 (Call 01/02/24)(b) | EUR | 100 | 113,097 | |||||||||
3.25%, 05/18/21(b) | EUR | 100 | 118,331 | |||||||||
|
| |||||||||||
1,262,594 | ||||||||||||
Switzerland — 0.3% | ||||||||||||
Dufry Finance SCA, 4.50%, 08/01/23 | EUR | 100 | 115,851 | |||||||||
Dufry One BV, 2.50%, 10/15/24 | EUR | 100 | 114,566 | |||||||||
Garrett LX I Sarl/Garrett Borrowing LLC, 5.13%, 10/15/26 (Call 10/15/21)(b) | EUR | 100 | 109,649 |
Security | Par (000) | Value | ||||||||||
Switzerland (continued) | ||||||||||||
Transocean Inc., 7.50%, 01/15/26 | USD | 150 | $ | 147,750 | ||||||||
|
| |||||||||||
487,816 | ||||||||||||
United Kingdom — 3.5% | ||||||||||||
Algeco Global Finance PLC, 6.50%, 02/15/23 | EUR | 100 | 117,481 | |||||||||
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 | GBP | 100 | 108,227 | |||||||||
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 | GBP | 100 | 140,088 | |||||||||
Boparan Finance PLC, 4.38%, 07/15/21 | EUR | 100 | 76,785 | |||||||||
Cabot Financial Luxembourg SA, | GBP | 100 | 132,185 | |||||||||
Drax Finco PLC, 4.25%, 05/01/22 | GBP | 100 | 132,333 | |||||||||
Fiat Chrysler Automobiles NV | ||||||||||||
3.75%, 03/29/24(b) | EUR | 200 | 247,632 | |||||||||
5.25%, 04/15/23 | USD | 200 | 208,697 | |||||||||
Heathrow Finance PLC, 3.88%, 03/01/27(b) | GBP | 100 | 125,841 | |||||||||
Iceland Bondco PLC, 4.63%, 03/15/25 | GBP | 100 | 119,625 | |||||||||
IDH Finance PLC, 6.25%, 08/15/22 | GBP | 100 | 113,764 | |||||||||
INEOS Finance PLC | ||||||||||||
2.88%, 05/01/26 (Call 05/01/22)(b) | EUR | 100 | 111,333 | |||||||||
4.00%, 05/01/23 (Call 05/10/19)(b) | EUR | 100 | 113,149 | |||||||||
Inmarsat Finance PLC, 4.88%, 05/15/22 (Call 05/31/19)(a) | USD | 200 | 202,089 | |||||||||
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)(a)(c) | USD | 200 | 210,138 | |||||||||
International Personal Finance PLC, 5.75%, 04/07/21(b) | EUR | 100 | 109,548 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
2.20%, 01/15/24(b) | EUR | 100 | 97,181 | |||||||||
3.88%, 03/01/23(b) | GBP | 100 | 116,496 | |||||||||
4.50%, 01/15/26(b) | EUR | 100 | 101,706 | |||||||||
5.63%, 02/01/23 (Call 05/31/19)(a)(c) | USD | 150 | 149,719 | |||||||||
Jerrold Finco PLC, 6.25%, 09/15/21 | GBP | 100 | 132,257 | |||||||||
KCA Deutag UK Finance PLC, 9.88%, 04/01/22 | USD | 200 | 174,000 | |||||||||
Lecta SA, 6.50%, 08/01/23 (Call 08/01/19)(b) | EUR | 100 | 99,965 | |||||||||
Mclaren Finance PLC, 5.00%, 08/01/22 | GBP | 100 | 129,015 | |||||||||
Merlin Entertainments PLC, 2.75%, 03/15/22 | EUR | 100 | 117,072 | |||||||||
New Look Secured Issuer PLC, 6.50%, 07/01/22 | GBP | 100 | 37,806 | |||||||||
Nomad Foods Bondco PLC, | EUR | 100 | 114,624 | |||||||||
Pinnacle Bidco PLC, | GBP | 100 | 137,529 | |||||||||
Pizzaexpress Financing 2 PLC, | GBP | 100 | 113,084 | |||||||||
Playtech PLC, 4.25%, 03/07/26 (Call 03/07/22)(b) | EUR | 100 | 116,572 | |||||||||
Shop Direct Funding PLC, | GBP | 100 | 121,849 | |||||||||
Stonegate Pub Co. Financing PLC, | GBP | 100 | 132,167 | |||||||||
Tesco Corporate Treasury Services PLC | ||||||||||||
1.38%, 10/24/23 (Call 07/24/23)(b) | EUR | 200 | 229,460 | |||||||||
2.50%, 07/01/24(b) | EUR | 100 | 121,013 | |||||||||
Tesco PLC, 6.13%, 02/24/22 | GBP | 100 | 145,530 | |||||||||
Thomas Cook Group PLC, | EUR | 100 | 85,515 | |||||||||
Virgin Media Finance PLC, | EUR | 100 | 116,158 | |||||||||
Virgin Media Receivables Financing Notes I DAC, | GBP | 200 | 268,724 |
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
Virgin Media Secured Finance PLC | ||||||||||||
4.88%, 01/15/27 (Call 01/15/21)(b) | GBP | 100 | $ | 131,738 | ||||||||
5.00%, 04/15/27 (Call 04/15/22)(b) | GBP | 100 | 132,291 | |||||||||
5.25%, 01/15/26 (Call 01/15/20)(a)(c) | USD | 200 | 203,550 | |||||||||
5.50%, 01/15/25 (Call 05/15/19)(b) | GBP | 90 | 120,395 | |||||||||
5.50%, 08/15/26 (Call 08/15/21)(a) | USD | 200 | 205,006 | |||||||||
6.00%, 01/15/25 (Call 01/15/21)(b)(f) | GBP | 100 | 145,994 | |||||||||
Worldpay Finance PLC, 3.75%, 11/15/22 (Call 08/15/22)(b) | EUR | 100 | 124,338 | |||||||||
|
| |||||||||||
6,189,669 | ||||||||||||
United States — 65.2% | ||||||||||||
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 05/31/19)(c) | USD | 100 | 101,000 | |||||||||
Acrisure LLC/Acrisure Finance Inc. | ||||||||||||
7.00%, 11/15/25 (Call 11/15/20)(a) | USD | 150 | 136,031 | |||||||||
8.13%, 02/15/24 (Call 02/15/21)(a) | USD | 90 | 93,938 | |||||||||
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(b) | EUR | 100 | 96,660 | |||||||||
Adient U.S. LLC, 7.00%, 05/15/26 (Call 05/15/22)(a) | USD | 10 | 10,238 | |||||||||
ADT Security Corp. (The) | ||||||||||||
3.50%, 07/15/22 | USD | 125 | 121,168 | |||||||||
4.13%, 06/15/23 | USD | 100 | 97,812 | |||||||||
6.25%, 10/15/21 | USD | 125 | 131,369 | |||||||||
AECOM | ||||||||||||
5.13%, 03/15/27 (Call 12/15/26) | USD | 150 | 150,564 | |||||||||
5.88%, 10/15/24 (Call 07/15/24) | USD | 125 | 132,858 | |||||||||
AES Corp./VA | ||||||||||||
4.00%, 03/15/21 | USD | 50 | 50,517 | |||||||||
4.50%, 03/15/23 (Call 03/15/20) | USD | 100 | 101,309 | |||||||||
4.88%, 05/15/23 (Call 05/31/19) | USD | 100 | 101,322 | |||||||||
5.13%, 09/01/27 (Call 09/01/22) | USD | 70 | 73,014 | |||||||||
5.50%, 04/15/25 (Call 04/15/20) | USD | 125 | 129,495 | |||||||||
6.00%, 05/15/26 (Call 05/15/21)(c) | USD | 75 | 79,441 | |||||||||
AK Steel Corp., 7.63%, 10/01/21 (Call 05/31/19)(c) | USD | 75 | 74,817 | |||||||||
Albertsons Companies LLC/Safeway Inc./New Albertson’s LP/Albertson’s LLC | ||||||||||||
5.75%, 03/15/25 (Call 09/15/19) | USD | 150 | 149,190 | |||||||||
6.63%, 06/15/24 (Call 06/15/19) | USD | 200 | 206,576 | |||||||||
7.50%, 03/15/26 (Call 03/15/22)(a) | USD | 105 | 111,448 | |||||||||
Alcoa Nederland Holding BV | ||||||||||||
6.75%, 09/30/24 (Call 09/30/19)(a) | USD | 200 | 211,279 | |||||||||
7.00%, 09/30/26 (Call 09/30/21)(a)(c) | USD | 200 | 215,643 | |||||||||
Allegheny Technologies Inc. | ||||||||||||
5.95%, 01/15/21 (Call 10/15/20) | USD | 50 | 51,279 | |||||||||
7.88%, 08/15/23 (Call 05/15/23) | USD | 75 | 81,166 | |||||||||
Allison Transmission Inc. | ||||||||||||
4.75%, 10/01/27 (Call 10/01/22)(a)(c) | USD | 50 | 48,890 | |||||||||
5.00%, 10/01/24 (Call 10/01/19)(a) | USD | 225 | 227,569 | |||||||||
5.88%, 06/01/29 (Call 06/01/24)(a) | USD | 44 | 45,312 | |||||||||
Ally Financial Inc. | ||||||||||||
4.13%, 02/13/22 | USD | 200 | 202,572 | |||||||||
4.25%, 04/15/21 | USD | 100 | 101,357 | |||||||||
4.63%, 05/19/22 | USD | 50 | 51,231 | |||||||||
4.63%, 03/30/25 | USD | 100 | 103,153 | |||||||||
5.13%, 09/30/24 | USD | 150 | 158,361 | |||||||||
5.75%, 11/20/25 (Call 10/21/25) | USD | 150 | 162,594 | |||||||||
7.50%, 09/15/20 | USD | 25 | 26,378 | |||||||||
AMC Entertainment Holdings Inc. | ||||||||||||
5.75%, 06/15/25 (Call 06/15/20)(c) | USD | 75 | 72,166 | |||||||||
5.88%, 11/15/26 (Call 11/15/21)(c) | USD | 75 | 70,014 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.13%, 05/15/27 (Call 05/15/22)(c) | USD | 75 | $ | 70,082 | ||||||||
6.38%, 11/15/24 (Call 11/15/19) | GBP | 100 | 130,188 | |||||||||
AMC Networks Inc. | ||||||||||||
4.75%, 12/15/22 (Call 05/31/19) | USD | 125 | 126,442 | |||||||||
4.75%, 08/01/25 (Call 08/01/21)(c) | USD | 100 | 99,459 | |||||||||
5.00%, 04/01/24 (Call 04/01/20) | USD | 125 | 126,719 | |||||||||
American Axle & Manufacturing Inc. | ||||||||||||
6.25%, 04/01/25 (Call 04/01/20) | USD | 110 | 110,547 | |||||||||
6.25%, 03/15/26 (Call 03/15/21) | USD | 70 | 70,000 | |||||||||
6.50%, 04/01/27 (Call 04/01/22)(c) | USD | 75 | 75,548 | |||||||||
6.63%, 10/15/22 (Call 05/31/19)(c) | USD | 50 | 51,181 | |||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||||||
5.50%, 05/20/25 (Call 02/20/25) | USD | 125 | 128,252 | |||||||||
5.63%, 05/20/24 (Call 03/20/24) | USD | 100 | 104,375 | |||||||||
5.75%, 05/20/27 (Call 02/20/27) | USD | 75 | 77,531 | |||||||||
5.88%, 08/20/26 (Call 05/20/26) | USD | 75 | 78,288 | |||||||||
Amkor Technology Inc., 6.63%, 09/15/27 (Call 03/15/22)(a) | USD | 75 | 76,594 | |||||||||
Anixter Inc., 5.13%, 10/01/21 | USD | 75 | 77,438 | |||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||||||
5.38%, 09/15/24 (Call 09/15/19) | USD | 125 | 127,477 | |||||||||
5.75%, 03/01/27 (Call 03/01/22)(a) | USD | 110 | 112,288 | |||||||||
Antero Resources Corp. | ||||||||||||
5.00%, 03/01/25 (Call 03/01/20)(c) | USD | 75 | 74,054 | |||||||||
5.13%, 12/01/22 (Call 05/31/19)(c) | USD | 150 | 150,545 | |||||||||
5.38%, 11/01/21 (Call 05/31/19) | USD | 125 | 125,938 | |||||||||
5.63%, 06/01/23 (Call 05/31/19)(c) | USD | 125 | 126,403 | |||||||||
APX Group Inc. | ||||||||||||
7.63%, 09/01/23 (Call 09/01/19)(c) | USD | 50 | 43,960 | |||||||||
7.88%, 12/01/22 (Call 05/31/19) | USD | 125 | 125,010 | |||||||||
8.75%, 12/01/20 (Call 05/31/19) | USD | 100 | 98,500 | |||||||||
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/20)(b) | EUR | 100 | 116,643 | |||||||||
Aramark Services Inc. | ||||||||||||
4.75%, 06/01/26 (Call 06/01/21)(c) | USD | 50 | 50,755 | |||||||||
5.00%, 04/01/25 (Call 04/01/20)(a) | USD | 75 | 77,160 | |||||||||
5.00%, 02/01/28 (Call 02/01/23)(a)(c) | USD | 200 | 203,145 | |||||||||
5.13%, 01/15/24 (Call 05/31/19) | USD | 125 | 129,081 | |||||||||
Arconic Inc. | ||||||||||||
5.13%, 10/01/24 (Call 07/01/24) | USD | 150 | 154,750 | |||||||||
5.40%, 04/15/21 (Call 01/15/21) | USD | 175 | 180,469 | |||||||||
5.87%, 02/23/22 | USD | 100 | 104,969 | |||||||||
6.15%, 08/15/20 | USD | 200 | 206,550 | |||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||||||
7.00%, 11/01/26 (Call 11/01/21)(a) | USD | 100 | 97,723 | |||||||||
10.00%, 04/01/22 (Call 04/01/20)(a) | USD | 150 | 164,249 | |||||||||
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22) | USD | 125 | 127,969 | |||||||||
Avantor Inc. | ||||||||||||
4.75%, 10/01/24 (Call 10/01/20)(b) | EUR | 100 | 118,653 | |||||||||
6.00%, 10/01/24 (Call 10/01/20)(a) | USD | 250 | 261,172 | |||||||||
9.00%, 10/01/25 (Call 10/01/20)(a) | USD | 275 | 299,406 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc., | ||||||||||||
5.50%, 04/01/23 (Call 05/31/19)(c) | USD | 100 | 101,857 | |||||||||
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(b) | EUR | 100 | 116,440 | |||||||||
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/19)(a) | USD | 100 | 103,744 | |||||||||
Avon Products Inc., 7.00%, 03/15/23 | USD | 50 | 50,156 |
S C H E D U L E O F I N V E S T M E N T S | 39 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/20)(b) | EUR | 125 | $ | 144,182 | ||||||||
B&G Foods Inc. | ||||||||||||
4.63%, 06/01/21 (Call 05/31/19) | USD | 75 | 74,987 | |||||||||
5.25%, 04/01/25 (Call 04/01/20)(c) | USD | 125 | 122,876 | |||||||||
Ball Corp. | ||||||||||||
3.50%, 12/15/20 | EUR | 100 | 117,724 | |||||||||
4.00%, 11/15/23 | USD | 125 | 125,938 | |||||||||
4.38%, 12/15/20 | USD | 125 | 127,344 | |||||||||
4.38%, 12/15/23 | EUR | 100 | 128,185 | |||||||||
4.88%, 03/15/26 (Call 12/15/25)(c) | USD | 150 | 155,332 | |||||||||
5.00%, 03/15/22 | USD | 100 | 104,096 | |||||||||
5.25%, 07/01/25 | USD | 175 | 186,013 | |||||||||
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a) | USD | 200 | 200,500 | |||||||||
Bausch Health Americas Inc. | ||||||||||||
8.50%, 01/31/27 (Call 07/31/22)(a) | USD | 240 | 261,887 | |||||||||
9.25%, 04/01/26 (Call 04/01/22)(a) | USD | 200 | 222,250 | |||||||||
Bausch Health Companies Inc. | ||||||||||||
4.50%, 05/15/23 (Call 05/30/19)(b) | EUR | 325 | 367,348 | |||||||||
5.50%, 03/01/23 (Call 05/31/19)(a) | USD | 125 | 125,699 | |||||||||
5.50%, 11/01/25 (Call 11/01/20)(a) | USD | 225 | 231,187 | |||||||||
5.88%, 05/15/23 (Call 05/31/19)(a) | USD | 500 | 503,850 | |||||||||
6.13%, 04/15/25 (Call 04/15/20)(a)(c) | USD | 500 | 505,911 | |||||||||
6.50%, 03/15/22 (Call 05/31/19)(a) | USD | 150 | 155,250 | |||||||||
7.00%, 03/15/24 (Call 03/15/20)(a)(c) | USD | 350 | 368,812 | |||||||||
9.00%, 12/15/25 (Call 12/15/21)(a) | USD | 300 | 332,212 | |||||||||
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)(a)(c) | USD | 175 | 168,385 | |||||||||
Beazer Homes USA Inc. | ||||||||||||
5.88%, 10/15/27 (Call 10/15/22) | USD | 50 | 45,188 | |||||||||
8.75%, 03/15/22 (Call 05/16/19) | USD | 85 | 88,814 | |||||||||
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(b) | EUR | 150 | 173,789 | |||||||||
Berry Global Inc. | ||||||||||||
4.50%, 02/15/26 (Call 02/15/21)(a)(c) | USD | 65 | 63,050 | |||||||||
5.13%, 07/15/23 (Call 05/31/19)(c) | USD | 100 | 101,638 | |||||||||
5.50%, 05/15/22 (Call 05/31/19) | USD | 50 | 50,674 | |||||||||
6.00%, 10/15/22 (Call 05/31/19) | USD | 65 | 67,033 | |||||||||
Blue Cube Spinco LLC | ||||||||||||
9.75%, 10/15/23 (Call 10/15/20) | USD | 100 | 111,727 | |||||||||
10.00%, 10/15/25 (Call 10/15/20) | USD | 100 | 114,139 | |||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 05/31/19)(a) | USD | 125 | 126,875 | |||||||||
Boyd Gaming Corp. | ||||||||||||
6.00%, 08/15/26 (Call 08/15/21) | USD | 100 | 103,913 | |||||||||
6.38%, 04/01/26 (Call 04/01/21)(c) | USD | 100 | 105,293 | |||||||||
6.88%, 05/15/23 (Call 05/16/19) | USD | 100 | 103,654 | |||||||||
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(c) | USD | 150 | 140,625 | |||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a) | USD | 70 | 70,963 | |||||||||
Buckeye Partners LP, 6.38%, 01/22/78 (Call 01/22/23)(d) | USD | 50 | 45,696 | |||||||||
BWAY Holding Co. | ||||||||||||
4.75%, 04/15/24 (Call 04/15/20)(b) | EUR | 100 | 114,820 | |||||||||
5.50%, 04/15/24 (Call 04/15/20)(a) | USD | 200 | 198,630 | |||||||||
7.25%, 04/15/25 (Call 04/15/20)(a)(c) | USD | 225 | 219,251 | |||||||||
Cablevision Systems Corp., 5.88%, 09/15/22 | USD | 100 | 104,268 | |||||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a) | USD | 225 | 220,142 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
California Resources Corp., 8.00%, 12/15/22 (Call 05/31/19)(a)(c) | USD | 325 | $ | 247,000 | ||||||||
Callon Petroleum Co. | ||||||||||||
6.13%, 10/01/24 (Call 10/01/19) | USD | 75 | 77,010 | |||||||||
