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, 2020
Date of reporting period: April 30, 2020
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.
![]() | APRIL 30, 2020 |
2020 Semi-Annual Report (Unaudited) |
iShares, Inc.
· | iShares International High Yield Bond ETF | HYXU | Cboe BZX |
· | iShares J.P. Morgan EM Corporate Bond ETF | CEMB | Cboe BZX |
· | iShares J.P. Morgan EM High Yield Bond ETF | EMHY | Cboe BZX |
· | iShares J.P. Morgan EM Local Currency Bond ETF | LEMB | NYSE Arca |
· | iShares US & Intl High Yield Corp Bond ETF | GHYG | Cboe BZX |
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, 2020 | 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 Marketsex-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 | (8.88 | )% | (7.39 | )% | 0.98 | % | 1.98 | % | (7.39 | )% | 4.98 | % | 17.13 | % | ||||||||||||||||||
Fund Market | (8.77 | ) | (7.50 | ) | 0.86 | 2.00 | (7.50 | ) | 4.36 | 17.33 | ||||||||||||||||||||||
Index | (8.70 | ) | (7.09 | ) | 1.31 | 2.16 | (7.09 | ) | 6.71 | 18.79 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 911.20 | $ 1.90 | $ 1,000.00 | $ 1,022.90 | $ 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 1.3 | % | ||
Ba | 51.7 | |||
B | 26.4 | |||
Caa | 6.6 | |||
Ca | 0.2 | |||
Not Rated | 13.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 18.5 | % | ||
Italy | 16.4 | |||
France | 12.0 | |||
United Kingdom | 8.3 | |||
Germany | 7.5 | |||
Spain | 6.7 | |||
Netherlands | 5.7 | |||
Ireland | 4.0 | |||
Luxembourg | 4.0 | |||
Sweden | 3.5 |
* | 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. |
FUND SUMMARY | 3 |
Fund Summary as of April 30, 2020 | 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 | (5.23 | )% | (0.08 | )% | 3.28 | % | 3.60 | % | (0.08 | )% | 17.52 | % | 32.86 | % | ||||||||||||||||||
Fund Market | (5.15 | ) | (0.01 | ) | 3.24 | 3.66 | (0.01 | ) | 17.26 | 33.54 | ||||||||||||||||||||||
Index | (4.83 | ) | 0.64 | 3.85 | 4.19 | 0.64 | 20.78 | 39.12 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 947.70 | $ 2.42 | $ 1,000.00 | $ 1,022.40 | $ 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aa | 2.3 | % | ||
A | 18.1 | |||
Baa | 35.7 | |||
Ba | 17.3 | |||
B | 7.0 | |||
Caa | 3.6 | |||
Ca | 0.1 | |||
Not Rated | 15.9 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | �� | 10.1 | % | |
Brazil | 6.5 | |||
Hong Kong | 5.7 | |||
Mexico | 5.6 | |||
Russia | 5.4 | |||
United Arab Emirates | 4.9 | |||
South Korea | 4.8 | |||
Saudi Arabia | 4.7 | |||
India | 4.5 | |||
Colombia | 4.5 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
4 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF |
Investment Objective
TheiShares J.P. Morgan EM High Yield Bond ETF(the “Fund”) (formerly the iShares Emerging Markets High Yield Bond ETF) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the J.P. Morgan USD Emerging Markets High Yield Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (13.65 | )% | (10.60 | )% | 1.60 | % | 2.94 | % | (10.60 | )% | 8.25 | % | 26.33 | % | ||||||||||||||||||
Fund Market | (13.35 | ) | (10.10 | ) | 1.73 | 3.02 | (10.10 | ) | 8.97 | 27.17 | ||||||||||||||||||||||
Index(a) | (13.29 | ) | (10.29 | ) | 1.86 | 3.30 | (10.29 | ) | 9.65 | 29.93 | ||||||||||||||||||||||
J.P. Morgan USD Emerging Markets High Yield Bond Index (b) | (12.95 | ) | (10.30 | ) | N/A | N/A | (10.30 | ) | N/A | N/A |
The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.
(a) | Index performance through March 01, 2020 reflects the performance of the Morningstar® Emerging Markets High Yield Bond IndexSM which terminated on April 01, 2020. Index performance beginning on March 02, 2020 reflects the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index, which, effective as of March 02, 2020, replaced Morningstar® Emerging Markets High Yield Bond Index as the underlying index of the fund. |
(b) | The inception date of the J.P. Morgan USD Emerging Markets High Yield Bond Index was July 27, 2018. The cumulative total return for this index for the period July 27, 2018 through April 30, 2020 was 5.85%. |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 863.50 | $ 2.27 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 0.8 | % | ||
Ba | 41.9 | |||
B | 32.9 | |||
Caa | 7.0 | |||
Ca | 2.1 | |||
C | 0.3 | |||
Not Rated | 15.0 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Brazil | 20.7 | % | ||
Turkey | 14.2 | |||
China | 6.3 | |||
South Africa | 4.8 | |||
Israel | 3.3 | |||
Russia | 3.2 | |||
Oman | 3.1 | |||
Hong Kong | 2.9 | |||
Ukraine | 2.8 | |||
Argentina | 2.8 |
* | 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. |
FUND SUMMARY | 5 |
Fund Summary as of April 30, 2020 | 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. MorganGBI-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 | (10.87 | )% | (7.13 | )% | (1.50 | )% | (0.79 | )% | (7.13 | )% | (7.26 | )% | (6.54 | )% | ||||||||||||||||||
Fund Market | (12.22 | ) | (8.63 | ) | (1.75 | ) | (0.94 | ) | (8.63 | ) | (8.47 | ) | (7.74 | ) | ||||||||||||||||||
Index | (10.25 | ) | (6.52 | ) | (0.82 | ) | (0.26 | ) | (6.52 | ) | (4.05 | ) | (2.23 | ) |
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 performance beginning on June 1, 2017 reflects the performance of the J.P. MorganGBI-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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 891.30 | $ 1.41 | $ 1,000.00 | $ 1,023.40 | $ 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aa | 4.5 | % | ||
A | 22.6 | |||
Baa | 50.7 | |||
Ba | 17.3 | |||
B | 4.4 | |||
Not Rated | 0.5 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Brazil | 8.7 | % | ||
Indonesia | 8.7 | |||
Mexico | 8.6 | |||
Thailand | 6.5 | |||
Poland | 5.9 | |||
Russia | 5.1 | |||
Chile | 4.6 | |||
Hungary | 4.6 | |||
Czech Republic | 4.6 | |||
Malaysia | 4.5 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
6 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Summary as of April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF |
Investment Objective
TheiShares US & Intl High Yield Corp Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx® Global Developed Markets High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (7.43 | )% | (5.15 | )% | 2.28 | % | 3.61 | % | (5.15 | )% | 11.94 | % | 33.12 | % | ||||||||||||||||||
Fund Market | (7.50 | ) | (5.52 | ) | 2.20 | 3.59 | (5.52 | ) | 11.47 | 32.96 | ||||||||||||||||||||||
Index | (7.49 | ) | (5.19 | ) | 2.46 | 3.75 | (5.19 | ) | 12.95 | 34.66 |
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 8 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (11/01/19) | | | Ending Account Value (04/30/20) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 925.70 | $ 1.92 | $ 1,000.00 | $ 1,022.90 | $ 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information. |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
A | 0.1 | % | ||
Baa | 0.8 | |||
Ba | 48.2 | |||
B | 34.4 | |||
Caa | 10.9 | |||
Ca | 0.5 | |||
C | 0.1 | |||
Not Rated | 5.0 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 68.7 | % | ||
Italy | 4.5 | |||
France | 3.9 | |||
United Kingdom | 3.8 | |||
Canada | 3.4 | |||
Germany | 2.5 | |||
Netherlands | 2.2 | |||
Luxembourg | 2.0 | |||
Spain | 1.7 | |||
Israel | 1.6 |
* | 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. |
FUND SUMMARY | 7 |
Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. 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.
8 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Corporate Bonds & Notes | ||||||||||||
Belgium — 0.3% | ||||||||||||
Telenet Finance Luxembourg Notes Sarl, | EUR | 100 | $ | 112,183 | ||||||||
Canada — 1.4% | ||||||||||||
Bombardier Inc., 6.13%, 05/15/21(a) | EUR | 100 | 91,800 | |||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., | CAD | 50 | 34,738 | |||||||||
Iron Mountain Canada Operations ULC, | CAD | 50 | 36,088 | |||||||||
Parkland Fuel Corp. | CAD | 150 | 103,714 | |||||||||
5.75%, 09/16/24 (Call 09/16/20) | CAD | 100 | 70,493 | |||||||||
Quebecor Media Inc., | CAD | 75 | 57,057 | |||||||||
Southern Pacific Resource Corp., | CAD | 50 | 4 | |||||||||
Videotron Ltd. | CAD | 150 | 107,433 | |||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 50 | 37,641 | |||||||||
5.75%, 01/15/26 (Call 09/15/20)(a) | CAD | 50 | 37,150 | |||||||||
|
| |||||||||||
576,118 | ||||||||||||
Cayman Islands — 0.3% | ||||||||||||
UPCB Finance VII Ltd., | EUR | 100 | 107,931 | |||||||||
|
| |||||||||||
Denmark — 1.1% | ||||||||||||
DKT Finance ApS, 7.00%, 06/17/23 | EUR | 200 | 216,125 | |||||||||
TDC AS | EUR | 100 | 112,534 | |||||||||
6.88%, 02/23/23(a) | GBP | 100 | 129,859 | |||||||||
|
| |||||||||||
458,518 | ||||||||||||
Finland — 1.6% | ||||||||||||
Nokia OYJ | EUR | 100 | 109,180 | |||||||||
2.00%, 03/11/26 (Call 12/11/25)(a) | EUR | 150 | 158,730 | |||||||||
Teollisuuden Voima OYJ | EUR | 200 | 198,591 | |||||||||
2.13%, 02/04/25 (Call 11/04/24)(a) | EUR | 100 | 106,371 | |||||||||
2.63%, 01/13/23(a) | EUR | 100 | 111,327 | |||||||||
|
| |||||||||||
684,199 | ||||||||||||
France — 11.7% | ||||||||||||
Altice France SA/France | EUR | 150 | 152,635 | |||||||||
2.50%, 01/15/25 (Call 09/15/21)(a) | EUR | 100 | 103,336 | |||||||||
3.38%, 01/15/28 (Call 09/15/22)(a) | EUR | 200 | 205,257 | |||||||||
5.88%, 02/01/27 (Call 02/01/22)(a) | EUR | 150 | 170,555 | |||||||||
Banijay Entertainment SASU, | EUR | 100 | 103,472 | |||||||||
Banijay Group SAS, | EUR | 100 | 93,617 | |||||||||
Casino Guichard Perrachon SA | EUR | 200 | 184,563 | |||||||||
4.50%, 03/07/24 (Call 12/04/23)(a) | EUR | 100 | 97,601 | |||||||||
4.56%, 01/25/23(a) | EUR | 300 | 311,622 | |||||||||
5.98%, 05/26/21(a) | EUR | 100 | 110,079 | |||||||||
CMA CGM SA, 5.25%, 01/15/25 | EUR | 200 | 138,928 | |||||||||
Constellium SE, 4.25%, 02/15/26 | EUR | 100 | 99,124 | |||||||||
Elis SA | EUR | 100 | 96,999 | |||||||||
1.63%, 04/03/28 (Call 01/03/28)(a) | EUR | 100 | 95,231 | |||||||||
1.75%, 04/11/24 (Call 01/11/24)(a) | EUR | 100 | 102,987 | |||||||||
2.88%, 02/15/26 (Call 11/15/25)(a) | EUR | 100 | 103,687 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Europcar Mobility Group, | EUR | 200 | $ | 137,708 | ||||||||
Faurecia SE | EUR | 100 | 98,714 | |||||||||
2.63%, 06/15/25 (Call 06/15/21)(a) | EUR | 150 | 154,154 | |||||||||
3.13%, 06/15/26 (Call 06/15/22)(a) | EUR | 100 | 103,884 | |||||||||
La Financiere Atalian SASU, | EUR | 100 | 68,244 | |||||||||
Loxam SAS | EUR | 300 | 294,578 | |||||||||
3.50%, 05/03/23 (Call 05/08/20)(a) | EUR | 100 | 101,715 | |||||||||
5.75%, 07/15/27 (Call 07/15/22)(a) | EUR | 100 | 75,952 | |||||||||
Orano SA | EUR | 100 | 108,961 | |||||||||
3.38%, 04/23/26 (Call 01/23/26)(a) | EUR | 100 | 107,435 | |||||||||
4.88%, 09/23/24 | EUR | 200 | 233,596 | |||||||||
Quatrim SASU, | EUR | 100 | 110,842 | |||||||||
RCI Banque SA, | EUR | 200 | 196,747 | |||||||||
Rexel SA | EUR | 150 | 159,624 | |||||||||
2.75%, 06/15/26 (Call 06/15/22)(a) | EUR | 100 | 106,935 | |||||||||
SPCM SA, 2.88%, 06/15/23 | EUR | 100 | 108,125 | |||||||||
SPIE SA | EUR | 100 | 105,051 | |||||||||
3.13%, 03/22/24 (Call 09/22/23)(a) | EUR | 100 | 108,553 | |||||||||
Synlab Unsecured Bondco PLC, | EUR | 150 | 160,421 | |||||||||
Vallourec SA | EUR | 100 | 51,972 | |||||||||
6.63%, 10/15/22 (Call 10/15/20)(a) | EUR | 100 | 56,682 | |||||||||
|
| |||||||||||
4,819,586 | ||||||||||||
Germany — 7.3% | ||||||||||||
ADLER Real Estate AG | EUR | 100 | 105,777 | |||||||||
1.50%, 04/17/22 (Call 03/17/22)(a) | EUR | 100 | 104,444 | |||||||||
3.00%, 04/27/26 (Call 02/27/26)(a) | EUR | 100 | 103,895 | |||||||||
Deutsche Bank AG | EUR | 325 | 345,314 | |||||||||
4.50%, 05/19/26(a) | EUR | 100 | 108,825 | |||||||||
K+S AG | EUR | 100 | 93,380 | |||||||||
3.25%, 07/18/24 (Call 04/18/24)(a) | EUR | 100 | 88,927 | |||||||||
4.13%, 12/06/21(a) | EUR | 200 | 205,070 | |||||||||
LANXESS AG, 4.50%, 12/06/76 | EUR | 75 | 82,853 | |||||||||
METRO AG | EUR | 100 | 107,379 | |||||||||
1.50%, 03/19/25(a) | EUR | 100 | 104,589 | |||||||||
Nidda BondCo GmbH, | EUR | 100 | 103,716 | |||||||||
Nidda Healthcare Holding GmbH, | EUR | 300 | 318,535 | |||||||||
ProGroup AG, 3.00%, 03/31/26 | EUR | 100 | 101,365 | |||||||||
RWE AG, 3.50%, 04/21/75 | EUR | 50 | 55,885 | |||||||||
Techem Verwaltungsgesellschaft 675 mbH, | EUR | 250 | 257,756 | |||||||||
thyssenkrupp AG | EUR | 150 | 157,140 | |||||||||
1.88%, 03/06/23 (Call 02/06/23)(a) | EUR | 150 | 153,367 | |||||||||
2.88%, 02/22/24 (Call 11/22/23)(a) | EUR | 400 | 413,746 | |||||||||
|
| |||||||||||
3,011,963 |
SCHEDULE OF INVESTMENTS | 9 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Greece — 0.5% | ||||||||||||
Alpha Bank AE, 4.25%, 02/13/30 | EUR | 100 | $ | 78,533 | ||||||||
Ellaktor Value PLC, 6.38%, 12/15/24 | EUR | 100 | 71,386 | |||||||||
Piraeus Bank SA, 9.75%, 06/26/29 | EUR | 100 | 73,316 | |||||||||
|
| |||||||||||
223,235 | ||||||||||||
Ireland — 3.9% | ||||||||||||
AIB Group PLC, 1.88%, 11/19/29 | EUR | 100 | 103,331 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | EUR | 100 | 105,172 | |||||||||
2.75%, 03/15/24 (Call 03/15/21)(a) | EUR | 100 | 108,991 | |||||||||
4.75%, 07/15/27 (Call 07/15/22)(a) | GBP | 100 | 121,693 | |||||||||
Bank of Ireland Group PLC, | GBP | 100 | 123,957 | |||||||||
eircom Finance DAC | EUR | 100 | 104,508 | |||||||||
3.50%, 05/15/26 (Call 05/15/22)(a) | EUR | 200 | 218,965 | |||||||||
James Hardie International Finance DAC, | EUR | 100 | 101,604 | |||||||||
Smurfit Kappa Acquisitions ULC | EUR | 100 | 111,179 | |||||||||
2.88%, 01/15/26 (Call 10/15/25)(a) | EUR | 225 | 255,196 | |||||||||
Smurfit Kappa Treasury ULC, | EUR | 125 | 130,405 | |||||||||
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23 (Call 09/15/20)(a) | GBP | 100 | 125,565 | |||||||||
|
| |||||||||||
1,610,566 | ||||||||||||
Israel — 3.0% | ||||||||||||
Teva Pharmaceutical Finance Netherlands II BV | EUR | 300 | 283,428 | |||||||||
1.25%, 03/31/23 (Call 12/31/22)(a) | EUR | 300 | 300,965 | |||||||||
1.63%, 10/15/28(a) | EUR | 150 | 129,224 | |||||||||
1.88%, 03/31/27 (Call 12/31/26)(a) | EUR | 100 | 90,233 | |||||||||
3.25%, 04/15/22 (Call 01/15/22) | EUR | 100 | 107,241 | |||||||||
4.50%, 03/01/25 (Call 12/01/24) | EUR | 100 | 106,235 | |||||||||
6.00%, 01/31/25 (Call 10/31/24)(a) | EUR | 200 | 225,994 | |||||||||
|
| |||||||||||
1,243,320 | ||||||||||||
Italy — 15.9% | ||||||||||||
Atlantia SpA | EUR | 100 | 98,283 | |||||||||
1.88%, 07/13/27 (Call 04/13/27)(a) | EUR | 175 | 167,382 | |||||||||
Autostrade per l’Italia SpA | EUR | 100 | 104,589 | |||||||||
4.38%, 09/16/25(a) | EUR | 100 | 112,817 | |||||||||
Banca IFIS SpA, | EUR | 100 | 95,592 | |||||||||
Banca Monte dei Paschi di Siena SpA | EUR | 300 | 291,195 | |||||||||
4.00%, 07/10/22(a) | EUR | 100 | 103,721 | |||||||||
5.38%, 01/18/28 (Call 01/18/23)(a)(d) | EUR | 100 | 64,740 | |||||||||
10.50%, 07/23/29(a) | EUR | 100 | 78,314 | |||||||||
Banca Popolare di Sondrio SCPA, | EUR | 100 | 97,391 | |||||||||
Banco BPM SpA | EUR | 309 | 319,363 | |||||||||
1.75%, 01/28/25(a) | EUR | 100 | 99,794 | |||||||||
2.50%, 06/21/24(a) | EUR | 100 | 103,920 | |||||||||
4.25%, 10/01/29 (Call 10/01/24)(a)(d) | EUR | 100 | 96,173 | |||||||||
4.38%, 09/21/27 (Call 09/21/22)(a)(d) | EUR | 100 | 96,476 | |||||||||
6.38%, 05/31/21(a) | EUR | 100 | 110,976 | |||||||||
BPER Banca, 5.13%, 05/31/27 | EUR | 100 | 105,044 | |||||||||
Fiat Chrysler Finance Europe SA, | EUR | 300 | 336,422 |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
Iccrea Banca SpA | EUR | 100 | $ | 103,875 | ||||||||
4.13%, 11/28/29 (Call 11/28/24)(a)(d) | EUR | 100 | 80,086 | |||||||||
International Game Technology PLC, | EUR | 150 | 138,992 | |||||||||
Intesa Sanpaolo SpA | EUR | 100 | 112,345 | |||||||||
3.93%, 09/15/26(a) | EUR | 175 | 201,342 | |||||||||
6.63%, 09/13/23(a) | EUR | 200 | 243,696 | |||||||||
Leonardo SpA | EUR | 125 | 129,001 | |||||||||
5.25%, 01/21/22 | EUR | 100 | 113,861 | |||||||||
Mediobanca Banca di Credito Finanziario SpA | EUR | 75 | 84,546 | |||||||||
5.75%, 04/18/23 | EUR | 50 | 59,003 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(a) | EUR | 100 | 115,462 | |||||||||
Saipem Finance International BV, | EUR | 200 | 214,197 | |||||||||
Salini Impregilo SpA, 1.75%, 10/26/24(a) | EUR | 150 | 132,257 | |||||||||
Telecom Italia SpA/Milano | EUR | 200 | 211,739 | |||||||||
2.50%, 07/19/23(a) | EUR | 100 | 109,761 | |||||||||
2.88%, 01/28/26 (Call 10/28/25)(a) | EUR | 100 | 110,046 | |||||||||
3.25%, 01/16/23(a) | EUR | 150 | 167,930 | |||||||||
3.63%, 01/19/24(a) | EUR | 207 | 233,816 | |||||||||
3.63%, 05/25/26(a) | EUR | 100 | 114,215 | |||||||||
4.00%, 04/11/24 (Call 01/11/24)(a) | EUR | 125 | 142,560 | |||||||||
5.25%, 02/10/22(a) | EUR | 100 | 114,984 | |||||||||
UniCredit SpA, 2.73%, 01/15/32 | EUR | 200 | 190,271 | |||||||||
Unione di Banche Italiane SpA | EUR | 200 | 220,532 | |||||||||
4.38%, 07/12/29 (Call 07/12/24)(a)(d) | EUR | 150 | 161,155 | |||||||||
5.88%, 03/04/29 (Call 03/04/24)(a)(d) | EUR | 150 | 171,021 | |||||||||
Unipol Gruppo SpA | EUR | 175 | 193,347 | |||||||||
3.50%, 11/29/27 (Call 08/29/27)(a) | EUR | 100 | 110,542 | |||||||||
UnipolSai Assicurazioni SpA, | EUR | 100 | 106,069 | |||||||||
|
| |||||||||||
6,568,843 | ||||||||||||
Japan — 2.4% | ||||||||||||
SoftBank Group Corp. | EUR | 250 | 253,084 | |||||||||
4.00%, 07/30/22 (Call 04/30/22)(a) | EUR | 200 | 213,059 | |||||||||
4.00%, 09/19/29 (Call 06/21/29)(a) | EUR | 100 | 98,737 | |||||||||
4.50%, 04/20/25 (Call 01/20/25)(a) | EUR | 100 | 106,417 | |||||||||
5.00%, 04/15/28 (Call 01/16/28)(a) | EUR | 300 | 318,378 | |||||||||
|
| |||||||||||
989,675 | ||||||||||||
Luxembourg — 3.9% | ||||||||||||
Altice Financing SA, 3.00%, 01/15/28 | EUR | 200 | 201,189 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 | EUR | 100 | 93,163 | |||||||||
Altice France Holding SA | EUR | 100 | 93,711 | |||||||||
8.00%, 05/15/27(b) | EUR | 250 | 277,398 | |||||||||
Garfunkelux Holdco 3 SA, | GBP | 100 | 100,987 | |||||||||
INEOS Finance PLC, | EUR | 100 | 102,034 | |||||||||
INEOS Group Holdings SA, | EUR | 100 | 106,590 | |||||||||
Matterhorn Telecom SA | EUR | 100 | 106,905 | |||||||||
4.00%, 11/15/27 (Call 11/15/22)(a) | EUR | 100 | 107,752 | |||||||||
Summer BC Holdco A Sarl, | EUR | 90 | 73,316 | |||||||||
Summer BC Holdco B Sarl, | EUR | 150 | 144,915 |
10 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Luxembourg (continued) | ||||||||||||
Vivion Investments Sarl | EUR | 100 | $ | 96,744 | ||||||||
3.50%, 11/01/25(a) | EUR | 100 | 98,194 | |||||||||
|
| |||||||||||
1,602,898 | ||||||||||||
Netherlands — 5.5% | ||||||||||||
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 10/01/20)(a) | EUR | 200 | 186,201 | |||||||||
OCI NV | EUR | 100 | 106,958 | |||||||||
5.00%, 04/15/23 (Call 04/15/21)(a) | EUR | 100 | 109,533 | |||||||||
PPF Telecom Group BV | EUR | 100 | 103,330 | |||||||||
3.13%, 03/27/26 (Call 12/27/25)(a) | EUR | 100 | 106,107 | |||||||||
Q-Park Holding I BV | EUR | 100 | 98,237 | |||||||||
2.00%, 03/01/27 (Call 03/01/23)(a) | EUR | 100 | 99,125 | |||||||||
Saipem Finance International BV, 2.63%, 01/07/25(a) | EUR | 100 | 101,901 | |||||||||
Selecta Group BV, 5.88%, 02/01/24 (Call 02/01/21)(a) | EUR | 200 | 81,271 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(a) | EUR | 100 | 104,524 | |||||||||
SNS Bank NV, 6.25%, 10/26/20(e) | EUR | 50 | 0 | (f) | ||||||||
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)(a) | EUR | 100 | 103,990 | |||||||||
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a) | EUR | 100 | 107,202 | |||||||||
United Group BV | EUR | 100 | 102,444 | |||||||||
3.63%, 02/15/28 (Call 02/06/23)(a) | EUR | 100 | 101,543 | |||||||||
4.88%, 07/01/24 (Call 07/01/20)(a) | EUR | 100 | 106,836 | |||||||||
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a) | EUR | 200 | 212,394 | |||||||||
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a) | EUR | 150 | 154,277 | |||||||||
Ziggo BV | EUR | 100 | 103,432 | |||||||||
4.25%, 01/15/27 (Call 01/15/22)(a) | EUR | 180 | 202,024 | |||||||||
|
| |||||||||||
2,291,329 | ||||||||||||
Portugal — 1.7% | ||||||||||||
Banco Comercial Portugues SA, | EUR | 100 | 93,557 | |||||||||
Caixa Geral de Depositos SA | EUR | 100 | 104,651 | |||||||||
5.75%, 06/28/28 (Call 06/28/23)(a)(d) | EUR | 100 | 105,892 | |||||||||
EDP — Energias de Portugal SA | EUR | 100 | 99,374 | |||||||||
4.50%, 04/30/79 (Call 01/30/24)(a)(d) | EUR | 200 | 227,268 | |||||||||
Novo Banco SA, | EUR | 100 | 85,628 | |||||||||
|
| |||||||||||
716,370 | ||||||||||||
Spain — 6.5% | ||||||||||||
ABANCA Corp. Bancaria SA, | EUR | 100 | 90,918 | |||||||||
Banco de Sabadell SA | EUR | 200 | 191,326 | |||||||||
1.75%, 05/10/24(a) | EUR | 100 | 100,354 | |||||||||
5.38%, 12/12/28 (Call 12/12/23)(a)(d) | EUR | 100 | 101,013 | |||||||||
5.63%, 05/06/26(a) | EUR | 100 | 103,046 | |||||||||
Bankia SA 1.00%, 06/25/24(a) | EUR | 100 | 103,881 | |||||||||
1.13%, 11/12/26(a) | EUR | 100 | 99,974 | |||||||||
3.38%, 03/15/27 (Call 03/15/22)(a)(d) | EUR | 100 | 107,915 | |||||||||
3.75%, 02/15/29 (Call 02/15/24)(a)(d) | EUR | 200 | 210,558 | |||||||||
Cellnex Telecom SA | EUR | 100 | 105,302 |
Security | Par (000) | Value | ||||||||||
Spain (continued) | ||||||||||||
2.38%, 01/16/24 (Call 10/16/23)(a) | EUR | 100 | $ | 112,932 | ||||||||
2.88%, 04/18/25 (Call 01/18/25)(a) | EUR | 100 | 116,078 | |||||||||
3.13%, 07/27/22(a) | EUR | 100 | 114,087 | |||||||||
Cirsa Finance International Sarl | EUR | 100 | 85,531 | |||||||||
6.25%, 12/20/23 (Call 06/20/20)(a) | EUR | 100 | 89,953 | |||||||||
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)(a) | EUR | 100 | 106,033 | |||||||||
Grifols SA | EUR | 250 | 266,961 | |||||||||
2.25%, 11/15/27 (Call 11/15/22)(a) | EUR | 100 | 106,606 | |||||||||
3.20%, 05/01/25 (Call 05/01/20)(a) | EUR | 100 | 109,216 | |||||||||
Grupo Isolux Corsan SA, Series B, 6.00%, 12/30/21 (Call 05/28/20)(c) | EUR | 141 | 77 | |||||||||
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(d) | EUR | 100 | 86,665 | |||||||||
Liberbank SA, 6.88%, 03/14/27 | EUR | 100 | 103,919 | |||||||||
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(d) | EUR | 175 | 189,365 | |||||||||
|
| |||||||||||
2,701,710 | ||||||||||||
Sweden — 3.4% | ||||||||||||
Akelius Residential Property AB | EUR | 100 | 97,759 | |||||||||
3.88%, 10/05/78 (Call 10/05/23)(a)(d) | EUR | 100 | 108,441 | |||||||||
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(a)(d) | EUR | 100 | 101,860 | |||||||||
Intrum AB | EUR | 50 | 47,697 | |||||||||
3.00%, 09/15/27 (Call 09/15/22)(a) | EUR | 100 | 80,635 | |||||||||
3.13%, 07/15/24 (Call 07/15/20)(a) | EUR | 200 | 177,391 | |||||||||
3.50%, 07/15/26 (Call 07/15/22)(a) | EUR | 175 | 145,435 | |||||||||
Telefonaktiebolaget LM Ericsson, 1.88%, 03/01/24(a) | EUR | 100 | 109,951 | |||||||||
Verisure Midholding AB, 5.75%, 12/01/23 (Call 12/01/20)(a) | EUR | 200 | 210,418 | |||||||||
Volvo Car AB | EUR | 200 | 205,042 | |||||||||
3.25%, 05/18/21(a) | EUR | 100 | 109,525 | |||||||||
|
| |||||||||||
1,394,154 | ||||||||||||
Switzerland — 0.6% | ||||||||||||
Dufry One BV | EUR | 100 | 83,519 | |||||||||
2.50%, 10/15/24 (Call 10/15/20)(a) | EUR | 200 | 179,300 | |||||||||
|
| |||||||||||
262,819 | ||||||||||||
United Kingdom — 8.1% | ||||||||||||
Algeco Global Finance PLC, | EUR | 100 | 96,485 | |||||||||
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)(a) | GBP | 100 | 113,837 | |||||||||
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 09/30/20)(a) | GBP | 150 | 194,129 | |||||||||
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/20)(a) | GBP | 100 | 117,369 | |||||||||
EC Finance PLC, 2.38%, 11/15/22 (Call 11/15/20)(a) | EUR | 100 | 101,426 | |||||||||
eG Global Finance PLC | EUR | 125 | 116,861 | |||||||||
6.25%, 10/30/25 (Call 10/25/21)(a) | EUR | 150 | 147,624 | |||||||||
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24(a) | EUR | 200 | 222,523 | |||||||||
Heathrow Finance PLC, 3.88%, 03/01/27(a) | GBP | 100 | 115,383 | |||||||||
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(a) | EUR | 100 | 103,099 | |||||||||
Jaguar Land Rover Automotive PLC 2.20%, 01/15/24(a) | EUR | 100 | 77,161 | |||||||||
4.50%, 01/15/26 (Call 10/15/25)(a) | EUR | 150 | 113,149 | |||||||||
5.00%, 02/15/22(a) | GBP | 100 | 115,111 | |||||||||
5.88%, 11/15/24 (Call 08/15/24)(a) | EUR | 100 | 81,986 |
SCHEDULE OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 02/10/22)(a) | GBP | 100 | $ | 113,026 | ||||||||
Motion Bondco DAC, 4.50%, 11/15/27 (Call 11/15/22)(a) | EUR | 100 | 86,062 | |||||||||
Top Gun Realisations 74 PLC, 6.50%, 07/01/22 (Call 06/24/20)(a)(c) | GBP | 25 | 5,999 | |||||||||
Virgin Media Finance PLC, 4.50%, 01/15/25 (Call 01/15/21)(a) | EUR | 100 | 110,492 | |||||||||
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 09/15/20)(a) | GBP | 100 | 125,375 | |||||||||
Virgin Media Secured Finance PLC | GBP | 100 | 125,278 | |||||||||
5.00%, 04/15/27 (Call 04/15/22)(a) | GBP | 100 | 126,027 | |||||||||
5.25%, 05/15/29 (Call 05/15/24)(a) | GBP | 100 | 126,018 | |||||||||
6.00%, 01/15/25 (Call 01/15/21)(a)(g) | GBP | 100 | 134,490 | |||||||||
6.25%, 03/28/29 (Call 01/15/21)(a) | GBP | 90 | 118,502 | |||||||||
Vodafone Group PLC | GBP | 100 | 127,967 | |||||||||
3.10%, 01/03/79 (Call 01/03/24)(a)(d) | EUR | 300 | 323,858 | |||||||||
4.20%, 10/03/78 (Call 10/03/28)(a)(d) | EUR | 100 | 112,070 | |||||||||
|
| |||||||||||
3,351,307 | ||||||||||||
United States — 18.0% | ||||||||||||
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a) | EUR | 175 | 149,434 | |||||||||
AMC Entertainment Holdings Inc., 6.38%, 11/15/24 (Call 11/15/20) | GBP | 100 | 35,381 | |||||||||
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 04/01/21)(a) | EUR | 100 | 98,883 | |||||||||
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a) | EUR | 100 | 102,205 | |||||||||
Avantor Inc., 4.75%, 10/01/24 (Call 10/01/20)(a) | EUR | 100 | 111,868 | |||||||||
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(a) | EUR | 100 | 58,556 | |||||||||
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/21)(a) | EUR | 100 | 106,703 | |||||||||
Ball Corp. | EUR | 100 | 104,803 | |||||||||
1.50%, 03/15/27 (Call 12/15/26) | EUR | 100 | 104,124 | |||||||||
4.38%, 12/15/23 | EUR | 100 | 117,747 | |||||||||
Bausch Health Companies Inc., 4.50%, 05/15/23 (Call 05/15/20)(a) | EUR | 300 | 321,252 | |||||||||
Belden Inc., 3.88%, 03/15/28 (Call 03/06/23)(a) | EUR | 150 | 157,004 | |||||||||
Berry Global Inc. | EUR | 100 | 103,178 | |||||||||
1.50%, 01/15/27 (Call 10/15/26)(a) | EUR | 100 | 102,548 | |||||||||
Catalent Pharma Solutions Inc., | EUR | 150 | 152,787 | |||||||||
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21) | EUR | 100 | 89,141 | |||||||||
Coty Inc., 4.75%, 04/15/26 (Call 04/15/21)(a) | EUR | 100 | 90,738 | |||||||||
Crown European Holdings SA | EUR | 100 | 104,696 | |||||||||
2.25%, 02/01/23 (Call 11/01/22)(a) | EUR | 100 | 108,975 | |||||||||
2.63%, 09/30/24 (Call 03/30/24)(a) | EUR | 125 | 137,664 | |||||||||
2.88%, 02/01/26 (Call 08/01/25)(a) | EUR | 100 | 110,128 | |||||||||
3.38%, 05/15/25 (Call 11/15/24)(a) | EUR | 100 | 114,063 | |||||||||
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(a) | EUR | 100 | 108,804 | |||||||||
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(a) | EUR | 100 | 108,188 | |||||||||
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a) | EUR | 100 | 106,881 | |||||||||
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 (Call 03/30/21)(a) | EUR | 100 | 69,187 | |||||||||
International Game Technology PLC 2.38%, 04/15/28 (Call 04/15/23)(a) | EUR | 100 | 88,460 | |||||||||
3.50%, 07/15/24 (Call 01/15/24)(a) | EUR | 125 | 122,734 |
Security | Par/ Shares (000) | Value | ||||||||||
United States (continued) | ||||||||||||
IQVIA Inc. | EUR | 150 | $ | 159,482 | ||||||||
2.88%, 09/15/25 (Call 09/15/20)(a) | EUR | 100 | 109,120 | |||||||||
3.25%, 03/15/25 (Call 03/15/21)(a) | EUR | 250 | 275,392 | |||||||||
3.50%, 10/15/24 (Call 10/15/20)(a) | EUR | 100 | 110,334 | |||||||||
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/20)(a) | GBP | 100 | 116,654 | |||||||||
Levi Strauss &Co., 3.38%, 03/15/27 (Call 03/15/22) | EUR | 100 | 109,735 | |||||||||
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(d) | EUR | 100 | 102,470 | |||||||||
LKQ European Holdings BV | EUR | 100 | 108,032 | |||||||||
4.13%, 04/01/28 (Call 04/01/23)(a) | EUR | 100 | 106,669 | |||||||||
LKQ Italia Bondco SpA, 3.88%, 04/01/24 (Call 01/01/24)(a) | EUR | 100 | 112,208 | |||||||||
Mauser Packaging Solutions HoldingCo., 4.75%, 04/15/24 (Call 04/15/21)(a) | EUR | 100 | 101,521 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | GBP | 100 | 124,060 | |||||||||
3.33%, 03/24/25 (Call 12/24/24) | EUR | 100 | 110,713 | |||||||||
3.69%, 06/05/28 (Call 04/05/28) | GBP | 100 | 121,619 | |||||||||
4.00%, 08/19/22 (Call 05/19/22) | EUR | 100 | 111,986 | |||||||||
Netflix Inc. | EUR | 100 | 111,045 | |||||||||
3.63%, 05/15/27 | EUR | 150 | 170,268 | |||||||||
3.63%, 06/15/30 (Call 03/15/30)(a) | EUR | 150 | 165,622 | |||||||||
3.88%, 11/15/29(a) | EUR | 200 | 224,471 | |||||||||
4.63%, 05/15/29 | EUR | 300 | 353,427 | |||||||||
OI European Group BV | EUR | 100 | 105,034 | |||||||||
4.88%, 03/31/21(a) | EUR | 36 | 38,876 | |||||||||
Panther BF Aggregator 2 LP/Panther Finance Co. Inc., 4.38%, 05/15/26 (Call 05/15/22)(a) | EUR | 125 | 126,348 | |||||||||
Refinitiv U.S. Holdings Inc., 4.50%, 05/15/26 (Call 11/15/21)(a) | EUR | 250 | 285,058 | |||||||||
Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/21)(a) | EUR | 100 | 72,404 | |||||||||
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a) | EUR | 100 | 114,763 | |||||||||
Silgan Holdings Inc. | EUR | 100 | 105,962 | |||||||||
3.25%, 03/15/25 (Call 03/15/21) | EUR | 100 | 110,146 | |||||||||
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/21)(a) | EUR | 100 | 102,129 | |||||||||
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a). | EUR | 100 | 93,101 | |||||||||
Tenneco Inc., 5.00%, 07/15/24 (Call 07/15/20)(a) | EUR | 100 | 78,603 | |||||||||
WMG Acquisition Corp., 3.63%, 10/15/26 (Call 10/15/21)(a) | EUR | 100 | 109,896 | |||||||||
|
| |||||||||||
7,433,280 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.1% |
| 40,160,004 | ||||||||||
|
| |||||||||||
Common Stocks | ||||||||||||
South Africa — 0.0% | ||||||||||||
Sentry Holdings Ltd. Class A(e)(h) | 0 | (i) | 0 | (f) | ||||||||
|
| |||||||||||
Total Common Stocks — 0.0% | 0 | (f) | ||||||||||
|
|
12 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||||||
Short-Term Investments | ||||||||||||
Money Market Funds — 0.1% | ||||||||||||
BlackRock Cash Funds: Treasury, | ||||||||||||
0.18%(j)(k) | 22 | $ | 22,000 | |||||||||
|
| |||||||||||
Total Short-Term Investments — 0.1% |
| 22,000 | ||||||||||
|
| |||||||||||
Total Investments in Securities — 97.2% |
| 40,182,004 | ||||||||||
Other Assets, Less Liabilities — 2.8% |
| 1,166,822 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% |
| $ | 41,348,826 | |||||||||
|
|
(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 issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(f) | Rounds to less than $1. |
