iShares MSCI South Korea ETF (EWY) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th 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, 2021

Date of reporting period: April 30, 2021

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

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

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

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

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2021 reflected a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the response to the virus’s spread was well underway, and countries around the world felt the effect of economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses were imposed in many parts of the world, workers were laid off, and unemployment claims spiked, causing a global recession.

As May 2020 began, stocks had just begun to recover from the lowest point following the onset of the pandemic. This recovery continued throughout the reporting period, as businesses continued re-opening and governments learned to adapt to life with the virus. Equity prices rose through the summer, fed by strong fiscal and monetary support and improving economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns late in the reporting period, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by announcing that inflation could exceed its 2% target for a sustained period without triggering a rate increase. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, as did other influential central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in technology, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are underweight overall on credit, global high-yield and Asian bonds present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	28.85%	45.98%
U.S. small cap equities (Russell 2000® Index)	48.06	74.91
International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88
Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		61
Statements of Operations		63
Statements of Changes in Net Assets		65
Financial Highlights		68
Notes to Financial Statements		73
Statement Regarding Liquidity Risk Management Program		82
Supplemental Information		83
General Information		84
Glossary of Terms Used in this Report		85

Fund Summary as of April 30, 2021 iShares^® International High Yield Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		10.52	%		24.92	%		5.06	%		4.28	%		24.92	%		27.99	%		46.31	%
Fund Market		10.64			24.68			4.94			4.28			24.68			27.25			46.29
Index		10.66			25.51			5.42			4.50			25.51			30.18			49.09

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,105.20	$       2.09		$        1,000.00	$        1,022.80	$        2.01		0.40	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	4.7	%
Ba	55.9
B	19.9
Caa	6.9
Not Rated	12.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	17.7	%
Italy	17.4
United Kingdom	12.6
France	11.8
Germany	10.8
Spain	5.8
Luxembourg	4.7
Netherlands	3.7
Canada	3.0
Sweden	2.6

* 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.

4 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.10	%		13.08	%		5.48	%		4.61	%		13.08	%		30.54	%		50.23	%
Fund Market		3.70			13.25			4.79			4.68			13.25			26.37			51.23
Index		3.47			13.82			6.09			5.22			13.82			34.41			58.35

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 Index^SM. 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 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,031.00	$       2.52		$        1,000.00	$        1,022.30	$        2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	5.7	%
A	17.3
Baa	31.3
Ba	15.7
B	8.1
Caa	2.7
Not Rated	19.2

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	8.8	%
Brazil	5.8
Mexico	5.4
Hong Kong	5.0
United Arab Emirates	4.8
India	4.7
Russia	4.7
Saudi Arabia	4.5
Singapore	4.4
South Korea	4.3

* 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, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.98	%		22.45	%		4.92	%		4.92	%		22.45	%		27.14	%		54.68	%
Fund Market		8.04			22.10			4.96			4.97			22.10			27.39			55.27
Index		8.30			22.89			5.37			5.29			22.89			29.91			59.68

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,079.80	$        2.48		$      1,000.00	$      1,022.40	$        2.41		0.48	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	1.3	%
Ba	40.5
B	32.8
Caa	6.0
Ca	3.1
Not Rated	16.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	16.3	%
Turkey	10.7
Mexico	8.7
China	6.2
South Africa	3.8
Argentina	3.8
Oman	3.7
Egypt	3.1
Dominican Republic	3.1
Bahrain	2.5

* 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 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2021 iShares^® J.P. Morgan EM Local Currency Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.79	%		11.56	%		1.12	%		0.44	%		11.56	%		5.73	%		4.26	%
Fund Market		4.10			13.23			1.18			0.46			13.23			6.04			4.47
Index		3.93			11.75			1.65			0.93			11.75			8.55			9.26

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. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,037.90	$        1.52		$      1,000.00	$      1,023.30	$        1.51		0.30	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	4.6	%
A	33.2
Baa	43.1
Ba	14.1
B	4.5
Not Rated	0.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	15.1	%
Indonesia	6.8
Mexico	5.6
Brazil	5.2
Czech Republic	4.6
Hungary	4.6
Poland	4.6
Malaysia	4.5
Thailand	4.5
Turkey	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.

FUND  SUMMARY 7

Fund Summary as of April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		8.37	%		19.45	%		6.21	%		5.24	%		19.45	%		35.17	%		59.02	%
Fund Market		8.41			19.62			6.20			5.25			19.62			35.06			59.05
Index		8.38			19.48			6.31			5.38			19.48			35.81			60.90

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,083.70	$        2.07		$      1,000.00	$      1,022.80	$        2.01		0.40	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	2.9	%
Ba	51.1
B	31.2
Caa	9.9
Ca	0.2
Not Rated	4.7

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	66.5	%
Italy	5.6
United Kingdom	4.9
Germany	4.5
France	3.9
Canada	2.8
Luxembourg	1.9
Netherlands	1.9
Spain	1.7
Israel	1.4

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

^(a)  Excludes money market funds.

8 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance   

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of 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 recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

Shareholder Expenses

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 and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT   FUND   PERFORMANCE / SHAREHOLDER   EXPENSES 9

Schedule of Investments (unaudited)  April 30, 2021 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Corporate Bonds & Notes
Austria — 0.2%
ams AG, 6.00%, 07/31/25 (Call 07/31/22)(a)		EUR	100	$	127,426
Belgium — 0.2%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a)		EUR	100		124,935
Canada — 2.9%
ADLER Group SA, 2.25%, 01/14/29 (Call 10/14/28)(a)		EUR	200		233,069
Banco BPM SpA, 3.25%, 01/14/31 (Call 01/14/26)(a)(b)		EUR	100		122,768
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 05/15/23 (Call 05/15/21)(a)		CAD	50		40,720
Ford Credit Canada Co., 3.50%, 11/30/23		CAD	50		41,478
GKN Holdings Ltd., 4.63%, 05/12/32(a)		GBP	100		148,200
Iccrea Banca SpA, 2.25%, 10/20/25 (Call 10/20/24)(a)(b)		EUR	200		244,096
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)(a)		CAD	50		41,289
Parkland Corp., 5.63%, 05/09/25 (Call 05/09/21)		CAD	150		125,432
Parkland Corp./Canada, 4.38%, 03/26/29 (Call 03/26/24)		CAD	100		82,040
Parts Europe SA, 6.50%, 07/16/25 (Call 01/09/22)(a)		EUR	100		127,031
Quebecor Media Inc., 6.63%, 01/15/23(c)		CAD	75		65,716
Southern Pacific Resource Corp., 8.75%, 01/25/18(c)(d)(e)		CAD	50		0	(f)
Valeo SA, 1.50%, 06/18/25 (Call 03/18/25)(a)		EUR	200		247,822
Videotron Ltd.
4.50%, 01/15/30 (Call 10/15/24)		CAD	150		129,148
5.63%, 06/15/25 (Call 03/15/25)		CAD	50		45,386
5.75%, 01/15/26 (Call 09/15/21)(a)		CAD	50		41,858
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a)		EUR	200		235,517
					1,971,570
Cayman Islands — 0.2%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(a)		EUR	100		123,468
Denmark — 0.4%
DKT Finance ApS, 7.00%, 06/17/23 (Call 06/17/21)(a)		EUR	200		245,695
Finland — 1.4%
Nokia OYJ
2.00%, 03/15/24 (Call 12/15/23)(a)		EUR	100		125,385
2.00%, 03/11/26 (Call 12/11/25)		EUR	150		189,362
2.38%, 05/15/25 (Call 02/15/25)(a)		EUR	200		255,398
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)(a)		EUR	200		241,496
2.63%, 01/13/23(a)		EUR	100		125,008
					936,649
France — 11.6%
Accor SA
2.50%, 01/25/24(a)		EUR	100		125,018
3.00%, 02/04/26 (Call 11/04/25)(a)		EUR	200		254,521
Altice France SA, 4.00%, 07/15/29 (Call 04/15/24)(a)		EUR	100		121,016
Altice France SA/France
2.13%, 02/15/25 (Call 01/29/22)(a)		EUR	150		175,724
3.38%, 01/15/28 (Call 09/15/22)(a)		EUR	200		236,839
5.88%, 02/01/27 (Call 02/01/22)(a)		EUR	150		192,302
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/01/22)(a)		EUR	100		121,358
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)		EUR	200		239,499
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(a)		EUR	200		233,747
4.50%, 03/07/24 (Call 12/04/23)(a)		EUR	100		123,063
4.56%, 01/25/23(a)		EUR	100		125,723
5.25%, 04/15/27 (Call 04/15/23)(a)		EUR	100		121,835
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)		EUR	100		119,553

Security	Par (000)			Value
France (continued)
CMA CGM SA
5.25%, 01/15/25 (Call 10/15/21)(a)		EUR	100	$	122,813
7.50%, 01/15/26 (Call 01/15/23)		EUR	100		132,583
Elis SA
1.00%, 04/03/25 (Call 01/03/25)(a)		EUR	100		118,838
1.63%, 04/03/28 (Call 01/03/28)(a)		EUR	100		117,817
1.75%, 04/11/24 (Call 01/11/24)(a)		EUR	200		245,167
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(a)		EUR	100		123,178
2.63%, 06/15/25 (Call 06/15/21)(a)		EUR	150		183,213
3.13%, 06/15/26 (Call 06/15/22)(a)		EUR	100		124,510
3.75%, 06/15/28 (Call 06/15/23)(a)		EUR	200		255,050
Kapla Holding SAS, 3.38%, 12/15/26 (Call 12/15/22)(a)		EUR	100		119,608
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/15/21)(a)		EUR	200		234,595
Loxam SAS
3.25%, 01/14/25 (Call 07/15/21)(a)		EUR	100		119,860
3.50%, 05/03/23 (Call 05/10/21)(a)		EUR	200		240,482
5.75%, 07/15/27 (Call 07/15/22)(a)		EUR	100		119,910
Orano SA
2.75%, 03/08/28 (Call 12/08/27)(a)		EUR	100		125,529
3.13%, 03/20/23 (Call 12/20/22)(a)		EUR	100		125,618
3.38%, 04/23/26 (Call 01/23/26)(a)		EUR	100		130,299
4.88%, 09/23/24		EUR	200		272,459
Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(a)		EUR	100		125,514
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(b)		EUR	200		240,694
Renault SA
1.00%, 03/08/23 (Call 12/08/22)(a)		EUR	100		120,667
1.00%, 04/18/24 (Call 01/18/24)(a)		EUR	100		119,576
1.00%, 11/28/25 (Call 08/28/25)(a)		EUR	100		118,187
1.13%, 10/04/27 (Call 07/04/27)		EUR	100		111,886
1.25%, 06/24/25 (Call 03/24/25)(a)		EUR	100		118,195
2.00%, 09/28/26 (Call 06/28/26)(a)		EUR	100		118,995
2.38%, 05/25/26 (Call 02/25/26)(a)		EUR	200		243,219
2.50%, 04/01/28 (Call 01/01/28)(a)		EUR	100		120,527
Rexel SA, 2.13%, 06/15/25 (Call 12/15/21)(a)		EUR	150		182,321
Rubis Terminal Infra SAS, 5.63%, 05/15/25 (Call 05/15/22)(a)		EUR	100		126,565
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(a)		EUR	100		123,485
SPIE SA
2.63%, 06/18/26 (Call 12/18/25)(a)		EUR	100		125,212
3.13%, 03/22/24 (Call 09/22/23)(a)		EUR	100		126,507
Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/30/22)(a)		EUR	100		128,224
Valeo SA
0.63%, 01/11/23 (Call 10/11/22)(a)		EUR	100		121,197
3.25%, 01/22/24(a)		EUR	200		259,560
Vallourec SA, 6.63%, 10/15/22 (Call 10/15/21)(a)		EUR	100		120,131
					7,852,389
Germany — 10.6%
ADLER Group SA
1.50%, 07/26/24 (Call 04/26/24)(a)		EUR	100		118,608
1.88%, 01/14/26 (Call 10/14/25)(a)		EUR	100		118,525
2.25%, 04/27/27 (Call 01/27/27)(a)		EUR	100		119,435
3.25%, 08/05/25 (Call 05/05/25)(a)		EUR	100		125,318
ADLER Real Estate AG, 3.00%, 04/27/26 (Call 02/27/26)(a)		EUR	100		126,271
Bertelsmann SE & Co. KGaA
3.00%, 04/23/75 (Call 04/23/23)(a)(b)		EUR	100		124,652
3.50%, 04/23/75 (Call 04/23/27)(a)(b)		EUR	100		130,066
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)		EUR	150		187,124

10 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Germany (continued)
Commerzbank AG
4.00%, 03/23/26(a)		EUR	150	$	201,232
4.00%, 03/30/27(a)		EUR	100		136,167
4.00%, 12/05/30 (Call 09/05/25)(a)(b)		EUR	100		131,653
Deutsche Bank AG
2.75%, 02/17/25(a)		EUR	125		158,362
4.50%, 05/19/26(a)		EUR	200		275,438
5.63%, 05/19/31 (Call 02/19/26)(a)(b)		EUR	200		283,415
Deutsche Lufthansa AG
0.25%, 09/06/24		EUR	50		57,651
2.88%, 02/11/25 (Call 01/11/25)(a)		EUR	200		242,450
3.00%, 05/29/26 (Call 02/28/26)(a)		EUR	300		360,983
4.39%, 08/12/75 (Call 02/12/26)(a)(b)		EUR	100		116,962
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)(a)		EUR	100		120,869
K+S AG
2.63%, 04/06/23 (Call 01/06/23)(a)		EUR	100		120,277
3.25%, 07/18/24 (Call 04/18/24)(a)		EUR	100		121,087
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(a)(b)		EUR	75		96,544
METRO AG, 1.38%, 10/28/21(a)		EUR	100		121,004
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 09/30/21)(a)		EUR	200		242,723
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 09/30/21)(a)		EUR	200		241,686
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)(a)		EUR	100		124,690
2.75%, 10/12/25 (Call 07/12/25)		EUR	200		256,202
3.38%, 10/12/28 (Call 07/12/28)		EUR	100		131,586
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/21)(a)		EUR	100		124,546
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(a)		EUR	150		178,551
thyssenkrupp AG
1.88%, 03/06/23 (Call 02/06/23)(a)		EUR	250		301,156
2.88%, 02/22/24 (Call 11/22/23)(a)		EUR	300		367,928
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)		EUR	100		126,402
Vertical Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a)		EUR	200		258,226
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(a)		EUR	200		242,626
2.50%, 10/23/27 (Call 07/23/27)(a)		EUR	100		123,736
3.00%, 10/23/29 (Call 07/23/29)(a)		EUR	100		126,236
ZF Finance GmbH
2.00%, 05/06/27		EUR	100		121,343
2.75%, 05/25/27 (Call 02/25/27)(a)		EUR	100		125,215
3.00%, 09/21/25 (Call 06/21/25)(a)		EUR	100		127,281
3.75%, 09/21/28 (Call 06/21/28)(a)		EUR	100		131,383
ZF North America Capital Inc., 2.75%, 04/27/23(a)		EUR	200		250,637
					7,196,246
Greece — 0.9%
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(a)(b)		EUR	100		116,259
Mytilineos SA, 2.25%, 10/30/26 (Call 04/30/26)(a)		EUR	100		121,567
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(a)(b)		EUR	200		249,650
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(b)		EUR	100		131,894
					619,370
Ireland — 0.9%
AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)(a)(b)		EUR	100		123,377
2.88%, 05/30/31 (Call 05/30/26)(a)(b)		EUR	100		129,163

Security	Par (000)			Value
Ireland (continued)
Bank of Ireland Group PLC, 2.38%, 10/14/29 (Call 10/14/24)(a)(b)		EUR	100	$	125,450
eircom Finance DAC
1.75%, 11/01/24 (Call 11/01/21)(a)		EUR	100		119,517
3.50%, 05/15/26 (Call 05/15/22)(a)		EUR	100		122,788
					620,295
Israel — 1.7%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)		EUR	200		226,882
1.25%, 03/31/23 (Call 12/31/22)(a)		EUR	200		234,899
1.63%, 10/15/28(a)		EUR	150		160,896
3.25%, 04/15/22 (Call 01/15/22)		EUR	100		121,670
4.50%, 03/01/25 (Call 12/01/24)		EUR	200		251,203
6.00%, 01/31/25 (Call 01/31/24)		EUR	100		131,050
					1,126,600
Italy — 17.1%
Atlantia SpA
1.63%, 02/03/25(a)		EUR	100		122,730
1.88%, 07/13/27 (Call 04/13/27)(a)		EUR	275		340,012
1.88%, 02/12/28 (Call 11/12/27)(a)		EUR	100		123,083
Autostrade per l’Italia SpA
1.75%, 06/26/26(a)		EUR	100		122,896
1.88%, 09/26/29 (Call 06/26/29)(a)		EUR	200		243,756
2.00%, 01/15/30 (Call 10/15/29)(a)		EUR	400		489,800
4.38%, 09/16/25(a)		EUR	100		137,122
Banca IFIS SpA, 2.00%, 04/24/23(a)		EUR	100		121,481
Banca Monte dei Paschi di Siena SpA
2.63%, 04/28/25(a)		EUR	100		123,816
3.63%, 09/24/24(a)		EUR	300		382,344
4.00%, 07/10/22(a)		EUR	100		124,425
5.38%, 01/18/28 (Call 01/18/23)(a)(b)		EUR	100		108,041
10.50%, 07/23/29(a)		EUR	100		147,896
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(a)		EUR	100		125,878
Banco BPM SpA
1.75%, 04/24/23(a)		EUR	109		134,869
1.75%, 01/28/25(a)		EUR	200		249,046
4.25%, 10/01/29 (Call 10/01/24)(a)(b)		EUR	200		253,748
4.38%, 09/21/27 (Call 09/21/22)(a)(b)		EUR	100		125,147
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)(a)(b)		EUR	100		125,881
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a)		EUR	100		120,522
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)(a)		EUR	100		122,209
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)(a)		EUR	200		243,629
Iccrea Banca SpA, 4.13%, 11/28/29 (Call 11/28/24)(a)(b)		EUR	100		119,959
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(a)		EUR	100		122,611
1.88%, 07/08/26 (Call 04/08/26)(a)		EUR	150		189,291
Intesa Sanpaolo SpA
0.63%, 02/24/26		EUR	500		595,937
2.93%, 10/14/30(a)		EUR	200		255,251
3.93%, 09/15/26(a)		EUR	175		237,708
4.45%, 09/15/27 (Call 09/15/22)(a)(b)		EUR	150		189,435
6.63%, 09/13/23(a)		EUR	100		136,785
Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)(a)		EUR	100		125,782
Mediobanca Banca di Credito Finanziario SpA
3.75%, 06/16/26		EUR	75		99,412
5.75%, 04/18/23		EUR	50		66,253
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(a)		EUR	200		240,061
1.75%, 10/31/24 (Call 07/31/24)(a)		EUR	100		122,358
2.13%, 04/30/29 (Call 01/30/29)(a)		EUR	150		178,576

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Italy (continued)
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(a)		EUR	100	$	127,182
Saipem Finance International BV
2.63%, 01/07/25(a)		EUR	100		124,004
3.75%, 09/08/23(a)		EUR	200		254,247
Sofima Holding SpA, 3.75%, 01/15/28 (Call 01/15/23)(a)		EUR	100		120,830
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(a)		EUR	100		118,179
2.38%, 10/12/27 (Call 07/12/27)(a)		EUR	300		376,967
2.50%, 07/19/23(a)		EUR	100		125,804
2.88%, 01/28/26 (Call 10/28/25)(a)		EUR	418		535,392
3.25%, 01/16/23(a)		EUR	150		189,562
3.63%, 01/19/24(a)		EUR	207		268,033
3.63%, 05/25/26(a)		EUR	100		133,485
4.00%, 04/11/24 (Call 01/11/24)(a)		EUR	125		162,537
5.25%, 02/10/22(a)		EUR	100		125,183
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(a)(b)		EUR	200		241,644
2.73%, 01/15/32 (Call 01/15/27)(a)(b)		EUR	200		245,926
4.38%, 01/03/27 (Call 01/03/22)(a)(b)		EUR	100		123,502
6.95%, 10/31/22(a)		EUR	300		396,702
Unione di Banche Italiane SpA
4.38%, 07/12/29 (Call 07/12/24)(a)(b)		EUR	150		196,755
5.88%, 03/04/29 (Call 03/04/24)(a)(b)		EUR	150		203,402
Unipol Gruppo SpA
3.00%, 03/18/25(a)		EUR	175		224,952
3.25%, 09/23/30 (Call 06/23/30)(a)		EUR	200		254,612
Webuild SpA, 1.75%, 10/26/24(a)		EUR	250		296,842
					11,613,492
Japan — 1.3%
SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)(a)		EUR	250		313,123
4.00%, 04/20/23 (Call 01/20/23)(a)		EUR	100		126,222
4.00%, 09/19/29 (Call 06/21/29)(a)		EUR	100		129,365
5.00%, 04/15/28 (Call 01/16/28)(a)		EUR	250		341,266
					909,976
Luxembourg — 4.6%
Altice Financing SA, 3.00%, 01/15/28 (Call 01/15/23)(a)		EUR	300		347,949
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)		EUR	100		117,901
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(a)		EUR	100		115,131
8.00%, 05/15/27 (Call 05/15/22)(a)		EUR	200		261,933
ArcelorMittal SA
0.95%, 01/17/23 (Call 10/17/22)(a)		EUR	100		121,697
1.00%, 05/19/23 (Call 02/19/23)(a)		EUR	100		122,185
1.75%, 11/19/25 (Call 08/19/25)(a)		EUR	100		125,900
2.25%, 01/17/24 (Call 10/17/23)(a)		EUR	200		252,083
Cidron Aida Finco Sarl, 6.25%, 04/01/28 (Call 04/07/24)(a)		GBP	100		141,404
Garfunkelux Holdco 3 SA
6.75%, 11/01/25 (Call 11/01/22)(a)		EUR	100		124,978
7.75%, 11/01/25 (Call 11/01/22)(a)		GBP	100		143,529
INEOS Finance PLC
2.13%, 11/15/25 (Call 11/15/21)(a)		EUR	100		119,659
2.88%, 05/01/26 (Call 05/01/22)(a)		EUR	200		243,739
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)(a)		EUR	200		239,974
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a)		EUR	100		123,955
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a)		EUR	100		126,847
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(a)		EUR	90		114,653
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(a)		EUR	150		187,126

Security	Par (000)			Value
Luxembourg (continued)
Vivion Investments Sarl, 3.00%, 08/08/24(a)		EUR	100	$	117,179
					3,147,822
Netherlands — 3.6%
IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/22)(a)		EUR	100		124,911
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 10/01/21)(a)		EUR	200		243,639
Louis Dreyfus Co. BV, 2.38%, 11/27/25 (Call 08/27/25)(a)		EUR	100		126,348
Nouryon Holding BV, 6.50%, 10/01/26 (Call 10/01/21)(a)		EUR	100		126,176
OCI NV, 3.13%, 11/01/24 (Call 11/01/21)(a)		EUR	200		246,213
PPF Telecom Group BV
2.13%, 01/31/25 (Call 10/31/24)(a)		EUR	200		246,732
3.25%, 09/29/27 (Call 06/29/27)(a)		EUR	100		129,333
3.50%, 05/20/24 (Call 02/20/24)(a)		EUR	100		128,297
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(a)		EUR	100		112,787
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(a)		EUR	100		116,624
SNS Bank NV, 6.25%, 10/26/20(e)		EUR	50		0	(f)
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a)		EUR	100		123,338
United Group BV
3.13%, 02/15/26 (Call 02/15/22)(a)		EUR	100		116,242
3.63%, 02/15/28 (Call 02/15/23)(a)		EUR	100		116,662
4.88%, 07/01/24 (Call 07/01/21)(a)		EUR	100		122,117
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a)		EUR	100		122,103
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)		EUR	150		178,516
Ziggo BV, 4.25%, 01/15/27 (Call 01/15/22)(a)		EUR	80		100,067
					2,480,105
Norway — 0.4%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)(a)		EUR	200		247,316
Portugal — 1.6%
Banco Comercial Portugues SA
1.13%, 02/12/27 (Call 02/12/26)(a)(b)		EUR	100		118,060
4.50%, 12/07/27 (Call 12/07/22)(a)(b)		EUR	100		121,970
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)(a)(b)		EUR	200		263,450
EDP - Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25)(a)(b)		EUR	100		120,400
1.88%, 08/02/81 (Call 05/02/26)(a)(b)		EUR	100		120,389
4.50%, 04/30/79 (Call 01/30/24)(a)(b)		EUR	200		262,375
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(a)(b)		EUR	100		118,051
					1,124,695
Spain — 5.7%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(b)		EUR	100		128,847
Banco de Sabadell SA
1.13%, 03/27/25(a)		EUR	200		244,774
1.75%, 05/10/24(a)		EUR	100		124,618
2.50%, 04/15/31 (Call 01/15/26)(a)(b)		EUR	100		120,346
5.38%, 12/12/28 (Call 12/12/23)(a)(b)		EUR	100		131,531
5.63%, 05/06/26		EUR	100		140,363
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(a)		EUR	100		119,432
1.25%, 01/15/29 (Call 10/15/28)(a)		EUR	200		235,039
2.00%, 02/15/33 (Call 11/15/32)(a)		EUR	300		353,642
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)		EUR	100		119,591
1.88%, 06/26/29 (Call 03/26/29)		EUR	100		122,233
2.38%, 01/16/24 (Call 10/16/23)(a)		EUR	100		126,573
2.88%, 04/18/25 (Call 01/18/25)(a)		EUR	100		130,422
3.13%, 07/27/22(a)		EUR	100		125,002

12 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Spain (continued)
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 06/20/21)(a)		EUR	100	$	121,949
ContourGlobal Power Holdings SA
2.75%, 01/01/26 (Call 01/01/23)(a)		EUR	100		120,739
4.13%, 08/01/25 (Call 08/01/21)(a)		EUR	100		122,867
El Corte Ingles SA
3.00%, 03/15/24 (Call 10/15/21)(a)		EUR	100		122,010
3.63%, 03/15/24 (Call 03/15/22)(a)		EUR	100		125,311
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 05/15/21)(a)		EUR	100		120,361
Grifols SA
1.63%, 02/15/25 (Call 02/15/22)(a)		EUR	150		181,348
2.25%, 11/15/27 (Call 11/15/22)(a)		EUR	100		122,316
3.20%, 05/01/25 (Call 05/01/21)(a)		EUR	200		242,426
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(b)		EUR	100		120,013
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(b)		EUR	175		230,337
					3,852,090
Sweden — 2.6%
Akelius Residential Property AB, 2.25%, 05/17/81 (Call 02/17/26)(a)(b)		EUR	100		120,405
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(a)(b)		EUR	100		122,841
Intrum AB
3.00%, 09/15/27 (Call 09/15/22)(a)		EUR	100		117,898
3.13%, 07/15/24 (Call 07/15/21)(a)		EUR	100		121,020
3.50%, 07/15/26 (Call 07/15/22)(a)		EUR	175		212,325
4.88%, 08/15/25 (Call 08/15/22)(a)		EUR	100		126,450
Verisure Holding AB 3.25%, 02/15/27 (Call 02/15/23)(a)		EUR	150		181,199
3.50%, 05/15/23 (Call 05/08/21)(a)		EUR	100		121,406
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)		EUR	300		372,285
Volvo Car AB, 2.00%, 01/24/25 (Call 10/24/24)(a)		EUR	200		250,342
					1,746,171
Switzerland — 0.5%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/22)(a)		EUR	100		111,893
2.50%, 10/15/24 (Call 10/15/21)(a)		EUR	100		118,823
3.38%, 04/15/28 (Call 04/15/24)(a)		EUR	100		118,330
					349,046
United Kingdom — 12.4%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23
(Call 09/30/21)(a)		GBP	150		214,228
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)(a)		GBP	300		416,528
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(a)		GBP	200		277,267
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(b)		EUR	100		119,192
Cabot Financial Luxembourg SA, 7.50%, 10/01/23 (Call 10/01/21)(a)		GBP	44		62,293
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)		EUR	100		122,637
eG Global Finance PLC, 4.38%, 02/07/25 (Call 05/15/21)(a)		EUR	225		262,316
FCE Bank PLC
1.13%, 02/10/22(a)		EUR	100		120,836
1.62%, 05/11/23(a)		EUR	200		244,286
Heathrow Finance PLC
4.38%, 03/01/27(a)		GBP	100		142,506
5.25%, 03/01/24 (Call 12/01/23)(a)		GBP	100		145,868
Iceland Bondco PLC, 4.38%, 05/15/28 (Call 02/15/24)(a)		GBP	100		132,945
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(a)		EUR	100		120,691

Security	Par (000)			Value
United Kingdom (continued)
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(a)		EUR	200	$	235,075
International Consolidated Airlines Group SA
1.50%, 07/04/27 (Call 04/04/27)(a)		EUR	100		108,971
2.75%, 03/25/25 (Call 12/25/24)(a)		EUR	100		119,851
3.75%, 03/25/29 (Call 12/25/28)(a)		EUR	100		119,762
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24(a)		EUR	100		118,167
3.88%, 03/01/26		GBP	100		139,581
4.50%, 01/15/26 (Call 10/15/25)(a)		EUR	150		186,428
5.88%, 11/15/24 (Call 08/15/24)(a)		EUR	100		130,530
Jerrold Finco PLC, 5.25%, 01/15/27 (Call 01/15/23)(a)		GBP	100		141,846
Marks & Spencer PLC
3.75%, 05/19/26 (Call 02/19/26)(a)		GBP	100		143,357
6.00%, 06/12/25(a)		GBP	100		155,737
Modulaire Global Finance PLC, 6.50%, 02/15/23 (Call 02/15/22)(a)		EUR	100		122,331
NGG Finance PLC
1.63%, 12/05/79 (Call 12/05/24)(a)(b)		EUR	100		121,649
2.13%, 09/05/82 (Call 06/05/27)(b)		EUR	100		122,724
5.63%, 06/18/73 (Call 06/18/25)(a)(b)		GBP	200		310,698
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/21)(a)		GBP	100		140,836
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 01/15/22)(a)		EUR	100		121,863
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)(a)		EUR	200		232,728
1.63%, 05/09/28 (Call 02/09/28)(a)		EUR	100		110,235
4.63%, 02/16/26 (Call 11/16/25)(a)		EUR	100		129,813
5.75%, 10/15/27 (Call 07/15/27)(a)		GBP	100		150,211
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(a)		GBP	100		146,014
Thames Water Utilities Finance PLC
2.88%, 05/03/27(a)		GBP	200		286,592
5.75%, 09/13/30 (Call 09/13/22)(b)		GBP	100		145,983
Victoria PLC, 3.63%, 08/24/26 (Call 02/28/23)(a)		EUR	200		244,006
Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a)		EUR	100		120,673
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(a)		GBP	100		138,639
4.25%, 01/15/30 (Call 10/10/24)(a)		GBP	100		139,064
5.00%, 04/15/27 (Call 04/15/22)(a)		GBP	200		289,102
5.25%, 05/15/29 (Call 05/15/24)(a)		GBP	100		147,277
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)		EUR	100		121,531
4.00%, 01/31/29 (Call 01/31/24)(a)		GBP	100		138,440
Vodafone Group PLC
3.10%, 01/03/79 (Call 01/03/24)(a)(b)		EUR	300		375,560
4.88%, 10/03/78 (Call 10/03/25)(a)(b)		GBP	100		150,317
Series NC10, 3.00%, 08/27/80 (Call 05/27/30)(a)(b)		EUR	150		186,589
Series NC6, 2.63%, 08/27/80 (Call 05/27/26)(a)(b)		EUR	200		248,275
					8,422,048
United States — 17.3%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)		EUR	175		217,046
Alpha Bank AE, 5.50%, 06/11/31 (Call 03/11/26)(a)(b)		EUR	100		120,701
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/29 (Call 05/15/24)(a)		EUR	100		120,439
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)(a)		EUR	200		240,613
4.75%, 07/15/27 (Call 07/15/22)(a)		GBP	100		141,626
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)		EUR	100		119,972