6.38%, 07/01/26 (Call 07/01/21)(c) | USD | 50 | 51,211 | |||||||||
Calpine Corp. | ||||||||||||
5.25%, 06/01/26 (Call 06/01/21)(a) | USD | 200 | 200,250 | |||||||||
5.38%, 01/15/23 (Call 05/31/19)(c) | USD | 200 | 201,250 | |||||||||
5.50%, 02/01/24 (Call 05/31/19)(c) | USD | 100 | 99,385 | |||||||||
5.75%, 01/15/25 (Call 10/15/19) | USD | 225 | 222,750 | |||||||||
5.88%, 01/15/24 (Call 05/31/19)(a)(c) | USD | 75 | 76,745 | |||||||||
6.00%, 01/15/22 (Call 05/31/19)(a) | USD | 100 | 101,208 | |||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21 (Call 05/31/19) | USD | 125 | 120,938 | |||||||||
Catalent Pharma Solutions Inc., 4.75%, 12/15/24 (Call 12/15/19)(b) | EUR | 100 | 116,526 | |||||||||
CBL & Associates LP | ||||||||||||
5.25%, 12/01/23 (Call 09/01/23)(c) | USD | 75 | 53,663 | |||||||||
5.95%, 12/15/26 (Call 09/15/26)(c) | USD | 100 | 69,675 | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||||||
4.00%, 03/01/23 (Call 11/01/19)(a) | USD | 100 | 100,187 | |||||||||
5.00%, 02/01/28 (Call 08/01/22)(a) | USD | 375 | 375,000 | |||||||||
5.13%, 02/15/23 (Call 05/31/19) | USD | 200 | 203,369 | |||||||||
5.13%, 05/01/23 (Call 05/31/19)(a) | USD | 150 | 153,750 | |||||||||
5.13%, 05/01/27 (Call 05/01/22)(a) | USD | 525 | 532,875 | |||||||||
5.25%, 03/15/21 (Call 05/31/19) | USD | 75 | 75,316 | |||||||||
5.25%, 09/30/22 (Call 05/31/19) | USD | 150 | 152,369 | |||||||||
5.38%, 05/01/25 (Call 05/01/20)(a) | USD | 150 | 155,250 | |||||||||
5.50%, 05/01/26 (Call 05/01/21)(a) | USD | 250 | 258,625 | |||||||||
5.75%, 09/01/23 (Call 05/31/19) | USD | 75 | 76,625 | |||||||||
5.75%, 01/15/24 (Call 05/31/19) | USD | 125 | 128,203 | |||||||||
5.75%, 02/15/26 (Call 02/15/21)(a) | USD | 375 | 391,687 | |||||||||
5.88%, 04/01/24 (Call 05/31/19)(a) | USD | 325 | 339,280 | |||||||||
5.88%, 05/01/27 (Call 05/01/21)(a) | USD | 100 | 104,135 | |||||||||
CDK Global Inc. | ||||||||||||
4.88%, 06/01/27 (Call 06/01/22) | USD | 75 | 75,752 | |||||||||
5.00%, 10/15/24 (Call 07/15/24) | USD | 75 | 77,687 | |||||||||
5.88%, 06/15/26 (Call 06/15/21) | USD | 100 | 105,648 | |||||||||
CDW LLC/CDW Finance Corp. | ||||||||||||
5.00%, 09/01/23 (Call 05/31/19) | USD | 125 | 127,682 | |||||||||
5.00%, 09/01/25 (Call 03/01/20) | USD | 75 | 77,025 | |||||||||
5.50%, 12/01/24 (Call 06/01/24) | USD | 100 | 105,800 | |||||||||
Centene Corp. | ||||||||||||
4.75%, 05/15/22 (Call 05/31/19) | USD | 125 | 127,395 | |||||||||
4.75%, 01/15/25 (Call 01/15/20) | USD | 250 | 253,554 | |||||||||
5.38%, 06/01/26 (Call 06/01/21)(a) | USD | 275 | 286,677 | |||||||||
6.13%, 02/15/24 (Call 05/31/19) | USD | 150 | 156,978 | |||||||||
CenturyLink Inc. | ||||||||||||
5.63%, 04/01/25 (Call 01/01/25) | USD | 75 | 73,875 | |||||||||
Series S, 6.45%, 06/15/21 | USD | 200 | 208,705 | |||||||||
Series T, 5.80%, 03/15/22 | USD | 175 | 179,937 | |||||||||
Series W, 6.75%, 12/01/23 | USD | 100 | 106,305 | |||||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(c) | USD | 150 | 161,031 | |||||||||
CF Industries Inc. | ||||||||||||
3.45%, 06/01/23 | USD | 150 | 146,463 | |||||||||
7.13%, 05/01/20 | USD | 99 | 102,805 | |||||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/20)(a) | USD | 190 | 188,575 |
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Chemours Co. (The) | ||||||||||||
4.00%, 05/15/26 (Call 05/15/21) | EUR | 100 | $ | 116,535 | ||||||||
5.38%, 05/15/27 (Call 02/15/27) | USD | 75 | 75,586 | |||||||||
6.63%, 05/15/23 (Call 05/31/19) | USD | 125 | 129,494 | |||||||||
7.00%, 05/15/25 (Call 05/15/20) | USD | 125 | 131,875 | |||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||
5.13%, 06/30/27 (Call 01/01/27) | USD | 250 | 260,625 | |||||||||
5.88%, 03/31/25 (Call 10/02/24)(c) | USD | 200 | 216,009 | |||||||||
7.00%, 06/30/24 (Call 01/01/24) | USD | 200 | 224,250 | |||||||||
Cheniere Energy Partners LP | ||||||||||||
5.25%, 10/01/25 (Call 10/01/20) | USD | 261 | 266,872 | |||||||||
5.63%, 10/01/26 (Call 10/01/21)(a) | USD | 155 | 160,109 | |||||||||
Chesapeake Energy Corp. | ||||||||||||
4.88%, 04/15/22 (Call 05/31/19)(c) | USD | 100 | 98,772 | |||||||||
7.00%, 10/01/24 (Call 04/01/21)(c) | USD | 135 | 133,878 | |||||||||
7.50%, 10/01/26 (Call 10/01/21)(c) | USD | 50 | 48,910 | |||||||||
8.00%, 01/15/25 (Call 01/15/20) | USD | 175 | 177,187 | |||||||||
8.00%, 03/15/26 (Call 03/15/22)(a)(c) | USD | 156 | 157,755 | |||||||||
8.00%, 06/15/27 (Call 06/15/22)(c) | USD | 175 | 171,549 | |||||||||
CHS/Community Health Systems Inc. | ||||||||||||
5.13%, 08/01/21 (Call 05/31/19)(c) | USD | 125 | 123,623 | |||||||||
6.25%, 03/31/23 (Call 03/31/20) | USD | 475 | 463,125 | |||||||||
6.88%, 02/01/22 (Call 05/31/19) | USD | 325 | 212,062 | |||||||||
8.00%, 03/15/26 ( 03/15/22)(a) | USD | 275 | 267,514 | |||||||||
8.13%, 06/30/24 (Call 06/30/21)(a) | USD | 225 | 167,016 | |||||||||
8.63%, 01/15/24 (Call 01/15/21)(a) | USD | 150 | 152,482 | |||||||||
11.00%, 06/30/23 (Call 06/30/20)(a)(f) | USD | 250 | 203,297 | |||||||||
Churchill Downs Inc. | ||||||||||||
4.75%, 01/15/28 (Call 01/15/23)(a) | USD | 50 | 48,896 | |||||||||
5.50%, 04/01/27 (Call 04/01/22)(a) | USD | 100 | 102,813 | |||||||||
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/19)(a)(c) | USD | 100 | 92,253 | |||||||||
Cinemark USA Inc. | ||||||||||||
4.88%, 06/01/23 (Call 05/31/19) | USD | 125 | 126,292 | |||||||||
5.13%, 12/15/22 (Call 05/31/19) | USD | 50 | 50,781 | |||||||||
CIT Group Inc. | ||||||||||||
4.13%, 03/09/21 (Call 02/09/21) | USD | 75 | 76,096 | |||||||||
4.75%, 02/16/24 (Call 11/16/23) | USD | 100 | 103,415 | |||||||||
5.00%, 08/15/22 | USD | 150 | 156,469 | |||||||||
5.00%, 08/01/23 | USD | 100 | 104,475 | |||||||||
5.25%, 03/07/25 (Call 12/07/24)(c) | USD | 75 | 79,734 | |||||||||
6.13%, 03/09/28 | USD | 50 | 55,688 | |||||||||
Clear Channel Worldwide Holdings Inc. | ||||||||||||
9.25%, 02/15/24 (Call 02/15/21)(a) | USD | 345 | 371,306 | |||||||||
Series A, 6.50%, 11/15/22 (Call 05/31/19) | USD | 100 | 102,000 | |||||||||
Series B, 6.50%, 11/15/22 (Call 05/31/19) | USD | 250 | 255,937 | |||||||||
Clearway Energy Operating LLC | ||||||||||||
5.38%, 08/15/24 (Call 08/15/19) | USD | 75 | 76,228 | |||||||||
5.75%, 10/15/25 (Call 10/15/21)(a) | USD | 60 | 61,219 | |||||||||
Cleveland-Cliffs Inc. | ||||||||||||
4.88%, 01/15/24 (Call 01/15/21)(a) | USD | 50 | 50,458 | |||||||||
5.75%, 03/01/25 (Call 03/01/20)(c) | USD | 200 | 199,040 | |||||||||
5.88%, 06/01/27(a) | USD | 125 | 120,469 | |||||||||
CNX Resources Corp. | ||||||||||||
5.88%, 04/15/22 (Call 05/31/19) | USD | 115 | 114,713 | |||||||||
7.25%, 03/14/27 (Call 03/14/22)(a) | USD | 75 | 72,173 | |||||||||
Colfax Corp. | ||||||||||||
3.25%, 05/15/25 (Call 05/15/20)(b) | EUR | 100 | 114,152 | |||||||||
6.00%, 02/15/24 (Call 02/15/21)(a) | USD | 80 | 83,200 | |||||||||
6.38%, 02/15/26 (Call 02/15/22)(a) | USD | 65 | 68,903 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
CommScope Inc. | ||||||||||||
5.00%, 06/15/21 (Call 05/13/19)(a) | USD | 100 | $ | 100,185 | ||||||||
5.50%, 03/01/24 (Call 03/01/21)(a) | USD | 160 | 166,900 | |||||||||
5.50%, 06/15/24 (Call 06/15/19)(a) | USD | 85 | 85,823 | |||||||||
6.00%, 03/01/26 (Call 03/01/22)(a) | USD | 255 | 269,845 | |||||||||
8.25%, 03/01/27 (Call 03/01/22)(a) | USD | 155 | 167,884 | |||||||||
CommScope Technologies LLC | ||||||||||||
5.00%, 03/15/27 (Call 03/15/22)(a)(c) | USD | 100 | 93,930 | |||||||||
6.00%, 06/15/25 (Call 06/15/20)(a)(c) | USD | 250 | 253,377 | |||||||||
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(b) | EUR | 100 | 112,287 | |||||||||
Covanta Holding Corp. | ||||||||||||
5.88%, 03/01/24 (Call 05/31/19) | USD | 50 | 51,526 | |||||||||
5.88%, 07/01/25 (Call 07/01/20) | USD | 50 | 51,063 | |||||||||
6.00%, 01/01/27 (Call 01/01/22) | USD | 50 | 51,125 | |||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||||||
5.63%, 05/01/27 (Call 05/01/22)(a) | USD | 110 | 109,588 | |||||||||
5.75%, 04/01/25 (Call 04/01/20) | USD | 75 | 76,797 | |||||||||
6.25%, 04/01/23 (Call 05/16/19) | USD | 100 | 102,750 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23 | USD | 175 | 178,720 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) | USD | 50 | 48,797 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21) | USD | 100 | 101,570 | |||||||||
Crown European Holdings SA | ||||||||||||
2.25%, 02/01/23 (Call 11/01/22)(b) | EUR | 100 | 116,901 | |||||||||
2.88%, 02/01/26 (Call 08/01/25)(b) | EUR | 100 | 117,263 | |||||||||
3.38%, 05/15/25 (Call 11/15/24)(b) | EUR | 100 | 121,430 | |||||||||
4.00%, 07/15/22 (Call 04/15/22)(b) | EUR | 100 | 122,756 | |||||||||
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)(a) | USD | 150 | 148,209 | |||||||||
CSC Holdings LLC | ||||||||||||
5.13%, 12/15/21 (Call 05/13/19)(a) | USD | 200 | 200,369 | |||||||||
5.25%, 06/01/24 | USD | 125 | 127,714 | |||||||||
5.38%, 07/15/23 (Call 05/13/19)(a) | USD | 200 | 204,587 | |||||||||
5.38%, 02/01/28 (Call 02/01/23)(a) | USD | 200 | 203,641 | |||||||||
5.50%, 05/15/26 (Call 05/15/21)(a)(c) | USD | 200 | 206,000 | |||||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(c) | USD | 200 | 205,843 | |||||||||
6.50%, 02/01/29 (Call 02/01/24)(a) | USD | 200 | 214,250 | |||||||||
6.63%, 10/15/25 (Call 10/15/20)(a) | USD | 200 | 212,500 | |||||||||
6.75%, 11/15/21 | USD | 150 | 160,500 | |||||||||
7.50%, 04/01/28 (Call 04/01/23)(a) | USD | 200 | 218,109 | |||||||||
10.88%, 10/15/25 (Call 10/15/20)(a) | USD | 225 | 259,031 | |||||||||
CyrusOne LP/CyrusOne Finance Corp. | ||||||||||||
5.00%, 03/15/24 (Call 03/15/20) | USD | 75 | 76,956 | |||||||||
5.38%, 03/15/27 (Call 03/15/22) | USD | 75 | 77,829 | |||||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/20)(a)(c) | USD | 75 | 76,287 | |||||||||
Dana Inc., 5.50%, 12/15/24 (Call 12/15/19) | USD | 75 | 75,825 | |||||||||
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(b) | EUR | 100 | 117,430 | |||||||||
DaVita Inc. | ||||||||||||
5.00%, 05/01/25 (Call 05/01/20)(c) | USD | 200 | 195,540 | |||||||||
5.13%, 07/15/24 (Call 07/15/19) | USD | 275 | 275,049 | |||||||||
5.75%, 08/15/22 (Call 05/31/19) | USD | 150 | 152,446 | |||||||||
DCP Midstream Operating LP | ||||||||||||
3.88%, 03/15/23 (Call 12/15/22) | USD | 75 | 75,109 | |||||||||
4.75%, 09/30/21 (Call 06/30/21)(a) | USD | 75 | 76,561 | |||||||||
5.38%, 07/15/25 (Call 04/15/25)(c) | USD | 150 | 157,498 |
S C H E D U L E O F I N V E S T M E N T S | 41 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(d) | USD | 75 | $ | 69,881 | ||||||||
Dell Inc., 4.63%, 04/01/21 | USD | 50 | 50,922 | |||||||||
Dell International LLC/EMC Corp. | ||||||||||||
5.88%, 06/15/21 (Call 05/16/19)(a) | USD | 200 | 203,334 | |||||||||
7.13%, 06/15/24 (Call 06/15/19)(a)(c) | USD | 225 | 238,127 | |||||||||
Denbury Resources Inc. | ||||||||||||
7.50%, 02/15/24 (Call 08/15/20)(a) | USD | 50 | 46,275 | |||||||||
9.00%, 05/15/21 (Call 05/31/19)(a) | USD | 75 | 76,125 | |||||||||
9.25%, 03/31/22 (Call 05/31/19)(a) | USD | 75 | 76,085 | |||||||||
Diamond Offshore Drilling Inc., 7.88%, 08/15/25 (Call 05/15/25) | USD | 75 | 73,289 | |||||||||
Diamond Resorts International Inc. | ||||||||||||
7.75%, 09/01/23 (Call 09/01/19)(a) | USD | 75 | 74,719 | |||||||||
10.75%, 09/01/24 (Call 09/01/19)(a)(c) | USD | 100 | 95,250 | |||||||||
Diamondback Energy Inc. | ||||||||||||
4.75%, 11/01/24 (Call 11/01/19) | USD | 100 | 102,375 | |||||||||
5.38%, 05/31/25 (Call 05/31/20) | USD | 160 | 167,212 | |||||||||
DISH DBS Corp. | ||||||||||||
5.00%, 03/15/23(c) | USD | 250 | 229,183 | |||||||||
5.13%, 05/01/20 | USD | 150 | 151,121 | |||||||||
5.88%, 07/15/22 | USD | 325 | 316,491 | |||||||||
5.88%, 11/15/24(c) | USD | 300 | 258,961 | |||||||||
6.75%, 06/01/21 | USD | 250 | 258,109 | |||||||||
7.75%, 07/01/26 | USD | 300 | 268,500 | |||||||||
Edgewell Personal Care Co. | ||||||||||||
4.70%, 05/19/21 | USD | 75 | 76,634 | |||||||||
4.70%, 05/24/22 | USD | 75 | 77,438 | |||||||||
Elanco Animal Health Inc. | ||||||||||||
3.91%, 08/27/21(a) | USD | 50 | 50,897 | |||||||||
4.27%, 08/28/23 (Call 07/28/23)(a) | USD | 100 | 103,889 | |||||||||
4.90%, 08/28/28 (Call 05/28/28)(a) | USD | 100 | 106,356 | |||||||||
Eldorado Resorts Inc. | ||||||||||||
6.00%, 04/01/25 (Call 04/01/20)(c) | USD | 100 | 103,316 | |||||||||
6.00%, 09/15/26 (Call 09/15/21)(c) | USD | 90 | 93,622 | |||||||||
EMC Corp. | ||||||||||||
2.65%, 06/01/20 | USD | 250 | 248,347 | |||||||||
3.38%, 06/01/23 (Call 03/01/23) | USD | 175 | 171,305 | |||||||||
Encompass Health Corp., 5.75%, 11/01/24 (Call 05/31/19) | USD | 150 | 152,217 | |||||||||
Endeavor Energy Resources LP/EER Finance Inc. | ||||||||||||
5.50%, 01/30/26 (Call 01/30/21)(a) | USD | 50 | 52,434 | |||||||||
5.75%, 01/30/28 (Call 01/30/23)(a) | USD | 75 | 80,244 | |||||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. | ||||||||||||
6.00%, 07/15/23 (Call 05/31/19)(a)(c) | USD | 200 | 162,708 | |||||||||
6.00%, 02/01/25 (Call 02/01/20)(a)(c) | USD | 200 | 152,250 | |||||||||
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(b) | EUR | 100 | 115,364 | |||||||||
Energizer Holdings Inc. | ||||||||||||
5.50%, 06/15/25 (Call 06/15/20)(a) | USD | 75 | 75,825 | |||||||||
6.38%, 07/15/26 (Call 07/15/21)(a)(c) | USD | 115 | 118,702 | |||||||||
7.75%, 01/15/27 (Call 01/15/22)(a) | USD | 65 | 70,444 | |||||||||
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29) | USD | 45 | 45,171 | |||||||||
EnLink Midstream Partners LP | ||||||||||||
4.15%, 06/01/25 (Call 03/01/25) | USD | 100 | 96,548 | |||||||||
4.40%, 04/01/24 (Call 01/01/24) | USD | 75 | 74,625 | |||||||||
4.85%, 07/15/26 (Call 04/15/26) | USD | 100 | 99,196 | |||||||||
Ensco Rowan PLC | ||||||||||||
4.50%, 10/01/24 (Call 07/01/24) | USD | 75 | 60,094 | |||||||||
5.20%, 03/15/25 (Call 12/15/24) | USD | 100 | 80,564 | |||||||||
7.75%, 02/01/26 (Call 11/01/25) | USD | 150 | 129,750 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 10/15/21)(a)(c) | USD | 175 | $ | 164,937 | ||||||||
EP Energy LLC/Everest Acquisition Finance Inc. | ||||||||||||
7.75%, 05/15/26 (Call 05/15/21)(a)(c) | USD | 150 | 133,687 | |||||||||