(g) | Step coupon security. Coupon rate will either increase(step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | Non-income producing security. |
(i) | Rounds to less than 1,000. |
(j) | Affiliate of the Fund. |
(k) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 10/31/19 (000) | Net Activity (000) | Shares Held at 04/30/20 (000) | Value at 04/30/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 14 | 8 | 22 | $ | 22,000 | $ | 89 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
(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, 2020. 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 | $ | — | $ | 40,160,004 | $ | 0 | (a) | $ | 40,160,004 | |||||||
Common Stocks | — | — | 0 | (a) | 0 | (a) | ||||||||||
Money Market Funds | 22,000 | — | — | 22,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 22,000 | $ | 40,160,004 | $ | 0 | (a) | $ | 40,182,004 | ||||||||
|
|
|
|
|
|
|
|
(a) | Rounds to less than $1. |
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes |
| |||||||
Argentina — 1.0% | ||||||||
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 02/01/21)(a) | $ | 150 | $ | 34,539 | ||||
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/20)(a)(b) | 225 | 180,562 | ||||||
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(a)(b) | 150 | 56,484 | ||||||
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(a) | 300 | 175,238 | ||||||
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)(a)(c) | 266 | 38,855 | ||||||
Tecpetrol SA, 4.88%, 12/12/22 (Call 12/12/20)(a) | 200 | 154,250 | ||||||
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(a) | 150 | 109,125 | ||||||
YPF SA | 360 | 160,200 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(a)(b) | 250 | 109,063 | ||||||
8.50%, 07/28/25(a) | 600 | 286,125 | ||||||
8.50%, 06/27/29 (Call 03/27/29)(a)(b) | 200 | 91,313 | ||||||
8.75%, 04/04/24(a) | 480 | 253,200 | ||||||
|
| |||||||
1,648,954 | ||||||||
Azerbaijan — 0.2% | ||||||||
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(a) | 400 | 332,000 | ||||||
|
| |||||||
Bahrain — 0.1% | ||||||||
BBK BSC, 5.50%, 07/09/24(a) | 200 | 189,500 | ||||||
|
| |||||||
Brazil — 6.3% | ||||||||
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)(a) | 150 | 127,500 | ||||||
Banco BTG Pactual SA/Cayman Islands, 5.50%, 01/31/23(a) | 200 | 196,250 | ||||||
Banco do Brasil SA/Cayman | 200 | 197,000 | ||||||
4.63%, 01/15/25(a) | 200 | 194,025 | ||||||
4.75%, 03/20/24(a) | 200 | 196,625 | ||||||
5.88%, 01/19/23(a)(b) | 200 | 205,000 | ||||||
6.25%, (Call 04/15/24)(a)(d)(e) | 200 | 165,031 | ||||||
9.00%, (Call 06/18/24)(a)(d)(e) | 200 | 191,200 | ||||||
Braskem Netherlands Finance BV | 200 | 170,000 | ||||||
4.50%, 01/31/30(a)(b) | 200 | 160,625 | ||||||
5.88%, 01/31/50(a) | 200 | 150,000 | ||||||
BRF SA, 4.88%, 01/24/30 (Call 10/24/29)(a) | 200 | 173,256 | ||||||
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a) | 200 | 208,400 | ||||||
Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(a) | 200 | 174,700 | ||||||
CSN Resources SA | 200 | 156,500 | ||||||
7.63%, 04/17/26 (Call 04/17/22)(a)(b) | 200 | 142,000 | ||||||
Embraer Netherlands Finance BV | 227 | 189,864 | ||||||
5.40%, 02/01/27 | 50 | 42,000 | ||||||
Fibria Overseas Finance Ltd. | 50 | 50,309 | ||||||
5.50%, 01/17/27 | 100 | 100,406 | ||||||
Gerdau Trade Inc., 4.88%, 10/24/27(a) | 200 | 193,875 | ||||||
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)(a) | 100 | 51,969 | ||||||
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)(a) | 150 | 151,800 | ||||||
Itau Unibanco Holding SA/Cayman Island | 200 | 186,160 | ||||||
5.13%, 05/13/23(a) | 200 | 204,063 | ||||||
6.50%, (Call 03/19/23)(a)(d)(e) | 200 | 186,000 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
JBS Investments II GmbH | $ | 200 | $ | 194,874 | ||||
7.00%, 01/15/26 (Call 01/15/22)(a) | 200 | 207,354 | ||||||
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 05/29/20)(a) | 129 | 130,451 | ||||||
Klabin Austria GmbH, | 200 | 195,750 | ||||||
MARB BondCo PLC, 6.88%, 01/19/25 (Call 01/19/21)(a) | 200 | 190,804 | ||||||
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(a) | 200 | 194,000 | ||||||
NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 05/14/22)(a)(b) | 200 | 192,500 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(a)(f) | 51 | 15,123 | ||||||
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(a)(f) | 162 | 12,633 | ||||||
Oi SA (4.00% PIK), 10.00%, 07/27/25(f) | 150 | 110,203 | ||||||
Petrobras Global Finance BV | 150 | 145,500 | ||||||
5.09%, 01/15/30(a) | 500 | 456,250 | ||||||
5.30%, 01/27/25 | 218 | 210,622 | ||||||
5.63%, 05/20/43 | 100 | 88,281 | ||||||
5.75%, 02/01/29 | 250 | 235,235 | ||||||
6.00%, 01/27/28 | 200 | 191,210 | ||||||
6.25%, 03/17/24 | 125 | 126,217 | ||||||
6.75%, 01/27/41 | 100 | 96,346 | ||||||
6.85%, 06/05/2115 | 300 | 280,500 | ||||||
6.88%, 01/20/40 | 148 | 143,782 | ||||||
6.90%, 03/19/49 | 200 | 191,991 | ||||||
7.25%, 03/17/44 | 75 | 74,545 | ||||||
7.38%, 01/17/27 | 250 | 263,075 | ||||||
8.75%, 05/23/26 | 100 | 111,200 | ||||||
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a) | 200 | 179,700 | ||||||
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)(a)(b) | 200 | 197,250 | ||||||
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(a) | 200 | 202,625 | ||||||
Suzano Austria GmbH | 200 | 189,800 | ||||||
7.00%, 03/16/47 (Call 09/16/46)(a) | 200 | 202,750 | ||||||
Ultrapar International SA, 5.25%, 06/06/29(a) | 200 | 182,500 | ||||||
Vale Overseas Ltd. | 200 | 218,200 | ||||||
6.88%, 11/21/36 | 200 | 233,750 | ||||||
6.88%, 11/10/39 | 150 | 176,520 | ||||||
|
| |||||||
10,006,099 | ||||||||
Chile — 4.1% | ||||||||
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(a)(e) | 200 | 189,875 | ||||||
Banco de Credito e Inversiones SA | 200 | 196,375 | ||||||
4.00%, 02/11/23(a)(b) | 200 | 204,750 | ||||||
Celulosa Arauco y Constitucion SA | 200 | 193,244 | ||||||
4.25%, 04/30/29 (Call 01/30/29)(a) | 400 | 381,500 | ||||||
4.50%, 08/01/24 (Call 05/01/24) | 200 | 202,125 | ||||||
5.15%, 01/29/50 (Call 07/29/49)(a) | 200 | 183,875 | ||||||
Cencosud SA | 600 | 561,375 | ||||||
5.15%, 02/12/25 (Call 11/12/24)(a)(b) | 200 | 201,062 | ||||||
Corp. Group Banking SA, 6.75%, 03/15/23 (Call 05/28/20)(a) | 250 | 88,984 | ||||||
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(a) | 200 | 143,438 | ||||||
Empresa Nacional de Telecomunicaciones SA 4.75%, 08/01/26 (Call 05/03/26)(a) | 400 | 412,800 |
14 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Chile (continued) | ||||||||
4.88%, 10/30/24 (Call 07/30/24)(a) | $ | 400 | $ | 408,750 | ||||
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26) | 200 | 204,500 | ||||||
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28) | 500 | 532,500 | ||||||
GNL Quintero SA, 4.63%, 07/31/29(a)(b) | 600 | 621,000 | ||||||
Inversiones CMPC SA, 4.38%, 04/04/27(a) | 200 | 203,000 | ||||||
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)(a)(b) | 600 | 613,312 | ||||||
Latam Finance Ltd. | 200 | 79,813 | ||||||
7.00%, 03/01/26 (Call 03/01/23)(a) | 400 | 161,375 | ||||||
SACI Falabella, 3.75%, 04/30/23(a) | 200 | 200,120 | ||||||
Telefonica Chile SA, 3.88%, 10/12/22(a) | 200 | 199,500 | ||||||
VTR Finance BV, 6.88%, 01/15/24 (Call 05/08/20)(a) | 400 | 397,164 | ||||||
|
| |||||||
6,580,437 | ||||||||
China — 9.9% | ||||||||
Agile Group Holdings Ltd., | 200 | 185,563 | ||||||
Alibaba Group Holding Ltd. | 300 | 325,053 | ||||||
4.00%, 12/06/37 (Call 06/06/37) | 200 | 231,500 | ||||||
4.20%, 12/06/47 (Call 06/06/47) | 200 | 239,875 | ||||||
Baidu Inc. | 200 | 205,744 | ||||||
4.13%, 06/30/25 | 200 | 213,750 | ||||||
Bank of China Ltd., 5.00%, 11/13/24(a) | 200 | 217,750 | ||||||
Bank of China Ltd./Hong Kong | 200 | 198,076 | ||||||
3.88%, 06/30/25(a) | 200 | 219,187 | ||||||
Bank of Communications Co. Ltd./Hong Kong, 2.54%, 05/17/23, (3 mo. LIBOR US + 0.85%)(a)(g) | 200 | 197,716 | ||||||
BOC Aviation Ltd. | 200 | 194,890 | ||||||
3.00%, 09/11/29 (Call 06/11/29)(a) | 300 | 286,509 | ||||||
3.50%, 10/10/24 (Call 09/10/24)(a) | 200 | 202,608 | ||||||
3.50%, 09/18/27 (Call 06/18/27)(a)(b) | 400 | 401,500 | ||||||
3.88%, 04/27/26 (Call 01/27/26)(a) | 300 | 309,469 | ||||||
4.00%, 01/25/24 (Call 12/25/23)(a) | 200 | 205,832 | ||||||
Bocom Leasing Management Hong Kong Co. Ltd., | 200 | 194,250 | ||||||
CFLD Cayman Investment Ltd., 8.05%, 01/13/25(a) | 200 | 170,380 | ||||||
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a) | 200 | 216,750 | ||||||
China Cinda Finance 2017 I Ltd. | 200 | 207,692 | ||||||
4.75%, 02/21/29(a) | 200 | 225,687 | ||||||
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)(a)(e) | 200 | 209,312 | ||||||
China Evergrande Group | 200 | 156,875 | ||||||
8.75%, 06/28/25 (Call 06/28/21)(a) | 200 | 156,750 | ||||||
10.50%, 04/11/24 (Call 04/11/22)(a) | 200 | 167,500 | ||||||
China Life Insurance Co. Ltd., 4.00%, 07/03/2135 (Call 07/03/75)(a)(e) | 200 | 193,418 | ||||||
China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24(a) | 200 | 224,812 | ||||||
China Overseas Finance Cayman VII Ltd. | 200 | 209,788 | ||||||
4.75%, 04/26/28(a) | 200 | 227,000 | ||||||
China Railway Xunjie Co. Ltd., 2.88%, 07/25/22(a) | 200 | 205,750 | ||||||
China Resources Land Ltd., 4.13%, 02/26/29(a) | 200 | 220,312 | ||||||
China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)(a)(d)(e) | 200 | 205,375 |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
CITIC Ltd., 3.88%, 02/28/27(a) | $ | 200 | $ | 210,687 | ||||
CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23(a) | 200 | 214,320 | ||||||
CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 (Call 06/30/29) | 200 | 206,154 | ||||||
CNOOC Finance 2014 ULC, 4.25%, 04/30/24 | 200 | 215,375 | ||||||
CNOOC Finance 2015 USA LLC, 4.38%, 05/02/28 | 200 | 226,612 | ||||||
CNPC General Capital Ltd., 3.40%, 04/16/23(a) | 200 | 207,188 | ||||||
COSL Singapore Capital Ltd., 4.50%, 07/30/25(a) | 200 | 220,312 | ||||||
Country Garden Holdings Co. Ltd., 7.25%, 04/08/26 (Call 04/08/23)(a) | 400 | 414,000 | ||||||
CRCC Yuxiang Ltd., 3.50%, 05/16/23(a) | 200 | 207,375 | ||||||
Franshion Brilliant Ltd., 4.00%, (Call 01/03/23)(a)(d)(e) | 200 | 186,500 | ||||||
Huarong Finance 2017 Co. Ltd. | 200 | 201,688 | ||||||
4.75%, 04/27/27(a) | 200 | 207,750 | ||||||
Huarong Finance 2019 Co. Ltd., 4.50%, 05/29/29(a) | 200 | 205,313 | ||||||
Huarong Finance II Co. Ltd., 5.50%, 01/16/25(a) | 200 | 213,211 | ||||||
ICBCIL Finance Co. Ltd. 3.13%, 11/15/22(a) | 200 | 204,125 | ||||||
3.75%, 03/05/24(a) | 200 | 208,562 | ||||||
Industrial &Commercial Bank of China Ltd./London, 1.84%, 10/25/23, (3 mo. LIBOR US + 0.850%)(a)(g) | 400 | 394,000 | ||||||
Industrial &Commercial Bank of China Ltd./Singapore, 1.82%, 04/25/24, (3 mo. LIBOR US + 0.830%)(a)(g) | 200 | 196,250 | ||||||
Industrial &Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(a)(e) | 200 | 197,188 | ||||||
JD.com Inc., 3.88%, 04/29/26(b) | 200 | 212,500 | ||||||
Kaisa Group Holdings Ltd. | 200 | 185,063 | ||||||
9.38%, 06/30/24 (Call 06/30/21)(a) | 200 | 171,875 | ||||||
KWG Group Holdings Ltd., 6.00%, 09/15/22 (Call 05/13/20)(a). | 200 | 193,625 | ||||||
Lenovo Group Ltd., 4.75%, 03/29/23(a) | 200 | 198,250 | ||||||
Nexen Inc. | 200 | 278,927 | ||||||
7.50%, 07/30/39 | 100 | 160,188 | ||||||
Poly Real Estate Finance Ltd., 3.88%, 03/25/24(a) | 200 | 202,625 | ||||||
Proven Honour Capital Ltd., 4.13%, 05/19/25(a) | 200 | 204,875 | ||||||
Shimao Property Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)(a) | 200 | 200,625 | ||||||
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(a) | 200 | 204,379 | ||||||
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23(a) | 400 | 410,750 | ||||||
State Elite Global Ltd., 1.79%, 10/24/24, (3 mo. LIBOR US + 0.770%)(a)(g) | 200 | 195,500 | ||||||
Tencent Holdings Ltd. | 300 | 323,250 | ||||||
3.93%, 01/19/38 (Call 07/19/37)(a) | 200 | 223,511 | ||||||
3.98%, 04/11/29 (Call 01/11/29)(a) | 200 | 225,426 | ||||||
Vanke Real Estate Hong Kong Co. Ltd. | 200 | 206,688 | ||||||
4.20%, 06/07/24(a) | 200 | 208,187 | ||||||
Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)(a) | 200 | 196,000 | ||||||
Yuzhou Properties Co. Ltd., 7.38%, 01/13/26 (Call 01/13/24)(a) | 200 | 163,866 | ||||||
|
| |||||||
15,729,393 | ||||||||
Colombia — 4.3% | ||||||||
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(a)(b) | 250 | 227,812 | ||||||
Banco Davivienda SA, 5.88%, 07/09/22(a) | 200 | 200,250 |
SCHEDULE OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colombia (continued) | ||||||||
Banco de Bogota SA | $ | 350 | $ | 321,016 | ||||
5.38%, 02/19/23(a) | 200 | 199,781 | ||||||
6.25%, 05/12/26(a) | 400 | 397,000 | ||||||
Bancolombia SA 4.63%, 12/18/29 (Call 12/18/24)(e) | 400 | 345,000 | ||||||
4.88%, 10/18/27 (Call 10/18/22)(e) | 200 | 176,813 | ||||||
5.13%, 09/11/22 | 200 | 202,125 | ||||||
Colombia Telecomunicaciones SA ESP, | 308 | 303,476 | ||||||
Ecopetrol SA | 383 | 359,594 | ||||||
5.38%, 06/26/26 (Call 03/26/26) | 535 | 525,136 | ||||||
5.88%, 09/18/23 | 600 | 611,700 | ||||||
5.88%, 05/28/45 | 700 | 616,157 | ||||||
7.38%, 09/18/43 | 300 | 311,156 | ||||||
Grupo Aval Ltd., 4.75%, 09/26/22(a) | 625 | 617,285 | ||||||
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26 (Call 01/29/26)(a) | 200 | 201,000 | ||||||
Millicom International Cellular SA | 200 | 184,625 | ||||||
6.00%, 03/15/25 (Call 05/08/20)(a) | 200 | 200,440 | ||||||
6.25%, 03/25/29 (Call 03/25/24)(a) | 200 | 196,000 | ||||||
6.63%, 10/15/26 (Call 10/15/21)(a) | 200 | 204,000 | ||||||
SURA Asset Management SA, 4.88%, 04/17/24(a)(b) | 100 | 102,063 | ||||||
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28(a) | 400 | 416,375 | ||||||
|
| |||||||
6,918,804 | ||||||||
Ghana — 0.1% | ||||||||
Kosmos Energy Ltd., | 200 | 122,625 | ||||||
Tullow Oil PLC, 7.00%, 03/01/25 (Call 03/01/21)(a) | 200 | 100,375 | ||||||
|
| |||||||
223,000 | ||||||||
Guatemala — 0.4% | ||||||||
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(a) | 100 | 97,875 | ||||||
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 05/28/20)(a) | 200 | 200,000 | ||||||
Industrial Senior Trust, 5.50%, 11/01/22(a)(b) | 400 | 398,988 | ||||||
|
| |||||||
696,863 | ||||||||
Hong Kong —5.6% | ||||||||
AIA Group Ltd. 3.60%, 04/09/29 (Call 01/09/29)(a) | 200 | 215,329 | ||||||
3.90%, 04/06/28 (Call 01/06/28)(a) | 200 | 215,500 | ||||||
4.50%, 03/16/46 (Call 09/16/45)(a) | 200 | 236,751 | ||||||
Bank of China Hong Kong Ltd., 5.90%, | 400 | 416,502 | ||||||
Bank of East Asia Ltd. (The) 4.00%, 11/03/26 | 200 | 199,375 | ||||||
5.50%, (Call 12/02/20)(a)(d)(e) | 150 | 142,828 | ||||||
5.88%, (Call 09/19/24)(a)(d)(e) | 250 | 235,000 | ||||||
Celestial Dynasty Ltd., 4.25%, 06/27/29(a) | 200 | 198,938 | ||||||
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(a)(d)(e) | 200 | 200,500 | ||||||
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(a)(d)(e) | 200 | 215,500 | ||||||
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a) | 200 | 206,500 | ||||||
CK Hutchison International 19 Ltd. | 200 | 208,276 | ||||||
3.38%, 09/06/49 (Call 03/06/49)(a) | 200 | 208,500 | ||||||
3.63%, 04/11/29 (Call 01/11/29)(a) | 200 | 219,000 |
Security | Par (000) | Value | ||||||
Hong Kong (continued) | ||||||||
FWD Group Ltd. | $ | 200 | $ | 149,313 | ||||
5.75%, 07/09/24(a) | 200 | 193,438 | ||||||
HKT Capital No. 5 Ltd., 3.25%, 09/30/29(a) | 200 | 199,312 | ||||||
HLP Finance Ltd., 4.75%, 06/25/22(a) | 200 | 211,437 | ||||||
Hongkong Electric Finance Ltd., 2.88%, 05/03/26(a) | 200 | 206,750 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 06/01/22(a) | 200 | 210,250 | ||||||
HPHT Finance 19 Ltd., 2.88%, 11/05/24(a) | 200 | 200,375 | ||||||
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(a). | 400 | 426,875 | ||||||
Hutchison Whampoa International Ltd., | 100 | 152,563 | ||||||
Hysan MTN Ltd., 2.82%, 09/04/29(a) | 200 | 196,625 | ||||||
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(a) | 200 | 217,312 | ||||||
Industrial &Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(a)(d)(e) | 200 | 199,312 | ||||||
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(a) | 200 | 205,437 | ||||||
Li & Fung Ltd., 4.38%, 10/04/24 (Call 09/04/24)(a) | 200 | 175,250 | ||||||
Link Finance Cayman 2009 Ltd. (The), | 200 | 213,625 | ||||||
Nan Fung Treasury II Ltd., 5.50%, (Call 05/29/20)(a)(d) | 200 | 193,188 | ||||||
Nanyang Commercial Bank Ltd., 5.00%, | 350 | 330,810 | ||||||
New World China Land Ltd., 4.75%, 01/23/27(a) | 200 | 211,875 | ||||||
NWD Finance BVI Ltd., 6.25%, (Call 03/07/24)(a)(d) | 200 | 192,750 | ||||||
NWD MTN Ltd., 4.13%, 07/18/29(a) | 200 | 195,875 | ||||||
OVPH Ltd., 5.88%, (Call 03/01/21)(a)(d) | 200 | 195,500 | ||||||
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23(a) | 200 | 206,750 | ||||||
Radiant Access Ltd., 4.60%, (Call 11/18/20)(a)(d) | 200 | 193,625 | ||||||
Sun Hung Kai Properties Capital Market Ltd. | 200 | 205,048 | ||||||
3.63%, 01/16/23(a) | 200 | 208,375 | ||||||
Swire Pacific MTN Financing Ltd., | 200 | 216,437 | ||||||
Swire Properties MTN Financing Ltd., | 200 | 213,125 | ||||||
|
| |||||||
8,839,731 | ||||||||
India — 4.4% | ||||||||
ABJA Investment Co. Pte Ltd. | 200 | 160,482 | ||||||
5.95%, 07/31/24(a) | 200 | 178,375 | ||||||
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(i) | 200 | 166,500 | ||||||
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a) | 200 | 192,250 | ||||||
Adani Ports &Special Economic Zone Ltd. | 400 | 351,000 | ||||||
4.00%, 07/30/27 (Call 06/30/27)(a) | 200 | 170,356 | ||||||
Adani Transmission Ltd., 4.25%, 05/21/36(a) | 200 | 176,500 | ||||||
Axis Bank Ltd./Dubai, 3.00%, 08/08/22(a) | 200 | 194,250 | ||||||
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(a) | 200 | 190,688 | ||||||
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(a). | 200 | 205,750 | ||||||
Bharti Airtel Ltd., 4.38%, 06/10/25(a)(b) | 200 | 198,125 | ||||||
Canara Bank/London, 3.25%, 08/10/22(a) | 200 | 195,500 | ||||||
Delhi International Airport Ltd., 6.13%, 10/31/26(a) | 200 | 176,500 | ||||||
Greenko Solar Mauritius Ltd. | 200 | 176,500 | ||||||
5.95%, 07/29/26 (Call 07/29/22)(a) | 200 | 175,500 | ||||||
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(a) | 200 | 182,813 | ||||||
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a)(b) | 250 | 238,047 | ||||||
Indian Oil Corp. Ltd., 4.75%, 01/16/24(a) | 200 | 198,875 | ||||||
Network i2i Ltd., 5.65%, (Call 01/15/25)(a)(d)(e) | 200 | 179,500 | ||||||
NTPC Ltd., 4.38%, 11/26/24(a) | 200 | 200,313 |
16 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
India (continued) | ||||||||
Oil India International Pte Ltd., 4.00%, 04/21/27(a) | $ | 200 | $ | 185,038 | ||||
Oil India Ltd., 5.38%, 04/17/24(a) | 200 | 202,312 | ||||||
ONGC Videsh Ltd., 4.63%, 07/15/24(a) | 200 | 199,875 | ||||||
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(a) | 200 | 189,750 | ||||||
Power Finance Corp. Ltd., 4.50%, 06/18/29(a) | 400 | 367,250 | ||||||
REC Ltd. | 200 | 185,688 | ||||||
5.25%, 11/13/23(a) | 200 | 200,500 | ||||||
Reliance Industries Ltd. | 250 | 250,000 | ||||||
4.13%, 01/28/25(a)(b) | 250 | 257,031 | ||||||
4.88%, 02/10/45(a) | 250 | 243,437 | ||||||
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 03/12/21)(a) | 200 | 171,625 | ||||||
State Bank of India/London | 200 | 203,437 | ||||||
4.88%, 04/17/24(a)(b) | 200 | 206,687 | ||||||
Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(a) | 200 | 78,750 | ||||||
Vedanta Resources Ltd. | 200 | 70,426 | ||||||
7.13%, 05/31/23(a) | 200 | 73,250 | ||||||
|
| |||||||
6,992,880 | ||||||||
Indonesia — 2.2% | ||||||||
Adaro Indonesia PT, 4.25%, 10/31/24 | 250 | 218,437 | ||||||
Bank Mandiri Persero Tbk PT, 3.75%, 04/11/24(a) | 200 | 193,313 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 200 | 196,063 | ||||||
4.63%, 07/20/23(a) | 200 | 202,060 | ||||||
Eterna Capital Pte Ltd., Series B, 8.00%, (8.00% PIK), 12/11/22 (Call 05/29/20)(f) | 216 | 95,500 | ||||||
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 | 250 | 209,687 | ||||||
Listrindo Capital BV, 4.95%, 09/14/26 (Call 09/14/21)(a) | 200 | 187,250 | ||||||
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a) | 385 | 390,768 | ||||||
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(i) | 200 | 119,000 | ||||||
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(a) | 200 | 122,000 | ||||||
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)(a) | 200 | 124,000 | ||||||
Minejesa Capital BV | 400 | 380,000 | ||||||
5.63%, 08/10/37(a) | 400 | 377,000 | ||||||
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(a) | 400 | 409,375 | ||||||
Saka Energi Indonesia PT, 4.45%, 05/05/24(a) | 200 | 171,750 | ||||||
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(a) | 181 | 168,249 | ||||||
|
| |||||||
3,564,452 | ||||||||
Israel — 4.3% | ||||||||
Altice Financing SA | 400 | 387,500 | ||||||
7.50%, 05/15/26 (Call 05/15/21)(a) | 795 | 828,708 | ||||||
Bank LeumiLe-Israel BM, 3.28%, 01/29/31 (Call 01/29/26)(e)(i) | 200 | 184,625 | ||||||
Israel Chemicals Ltd., 6.38%, 05/31/38 | 250 | 275,000 | ||||||
Israel Electric Corp. Ltd. | 400 | 423,500 | ||||||
6.88%, 06/21/23(a) | 200 | 224,000 | ||||||
Series 6, 5.00%, 11/12/24(i) | 400 | 433,500 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36 | 200 | 186,188 |
Security | Par (000) | Value | ||||||
Israel (continued) | ||||||||
Teva Pharmaceutical Finance Netherlands III BV | $ | 886 | $ | 800,169 | ||||
3.15%, 10/01/26(b) | 1,351 | 1,170,802 | ||||||
4.10%, 10/01/46 | 490 | 382,200 | ||||||
6.00%, 04/15/24 (Call 01/15/24) | 700 | 694,312 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(b) | 500 | 513,125 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(a) | 400 | 411,125 | ||||||
|
| |||||||
6,914,754 | ||||||||
Jamaica — 0.4% | ||||||||
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 12/30/20)(a)(c) | 325 | 192,766 | ||||||
Digicel Group Two Ltd. | 350 | 10,526 | ||||||
9.13%, (2.00% PIK), 04/01/24 (Call 05/28/20)(a)(c)(f) | 602 | 6,065 | ||||||
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24 (Call 05/25/21)(a) | 200 | 185,250 | ||||||
Digicel Ltd., 6.75%, 03/01/23 (Call 05/13/20)(a)(c) | 400 | 162,500 | ||||||
|
| |||||||
557,107 | ||||||||
Kazakhstan — 0.4% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 05/28/20)(a) | 147 | 142,862 | ||||||
Nostrum Oil &Gas Finance BV, 8.00%, 07/25/22 (Call 05/08/20)(a) | 200 | 34,000 | ||||||
Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/26(a)(b) | 500 | 475,781 | ||||||
|
| |||||||
652,643 | ||||||||
Kuwait — 1.3% | ||||||||
Burgan Bank SAK, 5.75%, (Call 07/09/24)(a)(d)(e) | 200 | 172,688 | ||||||
Equate Petrochemical BV, 4.25%, 11/03/26(a) | 600 | 583,125 | ||||||
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(a) | 200 | 208,500 | ||||||
Kuwait Projects Co. SPC Ltd. | 200 | 175,000 | ||||||
4.50%, 02/23/27(a) | 200 | 175,438 | ||||||
NBK Tier 1 Financing 2 Ltd., | 400 | 366,000 | ||||||
NBK Tier 1 Financing Ltd., | 200 | 190,437 | ||||||
Warba Sukuk Ltd., 2.98%, 09/24/24(a) | 200 | 201,187 | ||||||
|
| |||||||
2,072,375 | ||||||||
Macau — 3.0% | ||||||||
Melco Resorts Finance Ltd. | 204 | 197,370 | ||||||
5.25%, 04/26/26 (Call 04/26/22)(a) | 200 | 195,000 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(a) | 600 | 564,000 | ||||||
5.63%, 07/17/27 (Call 07/17/22)(a) | 200 | 194,000 | ||||||
MGM China Holdings Ltd. | 200 | 194,750 | ||||||
5.88%, 05/15/26 (Call 05/15/22)(a) | 200 | 194,250 | ||||||
Sands China Ltd. | 600 | 609,950 | ||||||
5.13%, 08/08/25 (Call 06/08/25) | 800 | 835,659 | ||||||
5.40%, 08/08/28 (Call 05/08/28)(b) | 600 | 627,312 | ||||||
Studio City Finance Ltd., 7.25%, 02/11/24 (Call 02/11/21)(a)(b) | 208 | 197,600 | ||||||
Wynn Macau Ltd. | 400 | 385,000 | ||||||
5.13%, 12/15/29 (Call 12/15/24)(a) | 200 | 193,000 | ||||||
5.50%, 10/01/27 (Call 10/01/22)(a) | 400 | 387,875 | ||||||
|
| |||||||
4,775,766 | ||||||||
Malaysia — 1.6% | ||||||||
Axiata SPV2 Bhd, 4.36%, 03/24/26(a) | 200 | 216,563 | ||||||
CIMB Bank Bhd, 2.10%, 10/09/24, (3 mo. LIBOR US + 0.780%)(a)(g) | 200 | 190,250 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Malaysia (continued) | ||||||||
Gohl Capital Ltd., 4.25%, 01/24/27(a) | $ | 600 | $ | 559,125 | ||||
IOI Investment L Bhd, 4.38%, 06/27/22(a) | 400 | 418,000 | ||||||
Malayan Banking Bhd, 2.49%, 08/16/24, (3 mo. LIBOR US + 0.800%)(a)(g) | 400 | 380,000 | ||||||
Parkway Pantai Ltd., 4.25%, (Call 07/27/22)(a)(d)(e) | 200 | 190,625 | ||||||
TNB Global Ventures Capital Bhd | 400 | 403,375 | ||||||
4.85%, 11/01/28(a) | 200 | 221,906 | ||||||
|
| |||||||
2,579,844 | ||||||||
Mexico — 5.4% | ||||||||
Alfa SAB de CV, 5.25%, 03/25/24 (Call 12/25/23)(a)(b) | 200 | 198,865 | ||||||
Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)(a) | 200 | 173,000 | ||||||
America Movil SAB de CV | 200 | 204,062 | ||||||
3.63%, 04/22/29 (Call 01/22/29) | 200 | 213,045 | ||||||
4.38%, 07/16/42 | 200 | 226,000 | ||||||
4.38%, 04/22/49 (Call 10/22/48) | 200 | 231,680 | ||||||
6.13%, 03/30/40 | 300 | 407,940 | ||||||
6.38%, 03/01/35 | 100 | 134,906 | ||||||
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, | 450 | 444,375 | ||||||
Banco Mercantil del Norte SA/Grand Cayman, 6.75%, (Call 09/27/24)(a)(b)(d)(e) | 200 | 157,900 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 350 | 351,728 | ||||||
5.95%, 10/01/28 (Call 10/01/23)(a)(e) | 200 | 194,250 | ||||||
BBVA Bancomer SA/Texas | 150 | 154,595 | ||||||
5.13%, 01/18/33 (Call 01/17/28)(a)(e) | 200 | 171,250 | ||||||
5.88%, 09/13/34 (Call 09/13/29)(a)(e) | 200 | 175,500 | ||||||
Becle SAB de CV, 3.75%, 05/13/25(a)(b) | 150 | 146,578 | ||||||
Braskem Idesa SAPI, 7.45%, 11/15/29 | 200 | 146,300 | ||||||
Cemex SAB de CV | 200 | 164,000 | ||||||
5.70%, 01/11/25 (Call 05/28/20)(a) | 200 | 181,050 | ||||||
7.75%, 04/16/26 (Call 04/16/21)(a)(b) | 200 | 186,610 | ||||||
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43 | 150 | 176,063 | ||||||
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a) | 190 | 169,516 | ||||||
El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26(a) | 200 | 179,500 | ||||||
Fomento Economico Mexicano SAB de CV | 300 | 288,234 | ||||||
4.38%, 05/10/43 | 150 | 167,706 | ||||||
Fresnillo PLC, 5.50%, 11/13/23(a) | 200 | 210,000 | ||||||
Grupo Bimbo SAB de CV | 200 | 181,625 | ||||||
4.88%, 06/27/44(a)(b) | 200 | 201,687 | ||||||
Grupo Televisa SAB | 200 | 195,946 | ||||||
6.13%, 01/31/46 (Call 07/31/45) | 200 | 225,437 | ||||||
6.63%, 01/15/40 | 120 | 140,100 | ||||||
Industrias Penoles SAB de CV, 4.15%, 09/12/29 (Call 06/12/29)(a) | 200 | 191,900 | ||||||
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a) | 200 | 167,663 | ||||||
Orbia Advance Corp. SAB de CV | 200 | 200,800 | ||||||
5.50%, 01/15/48 (Call 07/15/47)(a) | 200 | 185,312 | ||||||
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a) | 200 | 201,900 |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
Southern Copper Corp. | $ | 100 | $ | 103,438 | ||||
5.25%, 11/08/42 | 200 | 210,000 | ||||||
5.88%, 04/23/45(b) | 200 | 225,700 | ||||||
6.75%, 04/16/40 | 100 | 122,500 | ||||||
7.50%, 07/27/35 | 200 | 254,000 | ||||||
Trust Fibra Uno | 200 | 183,563 | ||||||
6.39%, 01/15/50 (Call 07/15/49)(a) | 200 | 177,563 | ||||||
|
| |||||||
8,623,787 | ||||||||
Morocco — 0.7% | ||||||||
OCP SA | 400 | 413,375 | ||||||
5.63%, 04/25/24(a) | 425 | 454,750 | ||||||
6.88%, 04/25/44(a) | 200 | 237,750 | ||||||
|
| |||||||
1,105,875 | ||||||||
Netherlands — 0.1% | ||||||||
VEON Holdings BV, 4.00%, 04/09/25 (Call 01/09/25)(a) | 200 | 204,800 | ||||||
|
| |||||||
Nigeria — 0.4% | ||||||||
IHS Netherlands Holdco BV | 200 | 180,000 | ||||||
8.00%, 09/18/27 (Call 09/18/22)(a) | 300 | 268,875 | ||||||
United Bank for Africa PLC, 7.75%, 06/08/22(a) | 200 | 176,250 | ||||||
|
| |||||||
625,125 | ||||||||
Oman — 0.5% | ||||||||
Bank Muscat SAOG, 4.88%, 03/14/23(a) | 200 | 179,875 | ||||||
National Bank of Oman SAOG, 5.63%, 09/25/23(a) | 200 | 186,375 | ||||||
Oztel Holdings SPC Ltd., 6.63%, 04/24/28(a) | 500 | 417,500 | ||||||
|
| |||||||
783,750 | ||||||||
Panama — 0.7% | ||||||||
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(a) | 200 | 197,438 | ||||||
C&W Senior Financing DAC | 600 | 592,500 | ||||||
7.50%, 10/15/26 (Call 10/15/21)(a)(b) | 200 | 204,000 | ||||||
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a) | 200 | 190,000 | ||||||
|
| |||||||
1,183,938 | ||||||||
Paraguay — 0.1% | ||||||||
Bioceanico Sovereign Certificate Ltd., | 300 | 184,950 | ||||||
|
| |||||||
Peru — 1.9% | ||||||||
Banco BBVA Peru SA, 5.00%, 08/26/22(a) | 150 | 155,813 | ||||||
Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)(a) | 400 | 391,000 | ||||||
Banco de Credito del Peru/Panama, 6.13%, 04/24/27 (Call 04/24/22)(a)(e) | 300 | 315,375 | ||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a) | 200 | 154,625 | ||||||
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(a)(b) | 200 | 188,250 | ||||||
Kallpa Generacion SA, 4.13%, 08/16/27 | 200 | 195,812 | ||||||
Lima Metro Line 2 Finance Ltd. | 200 | 203,500 | ||||||
5.88%, 07/05/34(a)(b) | 323 | 361,747 | ||||||
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(a) | 200 | 180,125 | ||||||
Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(a) | 200 | 192,250 | ||||||
Peru LNG Srl, 5.38%, 03/22/30(a) | 400 | 223,000 | ||||||
Transportadora de Gas del Peru SA, | 400 | 409,875 | ||||||
|
| |||||||
2,971,372 | �� |
18 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Philippines — 1.5% | ||||||||
Bank of the Philippine Islands, 4.25%, 09/04/23(a) | $ | 200 | $ | 206,563 | ||||
BDO Unibank Inc., 2.95%, 03/06/23(a) | 400 | 397,750 | ||||||
JGSH Philippines Ltd., 4.38%, 01/23/23(a) | 200 | 204,406 | ||||||
Jollibee Worldwide Pte Ltd., | 200 | 184,000 | ||||||
Petron Corp., 4.60%, (Call 07/19/23)(a)(d)(e) | 200 | 176,000 | ||||||
Philippine National Bank, 3.28%, 09/27/24(a) | 200 | 194,955 | ||||||
San Miguel Corp., 4.88%, 04/26/23 (Call 05/14/20)(a) | 200 | 191,766 | ||||||
SMC Global Power Holdings Corp. | 200 | 171,758 | ||||||
5.95%, (Call 05/05/25)(a)(d)(e) | 200 | 173,500 | ||||||
6.50%, (Call 04/25/24)(a)(d)(e) | 300 | 266,250 | ||||||
Union Bank of the Philippines, 3.37%, 11/29/22(a) | 200 | 201,858 | ||||||
|
| |||||||
2,368,806 | ||||||||
Poland — 0.3% | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB, 4.63%, 09/26/22(a) | 400 | 412,250 | ||||||
|
| |||||||
Qatar — 2.8% | ||||||||
ABQ Finance Ltd., 3.13%, 09/24/24(a) | 200 | 198,000 | ||||||
AKCB Finance Ltd., 4.75%, 10/09/23(a) | 200 | 209,813 | ||||||
Nakilat Inc., 6.07%, 12/31/33(a) | 250 | 286,562 | ||||||
Ooredoo International Finance Ltd. | 350 | 358,750 | ||||||
3.75%, 06/22/26(a) | 200 | 210,000 | ||||||
3.88%, 01/31/28(a) | 200 | 210,750 | ||||||
4.50%, 01/31/43(a) | 200 | 226,000 | ||||||
5.00%, 10/19/25(a) | 200 | 221,500 | ||||||
QIB Sukuk Ltd., 3.98%, 03/26/24(a) | 400 | 414,500 | ||||||
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(a) | 200 | 206,875 | ||||||
QNB Finance Ltd. | 300 | 295,617 | ||||||