SCHEDULE   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® International High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/22)(a)		EUR	200	$	246,547
Avis Budget Finance PLC
4.13%, 11/15/24 (Call 11/15/21)(a)		EUR	100		121,893
4.75%, 01/30/26 (Call 09/30/21)(a)		EUR	100		122,137
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 01/15/22)(a)		EUR	100		122,502
Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)		EUR	100		121,395
1.50%, 03/15/27 (Call 12/15/26)		EUR	100		122,694
4.38%, 12/15/23		EUR	100		132,960
Belden Inc., 3.88%, 03/15/28 (Call 03/06/23)(a)		EUR	250		312,913
Berry Global Inc.
1.00%, 01/15/25 (Call 10/15/24)(a)		EUR	100		121,592
1.50%, 01/15/27 (Call 10/15/26)(a)		EUR	100		121,982
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)(a)		EUR	100		128,201
BPER Banca, 1.38%, 03/31/27 (Call 03/31/26)(a)(b)		EUR	100		120,977
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)		EUR	100		98,840
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a)		EUR	150		179,976
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/21)		EUR	100		121,915
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/22)(a)		EUR	125		155,317
Coty Inc., 4.75%, 04/15/26 (Call 04/15/22)(a)		EUR	100		116,819
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/16/23)(a)		EUR	100		120,850
2.25%, 02/01/23 (Call 11/01/22)(a)		EUR	100		123,613
2.63%, 09/30/24 (Call 03/30/24)(a)		EUR	125		158,511
2.88%, 02/01/26 (Call 08/01/25)(a)		EUR	100		128,830
3.38%, 05/15/25 (Call 11/15/24)(a)		EUR	100		130,085
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(a)		EUR	100		122,437
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)(a)		GBP	100		144,462
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(a)		EUR	100		123,391
Ford Credit Canada Co.
3.74%, 05/08/23		CAD	75		62,352
4.46%, 11/13/24		CAD	50		42,546
Ford Motor Credit Co. LLC
1.36%, 02/07/25		EUR	100		119,698
1.51%, 02/17/23		EUR	100		121,494
1.74%, 07/19/24		EUR	100		121,534
2.39%, 02/17/26		EUR	225		279,224
2.75%, 06/14/24		GBP	200		279,301
3.02%, 03/06/24		EUR	100		125,858
3.25%, 09/15/25		EUR	100		128,565
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)		EUR	100		127,783
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)(a)		EUR	225		280,164
3.50%, 06/15/26 (Call 06/15/22)		EUR	250		308,320
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)(a)		EUR	100		121,454
2.25%, 01/15/28 (Call 07/15/22)(a)		EUR	150		182,339
2.25%, 03/15/29 (Call 03/15/24)(a)		EUR	200		241,606
2.88%, 09/15/25 (Call 09/15/21)(a)		EUR	100		122,133
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/15/21)(a)		GBP	100		140,381
Kraft Heinz Foods Co.
2.00%, 06/30/23 (Call 03/30/23)(a)		EUR	200		249,411
2.25%, 05/25/28 (Call 02/25/28)(a)		EUR	100		130,268
4.13%, 07/01/27 (Call 04/01/27)(a)		GBP	100		154,011
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)		EUR	100		124,409

Security	Par/ Shares (000)				Value
United States (continued)
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(b)		EUR	100		$	123,262
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 04/15/22)(a)		EUR	100			120,606
MPT Operating Partnership LP/MPT Finance Corp.
3.33%, 03/24/25 (Call 12/24/24)		EUR	200			260,656
3.38%, 04/24/30 (Call 01/24/30)		GBP	100			140,656
3.69%, 06/05/28 (Call 04/05/28)		GBP	100			145,759
4.00%, 08/19/22 (Call 05/19/22)		EUR	100			125,253
Netflix Inc.
3.63%, 05/15/27		EUR	150			208,443
3.63%, 06/15/30 (Call 03/15/30)(a)		EUR	250			359,825
3.88%, 11/15/29(a)		EUR	200			291,563
4.63%, 05/15/29		EUR	200			303,310
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a)		EUR	100			123,793
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a)		EUR	200			249,706
Organon Finance 1 LLC, 2.88%, 04/30/28 (Call 04/30/24)(a)		EUR	200			245,663
Playtech PLC, 3.75%, 10/12/23 (Call 10/12/21)(a)		EUR	100			122,145
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(a)		EUR	100			122,793
Scientific Games International Inc., 5.50%, 02/15/26 (Call 02/15/22)(a)		EUR	100			120,903
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a)		EUR	100			130,279
Silgan Holdings Inc.
2.25%, 06/01/28 (Call 03/01/23)		EUR	100			120,857
3.25%, 03/15/25 (Call 03/15/22)		EUR	100			121,222
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/21)(a)		EUR	100			123,083
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a)		EUR	100			118,325
Videotron Ltd., 3.13%, 01/15/31 (Call 01/15/26)		CAD	50			39,219
WMG Acquisition Corp., 3.63%, 10/15/26 (Call 10/15/21)(a)		EUR	100			123,895
						11,785,303
Total Corporate Bonds & Notes — 98.1% (Cost: $63,116,114)						66,622,707
Common Stocks
South Africa — 0.0%
Sentry Holdings Ltd.Class A			0	(g)		0	(f)
Total Common Stocks — 0.0% (Cost: $159,437)						0	(f)
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(h)(i)			20			20,000
Total Short-Term Investments — 0.0% (Cost: $20,000)						20,000
Total Investments in Securities — 98.1% (Cost: $63,295,551)						66,642,707
Other Assets, Less Liabilities — 1.9%						1,262,763
Net Assets — 100.0%					$	67,905,470

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

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

14 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® International High Yield Bond ETF

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

^(d)  Issuer filed for bankruptcy and/or is in default.

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

^(f)  Rounds to less than $1.

^(g)  Rounds to less than 1,000.

^(h)  Affiliate of the Fund.

⁽ⁱ⁾  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/20		Purchases at Cost		Proceeds  from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	40,000	$	—	$	(20,000	)(a)	$	—	$	—	$	20,000		20	$	5	$	—

^(a)  Represents net amount purchased (sold).

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, 2021. 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	$	—	$	66,622,707		$	0	(a)	$	66,622,707
Common Stocks		—		0	(a)		—			0	(a)
Money Market Funds		20,000		—			—			20,000
	$	20,000	$	66,622,707		$	0	(a)	$	66,642,707

^(a)  Rounds to less than $1.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited)  April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes(a)
Argentina — 1.2%
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 05/10/21)(b)	$	300	$	145,744
Arcor SAIC, 6.00%, 07/06/23(b)		375		358,078
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)(b)		200		210,787
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)		200		190,550
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b)		300		204,249
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b)		450		367,200
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)(b)(c)		266		71,649
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b)		300		260,306
YPF SA
1.50%, 09/30/33 (Call 03/30/33)(d)(e)		250		111,063
2.50%, 06/30/29 (Call 12/30/28)(d)(e)		400		215,000
4.00%, 02/12/26 (Call 11/12/25)(d)(e)		300		240,810
6.95%, 07/21/27(b)		660		400,125
7.00%, 12/15/47 (Call 06/15/47)(b)		350		195,738
8.50%, 07/28/25(b)		700		499,625
8.75%, 04/04/24(b)		680		550,927
YPF Socidad Anonima, 2.50%, 06/30/29(b)		75		40,313
YPF Sociedad Anonima, 4.00%, 02/12/26(b)		100		80,270
				4,142,434
Azerbaijan — 0.2%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b)		550		544,328
Bahrain — 0.2%
BBK BSC, 5.50%, 07/09/24(b)		400		421,200
GFH Sukuk Ltd., 7.50%, 01/28/25(b)		200		196,000
				617,200
Brazil — 5.7%
Adecoagro SA, 6.00%, 09/21/27(b)		150		157,219
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)(d)		200		208,175
Atento Luxco 1 SA, 8.00%, 02/10/26(b)		100		108,644
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25(b)		200		204,250
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)(b)		200		189,438
4.50%, 01/10/25 (Call 12/10/24)(b)		200		205,163
Banco do Brasil SA/Cayman
4.63%, 01/15/25(b)		200		213,450
4.75%, 03/20/24(b)		400		427,400
6.25%, (Call 04/15/24)(b)(f)(g)		400		395,500
9.00%, (Call 06/18/24)(b)(f)(g)		200		218,725
9.25%, 12/31/49(b)		200		216,725
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)(b)		200		208,000
4.50%, 01/31/30(b)(h)		400		406,600
5.88%, 01/31/50(b)		200		208,750
8.50%, 01/23/81 (Call 10/24/25)(b)(g)		200		230,250
BRF SA, 5.75%, 09/21/50 (Call 03/21/50)(b)		200		195,345
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b)		200		229,950
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b)		200		201,690
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(b)(h)		200		213,162
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(b)		200		213,100
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(b)		400		433,300

Security	Par (000)		Value
Brazil (continued)
CSN Resources SA
7.63%, 02/13/23 (Call 05/31/21)(b)	$	200	$	207,975
7.63%, 04/17/26 (Call 04/17/22)(b)		200		214,410
Embraer Netherlands Finance BV
5.05%, 06/15/25		227		237,782
5.40%, 02/01/27		250		262,344
Fibria Overseas Finance Ltd., 5.50%, 01/17/27		200		227,610
FS Luxembourg Sarl, 10.00%, 12/15/25(b)		200		217,610
Gerdau Trade Inc., 4.88%, 10/24/27(b)		200		222,750
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(b)		200		202,360
Gol Finance SA, 7.00%, 01/31/25(b)		100		91,200
Guara Norte Sarl, 5.20%, 06/15/34(d)		200		200,750
GUSAP III LP, 4.25%, 01/21/30 (Call 07/21/29)(b)		200		210,225
Hidrovias International Finance Sarl, 4.95%, 02/08/31 (Call 02/08/26)(d)		200		203,163
Itau Unibanco Holding SA/Cayman Island
4.50%, 11/21/29 (Call 11/21/24)(b)(g)(h)		400		402,780
4.63%, (Call 02/27/25)(b)(f)(g)		200		190,100
5.13%, 05/13/23(b)(h)		200		211,913
6.13%, (Call 12/12/22)(b)(f)(g)		200		202,350
6.50%, (Call 03/19/23)(b)(f)(g)(h)		200		204,288
JBS Investments II GmbH
5.75%, 01/15/28 (Call 07/15/22)(b)		400		423,160
7.00%, 01/15/26(b)		200		212,960
JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)(b)		200		201,913
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)(b)		400		378,875
5.75%, 04/03/29 (Call 01/03/29)(b)		200		222,250
MARB BondCo PLC
3.95%, 01/29/31 (Call 01/29/26)(d)		200		190,600
3.95%, 01/29/31 (Call 01/29/26)(b)		200		190,600
Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(d)(h)		200		194,052
NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 05/14/22)(b)		200		215,037
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 05/31/21)(b)(i)		259		103,370
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(b)(i)		173		33,570
Oi SA, 10.00%, (4.00% PIK), 07/27/25(i)		225		235,237
Petrobras Global Finance BV
4.38%, 05/20/23(h)		100		105,988
5.09%, 01/15/30(h)		700		739,725
5.30%, 01/27/25		200		221,537
5.60%, 01/03/31 (Call 10/03/30)(h)		500		539,375
6.00%, 01/27/28		300		338,250
6.25%, 03/17/24		100		111,976
6.75%, 01/27/41		200		226,662
6.75%, 06/03/50 (Call 12/03/49)		350		381,661
6.85%, 06/05/2115(h)		400		421,340
6.88%, 01/20/40		148		169,904
6.90%, 03/19/49(h)		300		335,955
7.25%, 03/17/44(h)		275		321,062
7.38%, 01/17/27		350		423,062
8.75%, 05/23/26(h)		200		254,330
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(b)		400		413,325
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)(b)		200		210,900
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(b)(h)		200		229,725
Suzano Austria GmbH
3.75%, 01/15/31 (Call 10/15/30)		300		306,000
5.00%, 01/15/30 (Call 10/15/29)		200		219,975

16 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
6.00%, 01/15/29 (Call 10/15/28)	$	400	$	467,300
7.00%, 03/16/47 (Call 09/16/46)(b)		200		256,750
Ultrapar International SA, 5.25%, 06/06/29(b)		200		209,980
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(b)		200		214,787
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		200		209,525
6.25%, 08/10/26(h)		400		477,825
6.88%, 11/21/36		300		407,212
6.88%, 11/10/39		250		344,094
Vale SA, 5.63%, 09/11/42		100		124,269
				20,078,564
Chile — 3.6%
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(b)(g)		400		424,000
Antofagasta PLC, 2.38%, 10/14/30 (Call 07/14/30)(b)		400		389,000
Banco de Credito e Inversiones SA
3.50%, 10/12/27(b)(h)		400		425,325
4.00%, 02/11/23(b)		200		210,475
Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)(b)(h) .		450		468,787
Celulosa Arauco y Constitucion SA
4.20%, 01/29/30 (Call 10/29/29)(b)		600		648,000
4.25%, 04/30/29 (Call 01/30/29)(b)		400		435,500
4.50%, 08/01/24 (Call 05/01/24)		200		217,413
5.15%, 01/29/50 (Call 07/29/49)(b)		200		224,315
5.50%, 04/30/49 (Call 10/30/48)(b)		200		234,180
Cencosud SA
4.38%, 07/17/27 (Call 04/17/27)(b)		800		886,000
5.15%, 02/12/25 (Call 11/12/24)(b)		200		223,287
Colbun SA
3.15%, 03/06/30 (Call 12/06/29)(b)		200		203,663
3.95%, 10/11/27 (Call 07/11/27)(b)		400		436,450
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(b)(h)		200		156,000
Empresa Nacional de Telecomunicaciones SA
4.75%, 08/01/26 (Call 05/03/26)(b)		600		665,250
4.88%, 10/30/24 (Call 07/30/24)(b)		600		644,250
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)(h)		200		217,625
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)(h)		700		807,975
EnfraGen Energia Sur SA, 5.38%, 12/30/30(b)		600		594,582
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(b)		400		409,000
GNL Quintero SA, 4.63%, 07/31/29(b)		600		655,612
Inversiones CMPC SA
3.00%, 04/06/31 (Call 01/06/31)(d)		400		396,600
3.85%, 01/13/30 (Call 10/13/29)(b)		400		425,700
4.38%, 04/04/27(b)(h)		400		442,370
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)(b)		400		422,825
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/26/21)(b)		400		425,320
SACI Falabella, 3.75%, 04/30/23(b)(h)		200		209,288
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b)(h)		400		418,575
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(b)		400		432,000
				12,749,367
China — 8.6%
Agile Group Holdings Ltd., 8.38%, (Call 12/04/23)(b)(f)(g)		200		207,663
Alibaba Group Holding Ltd.
2.13%, 02/09/31 (Call 11/09/30)		200		192,296
3.25%, 02/09/61 (Call 08/09/60)		200		187,057
3.40%, 12/06/27 (Call 09/06/27)		300		324,996
3.60%, 11/28/24 (Call 08/28/24)		400		433,468

Security	Par (000)		Value
China (continued)
4.00%, 12/06/37 (Call 06/06/37)	$	200	$	216,578
4.20%, 12/06/47 (Call 06/06/47)		400		441,008
Amipeace Ltd., 2.50%, 12/05/24(b)		400		419,200
Baidu Inc.
3.08%, 04/07/25 (Call 03/07/25)		400		421,500
4.13%, 06/30/25(h)		200		219,600
Bank of China Ltd., 5.00%, 11/13/24(b)		400		446,325
Bank of China Ltd./Hong Kong
1.03%, 03/08/23, (3 mo. LIBOR US + 0.850%)(b)(g)		200		200,502
3.88%, 06/30/25(b)		200		218,787
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(b)(f)(g)		600		619,050
Bank of Communications Co. Ltd./Hong Kong, 1.04%, 05/17/23, (3 mo. LIBOR US + 0.85%)(b)(g)		200		200,300
Bocom Leasing Management Hong Kong Co. Ltd., 1.26%, 12/10/24, (3 mo. LIBOR US + 1.075%)(b)(g)		400		396,200
CCBL Cayman 1 Corp. Ltd., 1.99%, 07/21/25(b)		200		199,313
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)(b)(f)(g)		200		198,663
Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(b)		200		194,350
China Cinda 2020 I Management Ltd., 2.50%, 03/18/25 (Call 02/18/25)(b)		200		199,225
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(b)(h)		400		425,700
China Cinda Finance 2017 I Ltd.
3.88%, 02/08/23(b)		200		206,814
4.75%, 02/21/29(b)		200		219,287
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)(b)(g)		400		429,575
China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25(b)		200		197,913
China Evergrande Group
7.50%, 06/28/23 (Call 05/31/21)(b)		400		350,575
8.75%, 06/28/25 (Call 06/28/21)(b)		200		162,350
10.50%, 04/11/24 (Call 04/11/22)(b)		200		179,475
China Great Wall International Holdings V Ltd., 2.38%, 08/18/30(b)		200		181,225
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(b)		200		198,626
China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24(b) .		200		225,287
China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/23(b)		200		210,666
China Overseas Finance Cayman VIII Ltd., 2.75%, 03/02/30(b)		200		194,288
China Resources Land Ltd., 4.13%, 02/26/29(b)		200		213,037
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 04/09/22)(b)		200		208,225
China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)(b)(f)(g)		200		203,913
CICC Hong Kong Finance 2016 MTN Ltd., 1.63%, 01/26/24(b)		400		398,622
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)(b)		200		211,100
CITIC Ltd.
2.85%, 02/25/30(b)		200		198,850
3.88%, 02/28/27(b)		200		216,662
CMB International Leasing Management Ltd., 1.88%, 08/12/25(b)		400		392,325
CMHI Finance BVI Co. Ltd.
3.50%, (Call 10/09/23)(b)(f)(g)		200		202,975
4.38%, 08/06/23(b)		200		212,880
CNOOC Finance 2013 Ltd.
2.88%, 09/30/29 (Call 06/30/29)(h)		200		201,100

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
3.00%, 05/09/23	$	200	$	207,296
CNOOC Finance 2014 ULC, 4.25%, 04/30/24		200		216,566
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		200		212,644
4.38%, 05/02/28		200		221,286
CNOOC Petroleum North America ULC
6.40%, 05/15/37		375		491,789
7.50%, 07/30/39(h)		200		296,850
CNPC General Capital Ltd., 3.40%, 04/16/23(b)		200		209,413
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 06/17/25)(b)		400		397,816
COSL Singapore Capital Ltd., 4.50%, 07/30/25(b)		200		217,600
Country Garden Holdings Co. Ltd.
3.13%, 10/22/25 (Call 09/22/25)(b)		200		200,188
3.30%, 01/12/31 (Call 10/12/30)(b)		200		189,350
4.20%, 02/06/26 (Call 02/06/24)(b)		200		208,288
5.40%, 05/27/25 (Call 05/27/23)(b)		200		213,662
7.25%, 04/08/26 (Call 04/08/23)(b)		400		442,575
CRCC Yuxiang Ltd., 3.50%, 05/16/23(b)		200		207,850
Easy Tactic Ltd., 5.88%, 02/13/23 (Call 05/31/21)(b)		200		187,100
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(b)		200		193,306
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)(b)		200		208,350
Franshion Brilliant Ltd.
4.00%, (Call 01/03/23)(b)(f)(g)		200		200,350
6.00%, (Call 02/08/26)(b)(f)(g)		200		199,188
Huarong Finance 2017 Co. Ltd.
4.25%, 11/07/27(b)		200		149,000
4.75%, 04/27/27(b)		400		298,500
Huarong Finance 2019 Co. Ltd.
3.75%, 05/29/24(b)		400		302,250
4.50%, 05/29/29(b)		200		147,250
Huarong Finance II Co. Ltd., 5.50%, 01/16/25(b)		400		311,000
ICBCIL Finance Co. Ltd., 3.75%, 03/05/24(b)		200		212,912
Industrial & Commercial Bank of China Ltd./London, 1.03%, 10/25/23, (3 mo. LIBOR US + 0.850%)(b)(g)		400		401,496
Industrial & Commercial Bank of China Ltd./Singapore, 1.01%, 04/25/24, (3 mo. LIBOR US + 0.830%)(b)(g)		600		601,246
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(b)(g)		400		414,825
Inventive Global Investments Ltd., 1.65%, 09/03/25(b)		200		197,250
JD.com Inc., 3.88%, 04/29/26(h)		200		217,662
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(b)		200		198,650
Kaisa Group Holdings Ltd.
9.38%, 06/30/24 (Call 06/30/21)(b)		400		397,200
10.50%, 01/15/25 (Call 01/15/23)(b)		200		198,538
10.88%, 07/23/23 (Call 07/23/21)(b)		200		208,475
Lenovo Group Ltd.
3.42%, 11/02/30(b)		200		202,038
4.75%, 03/29/23(b)		200		211,100
Longfor Group Holdings Ltd., 3.95%, 09/16/29(b)		200		209,725
Meituan, 3.05%, 10/28/30 (Call 07/28/30)(b)		400		385,744
Poly Developments and Holdings Group Co. Ltd., 3.88%, 03/25/24(b)		200		209,662
Prosus NV
4.85%, 07/06/27 (Call 04/06/27)(b)		600		674,362
5.50%, 07/21/25 (Call 04/21/25)(b)		800		913,400
Proven Honour Capital Ltd.
4.13%, 05/19/25(b)		200		209,787
4.13%, 05/06/26(b)		200		210,912

Security	Par (000)		Value
China (continued)
RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)(b)	$	200	$	200,750
SF Holding Investment Ltd., 2.88%, 02/20/30(b)		200		198,913
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(b)		200		194,288
Shimao Group Holdings Ltd., 5.60%, 07/15/26 (Call 07/15/23)(b)		400		431,450
Shui On Development Holding Ltd., 6.15%, 08/24/24 (Call 08/24/22)(b)		200		208,188
Sino-Ocean Land Treasure Finance II Ltd., 5.95%, 02/04/27(b)		200		222,037
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23(b)		400		416,450
State Elite Global Ltd., 0.95%, 10/24/24, (3 mo. LIBOR US + 0.770%)(b)(g)		200		199,288
Sunac China Holdings Ltd.
5.95%, 04/26/24 (Call 01/26/23)(b)		200		202,500
6.50%, 01/10/25 (Call 01/10/23)(b)		200		203,000
Tencent Holdings Ltd.
1.81%, 01/26/26 (Call 12/26/25)(b)(h)		400		402,824
2.39%, 06/03/30 (Call 03/03/30)(b)(h)		400		390,168
3.24%, 06/03/50 (Call 12/03/49)(b)		200		183,158
3.60%, 01/19/28 (Call 10/19/27)(b)(h)		300		320,742
3.93%, 01/19/38 (Call 07/19/37)(b)(h)		400		421,825
3.94%, 04/22/61 (Call 10/22/60)(d)		200		201,378
3.98%, 04/11/29 (Call 01/11/29)(b)(h)		200		217,912
4.53%, 04/11/49 (Call 10/11/48)(b)		200		226,787
Vanke Real Estate Hong Kong Co. Ltd.
4.15%, 04/18/23(b)		200		209,537
4.20%, 06/07/24(b)		400		429,700
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		200		199,100
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(f)(g)		200		203,600
Yuzhou Group Holdings Co. Ltd., 6.35%, 01/13/27 (Call 01/13/25)(b)		200		165,125
				30,230,722
Colombia — 4.2%
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(b)		500		574,375
Banco Davivienda SA, 6.65%, (Call 04/22/31)(d)(f)(g)		400		406,620
Banco de Bogota SA
4.38%, 08/03/27 (Call 05/03/27)(b)		550		584,238
5.38%, 02/19/23(b)		200		211,475
6.25%, 05/12/26(b)		600		671,700
Bancolombia SA
3.00%, 01/29/25 (Call 12/29/24)(h)		400		409,000
4.63%, 12/18/29 (Call 12/18/24)(g)		400		403,252
4.88%, 10/18/27 (Call 10/18/22)(g)(h)		600		608,175
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b)(h)		400		420,960
Ecopetrol SA
4.13%, 01/16/25		833		884,188
5.38%, 06/26/26 (Call 03/26/26)(h)		935		1,049,257
5.88%, 09/18/23		1,050		1,154,475
5.88%, 05/28/45		1,300		1,383,362
6.88%, 04/29/30 (Call 01/29/30)		1,250		1,512,437
7.38%, 09/18/43		500		616,850
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(b)		600		600,675
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(b)		400		445,246
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(b)		200		212,500
6.25%, 03/25/29 (Call 03/25/24)(b)		540		602,033
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(b)		400		423,500

18 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(b)	$	200	$	202,725
SURA Asset Management SA, 4.88%, 04/17/24(b)(h)		300		326,025
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(b)(h)		370		400,941
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(b)		600		670,613
				14,774,622
Congo — 0.2%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b)		600		638,550
Ghana — 0.3%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b)		400		388,125
Tullow Oil PLC, 7.00%, 03/01/25 (Call 06/01/21)(b)		600		513,000
				901,125
Guatemala — 0.2%
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(b)		500		526,250
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(d)		200		212,700
				738,950
Hong Kong — 4.9%
AIA Group Ltd.
3.20%, 09/16/40 (Call 03/16/40)(b)		600		592,068
3.38%, 04/07/30 (Call 01/07/30)(b)		200		214,641
3.60%, 04/09/29 (Call 01/09/29)(b)		400		431,575
3.90%, 04/06/28 (Call 01/06/28)(b)(h)		200		219,100
4.50%, 03/16/46 (Call 09/16/45)(b)		200		241,100
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)(b)(f)(g)		800		859,750
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(f)(g)		250		254,984
Bank of East Asia Ltd. (The)
4.00%, 11/03/26 (Call 11/03/21)(b)(g)		400		403,325
5.83%, (Call 10/21/25)(b)(f)(g)		250		266,172
5.88%, (Call 09/19/24)(b)(f)(g)		250		266,062
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(b)(f)(g)		200		199,688
Celestial Dynasty Ltd., 4.25%, 06/27/29(b)		400		408,450
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(b)(f)(g)		200		212,162
China CITIC Bank International Ltd.
4.63%, 02/28/29 (Call 02/28/24)(b)(g)		250		264,031
7.10%, (Call 11/06/23)(b)(f)(g)		200		217,725
CK Hutchison International 16 Ltd., 2.75%, 10/03/26(b)		200		212,225
CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(b)		200		204,538
CK Hutchison International 19 Ltd.
3.25%, 04/11/24 (Call 03/11/24)(b)(h)		400		427,088
3.38%, 09/06/49(b)		200		205,288
3.63%, 04/11/29 (Call 01/11/29)(b)(h)		400		434,950
CK Hutchison International 20 Ltd.
2.50%, 05/08/30 (Call 02/08/30)(b)		800		797,400
3.38%, 05/08/50(b)		200		205,188
CLP Power Hong Kong Financing Ltd., 2.13%, 06/30/30(b)		200		193,663
Elect Global Investments Ltd., 4.10%, (Call 06/03/25)(b)(f)(g)		200		202,475
FWD Group Ltd.
0.00%, (Call 06/15/22)(b)(f)(g)(j)		200		181,975
5.75%, 07/09/24(b)		200		211,787
6.38%, (Call 09/13/24)(b)(f)(g)		200		205,225
Henderson Land MTN Ltd., 2.38%, 05/27/25(b)		200		200,538
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(b)		200		210,350
HKT Capital No. 5 Ltd., 3.25%, 09/30/29(b)		200		206,787

Security	Par (000)		Value
Hong Kong (continued)
Hongkong Electric Finance Ltd.
1.88%, 08/27/30 (Call 02/27/30)(b)	$	200	$	189,538
2.88%, 05/03/26(b)		200		212,100
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.88%, 05/27/30 (Call 02/27/30)(b)		200		203,663
HPHT Finance 19 Ltd., 2.88%, 11/05/24(b)		200		209,912
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(b)		600		658,800
Hutchison Whampoa International Ltd., 7.45%, 11/24/33(b)		100		148,344
Hysan MTN Ltd., 2.82%, 09/04/29(b)		200		200,350
IFC Development Corporate Treasury Ltd., 3.63%, 04/17/29(b)		200		210,600
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(b)(f)(g)		400		402,200
Li & Fung Ltd.
4.38%, 10/04/24 (Call 09/04/24)(b)		200		199,725
4.50%, 08/18/25 (Call 07/18/25)(b)		400		401,450
Link Finance Cayman 2009 Ltd. (The), 3.60%, 09/03/24(b)		200		212,975
MTR Corp. Ltd., 1.63%, 08/19/30(b)		600		568,050
Nan Fung Treasury III Ltd., 5.00%, (Call 09/10/23)(b)(f)		200		201,475
Nan Fung Treasury Ltd., 3.63%, 08/27/30(b)		200		199,112
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(b)(f)(g)		350		353,062
New World China Land Ltd., 4.75%, 01/23/27(b)		200		211,225
NWD Finance BVI Ltd.
4.80%, (Call 09/09/23)(b)(f)		200		195,100
5.25%, (Call 03/22/26)(b)(f)(g)		200		213,475
6.25%, (Call 03/07/24)(b)(f)		400		417,825
NWD MTN Ltd.
4.13%, 07/18/29(b)		200		205,163
4.50%, 05/19/30(b)		400		420,325
Panther Ventures Ltd., 3.50%, (Call 12/22/23)(b)(f)		200		189,100
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23(b)		200		209,662
Sun Hung Kai Properties Capital Market Ltd.
2.75%, 05/13/30 (Call 02/13/30)(b)		200		202,038
2.88%, 01/21/30(b)		200		203,850
Swire Pacific Mtn Financing HK Ltd., 2.88%, 01/30/30 (Call 10/30/29)(b)		200		205,225
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23(b)		200		216,537
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26(b)		200		215,037
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(b)		200		199,475
				17,025,703
India — 4.6%
ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28(b)		400		414,096
5.95%, 07/31/24(b)		400		433,325
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(b)		400		401,200
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b)		200		220,600
Adani Ports & Special Economic Zone Ltd.
3.10%, 02/02/31(d)		200		186,500
3.38%, 07/24/24(b)(h)		200		209,234
4.00%, 07/30/27 (Call 06/30/27)(b)		200		207,913
4.20%, 08/04/27 (Call 02/04/27)(b)(h)		400		420,075
Adani Transmission Ltd., 4.00%, 08/03/26(b)		200		211,412
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(b)		200		210,537
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24(b)		400		440,080
Bharti Airtel Ltd.
3.25%, 06/03/31(b)		200		194,095
4.38%, 06/10/25(b)		600		646,987
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27(b)		200		211,350

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
India (continued)
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(d)	$	200	$	202,700
Delhi International Airport Ltd., 6.13%, 10/31/26(b)		400		400,075
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(b)		200		159,538
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25(b)		400		411,500
5.95%, 07/29/26 (Call 07/29/22)(b)		400		429,200
HCL America Inc., 1.38%, 03/10/26 (Call 02/10/26)(d)		200		196,913
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(b)		200		210,162
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(b)		450		483,412
Indian Oil Corp. Ltd., 4.75%, 01/16/24(b)		400		431,450
Indian Railway Finance Corp. Ltd.
2.80%, 02/10/31(d)		200		189,092
3.25%, 02/13/30(b)(h)		200		198,475
3.73%, 03/29/24(b)		200		212,475
3.84%, 12/13/27(b)		200		215,100
Network i2i Ltd.
3.98%, (Call 03/03/26)(d)(f)(g)		200		201,000
5.65%, (Call 01/15/25)(b)(f)(g)		200		212,475
NTPC Ltd.
4.25%, 02/26/26(b)		200		214,600
4.38%, 11/26/24(b)		200		216,600
Oil India International Pte Ltd., 4.00%, 04/21/27(b)		200		211,475
Oil India Ltd.
5.13%, 02/04/29(b)		200		220,850
5.38%, 04/17/24(b)		200		220,475
ONGC Videsh Ltd., 4.63%, 07/15/24(b)		400		435,200
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26(b)		200		209,787
Periama Holdings LLC/DE, 5.95%, 04/19/26(b)		400		426,300
Power Finance Corp. Ltd.
3.35%, 05/16/31(b)		200		191,975
3.95%, 04/23/30(b)		200		201,913
4.50%, 06/18/29(b)		400		417,950
REC Ltd.
3.38%, 07/25/24(b)		200		207,663
5.25%, 11/13/23(b)		400		432,200
Reliance Industries Ltd.
3.67%, 11/30/27(b)		250		269,578
4.13%, 01/28/25(b)		250		272,469
4.88%, 02/10/45(b)		250		297,078
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 05/31/21)(b)		200		209,538
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(d)		200		198,750
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(b)		200		197,750
State Bank of India/London
1.80%, 07/13/26(b)		400		394,000
4.38%, 01/24/24(b)		400		431,450
4.88%, 04/17/24(b)(h)		200		219,912
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)(d)		400		394,400
9.25%, 04/23/26 (Call 04/23/23)(b)		200		179,225
13.88%, 01/21/24 (Call 12/21/22)(b)		400		438,700
Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 08/09/21)(b)		400		341,450
7.13%, 05/31/23(b)		200		188,350
				16,200,609
Indonesia — 2.5%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b)		500		512,281