8.00%, 11/29/24 (Call 11/30/19)(a)(c) | USD | 75 | 50,449 | |||||||||
8.00%, 02/15/25 (Call 02/15/20)(a)(c) | USD | 125 | 44,375 | |||||||||
9.38%, 05/01/24 (Call 05/01/20)(a)(c) | USD | 125 | 45,188 | |||||||||
Equinix Inc. | ||||||||||||
2.88%, 03/15/24 (Call 09/15/20) | EUR | 100 | 115,994 | |||||||||
2.88%, 10/01/25 (Call 10/01/20) | EUR | 150 | 172,726 | |||||||||
2.88%, 02/01/26 (Call 02/01/21) | EUR | 200 | 230,569 | |||||||||
5.38%, 01/01/22 (Call 05/31/19) | USD | 100 | 102,656 | |||||||||
5.38%, 04/01/23 (Call 05/31/19) | USD | 125 | 127,619 | |||||||||
5.38%, 05/15/27 (Call 05/15/22) | USD | 200 | 211,720 | |||||||||
5.75%, 01/01/25 (Call 01/01/20) | USD | 75 | 77,892 | |||||||||
5.88%, 01/15/26 (Call 01/15/21) | USD | 150 | 158,484 | |||||||||
ESH Hospitality Inc., 5.25%, 05/01/25 (Call 05/01/20)(a) | USD | 175 | 175,973 | |||||||||
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)(a) | USD | 150 | 151,440 | |||||||||
Extraction Oil & Gas Inc. | ||||||||||||
5.63%, 02/01/26 (Call 02/01/21)(a) | USD | 100 | 82,000 | |||||||||
7.38%, 05/15/24 (Call 05/15/20)(a)(c) | USD | 100 | 90,792 | |||||||||
Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||||||
6.50%, 05/01/21 (Call 05/31/19)(c) | USD | 75 | 66,938 | |||||||||
6.75%, 01/15/22 (Call 05/31/19)(c) | USD | 100 | 88,583 | |||||||||
6.75%, 06/15/23 (Call 06/15/19)(c) | USD | 75 | 66,375 | |||||||||
Fifth Third Bancorp., 5.10%, (Call 06/30/23)(d)(g) | USD | 75 | 73,766 | |||||||||
First Data Corp. | ||||||||||||
5.00%, 01/15/24 (Call 05/13/19)(a) | USD | 250 | 256,277 | |||||||||
5.38%, 08/15/23 (Call 05/13/19)(a) | USD | 175 | 178,920 | |||||||||
First Quality Finance Co. Inc. | ||||||||||||
4.63%, 05/15/21 (Call 05/31/19)(a) | USD | 75 | 74,990 | |||||||||
5.00%, 07/01/25 (Call 07/01/20)(a) | USD | 70 | 69,464 | |||||||||
Flex Acquisition Co. Inc. | ||||||||||||
6.88%, 01/15/25 (Call 01/15/20)(a)(c) | USD | 75 | 70,453 | |||||||||
7.88%, 07/15/26 (Call 07/15/21)(a) | USD | 75 | 70,186 | |||||||||
Freedom Mortgage Corp. | ||||||||||||
8.13%, 11/15/24 (Call 11/15/20)(a) | USD | 75 | 66,324 | |||||||||
8.25%, 04/15/25 (Call 04/15/21)(a) | USD | 100 | 88,569 | |||||||||
Freeport-McMoRan Inc. | ||||||||||||
3.55%, 03/01/22 (Call 12/01/21) | USD | 250 | 247,727 | |||||||||
3.88%, 03/15/23 (Call 12/15/22) | USD | 250 | 247,500 | |||||||||
4.00%, 11/14/21 | USD | 125 | 126,250 | |||||||||
4.55%, 11/14/24 (Call 08/14/24) | USD | 125 | 124,219 | |||||||||
6.88%, 02/15/23 (Call 02/15/20) | USD | 100 | 105,701 | |||||||||
Frontier Communications Corp. | ||||||||||||
6.88%, 01/15/25 (Call 10/15/24) | USD | 100 | 53,361 | |||||||||
7.13%, 01/15/23 | USD | 125 | 77,813 | |||||||||
7.63%, 04/15/24 | USD | 100 | 55,250 | |||||||||
8.00%, 04/01/27 (Call 04/01/22)(a) | USD | 285 | 295,331 | |||||||||
8.50%, 04/01/26 (Call 04/01/21)(a)(c) | USD | 275 | 259,456 | |||||||||
8.75%, 04/15/22 | USD | 75 | 52,460 | |||||||||
10.50%, 09/15/22 (Call 06/15/22) | USD | 350 | 255,500 | |||||||||
11.00%, 09/15/25 (Call 06/15/25) | USD | 525 | 339,937 | |||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||||||
6.00%, 05/15/23 (Call 05/31/19) | USD | 50 | 50,609 | |||||||||
6.25%, 05/15/26 (Call 02/15/21)(c) | USD | 50 | 49,500 | |||||||||
6.50%, 10/01/25 (Call 10/01/20) | USD | 100 | 100,470 | |||||||||
6.75%, 08/01/22 (Call 05/31/19) | USD | 150 | 152,426 | |||||||||
Genworth Holdings Inc., 7.63%, 09/24/21 | USD | 100 | 97,615 |
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Golden Nugget Inc. | ||||||||||||
6.75%, 10/15/24 (Call 10/15/19)(a) | USD | 175 | $ | 178,974 | ||||||||
8.75%, 10/01/25 (Call 10/01/20)(a) | USD | 125 | 130,717 | |||||||||
Goodyear Tire & Rubber Co. (The) | ||||||||||||
4.88%, 03/15/27 (Call 12/15/26) | USD | 100 | 94,873 | |||||||||
5.00%, 05/31/26 (Call 05/31/21)(c) | USD | 125 | 121,610 | |||||||||
5.13%, 11/15/23 (Call 05/31/19)(c) | USD | 125 | 126,681 | |||||||||
Gray Television Inc. | ||||||||||||
5.13%, 10/15/24 (Call 10/15/19)(a) | USD | 75 | 76,313 | |||||||||
5.88%, 07/15/26 (Call 07/15/21)(a)(c) | USD | 150 | 154,594 | |||||||||
7.00%, 05/15/27 (Call 05/15/22)(a) | USD | 100 | 108,031 | |||||||||
Griffon Corp., 5.25%, 03/01/22 (Call 05/31/19) | USD | 125 | 124,668 | |||||||||
Gulfport Energy Corp. | ||||||||||||
6.00%, 10/15/24 (Call 10/15/19) | USD | 125 | 109,935 | |||||||||
6.38%, 05/15/25 (Call 05/15/20) | USD | 75 | 66,166 | |||||||||
6.38%, 01/15/26 (Call 01/15/21) | USD | 75 | 64,863 | |||||||||
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(b) | EUR | 100 | 120,869 | |||||||||
Hanesbrands Inc. | ||||||||||||
4.63%, 05/15/24 (Call 02/15/24)(a)(c) | USD | 175 | 176,514 | |||||||||
4.88%, 05/15/26 (Call 02/15/26)(a)(c) | USD | 175 | 175,010 | |||||||||
Harland Clarke Holdings Corp. | ||||||||||||
8.38%, 08/15/22 (Call 05/31/19)(a) | USD | 125 | 110,547 | |||||||||
9.25%, 03/01/21 (Call 05/31/19)(a)(c) | USD | 125 | 127,187 | |||||||||
HCA Healthcare Inc., 6.25%, 02/15/21 | USD | 125 | 131,103 | |||||||||
HCA Inc. | ||||||||||||
4.50%, 02/15/27 (Call 08/15/26) | USD | 100 | 102,641 | |||||||||
5.38%, 02/01/25 | USD | 425 | 447,675 | |||||||||
5.38%, 09/01/26 (Call 03/01/26) | USD | 170 | 178,960 | |||||||||
5.63%, 09/01/28 (Call 03/01/28) | USD | 225 | 239,625 | |||||||||
5.88%, 05/01/23 | USD | 200 | 214,399 | |||||||||
5.88%, 02/15/26 (Call 08/15/25) | USD | 200 | 215,500 | |||||||||
5.88%, 02/01/29 (Call 08/01/28) | USD | 120 | 129,150 | |||||||||
7.50%, 02/15/22 | USD | 350 | 384,601 | |||||||||
Hertz Corp. (The) | ||||||||||||
5.50%, 10/15/24 (Call 10/15/19)(a) | USD | 125 | 106,743 | |||||||||
5.88%, 10/15/20 (Call 05/31/19) | USD | 100 | 99,875 | |||||||||
6.25%, 10/15/22 (Call 05/31/19)(c) | USD | 75 | 73,031 | |||||||||
7.38%, 01/15/21 (Call 05/31/19) | USD | 50 | 50,003 | |||||||||
7.63%, 06/01/22 (Call 06/01/19)(a)(c) | USD | 250 | 257,969 | |||||||||
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 03/30/20)(b) | EUR | 100 | 117,415 | |||||||||
Hexion Inc./Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20 (Call 05/31/19)(e) | USD | 75 | 14,417 | |||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||||||
5.00%, 12/01/24 (Call 06/01/19)(a) | USD | 75 | 74,273 | |||||||||
5.75%, 10/01/25 (Call 04/01/20)(a) | USD | 75 | 75,500 | |||||||||
6.25%, 11/01/28 (Call 11/01/23)(a) | USD | 75 | 76,322 | |||||||||
Hilton Domestic Operating Co. Inc. | ||||||||||||
4.25%, 09/01/24 (Call 09/01/19) | USD | 175 | 175,346 | |||||||||
5.13%, 05/01/26 (Call 05/01/21)(a) | USD | 250 | 255,964 | |||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | ||||||||||||
4.63%, 04/01/25 (Call 04/01/20) | USD | 100 | 101,031 | |||||||||
4.88%, 04/01/27 (Call 04/01/22) | USD | 100 | 101,606 | |||||||||
Hologic Inc. | ||||||||||||
4.38%, 10/15/25 (Call 10/15/20)(a)(c) | USD | 100 | 99,313 | |||||||||
4.63%, 02/01/28 (Call 02/01/23)(a) | USD | 125 | 123,166 | |||||||||
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/20)(a) | USD | 225 | 226,953 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a) | USD | 175 | $ | 176,750 | ||||||||
Hughes Satellite Systems Corp. | ||||||||||||
5.25%, 08/01/26 | USD | 150 | 150,931 | |||||||||
6.63%, 08/01/26(c) | USD | 100 | 101,000 | |||||||||
7.63%, 06/15/21 | USD | 100 | 107,162 | |||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||||||
5.88%, 02/01/22 (Call 05/31/19) | USD | 200 | 202,781 | |||||||||
6.00%, 08/01/20 (Call 05/31/19) | USD | 225 | 226,547 | |||||||||
6.25%, 02/01/22 (Call 05/31/19) | USD | 250 | 257,345 | |||||||||
6.38%, 12/15/25 (Call 12/15/20) | USD | 150 | 156,375 | |||||||||
6.75%, 02/01/24 (Call 02/01/20)(c) | USD | 75 | 78,618 | |||||||||
Infor U.S. Inc. | ||||||||||||
5.75%, 05/15/22 (Call 05/15/19) | EUR | 100 | 113,709 | |||||||||
6.50%, 05/15/22 (Call 05/16/19) | USD | 225 | 229,007 | |||||||||
International Game Technology PLC | ||||||||||||
3.50%, 07/15/24 (Call 01/15/24)(b) | EUR | 100 | 116,748 | |||||||||
4.75%, 03/05/20(b) | EUR | 100 | 116,137 | |||||||||
6.50%, 02/15/25 (Call 08/15/24)(a)(c) | USD | 200 | 212,996 | |||||||||
IQVIA Inc. | ||||||||||||
2.88%, 09/15/25 (Call 09/15/20)(b) | EUR | 100 | 113,794 | |||||||||
3.25%, 03/15/25 (Call 03/15/20)(b) | EUR | 300 | 342,301 | |||||||||
4.88%, 05/15/23 (Call 05/31/19)(a) | USD | 100 | 101,438 | |||||||||
5.00%, 10/15/26 (Call 10/15/21)(a) | USD | 200 | 204,126 | |||||||||
Iron Mountain Inc. | ||||||||||||
4.88%, 09/15/27 (Call 09/15/22)(a)(c) | USD | 125 | 121,219 | |||||||||
5.25%, 03/15/28 (Call 12/27/22)(a) | USD | 150 | 147,750 | |||||||||
5.75%, 08/15/24 (Call 05/13/19) | USD | 175 | 175,875 | |||||||||
6.00%, 08/15/23 (Call 05/13/19) | USD | 75 | 77,156 | |||||||||
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(b) | GBP | 100 | 125,630 | |||||||||
iStar Inc. | ||||||||||||
4.63%, 09/15/20 (Call 06/15/20) | USD | 75 | 75,750 | |||||||||
5.25%, 09/15/22 (Call 09/15/19) | USD | 50 | 50,381 | |||||||||
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., | ||||||||||||
6.75%, 11/15/21 (Call 05/31/19)(a) | USD | 125 | 129,039 | |||||||||
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/31/19)(a)(c) | USD | 250 | 254,583 | |||||||||
JC Penney Corp. Inc. | ||||||||||||
5.88%, 07/01/23 (Call 07/01/19)(a) | USD | 75 | 63,875 | |||||||||
8.63%, 03/15/25 (Call 03/15/21)(a) | USD | 75 | 46,373 | |||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.88%, 04/15/22 (Call 05/31/19)(a) | USD | 200 | 202,979 | |||||||||
K Hovnanian Enterprises Inc. | ||||||||||||
10.00%, 07/15/22 (Call 07/15/19)(a) | USD | 50 | 43,813 | |||||||||
10.50%, 07/15/24 (Call 07/15/20)(a) | USD | 75 | 60,750 | |||||||||
KB Home, 7.00%, 12/15/21 (Call 09/15/21) | USD | 75 | 80,577 | |||||||||
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/31/19) | USD | 150 | 151,500 | |||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | ||||||||||||
4.75%, 06/01/27 (Call 06/01/22)(a)(c) | USD | 100 | 99,288 | |||||||||
5.00%, 06/01/24 (Call 06/01/19)(a) | USD | 150 | 153,388 | |||||||||
5.25%, 06/01/26 (Call 06/01/21)(a) | USD | 175 | 180,152 | |||||||||
Kinetic Concepts Inc./KCI USA Inc. | ||||||||||||
7.88%, 02/15/21 (Call 05/16/19)(a) | USD | 66 | 67,485 | |||||||||
12.50%, 11/01/21 (Call 05/31/19)(a) | USD | 75 | 81,132 | |||||||||
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 05/31/19)(a) | USD | 115 | 102,638 | |||||||||
L Brands Inc. | ||||||||||||
5.25%, 02/01/28 | USD | 75 | 66,947 | |||||||||
5.63%, 02/15/22 | USD | 125 | 129,625 |
S C H E D U L E O F I N V E S T M E N T S | 43 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.63%, 10/15/23 | USD | 75 | $ | 77,455 | ||||||||
6.63%, 04/01/21 | USD | 100 | 105,078 | |||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | ||||||||||||
5.25%, 03/15/22 (Call 09/15/21)(a) | USD | 50 | 51,250 | |||||||||
5.25%, 10/01/25 (Call 10/01/20)(a) | USD | 60 | 59,775 | |||||||||
Lamar Media Corp. | ||||||||||||
5.00%, 05/01/23 (Call 05/31/19) | USD | 50 | 50,791 | |||||||||
5.38%, 01/15/24 (Call 05/31/19)(c) | USD | 75 | 76,924 | |||||||||
5.75%, 02/01/26 (Call 02/01/21)(c) | USD | 50 | 52,623 | |||||||||
5.75%, 02/01/26 (Call 02/01/21)(a) | USD | 20 | 21,002 | |||||||||
Lamb Weston Holdings Inc. | ||||||||||||
4.63%, 11/01/24 (Call 11/01/21)(a) | USD | 100 | 101,488 | |||||||||
4.88%, 11/01/26 (Call 11/01/21)(a) | USD | 125 | 127,109 | |||||||||
Leidos Holdings Inc., 4.45%, 12/01/20 (Call 09/01/20) | USD | 50 | 50,745 | |||||||||
Lennar Corp. | ||||||||||||
4.13%, 01/15/22 (Call 10/15/21) | USD | 75 | 75,860 | |||||||||
4.50%, 04/30/24 (Call 01/31/24) | USD | 100 | 102,000 | |||||||||
4.75%, 04/01/21 (Call 02/01/21) | USD | 75 | 76,527 | |||||||||
4.75%, 11/15/22 (Call 08/15/22) | USD | 75 | 77,034 | |||||||||
4.75%, 05/30/25 (Call 02/28/25) | USD | 100 | 102,755 | |||||||||
4.75%, 11/29/27 (Call 05/29/27) | USD | 125 | 127,344 | |||||||||
4.88%, 12/15/23 (Call 09/15/23) | USD | 55 | 57,003 | |||||||||
5.88%, 11/15/24 (Call 05/15/24) | USD | 50 | 53,813 | |||||||||
Level 3 Financing Inc. | ||||||||||||
5.13%, 05/01/23 (Call 05/31/19) | USD | 275 | 277,282 | |||||||||
5.25%, 03/15/26 (Call 03/15/21) | USD | 100 | 101,657 | |||||||||
5.38%, 08/15/22 (Call 05/31/19) | USD | 225 | 225,844 | |||||||||
5.38%, 01/15/24 (Call 05/31/19) | USD | 125 | 126,695 | |||||||||
5.38%, 05/01/25 (Call 05/01/20) | USD | 125 | 127,169 | |||||||||
5.63%, 02/01/23 (Call 05/31/19) | USD | 75 | 75,848 | |||||||||
6.13%, 01/15/21 (Call 05/31/19) | USD | 100 | 100,406 | |||||||||
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22) | EUR | 100 | 117,704 | |||||||||
Lions Gate Capital Holdings LLC | ||||||||||||
5.88%, 11/01/24 (Call 11/01/19)(a)(c) | USD | 100 | 102,203 | |||||||||
6.38%, 02/01/24 (Call 02/01/21)(a) | USD | 40 | 41,819 | |||||||||
LKQ European Holdings BV, 4.13%, 04/01/28 (Call 04/01/23)(b) | EUR | 100 | 117,482 | |||||||||
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(b) | EUR | 100 | 122,231 | |||||||||
Mallinckrodt International Finance SA, 4.75%, 04/15/23(c) | | . USD | | 100 | 71,100 | |||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC | ||||||||||||
5.50%, 04/15/25 (Call 04/15/20)(a) | USD | 100 | 71,937 | |||||||||
5.63%, 10/15/23 (Call 05/31/19)(a)(c) | USD | 100 | 78,750 | |||||||||
5.75%, 08/01/22 (Call 05/31/19)(a)(c) | USD | 100 | 92,813 | |||||||||
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21) | | . USD | | 175 | 176,378 | |||||||
Match Group Inc., 5.00%, 12/15/27 (Call 12/15/22)(a) | USD | 75 | 75,416 | |||||||||
Mattel Inc., 6.75%, 12/31/25 (Call 12/31/20)(a)(c) | USD | 250 | 250,312 | |||||||||
MEDNAX Inc. | ||||||||||||
5.25%, 12/01/23 (Call 05/31/19)(a) | USD | 100 | 101,875 | |||||||||
6.25%, 01/15/27 (Call 01/15/22)(a)(c) | USD | 165 | 168,300 | |||||||||
Meredith Corp., 6.88%, 02/01/26 ( 02/01/21)(c) | USD | 200 | 208,482 | |||||||||
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25) | USD | 50 | 53,169 | |||||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. | ||||||||||||
4.50%, 09/01/26 (Call 06/01/26) | USD | 75 | 74,063 | |||||||||