3.50%, 03/28/24(a) | 400 | 414,375 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. III | 500 | 561,875 | ||||||
6.33%, 09/30/27(a) | 500 | 572,500 | ||||||
|
| |||||||
4,387,117 | ||||||||
Russia — 5.2% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC | 200 | 192,176 | ||||||
8.00%, (Call 02/03/22)(a)(d)(e) | 200 | 195,500 | ||||||
ALROSA Finance SA, 4.65%, 04/09/24 | 200 | 207,688 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC, 7.12%, 06/25/24(a) | 400 | 416,750 | ||||||
Eurochem Finance DAC, 5.50%, 03/13/24(a) | 200 | 213,508 | ||||||
Evraz PLC | 200 | 212,312 | ||||||
5.38%, 03/20/23(a) | 200 | 211,000 | ||||||
Gazprom Neft OAO Via GPN Capital SA | 200 | 205,000 | ||||||
6.00%, 11/27/23(a) | 400 | 436,500 | ||||||
Gazprom PJSC Via Gaz Capital SA | 200 | 207,500 | ||||||
4.95%, 02/06/28(a) | 400 | 431,250 | ||||||
7.29%, 08/16/37(a) | 400 | 547,125 | ||||||
8.63%, 04/28/34(a) | 250 | 366,875 | ||||||
GTH Finance BV, 7.25%, 04/26/23 (Call 01/26/23)(a) | 200 | 219,000 | ||||||
Lukoil International Finance BV | 200 | 208,188 | ||||||
4.75%, 11/02/26(a) | 200 | 214,000 | ||||||
Metalloinvest Finance DAC, 4.85%, 05/02/24(a) | 200 | 209,250 |
Security | Par (000) | Value | ||||||
Russia (continued) | ||||||||
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23(a) | $ | 300 | $ | 309,187 | ||||
MMC Norilsk Nickel OJSC Via MMC Finance DAC, 3.38%, 10/28/24(a) | 200 | 202,250 | ||||||
MMK International Capital DAC, 4.38%, 06/13/24(a) | 200 | 207,250 | ||||||
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/23(a) | 200 | 209,750 | ||||||
Novatek OAO Via Novatek Finance DAC, 4.42%, 12/13/22(a) | 200 | 207,274 | ||||||
Novolipetsk Steel Via Steel Funding DAC, 4.50%, 06/15/23(a) | 200 | 208,812 | ||||||
Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(a) | 200 | 208,520 | ||||||
Polyus Finance PLC, 5.25%, 02/07/23(a) | 200 | 210,000 | ||||||
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22(a) | 400 | 413,000 | ||||||
Severstal OAO Via Steel Capital SA | 200 | 199,800 | ||||||
5.90%, 10/17/22(a) | 200 | 212,760 | ||||||
VEON Holdings BV, 4.95%, 06/16/24 (Call 03/16/24)(a) | 200 | 209,125 | ||||||
VTB Bank OJSC Via VTB Capital SA, | 400 | 415,000 | ||||||
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(a)(d)(e) | 400 | 419,125 | ||||||
|
| |||||||
8,325,475 | ||||||||
Saudi Arabia — 4.6% | ||||||||
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a) | 200 | 195,000 | ||||||
Almarai Sukuk Ltd., 4.31%, 03/05/24(a) | 200 | 203,312 | ||||||
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(a) | 300 | 252,000 | ||||||
DarAl-Arkan Sukuk Co. Ltd., 6.88%, 03/21/23(a) | 200 | 179,500 | ||||||
SABIC Capital II BV | 200 | 205,500 | ||||||
4.50%, 10/10/28(a) | 400 | 425,000 | ||||||
Samba Funding Ltd., 2.75%, 10/02/24(a) | 400 | 393,000 | ||||||
Saudi Arabian Oil Co. | 1,000 | 1,006,250 | ||||||
4.25%, 04/16/39(a) | 1,000 | 1,034,495 | ||||||
4.38%, 04/16/49(a) | 800 | 835,000 | ||||||
Saudi Electricity Global Sukuk Co. | 400 | 412,000 | ||||||
5.06%, 04/08/43(a) | 400 | 421,500 | ||||||
Saudi Electricity Global Sukuk Co. | 400 | 417,000 | ||||||
5.50%, 04/08/44(a) | 200 | 224,500 | ||||||
Saudi Electricity Global Sukuk Co. | 200 | 208,875 | ||||||
4.72%, 09/27/28(a) | 400 | 439,875 | ||||||
Saudi Telecom Co., 3.89%, 05/13/29(a) | 400 | 415,250 | ||||||
|
| |||||||
7,268,057 | ||||||||
Singapore — 2.9% | ||||||||
DBS Group Holdings Ltd. | 200 | 196,213 | ||||||
3.30%, (Call 02/27/25)(a)(d)(e) | 400 | 371,288 | ||||||
3.60%, (Call 09/07/21)(a)(d)(e) | 200 | 198,063 | ||||||
4.52%, 12/11/28 (Call 12/11/23)(a)(e) | 400 | 420,500 | ||||||
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)(b) | 210 | 222,206 | ||||||
GLP Pte Ltd., 3.88%, 06/04/25(a) | 225 | 204,891 | ||||||
Olam International Ltd., 5.35%, (Call 07/20/21)(a)(d)(e) | 300 | 263,812 | ||||||
Oversea-Chinese Banking Corp. Ltd., | 400 | 417,500 | ||||||
Singapore Telecommunications Ltd., | 200 | 299,833 | ||||||
SingTel Group Treasury Pte Ltd. | 200 | 203,625 | ||||||
2.38%, 08/28/29 (Call 05/28/29)(a) | 200 | 200,813 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Singapore (continued) | ||||||||
3.25%, 06/30/25(a) | $ | 500 | $ | 533,437 | ||||
3.88%, 08/28/28 (Call 05/28/28)(a) | 200 | 223,500 | ||||||
United Overseas Bank Ltd. | 200 | 200,875 | ||||||
3.75%, 04/15/29 (Call 04/15/24)(a)(b)(e) | 200 | 204,000 | ||||||
3.88%, (Call 10/19/23)(a)(d)(e) | 400 | 389,875 | ||||||
|
| |||||||
4,550,431 | ||||||||
South Africa — 2.0% | ||||||||
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22 | 257 | 263,425 | ||||||
FirstRand Bank Ltd., 6.25%, 04/23/28 | 200 | 190,313 | ||||||
Gold Fields Orogen Holdings BVI Ltd. | 200 | 205,250 | ||||||
6.13%, 05/15/29 (Call 02/15/29)(a) | 200 | 209,625 | ||||||
Liquid Telecommunications Financing PLC, 8.50%, 07/13/22 (Call 07/13/20)(a) | 200 | 169,125 | ||||||
MTN Mauritius Investment Ltd. | 250 | 230,781 | ||||||
6.50%, 10/13/26(a) | 200 | 191,937 | ||||||
Prosus NV | 400 | 429,000 | ||||||
5.50%, 07/21/25 (Call 04/21/25)(a) | 400 | 437,500 | ||||||
Sasol Financing International Ltd., 4.50%, 11/14/22 | 200 | 140,500 | ||||||
Sasol Financing USA LLC | 600 | 390,000 | ||||||
6.50%, 09/27/28 (Call 06/27/28)(b) | 400 | 262,000 | ||||||
|
| |||||||
3,119,456 | ||||||||
South Korea — 4.5% | ||||||||
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)(a)(d)(e) | 200 | 192,000 | ||||||
Hyundai Capital America, 3.50%, 11/02/26 (Call 09/02/26)(a) | 400 | 377,375 | ||||||
Hyundai Capital Services Inc., 3.75%, 03/05/23(a) | 400 | 396,928 | ||||||
Kia Motors Corp., 3.00%, 04/25/23(a) | 200 | 198,000 | ||||||
Kookmin Bank | 200 | 206,391 | ||||||
4.35%, (Call 07/02/24)(a)(d)(e) | 200 | 192,250 | ||||||
Korea East-West Power Company Ltd., 2.63%, 06/19/22(a) | 400 | 409,250 | ||||||
Korea Electric Power Corp., 2.50%, 06/24/24(a) | 200 | 205,252 | ||||||
Korea Gas Corp. | 200 | 217,187 | ||||||
3.88%, 02/12/24(a) | 200 | 215,187 | ||||||
6.25%, 01/20/42(a) | 200 | 298,750 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. | 400 | 413,875 | ||||||
3.75%, 07/25/23(a) | 200 | 212,500 | ||||||
Kyobo Life Insurance Co. Ltd., 3.95%, | 200 | 196,313 | ||||||
LG Chem Ltd. | 200 | 205,103 | ||||||
3.63%, 04/15/29(a) | 200 | 204,000 | ||||||
NongHyup Bank | 200 | 205,688 | ||||||
3.88%, 07/30/23(a)(b) | 200 | 212,937 | ||||||
POSCO, 2.75%, 07/15/24(a) | 400 | 398,608 | ||||||
Shinhan Bank Co. Ltd. | 200 | 213,750 | ||||||
3.88%, 03/24/26(a)(b) | 200 | 198,000 | ||||||
Shinhan Financial Group Co. Ltd. | 200 | 202,500 | ||||||
5.88%, (Call 08/13/23)(a)(d)(e) | 200 | 205,813 | ||||||
SK Hynix Inc., 3.00%, 09/17/24(a) | 200 | 202,563 |
Security | Par (000) | Value | ||||||
South Korea (continued) | ||||||||
SK Innovation Co. Ltd., 4.13%, 07/13/23(a) | $ | 200 | $ | 200,250 | ||||
SK Telecom Co. Ltd., 3.75%, 04/16/23(a) | 200 | 210,195 | ||||||
Woori Bank | 400 | 376,000 | ||||||
4.50%, (Call 09/27/21)(a)(d)(e) | 200 | 198,813 | ||||||
5.25%, (Call 05/16/22)(a)(d)(e) | 200 | 198,500 | ||||||
|
| |||||||
7,163,978 | ||||||||
Taiwan — 0.4% | ||||||||
Competition Team Technologies Ltd., | 200 | 208,125 | ||||||
Formosa Group Cayman Ltd., 3.38%, 04/22/25(a) | 400 | 410,625 | ||||||
|
| |||||||
618,750 | ||||||||
Thailand — 1.8% | ||||||||
Bangkok Bank PCL/Hong Kong | 600 | 534,000 | ||||||
4.05%, 03/19/24(a) | 400 | 420,375 | ||||||
4.45%, 09/19/28(a) | 200 | 216,562 | ||||||
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(a)(e) | 400 | 353,750 | ||||||
PTT Global Chemical PCL, 4.25%, 09/19/22(a) | 200 | 208,438 | ||||||
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a) | 200 | 186,000 | ||||||
Siam Commercial Bank PCL/Cayman Islands | 200 | 201,688 | ||||||
3.90%, 02/11/24(a) | 200 | 209,312 | ||||||
4.40%, 02/11/29(a) | 200 | 217,000 | ||||||
Thaioil Treasury Center Co. Ltd. | 200 | 169,250 | ||||||
5.38%, 11/20/48(a) | 200 | 223,000 | ||||||
|
| |||||||
2,939,375 | ||||||||
Togo — 0.1% | ||||||||
Ecobank Transnational Inc., 9.50%, 04/18/24(a) | 200 | 185,000 | ||||||
|
| |||||||
Turkey — 4.2% | ||||||||
Akbank Turk AS | 200 | 182,563 | ||||||
7.20%, 03/16/27 (Call 03/16/22)(a)(e) | 200 | 182,750 | ||||||
Arcelik AS, 5.00%, 04/03/23(a) | 200 | 192,250 | ||||||
Coca-Cola Icecek AS, 4.22%, 09/19/24 | 200 | 195,437 | ||||||
KOC Holding AS | 200 | 195,677 | ||||||
6.50%, 03/11/25 (Call 12/11/24)(a) | 200 | 196,062 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(a) | 300 | 295,594 | ||||||
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (Call 01/26/21)(a) | 200 | 188,750 | ||||||
QNB Finansbank AS, 6.88%, 09/07/24(a) | 200 | 199,437 | ||||||
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(a) | 200 | 175,000 | ||||||
Turk Telekomunikasyon AS | 200 | 188,000 | ||||||
6.88%, 02/28/25(a) | 200 | 198,937 | ||||||
Turkcell Iletisim Hizmetleri AS | 200 | 192,938 | ||||||
5.80%, 04/11/28 (Call 01/11/28)(a) | 200 | 187,813 | ||||||
Turkiye Garanti Bankasi AS | 200 | 196,437 | ||||||
6.13%, 05/24/27 (Call 05/24/22)(a)(e) | 400 | 337,500 | ||||||
Turkiye Is Bankasi AS | 400 | 373,125 | ||||||
6.13%, 04/25/24(a) | 400 | 384,750 |
20 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||
Turkey (continued) | ||||||||
7.00%, 06/29/28 (Call 06/29/23)(a)(e) | $ | 200 | $ | 172,063 | ||||
7.75%, 01/22/30 (Call 01/22/25)(a)(e) | 300 | 263,913 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(a) | 200 | 192,875 | ||||||
Turkiye Vakiflar Bankasi TAO | 400 | 384,750 | ||||||
6.00%, 11/01/22(a) | 200 | 186,313 | ||||||
8.13%, 03/28/24(a) | 200 | 201,250 | ||||||
Yapi ve Kredi Bankasi AS 5.50%, 12/06/22(a) | 200 | 180,938 | ||||||
5.85%, 06/21/24(a) | 200 | 189,625 | ||||||
6.10%, 03/16/23(a) | 200 | 194,813 | ||||||
8.25%, 10/15/24(a) | 200 | 204,000 | ||||||
8.50%, 03/09/26 (Call 03/09/21)(a)(e) | 300 | 285,281 | ||||||
13.88%, (Call 01/15/24)(a)(d)(e) | 200 | 200,812 | ||||||
|
| |||||||
6,719,653 | ||||||||
Ukraine — 0.7% | ||||||||
DTEK Finance PLC, 10.75%, (10.75% PIK), 12/31/24 (Call 05/29/20)(f) | 460 | 208,425 | ||||||
Metinvest BV | 200 | 138,000 | ||||||
7.75%, 10/17/29(a) | 200 | 128,063 | ||||||
8.50%, 04/23/26 (Call 01/23/26)(a) | 400 | 267,250 | ||||||
MHP Lux SA, 6.95%, 04/03/26(a) | 200 | 184,937 | ||||||
MHP SE, 7.75%, 05/10/24(a) | 200 | 194,437 | ||||||
|
| |||||||
1,121,112 | ||||||||
United Arab Emirates — 4.8% | ||||||||
Abu Dhabi Commercial Bank PJSC, | 200 | 205,000 | ||||||
Abu Dhabi National Energy Co. PJSC | 200 | 209,562 | ||||||
4.00%, 10/03/49(a) | 200 | 199,375 | ||||||
4.38%, 06/22/26(a) | 200 | 214,250 | ||||||
4.88%, 04/23/30(a) | 200 | 219,125 | ||||||
6.50%, 10/27/36(a) | 200 | 241,562 | ||||||
ADCB Finance Cayman Ltd., 4.00%, 03/29/23(a) | 200 | 205,312 | ||||||
ADIB Capital Invest 2 Ltd., 7.13%, | 200 | 191,000 | ||||||
Aldar Sukuk Ltd., 4.75%, 09/29/25(a) | 200 | 209,000 | ||||||
BOS Funding Ltd., 4.00%, 09/18/24(a) | 200 | 182,000 | ||||||
DIB Sukuk Ltd., 3.63%, 02/06/23(a) | 400 | 406,000 | ||||||
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(a)(d)(e) | 200 | 191,000 | ||||||
DP World Crescent Ltd. | 200 | 180,000 | ||||||
3.88%, 07/18/29(a) | 200 | 179,438 | ||||||
3.91%, 05/31/23(a) | 200 | 198,000 | ||||||
4.85%, 09/26/28(a) | 200 | 192,250 | ||||||
DP World PLC | 200 | 191,313 | ||||||
6.85%, 07/02/37(a) | 500 | 550,750 | ||||||
Emaar Sukuk Ltd., 3.64%, 09/15/26(a) | 200 | 176,750 | ||||||
EMG Sukuk Ltd., 4.56%, 06/18/24(a) | 200 | 195,000 | ||||||
Emirates NBD Bank PJSC | 200 | 202,687 | ||||||
6.13%, (Call 03/20/25)(a)(d)(e) | 200 | 188,875 | ||||||
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(a) | 200 | 204,000 | ||||||
Esic Sukuk Ltd., 3.94%, 07/30/24(a) | 200 | 187,688 | ||||||
Fab Sukuk Co. Ltd. | 200 | 207,937 | ||||||
3.88%, 01/22/24(a) | 200 | 210,750 |
Security | Par/ Shares (000) | Value | ||||||
United Arab Emirates (continued) | ||||||||
First Abu Dhabi Bank PJSC, 2.25%, 07/08/24, (3 mo. LIBOR US + 0.900%)(a)(g) | $ | 400 | $ | 384,000 | ||||
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 | 200 | 183,563 | ||||||
MAF Sukuk Ltd. | 200 | 173,438 | ||||||
4.64%, 05/14/29(a) | 200 | 184,250 | ||||||
Mashreqbank PSC, 4.25%, 02/26/24(a) | 200 | 199,062 | ||||||
Rakfunding Cayman Ltd., 4.13%, 04/09/24(a) | 200 | 195,750 | ||||||
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)(b) | 200 | 235,500 | ||||||
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(a) | 200 | 64,160 | ||||||
SIB Sukuk Co. III Ltd., 4.23%, 04/18/23(a) | 200 | 207,125 | ||||||
|
| |||||||
7,565,472 | ||||||||
Vietnam — 0.1% | ||||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(a) | 250 | 235,625 | ||||||
|
| |||||||
Zambia — 1.0% | ||||||||
First Quantum Minerals Ltd. | 400 | 348,000 | ||||||
6.88%,03/01/26 (Call 03/01/21)(a) | 400 | 346,000 | ||||||
7.25%,04/01/23 (Call 05/28/20)(a) | 600 | 538,500 | ||||||
7.50%,04/01/25 (Call 05/28/20)(a) | 400 | 348,625 | ||||||
|
| |||||||
1,581,125 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 96.3% |
| 153,519,881 | ||||||
|
| |||||||
Foreign Government Obligations(j) |
| |||||||
Nigeria — 0.4% | ||||||||
Africa Finance Corp. | 200 | 182,345 | ||||||
3.88%, 04/13/24(a) | 200 | 197,250 | ||||||
4.38%, 04/17/26(a) | 200 | 201,342 | ||||||
|
| |||||||
580,937 | ||||||||
South Korea — 0.1% | ||||||||
Korea Gas Corp., 2.88%, 07/16/29(a) | 200 | 211,250 | ||||||
|
| |||||||
Supranational — 0.5% | ||||||||
African Export-Import Bank (The) | 400 | 364,000 | ||||||
5.25%, 10/11/23(a) | 400 | 396,000 | ||||||
|
| |||||||
760,000 | ||||||||
|
| |||||||
Total Foreign Government Obligations — 1.0% |
| 1,552,187 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 9.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%(k)(l)(m) | 13,585 | 13,599,517 |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%(k)(l) | 1,947 | $ | 1,947,000 | |||||
|
| |||||||
15,546,517 | ||||||||
|
| |||||||
Total Short-Term Investments — 9.8% | 15,546,517 | |||||||
|
| |||||||
Total Investments in Securities — 107.1% |
| 170,618,585 | ||||||
Other Assets, Less Liabilities — (7.1)% |
| (11,288,300 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 159,330,285 | |||||
|
|
(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) | Issuer filed for bankruptcy and/or is in default. |
(d) | Perpetual security with no stated maturity date. |
(e) | Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. |
(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 ofperiod-end. |
(h) | Zero-coupon bond. |
(i) | 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. |
(j) | U.S. dollar denominated security issued by foreign domiciled entity. |
(k) | Affiliate of the Fund. |
(l) | Annualized7-day yield as ofperiod-end. |
(m) | 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, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 (000) | | | Net Activity (000) | | | Shares Held at 04/30/20 (000) | | | Value at 04/30/20 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 17,273 | (3,688 | ) | 13,585 | $ | 13,599,517 | $ | 63,260 | (b) | $ | (9,262 | ) | $ | 12,074 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,688 | 259 | 1,947 | 1,947,000 | 7,806 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 15,546,517 | $ | 71,066 | $ | (9,262 | ) | $ | 12,074 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions fromanaffiliated 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 offinancial 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, 2020. 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 | $ | — | $ | 153,519,881 | $ | — | $ | 153,519,881 | ||||||||
Foreign Government Obligations | — | 1,552,187 | — | 1,552,187 | ||||||||||||
Money Market Funds | 15,546,517 | — | — | 15,546,517 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 15,546,517 | $ | 155,072,068 | $ | — | $ | 170,618,585 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
22 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Argentina — 0.8% | ||||||||
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/20)(a) | $ | 400 | $ | 321,000 | ||||
Pampa Energia SA, 7.50%, 01/24/27 | 550 | 321,269 | ||||||
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(a) | 300 | 218,250 | ||||||
YPF SA | 600 | 267,000 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(a) | 300 | 130,875 | ||||||
8.50%, 07/28/25(a) | 850 | 405,344 | ||||||
8.50%, 06/27/29 (Call 03/27/29)(a) | 250 | 114,140 | ||||||
8.75%, 04/04/24(a) | 866 | 456,815 | ||||||
|
| |||||||
2,234,693 | ||||||||
Azerbaijan — 0.6% | ||||||||
International Bank of Azerbaijan OJSC, | 700 | 581,000 | ||||||
Southern Gas Corridor CJSC, 6.88%, 03/24/26(a) | 1,200 | 1,254,000 | ||||||
|
| |||||||
1,835,000 | ||||||||
Bahrain — 0.2% | ||||||||
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(a) | 600 | 577,650 | ||||||
|
| |||||||
Brazil — 13.9% | ||||||||
Banco BTG Pactual SA/Cayman Islands | 400 | 374,600 | ||||||
5.50%, 01/31/23(a) | 300 | 294,375 | ||||||
7.75%, 02/15/29 (Call 02/15/24)(a)(b) | 400 | 367,500 | ||||||
Banco do Brasil SA/Cayman | 800 | 788,000 | ||||||
4.63%, 01/15/25(a) | 600 | 582,075 | ||||||
4.75%, 03/20/24(a) | 600 | 589,875 | ||||||
4.88%, 04/19/23(a) | 600 | 601,688 | ||||||
5.88%, 01/19/23(a) | 600 | 615,000 | ||||||
6.25%, (Call 04/15/24)(a)(b)(c) | 1,000 | 825,156 | ||||||
9.00%, (Call 06/18/24)(a)(b)(c) | 1,400 | 1,338,400 | ||||||
9.25%, (Call 04/15/23)(a)(b)(c) | 600 | 599,400 | ||||||
BRF SA | 400 | 377,500 | ||||||
4.88%, 01/24/30 (Call 10/24/29)(a) | 400 | 346,513 | ||||||
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(a) | 800 | 833,600 | ||||||
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a) | 200 | 170,625 | ||||||
Cosan Ltd., 5.50%, 09/20/29 (Call 09/20/24)(a) | 400 | 349,399 | ||||||
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(a) | 1,000 | 1,011,250 | ||||||
CSN Islands XII Corp., 7.00%, (Call 06/23/20)(a)(c) | 700 | 422,188 | ||||||
CSN Resources SA | 400 | 313,000 | ||||||
7.63%, 04/17/26 (Call 04/17/22)(a) | 800 | 568,000 | ||||||
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)(a) | 400 | 207,875 | ||||||
InterCement Financial Operations BV, | 400 | 152,380 | ||||||
Itau Unibanco Holding SA/Cayman Island | 1,000 | 930,800 | ||||||
4.63%, (Call 02/27/25)(a)(b)(c) | 400 | 327,524 | ||||||
5.13%, 05/13/23(a) | 920 | 938,687 | ||||||
5.50%, 08/06/22(a) | 960 | 979,200 | ||||||
6.13%, (Call 12/12/22)(a)(b)(c) | 600 | 556,500 | ||||||
JBS Investments II GmbH | 400 | 389,748 | ||||||
7.00%, 01/15/26 (Call 01/15/22)(a) | 600 | 622,062 | ||||||
JBS USA LUX SA/JBS USA Finance Inc. | 550 | 549,313 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
5.88%, 07/15/24 (Call 05/29/20)(a) | $ | 400 | $ | 404,500 | ||||
6.75%, 02/15/28 (Call 02/15/23)(a) | 500 | 530,939 | ||||||
Klabin Austria GmbH | 400 | 391,500 | ||||||
7.00%, 04/03/49 (Call 10/03/48)(a) | 400 | 393,500 | ||||||
MARB BondCo PLC | 600 | 572,411 | ||||||
7.00%, 03/15/24 (Call 05/28/20)(a) | 400 | 389,240 | ||||||
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)(a) | 900 | 873,000 | ||||||
NBM U.S. Holdings Inc. | 400 | 372,380 | ||||||
7.00%, 05/14/26 (Call 05/14/22)(a) | 400 | 385,000 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 12/01/20)(a)(d) | 400 | 118,946 | ||||||
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(a)(d) | 600 | 46,763 | ||||||
Oi SA (4.00% PIK), 10.00%, 07/27/25(a)(d) | 900 | 661,219 | ||||||
Petrobras Global Finance BV | 756 | 733,320 | ||||||
5.09%, 01/15/30(a) | 2,200 | 2,007,500 | ||||||
5.30%, 01/27/25 | 900 | 869,542 | ||||||
5.63%, 05/20/43 | 300 | 264,844 | ||||||
5.75%, 02/01/29 | 792 | 745,222 | ||||||
6.00%, 01/27/28 | 1,268 | 1,212,271 | ||||||
6.25%, 03/17/24 | 1,011 | 1,020,845 | ||||||
6.75%, 01/27/41 | 700 | 674,419 | ||||||
6.85%, 06/05/2115 | 1,233 | 1,152,855 | ||||||
6.88%, 01/20/40 | 700 | 680,050 | ||||||
6.90%, 03/19/49 | 1,000 | 959,956 | ||||||
7.25%, 03/17/44 | 986 | 980,022 | ||||||
7.38%, 01/17/27 | 1,301 | 1,369,042 | ||||||
8.75%, 05/23/26 | 1,079 | 1,199,848 | ||||||
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(a) | 1,000 | 898,500 | ||||||
Rumo Luxembourg Sarl | 200 | 197,250 | ||||||
7.38%, 02/09/24 (Call 02/09/21)(a) | 800 | 821,000 | ||||||
Ultrapar International SA | 400 | 373,880 | ||||||
5.25%, 06/06/29(a) | 200 | 182,500 | ||||||
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(a) | 800 | 705,250 | ||||||
|
| |||||||
39,209,747 | ||||||||
Chile — 0.5% | ||||||||
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(a)(b) | 400 | 379,750 | ||||||
Corp. Group Banking SA, 6.75%, 03/15/23 | 250 | 88,985 | ||||||
Latam Finance Ltd. | 500 | 199,531 | ||||||
7.00%, 03/01/26 (Call 03/01/23)(a) | 400 | 161,375 | ||||||
VTR Finance BV, 6.88%, 01/15/24 (Call 05/08/20)(a) | 600 | 595,746 | ||||||
|
| |||||||
1,425,387 | ||||||||
China — 6.1% | ||||||||
Agile Group Holdings Ltd., 7.88%, | 800 | 730,000 | ||||||
CFLD Cayman Investment Ltd., 8.60%, 04/08/24(a) | 600 | 539,438 | ||||||
China Evergrande Group | 700 | 549,062 | ||||||
8.75%, 06/28/25 (Call 06/28/21)(a) | 2,600 | 2,037,750 | ||||||
10.50%, 04/11/24 (Call 04/11/22)(a) | 400 | 335,000 | ||||||
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 04/09/22)(a) | 400 | 375,375 | ||||||
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(a) | 400 | 415,000 |
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24 (Call 11/07/22)(a) | $ | 400 | $ | 390,500 | ||||
Country Garden Holdings Co. Ltd. | 400 | 391,750 | ||||||
4.75%, 09/28/23 (Call 09/28/20)(a) | 400 | 387,625 | ||||||
Easy Tactic Ltd., 5.88%, 02/13/23 | 400 | 342,540 | ||||||
Greenland Global Investment Ltd., 5.88%, 07/03/24(a) | 400 | 360,250 | ||||||
Kaisa Group Holdings Ltd. | 400 | 370,125 | ||||||
9.38%, 06/30/24 (Call 06/30/21)(a) | 2,000 | 1,718,750 | ||||||
KWG Group Holdings Ltd. | 400 | 363,375 | ||||||
6.00%,09/15/22 (Call 05/13/20)(a) | 400 | 387,250 | ||||||
Lenovo Group Ltd., 4.75%, 03/29/23(a) | 800 | 793,000 | ||||||
Overseas Chinese Town Asia Holdings Ltd., 4.30%, (Call 10/10/20)(a)(b)(c) | 600 | 596,250 | ||||||
Proven Honour Capital Ltd. 4.13%, 05/19/25(a) | 800 | 819,500 | ||||||
4.13%,05/06/26(a) | 1,200 | 1,217,625 | ||||||
Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/06/21)(a) | 300 | 277,125 | ||||||
Shimao Property Holdings Ltd., 4.75%, 07/03/22 (Call 07/03/20)(a) | 600 | 600,562 | ||||||
Sunac China Holdings Ltd. | 400 | 399,250 | ||||||
8.35%, 04/19/23 (Call 04/19/21)(a) | 400 | 399,375 | ||||||
Tsinghua Unic Ltd., 5.38%,01/31/23(a) | 400 | 219,125 | ||||||
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(a) | 600 | 515,625 | ||||||
Well Hope Development Ltd., | 600 | 586,698 | ||||||
Yuzhou Properties Co. Ltd. | 400 | 348,000 | ||||||
8.38%, 10/30/24 (Call 10/30/22)(a) | 400 | 361,625 | ||||||
8.50%, 02/26/24 (Call 02/26/22)(a) | 400 | 370,500 | ||||||
|
| |||||||
17,198,050 | ||||||||
Colombia — 1.8% | ||||||||
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(a) | 550 | 501,188 | ||||||
Banco de Bogota SA | 200 | 199,781 | ||||||
6.25%,05/12/26(a) | 600 | 595,500 | ||||||
Bancolombia SA | 600 | 517,500 | ||||||
4.88%, 10/18/27 (Call 10/18/22)(b) | 400 | 353,625 | ||||||
Colombia Telecomunicaciones SA ESP, | 545 | 536,995 | ||||||
Grupo Aval Ltd. 4.38%,02/04/30 (Call 11/04/29)(a) | 200 | 167,696 | ||||||
4.75%,09/26/22(a) | 800 | 790,125 | ||||||
Millicom International Cellular SA | 200 | 184,625 | ||||||
6.00%, 03/15/25 (Call 05/08/20)(a) | 300 | 300,660 | ||||||
6.25%,03/25/29 (Call 03/25/24)(a) | 600 | 588,000 | ||||||
6.63%,10/15/26 (Call 10/15/21)(a) | 400 | 408,000 | ||||||
|
| |||||||
5,143,695 | ||||||||
Ghana — 0.2% | ||||||||
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(a) | 400 | 245,250 | ||||||
Tullow Oil PLC, 7.00%,03/01/25 (Call 03/01/21)(a) | 600 | 301,125 | ||||||
|
| |||||||
546,375 | ||||||||
Guatemala — 0.3% | ||||||||
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24 (Call 05/28/20)(a) | 800 | 800,000 |
Security | Par (000) | Value | ||||||
Hong Kong — 2.8% | ||||||||
Bank of East Asia Ltd. (The) | $ | 650 | $ | 618,922 | ||||
5.88%, (Call 09/19/24)(a)(b)(c) | 500 | 470,000 | ||||||
Celestial Dynasty Ltd., 4.25%, 06/27/29(a) | 1,200 | 1,193,625 | ||||||
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(a)(b)(c) | 400 | 431,000 | ||||||
FWD Group Ltd., 6.38%, (Call 09/13/24)(a)(b)(c) | 800 | 649,000 | ||||||
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(a)(b)(c) | 1,000 | 996,563 | ||||||
Li & Fung Ltd., 5.25%, (Call 11/03/21)(a)(c) | 400 | 277,000 | ||||||
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(a)(b)(c). | 800 | 756,136 | ||||||
New World China Land Ltd., 4.75%, 01/23/27(a) | 400 | 423,750 | ||||||
NWD Finance BVI Ltd., 6.25%, (Call 03/07/24)(a)(c) | 1,000 | 963,750 | ||||||
NWD MTN Ltd., 4.13%, 07/18/29(a) | 1,200 | 1,175,250 | ||||||
|
| |||||||
7,954,996 | ||||||||
India — 1.6% | ||||||||
ABJA Investment Co. Pte Ltd. | 600 | 481,446 | ||||||
5.95%, 07/31/24(a) | 625 | 557,422 | ||||||
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(a) | 600 | 576,750 | ||||||
Delhi International Airport Ltd. 6.13%, 10/31/26(a) | 200 | 176,500 | ||||||
6.45%, 06/04/29(a) | 600 | 522,750 | ||||||
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(a) | 200 | 54,686 | ||||||
Greenko Dutch BV, 5.25%, 07/24/24 | 400 | 352,500 | ||||||
Greenko Solar Mauritius Ltd. | 600 | 529,500 | ||||||
5.95%,07/29/26 (Call 07/29/22)(a) | 200 | 175,500 | ||||||
JSW Steel Ltd., 5.95%, 04/18/24(a) | 400 | 333,375 | ||||||
Network i2i Ltd., 5.65%, (Call 01/15/25)(a)(b)(c) | 200 | 179,500 | ||||||
Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)(a) | 400 | 157,500 | ||||||
Vedanta Resources Ltd. | 400 | 140,851 | ||||||
6.38%,07/30/22(a) | 600 | 219,375 | ||||||
7.13%,05/31/23(a) | 300 | 109,875 | ||||||
|
| |||||||
4,567,530 | ||||||||
Indonesia — 0.8% | ||||||||
Adaro Indonesia PT, 4.25%, 10/31/24 | 750 | 655,312 | ||||||
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(a) | 600 | 503,250 | ||||||
Medco Oak Tree Pte Ltd., 7.38%,05/14/26 (Call 05/14/23)(a) | 1,000 | 610,000 | ||||||
Saka Energi Indonesia PT, 4.45%,05/05/24(a) | 600 | 515,250 | ||||||
|
| |||||||
2,283,812 | ||||||||
Israel — 3.1% | ||||||||
Altice Financing SA, 7.50%, 05/15/26 | 2,000 | 2,084,800 | ||||||
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22 | 350 | 330,750 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 07/21/23 | 1,575 | 1,422,422 | ||||||
3.15%, 10/01/26 | 1,900 | 1,646,576 | ||||||
4.10%, 10/01/46 | 1,450 | 1,131,000 | ||||||
6.00%, 04/15/24 (Call 01/15/24) | 800 | 793,500 | ||||||
6.75%, 03/01/28 (Call 12/01/27) | 800 | 821,000 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(a) | 600 | 616,687 | ||||||
|
| |||||||
8,846,735 | ||||||||
Jamaica — 0.3% | ||||||||
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 12/30/20)(a)(e) | 713 | 422,898 | ||||||
Digicel Group Two Ltd., 8.25%, 09/30/22 (Call 09/30/20)(a)(e) | 687 | 20,662 |
24 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Jamaica (continued) | ||||||||
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24 (Call 05/25/21)(a) | $ | 200 | $ | 185,250 | ||||
Digicel Ltd., 6.75%, 03/01/23 (Call 05/13/20)(a)(e) | 600 | 243,750 | ||||||
|
| |||||||
872,560 | ||||||||
Kazakhstan — 0.1% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, | 147 | 142,862 | ||||||
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 05/08/20)(a) | 400 | 68,000 | ||||||
|
| |||||||
210,862 | ||||||||
Kuwait — 0.1% | ||||||||
Kuwait Projects Co. SPC Ltd., 4.23%, 10/29/26(a) | 400 | 350,000 | ||||||
|
| |||||||
Macau — 1.4% | ||||||||
Melco Resorts Finance Ltd. | 800 | 780,000 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(a) | 600 | 564,000 | ||||||
MGM China Holdings Ltd., 5.38%, 05/15/24 | 1,000 | 973,750 | ||||||
Wynn Macau Ltd. | 800 | 770,000 | ||||||
5.13%, 12/15/29 (Call 12/15/24)(a) | 800 | 772,000 | ||||||
|
| |||||||
3,859,750 | ||||||||
Mexico — 1.9% | ||||||||
Banco Mercantil del Norte SA/Grand Cayman, 6.75%, (Call 09/27/24)(a)(b)(c) | 900 | 710,550 | ||||||
BBVA Bancomer SA/Texas | 600 | 513,750 | ||||||
5.88%, 09/13/34 (Call 09/13/29)(a)(b) | 350 | 307,125 | ||||||
6.75%, 09/30/22(a) | 800 | 830,000 | ||||||
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(a) | 600 | 438,900 | ||||||
Cemex Finance LLC, 6.00%, 04/01/24 (Call 05/28/20)(a) | 250 | 227,025 | ||||||
Cemex SAB de CV | 700 | 574,000 | ||||||
5.70%, 01/11/25 (Call 05/28/20)(a) | 600 | 543,150 | ||||||
6.13%, 05/05/25 (Call 05/28/20)(a) | 400 | 358,750 | ||||||
7.75%, 04/16/26 (Call 04/16/21)(a) | 600 | 559,830 | ||||||
Grupo Bimbo SAB de CV, 5.95%, | 200 | 198,687 | ||||||
|
| |||||||
5,261,767 | ||||||||
Netherlands — 0.1% | ||||||||
VEON Holdings BV, 4.00%, 04/09/25 (Call 01/09/25)(a) | 400 | 409,600 | ||||||
|
| |||||||
Nigeria — 0.2% | ||||||||
IHS Netherlands Holdco BV | 400 | 360,000 | ||||||
8.00%, 09/18/27 (Call 09/18/22)(a) | 400 | 358,500 | ||||||
|
| |||||||
718,500 | ||||||||
Oman — 0.3% | ||||||||
Oztel Holdings SPC Ltd. | 600 | 549,000 | ||||||
6.63%, 04/24/28(a) | 300 | 250,500 | ||||||
|
| |||||||
799,500 | ||||||||
Panama — 0.5% | ||||||||
C&W Senior Financing DAC | 800 | 790,000 | ||||||
7.50%, 10/15/26 (Call 10/15/21)(a) | 400 | 408,000 | ||||||
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(a) | 200 | 190,000 | ||||||
|
| |||||||
1,388,000 |
Security | Par (000) | Value | ||||||
Peru — 0.5% | ||||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(a) | $ | 550 | $ | 425,219 | ||||
Nexa Resources SA, 5.38%, 05/04/27 | 600 | 540,375 | ||||||
Peru LNG Srl, 5.38%, 03/22/30(a) | 600 | 334,500 | ||||||
|
| |||||||
1,300,094 | ||||||||
Philippines — 0.6% | ||||||||
JGSH Philippines Ltd., 4.38%, 01/23/23(a) | 400 | 408,812 | ||||||
Jollibee Worldwide Pte Ltd., | 400 | 368,000 | ||||||
SMC Global Power Holdings Corp., | 1,000 | 887,500 | ||||||
|
| |||||||
1,664,312 | ||||||||
Russia — 3.1% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC, 5.95%, 04/15/30 (Call 04/15/25)(a)(b) | 800 | 768,704 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC, 8.88%, (Call 11/10/22)(a)(b)(c) | 400 | 317,000 | ||||||
Eurochem Finance DAC, 5.50%, 03/13/24(a) | 600 | 640,524 | ||||||
Evraz PLC | 400 | 424,625 | ||||||
5.38%, 03/20/23(a) | 500 | 527,500 | ||||||
Metalloinvest Finance DAC, 4.85%, 05/02/24(a) | 600 | 627,750 | ||||||
Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)(a) | 200 | 208,520 | ||||||
Polyus Finance PLC, 5.25%, 02/07/23(a) | 400 | 420,000 | ||||||
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22(a) | 1,300 | 1,342,250 | ||||||
Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24(a) | 400 | 396,500 | ||||||
VEON Holdings BV | 400 | 418,250 | ||||||
5.95%, 02/13/23(a) | 400 | 423,875 | ||||||
VTB Bank OJSC Via VTB Capital SA, | 800 | 830,000 | ||||||
VTB Bank PJSC Via VTB Eurasia DAC, | 1,250 | 1,309,766 | ||||||
|
| |||||||
8,655,264 | ||||||||
Saudi Arabia — 0.2% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(a) | 800 | 642,750 | ||||||
|
| |||||||
South Africa — 1.7% | ||||||||
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22 | 445 | 456,117 | ||||||