Security	Par (000)		Value
Indonesia (continued)
Bank Mandiri Persero Tbk PT
3.75%, 04/11/24(b)	$	200	$	211,163
4.75%, 05/13/25(b)		600		660,900
Bank Rakyat Indonesia Persero Tbk PT
3.95%, 03/28/24(b)		400		426,700
4.63%, 07/20/23(b)		200		213,750
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 (Call 09/14/21)(b)		200		205,475
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(b)		250		253,250
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/22)(b)		500		535,094
LLPL Capital Pte Ltd., 6.88%, 02/04/39(b)		547		638,617
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(b)		400		411,075
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b)(h)		400		434,075
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 (Call 01/30/22)(b)		400		423,200
Minejesa Capital BV
4.63%, 08/10/30(b)		800		840,920
5.63%, 08/10/37(b)		600		635,737
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(b)		1,000		1,100,187
Saka Energi Indonesia PT, 4.45%, 05/05/24(b)		400		333,950
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(b)		400		444,325
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(b)		355		403,404
				8,684,103
Israel — 3.5%
Bank Leumi Le-Israel BM, 3.28%, 01/29/31 (Call 01/29/26)(d)(g)		400		412,250
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)		200		205,138
4.88%, 03/30/26 (Call 12/30/25)		400		412,520
5.38%, 03/30/28 (Call 09/30/27)		400		412,875
5.88%, 03/30/31 (Call 09/30/30)		300		308,906
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(d)		350		442,750
Israel Electric Corp. Ltd.
4.25%, 08/14/28		600		665,362
6.88%, 06/21/23(b)		200		224,288
Series 6, 5.00%, 11/12/24(d)		800		896,950
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)(d)		200		209,225
6.13%, 06/30/25 (Call 03/30/25)(d)		400		438,000
6.50%, 06/30/27 (Call 12/30/26)(d)		300		332,681
6.75%, 06/30/30 (Call 12/30/29)(d)		300		335,963
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 (Call 04/07/26)(d)(g)		200		203,330
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(h)		400		431,048
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23		1,486		1,474,112
3.15%, 10/01/26(h)		1,751		1,642,000
4.10%, 10/01/46(h)		1,040		886,600
6.00%, 04/15/24 (Call 01/15/24)		800		840,000
6.75%, 03/01/28 (Call 12/01/27)		700		756,875
7.13%, 01/31/25 (Call 10/31/24)		600		649,875
				12,180,748
Jamaica — 0.6%
Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 05/17/21)(i)		576		564,646
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd., 8.75%, 05/25/24 (Call 05/25/21)(b)		1,050		1,091,625

20 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Jamaica (continued)
Digicel Ltd., 6.75%, 03/01/23 (Call 05/17/21)(b)	$	400	$	376,875
				2,033,146
Jordan — 0.1%
Hikma Finance USA LLC, 3.25%, 07/09/25(b)		400		414,875
Kazakhstan — 0.4%
Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/30 (Call 02/15/30)(b)		600		612,000
4.00%, 08/15/26(b)		700		746,069
				1,358,069
Kuwait — 1.7%
Boubyan Sukuk Ltd., 2.59%, 02/18/25(b)		400		414,875
Burgan Bank SAK
2.75%, 12/15/31 (Call 09/15/26)(b)(g)		400		379,000
5.75%, (Call 07/09/24)(b)(f)(g)		400		396,075
Equate Petrochemical BV
2.63%, 04/28/28 (Call 01/28/28)(d)		200		200,230
4.25%, 11/03/26(b)		600		662,737
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(b)		400		426,475
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(b)		400		393,200
4.50%, 02/23/27(b)		200		195,850
5.00%, 03/15/23(b)		400		412,450
MEGlobal Canada ULC
5.00%, 05/18/25(b)		600		671,175
5.88%, 05/18/30(b)		600		733,800
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 08/27/25)(b)(f)(g)		400		416,075
NBK Tier 1 Financing Ltd., 3.63%, (Call 08/24/26)(d)(f)(g)		400		399,125
Warba Sukuk Ltd., 2.98%, 09/24/24(b)		200		211,163
				5,912,230
Luxembourg — 0.6%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(b)		600		591,750
7.50%, 05/15/26 (Call 05/15/21)(b)		1,395		1,444,913
				2,036,663
Macau — 4.1%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(b)		200		209,250
4.85%, 01/27/28 (Call 01/27/25)(b)		400		420,075
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/31/21)(b)(h)		604		618,911
5.25%, 04/26/26 (Call 04/26/22)(b)(h)		400		417,200
5.38%, 12/04/29 (Call 12/04/24)(b)		600		635,700
5.63%, 07/17/27 (Call 07/17/22)(b)(h)		400		423,325
5.75%, 07/21/28 (Call 07/21/23)(b)(h)		600		644,175
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(d)		400		411,500
5.25%, 06/18/25 (Call 06/18/22)(b)		200		208,850
5.38%, 05/15/24 (Call 05/15/21)(b)		800		823,400
5.88%, 05/15/26 (Call 05/15/22)(b)		400		421,325
Sands China Ltd.
3.80%, 01/08/26 (Call 12/08/25)(k)		600		635,004
4.38%, 06/18/30 (Call 03/18/30)(k)		600		637,800
4.60%, 08/08/23 (Call 07/08/23)		1,000		1,069,000
5.13%, 08/08/25 (Call 06/08/25)		1,000		1,113,250
5.40%, 08/08/28 (Call 05/08/28)(h)		1,200		1,359,600
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(b)		500		510,094
6.00%, 07/15/25 (Call 07/15/22)(b)		200		211,100

Security	Par (000)		Value
Macau (continued)
6.50%, 01/15/28 (Call 07/15/23)(b)	$	400	$	433,500
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/31/21)(b)		400		405,400
5.13%, 12/15/29 (Call 12/15/24)(b)		600		614,813
5.50%, 01/15/26 (Call 06/15/22)(b)		600		627,750
5.50%, 10/01/27 (Call 10/01/22)(b)		600		626,362
Wynn Macau Ltd. SR, 5.63%, 08/26/28 (Call 08/26/23)(b)		800		839,000
				14,316,384
Malaysia — 1.6%
Axiata SPV2 Bhd
2.16%, 08/19/30 (Call 05/19/30)(b)		200		192,538
4.36%, 03/24/26(b)		400		448,075
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(b)		600		547,612
CIMB Bank Bhd, 0.97%, 10/09/24, (3 mo. LIBOR US + 0.780%)(b)(g)		400		400,325
Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(d)		600		594,126
Gohl Capital Ltd., 4.25%, 01/24/27(b)		1,000		1,057,500
Malayan Banking Bhd, 0.99%, 08/16/24, (3 mo. LIBOR US + 0.800%)(b)(g)		1,000		1,001,250
Parkway Pantai Ltd., 4.25%, (Call 07/27/22)(b)(f)(g)		200		200,913
TNB Global Ventures Capital Bhd
3.24%, 10/19/26(b)		600		637,800
4.85%, 11/01/28(b)		400		462,825
				5,542,964
Mexico — 5.4%
Alfa SAB de CV
5.25%, 03/25/24 (Call 12/25/23)(b)		200		219,150
6.88%, 03/25/44 (Call 09/25/43)(b)		200		253,230
Alpek SAB de CV, 4.25%, 09/18/29 (Call 06/18/29)(b)		200		211,440
America Movil SAB de CV
2.88%, 05/07/30 (Call 02/07/30)		400		413,428
3.63%, 04/22/29 (Call 01/22/29)(h)		200		216,913
4.38%, 07/16/42		200		230,537
4.38%, 04/22/49 (Call 10/22/48)		400		468,862
6.13%, 03/30/40		400		553,575
6.38%, 03/01/35		400		560,308
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24(b)		450		481,866
Banco Mercantil del Norte SA/Grand Cayman
6.75%, (Call 09/27/24)(b)(f)(g)(h)		200		209,225
7.63%, 12/31/49(b)		200		220,750
8.38%, 12/31/49(b)		200		235,690
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.38%, 04/17/25(b)		350		393,872
5.95%, 10/01/28(b)		400		432,700
BBVA Bancomer SA/Texas
4.38%, 04/10/24(b)		150		162,807
5.13%, 01/18/33 (Call 01/17/28)(b)(g)		400		414,575
5.88%, 09/13/34 (Call 09/13/29)(b)(g)		200		218,162
Becle SAB de CV, 3.75%, 05/13/25(b)		150		162,263
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(b)(h)		200		201,350
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(b)		400		394,380
5.20%, 09/17/30 (Call 09/17/25)(b)		200		217,640
5.45%, 11/19/29 (Call 11/19/24)(b)		400		438,075
7.38%, 06/05/27 (Call 06/05/23)(b)		400		452,100
Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(b)		200		218,950

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)	$	150	$	139,220
5.25%, 11/26/43		300		376,404
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(b)(h)		183		206,564
Credito Real SAB de CV SOFOM ER, 8.00%, 01/21/28 (Call 01/21/25)(d)(h)		200		192,440
El Puerto de Liverpool SAB de CV, 3.88%, 10/06/26(b)		200		215,038
FEL Energy VI Sarl, 5.75%, 12/01/40(b)		200		207,938
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)		600		609,492
4.38%, 05/10/43		150		173,203
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(b)(h)		200		195,913
Grupo Bimbo SAB de CV
4.00%, 09/06/49(b)		200		200,350
4.70%, 11/10/47 (Call 05/10/47)(b)		200		223,537
4.88%, 06/27/44(b)		200		228,537
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)(h)		400		459,600
5.25%, 05/24/49 (Call 11/24/48)(h)		200		240,225
6.13%, 01/31/46 (Call 07/31/45)		200		264,542
6.63%, 03/18/25		100		118,613
6.63%, 01/15/40(h)		120		160,860
Industrias Penoles SAB de CV
4.15%, 09/12/29 (Call 06/12/29)(b)		200		215,500
4.75%, 08/06/50 (Call 02/06/50)(b)		200		205,500
5.65%, 09/12/49 (Call 03/12/49)(b)		200		231,160
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)(b)		200		197,000
4.88%, 01/14/48(b)		200		200,940
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(d)		200		187,250
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(b)		200		208,663
Nemak SAB de CV, 4.75%, 01/23/25 (Call 05/31/21)(b)		200		205,850
Orbia Advance Corp. SAB de CV
4.00%, 10/04/27 (Call 07/04/27)(b)		200		217,475
5.50%, 01/15/48 (Call 07/15/47)(b)		400		453,700
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(b)		600		649,612
Southern Copper Corp.
3.88%, 04/23/25		300		326,962
5.25%, 11/08/42		400		484,830
5.88%, 04/23/45(h)		300		393,619
6.75%, 04/16/40		400		552,180
7.50%, 07/27/35		200		285,200
Total Play Telecomunicaciones SA de CV, 7.50%, 11/12/25(b) .		200		199,250
Trust Fibra Uno
4.87%, 01/15/30 (Call 10/30/29)(b)		600		659,737
5.25%, 01/30/26 (Call 10/30/25)(b)		200		224,225
6.39%, 01/15/50 (Call 07/15/49)(b)		200		227,000
Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(b)		200		196,330
				18,716,307
Morocco — 0.6%
OCP SA
4.50%, 10/22/25(b)		800		849,150
5.63%, 04/25/24(b)		625		678,438
6.88%, 04/25/44(b)		400		482,075
				2,009,663

Security	Par (000)		Value
Nigeria — 0.4%
IHS Netherlands Holdco BV
7.13%, 03/18/25 (Call 09/18/21)(b)	$	400	$	416,150
8.00%, 09/18/27 (Call 09/18/22)(b)		500		542,500
SEPLAT Petroleum Development Co. PLC, 7.75%, 04/01/26 (Call 04/01/23)(d)		400		408,120
				1,366,770
Oman — 0.6%
Bank Muscat SAOG
4.75%, 03/17/26(b)		400		414,875
4.88%, 03/14/23(b)		200		209,000
National Bank of Oman SAOG, 5.63%, 09/25/23(b)		400		419,325
Oztel Holdings SPC Ltd.
5.63%, 10/24/23(b)		400		425,325
6.63%, 04/24/28(b)		500		555,406
				2,023,931
Panama — 0.9%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(b)		800		826,660
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(b)(h)		600		650,925
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)(b)		600		637,500
7.50%, 10/15/26 (Call 10/15/21)(b)(h)		200		212,000
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b)		400		424,000
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(b)		400		419,000
				3,170,085
Paraguay — 0.2%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(b)(j)		295		215,144
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27(b)		600		634,237
				849,381
Peru — 2.1%
Banco de Credito del Peru
2.70%, 01/11/25 (Call 12/11/24)(b)(h)		800		813,000
3.13%, 07/01/30 (Call 07/01/25)(b)(g)		600		590,250
3.25%, 09/30/31 (Call 09/30/26)(d)(g)		200		195,250
4.25%, 04/01/23(b)		100		104,125
Consorcio Transmantaro SA, 4.70%, 04/16/34(b)(h)		400		429,250
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(b)		400		397,400
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b)		400		406,570
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(b)(h)		400		400,000
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(d)		400		380,660
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(b)(h)		400		408,000
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/36(b)		400		412,875
5.88%, 07/05/34(b)(h)		411		469,729
Nexa Resources SA
5.38%, 05/04/27 (Call 02/04/27)(b)		400		424,400
6.50%, 01/18/28 (Call 10/18/27)(b)		400		446,000
Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(b)		400		402,000
Peru LNG Srl, 5.38%, 03/22/30(b)(h)		600		500,362
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(b)		400		431,000
				7,210,871
Philippines — 1.6%
Bank of the Philippine Islands, 4.25%, 09/04/23(b)		400		430,325
BDO Unibank Inc.
2.13%, 01/13/26(b)		600		608,062
2.95%, 03/06/23(b)		200		206,850

22 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Philippines (continued)
JGSH Philippines Ltd., 4.13%, 07/09/30(b)	$	400	$	425,700
Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(b)(f)(g)		400		383,325
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(b)		200		210,725
Metropolitan Bank & Trust Co., 2.13%, 01/15/26(b)		400		406,875
Petron Corp., 4.60%, (Call 07/19/23)(b)(f)(g)		200		200,163
Philippine National Bank, 3.28%, 09/27/24(b)		600		630,487
San Miguel Crop., 5.50%, (Call 07/29/25)(b)(f)(g)		400		417,000
SMC Global Power Holdings Corp.
5.70%, (Call 01/21/26)(b)(f)(g)		400		407,075
5.95%, (Call 05/05/25)(b)(f)(g)		400		408,200
6.50%, (Call 04/25/24)(b)(f)(g)		300		308,775
7.00%, (Call 10/21/25)(b)(f)(g)		600		636,675
				5,680,237
Qatar — 3.6%
.ABQ Finance Ltd.
1.88%, 09/08/25(b)		400		399,375
3.13%, 09/24/24(b)		400		419,875
AKCB Finance Ltd., 4.75%, 10/09/23(b)		400		432,375
CBQ Finance Ltd.
2.00%, 09/15/25(b)		400		402,875
5.00%, 05/24/23(b)		200		215,850
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(b)(f)(g)		200		200,188
MAR Sukuk Ltd.
2.21%, 09/02/25(b)		600		610,237
3.03%, 11/13/24(b)		200		210,225
Nakilat Inc., 6.07%, 12/31/33(b)		550		671,447
Ooredoo International Finance Ltd.
2.63%, 04/08/31(d)		600		605,370
3.25%, 02/21/23(b)		550		573,891
3.75%, 06/22/26(b)		600		660,112
3.88%, 01/31/28(b)		400		448,950
4.50%, 01/31/43(b)		200		236,162
5.00%, 10/19/25(b)		400		459,875
QIB Sukuk Ltd.
1.54%, 02/07/25, (3 mo. LIBOR US + 1.350%)(b)(g)		400		402,700
1.95%, 10/27/25(b)		600		602,362
3.98%, 03/26/24(b)		600		646,425
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(b)		200		215,688
QNB Finance Ltd.
1.38%, 01/26/26(b)		600		589,312
1.63%, 09/22/25(b)		400		399,624
2.63%, 05/12/25(b)		800		833,750
2.75%, 02/12/27(b)		700		726,819
3.50%, 03/28/24(b)		600		639,300
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27(b)		481		548,818
6.33%, 09/30/27(b)		513		592,291
				12,743,896
Russia — 4.6%
Alfa Bank AO Via Alfa Bond Issuance PLC
5.95%, 04/15/30 (Call 04/15/25)(b)(g)		400		411,075
6.95%, (Call 04/30/23)(b)(f)(g)		200		206,788
8.00%, (Call 02/03/22)(b)(f)(g)		200		204,163
ALROSA Finance SA, 4.65%, 04/09/24 (Call 01/09/24)(b)		400		425,075
Credit Bank of Moscow Via CBOM Finance PLC, 4.70%, 01/29/25(b)		400		404,700
Eurochem Finance DAC, 5.50%, 03/13/24(b)		400		434,000
Evraz PLC
5.25%, 04/02/24(b)		400		430,460
5.38%, 03/20/23(b)		200		211,975

Security	Par (000)		Value
Russia (continued)
Gazprom Neft OAO Via GPN Capital SA, 6.00%, 11/27/23(b)	$	600	$	657,487
Gazprom PJSC Via Gaz Capital SA
4.95%, 02/06/28(b)		3,000		3,313,050
7.29%, 08/16/37(b)		500		693,062
8.63%, 04/28/34(b)		450		666,084
Lukoil International Finance BV
4.56%, 04/24/23(b)		200		211,163
4.75%, 11/02/26(b)		800		887,400
Lukoil Securities BV, 3.88%, 05/06/30(b)		400		418,875
Metalloinvest Finance DAC, 4.85%, 05/02/24(b)		400		427,200
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23 (Call 01/11/23)(b)		300		311,055
MMC Norilsk Nickel OJSC Via MMC Finance DAC
2.55%, 09/11/25 (Call 06/11/25)(b)		200		200,725
3.38%, 10/28/24 (Call 07/28/24)(b)		400		414,950
MMK International Capital DAC, 4.38%, 06/13/24
(Call 03/13/24)(b)		200		213,288
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/23(b)		200		212,850
Novolipetsk Steel Via Steel Funding DAC
4.50%, 06/15/23(b)		200		211,350
4.70%, 05/30/26 (Call 02/28/26)(b)		400		435,950
Phosagro OAO Via Phosagro Bond Funding DAC, 3.05%, 01/23/25 (Call 10/23/24)(b)		400		410,950
Polyus Finance PLC, 5.25%, 02/07/23(b)		200		210,350
Sberbank of Russia Via SB Capital SA, 5.25%, 05/23/23(b)		400		421,700
Severstal OAO Via Steel Capital SA, 3.15%, 09/16/24(b)		400		412,575
TMK OAO Via TMK Capital SA, 4.30%, 02/12/27(b)		200		201,100
VEON Holdings BV
3.38%, 11/25/27 (Call 08/25/27)(b)		600		601,800
4.00%, 04/09/25 (Call 01/09/25)(b)		600		629,062
4.95%, 06/16/24 (Call 03/16/24)(b)		200		214,037
7.25%, 04/26/23 (Call 01/26/23)(b)		200		216,350
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(g)		800		860,900
				16,181,549
Saudi Arabia — 4.5%
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(b)		400		461,875
Almarai Sukuk Ltd., 4.31%, 03/05/24(b)		200		215,600
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25)(b)(g)		200		205,750
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(d)		200		205,437
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(b)		300		309,900
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 03/21/23(b)		400		420,200
Riyad Bank, 3.17%, 02/25/30 (Call 02/25/25)(b)(g)		600		613,425
SABIC Capital I BV
2.15%, 09/14/30 (Call 06/14/30)(b)		200		191,938
3.00%, 09/14/50 (Call 03/14/50)(b)		200		183,688
SABIC Capital II BV
4.00%, 10/10/23(b)		400		431,000
4.50%, 10/10/28(b)		400		456,825
Samba Funding Ltd., 2.75%, 10/02/24(b)		800		834,400
Saudi Arabian Oil Co.
1.63%, 11/24/25 (Call 10/24/25)(b)		600		605,430
2.25%, 11/24/30 (Call 08/24/30)(b)		800		770,900
3.25%, 11/24/50 (Call 05/24/50)(b)		1,000		911,250
3.50%, 04/16/29(b)		1,200		1,283,100
3.50%, 11/24/70 (Call 05/24/70)(b)		1,000		907,300
4.25%, 04/16/39(b)		1,200		1,307,100
4.38%, 04/16/49(b)		1,200		1,317,000

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Saudi Arabia (continued)
Saudi Electricity Global Sukuk Co. 2
3.47%, 04/08/23(b)	$	200	$	209,450
5.06%, 04/08/43(b)		400		470,700
Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24(b)		400		431,875
5.50%, 04/08/44(b)		400		498,450
Saudi Electricity Global Sukuk Co. 4
4.22%, 01/27/24(b)		400		434,825
4.72%, 09/27/28(b)		600		702,487
Saudi Electricity Global Sukuk Co. 5
1.74%, 09/17/25(b)		400		401,375
2.41%, 09/17/30(b)		400		401,950
Saudi Telecom Co., 3.89%, 05/13/29(b)		400		440,450
				15,623,680
Singapore — 4.3%
BOC Aviation Ltd.
1.32%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)(b)(g)		400		399,316
2.63%, 09/17/30 (Call 06/17/30)(b)(h)		400		386,325
3.00%, 09/11/29 (Call 06/11/29)(b)		500		497,750
3.25%, 04/29/25 (Call 03/29/25)(b)		600		625,800
3.50%, 10/10/24 (Call 09/10/24)(b)		400		425,075
3.50%, 09/18/27 (Call 06/18/27)(b)		600		634,875
3.88%, 04/27/26 (Call 01/27/26)(b)(h)		500		537,438
4.00%, 01/25/24 (Call 12/25/23)(b)		400		425,450
DBS Group Holdings Ltd.
3.30%, (Call 02/27/25)(b)(f)(g)		400		409,375
3.60%, (Call 09/07/21)(b)(f)(g)		800		805,400
4.52%, 12/11/28 (Call 12/11/23)(b)(g)		400		432,748
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		500		541,806
4.75%, 06/15/25 (Call 03/15/25)(h)		510		569,128
4.88%, 06/15/29 (Call 03/15/29)		350		398,545
4.88%, 05/12/30 (Call 02/12/30)(h)		400		460,176
GLP Pte Ltd., 3.88%, 06/04/25(b)		625		653,633
Olam International Ltd., 5.35%, (Call 07/20/21)(b)(f)(g)		300		300,056
Oversea-Chinese Banking Corp. Ltd.
1.83%, 09/10/30 (Call 09/10/25)(b)(g)		600		597,030
4.25%, 06/19/24(b)		600		655,425
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(b)		200		203,141
Singapore Telecommunications Ltd., 7.38%, 12/01/31(b)		300		432,342
SingTel Group Treasury Pte Ltd.
1.88%, 06/10/30 (Call 03/10/30)(b)		400		387,084
2.38%, 10/03/26(b)		400		420,075
2.38%, 08/28/29 (Call 05/28/29)(b)		400		405,075
3.25%, 06/30/25(b)		300		323,925
3.88%, 08/28/28 (Call 05/28/28)(b)		200		222,739
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(b) .		400		403,325
United Overseas Bank Ltd.
1.25%, 04/14/26(d)		400		398,968
1.75%, 03/16/31 (Call 03/16/26)(b)(g)		200		197,512
2.00%, 10/14/31 (Call 10/14/26)(d)(g)		200		198,736
2.88%, 03/08/27 (Call 03/08/22)(b)(g)		400		405,075
3.50%, 09/16/26 (Call 09/16/21)(b)(g)		400		403,325
3.75%, 04/15/29 (Call 04/15/24)(b)(g)(h)		400		426,575
3.88%, (Call 10/19/23)(b)(f)(g)		400		412,825
				14,996,073
South Africa — 1.5%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)(h)		400		414,960

Security	Par (000)		Value
South Africa (continued)
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(g)	$	200	$	211,663
Gold Fields Orogen Holdings BVI Ltd.
5.13%, 05/15/24 (Call 04/15/24)(b)		400		435,200
6.13%, 05/15/29 (Call 02/15/29)(b)		200		235,725
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 03/04/23)(d)		400		421,875
MTN Mauritius Investments Ltd.
4.76%, 11/11/24(b)		450		475,537
6.50%, 10/13/26(b)		400		452,450
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)		400		406,000
5.50%, 03/18/31 (Call 03/18/30)		500		508,025
5.88%, 03/27/24 (Call 02/27/24)		1,200		1,273,350
6.50%, 09/27/28 (Call 06/27/28)		400		441,380
				5,276,165
South Korea — 4.2%
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)(b)(f)(g) .		400		416,450
Heungkuk Life Insurance Co. Ltd., 4.48%, (Call 11/09/22)(b)(f)(g)		200		202,413
Hyundai Capital Services Inc.
1.25%, 02/08/26(d)		200		195,746
3.75%, 03/05/23(b)		400		420,200
Kia Corp., 3.00%, 04/25/23(b)		400		415,575
Kookmin Bank 1.75%, 05/04/25(b)		400		407,160
2.50%, 11/04/30(b)(h)		200		195,034
2.88%, 03/25/23(b)		200		208,322
4.35%, (Call 07/02/24)(b)(f)(g)		200		210,663
Korea East-West Power Co. Ltd., 1.75%, 05/06/25(b)		600		610,800
Korea Electric Power Corp.
1.13%, 06/15/25(b)		400		399,075
2.50%, 06/24/24(b)		200		211,288
Korea Gas Corp.
2.88%, 07/16/29(b)		200		211,225
3.50%, 07/21/25(b)		200		219,287
3.50%, 07/02/26(b)		200		222,537
3.88%, 02/12/24(b)		200		217,975
6.25%, 01/20/42(b)		600		872,737
Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23(b)		400		428,325
Kyobo Life Insurance Co. Ltd., 3.95%, (Call 07/24/22)(b)(f)(g)		200		204,288
LG Chem Ltd.
3.25%, 10/15/24(b)		400		431,000
3.63%, 04/15/29(b)		200		216,725
NongHyup Bank
1.25%, 07/20/25(b)		400		399,640
3.88%, 07/30/23(b)		200		214,162
POSCO, 2.75%, 07/15/24(b)		600		632,737
Shinhan Bank Co. Ltd. 1.38%, 10/21/26(d)		200		199,800
1.88%, 04/24/25, (3 mo. LIBOR US + 1.700%)(b)(g)		200		208,288
3.88%, 11/05/23(b)		400		431,545
3.88%, 03/24/26(b)		200		218,346
3.88%, 12/07/26 (Call 12/07/21)(b)(g)		400		405,575
Shinhan Financial Group Co. Ltd.
1.35%, 01/10/26(b)(h)		400		397,664
3.34%, 02/05/30 (Call 02/05/25)(b)(g)		200		209,038
5.88%, (Call 08/13/23)(b)(f)(g)		200		216,037
SK Battery America Inc., 2.13%, 01/26/26(b)		400		393,872
SK Hynix Inc.
1.00%, 01/19/24(d)		200		199,814

24 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Korea (continued)
1.50%, 01/19/26(d)	$	400	$	396,034
2.38%, 01/19/31(d)		500		478,604
3.00%, 09/17/24(b)		600		636,300
SK Innovation Co. Ltd., 4.13%, 07/13/23(b)		200		210,972
SK Telecom Co. Ltd., 3.75%, 04/16/23(b)		200		211,690
Woori Bank
4.25%, (Call 10/04/24)(b)(f)(g)		600		623,362
4.50%, (Call 09/27/21)(b)(f)(g)		600		607,050
5.25%, (Call 05/16/22)(b)(f)(g)		400		412,200
				14,619,555
Taiwan — 1.7%
Competition Team Technologies Ltd., 3.75%, 03/12/24(b)		600		645,113
Formosa Group Cayman Ltd., 3.38%, 04/22/25(b)		400		422,575
Foxconn Far East Ltd.
1.63%, 10/28/25(b)		600		602,666
2.50%, 10/28/30(b)		400		390,700
TSMC Global Ltd.
0.75%, 09/28/25(b)		600		585,948
1.00%, 09/28/27(b)		600		578,108
1.25%, 04/23/26 (Call 03/23/26)(d)		600		598,350
1.38%, 09/28/30(b)		800		739,344
1.75%, 04/23/28 (Call 02/23/28)(d)		400		395,896
2.25%, 04/23/31 (Call 01/23/31)(d)		1,000		991,070
				5,949,770
Thailand — 2.1%
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29)(b)(g)		1,000		1,016,437
4.05%, 03/19/24(b)		600		650,362
4.45%, 09/19/28(b)		200		226,287
5.00%, 10/03/23(b)		200		220,038
5.00%, 12/31/49(b)		400		420,450
GC Treasury Center Co. Ltd.
2.98%, 03/18/31 (Call 12/18/30)(d)		400		397,860
4.30%, 03/18/51 (Call 09/18/50)(d)(h)		400		413,340
Kasikornbank PCL/Hong Kong
3.34%, 10/02/31 (Call 10/02/26)(b)(g)		600		613,237
5.28%, (Call 10/14/25)(b)(f)(g)		200		210,163
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(b)(h)		400		376,950
PTTEP Treasury Center Co. Ltd.
2.59%, 06/10/27 (Call 04/10/27)(b)		400		412,450
3.90%, 12/06/59(b)		400		402,825
Siam Commercial Bank PCL/Cayman Islands
2.75%, 05/16/23(b)		200		207,600
3.90%, 02/11/24(b)		200		214,913
4.40%, 02/11/29(b)		400		449,450
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(b)		400		347,950
3.75%, 06/18/50(b)		400		363,360
5.38%, 11/20/48(b)		400		458,325
				7,401,997
Togo — 0.1%
Ecobank Transnational Inc., 9.50%, 04/18/24(b)		200		213,663
Turkey — 3.4%
Akbank T.A.S., 6.80%, 02/06/26(b)		400		412,825
Akbank TAS
5.13%, 03/31/25(b)		400		396,825
7.20%, 03/16/27 (Call 03/16/22)(b)(g)		200		200,788
Arcelik AS, 5.00%, 04/03/23(b)		200		206,350

Security	Par (000)		Value
Turkey (continued)
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)(b)	$	600	$	626,175
KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)(b)		600		613,050
6.50%, 03/11/25 (Call 12/11/24)(b)		400		427,950
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(b)		500		526,969
QNB Finansbank AS, 6.88%, 09/07/24(b)		400		422,575
Turk Telekomunikasyon AS
4.88%, 06/19/24(b)		400		412,375
6.88%, 02/28/25(b)		200		217,850
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(b)		200		213,162
5.80%, 04/11/28 (Call 01/11/28)(b)		400		417,875
Turkiye Garanti Bankasi AS
5.88%, 03/16/23(b)		200		206,850
6.13%, 05/24/27 (Call 05/24/22)(b)(g)		600		595,237
Turkiye Is Bankasi AS
6.13%, 04/25/24(b)		800		814,650
7.00%, 06/29/28 (Call 06/29/23)(b)(g)		400		398,825
7.75%, 01/22/30 (Call 01/22/25)(b)(g)		500		502,906
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b)		400		392,700
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b)		400		441,075
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25(b)		400		389,575
6.50%, 01/08/26(b)		400		398,875
8.13%, 03/28/24(b)		400		423,325
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(b)		400		432,450
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(b)		200		201,788
6.10%, 03/16/23(b)		200		204,162
7.88%, 01/22/31 (Call 01/22/26)(d)(g)(h)		400		400,875
8.25%, 10/15/24(b)		400		427,875
13.88%, (Call 01/15/24)(b)(f)(g)		400		448,875
				11,774,812
Ukraine — 0.4%
Metinvest BV
7.75%, 10/17/29(b)		200		212,975
8.50%, 04/23/26 (Call 01/23/26)(b)		400		439,200
MHP Lux SA, 6.95%, 04/03/26(b)		400		409,700
MHP SE, 7.75%, 05/10/24(b)		400		420,950
				1,482,825
United Arab Emirates — 4.7%
Abu Dhabi Commercial Bank PJSC, 4.00%, 03/13/23(b)		400		423,950
Abu Dhabi National Energy Co. PJSC
3.40%, 04/29/51 (Call 10/29/50)(d)		200		201,500
3.88%, 05/06/24(b)		200		216,787
4.00%, 10/03/49(b)		200		220,662
4.38%, 04/23/25(b)		200		223,287
4.38%, 06/22/26(b)		400		454,825
4.88%, 04/23/30(b)		400		477,075
6.50%, 10/27/36(b)		300		421,931
ADCB Finance Cayman Ltd., 4.00%, 03/29/23(b)		200		211,600
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(b)(f)(g)		200		218,537
AHB Sukuk Co. Ltd., 4.38%, 09/19/23(b)		200		216,225
Aldar Sukuk Ltd., 4.75%, 09/29/25(b)		200		223,412
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(b)		200		215,163
BOS Funding Ltd., 4.00%, 09/18/24(b)		200		207,850