5.63%, 05/01/24 (Call 02/01/24) | USD | 150 | 157,422 | |||||||||
5.75%, 02/01/27 (Call 11/01/26)(a) | USD | 130 | 136,530 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
MGM Resorts International | ||||||||||||
4.63%, 09/01/26 (Call 06/01/26)(c) | USD | 50 | $ | 49,425 | ||||||||
5.50%, 04/15/27 (Call 01/15/27) | USD | 170 | 175,006 | |||||||||
5.75%, 06/15/25 (Call 03/15/25)(c) | USD | 125 | 132,187 | |||||||||
6.00%, 03/15/23 | USD | 200 | 213,487 | |||||||||
6.63%, 12/15/21(c) | USD | 175 | 187,713 | |||||||||
7.75%, 03/15/22 | USD | 150 | 166,346 | |||||||||
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22) | USD | 150 | 156,375 | |||||||||
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/19)(a)(c) | USD | 200 | 201,131 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
3.33%, 03/24/25 (Call 12/24/24) | EUR | 100 | 118,188 | |||||||||
4.00%, 08/19/22 (Call 05/19/22) | EUR | 100 | 122,259 | |||||||||
5.00%, 10/15/27 (Call 10/15/22) | USD | 275 | 275,550 | |||||||||
5.25%, 08/01/26 (Call 08/01/21) | USD | 75 | 76,313 | |||||||||
6.38%, 03/01/24 (Call 05/31/19) | USD | 75 | 78,771 | |||||||||
MSCI Inc. | ||||||||||||
4.75%, 08/01/26 (Call 08/01/21)(a) | USD | 100 | 102,418 | |||||||||
5.25%, 11/15/24 (Call 11/15/19)(a) | USD | 300 | 309,946 | |||||||||
5.38%, 05/15/27 (Call 05/15/22)(a) | USD | 75 | 79,137 | |||||||||
5.75%, 08/15/25 (Call 08/15/20)(a) | USD | 100 | 104,913 | |||||||||
Murphy Oil Corp. | ||||||||||||
4.00%, 06/01/22 (Call 03/01/22) | USD | 75 | 74,924 | |||||||||
4.45%, 12/01/22 (Call 09/01/22) | USD | 100 | 99,397 | |||||||||
5.75%, 08/15/25 (Call 08/15/20)(c) | USD | 75 | 77,017 | |||||||||
6.88%, 08/15/24 (Call 08/15/19) | USD | 50 | 52,446 | |||||||||
Nabors Industries Inc. | ||||||||||||
4.63%, 09/15/21 | USD | 125 | 124,531 | |||||||||
5.00%, 09/15/20 | USD | 125 | 126,722 | |||||||||
5.50%, 01/15/23 (Call 11/15/22)(c) | USD | 75 | 71,782 | |||||||||
5.75%, 02/01/25 (Call 11/01/24)(c) | USD | 150 | 136,500 | |||||||||
Nationstar Mortgage Holdings Inc. | ||||||||||||
8.13%, 07/15/23 (Call 07/15/20)(a) | USD | 125 | 125,938 | |||||||||
9.13%, 07/15/26 (Call 07/15/21)(a) | USD | 150 | 150,375 | |||||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, 07/01/21 (Call 05/31/19) | USD | 100 | 100,204 | |||||||||
Navient Corp. | ||||||||||||
5.00%, 10/26/20 | USD | 75 | 76,198 | |||||||||
5.50%, 01/25/23 | USD | 175 | 178,464 | |||||||||
5.88%, 03/25/21 | USD | 100 | 103,427 | |||||||||
5.88%, 10/25/24(c) | USD | 75 | 75,430 | |||||||||
6.13%, 03/25/24 | USD | 150 | 153,644 | |||||||||
6.50%, 06/15/22 | USD | 125 | 131,875 | |||||||||
6.63%, 07/26/21 | USD | 100 | 105,031 | |||||||||
6.75%, 06/25/25 | USD | 75 | 76,781 | |||||||||
6.75%, 06/15/26(c) | USD | 75 | 75,382 | |||||||||
7.25%, 01/25/22 | USD | 75 | 80,344 | |||||||||
7.25%, 09/25/23(c) | USD | 75 | 81,188 | |||||||||
8.00%, 03/25/20 | USD | 100 | 103,687 | |||||||||
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 05/31/19)(a) | USD | 75 | 49,008 | |||||||||
Navistar International Corp., 6.63%, 11/01/25 (Call 11/01/20)(a) | USD | 150 | 153,200 | |||||||||
NCR Corp. | ||||||||||||
4.63%, 02/15/21 (Call 05/31/19)(c) | USD | 75 | 74,923 | |||||||||
5.00%, 07/15/22 (Call 05/31/19) | USD | 100 | 100,349 | |||||||||
5.88%, 12/15/21 (Call 05/31/19) | USD | 50 | 50,593 | |||||||||
6.38%, 12/15/23 (Call 05/31/19)(c) | USD | 100 | 102,722 | |||||||||
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (Call 05/31/19)(a) | USD | 100 | 56,750 |
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Netflix Inc. | ||||||||||||
3.63%, 05/15/27 | EUR | 200 | $ | 234,340 | ||||||||
3.88%, 11/15/29(b) | EUR | 100 | 114,678 | |||||||||
4.38%, 11/15/26(c) | USD | 175 | 173,347 | |||||||||
4.63%, 05/15/29(b) | EUR | 200 | 243,733 | |||||||||
4.88%, 04/15/28 | USD | 225 | 223,610 | |||||||||
5.38%, 02/01/21 | USD | 75 | 77,954 | |||||||||
5.38%, 11/15/29(a) | USD | 110 | 111,375 | |||||||||
5.50%, 02/15/22 | USD | 75 | 78,942 | |||||||||
5.75%, 03/01/24 | USD | 50 | 53,674 | |||||||||
5.88%, 02/15/25 | USD | 100 | 108,083 | |||||||||
5.88%, 11/15/28 | USD | 300 | 316,052 | |||||||||
6.38%, 05/15/29(a) | USD | 150 | 164,097 | |||||||||
Nexstar Broadcasting Inc. | ||||||||||||
5.63%, 08/01/24 (Call 08/01/19)(a) | USD | 125 | 126,900 | |||||||||
5.88%, 11/15/22 (Call 05/13/19) | USD | 50 | 51,255 | |||||||||
NextEra Energy Operating Partners LP | ||||||||||||
4.25%, 09/15/24 (Call 07/15/24)(a) | USD | 75 | 75,244 | |||||||||
4.50%, 09/15/27 (Call 06/15/27)(a) | USD | 75 | 73,892 | |||||||||
NGL Energy Partners LP/NGL Energy Finance Corp. | ||||||||||||
7.50%, 11/01/23 (Call 11/01/19) | USD | 100 | 104,037 | |||||||||
7.50%, 04/15/26 (Call 04/15/22)(a) | USD | 70 | 72,406 | |||||||||
NGPL PipeCo LLC | ||||||||||||
4.38%, 08/15/22 (Call 05/15/22)(a) | USD | 90 | 92,250 | |||||||||
4.88%, 08/15/27 (Call 02/15/27)(a) | USD | 100 | 103,250 | |||||||||
Nielsen Co Luxembourg SARL/The, 5.00%, 02/01/25 (Call 02/01/20)(a) | USD | 75 | 74,060 | |||||||||
Nielsen Finance LLC/Nielsen Finance Co. | ||||||||||||
4.50%, 10/01/20 (Call 05/31/19) | USD | 175 | 175,145 | |||||||||
5.00%, 04/15/22 (Call 05/31/19)(a) | USD | 325 | 322,969 | |||||||||
Noble Holding International Ltd. | ||||||||||||
7.88%, 02/01/26 (Call 02/01/21)(a) | USD | 110 | 105,786 | |||||||||
7.95%, 04/01/25 (Call 01/01/25)(c) | USD | 50 | 44,000 | |||||||||
Novelis Corp. | ||||||||||||
5.88%, 09/30/26 (Call 09/30/21)(a) | USD | 250 | 254,062 | |||||||||
6.25%, 08/15/24 (Call 08/15/19)(a)(c) | USD | 150 | 156,510 | |||||||||
NRG Energy Inc. | ||||||||||||
5.75%, 01/15/28 (Call 01/15/23) | USD | 150 | 158,845 | |||||||||
6.25%, 05/01/24 (Call 05/31/19) | USD | 100 | 103,220 | |||||||||
6.63%, 01/15/27 (Call 07/15/21)(c) | USD | 150 | 160,875 | |||||||||
7.25%, 05/15/26 (Call 05/15/21) | USD | 125 | 136,250 | |||||||||
NuStar Logistics LP | ||||||||||||
4.80%, 09/01/20 | USD | 50 | 50,628 | |||||||||
5.63%, 04/28/27 (Call 01/28/27) | USD | 75 | 75,000 | |||||||||
Oasis Petroleum Inc. | ||||||||||||
6.25%, 05/01/26 (Call 05/01/21)(a)(c) | USD | 50 | 48,681 | |||||||||
6.88%, 03/15/22 (Call 05/31/19) | USD | 125 | 125,469 | |||||||||
OI European Group BV | ||||||||||||
3.13%, 11/15/24 (Call 08/15/24)(b) | EUR | 100 | 119,209 | |||||||||
6.75%, 09/15/20(b) | EUR | 100 | 121,863 | |||||||||
Olin Corp. | ||||||||||||
5.00%, 02/01/30 (Call 02/01/24) | USD | 75 | 74,269 | |||||||||
5.13%, 09/15/27 (Call 03/15/22) | USD | 100 | 102,014 | |||||||||
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 05/31/19)(a) | USD | 200 | 196,000 | |||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||||||
5.25%, 02/15/22 (Call 05/31/19) | USD | 75 | 75,966 | |||||||||
5.63%, 02/15/24 (Call 05/31/19) | USD | 50 | 51,490 | |||||||||
5.88%, 03/15/25 (Call 09/15/19) | USD | 75 | 77,776 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Owens-Brockway Glass Container Inc. | ||||||||||||
5.00%, 01/15/22(a) | USD | 150 | $ | 153,523 | ||||||||
5.88%, 08/15/23(a) | USD | 100 | 104,901 | |||||||||
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)(a) | USD | 100 | 103,000 | |||||||||
Panther BF Aggregator 2 LP/Panther Finance Co. Inc. | ||||||||||||
4.38%, 05/15/26 (Call 05/15/22)(b) | EUR | 100 | 114,802 | |||||||||
6.25%, 05/15/26 (Call 05/15/22)(a) | �� | USD | 144 | 149,940 | ||||||||
8.50%, 05/15/27 (Call 05/15/22)(a) | USD | 300 | 309,000 | |||||||||
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a) | USD | 255 | 264,646 | |||||||||
Parsley Energy LLC/Parsley Finance Corp. | ||||||||||||
5.25%, 08/15/25 (Call 08/15/20)(a) | USD | 50 | 50,654 | |||||||||
5.38%, 01/15/25 (Call 01/15/20)(a) | USD | 85 | 86,284 | |||||||||
5.63%, 10/15/27 (Call 10/15/22)(a) | USD | 100 | 102,831 | |||||||||
6.25%, 06/01/24 (Call 06/01/19)(a) | USD | 50 | 51,951 | |||||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||||||
7.00%, 11/15/23 (Call 05/31/19) | USD | 75 | 77,156 | |||||||||
7.25%, 06/15/25 (Call 06/15/20) | USD | 100 | 103,250 | |||||||||
PDC Energy Inc. | ||||||||||||
5.75%, 05/15/26 (Call 05/15/21) | USD | 75 | 74,939 | |||||||||
6.13%, 09/15/24 (Call 09/15/19) | USD | 50 | 50,625 | |||||||||
Peabody Energy Corp. | ||||||||||||
6.00%, 03/31/22 (Call 05/31/19)(a) | USD | 75 | 76,061 | |||||||||
6.38%, 03/31/25 (Call 03/31/20)(a) | USD | 75 | 74,558 | |||||||||
Penske Automotive Group Inc. | ||||||||||||
5.50%, 05/15/26 (Call 05/15/21) | USD | 60 | 60,210 | |||||||||
5.75%, 10/01/22 (Call 05/31/19) | USD | 75 | 76,298 | |||||||||
PetSmart Inc. | ||||||||||||
5.88%, 06/01/25 (Call 06/01/20)(a) | USD | 200 | 182,000 | |||||||||
7.13%, 03/15/23 (Call 05/31/19)(a) | USD | 300 | 266,286 | |||||||||
8.88%, 06/01/25 (Call 06/01/20)(a)(c) | USD | 100 | 88,875 | |||||||||
Pilgrim’s Pride Corp. | ||||||||||||
5.75%, 03/15/25 (Call 03/15/20)(a) | USD | 150 | 153,562 | |||||||||
5.88%, 09/30/27 (Call 09/30/22)(a) | USD | 100 | 103,421 | |||||||||
Pitney Bowes Inc. | ||||||||||||
3.88%, 10/01/21 (Call 09/01/21) | USD | 75 | 74,309 | |||||||||
4.38%, 05/15/22 (Call 04/15/22) | USD | 75 | 73,875 | |||||||||
4.63%, 03/15/24 (Call 12/15/23)(c) | USD | 75 | 70,421 | |||||||||
4.70%, 04/01/23 (Call 03/01/23) | USD | 50 | 48,488 | |||||||||
Post Holdings Inc. | ||||||||||||
5.00%, 08/15/26 (Call 08/15/21)(a) | USD | 250 | 249,167 | |||||||||
5.50%, 03/01/25 (Call 03/01/20)(a) | USD | 125 | 127,858 | |||||||||
5.63%, 01/15/28 (Call 12/01/22)(a) | USD | 125 | 126,360 | |||||||||
5.75%, 03/01/27 (Call 03/01/22)(a) | USD | 225 | 231,028 | |||||||||
Prestige Brands Inc., 6.38%, 03/01/24 (Call 05/31/19)(a)(c) | USD | 100 | 102,964 | |||||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||||||
5.25%, 04/15/24(a) | USD | 140 | 140,425 | |||||||||
5.75%, 04/15/26(a) | USD | 102 | 103,132 | |||||||||
9.25%, 05/15/23 (Call 05/31/19)(a) | USD | 228 | 240,301 | |||||||||
PulteGroup Inc. | ||||||||||||
4.25%, 03/01/21 (Call 02/01/21) | USD | 100 | 101,440 | |||||||||
5.00%, 01/15/27 (Call 10/15/26) | USD | 75 | 76,250 | |||||||||
5.50%, 03/01/26 (Call 12/01/25) | USD | 105 | 111,140 | |||||||||
PVH Corp. | ||||||||||||
3.13%, 12/15/27 (Call 09/15/27)(b) | EUR | 100 | 118,934 | |||||||||
3.63%, 07/15/24 (Call 04/15/24)(b) | EUR | 100 | 125,526 | |||||||||
QEP Resources Inc. | ||||||||||||
5.25%, 05/01/23 (Call 02/01/23) | USD | 75 | 73,287 | |||||||||
5.38%, 10/01/22 (Call 07/01/22) | USD | 75 | 73,688 | |||||||||
5.63%, 03/01/26 (Call 12/01/25) | USD | 75 | 70,031 |
S C H E D U L E O F I N V E S T M E N T S | 45 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Quicken Loans Inc. | ||||||||||||
5.25%, 01/15/28 (Call 01/15/23)(a)(c) | USD | 175 | $ | 169,818 | ||||||||
5.75%, 05/01/25 (Call 05/01/20)(a) | USD | 175 | 177,635 | |||||||||
QVC Inc. | ||||||||||||
4.38%, 03/15/23 | USD | 125 | 126,310 | |||||||||
4.45%, 02/15/25 (Call 11/15/24) | USD | 75 | 74,753 | |||||||||
4.85%, 04/01/24 | USD | 75 | 77,164 | |||||||||
5.13%, 07/02/22 | USD | 75 | 78,253 | |||||||||
Qwest Corp., 6.75%, 12/01/21 | USD | 125 | 133,129 | |||||||||
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/19)(a)(c) | USD | 175 | 163,187 | |||||||||
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24) | USD | 75 | 75,000 | |||||||||
Range Resources Corp. | ||||||||||||
4.88%, 05/15/25 (Call 02/15/25)(c) | USD | 100 | 92,125 | |||||||||
5.00%, 08/15/22 (Call 05/15/22)(c) | USD | 125 | 123,850 | |||||||||
5.00%, 03/15/23 (Call 12/15/22)(c) | USD | 100 | 97,687 | |||||||||
5.75%, 06/01/21 (Call 03/01/21) | USD | 100 | 102,750 | |||||||||
Realogy Group LLC/Realogy Co-Issuer Corp. | ||||||||||||
4.88%, 06/01/23 (Call 03/01/23)(a)(c) | USD | 75 | 71,400 | |||||||||
5.25%, 12/01/21 (Call 05/31/19)(a) | USD | 75 | 75,807 | |||||||||
9.38%, 04/01/27 (Call 04/01/22)(a) | USD | 77 | 79,980 | |||||||||
Refinitiv U.S. Holdings Inc. | ||||||||||||
4.50%, 05/15/26 (Call 11/15/21)(b) | EUR | 100 | 112,933 | |||||||||
6.25%, 05/15/26 (Call 11/15/21)(a) | USD | 175 | 179,594 | |||||||||
6.88%, 11/15/26 (Call 11/15/21)(b) | EUR | 100 | 112,423 | |||||||||
8.25%, 11/15/26 (Call 11/15/21)(a) | USD | 250 | 253,670 | |||||||||
RegionalCare Hospital Partners Holdings Inc., 8.25%, 05/01/23 (Call 05/31/19)(a) | USD | 125 | 133,086 | |||||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a) | USD | 225 | 235,468 | |||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | ||||||||||||
5.13%, 07/15/23 (Call 07/15/19)(a) | USD | 225 | 228,656 | |||||||||
5.75%, 10/15/20 (Call 05/31/19) | USD | 388 | 388,763 | |||||||||
7.00%, 07/15/24 (Call 07/15/19)(a)(c) | USD | 100 | 103,375 | |||||||||
Rite Aid Corp., 6.13%, 04/01/23 | USD | 250 | 212,500 | |||||||||
Rowan Companies Inc. | ||||||||||||
4.88%, 06/01/22 (Call 03/01/22) | USD | 75 | 72,656 | |||||||||
7.38%, 06/15/25 (Call 03/15/25) | USD | 75 | 66,516 | |||||||||
Sable Permian Resources Land LLC/AEPB Finance Corp. | ||||||||||||
7.13%, 11/01/20 (Call 05/31/19)(a)(c) | USD | 75 | 18,882 | |||||||||
7.38%, 11/01/21 (Call 05/31/19)(a)(c) | USD | 75 | 18,641 | |||||||||
Sabre GLBL Inc., 5.25%, 11/15/23 | USD | 125 | 127,602 | |||||||||
Sanchez Energy Corp. | ||||||||||||
6.13%, 01/15/23 (Call 05/31/19) | USD | 150 | 20,063 | |||||||||
7.25%, 02/15/23 (Call 02/15/20)(a)(c) | USD | 100 | 84,250 | |||||||||
7.75%, 06/15/21 (Call 05/31/19) | USD | 75 | 9,893 | |||||||||
SBA Communications Corp. | ||||||||||||
4.00%, 10/01/22 (Call 10/01/19) | USD | 150 | 150,910 | |||||||||
4.88%, 07/15/22 (Call 05/31/19) | USD | 100 | 101,372 | |||||||||
4.88%, 09/01/24 (Call 09/01/19) | USD | 150 | 152,269 | |||||||||
Scientific Games International Inc. | ||||||||||||
3.38%, 02/15/26 (Call 02/15/21)(b) | EUR | 100 | 110,344 | |||||||||
5.00%, 10/15/25 (Call 10/15/20)(a)(c) | USD | 175 | 174,289 | |||||||||
8.25%, 03/15/26 (Call 03/15/22)(a) | USD | 200 | 206,750 | |||||||||
10.00%, 12/01/22 (Call 05/31/19) | USD | 136 | 143,480 | |||||||||
Sealed Air Corp. | ||||||||||||
4.50%, 09/15/23 (Call 06/15/23)(b) | EUR | 100 | 125,806 | |||||||||