Eskom Holdings SOC Ltd. | 600 | 535,687 | ||||||
6.75%, 08/06/23(a) | 617 | 456,580 | ||||||
7.13%, 02/11/25(a) | 860 | 621,350 | ||||||
FirstRand Bank Ltd., 6.25%, 04/23/28 | 200 | 190,313 | ||||||
Gold Fields Orogen Holdings BVI Ltd. | 200 | 205,250 | ||||||
6.13%, 05/15/29 (Call 02/15/29)(a) | 400 | 419,250 | ||||||
MTN Mauritius Investment Ltd., 4.76%, 11/11/24(a) | 600 | 553,875 | ||||||
Sasol Financing USA LLC | 800 | 520,000 | ||||||
6.50%, 09/27/28 (Call 06/27/28) | 400 | 262,000 | ||||||
Transnet SOC Ltd., 4.00%, 07/26/22(a) | 671 | 613,126 | ||||||
|
| |||||||
4,833,548 | ||||||||
South Korea — 0.3% | ||||||||
Woori Bank 4.25%, (Call 10/04/24)(a)(b)(c) | 400 | 376,000 | ||||||
5.00%, 06/10/45 (Call 06/10/20)(a)(b) | 600 | 594,000 | ||||||
|
| |||||||
970,000 | ||||||||
Thailand — 0.2% | ||||||||
Bangkok Bank PCL/Hong Kong, 3.73%, 09/25/34 (Call 09/25/29)(a)(b) | 600 | 534,000 | ||||||
|
|
SCHEDULE OF INVESTMENTS | 25 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Turkey — 3.8% | ||||||||
Akbank Turk AS | $ | 300 | $ | 291,000 | ||||
5.13%, 03/31/25(a) | 400 | 365,125 | ||||||
7.20%, 03/16/27 (Call 03/16/22)(a)(b) | 200 | 182,750 | ||||||
Arcelik AS, 5.00%, 04/03/23(a) | 400 | 384,500 | ||||||
KOC Holding AS | 400 | 391,355 | ||||||
6.50%, 03/11/25 (Call 12/11/24)(a) | 400 | 392,125 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(a) | 400 | 394,125 | ||||||
QNB Finansbank AS, 6.88%, 09/07/24(a) | 400 | 398,875 | ||||||
Tupras Turkiye Petrol Rafinerileri AS, | 400 | 350,000 | ||||||
Turk Telekomunikasyon AS | 400 | 376,000 | ||||||
6.88%, 02/28/25(a) | 200 | 198,938 | ||||||
Turkcell Iletisim Hizmetleri AS | 400 | 385,875 | ||||||
5.80%, 04/11/28 (Call 01/11/28)(a) | 200 | 187,813 | ||||||
Turkiye Garanti Bankasi AS | 400 | 393,875 | ||||||
5.88%, 03/16/23(a) | 300 | 294,656 | ||||||
6.13%, 05/24/27 (Call 05/24/22)(a)(b) | 400 | 337,500 | ||||||
Turkiye Is Bankasi AS | 650 | 606,328 | ||||||
6.13%, 04/25/24(a) | 800 | 769,500 | ||||||
7.00%, 06/29/28 (Call 06/29/23)(a)(b) | 200 | 172,063 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, | 500 | 482,187 | ||||||
Turkiye Vakiflar Bankasi TAO | 0 | (f) | 0 | (g) | ||||
5.75%, 01/30/23(a) | 300 | 288,562 | ||||||
6.00%, 11/01/22(a) | 500 | 465,781 | ||||||
8.13%, 03/28/24(a) | 600 | 603,750 | ||||||
Yapi ve Kredi Bankasi AS | 600 | 542,812 | ||||||
5.85%, 06/21/24(a) | 300 | 284,437 | ||||||
6.10%, 03/16/23(a) | 200 | 194,813 | ||||||
8.25%, 10/15/24(a) | 400 | 408,000 | ||||||
8.50%, 03/09/26 (Call 03/09/21)(a)(b) | 400 | 380,375 | ||||||
13.88%, (Call 01/15/24)(a)(b)(c) | 200 | 200,813 | ||||||
|
| |||||||
10,723,933 | ||||||||
Ukraine — 0.5% | ||||||||
DTEK Finance PLC, 10.75%, (10.75% PIK),12/31/24 (Call 05/29/20)(a) | 800 | 362,500 | ||||||
Metinvest BV | 400 | 276,000 | ||||||
7.75%, 10/17/29(a) | 200 | 128,063 | ||||||
8.50%, 04/23/26 (Call 01/23/26)(a) | 400 | 267,250 | ||||||
MHP SE, 7.75%, 05/10/24(a) | 400 | 388,875 | ||||||
|
| |||||||
1,422,688 | ||||||||
United Arab Emirates — 0.9% | ||||||||
ADIB Capital Invest 2 Ltd., | 600 | 573,000 | ||||||
DIB Tier 1 Sukuk 3 Ltd., | 600 | 573,000 | ||||||
Emirates NBD Bank PJSC, | 600 | 566,625 | ||||||
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(a) | 600 | 550,687 | ||||||
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)(a). | 500 | 160,400 | ||||||
|
| |||||||
2,423,712 |
Security | Par (000) | Value | ||||||
Zambia — 0.8% | ||||||||
First Quantum Minerals Ltd. | $ | 1,200 | $ | 1,038,000 | ||||
7.25%,04/01/23 (Call 05/28/20)(a) | 1,400 | 1,256,500 | ||||||
|
| |||||||
2,294,500 | ||||||||
Total Corporate Bonds & Notes — 50.2% | 141,959,010 | |||||||
|
| |||||||
Foreign Government Obligations(h) |
| |||||||
Angola — 0.7% | ||||||||
Angolan Government International Bond 8.00%, 11/26/29(a) | 1,400 | 602,000 | ||||||
9.13%, 11/26/49(a) | 1,400 | 598,063 | ||||||
9.50%, 11/12/25(a) | 1,400 | 661,500 | ||||||
|
| |||||||
1,861,563 | ||||||||
Argentina — 1.9% | ||||||||
Argentine Republic Government International Bond 4.63%, 01/11/23(e) | 800 | 224,750 | ||||||
5.88%, 01/11/28(e) | 2,250 | 551,250 | ||||||
6.63%, 07/06/28(e) | 400 | 100,125 | ||||||
6.88%, 01/26/27(e) | 2,024 | 500,940 | ||||||
6.88%, 01/11/48(e) | 1,550 | 359,406 | ||||||
7.13%, 07/06/36(e) | 920 | 219,937 | ||||||
7.13%, 06/28/2117(e) | 1,531 | 355,479 | ||||||
7.50%, 04/22/26(e) | 3,455 | 918,814 | ||||||
7.63%, 04/22/46(e) | 1,431 | 350,595 | ||||||
8.28%, 12/31/33(e) | 743 | 251,254 | ||||||
Series NY, 3.75%, 12/31/38(e)(i) | 2,750 | 866,250 | ||||||
Series NY, 8.28%, 12/31/33(e) | 1,657 | 582,095 | ||||||
|
| |||||||
5,280,895 | ||||||||
Azerbaijan — 0.5% | ||||||||
Republic of Azerbaijan International Bond, 4.75%, 03/18/24(a) | 1,000 | 1,007,500 | ||||||
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(a) | 400 | 400,250 | ||||||
|
| |||||||
1,407,750 | ||||||||
Bahrain — 2.2% | ||||||||
Bahrain Government International Bond 5.63%,09/30/31(a) | 600 | 539,250 | ||||||
6.00%, 09/19/44(a) | 800 | 677,000 | ||||||
6.13%, 07/05/22(a) | 1,000 | 1,001,875 | ||||||
6.13%, 08/01/23(a) | 1,000 | 1,000,937 | ||||||
6.75%, 09/20/29(a) | 600 | 580,875 | ||||||
7.00%, 01/26/26(a) | 800 | 797,750 | ||||||
7.00%, 10/12/28(a) | 900 | 893,813 | ||||||
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(a) | 800 | 784,000 | ||||||
|
| |||||||
6,275,500 | ||||||||
Bolivia — 0.1% | ||||||||
Bolivian Government International Bond, 4.50%, 03/20/28(a) | 200 | 162,438 | ||||||
|
| |||||||
Brazil — 6.1% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(a) | 800 | 830,000 | ||||||
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28(a) | 800 | 800,500 | ||||||
Brazilian Government International Bond | 1,100 | 1,103,437 | ||||||
4.25%, 01/07/25 | 2,148 | 2,224,522 | ||||||
4.50%, 05/30/29 (Call 02/28/29) | 800 | 798,000 | ||||||
4.63%, 01/13/28 (Call 10/13/27) | 1,700 | 1,759,500 | ||||||
4.75%, 01/14/50 (Call 07/14/49) | 1,150 | 1,027,813 |
26 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
5.00%, 01/27/45 | $ | 1,526 | $ | 1,420,611 | ||||
5.63%, 01/07/41 | 1,317 | 1,311,650 | ||||||
5.63%, 02/21/47 | 1,500 | 1,507,500 | ||||||
6.00%, 04/07/26 | 1,414 | 1,549,656 | ||||||
7.13%, 01/20/37 | 1,060 | 1,199,787 | ||||||
8.25%, 01/20/34 | 750 | 916,406 | ||||||
8.88%, 04/15/24 | 520 | 634,238 | ||||||
|
| |||||||
17,083,620 | ||||||||
Costa Rica — 0.7% | ||||||||
Costa Rica Government International Bond 4.25%,01/26/23(a) | 600 | 534,750 | ||||||
6.13%, 02/19/31(a) | 600 | 488,813 | ||||||
7.00%, 04/04/44(a) | 462 | 352,419 | ||||||
7.16%, 03/12/45(a) | 800 | 617,750 | ||||||
|
| |||||||
1,993,732 | ||||||||
Dominican Republic — 2.5% | ||||||||
Dominican Republic International Bond | 700 | 653,625 | ||||||
5.88%, 04/18/24(a) | 540 | 520,256 | ||||||
5.88%, 01/30/60(j) | 850 | 667,250 | ||||||
5.95%, 01/25/27(a) | 1,000 | 900,000 | ||||||
6.00%, 07/19/28(a) | 900 | 807,188 | ||||||
6.40%, 06/05/49(a) | 600 | 487,125 | ||||||
6.50%, 02/15/48(a) | 600 | 490,200 | ||||||
6.85%, 01/27/45(a) | 990 | 845,213 | ||||||
6.88%, 01/29/26(a) | 1,003 | 958,492 | ||||||
7.45%, 04/30/44(a) | 950 | 851,734 | ||||||
|
| |||||||
7,181,083 | ||||||||
Ecuador — 0.9% | ||||||||
Ecuador Government International Bond | 1,800 | 508,500 | ||||||
7.95%, 06/20/24(a)(e) | 800 | 248,800 | ||||||
8.75%, 06/02/23(a)(e) | 1,400 | 428,400 | ||||||
8.88%, 10/23/27(a)(e) | 1,300 | 362,700 | ||||||
9.50%, 03/27/30(a)(e) | 800 | 232,000 | ||||||
9.63%, 06/02/27(a)(e) | 600 | 168,300 | ||||||
9.65%, 12/13/26(a)(e) | 1,200 | 336,600 | ||||||
10.75%, 01/31/29(a)(e) | 1,000 | 285,000 | ||||||
|
| |||||||
2,570,300 | ||||||||
Egypt — 2.5% | ||||||||
Egypt Government International Bond 5.58%,02/21/23(a) | 800 | 776,750 | ||||||
5.88%, 06/11/25(a) | 1,000 | 943,750 | ||||||
6.59%, 02/21/28(a) | 814 | 743,284 | ||||||
7.05%, 01/15/32(a) | 600 | 530,250 | ||||||
7.50%, 01/31/27(a) | 1,000 | 967,500 | ||||||
7.60%, 03/01/29(a) | 600 | 569,250 | ||||||
7.90%, 02/21/48(a) | 800 | 689,250 | ||||||
8.50%, 01/31/47(a) | 1,300 | 1,157,812 | ||||||
8.70%, 03/01/49(a) | 800 | 716,250 | ||||||
|
| |||||||
7,094,096 | ||||||||
El Salvador — 0.3% | ||||||||
El Salvador Government International Bond | 550 | 415,078 | ||||||
7.65%, 06/15/35(a) | 600 | 475,313 | ||||||
|
| |||||||
890,391 | ||||||||
Ethiopia — 0.1% | ||||||||
Ethiopia International Bond, 6.63%, 12/11/24(a) | 400 | 344,250 | ||||||
|
|
Security | Par (000) | Value | ||||||
Gabon — 0.1% | ||||||||
Gabon Government International Bond, 6.63%, 02/06/31(j) | $ | 400 | $ | 281,000 | ||||
|
| |||||||
Ghana — 1.0% | ||||||||
Ghana Government International Bond 7.63%, 05/16/29(a) | 800 | 610,000 | ||||||
8.13%, 01/18/26(a) | 470 | 383,050 | ||||||
8.13%, 03/26/32(a) | 900 | 688,500 | ||||||
8.63%, 06/16/49(a) | 800 | 604,000 | ||||||
8.95%, 03/26/51(a) | 700 | 528,500 | ||||||
|
| |||||||
2,814,050 | ||||||||
Iraq — 0.5% | ||||||||
Iraq International Bond, 5.80%, 01/15/28 (Call 06/14/20)(a) | 2,000 | 1,450,000 | ||||||
|
| |||||||
Ivory Coast — 0.5% | ||||||||
Ivory Coast Government International Bond 5.75%,12/31/32 (Call 06/30/20)(a)(i) | 342 | 298,823 | ||||||
6.13%,06/15/33(a) | 600 | 516,375 | ||||||
6.38%,03/03/28(a) | 700 | 623,000 | ||||||
|
| |||||||
1,438,198 | ||||||||
Jamaica — 0.9% | ||||||||
Jamaica Government International Bond 6.75%,04/28/28 | 800 | 799,500 | ||||||
7.88%,07/28/45 | 900 | 943,312 | ||||||
8.00%,03/15/39 | 700 | 737,188 | ||||||
|
| |||||||
2,480,000 | ||||||||
Jordan — 0.5% | ||||||||
Jordan Government International Bond 5.75%,01/31/27(a) | 600 | 573,375 | ||||||
6.13%, 01/29/26(a) | 400 | 394,125 | ||||||
7.38%, 10/10/47(a) | 600 | 555,188 | ||||||
|
| |||||||
1,522,688 | ||||||||
Kenya — 0.9% | ||||||||
Kenya Government International Bond 6.88%,06/24/24(a) | 1,400 | 1,270,500 | ||||||
8.00%, 05/22/32(a) | 600 | 541,312 | ||||||
8.25%, 02/28/48(a) | 800 | 713,000 | ||||||
|
| |||||||
2,524,812 | ||||||||
Lebanon — 0.3% | ||||||||
Lebanon Government International Bond | 600 | 94,500 | ||||||
6.10%, 10/04/22(a)(e) | 900 | 141,750 | ||||||
6.60%, 11/27/26(a)(e) | 550 | 86,969 | ||||||
6.60%, 11/27/26(a) | 300 | 47,438 | ||||||
6.65%, 02/26/30(a)(e) | 740 | 116,550 | ||||||
6.75%, 11/29/27(a)(e) | 500 | 78,750 | ||||||
6.85%, 03/23/27(a)(e) | 650 | 103,187 | ||||||
7.00%, 03/23/32(a)(e) | 500 | 78,906 | ||||||
|
| |||||||
748,050 | ||||||||
Malaysia — 0.6% | ||||||||
1MDB Global Investments Ltd., 4.40%, 03/09/23(a) | 2,000 | 1,768,125 | ||||||
|
| |||||||
Mongolia — 0.1% | ||||||||
Mongolia Government International Bond, | 200 | 177,250 | ||||||
|
| |||||||
Nigeria — 1.3% | ||||||||
Nigeria Government International Bond 6.50%, 11/28/27(a) | 800 | 602,750 | ||||||
7.14%, 02/23/30(a) | 514 | 386,946 | ||||||
7.63%, 11/21/25(a) | 500 | 418,125 | ||||||
7.63%, 11/28/47(a) | 800 | 584,750 |
SCHEDULE OF INVESTMENTS | 27 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Nigeria (continued) | ||||||||
7.70%, 02/23/38(a) | $ | 800 | $ | 590,000 | ||||
7.88%, 02/16/32(a) | 800 | 606,750 | ||||||
8.75%, 01/21/31(a) | 600 | 480,000 | ||||||
|
| |||||||
3,669,321 | ||||||||
Oman — 2.7% | ||||||||
Oman Government International Bond 4.75%, 06/15/26(a) | 3,100 | 2,354,062 | ||||||
5.63%, 01/17/28(a) | 2,600 | 1,982,500 | ||||||
6.50%, 03/08/47(a) | 1,000 | 693,750 | ||||||
6.75%, 01/17/48(a) | 1,400 | 981,750 | ||||||
Oman Sovereign Sukuk SAOC, 5.93%, 10/31/25(a) | 1,800 | 1,697,625 | ||||||
|
| |||||||
7,709,687 | ||||||||
Pakistan — 0.5% | ||||||||
Pakistan Government International Bond 6.88%, 12/05/27(a) | 1,000 | 863,750 | ||||||
8.25%, 04/15/24(a) | 677 | 637,649 | ||||||
|
| |||||||
1,501,399 | ||||||||
Paraguay —0.2% | ||||||||
Paraguay Government International Bond, 6.10%, 08/11/44(a) | 600 | 654,750 | ||||||
|
| |||||||
Senegal — 0.3% | ||||||||
Senegal Government International Bond 6.25%, 05/23/33(a) | 500 | 437,969 | ||||||
6.75%, 03/13/48(a) | 600 | 499,687 | ||||||
|
| |||||||
937,656 | ||||||||
South Africa — 3.0% | ||||||||
Republic of South Africa Government International Bond | 800 | 670,000 | ||||||
4.67%, 01/17/24 | 1,000 | 988,125 | ||||||
4.85%, 09/27/27 | 600 | 539,062 | ||||||
4.85%, 09/30/29 | 1,100 | 943,250 | ||||||
4.88%, 04/14/26 | 700 | 649,906 | ||||||
5.00%, 10/12/46 | 400 | 299,250 | ||||||
5.38%, 07/24/44 | 700 | 542,719 | ||||||
5.65%, 09/27/47 | 800 | 630,000 | ||||||
5.75%, 09/30/49 | 1,500 | 1,168,125 | ||||||
5.88%, 09/16/25 | 1,186 | 1,183,035 | ||||||
5.88%, 06/22/30 | 800 | 732,000 | ||||||
|
| |||||||
8,345,472 | ||||||||
Sri Lanka — 1.2% | ||||||||
Sri Lanka Government International Bond 5.75%, 04/18/23(a) | 600 | 350,523 | ||||||
5.88%, 07/25/22(a) | 562 | 346,814 | ||||||
6.20%, 05/11/27(a) | 800 | �� | 454,000 | |||||
6.75%, 04/18/28(a) | 700 | 387,625 | ||||||
6.83%, 07/18/26(a) | 600 | 341,250 | ||||||
6.85%, 03/14/24(a) | 500 | 293,440 | ||||||
6.85%, 11/03/25(a) | 700 | 399,570 | ||||||
7.55%, 03/28/30(a) | 800 | 451,000 | ||||||
7.85%, 03/14/29(a) | 700 | 393,687 | ||||||
|
| |||||||
3,417,909 | ||||||||
Trinidad And Tobago — 0.2% | ||||||||
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(a) | 600 | 541,500 | ||||||
|
| |||||||
Tunisia — 0.1% | ||||||||
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(a) | 400 | 335,750 | ||||||
|
|
Security | Par (000) | Value | ||||||
Turkey —9.9% | ||||||||
Hazine Mustesarligi Varlik Kiralama AS, 5.00%, 04/06/23(a) | $ | 1,200 | $ | 1,150,500 | ||||
Turkey Government International Bond 3.25%, 03/23/23 | 900 | 829,969 | ||||||
4.25%, 03/13/25 | 800 | 711,750 | ||||||
4.25%, 04/14/26 | 600 | 516,188 | ||||||
4.88%, 10/09/26 | 1,710 | 1,504,266 | ||||||
4.88%, 04/16/43 | 1,379 | 1,001,499 | ||||||
5.13%, 02/17/28 | 1,000 | 870,000 | ||||||
5.25%, 03/13/30 | 1,000 | 831,250 | ||||||
5.60%, 11/14/24 | 1,300 | 1,239,062 | ||||||
5.75%, 03/22/24 | 1,450 | 1,399,250 | ||||||
5.75%, 05/11/47 | 2,026 | 1,537,227 | ||||||
6.00%, 03/25/27 | 1,521 | 1,397,894 | ||||||
6.00%, 01/14/41 | 1,703 | 1,364,529 | ||||||
6.13%, 10/24/28 | 1,000 | 911,250 | ||||||
6.25%, 09/26/22 | 1,383 | 1,385,593 | ||||||
6.35%, 08/10/24 | 1,150 | 1,127,359 | ||||||
6.63%, 02/17/45 | 1,479 | 1,243,747 | ||||||
6.75%, 05/30/40 | 875 | 752,500 | ||||||
6.88%, 03/17/36 | 1,591 | 1,434,883 | ||||||
7.25%, 12/23/23 | 1,000 | 1,011,250 | ||||||
7.25%, 03/05/38 | 650 | 607,750 | ||||||
7.38%, 02/05/25 | 1,570 | 1,589,625 | ||||||
7.63%, 04/26/29 | 1,700 | 1,674,500 | ||||||
8.00%, 02/14/34 | 813 | 823,162 | ||||||
11.88%, 01/15/30 | 800 | 1,007,250 | ||||||
|
| |||||||
27,922,253 | ||||||||
Ukraine — 2.2% | ||||||||
Ukraine Government International Bond 7.38%, 09/25/32(a) | 1,500 | 1,328,906 | ||||||
7.75%, 09/01/22(a) | 800 | 760,000 | ||||||
7.75%, 09/01/23(a) | 675 | 639,563 | ||||||
7.75%, 09/01/24(a) | 718 | 678,510 | ||||||
7.75%, 09/01/25(a) | 736 | 687,424 | ||||||
7.75%, 09/01/26(a) | 500 | 464,000 | ||||||
7.75%, 09/01/27(a) | 848 | 781,008 | ||||||
9.75%, 11/01/28(a) | 1,000 | 980,000 | ||||||
|
| |||||||
6,319,411 | ||||||||
Venezuela — 0.3% | ||||||||
Venezuela Government International Bond 7.65%, 04/21/25(a)(e) | 658 | 55,930 | ||||||
9.00%, 05/07/23(a)(e) | 1,037 | 88,145 | ||||||
9.25%, 09/15/27(e) | 1,962 | 166,770 | ||||||
9.38%, 01/13/34(e) | 730 | 62,050 | ||||||
11.75%, 10/21/26(a)(e) | 1,435 | 121,975 | ||||||
11.95%, 08/05/31(a)(e) | 2,030 | 172,550 | ||||||
12.75%, 08/23/22(a)(e) | 1,430 | 121,550 | ||||||
|
| |||||||
788,970 | ||||||||
Vietnam — 0.2% | ||||||||
Vietnam Government International Bond, 4.80%, 11/19/24(a) | 600 | 619,150 | ||||||
|
| |||||||
Zambia — 0.1% | ||||||||
Zambia Government International Bond 8.50%, 04/14/24(a) | 600 | 195,562 | ||||||
8.97%,07/30/27(a) | 600 | 193,313 | ||||||
|
| |||||||
388,875 | ||||||||
Total Foreign Government Obligations — 46.1% |
| 130,501,894 | ||||||
|
|
28 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.2% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%(k)(l) | 6,179 | $ | 6,179,000 | |||||
|
| |||||||
Total Short-Term Investments — 2.2% |
| 6,179,000 | ||||||
|
| |||||||
Total Investments in Securities — 98.5% |
| 278,639,904 | ||||||
Other Assets, Less Liabilities — 1.5% |
| 4,165,599 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 282,805,503 | |||||
|
|
(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) | Perpetual security with no stated maturity date. |
(d) | 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. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Rounds to less than 1,000. |
(g) | Rounds to less than $1. |
(h) | U.S. dollar denominated security issued by foreign domiciled entity. |
(i) | 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. |
(j) | 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. |
(k) | Affiliate of the Fund. |
(l) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 (000) | | | Net Activity (000) | | | Shares Held at 04/30/20 (000) | | | Value at 04/30/20 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Treasury, | 3,849 | 2,330 | 6,179 | $ | 6,179,000 | $ | 33,580 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(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, 2020. 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 | $ | — | $ | 141,959,010 | $ | — | $ | 141,959,010 | ||||||||
Foreign Government Obligations | — | 130,501,894 | — | 130,501,894 | ||||||||||||
Money Market Funds | 6,179,000 | — | — | 6,179,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 6,179,000 | $ | 272,460,904 | $ | — | $ | 278,639,904 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 29 |
Schedule of Investments (unaudited) April 30, 2020 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Foreign Government Obligations |
| |||||||||||
Brazil — 8.5% | ||||||||||||
Brazil Letras do Tesouro Nacional | BRL | 17,037 | $ | 3,035,718 | ||||||||
0.00%, 01/01/22(a) | BRL | 18,524 | 3,221,224 | |||||||||
0.00%, 07/01/22(a) | BRL | 15,000 | 2,531,872 | |||||||||
0.00%, 07/01/23(a) | BRL | 28,000 | 4,376,212 | |||||||||
0.00%, 01/01/24(a) | BRL | 7,000 | 1,049,239 | |||||||||
Brazil Notas do Tesouro Nacional | BRL | 24,557 | 5,096,017 | |||||||||
Series F, 10.00%, 01/01/25 | BRL | 20,399 | 4,299,581 | |||||||||
Series F, 10.00%, 01/01/27 | BRL | 17,193 | 3,632,636 | |||||||||
Series F, 10.00%, 01/01/29 | BRL | 9,263 | 1,965,944 | |||||||||
Brazilian Government International Bond | BRL | 500 | 93,924 | |||||||||
10.25%, 01/10/28 | BRL | 1,420 | 273,957 | |||||||||
12.50%, 01/05/22 | BRL | 707 | 143,583 | |||||||||
|
| |||||||||||
29,719,907 | ||||||||||||
Chile — 4.5% | ||||||||||||
Bonos de la Tesoreria de la Republica en pesos | CLP | 1,600,000 | 2,078,053 | |||||||||
4.50%, 03/01/26 | CLP | 2,250,000 | 3,068,899 | |||||||||
4.70%, 09/01/30(b)(c) | CLP | 1,900,000 | 2,683,493 | |||||||||
5.00%, 03/01/35 | CLP | 2,795,000 | 4,183,921 | |||||||||
6.00%, 01/01/43 | CLP | 2,165,000 | 3,743,430 | |||||||||
|
| |||||||||||
15,757,796 | ||||||||||||
China — 2.9% | ||||||||||||
China Government Bond | CNY | 10,610 | 1,576,314 | |||||||||
3.12%, 12/05/26 | CNY | 9,320 | 1,385,607 | |||||||||
3.13%, 11/21/29 | CNY | 11,040 | 1,639,088 | |||||||||
3.19%, 04/11/24 | CNY | 12,580 | 1,878,048 | |||||||||
3.25%, 06/06/26 | CNY | 12,400 | 1,858,740 | |||||||||
3.29%, 05/23/29 | CNY | 12,190 | 1,826,880 | |||||||||
|
| |||||||||||
10,164,677 | ||||||||||||
Colombia — 4.3% | ||||||||||||
Colombia Government International Bond, 9.85%, 06/28/27 | COP | 745,000 | 218,062 | |||||||||
Colombian TES | COP | 8,794,200 | 2,140,861 | |||||||||
6.25%, 11/26/25 | COP | 5,636,100 | 1,456,142 | |||||||||
7.00%, 05/04/22 | COP | 10,139,900 | 2,724,332 | |||||||||
7.00%, 06/30/32 | COP | 5,470,100 | 1,378,421 | |||||||||
7.25%, 10/18/34 | COP | 3,314,400 | 845,231 | |||||||||
7.50%, 08/26/26 | COP | 8,030,600 | 2,190,255 | |||||||||
7.75%, 09/18/30 | COP | 5,458,100 | 1,463,806 | |||||||||
10.00%, 07/24/24 | COP | 8,130,300 | 2,435,284 | |||||||||
|
| |||||||||||
14,852,394 | ||||||||||||
Czech Republic — 4.4% | ||||||||||||
Czech Republic Government Bond | CZK | 31,180 | 1,190,811 | |||||||||
0.45%, 10/25/23(c) | CZK | 24,170 | 972,230 | |||||||||
0.95%, 05/15/30(c) | CZK | 37,660 | 1,486,795 | |||||||||
1.00%, 06/26/26(c) | CZK | 39,480 | 1,589,238 | |||||||||
2.00%, 10/13/33 | CZK | 29,330 | 1,282,058 | |||||||||
2.40%, 09/17/25(c) | CZK | 30,640 | 1,329,932 | |||||||||
2.50%, 08/25/28(c) | CZK | 43,880 | 1,966,233 | |||||||||
2.75%, 07/23/29 | CZK | 38,480 | 1,769,719 | |||||||||
3.85%, 09/29/21(c) | CZK | 32,750 | 1,388,748 |
Security | Par (000) | Value | ||||||||||
Czech Republic (continued) | ||||||||||||
4.70%, 09/12/22(c) | CZK | 23,680 | $ | 1,052,006 | ||||||||
5.70%, 05/25/24(c) | CZK | 30,480 | 1,472,992 | |||||||||
|
| |||||||||||
15,500,762 | ||||||||||||
Dominican Republic — 4.0% | ||||||||||||
Dominican Republic International Bond | DOP | 389,700 | 6,148,482 | |||||||||
9.75%, 06/05/26(c) | DOP | 508,900 | 7,696,117 | |||||||||
|
| |||||||||||
13,844,599 | ||||||||||||
Hungary — 4.4% | ||||||||||||
Hungary Government Bond | HUF | 441,720 | 1,387,914 | |||||||||
2.50%, 10/27/21 | HUF | 314,320 | 998,112 | |||||||||
2.50%, 10/24/24 | HUF | 445,600 | 1,448,289 | |||||||||
2.75%, 12/22/26 | HUF | 380,030 | 1,259,396 | |||||||||
3.00%, 06/26/24 | HUF | 442,420 | 1,461,254 | |||||||||
3.00%, 10/27/27 | HUF | 607,770 | 2,035,267 | |||||||||
3.00%, 08/21/30 | HUF | 329,650 | 1,109,164 | |||||||||
5.50%, 06/24/25 | HUF | 607,640 | 2,260,267 | |||||||||
6.00%, 11/24/23 | HUF | 374,260 | 1,347,978 | |||||||||
6.75%, 10/22/28 | HUF | 252,380 | 1,072,503 | |||||||||
7.00%, 06/24/22 | HUF | 325,530 | 1,138,114 | |||||||||
|
| |||||||||||
15,518,258 | ||||||||||||
Indonesia — 8.5% | ||||||||||||
Indonesia Treasury Bond | IDR | 18,380,000 | 1,192,383 | |||||||||
6.13%, 05/15/28 | IDR | 23,496,000 | 1,411,340 | |||||||||
6.50%, 06/15/25 | IDR | 14,622,000 | 952,027 | |||||||||
6.63%, 05/15/33 | IDR | 16,767,000 | 984,040 | |||||||||
7.00%, 05/15/22 | IDR | 21,359,000 | 1,450,258 | |||||||||
7.00%, 05/15/27 | IDR | 22,863,000 | 1,470,917 | |||||||||
7.00%, 09/15/30 | IDR | 20,867,000 | 1,309,536 | |||||||||
7.50%, 08/15/32 | IDR | 7,610,000 | 483,715 | |||||||||
7.50%, 06/15/35 | IDR | 11,967,000 | 763,072 | |||||||||
7.50%, 05/15/38 | IDR | 15,632,000 | 982,057 | |||||||||
8.13%, 05/15/24 | IDR | 21,224,000 | 1,473,195 | |||||||||
8.25%, 07/15/21 | IDR | 21,827,000 | 1,504,779 | |||||||||
8.25%, 05/15/29 | IDR | 25,582,000 | 1,748,390 | |||||||||
8.25%, 06/15/32 | IDR | 13,183,000 | 888,911 | |||||||||
8.25%, 05/15/36 | IDR | 16,922,000 | 1,142,733 | |||||||||
8.38%, 03/15/24 | IDR | 25,561,000 | 1,778,530 | |||||||||
8.38%, 09/15/26 | IDR | 24,637,000 | 1,707,251 | |||||||||
8.38%, 03/15/34 | IDR | 33,753,000 | 2,304,280 | |||||||||
8.38%, 04/15/39 | IDR | 9,317,000 | 632,616 | |||||||||
8.75%, 05/15/31 | IDR | 16,167,000 | 1,133,592 | |||||||||
9.00%, 03/15/29 | IDR | 17,983,000 | 1,282,082 | |||||||||
9.50%, 07/15/31 | IDR | 5,720,000 | 420,300 | |||||||||
10.50%, 08/15/30 | IDR | 6,985,000 | 546,121 | |||||||||
11.00%, 09/15/25 | IDR | 1,084,000 | 82,985 | |||||||||
12.80%, 06/15/21 | IDR | 5,677,000 | 408,935 | |||||||||
Perusahaan Penerbit SBSN Indonesia | IDR | 8,832,000 | 611,156 | |||||||||
8.88%, 11/15/31 | IDR | 13,500,000 | 941,918 | |||||||||
|
| |||||||||||
29,607,119 | ||||||||||||
Malaysia — 4.4% | ||||||||||||
Malaysia Government Bond | MYR | 1,666 | 401,220 | |||||||||
3.62%, 11/30/21 | MYR | 2,340 | 554,403 | |||||||||
3.73%, 06/15/28 | MYR | 2,777 | 683,567 | |||||||||
3.76%, 04/20/23 | MYR | 1,950 | 469,923 |
30 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | 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 | 2,620 | $ | 634,375 | ||||||||
3.89%, 08/15/29 | MYR | 3,605 | 906,356 | |||||||||
3.90%, 11/30/26 | MYR | 1,355 | 336,576 | |||||||||
3.90%, 11/16/27 | MYR | 3,857 | 961,341 | |||||||||
3.91%, 07/15/26 | MYR | 2,014 | 498,254 | |||||||||
3.96%, 09/15/25 | MYR | 3,836 | 954,673 | |||||||||
4.06%, 09/30/24 | MYR | 3,201 | 788,474 | |||||||||
4.16%, 07/15/21 | MYR | 4,008 | 951,338 | |||||||||
4.18%, 07/15/24 | MYR | 3,282 | 811,333 | |||||||||
4.76%, 04/07/37 | MYR | 3,424 | 932,088 | |||||||||
Malaysia Government Investment Issue | MYR | 2,700 | 662,394 | |||||||||
3.95%, 04/14/22 | MYR | 3,540 | 846,548 | |||||||||
4.09%, 11/30/23 | MYR | 2,600 | 636,627 | |||||||||
4.13%, 08/15/25 | MYR | 3,955 | 984,150 | |||||||||
4.13%, 07/09/29 | MYR | 3,126 | 792,352 | |||||||||
4.26%, 07/26/27 | MYR | 2,796 | 709,620 | |||||||||
4.37%, 10/31/28 | MYR | 3,793 | 975,661 | |||||||||
|
| |||||||||||
15,491,273 | ||||||||||||
Mexico — 8.4% | ||||||||||||
Mexican Bonos | MXN | 11,500 | 501,404 | |||||||||
7.25%, 12/09/21 | MXN | 43,480 | 1,881,478 | |||||||||
7.50%, 06/03/27 | MXN | 64,185 | 2,891,230 | |||||||||
8.50%, 05/31/29 | MXN | 57,900 | 2,744,559 | |||||||||
8.50%, 11/18/38 | MXN | 36,105 | 1,656,426 | |||||||||
10.00%, 12/05/24 | MXN | 60,623 | 3,002,508 | |||||||||
10.00%, 11/20/36 | MXN | 23,523 | 1,239,035 | |||||||||
Series M, 5.75%, 03/05/26 | MXN | 35,362 | 1,477,689 | |||||||||
Series M, 6.50%, 06/10/21 | MXN | 52,448 | 2,230,828 | |||||||||
Series M, 6.50%, 06/09/22 | MXN | 64,023 | 2,753,836 | |||||||||
Series M, 7.75%, 05/29/31 | MXN | 26,307 | 1,175,506 | |||||||||
Series M, 7.75%, 11/23/34 | MXN | 19,000 | 844,112 | |||||||||
Series M, 7.75%, 11/13/42 | MXN | 36,440 | 1,536,795 | |||||||||
Series M, 8.00%, 12/07/23 | MXN | 48,615 | 2,214,999 | |||||||||
Series M, 8.00%, 09/05/24 | MXN | 38,300 | 1,763,392 | |||||||||
Series M, 8.00%, 11/07/47 | MXN | 31,750 | 1,372,736 | |||||||||
|
| |||||||||||
29,286,533 | ||||||||||||
Peru — 4.4% | ||||||||||||
Peru Government Bond | PEN | 3,752 | 1,054,092 | |||||||||
5.40%, 08/12/34(b)(c) | PEN | 3,917 | 1,191,054 | |||||||||
5.70%, 08/12/24 | PEN | 2,714 | 922,989 | |||||||||
5.94%, 02/12/29(b)(c) | PEN | 6,142 | 2,046,831 | |||||||||
6.15%, 08/12/32(b)(c) | PEN | 5,064 | 1,658,662 | |||||||||
6.35%, 08/12/28 | PEN | 6,230 | 2,139,929 | |||||||||
6.90%, 08/12/37 | PEN | 6,677 | 2,256,396 | |||||||||
6.95%, 08/12/31 | PEN | 6,169 | 2,159,590 | |||||||||
8.20%, 08/12/26 | PEN | 5,159 | 1,946,571 | |||||||||
|
| |||||||||||
15,376,114 | ||||||||||||
Philippines — 4.3% | ||||||||||||
Philippine Government International Bond | PHP | 254,000 | 4,900,479 | |||||||||
6.25%, 01/14/36 | PHP | 452,000 | 9,996,774 | |||||||||
|
| |||||||||||
14,897,253 | ||||||||||||
Poland — 5.8% | ||||||||||||
Republic of Poland Government Bond | PLN | 6,811 | 1,670,682 | |||||||||
2.25%, 04/25/22 | PLN | 6,576 | 1,640,828 |
Security | Par (000) | Value | ||||||||||
Poland (continued) | ||||||||||||
2.25%, 10/25/24 | PLN | 5,604 | $ | 1,440,099 | ||||||||
2.50%, 01/25/23 | PLN | 6,239 | 1,585,953 | |||||||||
2.50%, 04/25/24 | PLN | 6,848 | 1,770,477 | |||||||||
2.50%, 07/25/26 | PLN | 7,126 | 1,863,465 | |||||||||
2.50%, 07/25/27 | PLN | 6,269 | 1,642,431 | |||||||||
2.75%, 04/25/28 | PLN | 7,508 | 2,001,777 | |||||||||
2.75%, 10/25/29 | PLN | 5,221 | 1,402,269 | |||||||||
3.25%, 07/25/25 | PLN | 6,532 | 1,761,021 | |||||||||
4.00%, 10/25/23 | PLN | 4,663 | 1,257,084 | |||||||||
5.75%, 10/25/21 | PLN | 3,259 | 848,474 | |||||||||
5.75%, 09/23/22 | PLN | 4,932 | 1,336,915 | |||||||||
|
| |||||||||||
20,221,475 | ||||||||||||
Romania — 4.3% | ||||||||||||
Romania Government Bond | RON | 5,565 | 1,230,757 | |||||||||
3.40%, 03/08/22 | RON | 5,355 | 1,211,927 | |||||||||
3.50%, 12/19/22 | RON | 4,025 | 908,196 | |||||||||
4.00%, 10/27/21 | RON | 5,745 | 1,313,554 | |||||||||
4.25%, 06/28/23 | RON | 5,730 | 1,313,644 | |||||||||
4.75%, 02/24/25 | RON | 7,380 | 1,719,846 | |||||||||
4.85%, 04/22/26 | RON | 1,610 | 378,228 | |||||||||
5.00%, 02/12/29 | RON | 8,605 | 1,977,170 | |||||||||
5.80%, 07/26/27 | RON | 8,060 | 1,976,125 | |||||||||
5.85%, 04/26/23 | RON | 6,500 | 1,555,853 | |||||||||
5.95%, 06/11/21 | RON | 6,130 | 1,429,434 | |||||||||
|
| |||||||||||
15,014,734 | ||||||||||||
Russia — 5.0% | ||||||||||||
Russian Federal Bond - OFZ | RUB | 48,459 | 676,635 | |||||||||
6.90%, 05/23/29 | RUB | 90,538 | 1,302,423 | |||||||||
7.00%, 12/15/21 | RUB | 61,167 | 847,965 | |||||||||
7.00%, 01/25/23 | RUB | 33,312 | 468,290 | |||||||||
7.00%, 08/16/23 | RUB | 42,159 | 596,228 | |||||||||
7.05%, 01/19/28 | RUB | 59,753 | 867,059 | |||||||||
7.10%, 10/16/24 | RUB | 64,677 | 923,414 | |||||||||
7.15%, 11/12/25 | RUB | 45,156 | 651,631 | |||||||||
7.25%, 05/10/34 | RUB | 81,694 | 1,215,831 | |||||||||
7.40%, 12/07/22 | RUB | 64,677 | 917,205 | |||||||||
7.40%, 07/17/24 | RUB | 74,013 | 1,067,867 | |||||||||
7.50%, 08/18/21 | RUB | 65,550 | 909,959 | |||||||||
7.60%, 07/20/22 | RUB | 46,729 | 661,099 | |||||||||
7.65%, 04/10/30 | RUB | 29,192 | 441,448 | |||||||||
7.70%, 03/23/33 | RUB | 88,395 | 1,357,385 | |||||||||
7.70%, 03/16/39 | RUB | 31,654 | 497,501 | |||||||||
7.75%, 09/16/26 | RUB | 82,744 | 1,238,887 | |||||||||
7.95%, 10/07/26 | RUB | 56,927 | 860,009 | |||||||||
8.15%, 02/03/27 | RUB | 48,226 | 738,839 | |||||||||
8.50%, 09/17/31 | RUB | 71,080 | 1,145,921 | |||||||||
|
| |||||||||||
17,385,596 | ||||||||||||
South Africa — 4.4% | ||||||||||||
Republic of South Africa Government Bond | ZAR | 19,688 | 674,586 | |||||||||
6.50%, 02/28/41 | ZAR | 18,316 | 598,920 | |||||||||
7.00%, 02/28/31 | ZAR | 22,759 | 957,667 | |||||||||
7.75%, 02/28/23 | ZAR | 18,138 | 1,042,365 | |||||||||
8.00%, 01/31/30 | ZAR | 37,257 | 1,744,098 | |||||||||
8.25%, 03/31/32 | ZAR | 25,304 | 1,144,161 | |||||||||
8.50%, 01/31/37 | ZAR | 30,689 | 1,297,883 | |||||||||
8.75%, 01/31/44 | ZAR | 28,813 | 1,186,831 |
SCHEDULE OF INVESTMENTS | 31 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
South Africa (continued) | ||||||||||||
8.75%, 02/28/48 | ZAR | 47,316 | $ | 1,931,906 | ||||||||
8.88%, 02/28/35 | ZAR | 24,765 | 1,111,123 | |||||||||
9.00%, 01/31/40 | ZAR | 21,549 | 928,113 | |||||||||
10.50%, 12/21/26 | ZAR | 46,945 | 2,815,968 | |||||||||
|
| |||||||||||
15,433,621 | ||||||||||||
Thailand — 6.4% | ||||||||||||
Thailand Government Bond | THB | 24,070 | 759,626 | |||||||||
1.60%, 12/17/29 | THB | 9,060 | 289,922 | |||||||||
1.60%, 06/17/35 | THB | 17,785 | 564,971 | |||||||||
1.88%, 06/17/22 | THB | 40,106 | 1,264,494 | |||||||||
2.00%, 12/17/22 | THB | 40,281 | 1,280,348 | |||||||||
2.13%, 12/17/26 | THB | 42,127 | 1,382,171 | |||||||||
2.40%, 12/17/23 | THB | 35,942 | 1,168,022 | |||||||||
2.88%, 12/17/28 | THB | 35,570 | 1,247,011 | |||||||||
2.88%, 06/17/46 | THB | 40,854 | 1,427,573 | |||||||||
3.30%, 06/17/38 | THB | 41,555 | 1,630,830 | |||||||||
3.40%, 06/17/36 | THB | 30,159 | 1,170,354 | |||||||||
3.63%, 06/16/23 | THB | 39,163 | 1,310,653 | |||||||||
3.65%, 12/17/21 | THB | 51,267 | 1,652,632 | |||||||||
3.65%, 06/20/31 | THB | 46,584 | 1,753,466 | |||||||||
3.78%, 06/25/32 | THB | 46,122 | 1,791,388 | |||||||||
3.85%, 12/12/25 | THB | 47,616 | 1,692,425 | |||||||||
4.26%, 12/12/37(c) | THB | 470 | 18,868 | |||||||||
4.88%, 06/22/29 | THB | 46,725 | 1,902,023 | |||||||||
|
| |||||||||||
22,306,777 | ||||||||||||
Turkey — 4.3% | ||||||||||||