SCHEDULE   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
United Arab Emirates (continued)
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(b)(f)(g)	$	200	$	212,438
DIB Sukuk Ltd.
2.95%, 02/20/25(b)		200		209,288
2.95%, 01/16/26(b)		600		627,112
3.63%, 02/06/23(b)		400		416,875
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(b)(f)(g)		200		218,437
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(b)(f)(g)		400		419,875
EI Sukuk Co. Ltd., 1.83%, 09/23/25(b)		200		199,188
Emaar Sukuk Ltd.
3.64%, 09/15/26(b)		200		205,600
3.88%, 09/17/29(b)		200		202,288
EMG Sukuk Ltd., 4.56%, 06/18/24(b)		200		213,975
EMG SUKUK Ltd., 4.56%, 06/18/24(b)		200		213,975
Emirates NBD Bank PJSC
1.64%, 01/13/26(b)		400		399,375
6.13%, (Call 03/20/25)(b)(f)(g)		400		428,375
6.13%, (Call 04/09/26)(b)(f)(g)		200		218,787
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(b)		200		215,350
Esic Sukuk Ltd., 3.94%, 07/30/24(b)		200		207,975
Fab Sukuk Co. Ltd.
2.50%, 01/21/25(b)		200		208,038
3.63%, 03/05/23(b)		200		210,350
3.88%, 01/22/24(b)		400		429,375
First Abu Dhabi Bank PJSC
1.10%, 07/08/24, (3 mo. LIBOR US + 0.900%)(b)(g)		400		401,375
4.50%, (Call 04/05/26)(b)(f)(g)		400		424,875
Galaxy Pipeline Assets Bidco Ltd.
1.75%, 09/30/27(b)		400		402,875
2.16%, 03/31/34(d)		600		588,000
2.63%, 03/31/36(b)		800		776,000
2.94%, 09/30/40(d)		600		583,800
3.25%, 09/30/40(b)		400		389,500
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(b)		400		419,000
MAF Global Securities Ltd.
4.75%, 05/07/24(b)		400		436,375
5.50%, (Call 09/07/22)(b)(f)(g)		200		205,538
MAF Sukuk Ltd.
3.93%, 02/28/30(b)		200		214,663
4.64%, 05/14/29(b)		200		223,975
Mashreqbank PSC, 4.25%, 02/26/24(b)		200		214,475
National Central Cooling Co. PJSC, 2.50%, 10/21/27(b)		200		197,350
Noor Sukuk Co. Ltd., 4.47%, 04/24/23(b)		200		212,350
Rakfunding Cayman Ltd., 4.13%, 04/09/24(b)		200		213,913
Ruwais Power Co. PJSC, 6.00%, 08/31/36(b)		200		260,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25(b)		300		222,000
SIB Sukuk Co. III Ltd.
2.85%, 06/23/25(b)		200		208,850
4.23%, 04/18/23(b)		200		212,038
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(b)		200		228,687
				16,425,119
United Kingdom — 0.1%
CK Hutchison International 21 Ltd.
1.50%, 04/15/26 (Call 03/15/26)(d)		200		200,296
2.50%, 04/15/31 (Call 01/15/31)(d)		200		198,612
			398,908
United States — 0.1%
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(d)		400		396,500

Security	Par/ Shares (000)		Value
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(b)	$	500	$	503,688
Zambia — 1.2%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 05/10/21)(b)		400		410,500
6.88%, 03/01/26 (Call 05/10/21)(b)		600		629,175
6.88%, 10/15/27 (Call 10/15/23)(b)		1,200		1,311,000
7.25%, 04/01/23 (Call 05/10/21)(b)		1,000		1,016,250
7.50%, 04/01/25 (Call 05/10/21)(b)		800		830,500
				4,197,425
Total Corporate Bonds & Notes — 97.4% (Cost: $336,229,525)				340,334,226
Foreign Government Obligations(a)
Nigeria — 0.4%
Africa Finance Corp.
3.13%, 06/16/25(b)		400		411,375
3.75%, 10/30/29(b)		400		414,875
3.88%, 04/13/24(b)		400		422,375
4.38%, 04/17/26(b)		200		216,500
				1,465,125
South Korea — 0.0%
Industrial Bank of Korea, 1.04%, 06/22/25(b)		200		197,758
Supranational — 0.5%
Africa Finance Corp., 2.88%, 04/28/28(d)		200		198,188
African Export-Import Bank (The)
3.99%, 09/21/29 (Call 06/23/29)(b)		800		834,750
5.25%, 10/11/23(b)		600		647,062
				1,680,000
Total Foreign Government Obligations — 0.9% (Cost: $3,298,136)				3,342,883
Short-Term Investments
Money Market Funds — 8.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(l)(m)(n)		24,788		24,800,069
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(l)(m)		4,387		4,387,000
				29,187,069
Total Short-Term Investments — 8.4% (Cost: $29,181,896)				29,187,069
Total Investments in Securities — 106.7% (Cost: $368,709,557)				372,864,178
Other Assets, Less Liabilities — (6.7)%				(23,378,454	)
Net Assets — 100.0%			$	349,485,724

^(a)  U.S. dollar denominated security issued by foreign domiciled entity.

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

^(c)  Issuer filed for bankruptcy and/or is in default.

^(d)  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.

26 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Corporate Bond ETF

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

^(f)  Perpetual security with no stated maturity date.

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

^(h)  All or a portion of this security is on loan.

⁽ⁱ⁾  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.

^(j)  Zero-coupon bond.

^(k)  When-issued security.

^(l)  Affiliate of the Fund.

^(m)  Annualized 7-day yield as of period-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 affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,553,871	$	13,250,756	(a)	$	—	$	(1,272	)	$	(3,286	)	$	24,800,069		24,788	$	31,198	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,577,000		1,810,000	(a)		—		—			—			4,387,000		4,387		262			—
								$	(1,272	)	$	(3,286	)	$	29,187,069			$	31,460		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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, 2021. 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	$	—	$	340,334,226	$	—	$	340,334,226
Foreign Government Obligations		—		3,342,883		—		3,342,883
Money Market Funds		29,187,069		—		—		29,187,069
	$	29,187,069	$	343,677,109	$	—	$	372,864,178

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 27

Schedule of Investments (unaudited)  April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes(a)
Argentina — 0.9%
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 05/10/21)(b)	$	150	$	72,872
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/21)(b)		300		286,463
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)(b)		200		210,788
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)		400		381,100
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b)		300		204,249
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b)		400		326,400
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b)		300		260,306
YPF SA
1.50%, 09/30/33 (Call 03/30/33)(c)(d)		300		133,275
2.50%, 06/30/29 (Call 12/30/28)(c)(d)		200		107,500
4.00%, 02/12/26 (Call 11/12/25)(c)(d)		200		160,540
6.95%, 07/21/27(b)		500		303,125
7.00%, 12/15/47 (Call 06/15/47)(b)		300		167,775
8.50%, 07/28/25(b)		650		463,937
8.75%, 04/04/24(b)		541		438,311
YPF Socidad Anonima, 2.50%, 06/30/29 (Call 12/30/28)		100		53,750
YPF Sociedad Anonima, 4.00%, 02/12/26 (Call 11/12/25)		100		80,270
				3,650,661
Azerbaijan — 0.4%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b)		550		544,328
Southern Gas Corridor CJSC, 6.88%, 03/24/26(b)		1,000		1,200,813
				1,745,141
Bahrain — 0.3%
BBK BSC, 5.50%, 07/09/24(b)		200		210,600
GFH Sukuk Ltd., 7.50%, 01/28/25(b)		200		196,000
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(b)		600		671,175
				1,077,775
Brazil — 11.4%
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)		200		209,625
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)(c)		400		416,350
Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24)		200		217,287
B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)(b)		400		393,200
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25(b)		400		408,500
Banco BTG Pactual SA/Cayman Islands
2.75%, 01/11/26 (Call 12/11/25)(b)		200		189,438
4.50%, 01/10/25 (Call 12/10/24)(b)		600		615,487
7.75%, 02/15/29 (Call 02/15/24)(b)(e)		200		211,537
Banco do Brasil SA/Cayman
4.63%, 01/15/25(b)		600		640,350
4.75%, 03/20/24(b)		400		427,400
4.88%, 04/19/23(b)		400		425,450
6.25%, (Call 04/15/24)(b)(e)(f)		1,000		988,750
9.00%, (Call 06/18/24)(b)(e)(f)		1,200		1,312,350
9.25%, 12/31/49 (Call 04/15/23)(b)		600		650,175
Banco Safra SA/Cayman Islands, 4.13%, 02/08/23(b)		200		207,400
Banco Votorantim SA, 4.38%, 07/29/25(b)		400		416,188
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(b)		400		467,075
Braskem Finance Ltd., 6.45%, 02/03/24		600		667,050
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)(b)		600		624,000
4.50%, 01/31/30(b)(g)		800		813,200
5.88%, 01/31/50(b)		400		417,500

Security	Par (000)		Value
Brazil (continued)
8.50%, 01/23/81 (Call 10/24/25)(b)(e)	$	200	$	230,250
BRF SA
4.88%, 01/24/30 (Call 10/24/29)(b)		400		410,300
5.75%, 09/21/50 (Call 03/21/50)(b)		400		390,690
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b)		800		919,800
Centrais Eletricas Brasileiras SA
3.63%, 02/04/25(b)		400		405,900
4.63%, 02/04/30(b)		400		403,380
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(b)(g)		600		639,487
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(b)		400		426,200
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(b)		600		649,950
CSN Islands XII Corp., 7.00%, (Call 06/23/21)(b)(f)(g)		600		604,125
CSN Resources SA
7.63%, 02/13/23 (Call 05/31/21)(b)		400		415,950
7.63%, 04/17/26 (Call 04/17/22)(b)		200		214,410
Embraer Netherlands Finance BV
5.05%, 06/15/25		600		628,500
5.40%, 02/01/27		400		419,750
FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)		400		435,220
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(b)		400		404,720
Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/22)(b)		300		273,600
Guara Norte Sarl, 5.20%, 06/15/34(c)		400		401,500
Hidrovias International Finance Sarl, 4.95%, 02/08/31 (Call 02/08/26)(c)		200		203,163
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 05/31/21)(b)		400		377,084
Itau Unibanco Holding SA/Cayman Island
3.25%, 01/24/25(b)		200		205,050
3.88%, 04/15/31 (Call 01/15/26)(b)(e)		200		194,200
4.50%, 11/21/29 (Call 11/21/24)(b)(e)(g)		600		604,170
4.63%, (Call 02/27/25)(b)(e)(f)		400		380,200
5.13%, 05/13/23(b)(g)		920		974,797
6.13%, (Call 12/12/22)(b)(e)(f)		600		607,050
6.50%, (Call 03/19/23)(b)(e)(f)(g)		400		408,575
JBS Investments II GmbH
5.75%, 01/15/28 (Call 07/15/22)(b)		400		423,160
7.00%, 01/15/26 (Call 01/15/22)(b)		400		425,920
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(b)(g)		500		548,700
JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)		200		201,913
Klabin Austria GmbH
3.20%, 01/12/31 (Call 10/12/30)(b)		200		189,438
5.75%, 04/03/29 (Call 01/03/29)(b)		400		444,500
7.00%, 04/03/49 (Call 10/03/48)(b)		400		488,960
Klabin Finance SA, 4.88%, 09/19/27(b)		200		217,800
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(c)		800		762,400
Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(c)		400		388,104
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(c)		200		195,850
Natura Cosmeticos SA, 5.38%, 02/01/23 (Call 05/21/21)(b)		400		411,200
NBM U.S. Holdings Inc.
6.63%, 08/06/29 (Call 08/06/24)(b)		400		443,000
7.00%, 05/14/26 (Call 05/14/22)(b)		400		430,075
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 05/31/21)(b)(g)(h)		423		168,706
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 06/01/21)(b)(i)		800		21,200
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(b)(h)		741		143,636
Oi SA, 10.00%, (4.00% PIK), 07/27/25(h)		800		836,400

28 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
Petrobras Global Finance BV
4.38%, 05/20/23	$	400	$	423,950
5.09%, 01/15/30(g)		1,765		1,865,164
5.30%, 01/27/25		500		553,844
5.60%, 01/03/31 (Call 10/03/30)(g)		1,400		1,510,250
5.75%, 02/01/29		400		445,240
6.00%, 01/27/28		1,068		1,204,170
6.25%, 03/17/24		400		447,904
6.75%, 01/27/41		500		566,656
6.75%, 06/03/50 (Call 12/03/49)		800		872,368
6.85%, 06/05/2115(g)		1,153		1,214,513
6.88%, 01/20/40		500		574,000
6.90%, 03/19/49		900		1,007,865
7.25%, 03/17/44(g)		686		800,905
7.38%, 01/17/27		851		1,028,646
8.75%, 05/23/26		479		609,120
Rede D’or Finance Sarl
4.50%, 01/22/30 (Call 10/22/29)(b)		200		197,000
4.95%, 01/17/28 (Call 10/17/27)(b)		800		826,650
Rumo Luxembourg Sarl
5.25%, 01/10/28 (Call 01/10/24)(b)		400		423,450
5.88%, 01/18/25 (Call 01/18/22)(b)		200		210,900
Simpar Europe SA, 5.20%, 01/26/31 (Call 01/26/26)(c)		400		403,000
Ultrapar International SA
5.25%, 10/06/26(b)(g)		400		430,950
5.25%, 06/06/29(b)		400		419,960
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)(b)		200		215,168
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(b)		400		429,575
				46,368,543
Chile — 0.4%
AES Gener SA, 7.13%, 03/26/79 (Call 04/07/24)(b)(e)		400		424,000
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(b)		200		156,000
EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)		400		396,388
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/26/21)(b)		200		212,660
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b)(g)		400		418,575
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23)(b)		200		216,000
				1,823,623
China — 6.0%
Agile Group Holdings Ltd., 7.88%, (Call 07/31/24)(b)(e)(f)		800		814,400
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(b)(e)(f)		1,700		1,753,975
Central Plaza Development Ltd., 5.75%, (Call 11/14/24)(b)(e)(f)		200		187,350
China Evergrande Group
7.50%, 06/28/23 (Call 05/31/21)(b)		700		613,506
8.75%, 06/28/25 (Call 06/28/21)(b)		2,400		1,948,200
10.50%, 04/11/24 (Call 04/11/22)(b)		400		358,950
China SCE Group Holdings Ltd.
7.00%, 05/02/25 (Call 05/02/23)(b)		400		404,700
7.38%, 04/09/24 (Call 04/09/22)(b)		200		208,225
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(b)		400		416,075
CIFI Holdings Group Co. Ltd.
5.95%, 10/20/25 (Call 07/20/23)(b)		400		422,950
6.45%, 11/07/24 (Call 11/07/22)(b)		400		422,950
Easy Tactic Ltd.
5.88%, 02/13/23 (Call 05/31/21)(b)		400		374,200
11.75%, 08/02/23(b)		200		207,038

Security	Par (000)		Value
China (continued)
Easy Trade Global Co.Ltd., 4.00%, 11/10/25(b)	$	200	$	202,938
Fortune Star BVI Ltd.
5.05%, 01/27/27 (Call 01/27/25)(b)		200		199,100
5.95%, 10/19/25 (Call 10/19/23)(b)		400		416,700
Franshion Brilliant Ltd., 6.00%, (Call 02/08/26)(b)(e)(f)		400		398,375
Greenland Global Investment Ltd., 5.88%, 07/03/24(b)		200		170,600
Huarong Finance 2017 Co. Ltd.
4.00%, (Call 11/07/22)(b)(e)(f)		400		252,000
4.50%, (Call 01/24/22)(b)(e)(f)		700		448,875
Huarong Finance II Co. Ltd., 2.88%, (Call 09/14/21)(b)(e)(f)		200		130,000
Kaisa Group Holdings Ltd.
9.38%, 06/30/24 (Call 06/30/21)(b)		1,600		1,588,800
9.75%, 09/28/23 (Call 09/28/22)(b)		400		410,700
9.95%, 07/23/25 (Call 01/23/23)(b)		200		192,475
10.50%, 01/15/25 (Call 01/15/23)(b)		200		198,538
10.88%, 07/23/23 (Call 07/23/21)(b)		400		416,950
11.25%, 04/16/25 (Call 04/16/23)(b)		400		404,075
11.95%, 11/12/23 (Call 11/12/21)(b)		400		422,450
KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 11/10/21)(b)		400		406,825
Lenovo Group Ltd.
4.75%, 03/29/23(b)		400		422,200
5.88%, 04/24/25(b)		600		679,425
Proven Glory Capital Ltd., 4.00%, 02/21/27(b)		200		207,287
Proven Honour Capital Ltd.
4.13%, 05/19/25(b)		600		629,362
4.13%, 05/06/26(b)		1,000		1,054,562
RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 (Call 01/12/24)(b)		200		200,750
Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/06/21)(b)		300		283,594
Shui On Development Holding Ltd.
5.75%, 11/12/23 (Call 11/12/21)(b)		400		411,375
6.15%, 08/24/24 (Call 08/24/22)(b)		400		416,375
6.40%, (Call 06/20/22)(b)(e)(f)		200		201,850
Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)(b)(e)(f)		400		344,575
Sunac China Holdings Ltd.
5.95%, 04/26/24 (Call 01/26/23)(b)		400		405,000
6.50%, 07/09/23 (Call 07/09/22)(b)		200		204,750
6.50%, 01/10/25 (Call 01/10/23)(b)		400		406,000
6.50%, 01/26/26 (Call 01/26/24)(b)		200		201,000
6.65%, 08/03/24 (Call 08/03/22)(b)		400		411,575
7.00%, 07/09/25 (Call 07/09/23)(b)		400		410,000
8.35%, 04/19/23 (Call 05/31/21)(b)		400		417,700
Times China Holdings Ltd., 6.75%, 07/08/25 (Call 07/08/23)(b)		400		408,825
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(b)		400		395,575
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(e)(f)		600		610,800
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(b)		400		400,325
Yuzhou Group Holdings Co. Ltd.
6.35%, 01/13/27 (Call 01/13/25)(b)		200		165,125
7.38%, 01/13/26 (Call 01/13/24)(b)		400		337,500
8.38%, 10/30/24 (Call 10/30/22)(b)		200		182,500
8.50%, 02/26/24 (Call 02/26/22)(b)		400		371,000
				24,570,950
Colombia — 1.0%
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 09/15/28)(b)		550		631,812
Banco Davivienda SA, 6.65%, (Call 04/22/31)(c)(e)(f)		200		203,310

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colombia (continued)
Banco de Bogota SA
5.38%, 02/19/23(b)	$	200	$	211,475
6.25%, 05/12/26(b)		600		671,700
Bancolombia SA
4.63%, 12/18/29 (Call 12/18/24)(e)		200		201,626
4.88%, 10/18/27 (Call 10/18/22)(e)(g)		400		405,450
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b)(g)		200		210,480
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(b)		200		204,825
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(b)		600		600,675
Millicom International Cellular SA
4.50%, 04/27/31 (Call 04/27/26)(b)		200		212,500
6.25%, 03/25/29 (Call 03/25/24)(b)		360		401,355
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(b)(g)		185		200,471
				4,155,679
Congo — 0.1%
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b)		400		425,700
Egypt — 0.1%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)		400		448,000
Ghana — 0.2%
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b)		400		388,125
Tullow Oil PLC, 7.00%, 03/01/25 (Call 06/01/21)(b)		400		342,000
				730,125
Guatemala — 0.1%
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(b)		300		315,750
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(c)		200		212,700
				528,450
Hong Kong — 2.3%
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(e)(f)		250		254,984
Bank of East Asia Ltd. (The)
5.63%, (Call 05/18/22)(b)(e)(f)		400		409,200
5.83%, (Call 10/21/25)(b)(e)(f)		250		266,172
5.88%, (Call 09/19/24)(b)(e)(f)		250		266,062
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(b)(e)(f)		400		399,375
Celestial Dynasty Ltd., 4.25%, 06/27/29(b)		800		816,900
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(b)(e)(f)		200		212,162
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(b)(e)(f)		400		435,450
FWD Group Ltd.
5.75%, 07/09/24(b)		200		211,788
6.38%, (Call 09/13/24)(b)(e)(f)		800		820,900
Henderson Land MTN Ltd., 2.38%, 05/27/25(b)		400		401,075
Industrial & Commercial Bank of China Asia Ltd., 4.25%, (Call 07/21/21)(b)(e)(f)		1,000		1,005,500
Li & Fung Ltd., 5.25%, (Call 11/03/21)(b)(f)		200		143,600
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(b)(e)(f)		600		605,250
New World China Land Ltd., 4.75%, 01/23/27(b)		400		422,450
NWD Finance BVI Ltd.
4.80%, (Call 09/09/23)(b)(f)		200		195,100
5.25%, (Call 03/22/26)(b)(e)(f)		600		640,425
6.25%, (Call 03/07/24)(b)(f)		800		835,650
NWD MTN Ltd.
4.13%, 07/18/29(b)		800		820,650
4.50%, 05/19/30(b)		200		210,163

Security	Par (000)		Value
Hong Kong (continued)
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(b)	$	200	$	199,475
				9,572,331
India — 2.1%
ABJA Investment Co. Pte Ltd.
5.45%, 01/24/28(b)		600		621,144
5.95%, 07/31/24(b)		425		460,408
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b)		400		441,200
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(c)		200		202,700
Delhi International Airport Ltd.
6.13%, 10/31/26(b)		200		200,038
6.45%, 06/04/29(b)		400		396,200
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)(b)		200		159,538
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23)(c)		400		405,375
Greenko Investment Co., 4.88%, 08/16/23 (Call 06/01/21)(b)		200		202,662
Greenko Solar Mauritius Ltd.
5.55%, 01/29/25 (Call 01/29/22)(b)		400		411,500
5.95%, 07/29/26 (Call 07/29/22)(b)		200		214,600
JSW Steel Ltd., 5.95%, 04/18/24(b)		400		427,700
Network i2i Ltd.
3.98%, (Call 03/03/26)(c)(e)(f)		200		201,000
5.65%, (Call 01/15/25)(b)(e)(f)		600		637,425
Periama Holdings LLC/DE, 5.95%, 04/19/26(b)		400		426,300
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 05/31/21)(b)		200		209,537
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9
Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(c)		400		397,500
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24		200		197,750
Vedanta Resources Finance II PLC
8.95%, 03/11/25 (Call 09/11/24)(c)		600		591,600
9.25%, 04/23/26 (Call 04/23/23)(b)		200		179,225
13.88%, 01/21/24 (Call 12/21/22)(b)		400		438,700
Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 08/09/21)(b)		600		512,175
7.13%, 05/31/23(b)		500		470,875
				8,405,152
Indonesia — 0.7%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b)		500		512,281
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)(b)		800		810,400
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b)(g)		800		868,150
Saka Energi Indonesia PT, 4.45%, 05/05/24(b)		400		333,950
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (Call 04/24/26)(b)		177		201,702
				2,726,483
Israel — 2.3%
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)		400		410,275
4.88%, 03/30/26 (Call 12/30/25)		400		412,520
5.38%, 03/30/28 (Call 09/30/27)		400		412,875
5.88%, 03/30/31 (Call 09/30/30)		200		205,938
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)(c)		200		209,225
6.13%, 06/30/25 (Call 03/30/25)(c)		200		219,000
6.50%, 06/30/27 (Call 12/30/26)(c)		400		443,575
6.75%, 06/30/30 (Call 12/30/29)(c)		300		335,962
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36		500		538,810
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 07/21/23		1,475		1,463,200

30 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Israel (continued)
3.15%, 10/01/26	$	1,900	$	1,781,725
4.10%, 10/01/46(g)		1,050		895,125
6.00%, 04/15/24 (Call 01/15/24)		600		630,000
6.75%, 03/01/28 (Call 12/01/27)(g)		600		648,750
7.13%, 01/31/25 (Call 10/31/24)		600		649,875
				9,256,855
Jamaica — 0.4%
Digicel Group 0.5 Ltd. (2.00% PIK), 10.00%, 04/01/24 (Call 05/17/21)(h)		737		722,422
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd., 8.75%, 05/25/24 (Call 05/25/21)(b)		550		572,375
Digicel Ltd., 6.75%, 03/01/23 (Call 05/17/21)(b)		400		376,875
				1,671,672
Kuwait — 0.2%
Burgan Bank SAK, 5.75%, (Call 07/09/24)(b)(e)(f)		400		396,075
Kuwait Projects Co. SPC Ltd.
4.23%, 10/29/26(b)		400		393,200
4.50%, 02/23/27(b)		200		195,850
				985,125
Luxembourg — 0.5%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(b)		600		591,750
7.50%, 05/15/26 (Call 05/15/21)(b)		1,400		1,450,092
				2,041,842
Macau — 1.9%
Champion Path Holdings Ltd.
4.50%, 01/27/26 (Call 01/27/24)(b)		200		209,250
4.85%, 01/27/28 (Call 01/27/25)(b)		400		420,075
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/31/21)(b)		200		204,937
5.25%, 04/26/26 (Call 04/26/22)(b)		800		834,400
5.38%, 12/04/29 (Call 12/04/24)(b)		600		635,700
5.63%, 07/17/27 (Call 07/17/22)(b)		200		211,662
5.75%, 07/21/28 (Call 07/21/23)(b)		400		429,450
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(c)		200		205,750
5.25%, 06/18/25 (Call 06/18/22)(b)		200		208,850
5.38%, 05/15/24 (Call 05/15/21)(b)		800		823,400
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(b)		200		204,038
6.00%, 07/15/25 (Call 07/15/22)(b)		400		422,200
6.50%, 01/15/28 (Call 07/15/23)(b)		400		433,500
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/31/21)(b)		400		405,400
5.13%, 12/15/29 (Call 12/15/24)(b)		800		819,750
5.50%, 01/15/26 (Call 06/15/22)(b)		200		209,250
5.50%, 10/01/27 (Call 10/01/22)(b)		400		417,575
Wynn Macau Ltd. SR, 5.63%, 08/26/28 (Call 08/26/23)(b)		600		629,250
				7,724,437
Mexico — 8.5%
Banco Mercantil del Norte SA/Grand Cayman
6.75%, (Call 09/27/24)(b)(e)(f)		500		523,063
7.50%, (Call 06/27/29)(b)(e)(f)		400		440,325
7.63%, 12/31/49 (Call 01/06/28)(b)(f)		200		220,750
8.38%, 12/31/49 (Call 10/14/30)		200		235,690
BBVA Bancomer SA/Texas
5.13%, 01/18/33 (Call 01/17/28)(b)(e)		600		621,863
5.88%, 09/13/34 (Call 09/13/29)(b)(e)		350		381,784
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)(b)(g)		400		402,700

Security	Par (000)		Value
Mexico (continued)
Cemex SAB de CV
3.88%, 07/11/31 (Call 07/11/26)(b)	$	800	$	788,760
5.20%, 09/17/30 (Call 09/17/25)(b)		600		652,920
5.45%, 11/19/29 (Call 11/19/24)(b)		600		657,112
7.38%, 06/05/27 (Call 06/05/23)(b)		400		452,100
Credito Real SAB de CV, 8.00%, 01/21/28 (Call 01/21/25)		200		192,440
Credito Real SAB de CV SOFOM ER, 8.00%, 01/21/28 (Call 01/21/25)(c)(g)		200		192,440
Grupo Bimbo SAB de CV, 5.95%, (Call 04/17/23)(b)(e)(f)		200		211,450
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28		200		187,250
Nemak SAB de CV, 4.75%, 01/23/25 (Call 05/31/21)(b)		200		205,850
Petroleos Mexicanos
4.50%, 01/23/26		600		605,250
4.88%, 01/18/24(g)		600		621,863
5.35%, 02/12/28		1,200		1,174,500
5.95%, 01/28/31 (Call 10/28/30)		2,100		2,027,340
6.35%, 02/12/48		1,602		1,361,700
6.38%, 01/23/45		795		682,209
6.49%, 01/23/27 (Call 11/23/26)		1,150		1,216,125
6.50%, 03/13/27		3,000		3,180,000
6.50%, 01/23/29(g)		1,000		1,015,250
6.50%, 06/02/41(g)		800		715,150
6.63%, 06/15/35		1,200		1,151,700
6.75%, 09/21/47		3,200		2,832,000
6.84%, 01/23/30 (Call 10/23/29)		2,500		2,568,750
6.88%, 10/16/25 (Call 09/16/25)		500		547,500
6.88%, 08/04/26		1,900		2,051,050
6.95%, 01/28/60 (Call 07/28/59)		2,000		1,758,550
7.69%, 01/23/50 (Call 07/23/49)(g)		4,250		4,090,625
Total Play Telecomunicaciones SA de CV, 7.50%, 11/12/25 (Call 12/12/23)		400		398,500
Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(b)		400		392,660
				34,757,219
Morocco — 0.4%
OCP SA
4.50%, 10/22/25(b)		200		212,287
5.63%, 04/25/24(b)		800		868,400
6.88%, 04/25/44(b)		400		482,075
				1,562,762
Nigeria — 0.3%
IHS Netherlands Holdco BV
7.13%, 03/18/25 (Call 09/18/21)(b)		200		208,075
8.00%, 09/18/27 (Call 09/18/22)(b)		600		651,000
SEPLAT Petroleum Development Co. PLC, 7.75%, 04/01/26 (Call 04/01/23)(c)		200		204,060
				1,063,135
Oman — 0.3%
National Bank of Oman SAOG, 5.63%, 09/25/23(b)		200		209,663
Oztel Holdings SPC Ltd.
5.63%, 10/24/23(b)		400		425,325
6.63%, 04/24/28(b)		500		555,406
				1,190,394
Panama — 0.4%
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)(b)(g)		800		850,000
7.50%, 10/15/26 (Call 10/15/21)(b)		200		212,000

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Panama (continued)
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b)	$	400	$	424,000
				1,486,000
Paraguay — 0.1%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(b)(i)		492		358,573
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)(b)		200		211,412
				569,985
Peru — 0.6%
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b)		400		406,570
Inkia Energy Ltd., 5.88%, 11/09/27 (Call 11/09/22)(b)(g)		400		400,000
InRetail Consumer, 3.25%, 03/22/28 (Call 01/22/28)(c)		400		380,660
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(b)(g)		600		636,600
Orazul Energy Egenor SCA, 5.63%, 04/28/27 (Call 04/28/22)(b)(g)		200		201,000
Peru LNG Srl, 5.38%, 03/22/30(b)		400		333,575
				2,358,405
Philippines — 0.8%
JGSH Philippines Ltd., 4.13%, 07/09/30(b)		400		425,700
Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)(b)(e)(f)		400		383,325
Manila Water Co. Inc., 4.38%, 07/30/30 (Call 07/30/25)(b)		200		210,725
Petron Corp., 4.60%, (Call 07/19/23)(b)(e)(f)		200		200,163
San Miguel Crop., 5.50%, (Call 07/29/25)(b)(e)(f)		400		417,000
SMC Global Power Holdings Corp.
5.70%, (Call 01/21/26)(b)(e)(f)		200		203,537
6.50%, (Call 04/25/24)(b)(e)(f)		800		823,400
7.00%, (Call 10/21/25)(b)(e)(f)		400		424,450
				3,088,300
Qatar — 0.1%
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)(b)(e)(f)		400		400,375
Russia — 2.1%
Alfa Bank AO Via Alfa Bond Issuance PLC
5.95%, 04/15/30 (Call 04/15/25)(b)(e)		800		822,150
6.95%, (Call 04/30/23)(b)(e)(f)		400		413,575
Credit Bank of Moscow Via CBOM Finance PLC
4.70%, 01/29/25(b)		200		202,350
8.88%, (Call 11/10/22)(b)(e)(f)		400		397,700
Eurochem Finance DAC, 5.50%, 03/13/24(b)		400		434,000
Evraz PLC
5.25%, 04/02/24(b)		400		430,460
5.38%, 03/20/23(b)		600		635,925
Metalloinvest Finance DAC, 4.85%, 05/02/24(b)		600		640,800
Polyus Finance PLC, 5.25%, 02/07/23(b)		400		420,700
TMK OAO Via TMK Capital SA, 4.30%, 02/12/27(b)		400		402,200
Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24(b)		400		414,950
VEON Holdings BV
3.38%, 11/25/27 (Call 08/25/27)(b)		600		601,800
4.00%, 04/09/25 (Call 01/09/25)(b)		600		629,063
4.95%, 06/16/24 (Call 03/16/24)(b)		400		428,075
5.95%, 02/13/23(b)		600		638,175
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(e)(f)		1,050		1,129,931
				8,641,854
Saudi Arabia — 0.2%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(c)		200		205,438
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(b)		200		206,600
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(b)		600		620,737
				1,032,775