4.88%, 12/01/22 (Call 09/01/22)(a) | USD | 75 | 77,528 | |||||||||
5.13%, 12/01/24 (Call 09/01/24)(a) | USD | 75 | 77,915 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.25%, 04/01/23 (Call 01/01/23)(a) | USD | 50 | $ | 52,100 | ||||||||
5.50%, 09/15/25 (Call 06/15/25)(a) | USD | 75 | 78,967 | |||||||||
6.50%, 12/01/20 (Call 09/01/20)(a) | USD | 75 | 78,224 | |||||||||
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 07/15/22 (Call 05/16/19)(c) | USD | 50 | 49,563 | |||||||||
Service Corp. International/U.S. | ||||||||||||
4.63%, 12/15/27 (Call 12/15/22)(c) | USD | 75 | 75,627 | |||||||||
5.38%, 01/15/22 (Call 05/31/19) | USD | 50 | 50,438 | |||||||||
5.38%, 05/15/24 (Call 05/31/19) | USD | 125 | 128,402 | |||||||||
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/19)(a) | USD | 150 | 151,500 | |||||||||
SESI LLC | ||||||||||||
7.13%, 12/15/21 (Call 05/31/19) | USD | 100 | 85,000 | |||||||||
7.75%, 09/15/24 (Call 09/15/20) | USD | 75 | 55,313 | |||||||||
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 03/15/20) | EUR | 100 | 115,258 | |||||||||
Sinclair Television Group Inc. | ||||||||||||
5.13%, 02/15/27 (Call 08/15/21)(a)(c) | USD | 50 | 48,322 | |||||||||
5.38%, 04/01/21 (Call 05/16/19) | USD | 100 | 100,221 | |||||||||
5.63%, 08/01/24 (Call 08/01/19)(a)(c) | USD | 125 | 126,117 | |||||||||
6.13%, 10/01/22 (Call 05/16/19) | USD | 75 | 76,406 | |||||||||
Sirius XM Radio Inc. | ||||||||||||
3.88%, 08/01/22 (Call 08/01/20)(a) | USD | 225 | 225,281 | |||||||||
4.63%, 05/15/23 (Call 05/31/19)(a) | USD | 100 | 100,875 | |||||||||
5.00%, 08/01/27 (Call 08/01/22)(a) | USD | 200 | 201,570 | |||||||||
5.38%, 04/15/25 (Call 04/15/20)(a) | USD | 325 | 334,527 | |||||||||
5.38%, 07/15/26 (Call 07/15/21)(a) | USD | 125 | 128,594 | |||||||||
6.00%, 07/15/24 (Call 07/15/19)(a) | USD | 225 | 232,875 | |||||||||
Six Flags Entertainment Corp. | ||||||||||||
4.88%, 07/31/24 (Call 07/31/19)(a) | USD | 125 | 125,357 | |||||||||
5.50%, 04/15/27 (Call 04/15/22)(a) | USD | 65 | 66,365 | |||||||||
SM Energy Co. | ||||||||||||
5.00%, 01/15/24 (Call 05/31/19)(c) | USD | 75 | 70,266 | |||||||||
5.63%, 06/01/25 (Call 06/01/20)(c) | USD | 75 | 70,362 | |||||||||
6.13%, 11/15/22 (Call 05/31/19) | USD | 75 | 75,773 | |||||||||
6.63%, 01/15/27 (Call 01/15/22) | USD | 75 | 70,967 | |||||||||
6.75%, 09/15/26 (Call 09/15/21)(c) | USD | 75 | 71,766 | |||||||||
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/31/19)(a)(c) | USD | 275 | 298,375 | |||||||||
Southwestern Energy Co. | ||||||||||||
6.20%, 01/23/25 (Call 10/23/24)(c) | USD | 125 | 122,891 | |||||||||
7.50%, 04/01/26 (Call 04/01/21) | USD | 125 | 126,841 | |||||||||
7.75%, 10/01/27 (Call 10/01/22)(c) | USD | 75 | 76,125 | |||||||||
Spectrum Brands Inc. | ||||||||||||
5.75%, 07/15/25 (Call 07/15/20) | USD | 150 | 153,795 | |||||||||
6.63%, 11/15/22 (Call 05/31/19) | USD | 75 | 76,673 | |||||||||
Springleaf Finance Corp. | ||||||||||||
5.63%, 03/15/23 | USD | 100 | 103,974 | |||||||||
6.13%, 05/15/22 | USD | 150 | 158,632 | |||||||||
6.13%, 03/15/24 (Call 09/15/23) | USD | 195 | 205,877 | |||||||||
6.88%, 03/15/25 | USD | 200 | 214,344 | |||||||||
7.13%, 03/15/26 | USD | 250 | 268,437 | |||||||||
7.75%, 10/01/21 | USD | 100 | 108,625 | |||||||||
8.25%, 12/15/20 | USD | 125 | 134,574 | |||||||||
Sprint Communications Inc. | ||||||||||||
6.00%, 11/15/22 | USD | 325 | 326,608 | |||||||||
7.00%, 08/15/20 | USD | 200 | 207,599 | |||||||||
11.50%, 11/15/21 | USD | 125 | 143,782 | |||||||||
Sprint Corp. | ||||||||||||
7.13%, 06/15/24 | USD | 350 | 350,766 | |||||||||
7.25%, 09/15/21 | USD | 400 | 419,000 |
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
7.63%, 02/15/25 (Call 11/15/24)(c) | USD | 250 | $ | 252,500 | ||||||||
7.63%, 03/01/26 (Call 11/01/25) | USD | 225 | 225,000 | |||||||||
7.88%, 09/15/23 | USD | 650 | 676,271 | |||||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a) | USD | 275 | 281,531 | |||||||||
Standard Industries Inc./NJ | ||||||||||||
4.75%, 01/15/28 (Call 01/15/23)(a) | USD | 125 | 119,531 | |||||||||
5.00%, 02/15/27 (Call 02/15/22)(a) | USD | 75 | 73,998 | |||||||||
5.38%, 11/15/24 (Call 11/15/19)(a) | USD | 250 | 255,328 | |||||||||
5.50%, 02/15/23 (Call 05/31/19)(a) | USD | 100 | 101,875 | |||||||||
6.00%, 10/15/25 (Call 10/15/20)(a) | USD | 125 | 130,495 | |||||||||
Staples Inc. | ||||||||||||
7.50%, 04/15/26 (Call 04/15/22)(a) | USD | 300 | 300,187 | |||||||||
10.75%, 04/15/27 (Call 04/15/22)(a) | USD | 160 | 163,400 | |||||||||
Star Merger Sub Inc. | ||||||||||||
6.88%, 08/15/26 (Call 02/15/22)(a) | USD | 100 | 103,833 | |||||||||
10.25%, 02/15/27 (Call 02/15/22)(a) | USD | 105 | 109,856 | |||||||||
Starwood Property Trust Inc. | ||||||||||||
3.63%, 02/01/21 (Call 11/01/20) | USD | 75 | 74,779 | |||||||||
4.75%, 03/15/25 (Call 09/15/24) | USD | 75 | 75,188 | |||||||||
5.00%, 12/15/21 (Call 09/15/21) | USD | 150 | 153,615 | |||||||||
Steel Dynamics Inc. | ||||||||||||
5.00%, 12/15/26 (Call 12/15/21) | USD | 50 | 51,629 | |||||||||
5.13%, 10/01/21 (Call 05/31/19) | USD | 50 | 50,341 | |||||||||
5.25%, 04/15/23 (Call 05/31/19) | USD | 50 | 50,841 | |||||||||
5.50%, 10/01/24 (Call 10/01/19) | USD | 75 | 77,515 | |||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/19) | USD | 75 | 74,627 | |||||||||
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/16/19) | USD | 100 | 102,080 | |||||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||||||
4.88%, 01/15/23 (Call 01/15/20) | USD | 175 | 177,844 | |||||||||
5.50%, 02/15/26 (Call 02/15/21) | USD | 100 | 101,721 | |||||||||
6.00%, 04/15/27 (Call 04/15/22)(a) | USD | 80 | 82,942 | |||||||||
Series WI, 5.88%, 03/15/28 (Call 03/15/23) | USD | 60 | 61,500 | |||||||||
Symantec Corp. | ||||||||||||
3.95%, 06/15/22 (Call 03/15/22) | USD | 75 | 75,521 | |||||||||
4.20%, 09/15/20 | USD | 125 | 126,406 | |||||||||
5.00%, 04/15/25 (Call 04/15/20)(a) | USD | 150 | 152,609 | |||||||||
Talen Energy Supply LLC | ||||||||||||
6.50%, 06/01/25 (Call 06/01/20) | USD | 100 | 87,750 | |||||||||
10.50%, 01/15/26 (Call 01/15/22)(a) | USD | 75 | 78,227 | |||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||||||
4.75%, 10/01/23 (Call 10/01/20)(a) | USD | 75 | 75,962 | |||||||||
5.50%, 09/15/24 (Call 09/15/19)(a)(c) | USD | 100 | 103,388 | |||||||||
5.50%, 01/15/28 (Call 01/15/23)(a) | USD | 150 | 152,812 | |||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||||||
4.25%, 11/15/23 (Call 05/31/19) | USD | 100 | 100,065 | |||||||||
5.00%, 01/15/28 (Call 01/15/23) | USD | 100 | 98,121 | |||||||||
5.13%, 02/01/25 (Call 02/01/20) | USD | 50 | 51,123 | |||||||||
5.25%, 05/01/23 (Call 05/31/19) | USD | 75 | 76,195 | |||||||||
5.38%, 02/01/27 (Call 02/01/22) | USD | 100 | 101,846 | |||||||||
5.88%, 04/15/26 (Call 04/15/21) | USD | 200 | 210,937 | |||||||||
6.50%, 07/15/27 (Call 07/15/22)(a) | USD | 125 | 133,750 | |||||||||
6.75%, 03/15/24 (Call 09/15/19) | USD | 75 | 78,393 | |||||||||
6.88%, 01/15/29 (Call 01/15/24)(a) | USD | 100 | 108,288 | |||||||||
Taylor Morrison Communities Inc., 6.63%, 05/15/22 (Call 05/31/19) | USD | 100 | 103,337 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.25%, 04/15/21 | USD | 100 | $ | 100,262 | ||||||||
TEGNA Inc. | ||||||||||||
5.13%, 07/15/20 (Call 05/31/19) | USD | 75 | 75,469 | |||||||||
6.38%, 10/15/23 (Call 05/31/19)(c) | USD | 100 | 103,471 | |||||||||
Teleflex Inc. | ||||||||||||
4.63%, 11/15/27 (Call 11/15/22) | USD | 100 | 99,625 | |||||||||
4.88%, 06/01/26 (Call 06/01/21) | USD | 50 | 50,970 | |||||||||
Tempur Sealy International Inc. | ||||||||||||
5.50%, 06/15/26 (Call 06/15/21) | USD | 75 | 74,543 | |||||||||
5.63%, 10/15/23 (Call 05/31/19) | USD | 75 | 75,875 | |||||||||
Tenet Healthcare Corp. | ||||||||||||
4.38%, 10/01/21 | USD | 150 | 151,696 | |||||||||
4.50%, 04/01/21 | USD | 125 | 126,719 | |||||||||
4.63%, 07/15/24 (Call 07/15/20) | USD | 300 | 300,840 | |||||||||
5.13%, 05/01/25 (Call 05/01/20) | USD | 200 | 201,250 | |||||||||
6.00%, 10/01/20 | USD | 325 | 335,969 | |||||||||
6.25%, 02/01/27 (Call 02/01/22)(a) | USD | 210 | 218,925 | |||||||||
6.75%, 06/15/23(c) | USD | 350 | 357,031 | |||||||||
7.00%, 08/01/25 (Call 08/01/20)(c) | USD | 75 | 75,865 | |||||||||
8.13%, 04/01/22 | USD | 350 | 374,311 | |||||||||
Tenneco Inc., 4.88%, 04/15/22 (Call 05/30/19)(b) | EUR | 175 | 200,984 | |||||||||
TerraForm Power Operating LLC | ||||||||||||
4.25%, 01/31/23 (Call 10/31/22)(a) | USD | 100 | 98,813 | |||||||||
5.00%, 01/31/28 (Call 07/31/27)(a) | USD | 75 | 73,969 | |||||||||
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a)(c) | USD | 275 | 235,125 | |||||||||
T-Mobile USA Inc. | ||||||||||||
4.00%, 04/15/22 (Call 03/16/22) | USD | 75 | 76,036 | |||||||||
4.50%, 02/01/26 (Call 02/01/21) | USD | 125 | 125,828 | |||||||||
4.75%, 02/01/28 (Call 02/01/23) | USD | 250 | 251,465 | |||||||||
5.13%, 04/15/25 (Call 04/15/20) | USD | 75 | 77,145 | |||||||||
5.38%, 04/15/27 (Call 04/15/22) | USD | 75 | 78,641 | |||||||||
6.00%, 03/01/23 (Call 05/13/19) | USD | 175 | 180,031 | |||||||||
6.00%, 04/15/24 (Call 05/13/19) | USD | 225 | 234,761 | |||||||||
6.38%, 03/01/25 (Call 09/01/19) | USD | 325 | 337,870 | |||||||||
6.50%, 01/15/26 (Call 01/15/21) | USD | 325 | 347,652 | |||||||||
Toll Brothers Finance Corp. | ||||||||||||
4.35%, 02/15/28 (Call 11/15/27) | USD | 50 | 47,829 | |||||||||
4.38%, 04/15/23 (Call 01/15/23) | USD | 50 | 50,931 | |||||||||
4.88%, 03/15/27 (Call 12/15/26) | USD | 60 | 60,156 | |||||||||
5.88%, 02/15/22 (Call 11/15/21) | USD | 50 | 52,938 | |||||||||
TransDigm Inc. | ||||||||||||
6.00%, 07/15/22 (Call 05/31/19) | USD | 150 | 152,250 | |||||||||
6.25%, 03/15/26 (Call 03/15/22)(a) | USD | 625 | 650,781 | |||||||||
6.38%, 06/15/26 (Call 06/15/21) | USD | 200 | 200,519 | |||||||||
6.50%, 07/15/24 (Call 07/15/19) | USD | 200 | 202,729 | |||||||||
6.50%, 05/15/25 (Call 05/15/20) | USD | 150 | 151,500 | |||||||||
7.50%, 03/15/27 (Call 03/15/22)(a) | USD | 75 | 77,344 | |||||||||
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a) | USD | 71 | 72,836 | |||||||||
Transocean Inc. | ||||||||||||
7.25%, 11/01/25 (Call 11/01/21)(a) | USD | 100 | 99,000 | |||||||||
9.00%, 07/15/23 (Call 07/15/20)(a) | USD | 200 | 214,000 | |||||||||
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)(a) | USD | 37 | 39,703 | |||||||||
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(a) | USD | 71 | 73,001 | |||||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)(c) | USD | 80 | 85,200 |
S C H E D U L E O F I N V E S T M E N T S | 47 |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a)(c) | USD | 100 | $ | 103,071 | ||||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 | USD | 50 | 50,691 | |||||||||
Tribune Media Co., 5.88%, 07/15/22 (Call 05/13/19) | USD | 150 | 152,662 | |||||||||
Triumph Group Inc., 7.75%, 08/15/25 (Call 08/15/20)(c) | USD | 67 | 67,000 | |||||||||
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)(a)(c) | USD | 75 | 73,235 | |||||||||
Tronox Inc., 6.50%, 04/15/26 (Call 04/15/21)(a) | USD | 125 | 125,784 | |||||||||
U.S. Steel Corp. | ||||||||||||
6.25%, 03/15/26 (Call 03/15/21) | USD | 100 | 89,750 | |||||||||
6.88%, 08/15/25 (Call 08/15/20)(c) | USD | 100 | 93,893 | |||||||||
United Continental Holdings Inc., 4.25%, 10/01/22 | USD | 50 | 50,475 | |||||||||
United Rentals North America Inc. | ||||||||||||
4.63%, 07/15/23 (Call 05/31/19) | USD | 175 | 178,062 | |||||||||
4.63%, 10/15/25 (Call 10/15/20) | USD | 130 | 129,025 | |||||||||
4.88%, 01/15/28 (Call 01/15/23) | USD | 275 | 272,937 | |||||||||
5.25%, 01/15/30 (Call 01/15/25) | USD | 50 | 50,250 | |||||||||
5.50%, 07/15/25 (Call 07/15/20) | USD | 100 | 103,363 | |||||||||
5.50%, 05/15/27 (Call 05/15/22)(c) | USD | 125 | 128,750 | |||||||||
5.75%, 11/15/24 (Call 05/26/19)(c) | USD | 125 | 128,656 | |||||||||
5.88%, 09/15/26 (Call 09/15/21) | USD | 125 | 130,625 | |||||||||
6.50%, 12/15/26 (Call 12/15/21) | USD | 200 | 214,177 | |||||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, | ||||||||||||
7.13%, 12/15/24 (Call 12/15/19)(a) | USD | 75 | 67,500 | |||||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC | ||||||||||||
6.00%, 04/15/23 (Call 05/31/19)(a) | USD | 100 | 96,188 | |||||||||
8.25%, 10/15/23 (Call 05/31/19) | USD | 175 | 162,859 | |||||||||
Univision Communications Inc. | ||||||||||||
5.13%, 05/15/23 (Call 05/31/19)(a) | USD | 200 | 192,528 | |||||||||
5.13%, 02/15/25 (Call 02/15/20)(a) | USD | 200 | 187,819 | |||||||||
USA Compression Partners LP/USA Compression Finance Corp. | ||||||||||||
6.88%, 04/01/26 (Call 04/01/21) | USD | 100 | 105,188 | |||||||||
6.88%, 09/01/27 (Call 09/01/22)(a) | USD | 105 | 110,513 | |||||||||
Vantiv LLC/Vanity Issuer Corp., 3.88%, 11/15/25 (Call 11/15/20)(b) | GBP | 100 | 135,749 | |||||||||
Vector Group Ltd., 6.13%, 02/01/25 (Call 02/01/20)(a) | USD | 125 | 111,879 | |||||||||
VeriSign Inc. | ||||||||||||
4.63%, 05/01/23 (Call 05/31/19) | USD | 100 | 101,725 | |||||||||
4.75%, 07/15/27 (Call 07/15/22) | USD | 125 | 127,429 | |||||||||
5.25%, 04/01/25 (Call 01/01/25) | USD | 75 | 79,607 | |||||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 10.50%, 02/01/24 (Call 05/13/19)(a)(c) | USD | 200 | 182,250 | |||||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)(c) | USD | 250 | 266,484 | |||||||||
Vertiv Group Corp., 9.25%, 10/15/24 (Call 10/15/19)(a)(c) | USD | 125 | 122,188 | |||||||||
Viacom Inc. | ||||||||||||
5.88%, 02/28/57 (Call 02/28/22)(c)(d) | USD | 100 | 100,875 | |||||||||
6.25%, 02/28/57 (Call 02/28/27)(d) | USD | 100 | 102,760 | |||||||||
ViaSat Inc. | ||||||||||||
5.63%, 09/15/25 (Call 09/15/20)(a) | USD | 70 | 69,339 | |||||||||
5.63%, 04/15/27 (Call 04/15/22)(a) | USD | 105 | 107,571 | |||||||||
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)(a) | USD | 125 | 124,430 | |||||||||
Vistra Energy Corp. | ||||||||||||
5.88%, 06/01/23 (Call 05/31/19) | USD | 75 | 76,554 | |||||||||
7.63%, 11/01/24 (Call 11/01/19) | USD | 150 | 158,293 | |||||||||
Vistra Operations Co. LLC | ||||||||||||