Turkey Government Bond | TRY | 9,450 | 1,246,570 | |||||||||
8.00%, 03/12/25 | TRY | 8,298 | 1,043,563 | |||||||||
8.50%, 09/14/22 | TRY | 5,834 | 817,987 | |||||||||
9.00%, 07/24/24 | TRY | 6,745 | 904,223 | |||||||||
9.20%, 09/22/21 | TRY | 6,779 | 976,188 | |||||||||
9.50%, 01/12/22 | TRY | 5,051 | 727,299 | |||||||||
10.40%, 03/20/24 | TRY | 4,792 | 674,630 | |||||||||
10.50%, 08/11/27 | TRY | 8,925 | 1,216,900 | |||||||||
10.60%, 02/11/26 | TRY | 10,871 | 1,505,562 | |||||||||
10.70%, 08/17/22 | TRY | 6,352 | 932,875 | |||||||||
11.00%, 03/02/22 | TRY | 8,852 | 1,301,932 | |||||||||
11.00%, 02/24/27 | TRY | 6,988 | 978,790 | |||||||||
12.20%, 01/18/23 | TRY | 7,036 | 1,055,979 | |||||||||
12.40%, 03/08/28 | TRY | 4,785 | 717,117 | |||||||||
16.20%, 06/14/23 | TRY | 4,588 | 753,562 | |||||||||
|
| |||||||||||
14,853,177 | ||||||||||||
Uruguay — 4.4% | ||||||||||||
Uruguay Government International Bond | UYU | 349,625 | 6,858,425 | |||||||||
9.88%, 06/20/22(c) | UYU | 383,874 | 8,453,155 | |||||||||
|
| |||||||||||
15,311,580 | ||||||||||||
|
| |||||||||||
Total Foreign Government Obligations — 97.6% |
| 340,543,645 | ||||||||||
|
| |||||||||||
Total Investments in Securities — 97.6% |
| 340,543,645 | ||||||||||
Other Assets, Less Liabilities — 2.4% | 8,302,752 | |||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 348,846,397 | ||||||||||
|
|
(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. |
32 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® J.P. Morgan EM Local Currency Bond ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 10/31/19 (000) | | | Net Activity (000) | | | Shares Held at 04/30/20 (000) | | | Value at 04/30/20 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 6,933 | (6,933 | ) | — | $ | — | $ | 21,564 | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
(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, 2020. 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 | $ | — | $ | 340,543,645 | $ | — | $ | 340,543,645 | ||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
SCHEDULE OF INVESTMENTS | 33 |
Schedule of Investments (unaudited) April 30, 2020 | 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. | USD | 75 | $ | 73,463 | ||||||||
4.75%, 05/15/22 (Call 02/15/22)(a) | USD | 100 | 100,090 | |||||||||
5.13%, 03/15/23 (Call 12/15/22)(a)(b) | USD | 65 | 65,455 | |||||||||
5.13%, 05/15/24 (Call 02/15/24)(a) | USD | 100 | 101,220 | |||||||||
|
| |||||||||||
340,228 | ||||||||||||
Austria — 0.1% | ||||||||||||
Novomatic AG, 1.63%, 09/20/23 | EUR | 100 | 97,881 | |||||||||
Wienerberger AG, 2.00%, 05/02/24(c) | EUR | 50 | 53,708 | |||||||||
|
| |||||||||||
151,589 | ||||||||||||
Belgium — 0.2% | ||||||||||||
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a) | USD | 200 | 207,450 | |||||||||
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(c) | EUR | 100 | 112,183 | |||||||||
|
| |||||||||||
319,633 | ||||||||||||
Bermuda — 0.1% | ||||||||||||
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)(a) | USD | 265 | 196,100 | |||||||||
|
| |||||||||||
Brazil — 0.6% | ||||||||||||
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a) | USD | 200 | 207,604 | |||||||||
JBS USA LUX SA/JBS USA Finance Inc. | USD | 110 | 111,801 | |||||||||
6.75%, 02/15/28 (Call 02/15/23)(a) | USD | 125 | 132,452 | |||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. | ||||||||||||
5.50%, 01/15/30 (Call 01/15/25)(a) | USD | 160 | 163,600 | |||||||||
6.50%, 04/15/29 (Call 04/15/24)(a) | USD | 180 | 189,765 | |||||||||
|
| |||||||||||
805,222 | ||||||||||||
Canada — 3.3% | ||||||||||||
1011778 BC ULC/New Red Finance Inc. | USD | 95 | 92,082 | |||||||||
4.25%, 05/15/24 (Call 05/29/20)(a) | USD | 190 | 190,059 | |||||||||
4.38%, 01/15/28 (Call 11/15/22)(a)(b) | USD | 95 | 92,358 | |||||||||
5.00%, 10/15/25 (Call 10/15/20)(a) | USD | 355 | 356,775 | |||||||||
5.75%, 04/15/25 (Call 04/15/22)(a) | USD | 15 | 15,853 | |||||||||
Air Canada, 7.75%, 04/15/21(a) | USD | 50 | 48,625 | |||||||||
Bombardier Inc. | USD | 65 | 48,287 | |||||||||
6.00%, 10/15/22 (Call 05/29/20)(a) | USD | 150 | 111,000 | |||||||||
6.13%, 01/15/23(a) | USD | 155 | 110,050 | |||||||||
7.50%, 12/01/24 (Call 12/01/20)(a) | USD | 125 | 83,047 | |||||||||
7.50%, 03/15/25 (Call 05/29/20)(a) | USD | 185 | 119,325 | |||||||||
7.88%, 04/15/27 (Call 04/15/22)(a) | USD | 245 | 158,637 | |||||||||
8.75%, 12/01/21(a) | USD | 130 | 108,485 | |||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp. | USD | 50 | 41,250 | |||||||||
6.13%, 05/15/23 (Call 05/28/20)(a) | CAD | 35 | 24,317 | |||||||||
6.25%, 09/15/27 (Call 09/15/22)(a) | USD | 82 | 75,254 | |||||||||
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 10/21/20) | CAD | 40 | 21,124 | |||||||||
Crew Energy Inc., 6.50%, 03/14/24 (Call 05/28/20)(a) | CAD | 40 | 15,422 | |||||||||
Garda World Security Corp. | USD | 50 | 48,625 | |||||||||
9.50%, 11/01/27 (Call 11/01/22)(a) | USD | 75 | 75,620 |
Security | Par (000) | Value | ||||||||||
Canada (continued) | ||||||||||||
GFL Environmental Inc. | USD | 15 | $ | 15,075 | ||||||||
5.13%, 12/15/26 (Call 12/15/22)(a) | USD | 80 | 83,124 | |||||||||
7.00%, 06/01/26 (Call 06/01/21)(a) | USD | 57 | 59,761 | |||||||||
Gibson Energy Inc., 5.25%, 07/15/24 (Call 07/15/20)(c) | CAD | 80 | 58,250 | |||||||||
Iron Mountain Canada Operations ULC, 5.38%, 09/15/23 (Call 05/08/20)(a) | CAD | 25 | 18,044 | |||||||||
Mattamy Group Corp. | USD | 70 | 61,892 | |||||||||
5.25%, 12/15/27 (Call 12/15/22)(a) | USD | 65 | 60,938 | |||||||||
MEG Energy Corp. | USD | 83 | 67,226 | |||||||||
7.00%, 03/31/24 (Call 05/29/20)(a) | USD | 75 | 52,796 | |||||||||
7.13%, 02/01/27 (Call 02/01/23)(a) | USD | 150 | 103,316 | |||||||||
NOVA Chemicals Corp. | USD | 130 | 116,131 | |||||||||
5.00%, 05/01/25 (Call 01/31/25)(a) | USD | 65 | 54,925 | |||||||||
5.25%, 08/01/23 (Call 05/29/20)(a) | USD | 65 | 60,450 | |||||||||
5.25%, 06/01/27 (Call 03/03/27)(a) | USD | 130 | 104,000 | |||||||||
NuVista Energy Ltd., 6.50%, 03/02/23 (Call 05/28/20) | CAD | 30 | 12,095 | |||||||||
Open Text Corp. | USD | 115 | 111,512 | |||||||||
5.88%, 06/01/26 (Call 06/01/21)(a) | USD | 100 | 105,000 | |||||||||
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a) | USD | 115 | 111,700 | |||||||||
Parkland Fuel Corp. | CAD | 100 | 69,143 | |||||||||
5.75%, 09/16/24 (Call 05/28/20)(a) | CAD | 25 | 17,623 | |||||||||
5.75%, 09/16/24 (Call 05/28/20) | CAD | 25 | 17,623 | |||||||||
5.88%, 07/15/27 (Call 07/15/22)(a) | USD | 65 | 62,344 | |||||||||
6.00%, 11/21/22 (Call 05/28/20) | CAD | 50 | 35,902 | |||||||||
6.00%, 04/01/26 (Call 04/01/21)(a) | USD | 65 | 63,050 | |||||||||
Primo Water Corp., 5.50%, 07/01/24 (Call 05/08/20)(c) | EUR | 100 | 107,278 | |||||||||
Quebecor Media Inc. | USD | 105 | 110,025 | |||||||||
6.63%, 01/15/23(a) | CAD | 75 | 57,057 | |||||||||
Russel Metals Inc., 6.00%, 04/19/22 (Call 05/28/20)(a) | CAD | 25 | 17,387 | |||||||||
Seven Generations Energy Ltd. | USD | 90 | 72,675 | |||||||||
6.75%, 05/01/23 (Call 05/29/20)(a) | USD | 50 | 44,906 | |||||||||
6.88%, 06/30/23 (Call 05/29/20)(a) | USD | 50 | 44,773 | |||||||||
Stars Group Holdings BV/Stars Group USCo-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)(a) | USD | 125 | 129,350 | |||||||||
Superior Plus LP | CAD | 50 | 34,630 | |||||||||
5.25%, 02/27/24 (Call 05/28/20) | CAD | 50 | 35,269 | |||||||||
Titan Acquisition Ltd./TitanCo-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/21)(a) | USD | 80 | 74,600 | |||||||||
Videotron Ltd. | CAD | 110 | 78,784 | |||||||||
5.00%, 07/15/22(b) | USD | 100 | 103,022 | |||||||||
5.13%, 04/15/27 (Call 04/15/22)(a) | USD | 75 | 78,281 | |||||||||
5.38%, 06/15/24 (Call 03/15/24)(a) | USD | 75 | 79,538 | |||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 50 | 37,641 | |||||||||
5.75%, 01/15/26 (Call 09/15/20)(c) | CAD | 50 | 37,150 | |||||||||
|
| |||||||||||
4,500,481 | ||||||||||||
Cayman Islands — 0.2% | ||||||||||||
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)(a) | USD | 75 | 56,844 | |||||||||
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(c) | EUR | 150 | 161,896 | |||||||||
|
| |||||||||||
218,740 |
34 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
China — 0.0% | ||||||||||||
Moss Creek Resources Holdings Inc., 7.50%, 01/15/26 (Call 01/15/21)(a) | USD | 90 | $ | 30,407 | ||||||||
|
| |||||||||||
Denmark — 0.2% | ||||||||||||
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/20)(c) | EUR | 100 | 108,063 | |||||||||
TDC AS, 6.88%, 02/23/23(c) | GBP | 100 | 129,859 | |||||||||
|
| |||||||||||
237,922 | ||||||||||||
Finland — 0.4% | ||||||||||||
Nokia OYJ | EUR | 200 | 211,640 | |||||||||
3.38%, 06/12/22 | USD | 65 | 65,334 | |||||||||
4.38%, 06/12/27 | USD | 65 | 66,105 | |||||||||
Teollisuuden Voima OYJ | EUR | 100 | 99,296 | |||||||||
2.00%, 05/08/24 (Call 02/08/24)(c) | EUR | 100 | 108,015 | |||||||||
|
| |||||||||||
550,390 | ||||||||||||
France — 3.8% | ||||||||||||
Altice France SA/France | EUR | 100 | 101,757 | |||||||||
3.38%, 01/15/28 (Call 09/15/22)(c) | EUR | 100 | 102,629 | |||||||||
5.50%, 01/15/28 (Call 09/15/22)(a) | USD | 200 | 201,044 | |||||||||
5.88%, 02/01/27 (Call 02/01/22)(c) | EUR | 200 | 227,407 | |||||||||
7.38%, 05/01/26 (Call 05/01/21)(a) | USD | 400 | 418,000 | |||||||||
8.13%, 02/01/27 (Call 02/01/22)(a) | USD | 200 | 215,391 | |||||||||
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/22)(c) | EUR | 100 | 93,617 | |||||||||
Burger King France SAS, 6.00%, 05/01/24 (Call 05/28/20)(c) | EUR | 100 | 105,379 | |||||||||
Casino Guichard Perrachon SA | EUR | 100 | 91,458 | |||||||||
4.50%, 03/07/24 (Call 12/07/23)(c) | EUR | 100 | 97,601 | |||||||||
4.56%, 01/25/23(c) | EUR | 100 | 103,874 | |||||||||
5.98%, 05/26/21(c) | EUR | 100 | 110,079 | |||||||||
CMA CGM SA | EUR | 100 | 69,464 | |||||||||
6.50%, 07/15/22 (Call 05/08/20)(c) | EUR | 100 | 78,999 | |||||||||
Constellium SE | EUR | 67 | 71,134 | |||||||||
6.63%, 03/01/25 (Call 05/29/20)(a) | USD | 250 | 243,062 | |||||||||
Elis SA | EUR | 100 | 96,999 | |||||||||
1.63%, 04/03/28 (Call 01/03/28)(c) | EUR | 100 | 95,231 | |||||||||
1.88%, 02/15/23 (Call 11/15/22)(c) | EUR | 100 | 105,371 | |||||||||
Europcar Mobility Group, 4.00%, 04/30/26 (Call 04/30/22)(c) | EUR | 150 | 98,697 | |||||||||
Faurecia SE | EUR | 100 | 98,714 | |||||||||
2.63%, 06/15/25 (Call 06/15/21)(c) | EUR | 100 | 102,769 | |||||||||
3.13%, 06/15/26 (Call 06/15/22)(c) | EUR | 100 | 103,884 | |||||||||
Fnac Darty SA, 2.63%, 05/30/26 | EUR | 100 | 104,863 | |||||||||
Getlink SE, 3.63%, 10/01/23 (Call 10/01/20)(c) | EUR | 100 | 106,792 | |||||||||
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/15/20)(c) | EUR | 100 | 68,244 | |||||||||
Loxam SAS | EUR | 125 | 122,114 | |||||||||
3.25%, 01/14/25 (Call 07/15/21)(c) | EUR | 125 | 122,741 | |||||||||
6.00%, 04/15/25 (Call 05/28/20)(c) | EUR | 100 | 76,025 | |||||||||
Mobilux Finance SAS, 5.50%, 11/15/24 (Call 05/08/20)(c) | EUR | 100 | 91,304 | |||||||||
Nexans SA, 3.25%, 05/26/21 (Call 02/26/21)(c) | EUR | 100 | 110,341 | |||||||||
Novafives SAS, 5.00%, 06/15/25 | EUR | 100 | 57,312 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Orano SA | EUR | 100 | $ | 108,961 | ||||||||
3.38%, 04/23/26 (Call 01/23/26)(c) | EUR | 100 | 107,435 | |||||||||
4.88%, 09/23/24 | EUR | 50 | 58,399 | |||||||||
Paprec Holding SA, 4.00%, 03/31/25 (Call 03/31/21)(c) | EUR | 100 | 89,144 | |||||||||
Quatrim SASU, 5.88%, 01/15/24 | EUR | 100 | 110,841 | |||||||||
RCI Banque SA, 2.63%, 02/18/30 | EUR | 100 | 98,373 | |||||||||
Rexel SA | EUR | 100 | 106,430 | |||||||||
2.75%, 06/15/26 (Call 03/15/22)(c) | EUR | 125 | 133,668 | |||||||||
SPCM SA, 2.88%, 06/15/23 (Call 05/08/20)(c) | EUR | 100 | 108,125 | |||||||||
SPIE SA | EUR | 100 | 105,051 | |||||||||
3.13%, 03/22/24 (Call 09/22/23)(c) | EUR | 100 | 108,553 | |||||||||
Tereos Finance Groupe I SA, 4.13%, 06/16/23 (Call 03/16/23)(c) | EUR | 100 | 77,098 | |||||||||
Vallourec SA | EUR | 100 | 51,972 | |||||||||
6.63%, 10/15/22 (Call 10/15/20)(c) | EUR | 100 | 56,682 | |||||||||
|
| |||||||||||
5,213,028 | ||||||||||||
Germany — 2.4% | ||||||||||||
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 05/08/20)(c) | EUR | 100 | 53,535 | |||||||||
ADLER Real Estate AG | EUR | 100 | 105,777 | |||||||||
1.50%, 04/17/22 (Call 03/17/22)(c) | EUR | 100 | 104,444 | |||||||||
3.00%, 04/27/26 (Call 02/27/26)(c) | EUR | 100 | 103,895 | |||||||||
CBR Fashion Finance BV, 5.13%, 10/01/22 (Call 05/08/20)(c) | EUR | 100 | 89,078 | |||||||||
CeramTec BondCo GmbH, 5.25%, 12/15/25 (Call 12/15/20)(c) | EUR | 100 | 95,455 | |||||||||
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)(c) | EUR | 100 | 99,884 | |||||||||
Deutsche Bank AG | EUR | 125 | 132,813 | |||||||||
4.50%, 05/19/26(c) | EUR | 100 | 108,825 | |||||||||
Deutsche Bank AG/New York NY, | USD | 200 | 179,601 | |||||||||
Douglas GmbH, 6.25%, 07/15/22 | EUR | 100 | 86,616 | |||||||||
K+S AG | EUR | 100 | 93,380 | |||||||||
3.25%, 07/18/24 (Call 04/18/24)(c) | EUR | 100 | 88,927 | |||||||||
4.13%, 12/06/21(c) | EUR | 100 | 102,535 | |||||||||
KME SE, 6.75%, 02/01/23 (Call 05/28/20)(c) | EUR | 100 | 48,807 | |||||||||
LANXESS AG, 4.50%, 12/06/76 | EUR | 100 | 110,471 | |||||||||
METRO AG, 1.50%, 03/19/25(c) | EUR | 100 | 104,589 | |||||||||
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/20)(c) | EUR | 100 | 103,716 | |||||||||
Nidda Healthcare Holding GmbH, | EUR | 200 | 212,357 | |||||||||
Platin 1426 GmbH, 5.38%, 06/15/23 (Call 05/08/20)(c) | EUR | 100 | 93,217 | |||||||||
ProGroup AG, 3.00%, 03/31/26 | EUR | 100 | 101,365 | |||||||||
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(c)(d) | EUR | 50 | 55,885 | |||||||||
Summit Properties Ltd., 2.00%, 01/31/25 (Call 01/31/21)(c) | EUR | 100 | 93,388 | |||||||||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/21)(c) | EUR | 100 | 108,634 | |||||||||
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(c) | EUR | 100 | 103,102 | |||||||||
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/02/21)(c) | EUR | 100 | 91,766 | |||||||||
thyssenkrupp AG 1.38%, 03/03/22 (Call 12/03/21)(c) | EUR | 125 | 130,950 |
SCHEDULE OF INVESTMENTS | 35 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
1.88%, 03/06/23 (Call 02/06/23)(c) | EUR | 175 | $ | 178,928 | ||||||||
2.50%, 02/25/25(c) | EUR | 100 | 102,520 | |||||||||
2.88%, 02/22/24 (Call 11/22/23)(c) | EUR | 150 | 155,155 | |||||||||
TUI AG, 2.13%, 10/26/21 (Call 07/26/21)(c) | EUR | 100 | 85,966 | |||||||||
|
| |||||||||||
3,325,581 | ||||||||||||
Greece — 0.3% | ||||||||||||
Alpha Bank AE, 4.25%, 02/13/30 (Call 02/13/25)(c)(d) | EUR | 100 | 78,533 | |||||||||
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 12/15/21)(c) | EUR | 100 | 71,386 | |||||||||
Intralot Capital Luxembourg SA, 5.25%, 09/15/24 (Call 09/15/20)(c) | EUR | 100 | 23,062 | |||||||||
Piraeus Bank SA, 9.75%, 06/26/29 (Call 06/26/24)(c)(d) | EUR | 100 | 73,317 | |||||||||
Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/16/24)(c) | EUR | 100 | 102,710 | |||||||||
|
| |||||||||||
349,008 | ||||||||||||
Ireland — 1.1% | ||||||||||||
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(d) | USD | 150 | 99,625 | |||||||||
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(c)(d) | EUR | 100 | 103,331 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | EUR | 100 | 105,172 | |||||||||
4.75%, 07/15/27 (Call 07/15/22)(c) | GBP | 100 | 121,693 | |||||||||
5.25%, 08/15/27 (Call 08/15/22)(a) | USD | 200 | 195,188 | |||||||||
6.00%, 02/15/25 (Call 05/11/20)(a) | USD | 200 | 200,234 | |||||||||
Bank of Ireland Group PLC, 3.13%, 09/19/27 (Call 09/19/22)(c)(d) | GBP | 100 | 123,957 | |||||||||
eircom Finance DAC, 3.50%, 05/15/26 (Call 05/15/22)(c) | EUR | 125 | 136,853 | |||||||||
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/26 (Call 10/15/25)(c) | EUR | 200 | 226,841 | |||||||||
Smurfit Kappa Treasury ULC, 1.50%, 09/15/27 (Call 06/15/27)(c) | EUR | 150 | 156,486 | |||||||||
|
| |||||||||||
1,469,380 | ||||||||||||
Israel — 1.6% | ||||||||||||
Teva Pharmaceutical Finance Netherlands II BV | EUR | 200 | 188,952 | |||||||||
1.25%, 03/31/23 (Call 12/31/22)(c) | EUR | 100 | 100,322 | |||||||||
1.63%, 10/15/28(c) | EUR | 100 | 86,149 | |||||||||
1.88%, 03/31/27 (Call 12/31/26)(c) | EUR | 100 | 90,233 | |||||||||
3.25%, 04/15/22 (Call 01/15/22) | EUR | 100 | 107,241 | |||||||||
4.50%, 03/01/25 (Call 12/01/24) | EUR | 100 | 106,235 | |||||||||
6.00%, 01/31/25 (Call 10/31/24)(c) | EUR | 100 | 112,997 | |||||||||
Teva Pharmaceutical Finance Netherlands III BV | USD | 175 | 171,762 | |||||||||
2.80%, 07/21/23 | USD | 350 | 320,565 | |||||||||
3.15%, 10/01/26 | USD | 300 | 261,460 | |||||||||
6.00%, 04/15/24 (Call 01/15/24) | USD | 200 | 198,710 | |||||||||
6.75%, 03/01/28 (Call 12/01/27) | USD | 200 | 206,374 | |||||||||
7.13%, 01/31/25 (Call 10/31/24)(a) | USD | 200 | 207,160 | |||||||||
|
| |||||||||||
2,158,160 | ||||||||||||
Italy — 4.4% | ||||||||||||
Atlantia SpA | EUR | 100 | 98,283 | |||||||||
1.88%, 07/13/27 (Call 04/13/27)(c) | EUR | 100 | 95,647 | |||||||||
Autostrade per l’Italia SpA, 1.13%, 11/04/21 | EUR | 100 | 104,589 | |||||||||
Banca IFIS SpA, 4.50%, 10/17/27 (Call 10/17/22)(c)(d) | EUR | 100 | 87,539 | |||||||||
Banca Monte dei Paschi di Siena SpA | EUR | 125 | 116,154 | |||||||||
3.63%, 09/24/24(c) | EUR | 100 | 97,065 | |||||||||
5.38%, 01/18/28 (Call 01/18/23)(c)(d) | EUR | 100 | 64,739 | |||||||||
10.50%, 07/23/29(c) | EUR | 100 | 78,314 | |||||||||
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(c) | EUR | 100 | 97,391 |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
Banco BPM SpA | EUR | 100 | $ | 99,794 | ||||||||
2.00%, 03/08/22(c) | EUR | 100 | 106,273 | |||||||||
2.50%, 06/21/24(c) | EUR | 100 | 103,920 | |||||||||
4.38%, 09/21/27 (Call 09/21/22)(c)(d) | EUR | 100 | 96,476 | |||||||||
7.13%, 03/01/21(c) | EUR | 100 | 111,940 | |||||||||
BPER Banca, 5.13%, 05/31/27 | EUR | 100 | 105,044 | |||||||||
Fiat Chrysler Finance Europe SA, 4.75%, 07/15/22(c) | EUR | 150 | 168,211 | |||||||||
Iccrea Banca SpA, 1.50%, 10/11/22(c) | EUR | 150 | 155,812 | |||||||||
International Game Technology PLC | EUR | 150 | 138,992 | |||||||||
4.75%, 02/15/23 (Call 08/15/22)(c) | EUR | 100 | 103,352 | |||||||||
Intesa Sanpaolo SpA | EUR | 100 | 112,345 | |||||||||
3.93%, 09/15/26(c) | EUR | 100 | 115,053 | |||||||||
5.02%, 06/26/24(a) | USD | 200 | 203,115 | |||||||||
6.63%, 09/13/23(c) | EUR | 200 | 243,696 | |||||||||
Leonardo SpA, 1.50%, 06/07/24 | EUR | 100 | 103,200 | |||||||||
Mediobanca Banca di Credito Finanziario SpA, 5.75%, 04/18/23 | EUR | 100 | 118,007 | |||||||||
Nexi SpA, 1.75%, 10/31/24(c) | EUR | 150 | 153,205 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(c) | EUR | 100 | 115,462 | |||||||||
Saipem Finance International BV, 2.75%, 04/05/22(c) | EUR | 100 | 107,066 | |||||||||
Salini Impregilo SpA, 1.75%, 10/26/24(c) | EUR | 100 | 88,172 | |||||||||
Sisal Group SpA, 7.00%, 07/31/23 (Call 05/08/20)(c) | EUR | 69 | 68,399 | |||||||||
Societa Cattolica di Assicurazioni SC, 4.25%, 12/14/47 (Call 12/14/27)(c)(d) | EUR | 100 | 103,561 | |||||||||
Telecom Italia SpA/Milano | EUR | 200 | 211,739 | |||||||||
2.50%, 07/19/23(c) | EUR | 100 | 109,761 | |||||||||
2.75%, 04/15/25 (Call 01/15/25)(c) | EUR | 150 | 163,703 | |||||||||
2.88%, 01/28/26 (Call 10/28/25)(c) | EUR | 100 | 110,046 | |||||||||
3.00%, 09/30/25(c) | EUR | 100 | 110,697 | |||||||||
3.25%, 01/16/23(c) | EUR | 200 | 223,907 | |||||||||
3.63%, 01/19/24(c) | EUR | 100 | 112,955 | |||||||||
3.63%, 05/25/26(c) | EUR | 100 | 114,215 | |||||||||
4.00%, 04/11/24 (Call 01/11/24)(c) | EUR | 100 | 114,048 | |||||||||
5.30%, 05/30/24(a)(b) | USD | 200 | 206,421 | |||||||||
UniCredit SpA, 2.73%, 01/15/32 | EUR | 200 | 190,271 | |||||||||
Unione di Banche Italiane SpA | EUR | 250 | 266,277 | |||||||||
4.25%, 05/05/26 (Call 05/05/21)(c)(d) | EUR | 100 | 110,266 | |||||||||
4.45%, 09/15/27 (Call 09/15/22)(c)(d) | EUR | 100 | 110,899 | |||||||||
Unipol Gruppo SpA | EUR | 100 | 110,484 | |||||||||
3.50%, 11/29/27 (Call 08/29/27)(c) | EUR | 100 | 110,542 | |||||||||
UnipolSai Assicurazioni SpA, | EUR | 100 | 106,069 | |||||||||
|
| |||||||||||
6,043,116 | ||||||||||||
Japan — 0.5% | ||||||||||||
SoftBank Group Corp. | EUR | 150 | 151,851 | |||||||||
4.00%, 07/30/22 (Call 04/30/22)(c) | EUR | 100 | 106,529 | |||||||||
4.00%, 04/20/23 (Call 01/20/23)(c) | EUR | 100 | 107,698 | |||||||||
4.00%, 09/19/29 (Call 06/21/29)(c) | EUR | 125 | 123,421 | |||||||||
4.50%, 04/20/25 (Call 01/20/25)(c) | EUR | 100 | 106,417 | |||||||||
5.00%, 04/15/28 (Call 01/16/28)(c) | EUR | 100 | 106,126 | |||||||||
|
| |||||||||||
702,042 |
36 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Luxembourg — 2.0% | ||||||||||||
Altice Financing SA | EUR | 100 | $ | 102,099 | ||||||||
3.00%, 01/15/28 (Call 01/15/23)(c) | EUR | 100 | 100,595 | |||||||||
7.50%, 05/15/26 (Call 05/15/21)(a) | USD | 200 | 209,400 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(c) | EUR | 100 | 93,163 | |||||||||
Altice France Holding SA | EUR | 100 | 93,711 | |||||||||
6.00%, 02/15/28 (Call 02/15/23)(a) | USD | 200 | 182,786 | |||||||||
8.00%, 05/15/27 (Call 05/15/22)(a) | EUR | 100 | 110,959 | |||||||||
10.50%, 05/15/27 (Call 05/15/22)(a) | USD | 200 | 216,042 | |||||||||
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a) | USD | 200 | 192,525 | |||||||||
ContourGlobal Power Holdings SA, | EUR | 100 | 107,846 | |||||||||
Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 (Call 05/08/20)(c) | GBP | 100 | 100,987 | |||||||||
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 05/08/20)(c) | EUR | 100 | 106,590 | |||||||||
Intelsat Jackson Holdings SA | USD | 150 | 79,875 | |||||||||
8.00%, 02/15/24 (Call 05/29/20)(a) | USD | 175 | 178,815 | |||||||||
9.50%, 09/30/22(a) | USD | 60 | 66,479 | |||||||||
9.75%, 07/15/25 (Call 07/15/21)(a) | USD | 135 | 77,372 | |||||||||
JBS USA LUX SA/JBS USA Finance Inc., 5.75%, 06/15/25 (Call 06/15/20)(a) | USD | 150 | 154,170 | |||||||||
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)(c) | EUR | 100 | 107,752 | |||||||||
Mytilineos Financial Partners SA, | EUR | 100 | 97,058 | |||||||||
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(c) | EUR | 90 | 73,316 | |||||||||
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(c) | EUR | 100 | 96,610 | |||||||||
Swissport Investments SA, 6.75%, 12/15/21 (Call 05/08/20)(c) | EUR | 100 | 78,862 | |||||||||
Vivion Investments Sarl, 3.00%, 08/08/24(c) | EUR | 100 | 96,744 | |||||||||
|
| |||||||||||
2,723,756 | ||||||||||||
Netherlands — 2.2% | ||||||||||||
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)(c) | EUR | 100 | 109,078 | |||||||||
IPD 3 BV, 4.50%, 07/15/22 (Call 05/08/20)(c) | EUR | 100 | 106,372 | |||||||||
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 10/01/20)(c) | EUR | 125 | 116,376 | |||||||||
Maxeda DIY Holding BV, 6.13%, 07/15/22 (Call 05/28/20)(c) | EUR | 100 | 70,984 | |||||||||
Nielsen Co Luxembourg Sarl/The, 5.50%, 10/01/21 (Call 05/29/20)(a) | USD | 75 | 73,969 | |||||||||
OCI NV, 3.13%, 11/01/24 (Call 11/01/21)(c) | EUR | 100 | 106,958 | |||||||||
OI European Group BV, 2.88%, 02/15/25 (Call 02/15/22)(c) | EUR | 100 | 103,083 | |||||||||
PPF Telecom Group BV, 3.13%, 03/27/26 (Call 12/27/25)(c) | EUR | 100 | 106,107 | |||||||||
Promontoria Holding 264 BV, 6.75%, 08/15/23 (Call 08/15/20)(c) | EUR | 100 | 74,343 | |||||||||
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(c) | EUR | 150 | 148,688 | |||||||||
Saipem Finance International BV, 2.63%, 01/07/25(c) | EUR | 100 | 101,900 | |||||||||
Selecta Group BV, 5.88%, 02/01/24 (Call 05/28/20)(c) | EUR | 100 | 40,636 | |||||||||
Sensata Technologies BV | USD | 75 | 75,402 | |||||||||
5.63%, 11/01/24(a) | USD | 50 | 50,778 | |||||||||
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a) | USD | 200 | 205,139 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(c) | EUR | 100 | 104,524 | |||||||||
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 6.50%, 10/01/26 (Call 10/01/21)(c) | EUR | 100 | 103,990 |
Security | Par (000) | Value | ||||||||||
Netherlands (continued) | ||||||||||||
Trivium Packaging Finance BV | EUR | 100 | $ | 107,202 | ||||||||
8.50%, 08/15/27 (Call 08/15/22)(a) | USD | 200 | 208,124 | |||||||||
United Group BV | EUR | 100 | 101,543 | |||||||||
4.88%, 07/01/24 (Call 07/01/20)(c) | EUR | 100 | 106,835 | |||||||||
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(c) | EUR | 100 | 102,851 | |||||||||
Ziggo BV | EUR | 100 | 103,432 | |||||||||
4.25%, 01/15/27 (Call 01/15/22)(c) | EUR | 90 | 101,012 | |||||||||
4.88%, 01/15/30 (Call 10/15/24)(a) | USD | 200 | 198,476 | |||||||||
5.50%, 01/15/27 (Call 01/15/22)(a) | USD | 225 | 228,728 | |||||||||
|
| |||||||||||
2,956,530 | ||||||||||||
Portugal — 0.3% | ||||||||||||
Banco Comercial Portugues SA, 3.87%, 03/27/30 (Call 03/27/25)(c)(d) | EUR | 100 | 92,024 | |||||||||
Caixa Geral de Depositos SA, 1.25%, 11/25/24(c) | EUR | 100 | 104,651 | |||||||||
EDP — Energias de Portugal SA | EUR | 100 | 99,374 | |||||||||
4.50%, 04/30/79 (Call 01/30/24)(c)(d) | EUR | 100 | 113,634 | |||||||||
Transportes Aereos Portugueses SA, | EUR | 100 | 65,718 | |||||||||
|
| |||||||||||
475,401 | ||||||||||||
Singapore — 0.1% | ||||||||||||
Puma International Financing SA, | USD | 200 | 144,500 | |||||||||
|
| |||||||||||
Spain — 1.7% | ||||||||||||
ABANCA Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(c)(d) | EUR | 100 | 90,918 | |||||||||
Banco de Sabadell SA | EUR | 100 | 95,663 | |||||||||
5.38%, 12/12/28 (Call 12/12/23)(c)(d) | EUR | 100 | 101,013 | |||||||||
5.63%, 05/06/26(c) | EUR | 100 | 103,046 | |||||||||
Bankia SA | EUR | 100 | 103,881 | |||||||||
1.13%, 11/12/26(c) | EUR | 100 | 99,974 | |||||||||
3.75%, 02/15/29 (Call 02/15/24)(c)(d) | EUR | 100 | 105,279 | |||||||||
Cellnex Telecom SA | EUR | 100 | 112,932 | |||||||||
2.88%, 04/18/25 (Call 01/18/25)(c) | EUR | 100 | 116,078 | |||||||||
3.13%, 07/27/22(c) | EUR | 100 | 114,087 | |||||||||
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 06/20/20)(c) | EUR | 100 | 89,953 | |||||||||
Distribuidora Internacional de Alimentacion SA, 0.88%, 04/06/23 (Call 01/06/23)(c) | EUR | 100 | 49,836 | |||||||||
eDreams ODIGEO SA, 5.50%, 09/01/23 (Call 09/01/20)(c) | EUR | 100 | 72,922 | |||||||||
El Corte Ingles SA, 3.00%, 03/15/24 (Call 10/15/20)(c) | EUR | 100 | 106,033 | |||||||||
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 05/08/20)(c) | EUR | 100 | 99,193 | |||||||||
Grifols SA | EUR | 100 | 106,784 | |||||||||
2.25%, 11/15/27 (Call 11/15/22)(c) | EUR | 100 | 106,606 | |||||||||
3.20%, 05/01/25 (Call 05/28/20)(c) | EUR | 100 | 109,216 | |||||||||
Grupo Isolux Corsan SA | ||||||||||||
Series B, 6.00%, 12/30/21 | EUR | 28 | 16 | |||||||||
Series C, 1.00%, 12/30/21 | EUR | 0 | (f) | 0 | (g) | |||||||
Grupo-Antolin Irausa SA, 3.25%, 04/30/24 (Call 05/08/20)(c) | EUR | 100 | 80,169 | |||||||||
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(c)(d) | EUR | 100 | 86,665 |
SCHEDULE OF INVESTMENTS | 37 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Spain (continued) | ||||||||||||
Liberbank SA, 6.88%, 03/14/27 | EUR | 100 | $ | 103,919 | ||||||||
NH Hotel Group SA, 3.75%, 10/01/23 (Call 05/08/20)(c) | EUR | 90 | 86,871 | |||||||||
Obrascon Huarte Lain SA, 4.75%, 03/15/22 (Call 05/28/20)(c) | EUR | 100 | 49,631 | |||||||||
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(c)(d) | EUR | 100 | 108,209 | |||||||||
|
| |||||||||||
2,298,894 | ||||||||||||
Sweden — 0.9% | ||||||||||||
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)(c)(d) | EUR | 100 | 108,441 | |||||||||
Dometic Group AB, 3.00%, 05/08/26 (Call 04/08/26)(c) | EUR | 125 | 118,610 | |||||||||
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(c)(d) | EUR | 100 | 101,860 | |||||||||
Intrum AB | EUR | 50 | 47,697 | |||||||||
3.13%, 07/15/24 (Call 07/15/20)(c) | EUR | 100 | 88,695 | |||||||||
3.50%, 07/15/26 (Call 07/15/22)(c) | EUR | 200 | 166,212 | |||||||||
Telefonaktiebolaget LM Ericsson | EUR | 100 | 109,951 | |||||||||
4.13%, 05/15/22 | USD | 125 | 128,750 | |||||||||
Verisure Midholding AB, 5.75%, 12/01/23 (Call 05/08/20)(c) | EUR | 200 | 210,419 | |||||||||
Volvo Car AB | EUR | 100 | 104,341 | |||||||||
3.25%, 05/18/21(c) | EUR | 100 | 109,525 | |||||||||
|
| |||||||||||
1,294,501 | ||||||||||||
Switzerland — 0.2% | ||||||||||||
Dufry One BV | EUR | 100 | 83,519 | |||||||||
2.50%, 10/15/24 (Call 10/15/20)(c) | EUR | 100 | 89,650 | |||||||||
Transocean Inc., 7.50%, 01/15/26 (Call 01/15/21)(a) | USD | 105 | 39,900 | |||||||||
Walnut Bidco PLC, 6.75%, 08/01/24 (Call 08/01/21)(c) | EUR | 100 | 90,003 | |||||||||
|
| |||||||||||
303,072 | ||||||||||||
United Kingdom — 3.7% | ||||||||||||
Algeco Global Finance PLC, 6.50%, 02/15/23 (Call 05/28/20)(c) | EUR | 100 | 96,485 | |||||||||
Ardonagh Midco 3 PLC, 8.38%, 07/15/23 (Call 07/15/20)(c) | GBP | 100 | 113,837 | |||||||||
Arqiva Broadcast Finance PLC, | GBP | 100 | 129,420 | |||||||||
Avon International Capital PLC, | USD | 50 | 47,047 | |||||||||
Boparan Finance PLC, 4.38%, 07/15/21 (Call 05/11/20)(c) | EUR | 100 | 82,695 | |||||||||
Cabot Financial Luxembourg SA, | GBP | 100 | 117,369 | |||||||||
Co-Operative Group Ltd., 5.13%, 05/17/24 (Call 02/15/24)(c) | GBP | 100 | 129,004 | |||||||||
Drax Finco PLC, 4.25%, 05/01/22 (Call 05/11/20)(c) | GBP | 100 | 120,888 | |||||||||
eG Global Finance PLC | EUR | 100 | 93,488 | |||||||||
6.25%, 10/30/25 (Call 10/30/21)(c) | EUR | 100 | 98,416 | |||||||||
6.75%, 02/07/25 (Call 05/15/21)(a) | USD | 200 | 180,880 | |||||||||
Fiat Chrysler Automobiles NV | EUR | 200 | 222,523 | |||||||||
5.25%, 04/15/23 | USD | 200 | 198,960 | |||||||||
GKN Holdings Ltd., 5.38%, 09/19/22(c) | GBP | 100 | 131,781 | |||||||||
Heathrow Finance PLC, 3.88%, 03/01/27(c) | GBP | 100 | 115,383 | |||||||||
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 09/15/20)(c) | GBP | 100 | 109,966 | |||||||||
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(c) | EUR | 100 | 103,099 | |||||||||
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(c) | EUR | 100 | 99,535 |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)(a) | USD | 100 | $ | 96,031 | ||||||||
Jaguar Land Rover Automotive PLC | EUR | 100 | 77,161 | |||||||||
3.88%, 03/01/23(c) | GBP | 100 | 94,309 | |||||||||
4.50%, 01/15/26(c) | EUR | 100 | 75,432 | |||||||||
5.63%, 02/01/23 (Call 05/29/20)(a)(b) | USD | 150 | 120,951 | |||||||||
5.88%, 11/15/24 (Call 08/15/24)(c) | EUR | 100 | 81,986 | |||||||||
Metro Bank PLC, 5.50%, 06/26/28 (Call 06/26/23)(c)(d) | GBP | 100 | 55,670 | |||||||||
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)(c) | EUR | 100 | 109,677 | |||||||||
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/21)(c) | GBP | 100 | 124,882 | |||||||||
Pizzaexpress Financing 2 PLC, 6.63%, 08/01/21 (Call 05/11/20)(c) | GBP | 100 | 80,411 | |||||||||
Playtech PLC, 4.25%, 03/07/26 | EUR | 100 | 97,924 | |||||||||
Shop Direct Funding PLC, 7.75%, 11/15/22 (Call 05/28/20)(c) | GBP | 100 | 92,962 | |||||||||
TalkTalk Telecom Group PLC, 3.88%, 02/20/25 (Call 02/20/22)(c) | GBP | 100 | 122,722 | |||||||||