Security	Par (000)		Value
Singapore — 0.1%
Olam International Ltd., 5.35%, (Call 07/20/21)(b)(e)(f)	$	200	$	200,038
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(b)		400		406,282
				606,320
South Africa — 1.4%
Eskom Holdings SOC Ltd.
6.35%, 08/10/28(b)		600		652,312
6.75%, 08/06/23(b)		617		644,495
7.13%, 02/11/25(b)		660		691,267
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(e)		200		211,663
Gold Fields Orogen Holdings BVI Ltd.
5.13%, 05/15/24 (Call 04/15/24)(b)		400		435,200
6.13%, 05/15/29 (Call 02/15/29)(b)		200		235,725
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 03/04/23)(c)		200		210,938
MTN Mauritius Investments Ltd., 4.76%, 11/11/24(b)		600		634,050
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)		400		406,000
5.50%, 03/18/31 (Call 03/18/30)		400		406,420
5.88%, 03/27/24 (Call 02/27/24)		800		848,900
6.50%, 09/27/28 (Call 06/27/28)		400		441,380
				5,818,350
South Korea — 0.3%
SK Innovation Co. Ltd., 4.13%, 07/13/23(b)		400		421,944
Woori Bank
4.25%, (Call 10/04/24)(b)(e)(f)		400		415,575
5.25%, (Call 05/16/22)(b)(e)(f)		200		206,100
				1,043,619
Thailand — 0.4%
Bangkok Bank PCL/Hong Kong
3.73%, 09/25/34 (Call 09/25/29)(b)(e)		600		609,863
5.00%, 12/31/49 (Call 09/23/25)		400		420,450
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(b)(e)		600		613,237
				1,643,550
Togo — 0.0%
Ecobank Transnational Inc., 9.50%, 04/18/24(b)		200		213,662
Turkey — 2.4%
Akbank T.A.S., 6.80%, 02/06/26(b)		400		412,825
Akbank TAS
5.13%, 03/31/25(b)		200		198,413
7.20%, 03/16/27 (Call 03/16/22)(b)(e)		200		200,788
Arcelik AS, 5.00%, 04/03/23(b)		200		206,350
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)(b)		200		208,725
KOC Holding AS
5.25%, 03/15/23 (Call 12/15/22)(b)		400		408,700
6.50%, 03/11/25 (Call 12/11/24)(b)		400		427,950
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)(b)		200		210,787
QNB Finansbank AS, 6.88%, 09/07/24(b)		400		422,575
Turk Telekomunikasyon AS
4.88%, 06/19/24(b)		200		206,187
6.88%, 02/28/25(b)		200		217,850
Turkcell Iletisim Hizmetleri AS
5.75%, 10/15/25(b)		200		213,162
5.80%, 04/11/28 (Call 01/11/28)(b)		400		417,875
Turkiye Garanti Bankasi AS
5.88%, 03/16/23(b)		300		310,275
6.13%, 05/24/27 (Call 05/24/22)(b)(e)		400		396,825

32 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
Turkiye Is Bankasi AS
6.13%, 04/25/24(b)	$	800	$	814,650
7.00%, 06/29/28 (Call 06/29/23)(b)(e)		200		199,413
7.75%, 01/22/30 (Call 01/22/25)(b)(e)		400		402,325
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b)		400		392,700
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b)		300		330,806
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25(b)		200		194,788
6.50%, 01/08/26(b)		400		398,875
8.13%, 03/28/24(b)		600		634,987
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(b)		400		432,450
Yapi ve Kredi Bankasi AS
5.85%, 06/21/24(b)		300		302,681
6.10%, 03/16/23(b)		200		204,163
7.88%, 01/22/31 (Call 01/22/26)(c)(e)(g)		200		200,438
8.25%, 10/15/24(b)		200		213,937
13.88%, (Call 01/15/24)(b)(e)(f)		400		448,875
				9,630,375
Ukraine — 0.3%
Metinvest BV
7.75%, 10/17/29(b)		200		212,975
8.50%, 04/23/26 (Call 01/23/26)(b)		400		439,200
MHP Lux SA, 6.95%, 04/03/26(b)		200		204,850
MHP SE, 7.75%, 05/10/24(b)		400		420,950
				1,277,975
United Arab Emirates — 1.4%
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)(b)(e)(f)		400		437,075
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(b)(e)(f)		200		212,438
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)(b)(e)(f)		400		436,875
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)(b)(e)(f)		800		839,750
DP World Salaam, 6.00%, (Call 10/01/25)(b)(e)(f)		800		875,750
Emaar Sukuk Ltd.
3.64%, 09/15/26(b)		200		205,600
3.88%, 09/17/29(b)		400		404,575
EMG SUKUK Ltd., 4.56%, 06/18/24(b)		400		427,950
Emirates NBD Bank PJSC
6.13%, (Call 03/20/25)(b)(e)(f)		600		642,562
6.13%, (Call 04/09/26)(b)(e)(f)		400		437,575
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)(b)		400		419,000
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/22)(b)		500		370,000
				5,709,150
United States — 0.1%
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(c)		300		297,375
Vietnam — 0.1%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (Call 05/07/23)(b)		250		251,844
Zambia — 0.8%
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 05/10/21)(b)		400		410,500
6.88%, 03/01/26 (Call 05/10/21)(b)		600		629,175
6.88%, 10/15/27 (Call 10/15/23)(b)		800		874,000
7.25%, 04/01/23 (Call 05/10/21)(b)		800		813,000

Security	Par (000)		Value
Zambia (continued)
7.50%, 04/01/25 (Call 05/10/21)(b)	$	600	$	622,875
				3,349,550
Total Corporate Bonds & Notes — 52.4% (Cost: $208,342,739)				213,901,518
Foreign Government Obligations(a)
Angola — 1.1%
Angolan Government International Bond
8.00%, 11/26/29(b)		1,000		1,007,375
8.25%, 05/09/28(b)		800		820,400
9.13%, 11/26/49(b)		1,200		1,212,975
9.38%, 05/08/48(b)		400		411,325
9.50%, 11/12/25(b)		800		876,400
				4,328,475
Argentina — 2.8%
Argentine Republic Government International Bond
0.13%, 07/09/30 (Call 05/31/21)(d)		8,483		3,031,548
0.13%, 07/09/35 (Call 05/31/21)(d)		10,796		3,395,811
0.13%, 01/09/38 (Call 05/31/21)(d)		5,956		2,238,437
0.13%, 07/09/41 (Call 05/31/21)(d)(g)		5,600		1,987,300
0.13%, 07/09/46 (Call 05/31/21)(d)		1,150		365,700
1.00%, 07/09/29 (Call 06/01/21)(g)		1,299		489,848
				11,508,644
Azerbaijan — 0.5%
Republic of Azerbaijan International Bond
3.50%, 09/01/32(b)		450		452,475
4.75%, 03/18/24(b)		800		867,900
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(b)		600		634,237
				1,954,612
Bahrain — 2.2%
Bahrain Government International Bond
5.25%, 01/25/33(c)		600		582,000
5.45%, 09/16/32(b)		400		396,000
5.63%, 09/30/31(b)		400		402,450
6.00%, 09/19/44(b)		800		743,900
6.13%, 08/01/23(b)		1,000		1,075,500
6.75%, 09/20/29(b)		600		659,363
7.00%, 01/26/26(b)		600		688,237
7.00%, 10/12/28(b)		900		1,008,450
7.38%, 05/14/30(b)		600		678,487
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24(b)		600		640,238
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(b)		600		694,312
CBB International Sukuk Programme Co. SPC
3.95%, 09/16/27(b)		500		507,344
4.50%, 03/30/27(b)		400		418,325
6.25%, 11/14/24(b)		400		438,950
				8,933,556
Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28(b)(g)		600		538,613
Brazil — 4.6%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b)		600		663,113
Brazilian Government International Bond
2.88%, 06/06/25(g)		1,000		1,021,000
3.88%, 06/12/30(g)		1,900		1,882,544
4.25%, 01/07/25		2,148		2,317,558

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
4.50%, 05/30/29 (Call 02/28/29)	$	1,000	$	1,053,000
4.63%, 01/13/28 (Call 10/13/27)(g)		1,600		1,715,300
4.75%, 01/14/50 (Call 07/14/49)		1,650		1,545,637
5.00%, 01/27/45(g)		1,726		1,684,252
5.63%, 01/07/41(g)		1,117		1,190,164
5.63%, 02/21/47		1,500		1,575,750
6.00%, 04/07/26		1,214		1,412,261
7.13%, 01/20/37(g)		860		1,079,999
8.25%, 01/20/34		750		1,019,906
8.88%, 04/15/24		520		639,535
				18,800,019
Costa Rica — 0.5%
Costa Rica Government International Bond
6.13%, 02/19/31(b)(g)		600		624,112
7.00%, 04/04/44(b)		662		677,847
7.16%, 03/12/45(b)		600		620,175
				1,922,134
Dominican Republic — 3.0%
Dominican Republic International Bond
4.50%, 01/30/30(b)		1,050		1,088,588
4.88%, 09/23/32(b)		1,650		1,726,312
5.30%, 01/21/41(c)		700		711,069
5.30%, 01/21/41(b)		150		152,372
5.50%, 01/27/25(b)		625		690,156
5.88%, 01/30/60(b)		1,700		1,687,569
5.95%, 01/25/27(b)		950		1,078,250
6.00%, 07/19/28(b)		600		687,000
6.40%, 06/05/49(b)		750		812,719
6.50%, 02/15/48(b)		450		493,116
6.85%, 01/27/45(b)		1,140		1,293,757
6.88%, 01/29/26(b)		800		934,900
7.45%, 04/30/44(b)		800		964,400
				12,320,208
Ecuador — 1.5%
Ecuador Government International Bond
0.00%, 07/31/30(b)(i)		591		323,779
0.50%, 07/31/30(b)(d)		1,952		1,634,884
0.50%, 07/31/35(b)(d)		4,450		3,025,444
0.50%, 07/31/40(b)(d)		1,750		1,034,687
				6,018,794
Egypt — 3.0%
Egypt Government International Bond
5.58%, 02/21/23(b)		800		835,400
5.75%, 05/29/24(b)		600		634,800
5.88%, 06/11/25(b)		800		848,900
5.88%, 02/16/31(c)		800		769,000
6.59%, 02/21/28(b)		614		636,756
7.05%, 01/15/32(b)		600		614,175
7.50%, 01/31/27(b)		1,000		1,099,250
7.50%, 02/16/61(c)		800		739,000
7.60%, 03/01/29(b)		1,000		1,083,000
7.63%, 05/29/32(b)		800		845,900
7.90%, 02/21/48(b)		800		783,650
8.50%, 01/31/47(b)		1,300		1,341,681
8.70%, 03/01/49(b)		800		835,150
8.88%, 05/29/50(b)		1,000		1,052,063
				12,118,725

Security	Par (000)		Value
El Salvador — 0.4%
El Salvador Government International Bond
7.12%, 01/20/50 (Call 07/20/49)(b)	$	700	$	663,031
7.65%, 06/15/35(b)		600		629,813
9.50%, 07/15/52 (Call 01/15/52)(b)		400		451,875
				1,744,719
Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24(b)		600		573,300
Gabon — 0.1%
Gabon Government International Bond, 6.63%, 02/06/31(b)		600		603,113
Ghana — 1.4%
Ghana Government International Bond
6.38%, 02/11/27(b)		600		595,425
7.63%, 05/16/29(b)		600		607,425
7.75%, 04/07/29(c)		400		409,000
7.88%, 02/11/35(b)		400		391,950
8.13%, 01/18/26(b)		470		501,960
8.13%, 03/26/32(b)		900		904,669
8.63%, 04/07/34(c)		600		617,812
8.63%, 06/16/49(b)		400		387,325
8.95%, 03/26/51(b)		500		494,469
10.75%, 10/14/30(b)		600		757,237
				5,667,272
Guatemala — 0.2%
Guatemala Government Bond, 6.13%, 06/01/50(Call 12/01/49)(b)		700		840,131
Iraq — 0.4%
Iraq International Bond
5.80%, 01/15/28 (Call 06/14/21)(b)		1,531		1,476,029
6.75%, 03/09/23(b)		200		203,913
				1,679,942
Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.13%, 06/15/33(b)		600		635,363
Jamaica — 0.8%
Jamaica Government International Bond
6.75%, 04/28/28		800		947,400
7.88%, 07/28/45		900		1,246,219
8.00%, 03/15/39(g)		700		983,631
				3,177,250
Jordan — 0.5%
Jordan Government International Bond
5.75%, 01/31/27(b)		400		424,700
5.85%, 07/07/30(b)		700		723,406
6.13%, 01/29/26(b)		400		432,575
7.38%, 10/10/47(b)		600		629,363
				2,210,044
Kenya — 0.7%
Kenya Government International Bond
6.88%, 06/24/24(b)		1,200		1,327,350
7.25%, 02/28/28(b)		400		432,450
8.00%, 05/22/32(b)		600		656,362
8.25%, 02/28/48(b)		600		641,175
				3,057,337
Lebanon — 0.1%
Lebanon Government International Bond 6.00%, 01/27/23(b)(j)(k)		500		62,750

34 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Lebanon (continued)
6.10%, 10/04/22(b)(j)(k)	$	700	$	87,194
6.60%, 11/27/26(b)(j)		700		90,037
6.65%, 02/26/30(b)(j)		640		80,920
6.75%, 11/29/27(b)(j)		500		63,062
6.85%, 03/23/27(b)(j)		650		82,591
7.00%, 03/23/32(b)(j)		500		62,750
				529,304
Malaysia — 0.5%
1MDB Global Investments Ltd., 4.40%, 03/09/23(b)		2,000		2,017,500
Morocco — 0.3%
Morocco Government International Bond
3.00%, 12/15/32(b)		600		569,812
4.00%, 12/15/50(b)		600		539,813
				1,109,625
Nigeria — 1.3%
Nigeria Government International Bond
6.50%, 11/28/27(b)		800		843,400
7.14%, 02/23/30(b)		714		755,412
7.63%, 11/21/25(b)		500		567,438
7.63%, 11/28/47(b)		800		802,150
7.70%, 02/23/38(b)		600		616,050
7.88%, 02/16/32(b)		800		858,400
8.75%, 01/21/31(b)		600		683,737
				5,126,587
Oman — 3.3%
Oman Government International Bond
4.75%, 06/15/26(b)		2,100		2,175,206
4.88%, 02/01/25(b)		200		209,475
5.38%, 03/08/27(b)		200		207,913
5.63%, 01/17/28(b)		2,000		2,097,500
6.00%, 08/01/29(b)		1,400		1,482,950
6.25%, 01/25/31(c)		800		859,000
6.25%, 01/25/31(b)		200		214,750
6.50%, 03/08/47(b)		1,000		973,000
6.75%, 10/28/27(b)		400		448,375
6.75%, 01/17/48(b)		1,400		1,397,638
7.00%, 01/25/51(c)		400		408,875
7.38%, 10/28/32(b)		800		910,000
Oman Sovereign Sukuk Co.
4.40%, 06/01/24(b)		600		624,060
5.93%, 10/31/25(b)		1,400		1,546,562
				13,555,304
Pakistan — 0.6%
Pakistan Government International Bond
6.00%, 04/08/26(c)		400		411,000
6.88%, 12/05/27(b)		800		835,150
7.38%, 04/08/31(c)		600		630,000
8.25%, 04/15/24(b)		477		523,448
				2,399,598
Paraguay — 0.4%
Paraguay Government International Bond
4.95%, 04/28/31 (Call 01/28/31)(b)		400		449,075
5.40%, 03/30/50 (Call 09/30/49)(b)		600		675,863
6.10%, 08/11/44(b)		600		718,987
				1,843,925

Security	Par (000)		Value
Senegal — 0.3%
Senegal Government International Bond
6.25%, 05/23/33(b)	$	700	$	730,537
6.75%, 03/13/48(b)		400		401,450
				1,131,987
Serbia — 0.2%
Serbia International Bond, 2.13%, 12/01/30(b)		735		677,716
South Africa — 2.3%
Republic of South Africa Government International Bond
4.30%, 10/12/28		1,000		1,004,562
4.67%, 01/17/24(g)		600		640,800
4.85%, 09/27/27		600		632,737
4.85%, 09/30/29		1,100		1,136,644
4.88%, 04/14/26		804		856,411
5.00%, 10/12/46		600		539,550
5.38%, 07/24/44		700		665,350
5.65%, 09/27/47		600		576,488
5.75%, 09/30/49		1,500		1,441,687
5.88%, 09/16/25(g)		986		1,097,418
5.88%, 06/22/30(g)		800		882,400
				9,474,047
Sri Lanka — 0.9%
Sri Lanka Government International Bond
5.75%, 04/18/23(b)		600		433,612
6.20%, 05/11/27(b)		600		389,363
6.75%, 04/18/28(b)		700		454,475
6.83%, 07/18/26(b)		600		392,550
6.85%, 03/14/24(b)		700		484,444
6.85%, 11/03/25(b)		700		463,006
7.55%, 03/28/30(b)		800		519,400
7.85%, 03/14/29(b)		700		454,912
				3,591,762
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(b)(g)		400		424,950
Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(b)		600		559,988
Turkey — 8.1%
Hazine Mustesarligi Varlik Kiralama AS
4.49%, 11/25/24(b)		200		200,975
5.00%, 04/06/23(b)		1,000		1,010,812
Turkey Government International Bond
3.25%, 03/23/23		700		685,913
4.25%, 03/13/25		1,000		959,250
4.25%, 04/14/26		800		746,650
4.75%, 01/26/26		1,000		959,687
4.88%, 10/09/26		1,510		1,440,446
4.88%, 04/16/43		1,579		1,217,113
5.13%, 02/17/28(g)		1,000		940,500
5.25%, 03/13/30		1,000		915,813
5.60%, 11/14/24		1,300		1,307,150
5.75%, 03/22/24		1,450		1,471,569
5.75%, 05/11/47		1,826		1,501,657
5.88%, 06/26/31		900		843,469
5.95%, 01/15/31		1,200		1,130,625
6.00%, 03/25/27		1,721		1,710,566
6.00%, 01/14/41(g)		1,503		1,315,407
6.13%, 10/24/28		1,000		985,812

SCHEDULE   OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey (continued)
6.35%, 08/10/24(g)	$	1,150	$	1,182,200
6.38%, 10/14/25		1,400		1,431,762
6.63%, 02/17/45		1,679		1,542,371
6.75%, 05/30/40		975		928,261
6.88%, 03/17/36(g)		1,491		1,460,528
7.25%, 12/23/23		1,000		1,057,375
7.25%, 03/05/38		550		557,666
7.38%, 02/05/25		1,770		1,880,404
7.63%, 04/26/29(g)		1,600		1,700,300
8.00%, 02/14/34		713		776,858
11.88%, 01/15/30(g)		800		1,075,400
				32,936,539
Ukraine — 2.0%
Ukraine Government International Bond
6.88%, 05/21/29(c)		600		601,200
7.25%, 03/15/33(b)		1,300		1,302,681
7.38%, 09/25/32(b)		1,500		1,513,406
7.75%, 09/01/23(b)		675		718,580
7.75%, 09/01/24(b)		518		555,814
7.75%, 09/01/25(b)		736		791,108
7.75%, 09/01/26(b)		800		860,400
7.75%, 09/01/27(b)		800		857,650
9.75%, 11/01/28(b)		1,000		1,157,688
				8,358,527
United Arab Emirates — 0.3%
Emirate of Dubai Government International Bonds
3.90%, 09/09/50(b)		800		736,000
5.25%, 01/30/43(b)		400		439,450
				1,175,450
Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24(b)		600		670,425
Zambia — 0.2%
Zambia Government International Bond
8.50%, 04/14/24(b)(j)(k)		600		369,000
8.97%, 07/30/27(b)(j)		600		361,237
				730,237
Total Foreign Government Obligations — 45.3% (Cost: $193,847,319)				184,945,722

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 8.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(l)(m)(n)		30,101	$	30,116,504
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(l)(m)		5,449		5,449,000
				35,565,504
Total Short-Term Investments — 8.7% (Cost: $35,567,936)				35,565,504
Total Investments in Securities — 106.4% (Cost: $437,757,994)				434,412,744
Other Assets, Less Liabilities — (6.4)%				(26,199,480	)
Net Assets — 100.0%			$	408,213,264

^(a)  U.S. dollar denominated security issued by foreign domiciled entity.

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

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

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

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

^(f)  Perpetual security with no stated maturity date.

^(g)  All or a portion of this security is on loan.

^(h)  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.

⁽ⁱ⁾  Zero-coupon bond.

^(j)  Issuer filed for bankruptcy and/or is in default.

^(k)  Non-income producing security.

^(l)  Affiliate of the Fund.

^(m)  Annualized 7-day yield as of period-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 affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,259,777	$	12,861,825	(a)	$	—	$	(4,481	)	$	(617	)	$	30,116,504		30,101	$	50,698	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,109,000		1,340,000	(a)		—		—			—			5,449,000		5,449		444			—
								$	(4,481	)	$	(617	)	$	35,565,504			$	51,142		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

36 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM High Yield Bond ETF

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, 2021. 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	$	—	$	213,901,518	$	—	$	213,901,518
Foreign Government Obligations		—		184,945,722		—		184,945,722
Money Market Funds		35,565,504		—		—		35,565,504
	$	35,565,504	$	398,847,240	$	—	$	434,412,744

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments (unaudited)  April 30, 2021 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Government Obligations
Brazil — 5.1%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/22(a)	BRL		11,000	$	1,901,214
0.00%, 07/01/23(a)	BRL		21,000		3,338,072
0.00%, 01/01/24(a)	BRL		41,697		6,339,285
0.00%, 07/01/24(a)	BRL		2,000		290,908
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/23	BRL		19,557		3,798,732
Series F, 10.00%, 01/01/25	BRL		16,399		3,220,653
Series F, 10.00%, 01/01/27	BRL		15,193		2,980,478
Series F, 10.00%, 01/01/29	BRL		9,263		1,809,000
Series F, 10.00%, 01/01/31	BRL		3,000		583,702
Brazilian Government International Bond
8.50%, 01/05/24	BRL		500		95,992
10.25%, 01/10/28	BRL		1,420		278,098
					24,636,134
Chile — 4.3%
Bonos de la Tesoreria de la Republica en pesos
2.30%, 10/01/28(b)(c)	CLP		610,000		785,355
2.50%, 03/01/25	CLP		3,400,000		4,785,236
4.00%, 03/01/23(b)(c)	CLP		1,180,000		1,737,419
4.50%, 03/01/26	CLP		2,275,000		3,448,322
4.70%, 09/01/30(b)(c)	CLP		1,985,000		2,983,320
5.00%, 03/01/35	CLP		2,510,000		3,788,415
6.00%, 01/01/43	CLP		2,120,000		3,574,986
					21,103,053
China — 14.8%
China Government Bond
1.99%, 04/09/25	CNY		30,170		4,488,836
2.36%, 07/02/23	CNY		24,400		3,739,099
2.68%, 05/21/30	CNY		37,290		5,520,192
2.85%, 06/04/27	CNY		36,530		5,558,620
2.88%, 11/05/23	CNY		20,720		3,209,040
2.94%, 10/17/24	CNY		20,370		3,156,630
3.02%, 10/22/25	CNY		28,590		4,427,291
3.12%, 12/05/26	CNY		28,160		4,374,722
3.13%, 11/21/29	CNY		28,340		4,358,253
3.19%, 04/11/24	CNY		25,880		4,044,996
3.22%, 12/06/25	CNY		19,120		2,986,962
3.25%, 06/06/26	CNY		30,500		4,773,270
3.25%, 11/22/28	CNY		24,250		3,770,177
3.27%, 11/19/30	CNY		26,640		4,151,547
3.28%, 12/03/27	CNY		14,490		2,258,461
3.29%, 10/18/23	CNY		15,880		2,490,980
3.29%, 05/23/29	CNY		33,540		5,212,115
3.81%, 09/14/50	CNY		20,000		3,145,204
					71,666,395
Colombia — 4.2%
Colombia Government International Bond, 9.85%, 06/28/27	COP		745,000		238,645
Colombian TES
5.75%, 11/03/27	COP		4,792,500		1,247,227
6.00%, 04/28/28	COP		10,020,200		2,618,962
6.25%, 11/26/25	COP		6,352,200		1,764,996
7.00%, 05/04/22	COP		7,868,900		2,202,889
7.00%, 06/30/32	COP		8,141,500		2,130,193
7.25%, 10/18/34	COP		8,410,300		2,206,234
7.25%, 10/26/50	COP		3,449,500		829,407
7.50%, 08/26/26	COP		9,267,600		2,677,815

Security		Par (000)		Value
Colombia (continued)
7.75%, 09/18/30	COP		6,250,100	$	1,757,711
10.00%, 07/24/24	COP		7,982,800		2,483,478
					20,157,557
Czech Republic — 4.5%
Czech Republic Government Bond
0.05%, 11/29/29	CZK		13,580		550,961
0.25%, 02/10/27	CZK		51,150		2,215,811
0.45%, 10/25/23(c)	CZK		37,560		1,725,408
0.95%, 05/15/30(c)	CZK		44,610		1,939,635
1.00%, 06/26/26(c)	CZK		47,400		2,156,754
1.20%, 03/13/31	CZK		28,510		1,257,852
2.00%, 10/13/33	CZK		49,240		2,316,376
2.40%, 09/17/25(c)	CZK		37,230		1,811,489
2.50%, 08/25/28(c)	CZK		46,550		2,294,753
2.75%, 07/23/29	CZK		36,520		1,840,139
4.20%, 12/04/36(c)	CZK		14,830		886,770
4.70%, 09/12/22(c)	CZK		26,620		1,307,628
5.70%, 05/25/24(c)	CZK		29,650		1,573,313
					21,876,889
Dominican Republic — 4.3%
Dominican Republic International Bond
8.90%, 02/15/23(c)	DOP		409,700		7,452,035
9.75%, 06/05/26(c)	DOP		705,000		13,527,567
					20,979,602
Hungary — 4.5%
Hungary Government Bond
1.00%, 11/26/25	HUF		501,630		1,634,527
1.50%, 08/23/23	HUF		293,560		994,352
1.50%, 04/22/26	HUF		344,200		1,139,339
1.75%, 10/26/22	HUF		260,890		888,043
2.00%, 05/23/29	HUF		142,860		475,050
2.25%, 04/20/33	HUF		148,620		470,756
2.50%, 10/24/24	HUF		492,490		1,713,045
2.75%, 12/22/26	HUF		460,210		1,617,932
3.00%, 06/26/24	HUF		388,310		1,367,935
3.00%, 10/27/27	HUF		420,280		1,500,745
3.00%, 08/21/30	HUF		518,860		1,830,332
3.00%, 10/27/38	HUF		170,920		552,407
3.25%, 10/22/31	HUF		590,410		2,105,289
5.50%, 06/24/25	HUF		491,850		1,906,341
6.00%, 11/24/23	HUF		368,890		1,386,733
6.75%, 10/22/28	HUF		293,660		1,302,694
7.00%, 06/24/22	HUF		244,730		877,724
					21,763,244
Indonesia — 6.6%
Indonesia Treasury Bond
5.50%, 04/15/26	IDR		16,486,000		1,132,164
5.63%, 05/15/23	IDR		17,942,000		1,260,722
6.13%, 05/15/28	IDR		20,510,000		1,410,639
6.25%, 06/15/36	IDR		3,704,000		250,395
6.50%, 06/15/25	IDR		22,821,000		1,635,150
6.50%, 02/15/31	IDR		17,484,000		1,210,384
6.63%, 05/15/33	IDR		16,767,000		1,152,042
7.00%, 05/15/22	IDR		16,840,000		1,201,941
7.00%, 05/15/27	IDR		19,284,000		1,403,080
7.00%, 09/15/30	IDR		24,440,000		1,746,923
7.50%, 08/15/32	IDR		8,278,000		598,858
7.50%, 06/15/35	IDR		18,141,000		1,293,135
7.50%, 05/15/38	IDR		12,212,000		865,281

38 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Indonesia (continued)
7.50%, 04/15/40	IDR		14,496,000	$	1,031,328
8.13%, 05/15/24	IDR		15,737,000		1,179,322
8.25%, 05/15/29	IDR		18,380,000		1,414,923
8.25%, 06/15/32	IDR		8,396,000		640,235
8.25%, 05/15/36	IDR		15,390,000		1,166,636
8.38%, 03/15/24	IDR		23,379,000		1,756,055
8.38%, 09/15/26	IDR		20,703,000		1,597,334
8.38%, 03/15/34	IDR		26,852,000		2,054,099
8.38%, 04/15/39	IDR		10,957,000		838,178
8.75%, 05/15/31	IDR		10,916,000		866,025
9.00%, 03/15/29	IDR		15,709,000		1,257,155
9.50%, 07/15/31	IDR		5,720,000		472,608
10.50%, 08/15/30	IDR		3,789,000		330,505
11.00%, 09/15/25	IDR		2,856,000		236,863
Perusahaan Penerbit SBSN Indonesia
6.63%, 10/15/24	IDR		11,181,000		801,615
8.25%, 09/15/23	IDR		8,832,000		650,410
8.88%, 11/15/31	IDR		8,608,000		685,303
					32,139,308
Malaysia — 4.4%
Malaysia Government Bond
2.63%, 04/15/31	MYR		1,450		338,324
3.48%, 03/15/23	MYR		3,901		975,488
3.48%, 06/14/24	MYR		1,666		419,937
3.50%, 05/31/27	MYR		4,190		1,055,022
3.73%, 06/15/28	MYR		2,777		709,592
3.76%, 04/20/23	MYR		1,950		490,666
3.76%, 05/22/40	MYR		3,116		720,151
3.80%, 08/17/23	MYR		1,841		465,261
3.83%, 07/05/34	MYR		4,509		1,097,446
3.89%, 08/15/29	MYR		5,123		1,314,962
3.90%, 11/30/26	MYR		2,291		595,435
3.90%, 11/16/27	MYR		3,857		994,303
3.91%, 07/15/26	MYR		2,769		714,637
3.96%, 09/15/25	MYR		5,406		1,394,711
4.06%, 09/30/24	MYR		1,945		499,675
4.07%, 06/15/50	MYR		2,159		500,432
4.18%, 07/15/24	MYR		2,543		653,877
4.76%, 04/07/37	MYR		3,424		899,890
Malaysia Government Investment Issue
3.15%, 05/15/23	MYR		2,423		602,822
3.42%, 09/30/27	MYR		2,242		558,017
3.47%, 10/15/30	MYR		3,334		827,047
3.66%, 10/15/24	MYR		2,709		687,091
3.73%, 03/31/22	MYR		979		242,886
3.73%, 03/31/26	MYR		2,700		691,585
3.95%, 04/14/22	MYR		2,227		553,910
4.09%, 11/30/23	MYR		2,600		663,741
4.13%, 08/15/25	MYR		2,835		735,572
4.13%, 07/09/29	MYR		3,126		812,918
4.26%, 07/26/27	MYR		2,796		728,121
4.37%, 10/31/28	MYR		2,392		631,471
					21,574,990
Mexico — 5.5%
Mexican Bonos
6.75%, 03/09/23	MXN		37,700		1,927,295
7.50%, 06/03/27	MXN		45,551		2,391,994
8.50%, 05/31/29	MXN		43,040		2,372,230
8.50%, 11/18/38	MXN		35,105		1,875,283
10.00%, 12/05/24	MXN		41,083		2,321,137