5.50%, 09/01/26 (Call 09/01/21)(a)(c) | USD | 175 | 180,250 | |||||||||
5.63%, 02/15/27 (Call 02/15/22)(a) | USD | 200 | 205,687 | |||||||||
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a) | USD | 100 | 99,306 |
Security | Par/ Shares (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Voya Financial Inc., 5.65%, 05/15/53 (Call 05/15/23)(d) | USD | 100 | $ | 100,375 | ||||||||
Weatherford International LLC, 9.88%, 03/01/25 (Call 12/01/24)(c) | USD | 75 | 52,406 | |||||||||
Weatherford International Ltd. | ||||||||||||
4.50%, 04/15/22 (Call 01/15/22)(c) | USD | 125 | 86,920 | |||||||||
7.75%, 06/15/21 (Call 05/15/21)(c) | USD | 100 | 88,000 | |||||||||
8.25%, 06/15/23 (Call 03/15/23) | USD | 100 | 70,039 | |||||||||
WellCare Health Plans Inc. | ||||||||||||
5.25%, 04/01/25 (Call 04/01/20) | USD | 150 | 154,740 | |||||||||
5.38%, 08/15/26 (Call 08/15/21)(a) | USD | 110 | 114,996 | |||||||||
West Corp., 8.50%, 10/15/25 | USD | 175 | 154,219 | |||||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(c) | USD | 350 | 337,750 | |||||||||
Whiting Petroleum Corp. | ||||||||||||
5.75%, 03/15/21 (Call 12/15/20) | USD | 125 | 128,087 | |||||||||
6.25%, 04/01/23 (Call 01/01/23)(c) | USD | 50 | 51,217 | |||||||||
6.63%, 01/15/26 (Call 10/15/25)(c) | USD | 175 | 174,618 | |||||||||
William Lyon Homes Inc., 5.88%, 01/31/25 (Call 01/31/20) | USD | 100 | 97,000 | |||||||||
WMG Acquisition Corp., 4.13%, 11/01/24 (Call 11/01/19)(b) | EUR | 90 | 105,409 | |||||||||
WPX Energy Inc. | ||||||||||||
5.25%, 09/15/24 (Call 06/15/24) | USD | 75 | 77,438 | |||||||||
5.75%, 06/01/26 (Call 06/01/21) | USD | 75 | 77,603 | |||||||||
6.00%, 01/15/22 (Call 10/15/21) | USD | 50 | 52,065 | |||||||||
8.25%, 08/01/23 (Call 06/01/23) | USD | 75 | 85,738 | |||||||||
WR Grace & Co.-Conn, 5.13%, 10/01/21(a) | USD | 100 | 103,500 | |||||||||
Wyndham Destinations Inc. | ||||||||||||
3.90%, 03/01/23 (Call 12/01/22) | USD | 38 | 37,507 | |||||||||
4.25%, 03/01/22 (Call 12/01/21) | USD | 106 | 106,209 | |||||||||
5.75%, 04/01/27 (Call 01/01/27) | USD | 50 | 50,379 | |||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||||||
4.25%, 05/30/23 (Call 02/28/23)(a) | USD | 75 | 74,450 | |||||||||
5.25%, 05/15/27 (Call 02/15/27)(a) | USD | 125 | 121,875 | |||||||||
5.50%, 03/01/25 (Call 12/01/24)(a) | USD | 275 | 277,750 | |||||||||
Xerox Corp. | ||||||||||||
4.13%, 03/15/23 (Call 02/15/23) | USD | 150 | 149,625 | |||||||||
4.50%, 05/15/21 | USD | 150 | 152,088 | |||||||||
XPO Logistics Inc. | ||||||||||||
6.13%, 09/01/23 (Call 09/01/19)(a)(c) | USD | 125 | 127,627 | |||||||||
6.50%, 06/15/22 (Call 05/31/19)(a) | USD | 175 | 178,719 | |||||||||
6.75%, 08/15/24 (Call 08/15/21)(a)(c) | USD | 125 | 129,297 | |||||||||
Zayo Group LLC/Zayo Capital Inc. | ||||||||||||
5.75%, 01/15/27 (Call 01/15/22)(a) | USD | 300 | 304,500 | |||||||||
6.00%, 04/01/23 (Call 05/31/19) | USD | 200 | 203,409 | |||||||||
6.38%, 05/15/25 (Call 05/15/20) | USD | 125 | 127,445 | |||||||||
|
| |||||||||||
114,917,866 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.3% |
| 171,493,346 | ||||||||||
|
| |||||||||||
Short-Term Investments | ||||||||||||
Money Market Funds — 15.2% | ||||||||||||
BlackRock Cash Funds: Institutional, | 24,585 | 24,595,126 |
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2019 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||||||
Money Market Funds (continued) | ||||||||||||
BlackRock Cash Funds: Treasury, | 2,276 | $ | 2,276,169 | |||||||||
|
| |||||||||||
26,871,295 | ||||||||||||
|
| |||||||||||
Total Short-Term Investments — 15.2% | 26,871,295 | |||||||||||
|
| |||||||||||
Total Investments in Securities — 112.5% | 198,364,641 | |||||||||||
Other Assets, Less Liabilities — (12.5)% | (22,057,947 | ) | ||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 176,306,694 | ||||||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(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 is on loan. |
(d) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | 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. |
(g) | Perpetual security with no stated maturity date. |
(h) | Affiliate of the Fund. |
(i) | Annualized 7-day yield as of period-end. |
(j) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/18 (000) | | | Net Activity (000) | | | Shares Held at 04/30/19 (000) | | | Value at 04/30/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 38,617 | (14,032 | ) | 24,585 | $ | 24,595,126 | $ | 81,792 | (b) | $ | 126 | $ | 3,997 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,804 | (528 | ) | 2,276 | 2,276,169 | 14,857 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 26,871,295 | $ | 96,649 | $ | 126 | $ | 3,997 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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 | $ | — | $ | 171,493,346 | $ | — | $ | 171,493,346 | ||||||||
Money Market Funds | 26,871,295 | — | — | 26,871,295 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 26,871,295 | $ | 171,493,346 | $ | — | $ | 198,364,641 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 49 |
Statements of Assets and Liabilities (unaudited)
April 30, 2019
iShares Emerging Markets High Yield Bond ETF | iShares High Yield Bond ETF | iShares J.P. Morgan EM Corporate Bond ETF | iShares J.P. Morgan EM Local Currency Bond ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 317,255,673 | $ | 49,074,810 | $ | 102,490,907 | $ | 647,582,490 | ||||||||
Affiliated(c) | 2,493,613 | 4,688 | 8,792,979 | 2,318,672 | ||||||||||||
Cash | — | — | 6,469 | — | ||||||||||||
Foreign currency, at value(d) | — | 840,075 | — | 3,766,530 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 7,225,616 | 404,287 | 2,636,896 | 1,267,099 | ||||||||||||
Securities lending income — Affiliated | — | — | 2,927 | — | ||||||||||||
Capital shares sold | 387,394 | — | 1,172,567 | 3,693,768 | ||||||||||||
Dividends | 5,360 | 11 | 1,970 | 19,408 | ||||||||||||
Interest | 4,777,091 | 640,558 | 1,229,088 | 12,622,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 332,144,747 | 50,964,429 | 116,333,803 | 671,270,713 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | — | 7,887,320 | — | ||||||||||||
Deferred foreign capital gain tax | — | — | — | 39,949 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 7,983,099 | 713,605 | 4,026,341 | 8,439,850 | ||||||||||||
Investment advisory fees | 134,661 | 16,512 | 41,375 | 152,776 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 8,117,760 | 730,117 | 11,955,036 | 8,632,575 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 324,026,987 | $ | 50,234,312 | $ | 104,378,767 | $ | 662,638,138 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 384,908,820 | $ | 58,823,532 | $ | 104,835,193 | $ | 724,063,968 | ||||||||
Accumulated loss | (60,881,833 | ) | (8,589,220 | ) | (456,426 | ) | (61,425,830 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 324,026,987 | $ | 50,234,312 | $ | 104,378,767 | $ | 662,638,138 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 7,000,000 | 1,000,000 | 2,100,000 | 15,200,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 46.29 | $ | 50.23 | $ | 49.70 | $ | 43.59 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 500 million | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | — | $ | — | $ | 7,626,572 | $ | — | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 334,881,653 | $ | 52,649,622 | $ | 102,648,998 | $ | 687,818,352 | ||||||||
(c) Investments, at cost — Affiliated | $ | 2,493,613 | $ | 4,688 | $ | 8,791,188 | $ | 2,318,672 | ||||||||
(d) Foreign currency, at cost | $ | — | $ | 846,027 | $ | — | $ | 3,818,544 |
See notes to financial statements.
50 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2019
iShares US & Intl High Yield Corp Bond ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 171,493,346 | ||
Affiliated(c) | 26,871,295 | |||
Cash | 5,303 | |||
Foreign currency, at value(d) | 674,257 | |||
Receivables: | ||||
Investments sold | 1,670,394 | |||
Securities lending income — Affiliated | 10,985 | |||
Dividends | 5,161 | |||
Interest | 2,523,980 | |||
|
| |||
Total assets | 203,254,721 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 24,587,222 | |||
Payables: | ||||
Investments purchased | 2,304,407 | |||
Investment advisory fees | 56,398 | |||
|
| |||
Total liabilities | 26,948,027 | |||
|
| |||
NET ASSETS | $ | 176,306,694 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 185,541,437 | ||
Accumulated loss | (9,234,743 | ) | ||
|
| |||
NET ASSETS | $ | 176,306,694 | ||
|
| |||
Shares outstanding | 3,600,000 | |||
|
| |||
Net asset value | $ | 48.97 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 23,661,507 | ||
(b) Investments, at cost — Unaffiliated | $ | 174,396,028 | ||
(c) Investments, at cost — Affiliated | $ | 26,862,208 | ||
(d) Foreign currency, at cost | $ | 680,190 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 51 |
Statements of Operations (unaudited)
Six Months Ended April 30, 2019
iShares Emerging Markets High Yield Bond ETF | iShares International High Yield Bond ETF | iShares J.P. Morgan EM Corporate Bond ETF | iShares J.P. Morgan EM Local Currency Bond ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Affiliated | $ | 26,720 | $ | 561 | $ | 8,297 | $ | 37,062 | ||||||||
Interest — Unaffiliated | 9,895,063 | 928,038 | 2,076,920 | 17,527,739 | ||||||||||||
Securities lending income — Affiliated — net | — | — | 20,963 | — | ||||||||||||
Other income — Unaffiliated | 37,386 | 915 | 3,200 | — | ||||||||||||
Foreign taxes withheld | (166 | ) | — | — | (111,105 | ) | ||||||||||
Other foreign taxes | — | — | — | (372 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 9,959,003 | 929,514 | 2,109,380 | 17,453,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 785,520 | 105,114 | 204,493 | 722,394 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 785,520 | 105,114 | 204,493 | 722,394 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 9,173,483 | 824,400 | 1,904,887 | 16,730,930 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | (2,595,238 | ) | (874,351 | ) | (281,619 | ) | (10,941,529 | ) | ||||||||
Investments — Affiliated | — | — | 15 | — | ||||||||||||
In-kind redemptions — Unaffiliated | (13,503,467 | ) | (1,228,856 | ) | — | (119,773 | ) | |||||||||
Foreign currency transactions | — | (47,676 | ) | — | (208,978 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized loss | (16,098,705 | ) | (2,150,883 | ) | (281,604 | ) | (11,270,280 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | 24,278,819 | 2,371,650 | 3,787,005 | 6,300,344 | ||||||||||||
Investments — Affiliated | — | — | 1,277 | — | ||||||||||||
Foreign currency translations | — | 39,433 | — | (161,238 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 24,278,819 | 2,411,083 | 3,788,282 | 6,139,106 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 8,180,114 | 260,200 | 3,506,678 | (5,131,174 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 17,353,597 | $ | 1,084,600 | $ | 5,411,565 | $ | 11,599,756 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax of | $ | — | $ | — | $ | — | $ | 4,353 | ||||||||
(b) Net of deferred foreign capital gain tax of | $ | — | $ | — | $ | — | $ | 37,284 |
See notes to financial statements.
52 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2019
iShares US & Intl High Yield Corp Bond ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 14,857 | ||
Interest — Unaffiliated | 4,649,385 | |||
Securities lending income — Affiliated — net | 81,792 | |||
Other income — Unaffiliated | 2,463 | |||
|
| |||
Total investment income | 4,748,497 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 341,170 | |||
|
| |||
Total expenses | 341,170 | |||
|
| |||
Net investment income | 4,407,327 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (412,059 | ) | ||
Investments — Affiliated | 126 | |||
In-kind redemptions — Unaffiliated | (3,298,460 | ) | ||
Foreign currency transactions | (34,828 | ) | ||
|
| |||
Net realized loss | (3,745,221 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | 6,031,527 | |||
Investments — Affiliated | 3,997 | |||
Foreign currency translations | 25,927 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 6,061,451 | |||
|
| |||
Net realized and unrealized gain | 2,316,230 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,723,557 | ||
|
|
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 53 |
Statements of Changes in Net Assets
iShares Emerging Markets High Yield Bond ETF | iShares International High Yield Bond ETF | |||||||||||||||
Six Months Ended 04/30/19 | Year Ended 10/31/18 | Six Months Ended 04/30/19 | Year Ended 10/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 9,173,483 | $ | 28,721,946 | $ | 824,400 | $ | 2,770,717 | ||||||||
Net realized loss | (16,098,705 | ) | (15,349,658 | ) | (2,150,883 | ) | (1,464,166 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 24,278,819 | (47,772,345 | ) | 2,411,083 | (6,024,377 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 17,353,597 | (34,400,057 | ) | 1,084,600 | (4,717,826 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (13,584,633 | ) | (27,754,319 | ) | (1,938,517 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net decrease in net assets derived from capital share transactions | (78,283,442 | ) | (164,171,431 | ) | (14,769,536 | ) | (19,584,391 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total decrease in net assets | (74,514,478 | ) | (226,325,807 | ) | (15,623,453 | ) | (24,302,217 | ) | ||||||||
Beginning of period | 398,541,465 | 624,867,272 | 65,857,765 | 90,159,982 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 324,026,987 | $ | 398,541,465 | $ | 50,234,312 | $ | 65,857,765 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
54 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares J.P. Morgan EM Corporate Bond ETF | iShares J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
Six Months Ended 04/30/19 (unaudited) | Year Ended 10/31/18 | Six Months Ended 04/30/19 (unaudited) | Year Ended 10/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,904,887 | $ | 3,660,887 | $ | 16,730,930 | $ | 23,465,098 | ||||||||