Top Gun Realisations 74 PLC, 6.50%, 07/01/22 (Call 05/11/20)(c)(e) | GBP | 25 | 5,999 | |||||||||
Victoria PLC, 5.25%, 07/15/24 (Call 07/15/21)(c) | EUR | 100 | 90,622 | |||||||||
Virgin Media Finance PLC, 4.50%, 01/15/25 (Call 05/28/20)(c) | EUR | 100 | 110,492 | |||||||||
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 (Call 05/08/20)(c) | GBP | 100 | 125,375 | |||||||||
Virgin Media Secured Finance PLC | GBP | 150 | 182,082 | |||||||||
4.88%, 01/15/27 (Call 01/15/21)(c) | GBP | 100 | 125,278 | |||||||||
5.00%, 04/15/27 (Call 04/15/22)(c) | GBP | 100 | 126,027 | |||||||||
5.50%, 05/15/29 (Call 05/15/24)(a) | USD | 200 | 209,000 | |||||||||
Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.00%, 09/15/25 | EUR | 100 | 104,123 | |||||||||
Vodafone Group PLC 3.10%, 01/03/79 (Call 01/03/24)(c) | EUR | 200 | 215,906 | |||||||||
4.20%, 10/03/78 (Call 07/03/28)(c)(d) | EUR | 100 | 112,070 | |||||||||
7.00%, 04/04/79 (Call 01/04/29)(d) | USD | 250 | 286,250 | |||||||||
|
| |||||||||||
5,114,118 | ||||||||||||
United States — 66.8% | ||||||||||||
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 05/29/20) | USD | 80 | 76,600 | |||||||||
Acrisure LLC/Acrisure Finance Inc. | USD | 115 | 103,021 | |||||||||
8.13%, 02/15/24 (Call 02/15/21)(a) | USD | 120 | 122,450 | |||||||||
10.13%, 08/01/26 (Call 08/01/22)(a) | USD | 55 | 55,278 | |||||||||
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(c) | EUR | 100 | 85,391 | |||||||||
Adient U.S. LLC | USD | 200 | 199,000 | |||||||||
9.00%, 04/15/25 (Call 04/15/22)(a) | USD | 25 | 26,063 | |||||||||
ADT Security Corp. (The) | USD | 125 | 122,268 | |||||||||
4.13%, 06/15/23 | USD | 90 | 88,488 | |||||||||
6.25%, 10/15/21 | USD | 125 | 127,967 | |||||||||
AECOM | USD | 125 | 126,796 | |||||||||
5.88%, 10/15/24 (Call 07/15/24) | USD | 100 | 106,397 | |||||||||
AES Corp. (The) | USD | 65 | 65,365 | |||||||||
4.88%, 05/15/23 (Call 05/29/20) | USD | 86 | 86,628 |
38 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.13%, 09/01/27 (Call 09/01/22) | USD | 70 | $ | 72,450 | ||||||||
5.50%, 04/15/25 (Call 05/29/20) | USD | 70 | 72,275 | |||||||||
6.00%, 05/15/26 (Call 05/15/21) | USD | 65 | 68,250 | |||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC | USD | 60 | 60,388 | |||||||||
4.63%, 01/15/27 (Call 01/15/23)(a) | USD | 170 | 171,584 | |||||||||
4.88%, 02/15/30 (Call 02/15/25)(a) | USD | 100 | 101,355 | |||||||||
5.75%, 03/15/25 (Call 05/29/20) | USD | 150 | 153,202 | |||||||||
5.88%, 02/15/28 (Call 08/15/22)(a) | USD | 125 | 130,381 | |||||||||
6.63%, 06/15/24 (Call 05/29/20) | USD | 200 | 206,333 | |||||||||
7.50%, 03/15/26 (Call 03/15/22)(a) | USD | 75 | 82,031 | |||||||||
Alcoa Nederland Holding BV, 7.00%, 09/30/26 (Call 09/30/21)(a) | USD | 200 | 199,855 | |||||||||
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23) | USD | 65 | 59,353 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | USD | 160 | 165,600 | |||||||||
9.75%, 07/15/27 (Call 07/15/22)(a) | USD | 140 | 143,150 | |||||||||
Allison Transmission Inc. | USD | 50 | 46,348 | |||||||||
5.00%, 10/01/24 (Call 05/11/20)(a) | USD | 125 | 120,547 | |||||||||
5.88%, 06/01/29 (Call 06/01/24)(a) | USD | 70 | 67,867 | |||||||||
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25) | USD | 130 | 132,721 | |||||||||
AMC Entertainment Holdings Inc. | USD | 75 | 17,625 | |||||||||
5.88%, 11/15/26 (Call 11/15/21)(b) | USD | 75 | 16,383 | |||||||||
6.13%, 05/15/27 (Call 05/15/22) | USD | 60 | 13,140 | |||||||||
6.38%, 11/15/24 (Call 05/28/20) | GBP | 100 | 35,381 | |||||||||
10.50%, 04/15/25 (Call 04/15/22)(a) | USD | 50 | 44,063 | |||||||||
AMC Networks Inc. | USD | 83 | 82,145 | |||||||||
4.75%, 08/01/25 (Call 08/01/21) | USD | 100 | 92,000 | |||||||||
5.00%, 04/01/24 (Call 05/29/20) | USD | 125 | 120,250 | |||||||||
American Airlines Group Inc. | USD | 65 | 30,388 | |||||||||
5.00%, 06/01/22(a) | USD | 95 | 53,913 | |||||||||
American Axle & Manufacturing Inc. | USD | 90 | 67,998 | |||||||||
6.25%, 03/15/26 (Call 03/15/21) | USD | 50 | 37,250 | |||||||||
6.50%, 04/01/27 (Call 04/01/22) | USD | �� | 60 | 44,404 | ||||||||
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)(a) | USD | 150 | 143,296 | |||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | USD | 90 | 91,187 | |||||||||
5.63%, 05/20/24 (Call 03/20/24) | USD | 85 | 86,700 | |||||||||
5.75%, 05/20/27 (Call 02/20/27) | USD | 75 | 76,221 | |||||||||
5.88%, 08/20/26 (Call 05/20/26) | USD | 75 | 76,563 | |||||||||
Anixter Inc., 5.13%, 10/01/21 | USD | 50 | 50,783 | |||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | USD | 80 | 62,160 | |||||||||
5.75%, 03/01/27 (Call 03/01/22)(a) | USD | 85 | 63,155 | |||||||||
5.75%, 01/15/28 (Call 01/15/23)(a) | USD | 80 | 58,880 | |||||||||
Antero Resources Corp. | USD | 75 | 39,375 | |||||||||
5.13%, 12/01/22 (Call 05/29/20) | USD | 115 | 77,625 | |||||||||
5.38%, 11/01/21 (Call 05/29/20) | USD | 120 | 107,700 | |||||||||
5.63%, 06/01/23 (Call 05/29/20) | USD | 95 | 54,388 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
APX Group Inc. | USD | 80 | $ | 67,829 | ||||||||
7.88%, 12/01/22 (Call 05/29/20) | USD | 94 | 89,574 | |||||||||
Aramark International Finance Sarl, 3.13%, 04/01/25 (Call 05/28/20)(c) | EUR | 100 | 98,883 | |||||||||
Aramark Services Inc. | USD | 50 | 47,913 | |||||||||
5.00%, 04/01/25 (Call 05/29/20)(a)(b) | USD | 75 | 72,750 | |||||||||
5.00%, 02/01/28 (Call 02/01/23)(a)(b) | USD | 145 | 141,012 | |||||||||
6.38%, 05/01/25 (Call 05/01/22)(a)(b) | USD | 45 | 46,800 | |||||||||
Archrock Partners LP/Archrock Partners Finance Corp. | USD | 65 | 48,472 | |||||||||
6.88%, 04/01/27 (Call 04/01/22)(a) | USD | 65 | 48,927 | |||||||||
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)(a) | USD | 20 | 20,225 | |||||||||
Asbury Automotive Group Inc. | USD | 36 | 30,150 | |||||||||
4.75%, 03/01/30 (Call 03/01/25)(a) | USD | 36 | 30,083 | |||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | USD | 75 | 41,531 | |||||||||
10.00%, 04/01/22 (Call 05/29/20)(a) | USD | 125 | 99,687 | |||||||||
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(c) | EUR | 100 | 102,205 | |||||||||
Avantor Inc. | EUR | 100 | 111,868 | |||||||||
6.00%, 10/01/24 (Call 10/01/20)(a)(b) | USD | 190 | 200,473 | |||||||||
9.00%, 10/01/25 (Call 10/01/20)(a) | USD | 250 | 271,103 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 (Call 07/15/22)(a) | USD | 55 | 31,969 | |||||||||
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(c) | EUR | 100 | 58,556 | |||||||||
Avon International Operations Inc., | USD | 65 | 63,415 | |||||||||
Avon Products Inc., 7.00%, 03/15/23 | USD | 50 | 47,625 | |||||||||
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/28/20)(c) | EUR | 125 | 133,379 | |||||||||
B&G Foods Inc. | USD | 115 | 116,437 | |||||||||
5.25%, 09/15/27 (Call 03/01/22) | USD | 70 | 71,042 | |||||||||
Ball Corp. | EUR | 100 | 104,124 | |||||||||
4.00%, 11/15/23 | USD | 125 | 129,312 | |||||||||
4.38%, 12/15/23 | EUR | 100 | 117,747 | |||||||||
4.88%, 03/15/26 (Call 12/15/25) | USD | 95 | 102,125 | |||||||||
5.00%, 03/15/22 | USD | 100 | 104,750 | |||||||||
5.25%, 07/01/25 | USD | 125 | 137,812 | |||||||||
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a)(b) | USD | 185 | 166,037 | |||||||||
Bausch Health Americas Inc. | USD | 220 | 242,528 | |||||||||
9.25%, 04/01/26 (Call 04/01/22)(a) | USD | 190 | 209,731 | |||||||||
Bausch Health Companies Inc. | EUR | 225 | 240,939 | |||||||||
5.00%, 01/30/28 (Call 01/30/23)(a) | USD | 155 | 149,381 | |||||||||
5.25%, 01/30/30 (Call 01/30/25)(a) | USD | 155 | 152,690 | |||||||||
5.50%, 03/01/23 (Call 05/29/20)(a) | USD | 39 | 38,805 | |||||||||
5.50%, 11/01/25 (Call 11/01/20)(a) | USD | 220 | 228,690 | |||||||||
5.75%, 08/15/27 (Call 08/15/22)(a) | USD | 65 | 68,232 | |||||||||
6.13%, 04/15/25 (Call 05/29/20)(a) | USD | 310 | 314,743 | |||||||||
6.50%, 03/15/22 (Call 05/29/20)(a) | USD | 150 | 152,970 | |||||||||
7.00%, 03/15/24 (Call 05/29/20)(a) | USD | 250 | 260,355 | |||||||||
7.00%, 01/15/28 (Call 01/15/23)(a) | USD | 95 | 98,800 |
SCHEDULE OF INVESTMENTS | 39 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
7.25%, 05/30/29 (Call 05/30/24)(a) | USD | 95 | $ | 101,056 | ||||||||
9.00%, 12/15/25 (Call 12/15/21)(a) | USD | 190 | 206,827 | |||||||||
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)(a) | USD | 165 | 145,819 | |||||||||
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(c) | EUR | 150 | 157,004 | |||||||||
Berry Global Inc. | EUR | 100 | 103,178 | |||||||||
4.50%, 02/15/26 (Call 02/15/21)(a)(b) | USD | 65 | 63,962 | |||||||||
4.88%, 07/15/26 (Call 07/15/22)(a) | USD | 155 | 158,347 | |||||||||
5.13%, 07/15/23 (Call 05/29/20) | USD | 90 | 90,562 | |||||||||
5.50%, 05/15/22 (Call 05/29/20) | USD | 50 | 49,851 | |||||||||
5.63%, 07/15/27 (Call 07/15/22)(a) | USD | 65 | 66,813 | |||||||||
Blue Cube Spinco LLC | USD | 100 | 104,250 | |||||||||
10.00%, 10/15/25 (Call 10/15/20) | USD | 65 | 68,900 | |||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 05/29/20)(a) | USD | 105 | 86,831 | |||||||||
Boyd Gaming Corp. | USD | 125 | 106,281 | |||||||||
6.00%, 08/15/26 (Call 08/15/21) | USD | 90 | 81,225 | |||||||||
6.38%, 04/01/26 (Call 04/01/21) | USD | 95 | 86,094 | |||||||||
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(b) | USD | 125 | 92,452 | |||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a) | USD | 125 | 99,300 | |||||||||
Buckeye Partners LP | USD | 75 | 67,748 | |||||||||
4.13%, 03/01/25 (Call 02/01/25)(a) | USD | 50 | 46,250 | |||||||||
4.13%, 12/01/27 (Call 09/01/27) | USD | 75 | 66,938 | |||||||||
4.15%, 07/01/23 (Call 04/01/23) | USD | 50 | 46,750 | |||||||||
4.50%, 03/01/28 (Call 12/01/27)(a) | USD | 50 | 44,667 | |||||||||
6.38%, 01/22/78 (Call 01/22/23)(d) | USD | 50 | 30,125 | |||||||||
Builders FirstSource Inc., 5.00%, 03/01/30 (Call 03/01/25)(a) | USD | 46 | 39,618 | |||||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a)(b) | USD | 215 | 168,779 | |||||||||
California Resources Corp., 8.00%, 12/15/22 (Call 05/29/20)(a) | USD | 230 | 6,302 | |||||||||
Callon Petroleum Co. | USD | 75 | 13,969 | |||||||||
6.25%, 04/15/23 (Call 05/29/20) | USD | 35 | 7,263 | |||||||||
6.38%, 07/01/26 (Call 07/01/21) | USD | 50 | 8,250 | |||||||||
Calpine Corp. | USD | 155 | 150,384 | |||||||||
5.13%, 03/15/28 (Call 03/15/23)(a) | USD | 175 | 170,625 | |||||||||
5.25%, 06/01/26 (Call 06/01/21)(a) | USD | 150 | 153,045 | |||||||||
5.50%, 02/01/24 (Call 05/29/20) | USD | 75 | 75,375 | |||||||||
5.75%, 01/15/25 (Call 05/29/20) | USD | 150 | 149,924 | |||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/15/21)(a)(b) | USD | 70 | 55,825 | |||||||||
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(c) | EUR | 100 | 101,858 | |||||||||
CBL & Associates LP | USD | 55 | 14,507 | |||||||||
5.95%, 12/15/26 (Call 09/15/26)(b) | USD | 80 | 20,800 | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | USD | 65 | 65,495 | |||||||||
4.50%, 08/15/30 (Call 02/15/25)(a) | USD | 310 | 313,968 | |||||||||
4.50%, 05/01/32 (Call 05/01/26)(a) | USD | 145 | 144,048 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.75%, 03/01/30 (Call 09/01/24)(a) | USD | 385 | $ | 392,098 | ||||||||
5.00%, 02/01/28 (Call 08/01/22)(a) | USD | 315 | 323,584 | |||||||||
5.13%, 05/01/23 (Call 05/01/20)(a) | USD | 145 | 146,678 | |||||||||
5.13%, 05/01/27 (Call 05/01/22)(a) | USD | 405 | 421,795 | |||||||||
5.38%, 05/01/25 (Call 05/29/20)(a) | USD | 95 | 97,298 | |||||||||
5.38%, 06/01/29 (Call 06/01/24)(a) | USD | 190 | 200,364 | |||||||||
5.50%, 05/01/26 (Call 05/01/21)(a) | USD | 190 | 197,146 | |||||||||
5.75%, 02/15/26 (Call 02/15/21)(a) | USD | 315 | 328,002 | |||||||||
5.88%, 04/01/24 (Call 05/29/20)(a) | USD | 215 | 221,181 | |||||||||
5.88%, 05/01/27 (Call 05/01/21)(a) | USD | 100 | 103,956 | |||||||||
CDK Global Inc. | USD | 75 | 74,775 | |||||||||
5.00%, 10/15/24 (Call 07/15/24) | USD | 65 | 67,763 | |||||||||
5.25%, 05/15/29 (Call 05/15/24)(a) | USD | 65 | 66,016 | |||||||||
5.88%, 06/15/26 (Call 06/15/21) | USD | 65 | 67,072 | |||||||||
CDW LLC/CDW Finance Corp. | USD | 25 | 25,422 | |||||||||
4.25%, 04/01/28 (Call 10/01/22) | USD | 75 | 75,298 | |||||||||
5.00%, 09/01/25 (Call 05/29/20)(b) | USD | 75 | 76,926 | |||||||||
5.50%, 12/01/24 (Call 06/01/24) | USD | 70 | 74,621 | |||||||||
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(a) | USD | 70 | 59,967 | |||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | USD | 85 | 75,650 | |||||||||
5.50%, 05/01/25 (Call 05/01/22)(a) | USD | 50 | 50,000 | |||||||||
Centene Corp. | USD | 250 | 251,650 | |||||||||
4.25%, 12/15/27 (Call 12/15/22)(a) | USD | 315 | 328,978 | |||||||||
4.63%, 12/15/29 (Call 12/15/24)(a) | USD | 440 | 481,800 | |||||||||
4.75%, 05/15/22 (Call 05/29/20)(b) | USD | 125 | 126,421 | |||||||||
4.75%, 01/15/25 (Call 05/29/20)(b) | USD | 250 | 257,655 | |||||||||
5.25%, 04/01/25 (Call 05/14/20)(a) | USD | 150 | 156,375 | |||||||||
5.38%, 06/01/26 (Call 06/01/21)(a) | USD | 225 | 238,511 | |||||||||
5.38%, 08/15/26 (Call 08/15/21)(a) | USD | 95 | 101,184 | |||||||||
CenturyLink Inc. | USD | 155 | 151,512 | |||||||||
5.13%, 12/15/26 (Call 12/15/22)(a) | USD | 155 | 147,828 | |||||||||
5.63%, 04/01/25 (Call 01/01/25) | USD | 65 | 65,325 | |||||||||
Series T, 5.80%, 03/15/22 | USD | 175 | 178,934 | |||||||||
Series W, 6.75%, 12/01/23 | USD | 100 | 104,955 | |||||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b) | USD | 125 | 135,625 | |||||||||
CF Industries Inc., 3.45%, 06/01/23 | USD | 95 | 95,906 | |||||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/11/20)(a) | USD | 125 | 123,305 | |||||||||
Charles River Laboratories International Inc. | USD | 65 | 65,569 | |||||||||
5.50%, 04/01/26 (Call 04/01/21)(a) | USD | 65 | 67,756 | |||||||||
Chemours Co. (The) | USD | 65 | 54,460 | |||||||||
6.63%, 05/15/23 (Call 05/29/20) | USD | 115 | 107,588 | |||||||||
7.00%, 05/15/25 (Call 05/29/20)(b) | USD | 95 | 89,568 | |||||||||
Cheniere Energy Partners LP | USD | 190 | 173,171 | |||||||||
5.25%, 10/01/25 (Call 10/01/20) | USD | 136 | 129,903 | |||||||||
5.63%, 10/01/26 (Call 10/01/21) | USD | 140 | 135,147 | |||||||||
Chesapeake Energy Corp., 11.50%, 01/01/25 (Call 01/01/22)(a) | USD | 278 | 8,132 | |||||||||
CHS/Community Health Systems Inc. | USD | 390 | 366,600 | |||||||||
6.63%, 02/15/25 (Call 02/15/22)(a) | USD | 180 | 165,600 |
40 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.88%, 04/01/28 (Call 04/01/23)(a) | USD | 210 | $ | 72,450 | ||||||||
8.00%, 03/15/26 (Call 03/15/22)(a) | USD | 260 | 249,231 | |||||||||
8.00%, 12/15/27 (Call 12/15/22)(a) | USD | 89 | 83,994 | |||||||||
8.13%, 06/30/24 (Call 06/30/21)(a) | USD | 170 | 115,109 | |||||||||
8.63%, 01/15/24 (Call 01/15/21)(a) | USD | 130 | 126,249 | |||||||||
9.88%, 06/30/23 (Call 06/30/20)(a)(h) | USD | 220 | 161,810 | |||||||||
Churchill Downs Inc. | USD | 50 | 46,515 | |||||||||
5.50%, 04/01/27 (Call 04/01/22)(a) | USD | 80 | 76,974 | |||||||||
Cincinnati Bell Inc., | USD | 80 | 80,775 | |||||||||
Cinemark USA Inc. | USD | 95 | 79,800 | |||||||||
5.13%, 12/15/22 (Call 05/29/20) | USD | 50 | 42,125 | |||||||||
CIT Group Inc. | USD | 65 | 62,489 | |||||||||
5.00%, 08/15/22 | USD | 145 | 142,885 | |||||||||
5.00%, 08/01/23 | USD | 100 | 97,877 | |||||||||
5.25%, 03/07/25 (Call 12/07/24)(b) | USD | 65 | 64,907 | |||||||||
6.13%, 03/09/28 | USD | 50 | 51,362 | |||||||||
Citgo Holding Inc., | USD | 175 | 157,500 | |||||||||
Clear Channel Worldwide Holdings Inc. | USD | 155 | 145,638 | |||||||||
9.25%, 02/15/24 (Call 02/15/21)(a) | USD | 239 | 198,370 | |||||||||
Clearway Energy Operating LLC | USD | 75 | 76,335 | |||||||||
5.75%, 10/15/25 (Call 10/15/21) | USD | 75 | 77,835 | |||||||||
Cleveland-Cliffs Inc. | USD | 50 | 43,000 | |||||||||
6.75%, 03/15/26 (Call 03/15/22)(a) | USD | 45 | 39,263 | |||||||||
9.88%, 10/17/25 (Call 10/17/22)(a) | USD | 129 | 127,065 | |||||||||
CNX Resources Corp. | USD | 115 | 114,281 | |||||||||
7.25%, 03/14/27 (Call 03/14/22)(a) | USD | 65 | 58,175 | |||||||||
Colfax Corp. | EUR | 100 | 103,550 | |||||||||
6.00%, 02/15/24 (Call 02/15/21)(a) | USD | 75 | 76,045 | |||||||||
6.38%, 02/15/26 (Call 02/15/22)(a) | USD | 50 | 51,333 | |||||||||
CommScope Inc. | USD | 155 | 155,000 | |||||||||
5.50%, 06/15/24 (Call 05/11/20)(a) | USD | 85 | 76,061 | |||||||||
6.00%, 03/01/26 (Call 03/01/22)(a) | USD | 190 | 190,475 | |||||||||
8.25%, 03/01/27 (Call 03/01/22)(a)(b) | USD | 125 | 118,875 | |||||||||
CommScope Technologies LLC | USD | 90 | 77,616 | |||||||||
6.00%, 06/15/25 (Call 06/15/20)(a) | USD | 190 | 169,199 | |||||||||
Comstock Resources Inc. | USD | 80 | 67,120 | |||||||||
9.75%, 08/15/26 (Call 08/15/21) | USD | 100 | 86,875 | |||||||||
Coty Inc., | EUR | 100 | 90,738 | |||||||||
Covanta Holding Corp. | USD | 50 | 49,292 | |||||||||
5.88%, 07/01/25 (Call 07/01/20) | USD | 50 | 48,375 | |||||||||
6.00%, 01/01/27 (Call 01/01/22) | USD | 50 | 47,955 | |||||||||
Credit Acceptance Corp. | USD | 50 | 44,542 | |||||||||
6.63%, 03/15/26 (Call 03/15/22)(b) | USD | 50 | 45,000 | |||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | USD | 75 | 48,938 | |||||||||
5.75%, 04/01/25 (Call 05/29/20) | USD | 65 | 47,128 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.25%, 04/01/23 (Call 05/14/20) | USD | 90 | $ | 66,064 | ||||||||
Crown Americas LLC/Crown Americas Capital Corp. IV, | USD | 125 | 128,150 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. V, | USD | 50 | 50,688 | |||||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, | USD | 100 | 102,159 | |||||||||
Crown European Holdings SA | EUR | 100 | 104,696 | |||||||||
2.25%, 02/01/23 (Call 11/01/22)(c) | EUR | 100 | 108,975 | |||||||||
2.88%, 02/01/26 (Call 08/01/25)(c) | EUR | 100 | 110,128 | |||||||||
4.00%, 07/15/22 (Call 04/15/22)(c) | EUR | 100 | 112,648 | |||||||||
CrownRock LP/CrownRock Finance Inc., | USD | 150 | 121,422 | |||||||||
CSC Holdings LLC | USD | 100 | 104,405 | |||||||||
5.38%, 07/15/23 (Call 05/11/20)(a) | USD | 200 | 202,250 | |||||||||
5.38%, 02/01/28 (Call 02/01/23)(a) | USD | 200 | 206,769 | |||||||||
5.50%, 05/15/26 (Call 05/15/21)(a) | USD | 200 | 207,560 | |||||||||
5.50%, 04/15/27 (Call 04/15/22)(a) | USD | 200 | 208,062 | |||||||||
5.75%, 01/15/30 (Call 01/15/25)(a)(b) | USD | 200 | 208,060 | |||||||||
6.50%, 02/01/29 (Call 02/01/24)(a) | USD | 300 | 326,683 | |||||||||
6.63%, 10/15/25 (Call 10/15/20)(a) | USD | 200 | 208,794 | |||||||||
6.75%, 11/15/21 | USD | 100 | 104,302 | |||||||||
10.88%,10/15/25 (Call 10/15/20)(a) | USD | 200 | 216,190 | |||||||||
CVR Energy Inc. | USD | 75 | 61,233 | |||||||||
5.75%, 02/15/28 (Call 02/15/23)(a) | USD | 50 | 41,776 | |||||||||
Dana Financing Luxembourg Sarl, | USD | 50 | 45,113 | |||||||||
Dana Inc., 5.50%, 12/15/24 (Call 05/29/20) | USD | 55 | 51,425 | |||||||||
Darling Global Finance BV, | EUR | 100 | 108,804 | |||||||||
DaVita Inc. | USD | 190 | 193,087 | |||||||||
5.13%, 07/15/24 (Call 05/14/20)(b) | USD | 220 | 223,300 | |||||||||
DCP Midstream Operating LP | USD | 65 | 53,300 | |||||||||
4.75%, 09/30/21 (Call 06/30/21)(a) | USD | 65 | 61,263 | |||||||||
5.13%, 05/15/29 (Call 02/15/29) | USD | 75 | 55,688 | |||||||||
5.38%, 07/15/25 (Call 04/15/25) | USD | 105 | 84,788 | |||||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(d) | USD | 65 | 30,333 | |||||||||
Dell International LLC/EMC Corp. | USD | 132 | 132,283 | |||||||||
7.13%, 06/15/24 (Call 05/14/20)(a) | USD | 205 | 213,456 | |||||||||
Denbury Resources Inc. | USD | 75 | 12,816 | |||||||||
9.00%, 05/15/21 (Call 05/29/20)(a) | USD | 75 | 13,643 | |||||||||
9.25%, 03/31/22 (Call 05/29/20)(a) | USD | 55 | 10,012 | |||||||||
Diamond Resorts International Inc. | USD | 65 | 52,553 | |||||||||
10.75%, 09/01/24 (Call 05/29/20)(a) | USD | 75 | 47,550 | |||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. | USD | 280 | 212,800 | |||||||||
6.63%, 08/15/27 (Call 08/15/22)(a) | USD | 225 | 123,187 | |||||||||
DISH DBS Corp. | USD | 190 | 181,190 | |||||||||
5.88%, 07/15/22 | USD | 250 | 250,562 | |||||||||
5.88%, 11/15/24 | USD | 250 | 240,460 | |||||||||
6.75%, 06/01/21 | USD | 250 | 250,025 |
SCHEDULE OF INVESTMENTS | 41 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
7.75%, 07/01/26(b) | USD | 250 | $ | 246,323 | ||||||||
Diversified Healthcare Trust, | USD | 65 | 55,937 | |||||||||
Dun & Bradstreet Corp./The | USD | 90 | 95,125 | |||||||||
10.25%, 02/15/27 (Call 02/15/22)(a) | USD | 95 | 104,025 | |||||||||
Edgewell Personal Care Co. | USD | 75 | 75,680 | |||||||||
4.70%, 05/24/22 | USD | 65 | 65,596 | |||||||||
Elanco Animal Health Inc. | USD | 65 | 66,313 | |||||||||
5.02%, 08/28/23 (Call 07/28/23) | USD | 100 | 106,682 | |||||||||
5.65%, 08/28/28 (Call 05/28/28) | USD | 100 | 111,201 | |||||||||
Eldorado Resorts Inc. | USD | 100 | 96,250 | |||||||||
6.00%, 09/15/26 (Call 09/15/21) | USD | 75 | 75,353 | |||||||||
EMC Corp., | USD | 125 | 124,375 | |||||||||
Encompass Health Corp. | USD | 65 | 65,284 | |||||||||
4.75%, 02/01/30 (Call 02/01/25) | USD | 65 | 64,702 | |||||||||
5.75%, 11/01/24 (Call 05/29/20) | USD | 87 | 87,326 | |||||||||
Endeavor Energy Resources LP/EER Finance Inc. | USD | 65 | 57,519 | |||||||||
5.75%, 01/30/28 (Call 01/30/23)(a) | USD | 125 | 111,625 | |||||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc., | USD | 200 | 149,418 | |||||||||
Energizer Gamma Acquisition BV, | EUR | 100 | 108,188 | |||||||||
Energizer Holdings Inc. | USD | 75 | 76,463 | |||||||||
6.38%, 07/15/26 (Call 07/15/21)(a) | USD | 65 | 67,594 | |||||||||
7.75%, 01/15/27 (Call 01/15/22)(a) | USD | 65 | 68,855 | |||||||||
EnLink Midstream Partners LP | USD | 90 | 55,044 | |||||||||
4.40%, 04/01/24 (Call 01/01/24) | USD | 25 | 15,751 | |||||||||
4.85%, 07/15/26 (Call 04/15/26) | USD | 65 | 40,029 | |||||||||
ESH Hospitality Inc. | USD | 95 | 85,421 | |||||||||
5.25%, 05/01/25 (Call 05/29/20)(a) | USD | 165 | 153,501 | |||||||||
Exela Intermediate LLC/Exela Finance Inc., | USD | 125 | 21,838 | |||||||||
Extraction Oil &Gas Inc. | USD | 90 | 12,600 | |||||||||
7.38%, 05/15/24 (Call 05/29/20)(a) | USD | 50 | 7,483 | |||||||||
Ferrellgas LP/Ferrellgas Finance Corp. | USD | 65 | 52,406 | |||||||||
6.75%, 01/15/22 (Call 05/29/20) | USD | 60 | 47,744 | |||||||||
6.75%, 06/15/23 (Call 05/14/20) | USD | 60 | 48,000 | |||||||||
10.00%, 04/15/25 (Call 04/15/22)(a) | USD | 25 | 26,423 | |||||||||
Fifth Third Bancorp., 5.10%, (Call 06/30/23)(d)(i) | USD | 75 | 65,853 | |||||||||
Flex Acquisition Co. Inc. | USD | 80 | 77,826 | |||||||||
7.88%, 07/15/26 (Call 07/15/21)(a)(b) | USD | 65 | 62,888 | |||||||||
Ford Motor Co. | USD | 395 | 395,494 | |||||||||
9.00%, 04/22/25 (Call 03/22/25) | USD | 380 | 369,550 | |||||||||
9.63%, 04/22/30 (Call 01/22/30) | USD | 125 | 124,611 | |||||||||
Fortress Transportation & Infrastructure Investors LLC | USD | 55 | 45,375 | |||||||||
6.75%, 03/15/22 (Call 05/29/20)(a) | USD | 90 | 81,104 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., | USD | 100 | $ | 82,500 | ||||||||
Freedom Mortgage Corp. | USD | 55 | 45,470 | |||||||||
8.25%, 04/15/25 (Call 04/15/21)(a) | USD | 90 | 76,500 | |||||||||
Freeport-McMoRan Inc. | USD | 40 | 40,408 | |||||||||
3.88%, 03/15/23 (Call 12/15/22) | USD | 240 | 240,192 | |||||||||
4.13%, 03/01/28 (Call 03/01/23) | USD | 75 | 69,609 | |||||||||
4.25%, 03/01/30 (Call 03/01/25) | USD | 75 | 70,024 | |||||||||
4.55%, 11/14/24 (Call 08/14/24) | USD | 105 | 105,262 | |||||||||
5.00%, 09/01/27 (Call 09/01/22) | USD | 80 | 78,000 | |||||||||
5.25%, 09/01/29 (Call 09/01/24) | USD | 85 | 83,197 | |||||||||
Frontier Communications Corp. | USD | 210 | 214,137 | |||||||||
8.50%, 04/01/26 (Call 04/01/21)(a) | USD | 200 | 185,000 | |||||||||
FXI Holdings Inc., | USD | 65 | 47,450 | |||||||||
Gap Inc. (The) | USD | 35 | 36,451 | |||||||||
8.63%, 05/15/25 (Call 05/15/22)(a) | USD | 90 | 92,925 | |||||||||
8.88%, 05/15/27 (Call 05/15/23)(a) | USD | 50 | 52,125 | |||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | USD | 50 | 43,500 | |||||||||
6.25%, 05/15/26 (Call 02/15/21) | USD | 50 | 41,719 | |||||||||
6.50%, 10/01/25 (Call 10/01/20) | USD | 70 | 58,968 | |||||||||
7.75%, 02/01/28 (Call 02/01/23) | USD | 95 | 80,750 | |||||||||
Genworth Holdings Inc., | USD | 90 | 85,500 | |||||||||
Golden Nugget Inc. | USD | 165 | 128,192 | |||||||||
8.75%, 10/01/25 (Call 10/01/20)(a) | USD | 85 | 48,769 | |||||||||
Goodyear Tire & Rubber Co. (The) | USD | 90 | 77,625 | |||||||||
5.00%, 05/31/26 (Call 05/31/21) | USD | 115 | 99,808 | |||||||||
5.13%, 11/15/23 (Call 05/29/20) | USD | 125 | 117,190 | |||||||||
Graphic Packaging International LLC, | USD | 75 | 71,813 | |||||||||
Gray Television Inc. | USD | 75 | 74,063 | |||||||||
5.88%, 07/15/26 (Call 07/15/21)(a)(b) | USD | 90 | 86,593 | |||||||||
7.00%, 05/15/27 (Call 05/15/22)(a) | USD | 90 | 90,900 | |||||||||
Griffon Corp., | USD | 120 | 114,000 | |||||||||
Gulfport Energy Corp. | USD | 80 | 39,800 | |||||||||
6.38%, 05/15/25 (Call 05/29/20) | USD | 75 | 35,160 | |||||||||
Hanesbrands Finance Luxembourg SCA, | EUR | 100 | 106,881 | |||||||||
Hanesbrands Inc. | USD | 115 | 115,036 | |||||||||
4.88%, 05/15/26 (Call 02/15/26)(a)(b) | USD | 115 | 115,687 | |||||||||
5.38%, 05/15/25 (Call 05/15/22)(a) | USD | 30 | 30,000 | |||||||||
HCA Inc. | USD | 340 | 325,339 | |||||||||
5.38%, 02/01/25 | USD | 325 | 349,482 | |||||||||
5.38%, 09/01/26 (Call 03/01/26)(b) | USD | 125 | 136,677 | |||||||||
5.63%, 09/01/28 (Call 03/01/28) | USD | 190 | 211,076 | |||||||||
5.88%, 05/01/23 | USD | 155 | 165,850 | |||||||||
5.88%, 02/15/26 (Call 08/15/25) | USD | 190 | 210,425 | |||||||||
5.88%, 02/01/29 (Call 08/01/28) | USD | 125 | 143,700 | |||||||||
Herc Holdings Inc., | USD | 150 | 141,562 | |||||||||
Hertz Corp. (The) | USD | 100 | 20,900 |
42 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.00%, 01/15/28 (Call 01/15/23)(a) | USD | 115 | $ | 19,838 | ||||||||
6.25%, 10/15/22 (Call 05/29/20) | USD | 65 | 15,438 | |||||||||
7.13%, 08/01/26 (Call 08/01/22)(a) | USD | 60 | 12,600 | |||||||||
Hertz Holdings Netherlands BV, | EUR | 100 | 69,187 | |||||||||
Hess Midstream Operations LP | USD | 70 | 61,600 | |||||||||
5.63%, 02/15/26 (Call 02/15/21)(a) | USD | 100 | 93,000 | |||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | USD | 65 | 36,416 | |||||||||
5.75%, 10/01/25 (Call 05/29/20)(a) | USD | 65 | 35,913 | |||||||||
6.25%, 11/01/28 (Call 11/01/23)(a) | USD | 75 | 37,891 | |||||||||
Hilton Domestic Operating Co. Inc. | USD | 125 | 121,250 | |||||||||
4.88%, 01/15/30 (Call 01/15/25) | USD | 130 | 123,837 | |||||||||
5.13%, 05/01/26 (Call 05/01/21) | USD | 190 | 187,587 | |||||||||
5.38%, 05/01/25 (Call 05/01/22)(a) | USD | 10 | 10,003 | |||||||||
5.75%, 05/01/28 (Call 05/01/23)(a) | USD | 65 | 65,494 | |||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | USD | 100 | 97,938 | |||||||||
4.88%, 04/01/27 (Call 04/01/22) | USD | 75 | 72,767 | |||||||||
Hologic Inc. | USD | 100 | 101,000 | |||||||||
4.63%, 02/01/28 (Call 02/01/23)(a) | USD | 50 | 50,750 | |||||||||
Howard Hughes Corp. (The), | USD | 125 | 121,167 | |||||||||
Howmet Aerospace Inc. | USD | 155 | 149,381 | |||||||||
5.87%, 02/23/22 | USD | 100 | 101,750 | |||||||||
6.88%, 05/01/25 (Call 04/01/25) | USD | 130 | 132,600 | |||||||||
HUB International Ltd., 7.00%, 05/01/26 | USD | 175 | 176,365 | |||||||||
Hughes Satellite Systems Corp. | USD | 95 | 100,225 | |||||||||
6.63%, 08/01/26 | USD | 100 | 106,537 | |||||||||
7.63%, 06/15/21 | USD | 100 | 103,736 | |||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | USD | 125 | 117,500 | |||||||||
5.25%, 05/15/27 (Call 11/15/26) | USD | 122 | 115,900 | |||||||||
6.25%, 02/01/22 (Call 05/29/20) | USD | 150 | 152,296 | |||||||||
6.25%, 05/15/26 (Call 05/15/22) | USD | 155 | 152,143 | |||||||||
6.38%, 12/15/25 (Call 12/15/20) | USD | 95 | 93,181 | |||||||||
6.75%, 02/01/24 (Call 05/29/20)(b) | USD | 65 | 65,114 | |||||||||
iHeartCommunications Inc. | USD | 65 | 56,431 | |||||||||
5.25%, 08/15/27 (Call 08/15/22)(a) | USD | 95 | 86,380 | |||||||||
6.38%, 05/01/26 (Call 05/01/22) | USD | 100 | 94,750 | |||||||||
8.38%, 05/01/27 (Call 05/01/22) | USD | 180 | 149,400 | |||||||||
International Game Technology PLC | EUR | 100 | 98,187 | |||||||||
6.50%, 02/15/25 (Call 08/15/24)(a)(b) | USD | 200 | 195,998 | |||||||||
Intrado Corp., 8.50%, 10/15/25 (Call 10/15/20)(a) | USD | 145 | 101,340 | |||||||||
IQVIA Inc. | EUR | 100 | 106,321 | |||||||||
3.25%, 03/15/25 (Call 05/28/20)(c) | EUR | 300 | 330,470 | |||||||||
5.00%, 05/15/27 (Call 05/15/22)(a) | USD | 200 | 206,000 | |||||||||
Iron Mountain Inc. | USD | 125 | 122,500 | |||||||||
4.88%, 09/15/29 (Call 09/15/24)(a) | USD | 125 | 120,065 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.25%, 03/15/28 (Call 12/27/22)(a) | USD | 105 | $ | 100,709 | ||||||||
5.75%, 08/15/24 (Call 05/11/20) | USD | 125 | 122,811 | |||||||||
6.00%, 08/15/23 (Call 05/11/20) | USD | 75 | 75,938 | |||||||||
Iron Mountain UK PLC, | GBP | 100 | 116,653 | |||||||||
iStar Inc. | USD | 70 | 55,864 | |||||||||
4.75%, 10/01/24 (Call 07/01/24) | USD | 100 | 83,000 | |||||||||
5.25%, 09/15/22 (Call 05/29/20) | USD | 50 | 44,995 | |||||||||
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/29/20)(a) | USD | 150 | 153,000 | |||||||||
JC Penney Corp. Inc. | USD | 65 | 29,790 | |||||||||
8.63%, 03/15/25 (Call 03/15/21)(a)(b) | USD | 50 | 3,946 | |||||||||
KB Home, 7.00%, 12/15/21 (Call 09/15/21) | USD | 55 | 56,925 | |||||||||
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/29/20) | USD | 150 | 143,505 | |||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | USD | 100 | 102,906 | |||||||||
5.00%, 06/01/24 (Call 05/29/20)(a) | USD | 130 | 133,887 | |||||||||
5.25%, 06/01/26 (Call 06/01/21)(a) | USD | 130 | 132,762 | |||||||||
L Brands Inc. | USD | 65 | 46,234 | |||||||||
5.63%, 02/15/22 | USD | 110 | 96,800 | |||||||||
5.63%, 10/15/23 | USD | 65 | 52,975 | |||||||||
7.50%, 06/15/29 (Call 06/15/24) | USD | 65 | 47,928 | |||||||||
LABL Escrow Issuer LLC | USD | 90 | 90,618 | |||||||||
10.50%, 07/15/27 (Call 07/15/22)(a)(b) | USD | 85 | 84,436 | |||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | USD | 80 | 56,797 | |||||||||
5.25%, 03/15/22 (Call 09/15/21)(a) | USD | 65 | 53,758 | |||||||||
5.25%, 10/01/25 (Call 10/01/20)(a) | USD | 60 | 43,650 | |||||||||
Lamar Media Corp. | USD | 75 | 69,000 | |||||||||
4.00%, 02/15/30 (Call 02/15/25)(a) | USD | 50 | 45,901 | |||||||||
5.00%, 05/01/23 (Call 05/29/20) | USD | 50 | 50,000 | |||||||||
5.75%, 02/01/26 (Call 02/01/21) | USD | 80 | 81,568 | |||||||||
Lamb Weston Holdings Inc. | USD | 100 | 102,012 | |||||||||
4.88%, 11/01/26 (Call 11/01/21)(a) | USD | 105 | 105,525 | |||||||||
Laredo Petroleum Inc. | USD | 75 | 31,875 | |||||||||
10.13%, 01/15/28 (Call 01/15/23) | USD | 50 | 21,150 | |||||||||
Lennar Corp. | USD | 75 | 75,297 | |||||||||
4.50%, 04/30/24 (Call 01/31/24) | USD | 80 | 81,417 | |||||||||
4.75%, 11/15/22 (Call 08/15/22) | USD | 75 | 76,146 | |||||||||
4.75%, 05/30/25 (Call 02/28/25) | USD | 65 | 66,786 | |||||||||