Security		Par (000)		Value
Mexico (continued)
10.00%, 11/20/36	MXN		7,423	$	454,873
Series M, 5.75%, 03/05/26	MXN		53,162		2,608,314
Series M, 6.50%, 06/09/22	MXN		48,123		2,430,983
Series M, 7.75%, 05/29/31	MXN		30,251		1,587,091
Series M, 7.75%, 11/23/34	MXN		16,000		827,141
Series M, 7.75%, 11/13/42	MXN		36,240		1,777,485
Series M, 8.00%, 12/07/23	MXN		38,215		2,021,954
Series M, 8.00%, 09/05/24	MXN		41,504		2,207,503
Series M, 8.00%, 11/07/47	MXN		34,018		1,699,001
					26,502,284
Peru — 4.4%
Peru Government Bond
5.35%, 08/12/40	PEN		6,251		1,449,788
5.40%, 08/12/34	PEN		7,293		1,835,555
5.70%, 08/12/24	PEN		4,124		1,217,855
5.94%, 02/12/29	PEN		10,405		2,981,471
6.15%, 08/12/32	PEN		10,076		2,776,897
6.35%, 08/12/28	PEN		10,101		2,968,080
6.90%, 08/12/37	PEN		9,834		2,763,792
6.95%, 08/12/31	PEN		9,155		2,705,971
8.20%, 08/12/26	PEN		7,624		2,544,697
					21,244,106
Philippines — 4.4%
Philippine Government International Bond
3.90%, 11/26/22	PHP		323,000		6,753,112
6.25%, 01/14/36	PHP		575,000		14,358,786
					21,111,898
Poland — 4.5%
Republic of Poland Government Bond
0.75%, 04/25/25	PLN		5,675		1,506,484
1.25%, 10/25/30	PLN		4,502		1,140,337
2.25%, 04/25/22	PLN		6,242		1,683,769
2.25%, 10/25/24	PLN		5,569		1,559,564
2.50%, 01/25/23	PLN		6,866		1,886,068
2.50%, 04/25/24	PLN		5,252		1,474,380
2.50%, 07/25/26	PLN		7,175		2,045,615
2.50%, 07/25/27	PLN		5,720		1,631,016
2.75%, 04/25/28	PLN		6,014		1,736,006
2.75%, 10/25/29	PLN		7,426		2,139,695
3.25%, 07/25/25	PLN		5,958		1,738,034
4.00%, 10/25/23	PLN		5,596		1,616,675
5.75%, 09/23/22	PLN		5,053		1,438,919
					21,596,562
Romania — 4.4%
Romania Government Bond
3.25%, 04/29/24	RON		5,155		1,291,303
3.40%, 03/08/22	RON		4,470		1,104,768
3.50%, 12/19/22	RON		4,350		1,085,755
3.65%, 07/28/25	RON		5,715		1,457,374
3.65%, 09/24/31	RON		5,415		1,362,978
3.70%, 11/25/24	RON		1,890		481,389
4.00%, 10/25/23	RON		4,675		1,188,523
4.15%, 01/26/28	RON		3,930		1,037,285
4.25%, 06/28/23	RON		4,670		1,187,696
4.40%, 09/25/23	RON		5,735		1,469,716
4.50%, 06/17/24	RON		5,675		1,475,615
4.75%, 02/24/25	RON		5,420		1,429,801
4.85%, 04/22/26	RON		6,040		1,625,340
5.00%, 02/12/29	RON		5,810		1,620,973

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Romania (continued)
5.80%, 07/26/27	RON		6,330	$	1,811,721
5.85%, 04/26/23	RON		5,780		1,509,764
					21,140,001
Russia — 4.3%
Russian Federal Bond - OFZ
4.50%, 07/16/25	RUB		93,143		1,154,321
6.00%, 10/06/27	RUB		98,797		1,267,712
6.10%, 07/18/35	RUB		15,067		182,539
6.50%, 02/28/24	RUB		76,344		1,028,316
6.90%, 05/23/29	RUB		82,175		1,096,811
7.00%, 01/25/23	RUB		31,480		428,423
7.00%, 08/16/23	RUB		56,605		771,753
7.05%, 01/19/28	RUB		62,206		840,453
7.10%, 10/16/24	RUB		81,631		1,116,054
7.15%, 11/12/25	RUB		99,818		1,364,549
7.25%, 05/10/34	RUB		91,831		1,239,095
7.40%, 12/07/22	RUB		66,524		908,681
7.40%, 07/17/24	RUB		67,739		932,775
7.60%, 07/20/22	RUB		67,222		916,389
7.65%, 04/10/30	RUB		92,124		1,286,794
7.70%, 03/23/33	RUB		95,629		1,335,332
7.70%, 03/16/39	RUB		73,804		1,043,463
7.75%, 09/16/26	RUB		81,116		1,135,348
7.95%, 10/07/26	RUB		80,104		1,132,854
8.15%, 02/03/27	RUB		74,310		1,060,109
8.50%, 09/17/31	RUB		58,340		860,550
					21,102,321
South Africa — 4.4%
Republic of South Africa Government Bond
6.25%, 03/31/36	ZAR		17,427		801,904
6.50%, 02/28/41	ZAR		13,465		586,950
7.00%, 02/28/31	ZAR		20,060		1,145,905
7.75%, 02/28/23	ZAR		18,939		1,373,349
8.00%, 01/31/30	ZAR		39,165		2,491,275
8.25%, 03/31/32	ZAR		29,582		1,789,849
8.50%, 01/31/37	ZAR		32,135		1,796,446
8.75%, 01/31/44	ZAR		27,703		1,520,352
8.75%, 02/28/48	ZAR		47,801		2,620,944
8.88%, 02/28/35	ZAR		27,556		1,633,919
9.00%, 01/31/40	ZAR		21,153		1,208,267
10.50%, 12/21/26	ZAR		54,586		4,293,883
					21,263,043
Thailand — 4.4%
Thailand Government Bond
0.75%, 06/17/24	THB		21,751		696,350
0.95%, 06/17/25	THB		28,645		916,845
1.45%, 12/17/24	THB		48,040		1,575,879
1.59%, 12/17/35	THB		3,408		101,447
1.60%, 12/17/29	THB		33,086		1,052,102
1.60%, 06/17/35	THB		20,877		626,749
1.88%, 06/17/22	THB		26,961		879,501
2.00%, 12/17/22	THB		27,311		898,476
2.13%, 12/17/26	THB		37,382		1,259,793
2.40%, 12/17/23	THB		38,890		1,306,261
2.88%, 12/17/28	THB		33,657		1,181,413
2.88%, 06/17/46	THB		33,526		1,090,852

Security		Par/ Shares (000)		Value
Thailand (continued)
3.30%, 06/17/38	THB		49,077	$	1,760,941
3.40%, 06/17/36	THB		38,294		1,396,714
3.63%, 06/16/23	THB		32,884		1,122,975
3.65%, 06/20/31	THB		35,311		1,325,152
3.78%, 06/25/32	THB		36,703		1,390,549
3.85%, 12/12/25	THB		39,622		1,433,975
4.26%, 12/12/37(c)	THB		470		18,368
4.88%, 06/22/29	THB		35,950		1,427,697
					21,462,039
Turkey — 4.4%
Turkey Government Bond
7.10%, 03/08/23	TRY		14,095		1,428,283
8.00%, 03/12/25	TRY		13,329		1,179,875
8.50%, 09/14/22	TRY		8,938		967,465
9.00%, 07/24/24	TRY		16,494		1,576,934
10.40%, 03/20/24	TRY		6,649		674,161
10.50%, 08/11/27	TRY		17,375		1,524,399
10.60%, 02/11/26	TRY		22,991		2,132,185
10.70%, 08/17/22	TRY		12,566		1,403,294
11.00%, 03/02/22	TRY		13,249		1,521,111
11.00%, 02/24/27	TRY		14,953		1,364,150
11.70%, 11/13/30	TRY		22,132		1,939,086
12.20%, 01/18/23	TRY		15,580		1,745,986
12.40%, 03/08/28	TRY		9,151		869,080
12.60%, 10/01/25	TRY		17,443		1,773,855
16.20%, 06/14/23	TRY		10,259		1,208,451
					21,308,315
Uruguay — 4.4%
Uruguay Government International Bond
8.50%, 03/15/28(c)	UYU		423,583		10,048,502
9.88%, 06/20/22(c)	UYU		473,620		11,170,690
					21,219,192
Total Foreign Government Obligations — 97.8% (Cost: $489,298,296)					473,846,933
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)			420		420,000
Total Short-Term Investments — 0.1% (Cost: $420,000)					420,000
Total Investments in Securities — 97.9% (Cost: $489,718,296)					474,266,933
Other Assets, Less Liabilities — 2.1%					10,079,789
Net Assets — 100.0%				$	484,346,722

^(a)  Zero-coupon bond.

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

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

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

40 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® J.P. Morgan EM Local Currency Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	290,000		$130,000	(a)	$	—	$	—	$	—	$	420,000		420	$	198	$	—

^(a)  Represents net amount purchased (sold).

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, 2021. 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	$	—	$	473,846,933	$	—	$	473,846,933
Money Market Funds		420,000		—		—		420,000
	$	420,000	$	473,846,933	$	—	$	474,266,933

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments (unaudited) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 0.2%
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)	USD		175	$	181,485
4.50%, 09/15/27 (Call 06/15/27)(a)(b)	USD		75		81,461
5.13%, 05/15/24 (Call 02/15/24)(a)	USD		100		109,019
					371,965
Austria — 0.2%
ams AG, 6.00%, 07/31/25 (Call 07/31/22)(c)	EUR		100		127,426
Novomatic AG, 1.63%, 09/20/23	EUR		100		114,950
Wienerberger AG, 2.00%, 05/02/24(c)	EUR		50		63,253
					305,629
Belgium — 0.2%
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a)	USD		200		211,233
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(c)	EUR		100		124,935
					336,168
Brazil — 0.4%
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a)	USD		200		212,960
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(a)	USD		125		137,925
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
5.50%, 01/15/30 (Call 01/15/25)(a)	USD		160		176,489
6.50%, 04/15/29 (Call 04/15/24)(a)	USD		155		174,569
					701,943
Canada — 2.8%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)(a)	USD		60		58,767
3.88%, 01/15/28 (Call 09/15/22)(a)	USD		70		70,859
4.00%, 10/15/30 (Call 10/15/25)(a)	USD		350		342,651
4.25%, 05/15/24 (Call 05/31/21)(a)	USD		98		99,214
4.38%, 01/15/28 (Call 11/15/22)(a)	USD		95		96,219
5.75%, 04/15/25 (Call 04/15/22)(a)	USD		15		15,912
Bausch Health Companies Inc.
5.00%, 02/15/29 (Call 02/15/24)(a)	USD		85		85,025
5.25%, 02/15/31 (Call 02/15/26)(a)	USD		105		105,235
Bombardier Inc.
6.00%, 10/15/22 (Call 05/31/21)(a)	USD		175		175,011
6.13%, 01/15/23(a)	USD		155		161,756
7.50%, 12/01/24 (Call 05/31/21)(a)	USD		125		127,162
7.50%, 03/15/25 (Call 05/31/21)(a)	USD		160		160,000
7.88%, 04/15/27 (Call 04/15/22)(a)	USD		220		219,175
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
4.88%, 02/15/30 (Call 02/15/25)(a)	USD		50		50,000
6.13%, 05/15/23 (Call 05/31/21)(a)	CAD		35		28,504
6.25%, 09/15/27 (Call 09/15/22)(a)	USD		82		87,515
CES Energy Solutions Corp., 6.38%, 10/21/24 (Call 05/31/21)	CAD		40		32,830
Crew Energy Inc., 6.50%, 03/14/24 (Call 05/31/21)(a)	CAD		40		29,812
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)(a)	USD		100		100,606
9.50%, 11/01/27 (Call 11/01/22)(a)	USD		75		82,641
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)	USD		100		96,469
3.75%, 08/01/25 (Call 08/01/22)(a)	USD		85		86,488
4.00%, 08/01/28 (Call 08/01/23)(a)(b)	USD		20		19,127

Security		Par (000)		Value
Canada (continued)
4.25%, 06/01/25 (Call 06/01/22)(a)	USD		15	$	15,537
5.13%, 12/15/26 (Call 12/15/22)(a)	USD		80		84,153
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)(a)(b)	USD		10		10,088
7.00%, 12/31/27 (Call 12/31/23)(a)(b)	USD		70		67,900
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)	USD		70		71,227
5.25%, 12/15/27 (Call 12/15/22)(a)	USD		65		68,654
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)(a)	USD		75		77,073
6.50%, 01/15/25 (Call 05/31/21)(a)(b)	USD		58		59,994
7.13%, 02/01/27 (Call 02/01/23)(a)	USD		150		160,129
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(b)	USD		50		52,864
5.25%, 12/15/29 (Call 09/15/29)	USD		100		105,500
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(a)	USD		57		56,786
4.88%, 06/01/24 (Call 03/03/24)(a)	USD		105		110,697
5.00%, 05/01/25 (Call 01/31/25)(a)(b)	USD		65		69,538
5.25%, 08/01/23 (Call 05/31/21)(a)	USD		65		65,771
5.25%, 06/01/27 (Call 03/03/27)(a)	USD		130		139,080
NuVista Energy Ltd., 6.50%, 03/02/23 (Call 05/10/21)	CAD		30		23,899
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)(a)	USD		115		116,437
5.88%, 06/01/26 (Call 06/01/21)(a)	USD		100		103,302
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a)	USD		90		90,787
Parkland Corp., 5.63%, 05/09/25 (Call 05/10/21)	CAD		100		83,621
Parkland Corp./Canada
4.50%, 10/01/29 (Call 10/01/24)(a)	USD		69		70,425
5.88%, 07/15/27 (Call 07/15/22)(a)	USD		65		69,212
Quebecor Media Inc.
5.75%, 01/15/23(b)	USD		130		138,860
6.63%, 01/15/23(a)	CAD		75		65,716
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)(a)	USD		175		182,324
Superior Plus LP
5.13%, 08/27/25 (Call 05/19/21)	CAD		50		42,262
5.25%, 02/27/24 (Call 05/27/21)	CAD		50		41,799
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a)	USD		10		10,225
Telesat Canada/Telesat LLC
5.63%, 12/06/26 (Call 12/06/23)(a)	USD		42		42,263
6.50%, 10/15/27 (Call 10/15/22)(a)	USD		50		49,155
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 06/01/21)(a)	USD		80		83,097
Videotron Ltd.
4.50%, 01/15/30 (Call 10/15/24)	CAD		110		94,709
5.00%, 07/15/22	USD		100		104,373
5.13%, 04/15/27 (Call 04/15/22)(a)	USD		75		79,219
5.38%, 06/15/24 (Call 03/15/24)(a)	USD		75		82,523
5.63%, 06/15/25 (Call 03/15/25)	CAD		50		45,386
5.75%, 01/15/26 (Call 05/17/21)(c)	CAD		50		41,858
					5,207,421
Cayman Islands — 0.1%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(c)	EUR		150		185,201
Denmark — 0.1%
DKT Finance ApS, 7.00%, 06/17/23 (Call 05/31/21)(c)	EUR		100		122,847

42 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Denmark (continued)
TDC AS, 6.88%, 02/23/23(c)	GBP		100	$	150,309
					273,156
Finland — 0.5%
Nokia OYJ
2.00%, 03/11/26 (Call 12/11/25)(c)	EUR		200		252,482
2.38%, 05/15/25 (Call 02/15/25)(c)	EUR		100		127,699
3.38%, 06/12/22	USD		65		66,716
4.38%, 06/12/27	USD		65		71,115
Teollisuuden Voima OYJ
1.13%, 03/09/26 (Call 12/09/25)(c)	EUR		200		241,496
2.00%, 05/08/24 (Call 02/08/24)(c)	EUR		100		124,376
					883,884
France — 3.9%
Accor SA
3.00%, 02/04/26 (Call 11/04/25)(c)	EUR		100		127,260
3.63%, 09/17/23(c)	EUR		100		127,924
Altice France SA/France
2.13%, 02/15/25 (Call 02/15/22)(c)	EUR		100		117,149
4.13%, 01/15/29 (Call 09/15/23)(c)	EUR		100		121,950
5.13%, 07/15/29 (Call 04/15/24)(a)	USD		200		200,125
5.50%, 01/15/28 (Call 09/15/22)(a)	USD		200		206,040
5.88%, 02/01/27 (Call 02/01/22)(c)	EUR		200		256,402
7.38%, 05/01/26 (Call 05/11/21)(a)	USD		200		207,696
8.13%, 02/01/27 (Call 02/01/22)(a)	USD		200		219,250
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/22)(c)	EUR		100		123,374
Burger King France SAS, 6.00%, 05/01/24 (Call 05/10/21)(c)	EUR		100		122,261
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(c)	EUR		100		119,750
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(c)	EUR		100		116,873
4.50%, 03/07/24 (Call 12/07/23)(c)	EUR		100		123,063
4.56%, 01/25/23(c)	EUR		100		125,723
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(c)	EUR		100		119,553
CMA CGM SA
5.25%, 01/15/25 (Call 05/10/21)(c)	EUR		100		122,813
7.50%, 01/15/26 (Call 01/15/23)(c)	EUR		100		132,584
Electricite de France SA, 5.63%, (Call 01/22/24)(a)(d)(e)	USD		150		161,813
Elis SA
1.00%, 04/03/25 (Call 01/03/25)(c)	EUR		100		118,838
1.63%, 04/03/28 (Call 01/03/28)(c)	EUR		100		117,817
1.88%, 02/15/23 (Call 11/15/22)(c)	EUR		100		122,499
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(c)	EUR		100		123,178
2.63%, 06/15/25 (Call 06/15/21)(c)	EUR		100		122,142
3.13%, 06/15/26 (Call 06/15/22)(c)	EUR		100		124,510
3.75%, 06/15/28 (Call 06/15/23)(c)	EUR		100		127,525
Fnac Darty SA, 2.63%, 05/30/26 (Call 05/30/22)(c)	EUR		100		123,478
Foncia Management SASU, 3.38%, 03/31/28 (Call 03/31/24)(c)	EUR		100		119,252
Getlink SE, 3.50%, 10/30/25 (Call 10/30/22)(c)	EUR		100		125,029
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 05/10/21)(c)	EUR		100		117,297
Loxam SAS
2.88%, 04/15/26 (Call 04/15/22)(c)	EUR		125		147,379
3.25%, 01/14/25 (Call 07/15/21)(c)	EUR		125		149,825
3.75%, 07/15/26 (Call 07/15/22)(c)	EUR		100		121,062
Mobilux Finance SAS, 5.50%, 11/15/24 (Call 05/10/21)(c)	EUR		100		121,605
Orano SA
3.13%, 03/20/23 (Call 12/20/22)(c)	EUR		100		125,618
3.38%, 04/23/26 (Call 01/23/26)(c)	EUR		100		130,299

Security		Par (000)		Value
France (continued)
4.88%, 09/23/24	EUR		100	$	136,229
Paprec Holding SA, 4.00%, 03/31/25 (Call 05/31/21)(c)	EUR		100		121,743
Quatrim SASU, 5.88%, 01/15/24 (Call 11/15/21)(c)	EUR		100		125,514
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(c)(e)	EUR		100		120,347
Renault SA
1.00%, 03/08/23 (Call 12/08/22)(c)	EUR		100		120,667
1.00%, 11/28/25 (Call 08/28/25)(c)	EUR		100		118,187
1.13%, 10/04/27 (Call 07/04/27)(c)	EUR		100		111,886
1.25%, 06/24/25 (Call 03/24/25)(c)	EUR		100		118,195
2.00%, 09/28/26 (Call 06/28/26)(c)	EUR		100		118,995
2.38%, 05/25/26 (Call 02/25/26)(c)	EUR		100		121,609
Rexel SA, 2.75%, 06/15/26 (Call 03/15/22)(c)	EUR		125		154,433
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(c)	EUR		100		123,485
SPIE SA, 2.63%, 06/18/26 (Call 12/18/25)(c)	EUR		100		125,212
Tereos Finance Groupe I SA, 4.13%, 06/16/23 (Call 03/16/23)(c)	EUR		100		121,513
Valeo SA
1.63%, 03/18/26 (Call 12/18/25)(c)	EUR		100		124,554
3.25%, 01/22/24(c)	EUR		100		129,780
Vallourec SA
2.25%, 09/30/24(c)	EUR		100		117,521
6.63%, 10/15/22 (Call 05/10/21)(c)	EUR		100		120,131
					7,218,957
Germany — 4.4%
ADLER Group SA
1.88%, 01/14/26 (Call 10/14/25)(c)	EUR		100		118,525
2.25%, 04/27/27 (Call 01/27/27)(c)	EUR		100		119,435
2.75%, 11/13/26 (Call 08/13/26)(c)	EUR		100		122,750
3.25%, 08/05/25 (Call 05/05/25)(c)	EUR		100		125,318
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 05/10/21)(c)	EUR		100		116,938
ADLER Real Estate AG, 3.00%, 04/27/26 (Call 02/27/26)(c)	EUR		100		126,271
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(c)(e)	EUR		100		130,066
CeramTec BondCo GmbH, 5.25%, 12/15/25 (Call 05/31/21)(c)	EUR		100		121,843
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(c)	EUR		100		124,749
Commerzbank AG
4.00%, 03/30/27(c)	EUR		130		177,017
4.00%, 12/05/30 (Call 09/05/25)(c)(e)	EUR		200		263,306
8.13%, 09/19/23(a)	USD		200		228,806
Consus Real Estate AG, 9.63%, 05/15/24 (Call 05/31/21)(c)	EUR		100		126,483
CT Investment GmbH, 5.50%, 04/15/26 (Call 04/15/23)(c)	EUR		100		121,696
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)(c)	EUR		100		117,452
Deutsche Bank AG
2.75%, 02/17/25(c)	EUR		125		158,362
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)(e)	USD		200		208,136
4.50%, 05/19/26(c)	EUR		100		137,719
5.63%, 05/19/31 (Call 02/19/26)(c)(e)	EUR		200		283,415
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(e)	USD		200		216,577
Deutsche Lufthansa AG
2.88%, 02/11/25 (Call 01/11/25)(c)	EUR		100		121,225
3.00%, 05/29/26 (Call 02/28/26)(c)	EUR		100		120,328
3.75%, 02/11/28 (Call 11/11/27)(c)	EUR		100		121,980
4.39%, 08/12/75 (Call 02/12/26)(c)(e)	EUR		100		116,962

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Germany (continued)
Hapag-Lloyd AG, 2.50%, 04/15/28 (Call 04/15/24)(c)	EUR		100	$	120,524
HT Troplast GmbH, 9.25%, 07/15/25 (Call 07/15/22)(c)	EUR		100		131,688
K+S AG
2.63%, 04/06/23 (Call 01/06/23)(c)	EUR		100		120,277
3.25%, 07/18/24 (Call 04/18/24)(c)	EUR		100		121,087
KME SE, 6.75%, 02/01/23 (Call 05/31/21)(c)	EUR		100		96,582
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(c)(e)	EUR		100		128,725
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(a)	USD		110		114,177
METRO AG, 1.50%, 03/19/25(c)	EUR		100		124,410
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 05/31/21)(c)	EUR		100		121,361
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 05/10/21)(c)	EUR		200		241,686
PCF GmbH, 4.75%, 04/15/26 (Call 04/15/23)(c)	EUR		100		120,918
Peach Property Finance GmbH, 3.50%, 02/15/23 (Call 11/15/22)(c)	EUR		100		123,231
Platin 1426 GmbH, 5.38%, 06/15/23 (Call 05/10/21)(c)	EUR		100		121,187
ProGroup AG, 3.00%, 03/31/26 (Call 05/31/21)(c)	EUR		100		121,912
RWE AG, 3.50%, 04/21/75 (Call 04/21/25)(c)(e)	EUR		50		64,397
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)(c)	EUR		100		124,690
2.88%, 03/26/27 (Call 12/26/26)(c)	EUR		100		128,252
3.38%, 10/12/28 (Call 07/12/28)(c)	EUR		100		131,586
Summit Properties Ltd., 2.00%, 01/31/25 (Call 05/10/21)(c)	EUR		100		119,027
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 07/30/21)(c)	EUR		100		124,546
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(c)	EUR		100		119,034
Tele Columbus AG, 3.88%, 05/02/25 (Call 05/31/21)(c)	EUR		100		122,384
thyssenkrupp AG
1.88%, 03/06/23 (Call 02/06/23)(c)	EUR		175		210,809
2.88%, 02/22/24 (Call 11/22/23)(c)	EUR		150		183,964
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(c)	EUR		100		126,402
Vertical Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(c)	EUR		100		129,113
Vertical U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)	USD		200		209,833
WEPA Hygieneprodukte GmbH, 2.88%, 12/15/27 (Call 12/15/22)(c)	EUR		100		120,276
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(c)	EUR		300		363,939
3.00%, 10/23/29 (Call 07/23/29)(c)	EUR		100		126,236
ZF Finance GmbH, 3.75%, 09/21/28 (Call 06/21/28)(c)	EUR		100		131,383
ZF North America Capital Inc.
2.75%, 04/27/23(c)	EUR		100		125,318
4.75%, 04/29/25(a)	USD		150		161,680
					8,255,993
Greece — 0.5%
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(c)(e)	EUR		100		116,259
Ellaktor Value PLC, 6.38%, 12/15/24 (Call 12/15/21)(c)	EUR		100		112,101
Intralot Capital Luxembourg SA, 5.25%, 09/15/24 (Call 05/10/21)(c)	EUR		100		72,918
Mytilineos SA, 2.25%, 10/30/26(c)	EUR		100		121,567
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(c)(e)	EUR		150		187,237
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(c)(e)	EUR		100		131,894
Public Power Corp. SA, 3.88%, 03/30/26 (Call 03/30/23)(c)	EUR		100		124,099

Security		Par (000)		Value
Greece (continued)
Titan Global Finance PLC, 2.38%, 11/16/24 (Call 05/16/24)(c)	EUR		100	$	123,181
					989,256
Ireland — 0.2%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(e)	USD		150		156,304
AIB Group PLC, 1.88%, 11/19/29 (Call 11/19/24)(c)(e)	EUR		100		123,377
eircom Finance DAC, 3.50%, 05/15/26 (Call 05/15/22)(c)	EUR		125		153,485
					433,166
Israel — 1.4%
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)	USD		75		76,891
4.88%, 03/30/26 (Call 12/30/25)	USD		70		72,401
5.38%, 03/30/28 (Call 09/30/27)	USD		70		72,481
5.88%, 03/30/31 (Call 09/30/30)	USD		75		77,344
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)(a)	USD		75		78,979
6.13%, 06/30/25 (Call 03/30/25)(a)	USD		45		49,366
6.50%, 06/30/27 (Call 12/30/26)(a)	USD		55		61,196
6.75%, 06/30/30 (Call 12/30/29)(a)	USD		90		101,115
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(c)	EUR		200		226,882
1.25%, 03/31/23 (Call 12/31/22)(c)	EUR		100		117,450
1.63%, 10/15/28(c)	EUR		100		107,264
1.88%, 03/31/27 (Call 12/31/26)(c)	EUR		100		111,497
3.25%, 04/15/22 (Call 01/15/22)	EUR		100		121,670
4.50%, 03/01/25 (Call 12/01/24)	EUR		100		125,601
6.00%, 01/31/25 (Call 10/31/24)	EUR		100		131,050
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23	USD		250		247,532
3.15%, 10/01/26(b)	USD		200		187,800
6.00%, 04/15/24 (Call 01/15/24)	USD		200		210,750
6.75%, 03/01/28 (Call 12/01/27)(b)	USD		200		218,233
7.13%, 01/31/25 (Call 10/31/24)	USD		200		218,500
					2,614,002
Italy — 5.5%
Atlantia SpA
1.63%, 02/03/25(c)	EUR		100		122,730
1.88%, 07/13/27 (Call 04/13/27)(c)	EUR		100		123,641
1.88%, 02/12/28 (Call 11/12/27)(c)	EUR		100		123,083
Autostrade per l’Italia SpA
1.13%, 11/04/21(c)	EUR		100		120,402
1.75%, 06/26/26(c)	EUR		100		122,896
1.75%, 02/01/27(c)	EUR		100		122,925
1.88%, 09/26/29 (Call 06/26/29)(c)	EUR		100		121,878
2.00%, 12/04/28 (Call 09/04/28)(c)	EUR		100		123,598
2.00%, 01/15/30 (Call 10/15/29)(c)	EUR		100		122,450
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (Call 02/28/27)(c)	EUR		100		119,326
Banca IFIS SpA, 4.50%, 10/17/27 (Call 10/17/22)(c)(e)	EUR		100		121,733
Banca Monte dei Paschi di Siena SpA
1.88%, 01/09/26(c)	EUR		150		180,865
2.63%, 04/28/25(c)	EUR		125		154,770
3.63%, 09/24/24(c)	EUR		100		127,448
5.38%, 01/18/28 (Call 01/18/23)(c)(e)	EUR		100		108,041
10.50%, 07/23/29(c)	EUR		100		147,896
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(c)	EUR		100		125,878
Banco BPM SpA
1.75%, 01/28/25(c)	EUR		200		249,046
2.50%, 06/21/24(c)	EUR		100		127,397
4.38%, 09/21/27 (Call 09/21/22)(c)(e)	EUR		100		125,147

44 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Italy (continued)
BPER Banca, 5.13%, 05/31/27 (Call 05/31/22)(c)(e)	EUR		100	$	125,881
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(c)	EUR		100		120,522
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 09/30/22)(c)	EUR		100		125,791
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)(c)	EUR		100		122,209
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)(c)	EUR		100		121,814
Iccrea Banca SpA, 1.50%, 10/11/22(c)	EUR		150		182,657
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(c)	EUR		100		122,611
1.88%, 07/08/26 (Call 04/08/26)(c)	EUR		100		126,194
Intesa Sanpaolo SpA
0.63%, 02/24/26(c)	EUR		250		297,968
1.35%, 02/24/31(c)	EUR		250		293,765
2.63%, 06/20/24(c)	EUR		250		321,271
2.86%, 04/23/25(c)	EUR		100		127,528
4.45%, 09/15/27 (Call 09/15/22)(c)(e)	EUR		100		126,290
5.02%, 06/26/24(a)	USD		200		217,350
5.15%, 06/10/30(c)	GBP		100		155,827
6.63%, 09/13/23(c)	EUR		100		136,785
Leonardo SpA, 1.50%, 06/07/24 (Call 03/07/24)(c)	EUR		100		122,938
Mediobanca Banca di Credito Finanziario SpA, 5.75%, 04/18/23	EUR		100		132,506
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(c)	EUR		200		240,061
1.75%, 10/31/24(c)	EUR		150		183,537
2.13%, 04/30/29 (Call 01/30/29)(c)	EUR		100		119,051
Rekeep SpA, 7.25%, 02/01/26 (Call 02/01/23)(c)	EUR		100		128,304
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/21)(c)	EUR		100		127,182
Saipem Finance International BV, 3.38%, 07/15/26 (Call 04/15/26)(c)	EUR		100		124,498
Sisal Group SpA, 7.00%, 07/31/23 (Call 05/10/21)(c)	EUR		69		83,689
Societa Cattolica Di Assicurazione SPA, 4.25%, 12/14/47 (Call 12/14/27)(c)(e)	EUR		100		129,344
Sofima Holding SpA, 3.75%, 01/15/28 (Call 01/15/23)(c)	EUR		100		120,830
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(c)	EUR		100		118,179
2.38%, 10/12/27 (Call 07/12/27)(c)	EUR		100		125,656
2.50%, 07/19/23(c)	EUR		100		125,804
2.75%, 04/15/25 (Call 01/15/25)(c)	EUR		150		190,090
2.88%, 01/28/26 (Call 10/28/25)(c)	EUR		100		128,084
3.00%, 09/30/25(c)	EUR		100		129,387
3.25%, 01/16/23(c)	EUR		100		126,375
3.63%, 01/19/24(c)	EUR		100		129,485
3.63%, 05/25/26(c)	EUR		100		133,485
4.00%, 04/11/24 (Call 01/11/24)(c)	EUR		100		130,030
5.30%, 05/30/24(a)	USD		200		218,440
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(c)(e)	EUR		200		241,644
2.73%, 01/15/32 (Call 01/15/27)(c)(e)	EUR		200		245,926
4.88%, 02/20/29 (Call 02/20/24)(c)(e)	EUR		200		262,977
5.46%, 06/30/35 (Call 06/30/30)(a)(e)	USD		200		215,035
5.86%, 06/19/32 (Call 06/19/27)(a)(b)(e)	USD		200		222,340
Unipol Gruppo SpA
3.00%, 03/18/25(c)	EUR		100		128,544
3.25%, 09/23/30 (Call 06/23/30)(c)	EUR		100		127,306
3.50%, 11/29/27 (Call 08/29/27)(c)	EUR		100		131,098
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(c)	EUR		100		130,034
Webuild SpA, 1.75%, 10/26/24(c)	EUR		100		118,737
					10,306,209