Net realized loss | (281,604 | ) | (1,093,675 | ) | (11,270,280 | ) | (22,455,298 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 3,788,282 | (5,355,536 | ) | 6,139,106 | (39,280,027 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,411,565 | (2,788,324 | ) | 11,599,756 | (38,270,227 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,885,906 | ) | (3,577,391 | ) | (14,295,840 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 29,337,745 | (9,387,512 | ) | 241,602,160 | 152,785,390 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 32,863,404 | (15,753,227 | ) | 238,906,076 | 114,515,163 | |||||||||||
Beginning of period | 71,515,363 | 87,268,590 | 423,732,062 | 309,216,899 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 104,378,767 | $ | 71,515,363 | $ | 662,638,138 | $ | 423,732,062 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 55 |
Statements of Changes in Net Assets (continued)
iShares US & Intl High Yield Corp Bond ETF | ||||||||
Six Months Ended 04/30/19 | Year Ended 10/31/18 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 4,407,327 | $ | 10,899,570 | ||||
Net realized gain (loss) | (3,745,221 | ) | 1,032,242 | |||||
Net change in unrealized appreciation (depreciation) | 6,061,451 | (13,646,920 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 6,723,557 | (1,715,108 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (5,692,068 | ) | (11,429,826 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | (36,077,886 | ) | 10,395,402 | |||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total decrease in net assets | (35,046,397 | ) | (2,749,532 | ) | ||||
Beginning of period | 211,353,091 | 214,102,623 | ||||||
|
|
|
| |||||
End of period | $ | 176,306,694 | $ | 211,353,091 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
56 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares Emerging Markets High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/19 (unaudited) | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | Year Ended 10/31/14 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 45.29 | $ | 50.60 | $ | 49.97 | $ | 46.82 | $ | 51.03 | $ | 50.90 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.32 | 2.44 | 2.87 | 3.03 | 2.99 | 2.93 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.65 | (5.40 | ) | 0.77 | 3.25 | (4.11 | ) | 0.15 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 2.97 | (2.96 | ) | 3.64 | 6.28 | (1.12 | ) | 3.08 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.97 | ) | (2.35 | ) | (3.01 | ) | (3.13 | ) | (3.09 | ) | (2.95 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total distributions | (1.97 | ) | (2.35 | ) | (3.01 | ) | (3.13 | ) | (3.09 | ) | (2.95 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 46.29 | $ | 45.29 | $ | 50.60 | $ | 49.97 | $ | 46.82 | $ | 51.03 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 6.75 | %(d) | (5.96 | )%(e) | 7.60 | % | 14.02 | % | (2.13 | )% | 6.24 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | 0.55 | % | 0.65 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income | 5.84 | %(f) | 5.11 | % | 5.73 | % | 6.35 | % | 6.29 | % | 5.78 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 324,027 | $ | 398,541 | $ | 624,867 | $ | 107,431 | $ | 159,199 | $ | 199,005 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(g) | 14 | %(d) | 19 | % | 25 | % | 29 | % | 39 | % | 24 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares International High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/19 (unaudited) | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | Year Ended 10/31/14 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.66 | $ | 53.04 | $ | 46.91 | $ | 46.44 | $ | 52.90 | $ | 56.84 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(a) | 0.77 | 1.54 | 1.77 | 1.82 | 1.84 | 2.43 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.74 | (3.92 | ) | 4.85 | (0.47 | ) | (6.57 | ) | (3.55 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 1.51 | (2.38 | ) | 6.62 | 1.35 | (4.73 | ) | (1.12 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.94 | ) | — | (0.40 | ) | (0.26 | ) | (0.05 | ) | (2.82 | ) | |||||||||||||||||||||||||||||||||
From net realized gain | — | — | — | — | (0.02 | ) | — | |||||||||||||||||||||||||||||||||||||
Return of capital | — | — | (0.09 | ) | (0.62 | ) | (1.66 | ) | — | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total distributions | (1.94 | ) | — | (0.49 | ) | (0.88 | ) | (1.73 | ) | (2.82 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 50.23 | $ | 50.66 | $ | 53.04 | $ | 46.91 | $ | 46.44 | $ | 52.90 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 3.17 | %(d) | (4.49 | )% | 14.21 | % | 2.95 | % | (9.02 | )% | (2.20 | )% | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.51 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income | 3.14 | %(e) | 2.87 | % | 3.62 | % | 3.93 | % | 3.85 | % | 4.25 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 50,234 | $ | 65,858 | $ | 90,160 | $ | 154,796 | $ | 185,756 | $ | 142,827 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(f) | 13 | %(d) | 31 | % | 49 | % | 24 | % | 28 | % | 25 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
58 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/19 (unaudited) | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | Year Ended 10/31/14 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 47.68 | $ | 51.33 | $ | 50.40 | $ | 48.21 | $ | 51.18 | $ | 50.48 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.12 | 2.16 | 2.10 | 2.19 | 2.19 | 2.01 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.05 | (3.70 | ) | 0.90 | 2.18 | (3.02 | ) | 0.75 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 3.17 | (1.54 | ) | 3.00 | 4.37 | (0.83 | ) | 2.76 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.15 | ) | (2.11 | ) | (2.07 | ) | (2.18 | ) | (2.14 | ) | (2.06 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total distributions | (1.15 | ) | (2.11 | ) | (2.07 | ) | (2.18 | ) | (2.14 | ) | (2.06 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 49.70 | $ | 47.68 | $ | 51.33 | $ | 50.40 | $ | 48.21 | $ | 51.18 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 6.77 | %(d) | (3.09 | )% | 6.14 | % | 9.33 | % | (1.62 | )% | 5.61 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.53 | % | 0.60 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income | 4.66 | %(e) | 4.37 | % | 4.16 | % | 4.51 | % | 4.47 | % | 3.99 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 104,379 | $ | 71,515 | $ | 87,269 | $ | 32,758 | $ | 28,929 | $ | 25,591 | ||||||||||||||||||||||||||||||||
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Portfolio turnover rate(f) | 11 | %(d) | 16 | % | 62 | % | 22 | % | 11 | % | 20 | % | ||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 59 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/19 (unaudited) | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | Year Ended 10/31/14 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.24 | $ | 46.85 | $ | 45.14 | $ | 41.31 | $ | 48.74 | $ | 50.66 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.52 | 2.87 | 2.29 | 1.94 | 2.03 | 2.26 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.32 | (6.48 | ) | (0.58 | ) | 1.89 | (8.87 | ) | (2.84 | ) | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 1.84 | (3.61 | ) | 1.71 | 3.83 | (6.84 | ) | (0.58 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.49 | ) | — | — | — | — | (1.31 | ) | ||||||||||||||||||||||||||||||||||||
Return of capital | — | — | — | — | (0.59 | ) | (0.03 | ) | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total distributions | (1.49 | ) | — | — | — | (0.59 | ) | (1.34 | ) | |||||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 43.59 | $ | 43.24 | $ | 46.85 | $ | 45.14 | $ | 41.31 | $ | 48.74 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 4.37 | %(d) | (7.71 | )% | 3.79 | % | 9.06 | %(e) | (13.99 | )%(e) | (1.14 | )% | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.30 | %(f) | 0.42 | % | 0.50 | % | 0.50 | % | 0.53 | % | 0.60 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.30 | %(f) | 0.41 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.59 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income | 6.95 | %(f) | 6.19 | % | 5.04 | % | 4.56 | % | 4.63 | % | 4.56 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 662,638 | $ | 423,732 | $ | 309,217 | $ | 451,410 | $ | 520,532 | $ | 584,857 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(g) | 14 | %(d) | 51 | % | 97 | % | 59 | % | 46 | % | 43 | % | ||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | 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. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
60 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares US & Intl High Yield Corp Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/19 (unaudited) | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | Year Ended 10/31/14 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 48.03 | $ | 50.98 | $ | 48.77 | $ | 47.57 | $ | 52.00 | $ | 53.50 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.22 | 2.46 | 2.45 | 2.55 | 2.56 | 2.84 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.20 | (2.80 | ) | 2.08 | 0.57 | (4.76 | ) | (1.28 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 2.42 | (0.34 | ) | 4.53 | 3.12 | (2.20 | ) | 1.56 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.48 | ) | (2.61 | ) | (2.32 | ) | (1.92 | ) | (2.23 | ) | (3.06 | ) | ||||||||||||||||||||||||||||||||
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Total distributions | (1.48 | ) | (2.61 | ) | (2.32 | ) | (1.92 | ) | (2.23 | ) | (3.06 | ) | ||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 48.97 | $ | 48.03 | $ | 50.98 | $ | 48.77 | $ | 47.57 | $ | 52.00 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 5.15 | %(d) | (0.71 | )% | 9.58 | % | 6.82 | % | (4.32 | )% | 2.91 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.51 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income | 5.17 | %(e) | 4.95 | % | 4.93 | % | 5.44 | % | 5.18 | % | 5.31 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 176,307 | $ | 211,353 | $ | 214,103 | $ | 97,547 | $ | 118,931 | $ | 104,002 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(f) | 9 | %(d) | 20 | % | 22 | % | 24 | % | 21 | % | 21 | % | ||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(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) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 61 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
Emerging Markets High Yield Bond | Non-diversified | |||
International High Yield Bond | Diversified | |||
J.P. Morgan EM Corporate Bond | Diversified | |||
J.P. Morgan EM Local Currency Bond | Non-diversified | |||
US & Intl High Yield Corp Bond | Diversified |
2. | 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 increases and decreases in net assets from operations 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.
Investment Transactions and Income Recognition:Investment 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, andpayment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on theex-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 innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, 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 investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax 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 each Fund invests. These foreign taxes, if any, are paid by each 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, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,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) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-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.
Recent Accounting Standards:In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit,non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
62 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) 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. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or 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. |
• | Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. 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. Odd lots may trade at lower prices than institutional round lots. 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. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market 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 as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs 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 inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
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.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations 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, but not limited to, quoted prices for similar assets or liabilities in markets that are active, 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 interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs 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 financial instruments). |
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. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its 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 market value of the loaned securities 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. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, 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
N O T E S T O F I N A N C I A L S T A T E M E N T S | 63 |
Notes to Financial Statements (unaudited) (continued)
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.