4.75%, 11/29/27 (Call 05/29/27) | USD | 115 | 118,515 | |||||||||
4.88%, 12/15/23 (Call 09/15/23) | USD | 55 | 56,275 | |||||||||
5.88%, 11/15/24 (Call 05/15/24) | USD | 55 | 58,438 | |||||||||
Level 3 Financing Inc. | USD | 125 | 124,492 | |||||||||
5.13%, 05/01/23 (Call 05/29/20) | USD | 90 | 89,789 | |||||||||
5.25%, 03/15/26 (Call 03/15/21) | USD | 100 | 102,364 | |||||||||
5.38%, 08/15/22 (Call 05/29/20) | USD | 104 | 103,967 | |||||||||
5.38%, 01/15/24 (Call 05/29/20)(b) | USD | 115 | 115,862 | |||||||||
5.38%, 05/01/25 (Call 05/29/20) | USD | 100 | 101,500 | |||||||||
5.63%, 02/01/23 (Call 05/29/20) | USD | 65 | 64,936 |
SCHEDULE OF INVESTMENTS | 43 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Levi Strauss &Co. | EUR | 100 | $ | 109,735 | ||||||||
5.00%, 05/01/25 (Call 05/29/20)(a) | USD | 45 | 45,412 | |||||||||
Liberty Mutual Group Inc., | EUR | 100 | 102,470 | |||||||||
LifePoint Health Inc. | USD | 85 | 79,926 | |||||||||
6.75%, 04/15/25 (Call 04/15/22)(a) | USD | 35 | 36,050 | |||||||||
Lions Gate Capital Holdings LLC | USD | 85 | 77,350 | |||||||||
6.38%, 02/01/24 (Call 02/01/21)(a) | USD | 40 | 37,214 | |||||||||
Live Nation Entertainment Inc., | USD | 150 | 126,442 | |||||||||
LKQ European Holdings BV, | EUR | 100 | 106,669 | |||||||||
LKQ Italia Bondco SpA, | EUR | 100 | 112,208 | |||||||||
LPL Holdings Inc. | USD | 50 | 47,438 | |||||||||
5.75%, 09/15/25 (Call 05/11/20)(a) | USD | 115 | 113,562 | |||||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC | USD | 65 | 17,577 | |||||||||
5.75%, 08/01/22 (Call 05/29/20)(a)(b) | USD | 75 | 31,416 | |||||||||
Marriott Ownership Resorts Inc./ILG LLC, | USD | 100 | 94,521 | |||||||||
Matador Resources Co., | USD | 130 | 65,000 | |||||||||
Match Group Inc. | USD | 65 | 62,827 | |||||||||
5.00%, 12/15/27 (Call 12/15/22)(a) | USD | 75 | 78,353 | |||||||||
Mattel Inc. | USD | 60 | 58,575 | |||||||||
6.75%, 12/31/25 (Call 12/31/20)(a)(b) | USD | 190 | 192,907 | |||||||||
Mauser Packaging Solutions Holding Co. | EUR | 100 | 101,521 | |||||||||
5.50%, 04/15/24 (Call 05/29/20)(a) | USD | 185 | 171,069 | |||||||||
7.25%, 04/15/25 (Call 05/29/20)(a)(b) | USD | 170 | 133,025 | |||||||||
MEDNAX Inc. | USD | 100 | 94,500 | |||||||||
6.25%, 01/15/27 (Call 01/15/22)(a) | USD | 125 | 113,180 | |||||||||
Meredith Corp., 6.88%, 02/01/26 | USD | 160 | 135,766 | |||||||||
Meritage Homes Corp., 6.00%, 06/01/25 | USD | 50 | 51,375 | |||||||||
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer Inc. | USD | 65 | 62,888 | |||||||||
5.63%, 05/01/24 (Call 02/01/24) | USD | 130 | 131,977 | |||||||||
5.75%, 02/01/27 (Call 11/01/26) | USD | 95 | 95,538 | |||||||||
MGM Resorts International | USD | 62 | 55,943 | |||||||||
5.50%, 04/15/27 (Call 01/15/27) | USD | 111 | 101,981 | |||||||||
5.75%, 06/15/25 (Call 03/15/25) | USD | 165 | 158,402 | |||||||||
6.00%, 03/15/23 | USD | 155 | 150,228 | |||||||||
6.75%, 05/01/25 (Call 05/01/22) | USD | 50 | 49,006 | |||||||||
7.75%, 03/15/22 | USD | 125 | 127,149 | |||||||||
Molina Healthcare Inc., | USD | 90 | 93,037 | |||||||||
Moss Creek Resources Holdings Inc., | USD | 65 | 23,969 | |||||||||
MPH Acquisition Holdings LLC, | USD | 195 | 174,029 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | EUR | 100 | 110,713 | |||||||||
3.69%, 06/05/28 (Call 04/06/28) | GBP | 100 | 121,619 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.00%, 08/19/22 (Call 05/19/22) | EUR | 100 | $ | 111,986 | ||||||||
4.63%, 08/01/29 (Call 08/01/24) | USD | 115 | 114,673 | |||||||||
5.00%, 10/15/27 (Call 10/15/22) | USD | 175 | 178,500 | |||||||||
5.25%, 08/01/26 (Call 08/01/21) | USD | 65 | 65,488 | |||||||||
6.38%, 03/01/24 (Call 05/29/20) | USD | 65 | 67,148 | |||||||||
MSCI Inc. | USD | 40 | 40,379 | |||||||||
4.00%, 11/15/29 (Call 11/15/24)(a) | USD | 125 | 130,546 | |||||||||
4.75%, 08/01/26 (Call 08/01/21)(a) | USD | 65 | 67,943 | |||||||||
5.38%, 05/15/27 (Call 05/15/22)(a)(b) | USD | 65 | 70,152 | |||||||||
5.75%, 08/15/25 (Call 08/15/20)(a) | USD | 100 | 104,460 | |||||||||
Murphy Oil Corp. | USD | 75 | 51,225 | |||||||||
5.88%, 12/01/27 (Call 12/01/22) | USD | 80 | 54,600 | |||||||||
6.88%, 08/15/24 (Call 05/29/20) | USD | 50 | 35,500 | |||||||||
Nabors Industries Inc., | USD | 100 | 22,750 | |||||||||
Nabors Industries Ltd. | USD | 50 | 19,667 | |||||||||
7.50%, 01/15/28 (Call 01/15/23)(a) | USD | 50 | 19,700 | |||||||||
Nationstar Mortgage Holdings Inc. | USD | 35 | 30,100 | |||||||||
8.13%, 07/15/23 (Call 07/15/20)(a) | USD | 125 | 120,000 | |||||||||
9.13%, 07/15/26 (Call 07/15/21)(a) | USD | 120 | 114,780 | |||||||||
Navient Corp. | USD | 90 | 76,005 | |||||||||
5.50%, 01/25/23 | USD | 125 | 115,312 | |||||||||
5.88%, 10/25/24 | USD | 65 | 58,648 | |||||||||
6.13%, 03/25/24 | USD | 105 | 96,349 | |||||||||
6.50%, 06/15/22 | USD | 125 | 120,242 | |||||||||
6.63%, 07/26/21 | USD | 100 | 99,500 | |||||||||
6.75%, 06/25/25(b) | USD | 65 | 60,125 | |||||||||
6.75%, 06/15/26 | USD | 65 | 59,105 | |||||||||
7.25%, 01/25/22 | USD | 95 | 93,100 | |||||||||
7.25%, 09/25/23 | USD | 65 | 62,238 | |||||||||
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., | USD | 75 | 29,523 | |||||||||
Navistar International Corp. | USD | 140 | 119,903 | |||||||||
9.50%, 05/01/25 (Call 05/01/22)(a) | USD | 30 | 31,500 | |||||||||
NCR Corp. | USD | 75 | 74,813 | |||||||||
5.75%, 09/01/27 (Call 09/01/22)(a) | USD | 65 | 65,163 | |||||||||
6.13%, 09/01/29 (Call 09/01/24)(a)(b) | USD | 65 | 64,987 | |||||||||
6.38%, 12/15/23 (Call 05/29/20) | USD | 90 | 91,237 | |||||||||
8.13%, 04/15/25 (Call 04/15/22)(a) | USD | 25 | 26,500 | |||||||||
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG, | USD | 83 | 7,055 | |||||||||
Netflix Inc. | USD | 25 | 25,344 | |||||||||
3.63%, 05/15/27 | EUR | 200 | 227,024 | |||||||||
3.63%, 06/15/30 (Call 03/15/30)(c) | EUR | 200 | 220,830 | |||||||||
3.88%, 11/15/29(c) | EUR | 100 | 112,235 | |||||||||
4.38%, 11/15/26(b) | USD | 125 | 132,175 | |||||||||
4.63%, 05/15/29 | EUR | 100 | 117,809 | |||||||||
4.88%, 04/15/28 | USD | 200 | 213,418 | |||||||||
4.88%, 06/15/30 (Call 03/15/30)(a) | USD | 125 | 133,560 | |||||||||
5.38%, 11/15/29(a) | USD | 115 | 126,740 | |||||||||
5.50%, 02/15/22 | USD | 75 | 78,000 | |||||||||
5.75%, 03/01/24 | USD | 50 | 54,495 |
44 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.88%, 02/15/25(b) | USD | 100 | $ | 109,766 | ||||||||
5.88%, 11/15/28 | USD | 240 | 270,637 | |||||||||
6.38%, 05/15/29 | USD | 100 | 116,552 | |||||||||
Newell Brands Inc. | USD | 150 | 152,625 | |||||||||
4.70%, 04/01/26 (Call 01/01/26) | USD | 250 | 251,457 | |||||||||
Nexstar Broadcasting Inc. | USD | 115 | 112,125 | |||||||||
5.63%, 07/15/27 (Call 07/15/22)(a) | USD | 225 | 214,346 | |||||||||
NextEra Energy Operating Partners LP | USD | 65 | 64,207 | |||||||||
4.25%, 07/15/24 (Call 04/15/24)(a) | USD | 95 | 95,712 | |||||||||
4.25%, 09/15/24 (Call 07/15/24)(a) | USD | 70 | 71,036 | |||||||||
4.50%, 09/15/27 (Call 06/15/27)(a) | USD | 65 | 66,706 | |||||||||
NGL Energy Partners LP/NGL Energy Finance Corp. | USD | 80 | 53,955 | |||||||||
7.50%, 04/15/26 (Call 04/15/22) | USD | 70 | 45,500 | |||||||||
Nielsen Co Luxembourg Sarl/The, | USD | 65 | 62,501 | |||||||||
Nielsen Finance LLC/Nielsen Finance Co., | USD | 290 | 285,308 | |||||||||
Noble Holding International Ltd. | USD | 95 | 22,088 | |||||||||
7.95%, 04/01/25 (Call 01/01/25)(b) | USD | 50 | 500 | |||||||||
NortonLifeLock Inc. | USD | 50 | 50,768 | |||||||||
5.00%, 04/15/25 (Call 05/11/20)(a) | USD | 140 | 141,022 | |||||||||
Novelis Corp. | USD | 195 | 171,600 | |||||||||
5.88%, 09/30/26 (Call 09/30/21)(a) | USD | 190 | 183,825 | |||||||||
NRG Energy Inc. | USD | 90 | 97,050 | |||||||||
5.75%, 01/15/28 (Call 01/15/23)(b) | USD | 105 | 112,935 | |||||||||
6.63%, 01/15/27 (Call 07/15/21)(b) | USD | 155 | 165,133 | |||||||||
7.25%, 05/15/26 (Call 05/15/21) | USD | 125 | 134,375 | |||||||||
NuStar Logistics LP | USD | 65 | 58,500 | |||||||||
6.00%, 06/01/26 (Call 03/01/26) | USD | 65 | 59,150 | |||||||||
Oasis Petroleum Inc. | USD | 50 | 6,500 | |||||||||
6.88%, 03/15/22 (Call 05/29/20) | USD | 115 | 16,963 | |||||||||
OI European Group BV, | EUR | 100 | 105,034 | |||||||||
Olin Corp. | USD | 65 | 57,444 | |||||||||
5.13%, 09/15/27 (Call 03/15/22) | USD | 65 | 59,800 | |||||||||
5.63%, 08/01/29 (Call 08/01/24) | USD | 95 | 86,065 | |||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | USD | 65 | 59,518 | |||||||||
5.00%, 08/15/27 (Call 08/15/22)(a) | USD | 80 | 75,200 | |||||||||
5.63%, 02/15/24 (Call 05/29/20) | USD | 50 | 49,870 | |||||||||
Owens-Brockway Glass Container Inc. | USD | 65 | 65,670 | |||||||||
5.88%, 08/15/23(a) | USD | 90 | 92,277 | |||||||||
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)(a) | USD | 100 | 22,000 | |||||||||
Panther BF Aggregator 2 LP/Panther Finance Co. Inc. | EUR | 100 | 101,079 | |||||||||
6.25%, 05/15/26 (Call 05/15/22)(a) | USD | 125 | 125,812 | |||||||||
8.50%, 05/15/27 (Call 05/15/22)(a) | USD | 245 | 207,637 | |||||||||
Par Pharmaceutical Inc., | USD | 190 | 193,087 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Parsley Energy LLC/Parsley Finance Corp. | USD | 50 | $ | 41,417 | ||||||||
5.25%, 08/15/25 (Call 08/15/20)(a) | USD | 55 | 48,171 | |||||||||
5.38%, 01/15/25 (Call 05/29/20)(a) | USD | 85 | 76,738 | |||||||||
5.63%, 10/15/27 (Call 10/15/22)(a) | USD | 90 | 77,020 | |||||||||
PBF Holding Co. LLC/PBF Finance Corp. | USD | 110 | 78,238 | |||||||||
7.25%, 06/15/25 (Call 06/15/20) | USD | 100 | 75,693 | |||||||||
PDC Energy Inc. | USD | 75 | 57,960 | |||||||||
6.13%, 09/15/24 (Call 05/29/20) | USD | 50 | 39,335 | |||||||||
Penske Automotive Group Inc. | USD | 60 | 55,326 | |||||||||
5.75%, 10/01/22 (Call 05/29/20) | USD | 75 | 71,406 | |||||||||
Performance Food Group Inc., | USD | 135 | 129,034 | |||||||||
PetSmart Inc. | USD | 142 | 144,174 | |||||||||
7.13%, 03/15/23 (Call 05/29/20)(a) | USD | 240 | 229,800 | |||||||||
8.88%, 06/01/25 (Call 06/01/20)(a) | USD | 80 | 77,243 | |||||||||
Photo Holdings Merger Sub Inc., | USD | 100 | 87,275 | |||||||||
Pilgrim’s Pride Corp. | USD | 125 | 126,266 | |||||||||
5.88%, 09/30/27 (Call 09/30/22)(a) | USD | 105 | 106,706 | |||||||||
PolyOne Corp., 5.75%, 05/15/25 (Call 05/15/22)(a) | USD | 20 | 20,250 | |||||||||
Post Holdings Inc. | USD | 155 | 151,968 | |||||||||
5.00%, 08/15/26 (Call 08/15/21)(a) | USD | 215 | 215,044 | |||||||||
5.50%, 12/15/29 (Call 12/15/24)(a) | USD | 95 | 95,414 | |||||||||
5.63%, 01/15/28 (Call 12/01/22)(a)(b) | USD | 120 | 122,100 | |||||||||
5.75%, 03/01/27 (Call 03/01/22)(a) | USD | 165 | 168,985 | |||||||||
Prestige Brands Inc. | USD | 50 | 50,950 | |||||||||
6.38%, 03/01/24 (Call 05/29/20)(a)(b) | USD | 75 | 77,156 | |||||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | USD | 95 | 93,129 | |||||||||
5.75%, 04/15/26(a)(b) | USD | 170 | 167,076 | |||||||||
6.25%, 01/15/28 (Call 01/15/23)(a) | USD | 160 | 143,568 | |||||||||
PTC Inc. | USD | 65 | 63,952 | |||||||||
4.00%, 02/15/28 (Call 02/15/23)(a) | USD | 65 | 63,700 | |||||||||
PulteGroup Inc. | USD | 75 | 77,624 | |||||||||
5.50%, 03/01/26 (Call 12/01/25) | USD | 90 | 95,829 | |||||||||
QEP Resources Inc. | USD | 75 | 25,125 | |||||||||
5.38%, 10/01/22 (Call 07/01/22) | USD | 65 | 22,295 | |||||||||
5.63%, 03/01/26 (Call 12/01/25) | USD | 65 | 20,394 | |||||||||
Qorvo Inc. | USD | 65 | 64,919 | |||||||||
5.50%, 07/15/26 (Call 07/15/21) | USD | 115 | 120,750 | |||||||||
Quicken Loans Inc. | USD | 125 | 122,487 | |||||||||
5.75%, 05/01/25 (Call 05/29/20)(a) | USD | 155 | 151,900 | |||||||||
QVC Inc. | USD | 95 | 90,359 | |||||||||
4.45%, 02/15/25 (Call 11/15/24) | USD | 75 | 68,520 | |||||||||
4.75%, 02/15/27 (Call 11/15/26) | USD | 70 | 63,000 | |||||||||
4.85%, 04/01/24 | USD | 75 | 71,243 |
SCHEDULE OF INVESTMENTS | 45 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.13%, 07/02/22(b) | USD | 65 | $ | 63,050 | ||||||||
Qwest Corp., 6.75%, 12/01/21 | USD | 120 | 125,100 | |||||||||
Rackspace Hosting Inc., | USD | 150 | 148,030 | |||||||||
Range Resources Corp. | USD | 95 | 73,625 | |||||||||
5.00%, 08/15/22 (Call 05/15/22) | USD | 65 | 59,313 | |||||||||
5.00%, 03/15/23 (Call 12/15/22)(b) | USD | 90 | 78,075 | |||||||||
9.25%, 02/01/26 (Call 02/01/22)(a) | USD | 70 | 56,029 | |||||||||
Realogy Group LLC/RealogyCo-Issuer Corp. | USD | 50 | 38,019 | |||||||||
5.25%, 12/01/21 (Call 05/29/20)(a) | USD | 75 | 62,961 | |||||||||
9.38%, 04/01/27 (Call 04/01/22)(a) | USD | 65 | 45,175 | |||||||||
Refinitiv U.S. Holdings Inc. | EUR | 100 | 114,023 | |||||||||
6.25%, 05/15/26 (Call 11/15/21)(a) | USD | 155 | 165,303 | |||||||||
8.25%, 11/15/26 (Call 11/15/21)(a) | USD | 200 | 217,250 | |||||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., | USD | 180 | 192,600 | |||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | USD | 200 | 200,500 | |||||||||
7.00%, 07/15/24 (Call 05/29/20)(a) | USD | 100 | 100,370 | |||||||||
Rite Aid Corp. | USD | 143 | 130,502 | |||||||||
7.50%, 07/01/25 (Call 07/01/22)(a) | USD | 77 | 75,845 | |||||||||
Ryman Hospitality Properties Inc., | USD | 105 | 91,350 | |||||||||
Sabre GLBL Inc. | USD | 100 | 93,000 | |||||||||
9.25%, 04/15/25 (Call 03/16/25)(a) | USD | 90 | 95,062 | |||||||||
SBA Communications Corp. | USD | 125 | 127,656 | |||||||||
4.00%, 10/01/22 (Call 05/29/20) | USD | 95 | 95,503 | |||||||||
4.88%, 09/01/24 (Call 05/29/20) | USD | 140 | 144,322 | |||||||||
Scientific Games International Inc. | EUR | 100 | 89,893 | |||||||||
5.00%, 10/15/25 (Call 10/15/20)(a) | USD | 155 | 134,830 | |||||||||
7.00%, 05/15/28 (Call 05/15/23)(a) | USD | 85 | 61,306 | |||||||||
7.25%, 11/15/29 (Call 11/15/24)(a) | USD | 65 | 46,204 | |||||||||
8.25%, 03/15/26 (Call 03/15/22)(a) | USD | 135 | 101,700 | |||||||||
Sealed Air Corp. | USD | 55 | 54,333 | |||||||||
4.88%, 12/01/22 (Call 09/01/22)(a) | USD | 55 | 56,969 | |||||||||
5.13%, 12/01/24 (Call 09/01/24)(a) | USD | 55 | 57,888 | |||||||||
5.25%, 04/01/23 (Call 01/01/23)(a) | USD | 50 | 51,750 | |||||||||
5.50%, 09/15/25 (Call 06/15/25)(a) | USD | 50 | 52,944 | |||||||||
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a) | USD | 155 | 149,280 | |||||||||
Sensata Technologies BV, 4.38%, 02/15/30 (Call 11/15/29)(a) | USD | 55 | 54,175 | |||||||||
Service Corp. International/U.S. | USD | 75 | 76,702 | |||||||||
5.13%, 06/01/29 (Call 06/01/24) | USD | 100 | 104,750 | |||||||||
5.38%, 05/15/24 (Call 05/29/20) | USD | 105 | 106,881 | |||||||||
ServiceMaster Co. LLC (The), | USD | 43 | 43,645 | |||||||||
SESI LLC | USD | 80 | 36,577 | |||||||||
7.75%, 09/15/24 (Call 09/15/20) | USD | 65 | 11,697 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Signature Aviation U.S. Holdings Inc. | USD | 80 | $ | 68,800 | ||||||||
5.38%, 05/01/26 (Call 05/01/21)(a) | USD | 65 | 59,963 | |||||||||
Silgan Holdings Inc., 3.25%, 03/15/25 | EUR | 100 | 110,146 | |||||||||
Sinclair Television Group Inc. | USD | 50 | 42,091 | |||||||||
5.50%, 03/01/30 (Call 12/01/24)(a) | USD | 65 | 53,950 | |||||||||
5.63%, 08/01/24 (Call 05/14/20)(a) | USD | 70 | 63,883 | |||||||||
Sirius XM Radio Inc. | USD | 125 | 125,771 | |||||||||
4.63%, 05/15/23 (Call 05/29/20)(a) | USD | 65 | 65,406 | |||||||||
4.63%, 07/15/24 (Call 07/15/21)(a) | USD | 190 | 194,199 | |||||||||
5.00%, 08/01/27 (Call 08/01/22)(a) | USD | 190 | 194,779 | |||||||||
5.38%, 04/15/25 (Call 05/29/20)(a) | USD | 125 | 128,906 | |||||||||
5.38%, 07/15/26 (Call 07/15/21)(a) | USD | 125 | 129,715 | |||||||||
5.50%, 07/01/29 (Call 07/01/24)(a) | USD | 155 | 163,463 | |||||||||
Six Flags Entertainment Corp. | USD | 125 | 110,025 | |||||||||
5.50%, 04/15/27 (Call 04/15/22)(a) | USD | 65 | 56,480 | |||||||||
Six Flags Theme Parks Inc., | USD | 35 | 36,481 | |||||||||
SM Energy Co. | USD | 65 | 20,053 | |||||||||
5.63%, 06/01/25 (Call 06/01/20) | USD | 60 | 17,100 | |||||||||
6.13%, 11/15/22 (Call 05/29/20)(b) | USD | 60 | 24,000 | |||||||||
6.63%, 01/15/27 (Call 01/15/22) | USD | 65 | 16,656 | |||||||||
6.75%, 09/15/26 (Call 09/15/21)(b) | USD | 60 | 16,755 | |||||||||
Solera LLC/Solera Finance Inc., | USD | 255 | 253,725 | |||||||||
Southwestern Energy Co. | USD | 115 | 100,984 | |||||||||
7.50%, 04/01/26 (Call 04/01/21)(b) | USD | 80 | 71,800 | |||||||||
7.75%, 10/01/27 (Call 10/01/22)(b) | USD | 65 | 56,563 | |||||||||
Spectrum Brands Inc. | EUR | 100 | 102,129 | |||||||||
5.75%, 07/15/25 (Call 07/15/20) | USD | 125 | 124,687 | |||||||||
Spirit AeroSystems Inc. | USD | 52 | 41,860 | |||||||||
7.50%, 04/15/25 (Call 04/15/22)(a) | USD | 95 | 93,575 | |||||||||
Springleaf Finance Corp. | USD | 100 | 83,699 | |||||||||
5.63%, 03/15/23 | USD | 100 | 94,067 | |||||||||
6.13%, 05/15/22 | USD | 125 | 123,437 | |||||||||
6.13%, 03/15/24 (Call 09/15/23) | USD | 165 | 154,564 | |||||||||
6.63%, 01/15/28 (Call 07/15/27) | USD | 100 | 88,250 | |||||||||
6.88%, 03/15/25 | USD | 155 | 145,905 | |||||||||
7.13%, 03/15/26 | USD | 200 | 186,250 | |||||||||
7.75%, 10/01/21(b) | USD | 80 | 79,154 | |||||||||
Sprint Communications Inc. | USD | 285 | 300,883 | |||||||||
11.50%, 11/15/21 | USD | 125 | 139,687 | |||||||||
Sprint Corp. | USD | 315 | 353,587 | |||||||||
7.25%, 09/15/21 | USD | 285 | 298,894 | |||||||||
7.63%, 02/15/25 (Call 11/15/24) | USD | 190 | 218,500 | |||||||||
7.63%, 03/01/26 (Call 11/01/25) | USD | 190 | 223,529 | |||||||||
7.88%, 09/15/23 | USD | 535 | 601,260 | |||||||||
SS&C Technologies Inc., | USD | 250 | 256,937 | |||||||||
SSL Robotics LLC, | USD | 125 | 132,750 |
46 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Standard Industries Inc./NJ | EUR | 100 | $ | 93,100 | ||||||||
4.75%, 01/15/28 (Call 01/15/23)(a) | USD | 125 | 123,100 | |||||||||
5.00%, 02/15/27 (Call 02/15/22)(a) | USD | 65 | 65,203 | |||||||||
5.38%, 11/15/24 (Call 05/29/20)(a) | USD | 140 | 140,912 | |||||||||
6.00%, 10/15/25 (Call 10/15/20)(a) | USD | 125 | 129,062 | |||||||||
Staples Inc. | USD | 250 | 197,915 | |||||||||
10.75%, 04/15/27 (Call 04/15/22)(a)(b) | USD | 125 | 70,000 | |||||||||
Starwood Property Trust Inc. | USD | 65 | 55,387 | |||||||||
5.00%, 12/15/21 (Call 09/15/21) | USD | 90 | 84,888 | |||||||||
Station Casinos LLC, 4.50%, 02/15/28 (Call 02/15/23)(a) | USD | 125 | 100,000 | |||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 05/29/20) | USD | 75 | 73,344 | |||||||||
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/14/20) | USD | 80 | 80,076 | |||||||||
Sunoco LP/Sunoco Finance Corp. | USD | 125 | 122,265 | |||||||||
5.50%, 02/15/26 (Call 02/15/21) | USD | 100 | 96,284 | |||||||||
5.88%, 03/15/28 (Call 03/15/23) | USD | 50 | 47,284 | |||||||||
6.00%, 04/15/27 (Call 04/15/22) | USD | 75 | 72,891 | |||||||||
Talen Energy Supply LLC | USD | 70 | 48,300 | |||||||||
6.63%, 01/15/28 (Call 01/15/23)(a) | USD | 60 | 56,850 | |||||||||
7.25%, 05/15/27 (Call 05/15/22)(a)(b) | USD | 95 | 95,000 | |||||||||
10.50%, 01/15/26 (Call 01/15/22)(a) | USD | 75 | 61,332 | |||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | USD | 65 | 49,901 | |||||||||
5.50%, 09/15/24 (Call 05/29/20)(a) | USD | 90 | 68,112 | |||||||||
5.50%, 01/15/28 (Call 01/15/23)(a) | USD | 95 | 64,138 | |||||||||
6.00%, 03/01/27 (Call 03/01/23)(a) | USD | 55 | 36,703 | |||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | USD | 75 | 68,058 | |||||||||
5.00%, 01/15/28 (Call 01/15/23) | USD | 90 | 75,930 | |||||||||
5.13%, 02/01/25 (Call 05/29/20) | USD | 50 | 44,456 | |||||||||
5.25%, 05/01/23 (Call 05/29/20) | USD | 25 | 23,656 | |||||||||
5.38%, 02/01/27 (Call 02/01/22) | USD | 65 | 55,315 | |||||||||
5.50%, 03/01/30 (Call 03/01/25)(a) | USD | 125 | 106,562 | |||||||||
5.88%, 04/15/26 (Call 04/15/21) | USD | 125 | 112,062 | |||||||||
6.50%, 07/15/27 (Call 07/15/22) | USD | 95 | 85,106 | |||||||||
6.75%, 03/15/24 (Call 05/29/20) | USD | 75 | 70,918 | |||||||||
6.88%, 01/15/29 (Call 01/15/24) | USD | 100 | 91,585 | |||||||||
Taylor Morrison Communities Inc. | USD | 55 | 49,775 | |||||||||
5.88%, 01/31/25 (Call 05/11/20)(a) | USD | 100 | 93,576 | |||||||||
5.88%, 06/15/27 (Call 03/15/27)(a)(b) | USD | 65 | 59,800 | |||||||||
TEGNA Inc. | USD | 125 | 111,454 | |||||||||
5.00%, 09/15/29 (Call 09/15/24)(a) | USD | 145 | 128,922 | |||||||||
Tempur Sealy International Inc. | USD | 75 | 71,988 | |||||||||
5.63%, 10/15/23 (Call 05/29/20)(b) | USD | 55 | 54,287 | |||||||||
Tenet Healthcare Corp. | USD | 235 | 230,840 | |||||||||
4.63%, 09/01/24 (Call 09/01/21)(a) | USD | 75 | 73,521 | |||||||||
4.88%, 01/01/26 (Call 03/01/22)(a) | USD | 265 | 259,700 | |||||||||
5.13%, 05/01/25 (Call 05/29/20)(b) | USD | 175 | 163,607 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.13%, 11/01/27 (Call 11/01/22)(a) | USD | 185 | $ | 182,690 | ||||||||
6.25%, 02/01/27 (Call 02/01/22)(a) | USD | 185 | 181,688 | |||||||||
6.75%, 06/15/23(b) | USD | 235 | 234,765 | |||||||||
7.00%, 08/01/25 (Call 08/01/20)(b) | USD | 60 | 55,800 | |||||||||
7.50%, 04/01/25 (Call 04/01/22)(a) | USD | 25 | 26,783 | |||||||||
8.13%, 04/01/22 | USD | 350 | 350,892 | |||||||||
Tenneco Inc., 4.88%, 04/15/22 (Call 05/28/20)(c) | EUR | 175 | 143,838 | |||||||||
TerraForm Power Operating LLC | USD | 65 | 66,593 | |||||||||
4.75%, 01/15/30 (Call 01/15/25)(a) | USD | 110 | 112,818 | |||||||||
5.00%, 01/31/28 (Call 07/31/27)(a) | USD | 75 | 78,374 | |||||||||
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a) | USD | 130 | 107,250 | |||||||||
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a) | USD | 225 | 219,375 | |||||||||
T-Mobile USA Inc. | USD | 65 | 66,463 | |||||||||
4.50%, 02/01/26 (Call 02/01/21) | USD | 125 | 128,787 | |||||||||
4.75%, 02/01/28 (Call 02/01/23) | USD | 190 | 199,504 | |||||||||
5.13%, 04/15/25 (Call 05/11/20) | USD | 65 | 66,288 | |||||||||
5.38%, 04/15/27 (Call 04/15/22) | USD | 65 | 68,816 | |||||||||
6.00%, 03/01/23 (Call 05/11/20) | USD | 165 | 165,000 | |||||||||
6.00%, 04/15/24 (Call 05/11/20) | USD | 125 | 127,323 | |||||||||
6.38%, 03/01/25 (Call 05/11/20) | USD | 215 | 221,405 | |||||||||
6.50%, 01/15/24 (Call 05/11/20) | USD | 125 | 127,956 | |||||||||
6.50%, 01/15/26 (Call 01/15/21) | USD | 250 | 264,062 | |||||||||
Toll Brothers Finance Corp. | USD | 50 | 46,750 | |||||||||
4.35%, 02/15/28 (Call 11/15/27) | USD | 50 | 49,250 | |||||||||
4.38%, 04/15/23 (Call 01/15/23) | USD | 50 | 50,125 | |||||||||
4.88%, 03/15/27 (Call 12/15/26) | USD | 55 | 55,688 | |||||||||
5.88%, 02/15/22 (Call 11/15/21) | USD | 50 | 51,438 | |||||||||
TransDigm Inc. | USD | 335 | 283,075 | |||||||||
6.25%, 03/15/26 (Call 03/15/22)(a) | USD | 555 | 542,579 | |||||||||
6.38%, 06/15/26 (Call 06/15/21) | USD | 120 | 102,674 | |||||||||
6.50%, 07/15/24 (Call 05/29/20) | USD | 150 | 137,038 | |||||||||
6.50%, 05/15/25 (Call 05/29/20) | USD | 95 | 85,025 | |||||||||
7.50%, 03/15/27 (Call 03/15/22) | USD | 75 | 67,031 | |||||||||
8.00%, 12/15/25 (Call 04/08/22)(a) | USD | 130 | 135,200 | |||||||||
Transocean Guardian Ltd., 5.88%, 01/15/24 | USD | 42 | 32,017 | |||||||||
Transocean Inc. | USD | 100 | 38,102 | |||||||||
8.00%, 02/01/27 (Call 02/01/23)(a) | USD | 65 | 24,872 | |||||||||
Transocean Pontus Ltd., 6.13%, 08/01/25 | USD | 63 | 50,726 | |||||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 | USD | 70 | 55,300 | |||||||||
Transocean Proteus Ltd., 6.25%, 12/01/24 | USD | 52 | 44,389 | |||||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., | USD | 50 | 49,063 | |||||||||
Triumph Group Inc. | USD | 50 | 39,637 | |||||||||
7.75%, 08/15/25 (Call 08/15/20) | USD | 67 | 44,115 | |||||||||
Tronox Finance PLC, 5.75%, 10/01/25 | USD | 55 | 49,991 | |||||||||
Tronox Inc. | USD | 10 | 10,063 | |||||||||
6.50%, 04/15/26 (Call 04/15/21)(a) | USD | 75 | 67,781 | |||||||||
U.S. Foods Inc., 6.25%, 04/15/25 | USD | 110 | 112,475 |
SCHEDULE OF INVESTMENTS | 47 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||||||
United States (continued) | ||||||||||||
U.S. Steel Corp. | USD | 80 | $ | 50,764 | ||||||||
6.88%, 08/15/25 (Call 08/15/20) | USD | 95 | 64,784 | |||||||||
Uber Technologies Inc. | USD | 65 | 65,155 | |||||||||
7.50%, 09/15/27 (Call 09/15/22)(a) | USD | 150 | 152,494 | |||||||||
8.00%, 11/01/26 (Call 11/01/21)(a) | USD | 190 | 194,647 | |||||||||
United Airlines Holdings Inc., 4.25%, 10/01/22 | USD | 50 | 41,000 | |||||||||
United Rentals North America Inc. | USD | 93 | 91,372 | |||||||||
4.00%, 07/15/30 (Call 07/15/25) | USD | 95 | 89,368 | |||||||||
4.63%, 10/15/25 (Call 10/15/20) | USD | 95 | 93,046 | |||||||||
4.88%, 01/15/28 (Call 01/15/23) | USD | 210 | 209,257 | |||||||||
5.25%, 01/15/30 (Call 01/15/25) | USD | 100 | 99,821 | |||||||||
5.50%, 07/15/25 (Call 07/15/20) | USD | 100 | 101,250 | |||||||||
5.50%, 05/15/27 (Call 05/15/22)(b) | USD | 125 | 125,785 | |||||||||
5.88%, 09/15/26 (Call 09/15/21) | USD | 125 | 128,340 | |||||||||
6.50%, 12/15/26 (Call 12/15/21) | USD | 140 | 145,644 | |||||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC | USD | 75 | 58,130 | |||||||||
7.88%, 02/15/25 (Call 02/15/22)(a) | USD | 285 | 274,489 | |||||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC | USD | 70 | 65,646 | |||||||||
8.25%, 10/15/23 (Call 05/29/20) | USD | 140 | 116,158 | |||||||||
Univision Communications Inc. | USD | 150 | 142,968 | |||||||||
5.13%, 02/15/25 (Call 05/11/20)(a) | USD | 185 | 163,865 | |||||||||
USA Compression Partners LP/USA Compression Finance Corp. | USD | 90 | 73,631 | |||||||||
6.88%, 09/01/27 (Call 09/01/22) | USD | 95 | 76,374 | |||||||||
Valaris PLC | USD | 75 | 9,000 | |||||||||
7.75%, 02/01/26 (Call 11/01/25) | USD | 125 | 10,000 | |||||||||
Valvoline Inc., 4.25%, 02/15/30 | USD | 85 | 82,663 | |||||||||
Vector Group Ltd. | USD | 105 | 101,850 | |||||||||
10.50%, 11/01/26 (Call 11/01/21)(a) | USD | 70 | 65,022 | |||||||||
Vericast Corp. | USD | 100 | 72,500 | |||||||||
9.25%, 03/01/21 (Call 05/29/20)(a)(b) | USD | 52 | 52,014 | |||||||||
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, | USD | 73 | 75,007 | |||||||||
VeriSign Inc. | USD | 100 | 100,610 | |||||||||
4.75%, 07/15/27 (Call 07/15/22) | USD | 70 | 74,565 | |||||||||
5.25%, 04/01/25 (Call 01/01/25) | USD | 65 | 71,076 | |||||||||
Verscend Escrow Corp., 9.75%, 08/15/26 | USD | 140 | 145,717 | |||||||||
ViacomCBS Inc. | USD | 80 | 73,680 | |||||||||
6.25%, 02/28/57 (Call 02/28/27)(b)(d) | USD | 80 | 79,400 | |||||||||
ViaSat Inc. | USD | 90 | 84,943 | |||||||||
5.63%, 04/15/27 (Call 04/15/22)(a) | USD | 75 | 74,059 | |||||||||
VICI Properties LP/VICI Note Co. Inc. | USD | 50 | 46,969 | |||||||||
3.75%, 02/15/27 (Call 02/15/23)(a) | USD | 95 | 88,350 | |||||||||
4.13%, 08/15/30 (Call 02/15/25)(a) | USD | 125 | 113,543 | |||||||||
4.25%, 12/01/26 (Call 12/01/22)(a) | USD | 175 | 163,334 |
Security | Par/ Shares (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.63%, 12/01/29 (Call 12/01/24)(a) | USD | 125 | $ | 116,250 | ||||||||
Viking Cruises Ltd., | USD | 105 | 70,422 | |||||||||
Vistra Energy Corp., | USD | 65 | 65,357 | |||||||||
Vistra Operations Co. LLC | USD | 155 | 158,278 | |||||||||
5.50%, 09/01/26 (Call 09/01/21)(a) | USD | 125 | 128,642 | |||||||||
5.63%, 02/15/27 (Call 02/15/22)(a) | USD | 165 | 172,837 | |||||||||
VOC Escrow Ltd., | USD | 85 | 64,600 | |||||||||
Western Digital Corp., | USD | 290 | 296,432 | |||||||||
Whiting Petroleum Corp. | USD | 50 | 5,000 | |||||||||
6.25%, 04/01/23 (Call 01/01/23)(e) | USD | 50 | 4,662 | |||||||||
6.63%, 01/15/26 (Call 10/15/25)(e) | USD | 50 | 4,875 | |||||||||
WMG Acquisition Corp., | EUR | 90 | 99,729 | |||||||||
Wolverine Escrow LLC | USD | 75 | 51,375 | |||||||||
9.00%, 11/15/26 (Call 11/15/22)(a) | USD | 115 | 80,012 | |||||||||
13.13%, 11/15/27 (Call 11/15/22)(a) | USD | 65 | 38,285 | |||||||||
WPX Energy Inc. | USD | 100 | 81,281 | |||||||||
5.25%, 09/15/24 (Call 06/15/24) | USD | 80 | 70,600 | |||||||||
5.25%, 10/15/27 (Call 10/15/22) | USD | 90 | 78,300 | |||||||||
5.75%, 06/01/26 (Call 06/01/21) | USD | 65 | 56,225 | |||||||||
8.25%, 08/01/23 (Call 06/01/23) | USD | 43 | 40,480 | |||||||||
WR Grace &Co.-Conn, 5.13%, 10/01/21(a) | USD | 90 | 90,562 | |||||||||
Wyndham Destinations Inc. | USD | 38 | 33,108 | |||||||||
4.25%, 03/01/22 (Call 12/01/21) | USD | 81 | 77,254 | |||||||||
5.75%, 04/01/27 (Call 01/01/27) | USD | 50 | 43,563 | |||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | USD | 65 | 60,613 | |||||||||
5.25%, 05/15/27 (Call 02/15/27)(a) | USD | 115 | 98,032 | |||||||||
5.50%, 03/01/25 (Call 12/01/24)(a)(b) | USD | 225 | 199,242 | |||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | USD | 100 | 102,026 | |||||||||
Xerox Corp. | USD | 125 | 124,375 | |||||||||
4.50%, 05/15/21 | USD | 135 | 135,097 | |||||||||
XPO Logistics Inc. | USD | 65 | 65,813 | |||||||||
6.25%, 05/01/25 (Call 05/01/22)(a) | USD | 35 | 35,438 | |||||||||
6.50%, 06/15/22 (Call 05/29/20)(a) | USD | 150 | 150,600 | |||||||||
6.75%, 08/15/24 (Call 08/15/21)(a) | USD | 125 | 128,700 | |||||||||
Yum! Brands Inc. | USD | 100 | 102,000 | |||||||||
7.75%, 04/01/25 (Call 04/01/22)(a) | USD | 60 | 65,633 | |||||||||
Zayo Group Holdings Inc. | USD | 255 | 246,669 | |||||||||
6.13%, 03/01/28 (Call 03/01/23)(a) | USD | 90 | 84,848 | |||||||||
|
| |||||||||||
91,954,112 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.3% |
| 133,875,911 | ||||||||||
|
| |||||||||||
Warrants | ||||||||||||
United States — 0.0% | ||||||||||||
Sable Permian Resources Land LLC(j)(k) |
| 0 | (f) | 0 | (g) | |||||||
|
| |||||||||||
Total Warrants — 0.0% | 0 | (g) | ||||||||||
|
|
48 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 7.0% | ||||||||
BlackRock Cash Funds: Institutional, | 9,406 | $ | 9,416,426 | |||||
BlackRock Cash Funds: Treasury, | 230 | 230,000 | ||||||
|
| |||||||
9,646,426 | ||||||||
|
| |||||||
Total Short-Term Investments — 7.0% | 9,646,426 | |||||||
|
| |||||||
Total Investments in Securities — 104.3% | 143,522,337 | |||||||
Other Assets, Less Liabilities — (4.3)% | (5,887,665 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 137,634,672 | ||||||
|
|
(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) | All or a portion of this security is on loan. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(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) | Rounds to less than 1,000. |
(g) | Rounds to less than $1. |
(h) | 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. |
(i) | Perpetual security with no stated maturity date. |
(j) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(k) | Non-income producing security. |
(l) | Affiliate of the Fund. |
(m) | Annualized7-day yield as ofperiod-end. |
(n) | 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, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 10/31/19 (000) | Net Activity (000) | Shares Held at 04/30/20 (000) | Value at 04/30/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 20,898 | (11,492 | ) | 9,406 | $ | 9,416,426 | $ | 57,379 | (b) | $ | 51 | $ | 1,065 | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,846 | (2,616 | ) | 230 | 230,000 | 6,601 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 9,646,426 | $ | 63,980 | $ | 51 | $ | 1,065 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(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.