Security		Par (000)		Value
Japan — 0.3%
SoftBank Group Corp.
3.13%, 09/19/25 (Call 06/21/25)(c)	EUR		150	$	187,874
4.00%, 04/20/23 (Call 01/20/23)(c)	EUR		100		126,222
4.00%, 09/19/29 (Call 06/21/29)(c)	EUR		125		161,706
5.00%, 04/15/28 (Call 01/16/28)(c)	EUR		100		136,506
					612,308
Luxembourg — 1.8%
Altice Financing SA
2.25%, 01/15/25 (Call 01/15/22)(c)	EUR		100		117,876
3.00%, 01/15/28 (Call 01/15/23)(c)	EUR		100		115,983
5.00%, 01/15/28 (Call 01/15/23)(a)	USD		200		197,250
7.50%, 05/15/26 (Call 05/17/21)(a)	USD		200		207,906
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(c)	EUR		100		117,901
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(c)	EUR		100		115,131
6.00%, 02/15/28 (Call 02/15/23)(a)(b)	USD		200		198,500
8.00%, 05/15/27 (Call 05/15/22)(c)	EUR		100		130,967
10.50%, 05/15/27 (Call 05/15/22)(a)	USD		200		225,292
ArcelorMittal SA
0.95%, 01/17/23 (Call 10/17/22)(c)	EUR		100		121,697
1.00%, 05/19/23 (Call 02/19/23)(c)	EUR		100		122,185
2.25%, 01/17/24 (Call 10/17/23)(c)	EUR		100		126,041
4.55%, 03/11/26	USD		100		111,000
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28 (Call 05/15/24)(a)	USD		200		197,326
Garfunkelux Holdco 3 SA
6.75%, 11/01/25 (Call 11/01/22)(c)	EUR		100		124,978
7.75%, 11/01/25 (Call 11/01/22)(c)	GBP		100		143,529
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(c)	EUR		100		121,869
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 05/10/21)(c)	EUR		100		121,556
Kleopatra Holdings 2 SCA, 6.50%, 09/01/26 (Call 03/01/23)(c)	EUR		100		112,151
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)(c)	EUR		100		122,508
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(c)	EUR		100		123,955
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(c)	EUR		100		126,847
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(c)	EUR		90		114,653
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(c)	EUR		100		124,751
Swissport Investments SA, 6.75%, 12/15/21 (Call 05/10/21)(c)	EUR		100		1,204
Vivion Investments Sarl, 3.00%, 08/08/24(c)	EUR		100		117,179
					3,460,235
Macau — 0.5%
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/31/21)(a)	USD		200		205,630
5.38%, 12/04/29 (Call 12/04/24)(a)	USD		200		213,400
Studio City Finance Ltd., 6.50%, 01/15/28 (Call 07/15/23)(a)	USD		200		216,653
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/11/21)(a)	USD		100		101,840
5.50%, 01/15/26 (Call 06/15/22)(a)	USD		200		210,600
					948,123
Netherlands — 1.8%
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)(c)	EUR		100		123,410

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Netherlands (continued)
IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/22)(c)	EUR		100	$	124,910
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(e)	USD		200		213,403
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 06/01/21)(c)	EUR		125		152,274
Louis Dreyfus Co. BV, 2.38%, 11/27/25 (Call 08/27/25)(c)	EUR		100		126,348
Nouryon Holding BV, 6.50%, 10/01/26 (Call 10/01/21)(c)	EUR		100		126,176
OCI NV, 3.13%, 11/01/24 (Call 11/01/21)(c)	EUR		100		123,107
PPF Telecom Group BV
3.25%, 09/29/27 (Call 06/29/27)(c)	EUR		175		226,333
3.50%, 05/20/24 (Call 02/20/24)(c)	EUR		100		128,297
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(c)	EUR		150		169,180
Sensata Technologies BV
4.88%, 10/15/23(a)	USD		75		80,250
5.00%, 10/01/25(a)	USD		100		111,000
5.63%, 11/01/24(a)	USD		50		55,750
Sigma Holdco BV, 5.75%, 05/15/26 (Call 05/15/21)(c)	EUR		100		116,624
Trivium Packaging Finance BV
3.75%, 08/15/26 (Call 08/15/22)(c)	EUR		100		123,338
8.50%, 08/15/27 (Call 08/15/22)(a)(b)	USD		200		215,558
United Group BV
3.63%, 02/15/28 (Call 02/15/23)(c)	EUR		100		116,662
4.88%, 07/01/24 (Call 05/31/21)(c)	EUR		100		122,117
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)	USD		200		199,316
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(c)	EUR		100		119,011
Ziggo BV
2.88%, 01/15/30 (Call 10/15/24)(c)	EUR		100		121,053
4.25%, 01/15/27 (Call 01/15/22)(c)	EUR		80		100,067
4.88%, 01/15/30 (Call 10/15/24)(a)	USD		200		205,544
5.50%, 01/15/27 (Call 01/15/22)(a)	USD		198		206,042
					3,405,770
Norway — 0.1%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)(c)	EUR		100		123,658
Portugal — 0.4%
Banco Comercial Portugues SA, 3.87%, 03/27/30 (Call 03/27/25)(c)(e)	EUR		100		117,761
Caixa Geral de Depositos SA, 1.25%, 11/25/24(c)	EUR		100		123,894
EDP - Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25)(c)(e)	EUR		100		120,401
1.88%, 08/02/81 (Call 05/02/26)(c)(e)	EUR		100		120,389
4.50%, 04/30/79 (Call 01/30/24)(c)(e)	EUR		100		131,187
Saipem Finance International BV, 3.13%, 03/31/28 (Call 12/31/27)(c)	EUR		100		120,542
Transportes Aereos Portugueses SA, 5.63%, 12/02/24 (Call 06/02/24)(c)	EUR		100		99,895
					834,069
Singapore — 0.1%
Puma International Financing SA, 5.13%, 10/06/24 (Call 05/11/21)(a)	USD		200		203,730
Spain — 1.7%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(c)(e)	EUR		100		128,847
Banco de Sabadell SA
1.13%, 03/27/25(c)	EUR		100		122,387
1.75%, 05/10/24(c)	EUR		100		124,618
2.50%, 04/15/31 (Call 01/15/26)(c)(e)	EUR		100		120,346
5.38%, 12/12/28 (Call 12/12/23)(c)(e)	EUR		100		131,531
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(c)	EUR		100		119,432
1.25%, 01/15/29 (Call 10/15/28)(c)	EUR		100		117,519

Security		Par (000)		Value
Spain (continued)
2.00%, 02/15/33 (Call 11/15/32)(c)	EUR		200	$	235,761
Cellnex Telecom SA
1.75%, 10/23/30 (Call 07/23/30)(c)	EUR		100		118,693
1.88%, 06/26/29 (Call 03/26/29)	EUR		100		122,233
2.88%, 04/18/25 (Call 01/18/25)(c)	EUR		100		130,423
3.13%, 07/27/22(c)	EUR		100		125,002
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 05/10/21)(c)	EUR		100		121,949
ContourGlobal Power Holdings SA, 2.75%, 01/01/26 (Call 01/01/23)(c)	EUR		100		120,739
eDreams ODIGEO SA, 5.50%, 09/01/23 (Call 05/10/21)(c)	EUR		100		117,117
El Corte Ingles SA, 3.00%, 03/15/24 (Call 05/10/21)(c)	EUR		100		122,011
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23 (Call 05/10/21)(c)	EUR		100		120,361
Grifols SA
1.63%, 02/15/25 (Call 02/15/22)(c)	EUR		100		120,899
2.25%, 11/15/27 (Call 11/15/22)(c)	EUR		100		122,316
3.20%, 05/01/25 (Call 05/31/21)(c)	EUR		100		121,213
Grupo-Antolin Irausa SA, 3.25%, 04/30/24 (Call 05/10/21)(c)	EUR		100		120,570
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(c)(e)	EUR		100		120,013
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(c)	EUR		100		122,524
Obrascon Huarte Lain SA, 4.75%, 03/15/22 (Call 05/31/21)(c)	EUR		100		84,868
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(c)(e)	EUR		100		131,621
					3,142,993
Sweden — 0.7%
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)(c)(e)	EUR		100		127,430
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(c)(e)	EUR		100		122,841
Intrum AB
2.75%, 07/15/22 (Call 05/31/21)(c)	EUR		10		12,035
3.13%, 07/15/24 (Call 05/31/21)(c)	EUR		100		121,020
3.50%, 07/15/26 (Call 07/15/22)(c)	EUR		200		242,657
4.88%, 08/15/25 (Call 08/15/22)(c)	EUR		100		126,449
Verisure Holding AB
3.25%, 02/15/27 (Call 02/15/23)(c)	EUR		100		120,800
3.88%, 07/15/26 (Call 07/15/22)(c)	EUR		100		123,132
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(c)	EUR		200		248,190
Volvo Car AB, 2.13%, 04/02/24 (Call 01/02/24)(c)	EUR		100		125,137
					1,369,691
Switzerland — 0.3%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/23)(c)	EUR		100		111,893
2.50%, 10/15/24 (Call 05/31/21)(c)	EUR		100		118,823
3.38%, 04/15/28 (Call 04/15/24)(c)	EUR		100		118,331
Walnut Bidco PLC, 6.75%, 08/01/24 (Call 08/01/21)(c)	EUR		100		125,668
					474,715
United Kingdom — 4.8%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 06/01/21)(c)	GBP		100		142,819
B&M European Value Retail SA, 3.63%, 07/15/25 (Call 07/15/22)(c)	GBP		100		142,692
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)(c)	GBP		275		381,817
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(c)	GBP		100		138,634

46 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United Kingdom (continued)
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(c)(e)	EUR		100	$	119,192
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(c)	EUR		100		122,637
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a)	USD		200		209,030
eG Global Finance PLC
4.38%, 02/07/25 (Call 06/01/21)(c)	EUR		100		116,585
6.25%, 10/30/25 (Call 10/30/21)(c)	EUR		100		122,430
6.75%, 02/07/25 (Call 05/15/21)(a)	USD		200		205,591
Energia Group NI FinanceCo PLC/Energia Group ROI Holdings DAC, 4.00%, 09/15/25 (Call 05/10/21)(c)	EUR		100		121,542
Heathrow Finance PLC, 4.38%, 03/01/27(c)	GBP		100		142,506
Iceland Bondco PLC
4.38%, 05/15/28 (Call 02/15/24)(c)	GBP		100		132,945
4.63%, 03/15/25 (Call 03/15/22)(c)	GBP		100		136,521
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(c)	EUR		100		120,691
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(c)	EUR		100		117,538
International Consolidated Airlines Group SA
1.50%, 07/04/27 (Call 04/04/27)(c)	EUR		100		108,971
2.75%, 03/25/25 (Call 12/25/24)(c)	EUR		100		119,851
3.75%, 03/25/29 (Call 12/25/28)(c)	EUR		100		119,762
International Personal Finance PLC, 9.75%, 11/12/25 (Call 11/12/22)	EUR		100		126,240
Jaguar Land Rover Automotive PLC
3.88%, 03/01/23(c)	GBP		100		139,581
4.50%, 01/15/26 (Call 10/15/25)(c)	EUR		100		124,285
5.63%, 02/01/23 (Call 06/01/21)(a)	USD		150		150,472
5.88%, 11/15/24 (Call 08/15/24)(c)	EUR		100		130,530
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/22)(c)	GBP		100		141,909
Marks & Spencer PLC
3.75%, 05/19/26 (Call 02/19/26)(c)	GBP		100		143,357
6.00%, 06/12/25(c)	GBP		100		155,737
Metro Bank PLC, 5.50%, 06/26/28 (Call 06/26/23)(c)(e)	GBP		100		84,921
Modulaire Global Finance PLC, 6.50%, 02/15/23 (Call 05/10/21)(c)	EUR		100		122,331
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)(c)	EUR		100		126,899
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)(c)(e)	EUR		100		121,649
2.13%, 09/05/82 (Call 06/05/27)(c)(e)	EUR		100		122,724
5.63%, 06/18/73 (Call 06/18/25)(c)(e)	GBP		100		155,349
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 09/30/21)(c)	GBP		100		140,836
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 01/15/22)(c)	EUR		100		121,863
Playtech PLC, 4.25%, 03/07/26 (Call 03/07/22)(c)	EUR		100		123,971
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)(c)	EUR		100		116,364
3.38%, 06/18/26	GBP		100		137,587
4.63%, 02/16/26 (Call 11/16/25)(c)	EUR		100		129,813
5.75%, 10/15/27 (Call 07/15/27)(a)	USD		200		214,133
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(c)	GBP		100		146,014
Synthomer PLC, 3.88%, 07/01/25 (Call 07/01/22)(c)	EUR		100		125,741
TechnipFMC PLC, 6.50%, 02/01/26 (Call 02/01/23)(a)	USD		110		117,432
Thames Water Utilities Finance PLC, 5.75%, 09/13/30 (Call 09/13/22)(e)	GBP		125		182,478
Very Group Funding Plc/The, 7.75%, 11/15/22 (Call 06/01/21)(c)	GBP		100		140,300
Victoria PLC, 3.63%, 08/24/26 (Call 02/28/23)(c)	EUR		100		122,003

Security		Par (000)		Value
United Kingdom (continued)
Virgin Media Finance PLC
3.75%, 07/15/30 (Call 07/15/25)(c)	EUR		100	$	120,672
5.00%, 07/15/30 (Call 07/15/25)(a)	USD		200		199,540
Virgin Media Secured Finance PLC
4.25%, 01/15/30 (Call 10/15/24)(c)	GBP		150		208,596
5.00%, 04/15/27 (Call 04/15/22)(c)	GBP		100		144,551
5.50%, 05/15/29 (Call 05/15/24)(a)(b)	USD		200		213,850
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(c)	GBP		100		142,017
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(c)	EUR		150		182,296
4.00%, 01/31/29 (Call 01/31/24)(c)	GBP		100		138,440
Vodafone Group PLC
3.10%, 01/03/79 (Call 10/03/23)(c)(e)	EUR		200		250,373
4.20%, 10/03/78 (Call 07/03/28)(c)(e)	EUR		100		135,803
4.88%, 10/03/78 (Call 07/03/25)(c)(e)	GBP		100		150,317
7.00%, 04/04/79 (Call 01/04/29)(e)	USD		275		334,797
Series NC10, 3.00%, 08/27/80 (Call 05/27/30)(c)(e)	EUR		100		124,393
Series NC6, 2.63%, 08/27/80 (Call 05/27/26)(c)(e)	EUR		100		124,137
					8,956,055
United States — 65.5%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)	USD		70		68,517
7.00%, 11/15/25 (Call 06/01/21)(a)(b)	USD		115		118,395
10.13%, 08/01/26 (Call 08/01/22)(a)	USD		30		34,294
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(c)	EUR		100		124,026
Adient U.S. LLC
7.00%, 05/15/26 (Call 05/07/21)(a)	USD		2		2,143
9.00%, 04/15/25 (Call 04/15/22)(a)	USD		60		66,495
ADT Security Corp. (The)
3.50%, 07/15/22	USD		125		127,969
4.13%, 06/15/23	USD		90		94,067
AECOM, 5.13%, 03/15/27 (Call 12/15/26)	USD		125		139,062
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)(a)	USD		55		55,005
3.50%, 02/15/23 (Call 12/15/22)(a)	USD		60		61,785
3.50%, 03/15/29 (Call 09/15/23)(a)	USD		125		120,000
4.63%, 01/15/27 (Call 01/15/23)(a)(b)	USD		170		176,800
4.88%, 02/15/30 (Call 02/15/25)(a)(b)	USD		100		104,115
5.88%, 02/15/28 (Call 08/15/22)(a)(b)	USD		125		133,435
7.50%, 03/15/26 (Call 03/15/22)(a)	USD		75		82,629
Alcoa Nederland Holding BV
6.13%, 05/15/28 (Call 05/15/23)(a)	USD		200		217,968
7.00%, 09/30/26 (Call 09/30/21)(a)	USD		200		211,015
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)(a)	USD		70		71,094
6.75%, 10/15/27 (Call 10/15/22)(a)	USD		130		136,658
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26 (Call 07/15/22)(a)(b)	USD		170		180,200
9.75%, 07/15/27 (Call 07/15/22)(a)	USD		140		153,778
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(a)(b)	USD		110		105,875
4.75%, 10/01/27 (Call 10/01/22)(a)	USD		50		52,605
5.88%, 06/01/29 (Call 06/01/24)(a)	USD		70		75,688
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)	USD		130		149,067

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
AMC Entertainment Holdings Inc.
10.50%, 04/15/25 (Call 04/15/22)(a)	USD		50	$	53,479
10.50%, 04/24/26 (Call 06/15/22)(a)	USD		92		97,060
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)	USD		125		123,437
4.75%, 08/01/25 (Call 08/01/21)(b)	USD		100		103,000
5.00%, 04/01/24 (Call 06/01/21)	USD		96		97,416
American Airlines Group Inc.
3.75%, 03/01/25(a)(b)	USD		65		57,159
5.00%, 06/01/22(a)(b)	USD		95		94,288
American Airlines Inc., 11.75%, 07/15/25(a)(b)	USD		300		376,612
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)	USD		355		372,750
5.75%, 04/20/29(a)	USD		350		375,087
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 06/01/21)(b)	USD		90		93,263
6.25%, 03/15/26 (Call 05/11/21)(b)	USD		50		51,453
6.50%, 04/01/27 (Call 04/01/22)(b)	USD		60		63,375
6.88%, 07/01/28 (Call 07/01/23)(b)	USD		50		53,438
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)(a)	USD		100		101,994
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)	USD		90		99,948
5.63%, 05/20/24 (Call 03/20/24)	USD		85		94,750
5.75%, 05/20/27 (Call 02/20/27)	USD		75		83,876
5.88%, 08/20/26 (Call 05/20/26)	USD		75		84,038
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 09/15/24 (Call 05/17/21)	USD		80		81,463
5.75%, 03/01/27 (Call 03/01/22)(a)	USD		85		86,090
5.75%, 01/15/28 (Call 01/15/23)(a)	USD		80		81,522
7.88%, 05/15/26 (Call 05/15/23)(a)	USD		50		54,565
Antero Resources Corp.
5.00%, 03/01/25 (Call 06/01/21)(b)	USD		75		76,125
5.63%, 06/01/23 (Call 06/01/21)	USD		95		95,356
7.63%, 02/01/29 (Call 02/01/24)(a)	USD		60		65,010
8.38%, 07/15/26 (Call 01/15/24)(a)(b)	USD		65		73,078
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)(b)	USD		75		75,158
4.38%, 10/15/28 (Call 07/15/28)(b)	USD		100		102,070
4.63%, 11/15/25 (Call 08/15/25)(b)	USD		15		15,844
4.88%, 11/15/27 (Call 05/15/27)	USD		95		100,409
APX Group Inc.
6.75%, 02/15/27 (Call 02/15/23)(a)	USD		80		85,996
7.88%, 12/01/22 (Call 06/01/21)	USD		94		94,429
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)	USD		50		51,200
5.00%, 04/01/25 (Call 06/01/21)(a)(b)	USD		75		76,969
5.00%, 02/01/28 (Call 02/01/23)(a)(b)	USD		145		151,706
6.38%, 05/01/25 (Call 05/01/22)(a)	USD		195		207,431
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)	USD		30		29,888
6.13%, 12/01/28 (Call 12/01/23)(a)(b)	USD		65		66,950
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)(a)	USD		65		68,042
6.88%, 04/01/27 (Call 04/01/22)(a)	USD		65		69,156
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/22)(a)(b)	USD		70		74,787
6.13%, 02/15/28 (Call 02/15/23)(a)	USD		90		95,400

Security		Par (000)		Value
United States (continued)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28 (Call 05/15/24)(c)	EUR		100	$	120,510
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)(c)	EUR		225		270,696
5.25%, 08/15/27 (Call 08/15/22)(a)	USD		400		408,334
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26 (Call 11/01/21)(a)	USD		75		75,938
AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)(a)(b)	USD		75		75,932
Avantor Funding Inc.
2.63%, 11/01/25 (Call 11/01/22)(c)	EUR		100		123,273
4.63%, 07/15/28 (Call 07/15/23)(a)	USD		180		188,550
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)	USD		100		106,466
Avient Corp., 5.75%, 05/15/25 (Call 05/15/22)(a)	USD		95		100,523
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)	USD		50		51,605
5.38%, 03/01/29 (Call 03/01/24)(a)	USD		65		67,999
5.75%, 07/15/27 (Call 07/15/22)(a)(b)	USD		55		58,234
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 09/30/21)(c)	EUR		100		122,137
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 05/10/21)(c)	EUR		125		153,127
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)	USD		150		145,954
B&G Foods Inc.
5.25%, 04/01/25 (Call 06/01/21)	USD		115		118,374
5.25%, 09/15/27 (Call 03/01/22)(b)	USD		70		72,442
Ball Corp.
1.50%, 03/15/27 (Call 12/15/26)	EUR		100		122,694
2.88%, 08/15/30 (Call 05/15/30)	USD		125		120,776
4.00%, 11/15/23	USD		125		133,309
4.38%, 12/15/23	EUR		100		132,960
4.88%, 03/15/26 (Call 12/15/25)	USD		95		106,619
5.25%, 07/01/25	USD		125		141,557
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a)	USD		185		197,046
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)(a)	USD		220		244,750
9.25%, 04/01/26 (Call 04/01/22)(a)	USD		190		210,452
Bausch Health Companies Inc.
5.00%, 01/30/28 (Call 01/30/23)(a)	USD		180		182,700
5.25%, 01/30/30 (Call 01/30/25)(a)	USD		130		130,682
5.50%, 11/01/25 (Call 05/31/21)(a)	USD		220		226,875
5.75%, 08/15/27 (Call 08/15/22)(a)	USD		65		69,847
6.13%, 04/15/25 (Call 05/31/21)(a)	USD		360		368,019
6.25%, 02/15/29 (Call 02/15/24)(a)	USD		160		169,152
7.00%, 03/15/24 (Call 05/31/21)(a)	USD		90		92,301
7.00%, 01/15/28 (Call 01/15/23)(a)	USD		95		103,589
7.25%, 05/30/29 (Call 05/30/24)(a)	USD		95		105,450
9.00%, 12/15/25 (Call 12/15/21)(a)	USD		140		151,813
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 05/19/21)(a)	USD		165		169,051
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(c)	EUR		150		187,748
Berry Global Inc.
1.00%, 01/15/25 (Call 10/15/24)(c)	EUR		100		121,592
4.50%, 02/15/26 (Call 06/01/21)(a)(b)	USD		65		66,584
4.88%, 07/15/26 (Call 07/15/22)(a)	USD		180		190,686
5.63%, 07/15/27 (Call 07/15/22)(a)	USD		65		69,232
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)(b)	USD		100		98,307

48 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Blue Cube Spinco LLC, 10.00%, 10/15/25 (Call 05/14/21)(b)	USD		24	$	25,285
Boxer Parent Co. Inc.
6.50%, 10/02/25 (Call 06/01/22)(c)	EUR		100		128,201
7.13%, 10/02/25 (Call 06/01/22)(a)	USD		65		70,024
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)	USD		125		128,123
6.00%, 08/15/26 (Call 08/15/21)	USD		90		93,555
6.38%, 04/01/26 (Call 05/17/21)	USD		95		98,287
8.63%, 06/01/25 (Call 06/01/22)(a)	USD		60		66,432
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 06/01/21)(a)(b)	USD		125		127,808
Brink’s Co. (The), 5.50%, 07/15/25 (Call 07/15/22)(a)	USD		115		121,749
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)	USD		75		75,369
4.13%, 03/01/25 (Call 02/01/25)(a)	USD		50		51,508
4.13%, 12/01/27 (Call 09/01/27)	USD		75		74,371
4.15%, 07/01/23 (Call 04/01/23)	USD		50		51,790
4.50%, 03/01/28 (Call 12/01/27)(a)	USD		50		50,284
6.38%, 01/22/78 (Call 01/22/23)(e)	USD		50		40,591
Builders FirstSource Inc.
5.00%, 03/01/30 (Call 03/01/25)(a)	USD		75		79,763
6.75%, 06/01/27 (Call 06/01/22)(a)	USD		45		48,449
Caesars Entertainment Inc.
6.25%, 07/01/25 (Call 07/01/22)(a)	USD		380		404,225
8.13%, 07/01/27 (Call 07/01/23)(a)	USD		160		178,000
Caesars Resort Collection LLC/CRC Finco Inc.
5.25%, 10/15/25 (Call 05/11/21)(a)	USD		240		241,953
5.75%, 07/01/25 (Call 07/01/22)(a)	USD		110		115,912
Callon Petroleum Co.
6.13%, 10/01/24 (Call 06/01/21)	USD		50		46,250
6.25%, 04/15/23 (Call 06/01/21)	USD		50		47,500
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)	USD		125		118,819
4.50%, 02/15/28 (Call 02/15/23)(a)	USD		155		156,626
4.63%, 02/01/29 (Call 02/01/24)(a)	USD		65		64,127
5.00%, 02/01/31 (Call 02/01/26)(a)	USD		65		63,920
5.13%, 03/15/28 (Call 03/15/23)(a)	USD		150		152,448
5.25%, 06/01/26 (Call 06/01/21)(a)	USD		175		179,506
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/15/21)(a)	USD		70		76,213
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		100		98,840
Carvana Co.
5.50%, 04/15/27 (Call 04/15/24)(a)	USD		75		76,399
5.63%, 10/01/25 (Call 10/01/22)(a)	USD		55		56,767
5.88%, 10/01/28 (Call 10/01/23)(a)(b)	USD		65		67,512
Catalent Pharma Solutions Inc.
2.38%, 03/01/28 (Call 03/01/23)(c)	EUR		100		119,984
3.13%, 02/15/29 (Call 02/15/24)(a)	USD		65		63,050
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 05/17/21)(a)	USD		65		65,691
4.25%, 02/01/31 (Call 07/01/25)(a)	USD		350		350,000
4.50%, 08/15/30 (Call 02/15/25)(a)	USD		310		316,135
4.50%, 05/01/32 (Call 05/01/26)(a)	USD		310		313,490
4.50%, 06/01/33 (Call 06/01/27)(a)	USD		120		120,863
4.75%, 03/01/30 (Call 09/01/24)(a)	USD		335		349,656
5.00%, 02/01/28 (Call 08/01/22)(a)	USD		265		276,925
5.13%, 05/01/27 (Call 05/01/22)(a)	USD		355		372,054
5.38%, 06/01/29 (Call 06/01/24)(a)	USD		190		206,010
5.50%, 05/01/26 (Call 06/01/21)(a)	USD		190		196,080

Security		Par (000)		Value
United States (continued)
5.75%, 02/15/26 (Call 06/01/21)(a)	USD		185	$	191,168
5.88%, 05/01/27 (Call 06/01/21)(a)	USD		100		103,406
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)	USD		75		79,254
5.00%, 10/15/24 (Call 07/15/24)	USD		65		71,208
5.25%, 05/15/29 (Call 05/15/24)(a)	USD		65		70,050
CDW LLC/CDW Finance Corp.
3.25%, 02/15/29 (Call 02/15/23)	USD		40		39,650
4.13%, 05/01/25 (Call 05/01/22)	USD		75		78,265
4.25%, 04/01/28 (Call 10/01/22)	USD		75		78,131
5.50%, 12/01/24 (Call 06/01/24)	USD		70		77,343
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)	USD		70		71,862
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/22)	USD		85		87,803
5.50%, 05/01/25 (Call 05/01/22)(a)	USD		150		157,510
Centene Corp.
2.50%, 03/01/31 (Call 12/01/30)	USD		255		243,683
3.00%, 10/15/30 (Call 07/15/30)	USD		170		168,725
3.38%, 02/15/30 (Call 02/15/25)	USD		300		301,510
4.25%, 12/15/27 (Call 12/15/22)	USD		315		330,750
4.63%, 12/15/29 (Call 12/15/24)	USD		365		395,653
5.38%, 06/01/26 (Call 06/01/21)(a)	USD		225		234,686
5.38%, 08/15/26 (Call 08/15/21)(a)	USD		95		99,093
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)	USD		50		51,574
4.13%, 04/30/31 (Call 04/30/26)(a)	USD		20		19,900
CF Industries Inc., 3.45%, 06/01/23	USD		95		99,275
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/11/21)(a)	USD		125		127,219
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(a)	USD		50		50,904
4.00%, 03/15/31 (Call 03/15/26)(a)	USD		65		66,950
4.25%, 05/01/28 (Call 05/01/23)(a)	USD		65		67,706
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)(b)	USD		65		69,701
5.75%, 11/15/28 (Call 11/15/23)(a)	USD		85		90,419
7.00%, 05/15/25 (Call 06/01/21)	USD		95		97,731
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)(a)	USD		260		271,251
Cheniere Energy Partners LP
4.00%, 03/01/31 (Call 03/01/26)(a)	USD		125		127,213
4.50%, 10/01/29 (Call 10/01/24)	USD		190		198,312
5.63%, 10/01/26 (Call 10/01/21)	USD		140		145,950
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)(a)	USD		55		58,175
5.88%, 02/01/29 (Call 02/05/24)(a)	USD		57		61,418
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)	USD		110		109,285
5.63%, 03/15/27 (Call 12/15/23)(a)	USD		80		84,736
6.00%, 01/15/29 (Call 01/15/24)(a)	USD		20		21,055
6.63%, 02/15/25 (Call 02/15/22)(a)	USD		205		216,497
6.88%, 04/01/28 (Call 04/01/23)(a)	USD		185		175,050
6.88%, 04/15/29 (Call 04/15/24)(a)	USD		195		204,229
8.00%, 03/15/26 (Call 03/15/22)(a)	USD		285		307,087
8.00%, 12/15/27 (Call 12/15/22)(a)	USD		89		98,012
8.13%, 06/30/24 (Call 06/30/21)(a)	USD		170		178,174
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)	USD		65		67,037
5.50%, 04/01/27 (Call 04/01/22)(a)	USD		80		83,180
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/21)(a)	USD		80		82,580

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/21)	USD		95	$	94,877
5.88%, 03/15/26 (Call 03/15/23)(a)(b)	USD		35		36,435
CIT Group Inc.
3.93%, 06/19/24 (Call 06/19/23)(b)(e)	USD		60		63,523
4.75%, 02/16/24 (Call 11/16/23)	USD		65		70,850
5.00%, 08/15/22	USD		95		100,054
5.00%, 08/01/23	USD		100		108,625
5.25%, 03/07/25 (Call 12/07/24)	USD		65		73,369
6.13%, 03/09/28	USD		50		60,875
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/21)(a)	USD		175		180,547
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)(a)	USD		70		71,681
7.00%, 06/15/25 (Call 06/15/22)(a)	USD		100		103,125
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)(a)	USD		30		32,229
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26 (Call 05/15/22)(c)	EUR		100		124,254
6.25%, 05/15/26 (Call 05/15/22)(a)	USD		175		185,946
8.50%, 05/15/27 (Call 05/15/22)(a)	USD		245		264,600
Clear Channel Outdoor Holdings Inc., 7.75%, 04/15/28 (Call 04/15/24)(a)	USD		115		118,675
Clear Channel Worldwide Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)(a)	USD		130		132,423
9.25%, 02/15/24 (Call 06/01/21)(b)	USD		108		112,696
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)	USD		95		93,522
4.75%, 03/15/28 (Call 03/15/23)(a)	USD		85		89,128
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)(a)(b)	USD		55		55,834
4.88%, 03/01/31 (Call 03/01/26)(a)	USD		45		45,788
5.88%, 06/01/27 (Call 06/01/22)(b)	USD		50		52,500
6.75%, 03/15/26 (Call 03/15/22)(a)	USD		95		103,302
9.88%, 10/17/25 (Call 10/17/22)(a)	USD		85		99,769
CNX Resources Corp., 6.00%, 01/15/29 (Call 01/15/24)(a)	USD		55		58,700
Colfax Corp.
3.25%, 05/15/25 (Call 06/01/21)(c)	EUR		100		121,444
6.38%, 02/15/26 (Call 02/15/22)(a)	USD		37		39,474
CommScope Inc.
5.50%, 03/01/24 (Call 06/01/21)(a)	USD		155		159,835
6.00%, 03/01/26 (Call 03/01/22)(a)(b)	USD		90		94,838
7.13%, 07/01/28 (Call 07/01/23)(a)(b)	USD		90		97,343
8.25%, 03/01/27 (Call 03/01/22)(a)	USD		125		133,906
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)(a)(b)	USD		90		89,121
6.00%, 06/15/25 (Call 05/11/21)(a)	USD		131		133,292
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)	USD		100		105,647
Comstock Resources Inc.
6.75%, 03/01/29 (Call 03/01/24)(a)	USD		130		132,795
7.50%, 05/15/25 (Call 06/01/21)(a)	USD		28		29,033
9.75%, 08/15/26 (Call 08/15/21)(b)	USD		100		108,728
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)	USD		50		50,750
6.50%, 10/01/28 (Call 10/01/23)(a)(b)	USD		20		21,536
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)	USD		125		130,459
4.38%, 01/15/28 (Call 10/15/27)(b)	USD		125		135,937
4.50%, 04/15/23 (Call 01/15/23)	USD		66		69,142
5.75%, 01/15/31 (Call 07/15/30)(a)	USD		155		179,800
Core & Main LP, 6.13%, 08/15/25 (Call 06/01/21)(a)	USD		95		97,114