As of April 30, 2019, 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-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, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-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, the 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 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, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2019:
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
J.P. Morgan EM Corporate Bond | ||||||||||||||||
Barclays Bank PLC | $ | 155,436 | $ | 155,436 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 924,404 | 924,404 | — | — | ||||||||||||
Citadel Clearing LLC | 191,525 | 191,525 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 132,203 | 132,203 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 141,536 | 141,536 | — | — | ||||||||||||
Jefferies LLC | 1,609,132 | 1,609,132 | — | — | ||||||||||||
JPMorgan Securities LLC | 569,266 | 569,266 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 1,410,465 | 1,410,465 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 654,253 | 654,253 | — | — | ||||||||||||
Nomura Securities International Inc. | 459,408 | 459,408 | — | — | ||||||||||||
Wells Fargo Securities LLC | 1,378,944 | 1,378,944 | — | — | ||||||||||||
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| |||||||||
$ | 7,626,572 | $ | 7,626,572 | $ | — | $ | — | |||||||||
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| |||||||||
US & Intl High Yield Corp Bond | ||||||||||||||||
Barclays Bank PLC | $ | 268,627 | $ | 268,627 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 4,633,767 | 4,633,767 | — | — | ||||||||||||
BMO Capital Markets | 75,375 | 75,375 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 822,971 | 822,971 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 2,131,719 | 2,131,719 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 928,817 | 928,817 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 294,954 | 294,954 | — | — | ||||||||||||
Goldman Sachs & Co. | 8,754,756 | 8,754,756 | — | — | ||||||||||||
HSBC Securities (USA) Inc. | 555,579 | 555,579 | — | — | ||||||||||||
Jefferies LLC | 100,024 | 100,024 | — | — | ||||||||||||
JPMorgan Securities LLC | 3,201,917 | 3,201,917 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 548,648 | 548,648 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 430,549 | 430,549 | — | — | ||||||||||||
State Street Bank and Trust | 141,700 | 141,700 | — | — | ||||||||||||
UBS AG | 772,104 | 772,104 | — | — | ||||||||||||
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$ | 23,661,507 | $ | 23,661,507 | $ | — | $ | — | |||||||||
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(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. |
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, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
64 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: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).
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 High Yield Bond | 0.50 | % | ||
International High Yield Bond | 0.40 | |||
J.P. Morgan EM Corporate Bond | 0.50 | |||
J.P. Morgan EM Local Currency Bond | 0.30 | |||
US & Intl High Yield Corp Bond | 0.40 |
Prior to June 26, 2018, for its investment advisory services to the iShares J.P. Morgan EM Local Currency Bond ETF, BFA was entitled to an annual investment advisory fee of 0.50%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Expense Waivers:The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. Effective June 1, 2018, BFA contractually agreed to waive a portion of its investment advisory fee for the iShares J.P. Morgan EM Local Currency Bond ETF through May 30, 2023 such that the Fund’s total annual operating expenses after fee waiver will not exceed 0.30% of average daily net assets. The contractual waiver for the Fund was terminated effective June 26, 2018, pursuant to a written agreement between the Company and BFA and in conjunction with the permanent annual advisory fee reduction for the Fund from 0.50% to 0.30%.
Sub-Adviser:BFA has entered into asub-advisory agreement with BlackRock International Limited (the“Sub-Adviser”), an affiliate of BFA, under which BFA pays theSub-Adviser for services it provides to the iShares International High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF.
Distributor: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.
Securities Lending:The U.S. Securities and Exchange Commission (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, or its affiliates, 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 (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a specified threshold, each Fund, pursuant to the 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. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended April 30, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
J.P. Morgan EM Corporate Bond | $ | 5,358 | ||
US & Intl High Yield Corp Bond | 22,311 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
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 Rule17a-7.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 65 |
Notes to Financial Statements (unaudited) (continued)
For the six months ended April 30, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
Emerging Markets High Yield Bond | $ | 1,730,587 | $ | 141,873 |
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 shown as dividends – affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
6. | PURCHASES AND SALES |
For the six months ended April 30, 2019, purchases and sales of investments, including TBA rolls and excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Emerging Markets High Yield Bond | $ | 42,708,330 | $ | 47,783,657 | ||||
International High Yield Bond | 6,747,729 | 7,740,524 | ||||||
J.P. Morgan EM Corporate Bond | 9,361,708 | 9,657,157 | ||||||
J.P. Morgan EM Local Currency Bond | 292,547,845 | 67,503,329 | ||||||
US & Intl High Yield Corp Bond | 16,044,570 | 17,222,576 |
For the six months ended April 30, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Emerging Markets High Yield Bond | $ | 67,579,230 | $ | 143,520,917 | ||||
International High Yield Bond | — | 14,337,439 | ||||||
J.P. Morgan EM Corporate Bond | 28,628,254 | — | ||||||
J.P. Morgan EM Local Currency Bond | 42,379,087 | 32,785,287 | ||||||
US & Intl High Yield Corp Bond | 26,830,339 | 62,252,518 |
7. | 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.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of October 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Emerging Markets High Yield Bond | $ | 24,416,137 | ||
International High Yield Bond | 3,667,432 | |||
J.P. Morgan EM Corporate Bond | 327,184 | |||
J.P. Morgan EM Local Currency Bond | 11,278,388 | |||
US & Intl High Yield Corp Bond | 3,076,912 |
66 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of April 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Emerging Markets High Yield Bond | $ | 338,256,962 | $ | 3,190,375 | $ | (21,698,051 | ) | $ | (18,507,676 | ) | ||||||
International High Yield Bond | 52,660,578 | 347,324 | (3,928,404 | ) | (3,581,080 | ) | ||||||||||
J.P. Morgan EM Corporate Bond | 111,472,156 | 1,614,698 | (1,802,968 | ) | (188,270 | ) | ||||||||||
J.P. Morgan EM Local Currency Bond | 703,464,862 | 4,184,685 | (57,748,385 | ) | (53,563,700 | ) | ||||||||||
US & Intl High Yield Corp Bond | 201,295,946 | 2,140,747 | (5,072,052 | ) | (2,931,305 | ) |
8. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
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 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.
Investing in the securities ofnon-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: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
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. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their price more volatile than those of 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 (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
Concentration Risk: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.
9. | 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.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 67 |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
Six Months Ended 04/30/19 | Year Ended 10/31/18 | |||||||||||||||||||
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| |||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
| ||||||||||||||||||||
Emerging Markets High Yield Bond | ||||||||||||||||||||
Shares sold | 1,500,000 | $ | 69,746,797 | 2,900,000 | $ | 140,178,128 | ||||||||||||||
Shares redeemed | (3,300,000 | ) | (148,030,239 | ) | (6,450,000 | ) | (304,349,559 | ) | ||||||||||||
|
|
|
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|
|
|
| |||||||||||||
Net decrease | (1,800,000 | ) | $ | (78,283,442 | ) | (3,550,000 | ) | $ | (164,171,431 | ) | ||||||||||
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| |||||||||||||
International High Yield Bond | ||||||||||||||||||||
Shares sold | — | $ | 117 | 300,000 | $ | 16,483,746 | ||||||||||||||
Shares redeemed | (300,000 | ) | (14,769,653 | ) | (700,000 | ) | (36,068,137 | ) | ||||||||||||
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| |||||||||||||
Net decrease | (300,000 | ) | $ | (14,769,536 | ) | (400,000 | ) | $ | (19,584,391 | ) | ||||||||||
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| |||||||||||||
J.P. Morgan EM Corporate Bond | ||||||||||||||||||||
Shares sold | 600,000 | $ | 29,337,745 | 100,000 | $ | 5,051,273 | ||||||||||||||
Shares redeemed | — | — | (300,000 | ) | (14,438,785 | ) | ||||||||||||||
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| |||||||||||||
Net increase (decrease) | 600,000 | $ | 29,337,745 | (200,000 | ) | $ | (9,387,512 | ) | ||||||||||||
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| |||||||||||||
J.P. Morgan EM Local Currency Bond | ||||||||||||||||||||
Shares sold | 6,800,000 | $ | 303,203,667 | 4,400,000 | $ | 206,994,308 | ||||||||||||||
Shares redeemed | (1,400,000 | ) | (61,601,507 | ) | (1,200,000 | ) | (54,208,918 | ) | ||||||||||||
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| |||||||||||||
Net increase | 5,400,000 | $ | 241,602,160 | 3,200,000 | $ | 152,785,390 | ||||||||||||||
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| |||||||||||||
US & Intl High Yield Corp Bond | ||||||||||||||||||||
Shares sold | 600,000 | $ | 29,090,655 | 800,000 | $ | 40,180,000 | ||||||||||||||
Shares redeemed | (1,400,000 | ) | (65,168,541 | ) | (600,000 | ) | (29,784,598 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (800,000 | ) | $ | (36,077,886 | ) | 200,000 | $ | 10,395,402 | ||||||||||||
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The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-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 shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
10. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities 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”) in California State Court. 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. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
11. | 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 additional disclosure in the financial statements.
68 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information(unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-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 High Yield Bond(a) | $ | 1.839477 | $ | — | $ | 0.135144 | $ | 1.974621 | 93 | % | — | % | 7 | % | 100 | % | ||||||||||||||||||||
J.P. Morgan EM Corporate Bond(a) | 1.123002 | — | 0.024377 | 1.147379 | 98 | — | 2 | 100 | ||||||||||||||||||||||||||||
US & Intl High Yield Corp Bond(a) | 1.431285 | — | 0.049109 | 1.480394 | 97 | — | 3 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E ME N T A L I N F O R M A T I O N | 69 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
70 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Fixed Income | ||
LIBOR | London Interbank Offered Rate | |
PIK | Payment-in-kind | |
Currency Abbreviations | ||
ARS | Argentine Peso | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
CZK | Czech Koruna | |
DOP | Dominican Peso | |
EUR | Euro | |
GBP | British Pound | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
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 | |
UYU | Uruguayan Peso | |
ZAR | South African Rand |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 71 |
![]() | For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by JPMorgan Chase & Co., Markit Indices Limited or Morningstar, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. | |||||||
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Item 2. | Code of Ethics. |
Not applicable to this semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to this semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this semi-annual report.
Information Classification: Confidential
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 forClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 9. | Purchases of Equity Securities byClosed-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 Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined inRule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule30a-3(b) under the Investment Company Act of 1940 and Rules13a-15(b) or15d-15(b) under the Exchange Act of 1934. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) that occurred during 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. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 13. | Exhibits. |
(a) (1) Not applicable to this semi-annual report.
(a) (2) Section 302 Certifications are attached.
(a) (3) Not applicable.
(a) (4) Not applicable.
(b) Section 906 Certifications are attached.
Information Classification: Confidential
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: June 28, 2019
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: June 28, 2019
By: /s/ Neal Andrews | ||
Neal Andrews, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: June 28, 2019
Information Classification: Confidential