SCHEDULE OF INVESTMENTS | 49 |
Schedule of Investments (unaudited) (continued) April 30, 2020 | iShares® US & Intl High Yield Corp 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, 2020. 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 | $ | — | $ | 133,875,911 | $ | — | $ | 133,875,911 | ||||||||
Warrants | — | — | 0 | (a) | 0 | (a) | ||||||||||
Money Market Funds | 9,646,426 | — | — | 9,646,426 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 9,646,426 | $ | 133,875,911 | $ | 0 | (a) | $ | 143,522,337 | ||||||||
|
|
|
|
|
|
|
|
(a) | Rounds to less than $1. |
See notes to financial statements.
50 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
April 30, 2020
iShares Bond ETF | iShares J.P. Morgan EM Corporate Bond ETF | iShares J.P. Morgan EM High Yield Bond ETF | iShares J.P. Morgan EM Local Currency Bond ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 40,160,004 | $ | 155,072,068 | $ | 272,460,904 | $ | 340,543,645 | ||||||||
Affiliated(c) | 22,000 | 15,546,517 | 6,179,000 | — | ||||||||||||
Cash | 659 | — | 23,105 | — | ||||||||||||
Foreign currency, at value(d) | 637,736 | — | — | 2,548,105 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 1,070,758 | 5,249,284 | 4,303,349 | 14,126,687 | ||||||||||||
Securities lending income — Affiliated | — | 12,469 | — | — | ||||||||||||
Dividends | — | 352 | 1,502 | 5,795 | ||||||||||||
Interest | 524,340 | 1,891,741 | 4,930,152 | 6,842,931 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 42,415,497 | 177,772,431 | 287,898,012 | 364,067,163 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | — | 2,472 | — | 169,279 | ||||||||||||
Collateral on securities loaned, at value | — | 13,593,073 | — | — | ||||||||||||
Deferred foreign capital gain tax | — | — | — | 162,793 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,053,484 | 4,332,640 | 4,974,631 | 12,062,361 | ||||||||||||
Capital shares redeemed | — | 450,022 | — | 2,739,291 | ||||||||||||
Investment advisory fees | 13,187 | 63,939 | 117,878 | 87,042 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 1,066,671 | 18,442,146 | 5,092,509 | 15,220,766 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 41,348,826 | $ | 159,330,285 | $ | 282,805,503 | $ | 348,846,397 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 52,183,798 | $ | 173,517,316 | $ | 404,926,635 | $ | 465,114,945 | ||||||||
Accumulated loss | (10,834,972 | ) | (14,187,031 | ) | (122,121,132 | ) | (116,268,548 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 41,348,826 | $ | 159,330,285 | $ | 282,805,503 | $ | 348,846,397 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 900,000 | 3,350,000 | 7,250,000 | 9,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 45.94 | $ | 47.56 | $ | 39.01 | $ | 38.76 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | — | $ | 12,694,491 | $ | — | $ | — | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 46,674,952 | $ | 165,314,746 | $ | 341,522,741 | $ | 385,667,614 | ||||||||
(c) Investments, at cost — Affiliated | $ | 22,000 | $ | 15,531,683 | $ | 6,179,000 | $ | — | ||||||||
(d) Foreign currency, at cost | $ | 641,753 | $ | — | $ | — | $ | 2,529,449 |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2020
iShares US & Intl High Yield Corp Bond ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 133,875,911 | ||
Affiliated(c) | 9,646,426 | |||
Cash | 4,602 | |||
Foreign currency, at value(d) | 472,837 | |||
Receivables: | ||||
Investments sold | 3,542,210 | |||
Securities lending income — Affiliated | 11,353 | |||
Dividends | 233 | |||
Interest | 2,182,906 | |||
|
| |||
Total assets | 149,736,478 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 9,405,010 | |||
Payables: | ||||
Investments purchased | 2,639,977 | |||
Capital shares redeemed | 6,854 | |||
Investment advisory fees | 49,965 | |||
|
| |||
Total liabilities | 12,101,806 | |||
|
| |||
NET ASSETS | $ | 137,634,672 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 160,991,087 | ||
Accumulated loss | (23,356,415 | ) | ||
|
| |||
NET ASSETS | $ | 137,634,672 | ||
|
| |||
Shares outstanding | 3,100,000 | |||
|
| |||
Net asset value | $ | 44.40 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 9,035,863 | ||
(b) Investments, at cost — Unaffiliated | $ | 148,803,008 | ||
(c) Investments, at cost — Affiliated | $ | 9,635,485 | ||
(d) Foreign currency, at cost | $ | 475,772 |
See notes to financial statements.
52 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended April 30, 2020
iShares International High Yield Bond ETF | iShares EM Corporate Bond ETF | iShares J.P. Morgan Yield Bond ETF | iShares J.P. Morgan Bond ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Affiliated | $ | 89 | $ | 7,806 | $ | 33,580 | $ | 21,564 | ||||||||
Interest — Unaffiliated | 672,893 | 4,409,106 | 11,654,064 | 15,097,343 | ||||||||||||
Securities lending income — Affiliated — net | — | 63,260 | — | — | ||||||||||||
Other income — Unaffiliated | 1,571 | 1,582 | 5,610 | — | ||||||||||||
Foreign taxes withheld | — | — | — | (271,862 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 674,553 | 4,481,754 | 11,693,254 | 14,847,045 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 84,714 | 466,241 | 930,336 | 730,008 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 84,714 | 466,241 | 930,336 | 730,008 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | — | — | (18,205 | ) | — | |||||||||||
Total expenses after fees waived | 84,714 | 466,241 | 912,131 | 730,008 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 589,839 | 4,015,513 | 10,781,123 | 14,117,037 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | (459,976 | ) | (634,660 | ) | (8,464,509 | ) | (45,021,241 | ) | ||||||||
Investments — Affiliated | — | (9,262 | ) | — | — | |||||||||||
In-kind redemptions — Unaffiliated | — | (3,303,904 | ) | (15,384,205 | ) | (3,093,372 | ) | |||||||||
Foreign currency transactions | (252 | ) | — | — | (911,164 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized loss | (460,228 | ) | (3,947,826 | ) | (23,848,714 | ) | (49,025,777 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | (4,201,393 | ) | (13,698,673 | ) | (53,239,533 | ) | (18,244,998 | ) | ||||||||
Investments — Affiliated | — | 12,074 | — | — | ||||||||||||
Foreign currency translations | (19,707 | ) | — | — | (509,691 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (4,221,100 | ) | (13,686,599 | ) | (53,239,533 | ) | (18,754,689 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (4,681,328 | ) | (17,634,425 | ) | (77,088,247 | ) | (67,780,466 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,091,489 | ) | $ | (13,618,912 | ) | $ | (66,307,124 | ) | $ | (53,663,429 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax of | $ | — | $ | — | $ | — | $ | 151,885 | ||||||||
(b) Net of deferred foreign capital gain tax of | $ | — | $ | — | $ | — | $ | (238,334 | ) |
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2020
iShares US & Intl High Yield Corp Bond ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Affiliated | $ | 6,601 | ||
Interest — Unaffiliated | 4,460,661 | |||
Securities lending income — Affiliated — net | 57,379 | |||
Other income — Unaffiliated | 22,394 | |||
|
| |||
Total investment income | 4,547,035 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 351,432 | |||
|
| |||
Total expenses | 351,432 | |||
|
| |||
Net investment income | 4,195,603 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (1,616,074 | ) | ||
Investments — Affiliated | 51 | |||
In-kind redemptions — Unaffiliated | (2,661,099 | ) | ||
Foreign currency transactions | (3,887 | ) | ||
|
| |||
Net realized loss | (4,281,009 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (13,565,385 | ) | ||
Investments — Affiliated | 1,065 | |||
Foreign currency translations | (17,525 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (13,581,845 | ) | ||
|
| |||
Net realized and unrealized loss | (17,862,854 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (13,667,251 | ) | |
|
|
See notes to financial statements.
54 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iShares International High Yield Bond ETF | iShares J.P. Morgan EM Corporate Bond ETF | |||||||||||||||
Six Months 04/30/20 | Year Ended 10/31/19 | Six Months 04/30/20 | Year Ended 10/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 589,839 | $ | 1,452,281 | $ | 4,015,513 | $ | 4,814,973 | ||||||||
Net realized loss | (460,228 | ) | (3,415,656 | ) | (3,947,826 | ) | (93,270 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (4,221,100 | ) | 3,647,392 | (13,686,599 | ) | 7,349,578 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (4,091,489 | ) | 1,684,017 | (13,618,912 | ) | 12,071,281 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (495,119 | ) | (1,938,517 | ) | (3,952,061 | ) | (4,625,003 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 5,097,119 | (24,764,950 | ) | 10,216,449 | 87,723,168 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | 510,511 | (25,019,450 | ) | (7,354,524 | ) | 95,169,446 | ||||||||||
Beginning of period | 40,838,315 | 65,857,765 | 166,684,809 | 71,515,363 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 41,348,826 | $ | 40,838,315 | $ | 159,330,285 | $ | 166,684,809 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Statements of Changes in Net Assets (continued)
iShares J.P. Morgan EM High Yield Bond ETF | iShares J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
Six Months 04/30/20 | Year Ended 10/31/19 | Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 10,781,123 | $ | 18,676,790 | $ | 14,117,037 | $ | 36,964,541 | ||||||||
Net realized loss | (23,848,714 | ) | (16,048,982 | ) | (49,025,777 | ) | (24,363,579 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (53,239,533 | ) | 26,046,919 | (18,754,689 | ) | 19,622,567 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (66,307,124 | ) | 28,674,727 | (53,663,429 | ) | 32,223,529 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (11,976,838 | ) | (22,615,509 | ) | (24,281,359 | ) | (14,295,840 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 27,711,311 | (71,222,529 | ) | (109,286,786 | ) | 94,418,220 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (50,572,651 | ) | (65,163,311 | ) | (187,231,574 | ) | 112,345,909 | |||||||||
Beginning of period | 333,378,154 | 398,541,465 | 536,077,971 | 423,732,062 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 282,805,503 | $ | 333,378,154 | $ | 348,846,397 | $ | 536,077,971 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
56 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares US & Intl High Yield Corp Bond ETF | ||||||||
Six Months 04/30/20 | Year Ended 10/31/19 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 4,195,603 | $ | 8,719,180 | ||||
Net realized loss | (4,281,009 | ) | (5,246,295 | ) | ||||
Net change in unrealized appreciation (depreciation) | (13,581,845 | ) | 7,466,935 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (13,667,251 | ) | 10,939,820 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (3,771,711 | ) | (9,914,724 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions . | (21,226,667 | ) | (36,077,886 | ) | ||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total decrease in net assets | (38,665,629 | ) | (35,052,790 | ) | ||||
Beginning of period | 176,300,301 | 211,353,091 | ||||||
|
|
|
| |||||
End of period | $ | 137,634,672 | $ | 176,300,301 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
(For a share outstanding throughout each period)
iShares International High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 51.05 | $ | 50.66 | $ | 53.04 | $ | 46.91 | $ | 46.44 | $ | 52.90 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(a) | 0.68 | 1.51 | 1.54 | 1.77 | 1.82 | 1.84 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (5.17 | ) | 0.82 | (3.92 | ) | 4.85 | (0.47 | ) | (6.57 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (4.49 | ) | 2.33 | (2.38 | ) | 6.62 | 1.35 | (4.73 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.62 | ) | (1.94 | ) | — | (0.40 | ) | (0.26 | ) | (0.05 | ) | |||||||||||||||||||||||||||||||||
From net realized gain | — | — | — | — | — | (0.02 | ) | |||||||||||||||||||||||||||||||||||||
Return of capital | — | — | — | (0.09 | ) | (0.62 | ) | (1.66 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total distributions | (0.62 | ) | (1.94 | ) | — | (0.49 | ) | (0.88 | ) | (1.73 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 45.94 | $ | 51.05 | $ | 50.66 | $ | 53.04 | $ | 46.91 | $ | 46.44 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (8.88 | )%(d) | 4.85 | % | (4.49 | )% | 14.21 | % | 2.95 | % | (9.02 | )% | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.51 | % | 0.55 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income | 2.79 | %(e) | 3.03 | % | 2.87 | % | 3.62 | % | 3.93 | % | 3.85 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 41,349 | $ | 40,838 | $ | 65,858 | $ | 90,160 | $ | 154,796 | $ | 185,756 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(f) | 17 | %(d) | 34 | % | 31 | % | 49 | % | 24 | % | 28 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 51.29 | $ | 47.68 | $ | 51.33 | $ | 50.40 | $ | 48.21 | $ | 51.18 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.08 | 2.25 | 2.16 | 2.10 | 2.19 | 2.19 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.73 | ) | 3.61 | (3.70 | ) | 0.90 | 2.18 | (3.02 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (2.65 | ) | 5.86 | (1.54 | ) | 3.00 | 4.37 | (0.83 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.08 | ) | (2.25 | ) | (2.11 | ) | (2.07 | ) | (2.18 | ) | (2.14 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total distributions | (1.08 | ) | (2.25 | ) | (2.11 | ) | (2.07 | ) | (2.18 | ) | (2.14 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 47.56 | $ | 51.29 | $ | 47.68 | $ | 51.33 | $ | 50.40 | $ | 48.21 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (5.23 | )%(d) | 12.57 | % | (3.09 | )% | 6.14 | % | 9.33 | % | (1.62 | )% | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.53 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income | 4.31 | %(e) | 4.51 | % | 4.37 | % | 4.16 | % | 4.51 | % | 4.47 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 159,330 | $ | 166,685 | $ | 71,515 | $ | 87,269 | $ | 32,758 | $ | 28,929 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(f) | 11 | %(d) | 21 | % | 16 | % | 62 | % | 22 | % | 11 | % | ||||||||||||||||||||||||||||||||
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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.
FINANCIAL HIGHLIGHTS | 59 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 46.63 | $ | 45.29 | $ | 50.60 | $ | 49.97 | $ | 46.82 | $ | 51.03 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.28 | 2.66 | 2.44 | 2.87 | 3.03 | 2.99 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (7.47 | ) | 1.93 | (5.40 | ) | 0.77 | 3.25 | (4.11 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (6.19 | ) | 4.59 | (2.96 | ) | 3.64 | 6.28 | (1.12 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.43 | ) | (3.25 | ) | (2.35 | ) | (3.01 | ) | (3.13 | ) | (3.09 | ) | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total distributions | (1.43 | ) | (3.25 | ) | (2.35 | ) | (3.01 | ) | (3.13 | ) | (3.09 | ) | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 39.01 | $ | 46.63 | $ | 45.29 | $ | 50.60 | $ | 49.97 | $ | 46.82 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (13.65 | )%(d) | 10.51 | % | (5.96 | )%(e) | 7.60 | % | 14.02 | % | (2.13 | )% | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.50 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.55 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.49 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.55 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income | 5.79 | %(f) | 5.75 | % | 5.11 | % | 5.73 | % | 6.35 | % | 6.29 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 282,806 | $ | 333,378 | $ | 398,541 | $ | 624,867 | $ | 107,431 | $ | 159,199 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(g) | 43 | %(d) | 32 | % | 19 | % | 25 | % | 29 | % | 39 | % | ||||||||||||||||||||||||||||||||
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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) | 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.
60 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 45.43 | $ | 43.24 | $ | 46.85 | $ | 45.14 | $ | 41.31 | $ | 48.74 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.23 | 3.09 | 2.87 | 2.29 | 1.94 | 2.03 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (5.97 | ) | 0.59 | (6.48 | ) | (0.58 | ) | 1.89 | (8.87 | ) | ||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (4.74 | ) | 3.68 | (3.61 | ) | 1.71 | 3.83 | (6.84 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.93 | ) | (1.49 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Return of capital | — | — | — | — | — | (0.59 | ) | |||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total distributions | (1.93 | ) | (1.49 | ) | — | — | — | (0.59 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 38.76 | $ | 45.43 | $ | 43.24 | $ | 46.85 | $ | 45.14 | $ | 41.31 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (10.87 | )%(d) | 8.75 | % | (7.71 | )% | 3.79 | % | 9.06 | %(e) | (13.99 | )%(e) | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.30 | %(f) | 0.30 | % | 0.42 | % | 0.50 | % | 0.50 | % | 0.53 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total expenses after fees waived | 0.30 | %(f) | 0.30 | % | 0.41 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income | 5.80 | %(f) | 6.95 | % | 6.19 | % | 5.04 | % | 4.56 | % | 4.63 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 348,846 | $ | 536,078 | $ | 423,732 | $ | 309,217 | $ | 451,410 | $ | 520,532 | ||||||||||||||||||||||||||||||||
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| �� |
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| ||||||||||||||||||||||||||||||||
Portfolio turnover rate(g) | 19 | %(d) | 44 | % | 51 | % | 97 | % | 59 | % | 46 | % | ||||||||||||||||||||||||||||||||
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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.
FINANCIAL HIGHLIGHTS | 61 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares US & Intl High Yield Corp Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 04/30/20 (unaudited) | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | Year Ended 10/31/16 | Year Ended 10/31/15 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 48.97 | $ | 48.03 | $ | 50.98 | $ | 48.77 | $ | 47.57 | $ | 52.00 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income(a) | 1.13 | 2.42 | 2.46 | 2.45 | 2.55 | 2.56 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (4.69 | ) | 1.17 | (2.80 | ) | 2.08 | 0.57 | (4.76 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (3.56 | ) | 3.59 | (0.34 | ) | 4.53 | 3.12 | (2.20 | ) | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (1.01 | ) | (2.65 | ) | (2.61 | ) | (2.32 | ) | (1.92 | ) | (2.23 | ) | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total distributions | (1.01 | ) | (2.65 | ) | (2.61 | ) | (2.32 | ) | (1.92 | ) | (2.23 | ) | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 44.40 | $ | 48.97 | $ | 48.03 | $ | 50.98 | $ | 48.77 | $ | 47.57 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (7.43 | )%(d) | 7.74 | % | (0.71 | )% | 9.58 | % | 6.82 | % | (4.32 | )% | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.51 | % | 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 | 4.78 | %(e) | 5.02 | % | 4.95 | % | 4.93 | % | 5.44 | % | 5.18 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 137,635 | $ | 176,300 | $ | 211,353 | $ | 214,103 | $ | 97,547 | $ | 118,931 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(f) | 14 | %(d) | 24 | % | 20 | % | 22 | % | 24 | % | 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.
62 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 | |||
International High Yield Bond | Diversified | |||
J.P. Morgan EM Corporate Bond | Diversified | |||
J.P. Morgan EM High Yield Bond(a) | Non-diversified | |||
J.P. Morgan EM Local Currency Bond | Non-diversified | |||
US & Intl High Yield Corp Bond | Diversified |
(a) | Formerly the iShares Emerging Markets High Yield Bond ETF. |
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. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated 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, 2020, 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 (“NAV”) 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:The Funds have adopted Financial Accounting Standards Board Accounting Standards Update2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 are as follows:
NOTESTO FINANCIAL STATEMENTS | 63 |
Notes to Financial Statements (unaudited) (continued)
iShares ETF | ||||
International High Yield Bond | $ | 42,987,808 | ||
J.P. Morgan EM Corporate Bond | 178,658,233 | |||
J.P. Morgan EM High Yield Bond | 346,208,998 | |||
US & Intl High Yield Corp Bond | 197,472,449 |
This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of 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.
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”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. 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 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.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.
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). |
64 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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 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, 2020, 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, 2020 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, 2020:
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 | $ | 663,872 | $ | 663,872 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 2,446,462 | 2,446,462 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 630,630 | 630,630 | — | — | ||||||||||||
BofA Securities, Inc. | 1,267,288 | 1,267,288 | — | — | ||||||||||||
Citadel Clearing LLC | 224,578 | 224,578 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 1,105,000 | 1,105,000 | — | — | ||||||||||||
HSBC Securities (USA) Inc. | 447,524 | 248,093 | — | (199,431 | )(b) | |||||||||||
Jefferies LLC | 1,430,152 | 1,430,152 | — | — | ||||||||||||
JPMorgan Securities LLC | 807,527 | 807,527 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 794,788 | 794,788 | — | — | ||||||||||||
UBS AG | 697,086 | 697,086 | — | — | ||||||||||||
Wells Fargo Securities LLC | 2,179,584 | 2,179,584 | — | — | ||||||||||||
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$ | 12,694,491 | $ | 12,495,060 | $ | — | $ | (199,431 | ) | ||||||||
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NOTESTO FINANCIAL STATEMENTS | 65 |
Notes to Financial Statements (unaudited) (continued)
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
US & Intl High Yield Corp Bond | ||||||||||||||||
Barclays Bank PLC | $ | 349,020 | $ | 349,020 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 543,569 | 543,569 | — | — | ||||||||||||
BMO Capital Markets | 54,250 | 54,250 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 773,036 | 773,036 | — | — | ||||||||||||
BNP Paribas Securities Corp. | 128,253 | 128,253 | — | — | ||||||||||||
Citadel Clearing LLC | 288,381 | 288,381 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 369,277 | 369,277 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 132,575 | 132,575 | — | — | ||||||||||||
Goldman Sachs & Co. | 2,560,680 | 2,560,680 | — | — | ||||||||||||
JPMorgan Securities LLC | 1,436,053 | 1,436,053 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 119,908 | 119,908 | — | — | ||||||||||||
RBC Capital Markets LLC | 2,122,711 | 2,122,711 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 65,650 | 65,650 | — | — | ||||||||||||
State Street Bank & Trust Company | 92,500 | 92,500 | — | — | ||||||||||||
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$ | 9,035,863 | $ | 9,035,863 | $ | — | $ | — | |||||||||
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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. |
(b) | Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
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 to the extent 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.
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 | |||
International High Yield Bond | 0.40 | % | ||
J.P. Morgan EM Corporate Bond | 0.50 | |||
J.P. Morgan EM High Yield Bond | 0.50 | |||
J.P. Morgan EM Local Currency Bond | 0.30 | |||
US & Intl High Yield Corp Bond | 0.40 |
Sub-Adviser:BFA has entered into asub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of BFA, under which BFA pays BIL 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 and effective February 28, 2020, to the iShares J.P. Morgan EM Corporate Bond ETF and the iShares J.P. Morgan EM High Yield Bond ETF. Effective February 28, 2020, BFA has entered into a separatesub-advisory agreement with BlackRock (Singapore) Limited (“BRS”, together with BlackRock International Limited, the“Sub-Advisers”), both affiliates of BFA, under which BFA pays BRS for services it provides to the iShares J.P. Morgan EM Local Currency 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
66 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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.
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 that 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 (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.
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, 2020, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
J.P. Morgan EM Corporate Bond | $ | 17,513 | ||
US & Intl High Yield Corp Bond | 15,832 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: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.
For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
J.P. Morgan EM Corporate Bond | $ | 159,967 | $ | 211,573 | $ | (904 | ) | |||||
J.P. Morgan EM High Yield Bond | 2,966,047 | 4,511,280 | (202,746 | ) | ||||||||
US & Intl High Yield Corp Bond | 120,067 | — | — |
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, 2020, purchases and sales of investments, including TBA rolls and excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
International High Yield Bond | $ | 7,288,394 | $ | 7,916,844 | ||||
J.P. Morgan EM Corporate Bond | 19,702,408 | 22,698,804 | ||||||
J.P. Morgan EM High Yield Bond | 243,700,727 | 152,062,940 | ||||||
J.P. Morgan EM Local Currency Bond | 86,613,725 | 127,435,446 | ||||||
US & Intl High Yield Corp Bond | 26,258,526 | 24,341,780 |
For the six months ended April 30, 2020,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
International High Yield Bond | $ | 4,906,344 | $ | — | ||||
J.P. Morgan EM Corporate Bond | 52,404,033 | 39,587,897 | ||||||
J.P. Morgan EM High Yield Bond | 52,466,889 | 120,759,685 | ||||||
J.P. Morgan EM Local Currency Bond | 12,349,376 | 85,787,881 | ||||||
US & Intl High Yield Corp Bond | 12,071,035 | 34,243,031 |
NOTESTO FINANCIAL STATEMENTS | 67 |
Notes to Financial Statements (unaudited) (continued)
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, 2020, 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, 2019, the Funds hadnon-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
International High Yield Bond | $ | 4,190,278 | ||
J.P. Morgan EM Corporate Bond | 469,018 | |||
J.P. Morgan EM High Yield Bond | 27,756,911 | |||
J.P. Morgan EM Local Currency Bond | 9,018,049 | |||
US & Intl High Yield Corp Bond | 4,742,455 |
As of April 30, 2020, 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) | ||||||||||||
International High Yield Bond | $ | 46,759,808 | $ | 35,213 | $ | (6,613,017 | ) | $ | (6,577,804 | ) | ||||||
J.P. Morgan EM Corporate Bond | 181,009,933 | 1,700,527 | (12,091,875 | ) | (10,391,348 | ) | ||||||||||
J.P. Morgan EM High Yield Bond | 350,377,142 | 289,425 | (72,026,663 | ) | (71,737,238 | ) | ||||||||||
J.P. Morgan EM Local Currency Bond | 407,055,524 | 3,104,738 | (69,616,617 | ) | (66,511,879 | ) | ||||||||||
US & Intl High Yield Corp Bond | 158,710,971 | 1,007,329 | (16,195,963 | ) | (15,188,634 | ) |
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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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 prices 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.
68 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.
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.
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.
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.
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.
Transactions in capital shares were as follows:
Six Months Ended 04/30/20 | Year Ended 10/31/19 | |||||||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
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International High Yield Bond | ||||||||||||||||||||
Shares sold | 100,000 | $ | 5,097,119 | — | $ | — | ||||||||||||||
Shares redeemed | — | — | (500,000 | ) | (24,764,950 | ) | ||||||||||||||
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Net increase (decrease) | 100,000 | $ | 5,097,119 | (500,000 | ) | $ | (24,764,950 | ) | ||||||||||||
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J.P. Morgan EM Corporate Bond | ||||||||||||||||||||
Shares sold | 1,050,000 | $ | 54,240,827 | 1,800,000 | $ | 90,269,497 | ||||||||||||||
Shares redeemed | (950,000 | ) | (44,024,378 | ) | (50,000 | ) | (2,546,329 | ) | ||||||||||||
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Net increase | 100,000 | $ | 10,216,449 | 1,750,000 | $ | 87,723,168 | ||||||||||||||
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J.P. Morgan EM High Yield Bond | ||||||||||||||||||||
Shares sold | 3,250,000 | $ | 154,618,816 | 1,800,000 | $ | 83,994,813 | ||||||||||||||
Shares redeemed | (3,150,000 | ) | (126,907,505 | ) | (3,450,000 | ) | (155,217,342 | ) | ||||||||||||
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Net increase (decrease) | 100,000 | $ | 27,711,311 | (1,650,000 | ) | $ | (71,222,529 | ) | ||||||||||||
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J.P. Morgan EM Local Currency Bond | ||||||||||||||||||||
Shares sold | 1,200,000 | $ | 54,117,693 | 8,400,000 | $ | 376,361,928 | ||||||||||||||
Shares redeemed | (4,000,000 | ) | (163,404,479 | ) | (6,400,000 | ) | (281,943,708 | ) | ||||||||||||
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Net increase (decrease) | (2,800,000 | ) | $ | (109,286,786 | ) | 2,000,000 | $ | 94,418,220 | ||||||||||||
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US & Intl High Yield Corp Bond | ||||||||||||||||||||
Shares sold | 300,000 | $ | 14,834,926 | 600,000 | $ | 29,090,655 | ||||||||||||||
Shares redeemed | (800,000 | ) | (36,061,593 | ) | (1,400,000 | ) | (65,168,541 | ) | ||||||||||||
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Net decrease | (500,000 | ) | $ | (21,226,667 | ) | (800,000 | ) | $ | (36,077,886 | ) | ||||||||||
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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.
NOTESTO FINANCIAL STATEMENTS | 69 |
Notes to Financial Statements (unaudited) (continued)
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. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.
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.
70 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement Regarding Liquidity Risk Management Program (unaudited)
The Securities and Exchange Commission adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Board of Directors (the “Board”) of iShares International High Yield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF (formerly the iShares Emerging Markets High Yield Bond ETF), iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:
a) | The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for anopen-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification. |
b) | Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections. |
c) | Holdings of cash and cash equivalents, as well as borrowing arrangements.The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. |
d) | The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants.The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) | The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio.In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM | 71 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
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 | ||||||||||||||||||||||||||||
International High Yield Bond(a) | $ | 0.609723 | $ | — | $ | 0.009175 | $ | 0.618898 | 99 | % | — | % | 1 | % | 100 | % | ||||||||||||||||||||
J.P. Morgan EM Corporate Bond | 1.078856 | — | — | 1.078856 | 100 | — | — | 100 | ||||||||||||||||||||||||||||
J.P. Morgan EM High Yield Bond(a) | 1.433680 | — | 0.000551 | 1.434231 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||||||
J.P. Morgan EM Local Currency Bond(a) | 1.778911 | — | 0.148181 | 1.927092 | 92 | — | 8 | 100 | ||||||||||||||||||||||||||||
US & Intl High Yield Corp Bond | 1.010502 | — | — | 1.010502 | 100 | — | — | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital 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. |
(b) | Rounds to less than 1%. |
72 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at 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 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 as an exhibit to its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at 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 iShares.com; and (3) on the SEC website at sec.gov.
GENERAL INFORMATION | 73 |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Fixed Income | ||
LIBOR | London Interbank Offered Rate | |
PIK | Payment-in-kind | |
Currency Abbreviations | ||
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CLP | Chilean Peso | |
CNY | ChineseYuan | |
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 |
74 | 2020ISHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Want to know more?
iShares.com | 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.
©2020 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-1002-0420
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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.
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 in Rule30a-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) (3) Not applicable. |
(a) (4) Not applicable. |
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/ Armando Senra |
Armando Senra, President (Principal Executive Officer) |
Date: July 02, 2020
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/ Armando Senra |
Armando Senra, President (Principal Executive Officer) |
Date: July 02, 2020
By: /s/ Trent Walker |
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: July 02, 2020