Security		Par (000)		Value
United States (continued)
Coty Inc.
4.75%, 04/15/26 (Call 06/01/21)(c)	EUR		100	$	116,819
5.00%, 04/15/26 (Call 04/15/23)(a)	USD		78		78,928
6.50%, 04/15/26 (Call 06/01/21)(a)	USD		50		50,125
Covanta Holding Corp.
5.00%, 09/01/30 (Call 09/01/25)	USD		35		36,035
5.88%, 07/01/25 (Call 06/01/21)	USD		50		52,025
6.00%, 01/01/27 (Call 01/01/22)	USD		50		52,398
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/22)(a)	USD		75		76,499
5.75%, 04/01/25 (Call 06/01/21)	USD		65		66,689
6.00%, 02/01/29 (Call 02/01/24)(a)	USD		60		62,025
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23	USD		125		132,172
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(b)	USD		50		53,883
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 06/01/21)(b)	USD		100		103,809
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/15/23)(c)	EUR		100		120,850
2.25%, 02/01/23 (Call 11/01/22)(c)	EUR		100		123,613
2.88%, 02/01/26 (Call 08/01/25)(c)	EUR		100		128,830
4.00%, 07/15/22 (Call 04/15/22)(c)	EUR		100		124,703
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(a)	USD		35		35,831
5.63%, 10/15/25 (Call 06/01/21)(a)	USD		150		155,332
CSC Holdings LLC
4.13%, 12/01/30 (Call 12/01/25)(a)	USD		200		198,462
4.63%, 12/01/30 (Call 12/01/25)(a)	USD		200		195,737
5.25%, 06/01/24	USD		250		271,077
5.38%, 02/01/28 (Call 02/01/23)(a)	USD		200		210,852
5.50%, 05/15/26 (Call 05/15/21)(a)	USD		200		205,750
5.50%, 04/15/27 (Call 04/15/22)(a)	USD		200		209,901
5.75%, 01/15/30 (Call 01/15/25)(a)	USD		200		212,929
6.50%, 02/01/29 (Call 02/01/24)(a)	USD		300		331,500
7.50%, 04/01/28 (Call 04/01/23)(a)	USD		200		220,542
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/22)(a)(b)	USD		75		75,375
5.75%, 02/15/28 (Call 02/15/23)(a)(b)	USD		50		50,719
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/31/21)(a)	USD		50		51,642
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)	USD		15		15,150
5.38%, 11/15/27 (Call 11/15/22)	USD		15		15,967
5.50%, 12/15/24 (Call 05/29/21)(b)	USD		55		56,217
5.63%, 06/15/28 (Call 06/15/23)(b)	USD		85		91,933
Darling Global Finance BV, 3.63%, 05/15/26 (Call 05/15/21)(c)	EUR		100		122,437
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)	USD		155		147,250
4.63%, 06/01/30 (Call 06/01/25)(a)(b)	USD		315		318,937
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)	USD		65		67,948
5.13%, 05/15/29 (Call 02/15/29)	USD		100		107,525
5.38%, 07/15/25 (Call 04/15/25)	USD		105		115,280
5.63%, 07/15/27 (Call 04/15/27)	USD		25		27,344
5.85%, 05/21/43 (Call 05/21/23)(a)(e)	USD		65		59,208
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 05/17/21)(a)	USD		205		210,554

50 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)(b)	USD		100	$	100,826
3.75%, 10/28/29 (Call 07/28/29)(b)	USD		100		99,625
3.80%, 04/19/23 (Call 03/19/23)	USD		50		51,569
4.38%, 04/19/28 (Call 01/19/28)	USD		25		26,427
7.38%, 01/15/26 (Call 12/15/25)(b)	USD		175		205,233
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 06/01/21)(a)	USD		65		67,616
10.75%, 09/01/24 (Call 06/01/21)(a)	USD		75		79,406
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)(a)	USD		330		240,900
6.63%, 08/15/27 (Call 08/15/22)(a)(b)	USD		200		108,000
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 06/01/21)(b)	USD		50		51,195
9.38%, 07/15/25 (Call 07/15/22)(a)	USD		95		105,569
DISH DBS Corp.
5.00%, 03/15/23	USD		190		198,682
5.88%, 07/15/22	USD		225		235,682
5.88%, 11/15/24	USD		225		243,462
7.38%, 07/01/28 (Call 07/01/23)	USD		80		86,399
7.75%, 07/01/26(b)	USD		250		288,125
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)	USD		40		38,700
4.75%, 02/15/28 (Call 08/15/27)	USD		65		65,628
9.75%, 06/15/25 (Call 06/15/22)	USD		135		151,531
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)	USD		50		53,853
4.35%, 04/15/29 (Call 01/15/29)	USD		50		54,201
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)	USD		70		69,691
5.50%, 06/01/28 (Call 06/01/23)(a)	USD		80		85,206
Elanco Animal Health Inc.
5.27%, 08/28/23 (Call 07/28/23)	USD		100		108,148
5.90%, 08/28/28 (Call 05/28/28)	USD		75		85,193
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)	USD		125		129,723
Encompass Health Corp, 4.63%, 04/01/31 (Call 04/01/26)	USD		40		42,500
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)	USD		80		82,900
4.75%, 02/01/30 (Call 02/01/25)	USD		80		84,282
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)(c)	GBP		100		144,462
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 06/01/21)(a)	USD		90		93,071
5.75%, 01/30/28 (Call 01/30/23)(a)	USD		125		133,437
6.63%, 07/15/25 (Call 07/15/22)(a)	USD		60		63,975
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)(a)	USD		91		69,552
9.50%, 07/31/27 (Call 07/31/23)(a)(b)	USD		122		129,320
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)(a)(b)	USD		140		138,671
Endure Digital Inc., 6.00%, 02/15/29 (Call 02/15/24)(a)	USD		35		33,513
Energizer Gamma Acquisition BV, 4.63%, 07/15/26 (Call 07/15/21)(c)	EUR		100		123,391
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)	USD		55		54,742
4.75%, 06/15/28 (Call 06/15/23)(a)	USD		75		76,688
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)	USD		90		91,013
4.40%, 04/01/24 (Call 01/01/24)	USD		50		51,378
4.85%, 07/15/26 (Call 04/15/26)	USD		65		65,582

Security		Par (000)		Value
United States (continued)
EPR Properties
3.75%, 08/15/29 (Call 05/15/29)	USD		50	$	48,677
4.75%, 12/15/26 (Call 09/15/26)	USD		50		52,612
4.95%, 04/15/28 (Call 01/15/28)	USD		50		52,136
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)	USD		100		102,375
4.13%, 12/01/26 (Call 09/01/26)	USD		50		50,479
4.50%, 01/15/29 (Call 07/15/28)(a)	USD		70		69,604
4.75%, 07/15/23 (Call 06/15/23)	USD		125		130,919
4.75%, 01/15/31 (Call 07/15/30)(a)	USD		100		99,000
5.50%, 07/15/28 (Call 04/15/28)	USD		100		106,220
6.00%, 07/01/25 (Call 04/01/25)(a)	USD		85		92,805
6.50%, 07/01/27 (Call 01/01/27)(a)	USD		125		138,132
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)	USD		175		182,448
7.63%, 02/01/25 (Call 01/01/25)	USD		150		172,594
8.50%, 02/01/30 (Call 11/01/29)	USD		100		127,875
ESH Hospitality Inc.
4.63%, 10/01/27 (Call 10/01/22)(a)	USD		95		100,700
5.25%, 05/01/25 (Call 06/01/21)(a)	USD		140		142,842
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 06/01/21)(a)	USD		125		45,313
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)(a)	USD		65		64,610
5.88%, 04/01/29 (Call 04/01/24)(a)	USD		85		84,045
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)(b)(d)(e)	USD		100		103,125
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)	USD		75		73,368
Series B, 2.25%, 09/01/30 (Call 06/01/30)	USD		50		47,229
Series B, 4.40%, 07/15/27 (Call 04/15/27)	USD		175		191,625
FirstEnergy Transmission LLC, 2.87%, 09/15/28 (Call 07/15/28)(a)	USD		75		77,080
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 06/01/21)(a)	USD		80		81,300
7.88%, 07/15/26 (Call 07/15/21)(a)(b)	USD		65		68,046
Fluor Corp.
1.75%, 03/21/23 (Call 12/21/22)	EUR		100		120,178
3.50%, 12/15/24 (Call 09/15/24)(b)	USD		50		51,624
4.25%, 09/15/28 (Call 06/15/28)(b)	USD		75		77,516
Ford Credit Canada Co.
3.74%, 05/08/23	CAD		100		83,137
4.46%, 11/13/24	CAD		50		42,546
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)	USD		200		212,676
8.50%, 04/21/23	USD		345		386,400
9.00%, 04/22/25 (Call 03/22/25)	USD		630		770,175
9.63%, 04/22/30 (Call 01/22/30)	USD		125		175,435
Ford Motor Credit Co. LLC
1.51%, 02/17/23	EUR		200		242,987
1.74%, 07/19/24	EUR		100		121,534
2.33%, 11/25/25	EUR		100		124,124
2.39%, 02/17/26	EUR		100		124,099
2.75%, 06/14/24	GBP		100		139,651
3.25%, 09/15/25	EUR		100		128,565
3.35%, 11/01/22	USD		200		204,752
3.37%, 11/17/23	USD		200		206,636
3.38%, 11/13/25 (Call 10/13/25)	USD		200		205,000
3.81%, 01/09/24 (Call 11/09/23)	USD		200		207,500
4.06%, 11/01/24 (Call 10/01/24)	USD		200		210,610

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
4.27%, 01/09/27 (Call 11/09/26)	USD		200	$	210,405
4.38%, 08/06/23	USD		400		422,088
4.39%, 01/08/26	USD		200		213,500
4.54%, 03/06/25	GBP		100		147,655
5.11%, 05/03/29 (Call 02/03/29)	USD		200		218,440
5.13%, 06/16/25 (Call 05/16/25)(b)	USD		415		453,346
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/25 (Call 10/01/21)(a)	USD		85		88,488
9.75%, 08/01/27 (Call 08/01/23)(a)	USD		40		46,336
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 (Call 05/01/24)(a)	USD		10		10,394
Freedom Mortgage Corp.
7.63%, 05/01/26 (Call 05/01/23)(a)	USD		45		46,913
8.13%, 11/15/24 (Call 06/01/21)(a)	USD		80		82,830
8.25%, 04/15/25 (Call 06/01/21)(a)	USD		90		93,317
Freeport-McMoRan Inc.
3.88%, 03/15/23 (Call 12/15/22)	USD		115		120,148
4.13%, 03/01/28 (Call 03/01/23)	USD		75		79,070
4.25%, 03/01/30 (Call 03/01/25)	USD		75		80,696
4.38%, 08/01/28 (Call 08/01/23)	USD		20		21,325
4.55%, 11/14/24 (Call 08/14/24)	USD		105		114,712
4.63%, 08/01/30 (Call 08/01/25)(b)	USD		115		126,931
5.00%, 09/01/27 (Call 09/01/22)(b)	USD		80		84,990
5.25%, 09/01/29 (Call 09/01/24)	USD		85		94,257
Frontier Communications Corp.
5.00%, 05/01/28 (Call 05/01/24)(a)(b)	USD		190		194,856
5.88%, 10/15/27 (Call 10/15/23)(a)	USD		10		10,625
6.75%, 05/01/29 (Call 05/01/24)(a)	USD		135		142,087
FXI Holdings Inc.
7.88%, 11/01/24 (Call 06/01/21)(a)	USD		64		66,300
12.25%, 11/15/26 (Call 11/15/22)(a)	USD		99		114,701
Gap Inc. (The)
8.38%, 05/15/23(a)	USD		35		39,856
8.63%, 05/15/25 (Call 05/15/22)(a)	USD		90		99,715
8.88%, 05/15/27 (Call 05/15/23)(a)	USD		125		146,250
Gartner Inc.
3.75%, 10/01/30 (Call 10/01/25)(a)	USD		80		80,200
4.50%, 07/01/28 (Call 07/01/23)(a)	USD		175		183,969
Genesis Energy LP/Genesis Energy Finance Corp.
6.25%, 05/15/26 (Call 06/01/21)	USD		50		49,063
6.50%, 10/01/25 (Call 06/01/21)	USD		70		70,557
7.75%, 02/01/28 (Call 02/01/23)	USD		95		95,970
8.00%, 01/15/27 (Call 10/15/24)	USD		45		46,360
Genworth Mortgage Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a)	USD		80		86,873
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 03/01/24)(a)	USD		100		97,382
Golden Nugget Inc.
6.75%, 10/15/24 (Call 06/01/21)(a)	USD		165		167,214
8.75%, 10/01/25 (Call 06/01/21)(a)(b)	USD		85		89,412
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(b)	USD		90		93,713
5.00%, 05/31/26 (Call 06/01/21)	USD		115		117,987
5.13%, 11/15/23 (Call 05/06/21)	USD		75		75,068
5.25%, 04/30/31 (Call 01/30/31)	USD		50		50,385
5.63%, 04/30/33 (Call 01/30/33)	USD		50		50,063
9.50%, 05/31/25 (Call 05/31/22)	USD		105		118,387
Graphic Packaging International LLC, 3.50%, 03/15/28(a)	USD		100		99,500
Gray Television Inc. 4.75%, 10/15/30 (Call 10/15/25)(a)	USD		100		99,938

Security		Par (000)		Value
United States (continued)
5.88%, 07/15/26 (Call 07/15/21)(a)	USD		115	$	119,312
7.00%, 05/15/27 (Call 05/15/22)(a)(b)	USD		90		98,344
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)	USD		130		138,775
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)	USD		100		98,180
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(c)	EUR		100		127,783
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)(a)	USD		115		121,148
4.88%, 05/15/26 (Call 02/15/26)(a)(b)	USD		115		123,293
5.38%, 05/15/25 (Call 05/15/22)(a)	USD		30		31,562
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)	USD		125		132,031
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)	USD		315		323,671
5.38%, 02/01/25	USD		275		306,295
5.38%, 09/01/26 (Call 03/01/26)	USD		125		141,842
5.63%, 09/01/28 (Call 03/01/28)	USD		215		250,844
5.88%, 05/01/23	USD		100		109,133
5.88%, 02/15/26 (Call 08/15/25)	USD		165		189,544
5.88%, 02/01/29 (Call 08/01/28)	USD		125		147,500
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a)	USD		155		168,537
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(a)	USD		150		158,625
Hess Midstream Operations LP
5.13%, 06/15/28 (Call 06/15/23)(a)	USD		70		72,495
5.63%, 02/15/26 (Call 06/01/21)(a)	USD		100		103,875
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25 (Call 06/01/21)(a)	USD		65		66,159
5.75%, 02/01/29 (Call 02/01/24)(a)	USD		45		45,982
6.00%, 02/01/31 (Call 02/01/26)(a)	USD		70		72,751
6.25%, 11/01/28 (Call 11/01/23)(a)	USD		75		78,035
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)	USD		155		152,863
3.75%, 05/01/29 (Call 05/01/24)(a)	USD		50		50,334
4.00%, 05/01/31 (Call 05/01/26)(a)	USD		125		126,538
4.88%, 01/15/30 (Call 01/15/25)	USD		180		191,997
5.38%, 05/01/25 (Call 05/01/22)(a)	USD		10		10,516
5.75%, 05/01/28 (Call 05/01/23)(a)	USD		65		70,029
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22)	USD		75		78,075
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(a)	USD		75		73,688
4.63%, 02/01/28 (Call 02/01/23)(a)	USD		50		52,990
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(a)	USD		65		64,350
4.38%, 02/01/31 (Call 02/01/26)(a)	USD		90		89,209
5.38%, 08/01/28 (Call 08/01/23)(a)	USD		90		95,175
Howmet Aerospace Inc.
5.13%, 10/01/24 (Call 07/01/24)	USD		155		169,531
6.88%, 05/01/25 (Call 04/01/25)	USD		130		150,800
HUB International Ltd., 7.00%, 05/01/26 (Call 06/01/21)(a)	USD		175		181,600
Hughes Satellite Systems Corp.
5.25%, 08/01/26	USD		95		104,500
6.63%, 08/01/26(b)	USD		100		111,045
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)(a)	USD		60		58,275
4.75%, 09/15/24 (Call 06/15/24)(b)	USD		125		131,330
5.25%, 05/15/27 (Call 11/15/26)(a)	USD		45		46,001
5.25%, 05/15/27 (Call 11/15/26)(b)	USD		122		124,714
6.25%, 05/15/26 (Call 05/15/22)	USD		130		137,323

52 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.38%, 12/15/25 (Call 06/01/21)	USD		95	$	98,097
6.75%, 02/01/24 (Call 06/01/21)	USD		65		66,471
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)(b)	USD		65		66,288
5.25%, 08/15/27 (Call 08/15/22)(a)	USD		95		98,325
6.38%, 05/01/26 (Call 05/01/22)	USD		100		106,500
8.38%, 05/01/27 (Call 05/01/22)(b)	USD		130		139,455
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)	USD		190		197,353
International Game Technology PLC
2.38%, 04/15/28 (Call 04/15/23)(c)	EUR		100		116,931
3.50%, 06/15/26 (Call 06/15/22)(c)	EUR		150		184,992
4.75%, 02/15/23 (Call 08/15/22)(c)	EUR		100		125,572
6.25%, 01/15/27 (Call 07/15/26)(a)	USD		100		112,469
6.50%, 02/15/25 (Call 08/15/24)(a)	USD		200		221,500
Intrado Corp., 8.50%, 10/15/25 (Call 06/01/21)(a)	USD		145		147,356
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)(c)	EUR		100		121,454
2.25%, 01/15/28 (Call 07/15/22)(c)	EUR		100		121,559
2.25%, 03/15/29 (Call 03/15/24)(c)	EUR		100		120,803
2.88%, 06/15/28 (Call 06/15/23)(c)	EUR		100		124,489
5.00%, 05/15/27 (Call 05/15/22)(a)(b)	USD		200		209,565
IRB Holding Corp.
6.75%, 02/15/26 (Call 06/01/21)(a)	USD		50		51,800
7.00%, 06/15/25 (Call 06/15/22)(a)	USD		100		107,538
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)(b)	USD		60		59,850
4.88%, 09/15/27 (Call 09/15/22)(a)(b)	USD		125		130,000
4.88%, 09/15/29 (Call 09/15/24)(a)	USD		125		127,500
5.00%, 07/15/28 (Call 07/15/23)(a)	USD		80		82,800
5.25%, 03/15/28 (Call 12/27/22)(a)	USD		105		110,048
5.25%, 07/15/30 (Call 07/15/25)(a)	USD		165		171,394
5.63%, 07/15/32 (Call 07/15/26)(a)	USD		75		79,330
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/10/21)(c)	GBP		100		140,381
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)	USD		70		71,138
4.75%, 10/01/24 (Call 07/01/24)	USD		100		104,811
5.50%, 02/15/26 (Call 08/15/22)	USD		50		51,899
Jaguar Holding Co. II/PPD Development LP
4.63%, 06/15/25 (Call 06/15/22)(a)(b)	USD		20		21,049
5.00%, 06/15/28 (Call 06/15/23)(a)	USD		100		109,175
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 06/01/21)(a)	USD		50		51,068
4.88%, 12/15/27 (Call 12/15/22)(a)	USD		50		52,250
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)	USD		55		56,856
5.00%, 03/01/31 (Call 03/01/26)	USD		61		63,062
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)(a)	USD		100		105,153
5.25%, 06/01/26 (Call 06/01/21)(a)	USD		80		82,345
Kraft Heinz Foods Co.
2.00%, 06/30/23 (Call 03/30/23)(c)	EUR		100		124,705
2.25%, 05/25/28 (Call 02/25/28)(c)	EUR		150		195,402
3.00%, 06/01/26 (Call 03/01/26)	USD		241		254,749
3.75%, 04/01/30 (Call 01/01/30)	USD		150		159,937
3.88%, 05/15/27 (Call 02/15/27)	USD		155		168,539
3.95%, 07/15/25 (Call 04/15/25)	USD		175		193,554
4.25%, 03/01/31 (Call 12/01/30)	USD		165		181,789
4.63%, 01/30/29 (Call 10/30/28)	USD		150		169,125

Security		Par (000)		Value
United States (continued)
L Brands Inc.
5.25%, 02/01/28	USD		115	$	125,695
6.63%, 10/01/30 (Call 10/01/25)(a)	USD		110		126,500
7.50%, 06/15/29 (Call 06/15/24)	USD		65		75,412
9.38%, 07/01/25(a)	USD		10		12,686
LABL Escrow Issuer LLC
6.75%, 07/15/26 (Call 07/15/22)(a)	USD		90		96,975
10.50%, 07/15/27 (Call 07/15/22)(a)(b)	USD		85		93,891
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)(a)	USD		110		107,721
5.25%, 10/01/25 (Call 05/17/21)(a)	USD		4		4,057
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)(a)	USD		45		43,864
3.75%, 02/15/28 (Call 02/15/23)	USD		75		75,665
4.00%, 02/15/30 (Call 02/15/25)	USD		60		60,600
4.88%, 01/15/29 (Call 01/15/24)	USD		115		121,403
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)(a)(b)	USD		100		103,780
4.88%, 11/01/26 (Call 11/01/21)(a)	USD		100		103,797
4.88%, 05/15/28 (Call 11/15/27)(a)(b)	USD		60		66,160
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/22)(a)	USD		200		215,000
LD Holdings Group LLC, 6.13%, 04/01/28 (Call 04/01/24)(a)	USD		65		65,240
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 02/15/22)(a)	USD		135		135,436
6.75%, 04/15/25 (Call 04/15/22)(a)	USD		35		37,353
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)(a)	USD		105		101,456
3.75%, 07/15/29 (Call 01/15/24)(a)	USD		115		112,125
4.25%, 07/01/28 (Call 07/01/23)(a)	USD		125		126,029
4.63%, 09/15/27 (Call 09/15/22)(a)	USD		125		128,906
5.25%, 03/15/26 (Call 06/01/21)	USD		100		102,990
5.38%, 05/01/25 (Call 06/01/21)	USD		75		76,650
Levi Strauss & Co.
3.38%, 03/15/27 (Call 03/15/22)	EUR		100		124,409
5.00%, 05/01/25 (Call 06/01/21)(b)	USD		45		45,956
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(c)(e)	EUR		100		123,262
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)(a)	USD		93		96,375
8.00%, 04/15/26 (Call 02/01/23)(a)	USD		70		73,765
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)(b) .	USD		45		45,009
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a)	USD		88		88,220
Lithia Motors Inc., 4.38%, 01/15/31 (Call 10/15/25)(a)	USD		65		68,667
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)	USD		20		19,923
4.75%, 10/15/27 (Call 10/15/22)(a)(b)	USD		175		176,667
6.50%, 05/15/27 (Call 05/15/23)(a)	USD		160		177,677
LKQ European Holdings BV, 4.13%, 04/01/28 (Call 04/01/23)(c)	EUR		100		129,208
Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA, 3.88%, 04/01/24 (Call 01/01/24)(c)	EUR		100		129,782
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)	USD		110		110,256
4.63%, 11/15/27 (Call 11/15/22)(a)	USD		50		52,286
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)(a)	USD		130		132,372
4.50%, 01/15/29 (Call 01/15/24)(a)(b)	USD		85		83,745

SCHEDULE   OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
5.13%, 12/15/26 (Call 12/15/22)(a)(b)	USD		155	$	162,556
5.63%, 04/01/25 (Call 01/01/25)	USD		65		70,200
Series W, 6.75%, 12/01/23(b)	USD		75		82,984
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b)	USD		125		139,762
Macy’s Inc., 8.38%, 06/15/25 (Call 06/15/22)(a)	USD		175		193,065
Macy’s Retail Holdings LLC
3.63%, 06/01/24 (Call 03/01/24)	USD		24		24,270
5.88%, 04/01/29 (Call 04/01/24)(a)	USD		60		61,575
Magic Mergeco Inc.
5.25%, 05/01/28 (Call 11/01/23)(a)	USD		88		89,210
7.88%, 05/01/29 (Call 05/01/24)(a)	USD		115		118,162
Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 05/15/22)(a)	USD		15		15,919
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21)(b)	USD		100		104,500
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)	USD		130		129,837
Match Group Holdings II LLC
4.13%, 08/01/30 (Call 05/01/25)(a)	USD		115		115,431
4.63%, 06/01/28 (Call 06/01/23)(a)	USD		10		10,325
5.00%, 12/15/27 (Call 12/15/22)(a)	USD		75		78,959
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)(a)	USD		40		41,409
3.75%, 04/01/29 (Call 04/01/24)(a)	USD		65		66,531
5.88%, 12/15/27 (Call 12/15/22)(a)	USD		110		120,871
6.75%, 12/31/25 (Call 05/11/21)(a)	USD		37		38,896
Mauser Packaging Solutions Holding Co.
4.75%, 04/15/24 (Call 06/01/21)(c)	EUR		100		120,606
5.50%, 04/15/24 (Call 06/01/21)(a)(b)	USD		185		185,694
7.25%, 04/15/25 (Call 06/01/21)(a)(b)	USD		170		165,530
MEDNAX Inc., 6.25%, 01/15/27 (Call 01/15/22)(a)(b)	USD		125		132,834
Meredith Corp., 6.88%, 02/01/26 (Call 06/01/21)(b)	USD		122		125,202
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(a)	USD		40		41,120
6.00%, 06/01/25 (Call 03/01/25)	USD		50		56,841
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
3.88%, 02/15/29 (Call 11/15/28)(a)	USD		40		40,550
4.50%, 09/01/26 (Call 06/01/26)	USD		65		68,903
4.63%, 06/15/25 (Call 03/15/25)(a)	USD		145		154,632
5.63%, 05/01/24 (Call 02/01/24)	USD		130		140,006
5.75%, 02/01/27 (Call 11/01/26)(b)	USD		95		106,104
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)	USD		62		65,317
4.75%, 10/15/28 (Call 07/15/28)	USD		90		94,950
5.50%, 04/15/27 (Call 01/15/27)	USD		111		121,267
5.75%, 06/15/25 (Call 03/15/25)	USD		165		181,706
6.00%, 03/15/23	USD		155		165,906
6.75%, 05/01/25 (Call 05/01/22)	USD		50		53,625
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(a)	USD		155		162,651
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)(a)	USD		135		137,025
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)	USD		65		67,031
4.38%, 06/15/28 (Call 06/15/23)(a)(b)	USD		80		82,544
5.38%, 11/15/22 (Call 08/15/22)	USD		90		94,681
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 06/01/21)(a)	USD		90		80,366
10.50%, 05/15/27 (Call 05/15/22)(a)	USD		65		61,360
MPH Acquisition Holdings LLC, 5.75%, 11/01/28 (Call 11/01/23)(a)(b)	USD		155		153,062

Security		Par (000)		Value
United States (continued)
MPT Operating Partnership LP/MPT Finance Corp.
3.38%, 04/24/30 (Call 01/24/30)	GBP		125	$	175,820
3.50%, 03/15/31 (Call 03/15/26)	USD		85		84,851
3.69%, 06/05/28 (Call 04/06/28)	GBP		100		145,759
4.00%, 08/19/22 (Call 05/19/22)	EUR		100		125,253
4.63%, 08/01/29 (Call 08/01/24)	USD		90		95,288
5.00%, 10/15/27 (Call 10/15/22)	USD		175		184,187
5.25%, 08/01/26 (Call 08/01/21)	USD		65		67,031
MSCI Inc.
3.63%, 09/01/30 (Call 03/01/25)(a)	USD		60		61,125
3.88%, 02/15/31 (Call 06/01/25)(a)	USD		150		153,937
4.00%, 11/15/29 (Call 11/15/24)(a)	USD		100		104,804
5.38%, 05/15/27 (Call 05/15/22)(a)(b)	USD		65		69,488
Murphy Oil Corp.
5.75%, 08/15/25 (Call 06/01/21)	USD		75		76,428
5.88%, 12/01/27 (Call 12/01/22)	USD		55		55,275
6.38%, 07/15/28 (Call 07/15/24)	USD		50		50,726
6.88%, 08/15/24 (Call 06/01/21)(b)	USD		50		51,410
Murphy Oil USA Inc., 3.75%, 02/15/31 (Call 02/15/26)(a)	USD		60		59,100
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)	USD		100		82,875
Nabors Industries Ltd.
7.25%, 01/15/26 (Call 07/15/22)(a)	USD		50		44,217
7.50%, 01/15/28 (Call 01/15/23)(a)	USD		50		43,650
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)	USD		80		79,158
5.50%, 08/15/28 (Call 08/15/23)(a)	USD		75		75,563
6.00%, 01/15/27 (Call 01/15/23)(a)	USD		110		114,840
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)	USD		45		44,054
5.00%, 03/15/27 (Call 09/15/26)	USD		65		65,397
5.50%, 01/25/23(b)	USD		150		157,050
5.88%, 10/25/24	USD		65		68,475
6.13%, 03/25/24	USD		105		110,906
6.50%, 06/15/22	USD		100		104,933
6.75%, 06/25/25(b)	USD		65		70,604
6.75%, 06/15/26	USD		65		70,314
7.25%, 09/25/23	USD		65		70,606
Navistar International Corp.
6.63%, 11/01/25 (Call 05/11/21)(a)	USD		140		145,238
9.50%, 05/01/25 (Call 06/25/21)(a)	USD		80		86,800
NCL Corp. Ltd.
5.88%, 03/15/26 (Call 12/15/25)(a)(b)	USD		130		136,091
10.25%, 02/01/26 (Call 08/01/23)(a)	USD		85		99,963
12.25%, 05/15/24 (Call 02/15/24)(a)	USD		115		139,988
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)	USD		65		68,153
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)	USD		95		98,088
5.13%, 04/15/29 (Call 04/15/24)(a)	USD		118		121,687
5.25%, 10/01/30 (Call 10/01/25)(a)(b)	USD		20		20,750
5.75%, 09/01/27 (Call 09/01/22)(a)	USD		65		68,656
6.13%, 09/01/29 (Call 09/01/24)(a)	USD		65		70,772
8.13%, 04/15/25 (Call 04/15/22)(a)	USD		25		27,375
Netflix Inc.
3.00%, 06/15/25 (Call 03/15/25)(c)	EUR		100		131,019
3.63%, 06/15/25 (Call 03/15/25)(a)	USD		25		26,925
3.63%, 05/15/27	EUR		100		138,962
3.63%, 06/15/30 (Call 03/15/30)(c)	EUR		200		287,860
3.88%, 11/15/29(c)	EUR		100		145,781
4.38%, 11/15/26(b)	USD		125		140,973
4.63%, 05/15/29	EUR		100		151,655

54 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
4.88%, 04/15/28(b)	USD		175	$	201,469
4.88%, 06/15/30 (Call 03/15/30)(a)(b)	USD		125		144,945
5.38%, 11/15/29(a)(b)	USD		90		106,875
5.75%, 03/01/24	USD		50		56,297
5.88%, 02/15/25(b)	USD		100		115,750
5.88%, 11/15/28	USD		190		231,562
6.38%, 05/15/29	USD		100		125,577
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)(a)	USD		175		178,512
6.75%, 09/15/25 (Call 09/15/22)(a)	USD		150		155,205
Newell Brands Inc.
4.35%, 04/01/23 (Call 02/01/23)	USD		100		105,526
4.70%, 04/01/26 (Call 01/01/26)	USD		250		278,437
4.88%, 06/01/25 (Call 05/01/25)	USD		90		100,102
News Corp., 3.88%, 05/15/29 (Call 05/15/24)(a)	USD		110		112,168
Nexstar Broadcasting Inc.
4.75%, 11/01/28 (Call 11/01/23)(a)	USD		75		76,517
5.63%, 07/15/27 (Call 07/15/22)(a)	USD		250		264,062
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)	USD		65		67,961
4.25%, 07/15/24 (Call 04/15/24)(a)	USD		45		47,756
4.50%, 09/15/27 (Call 06/15/27)(a)	USD		65		70,200
NFP Corp., 6.88%, 08/15/28 (Call 08/15/23)(a)(b)	USD		180		188,775
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(a)	USD		240		252,600
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 06/01/21)	USD		80		78,309
7.50%, 04/15/26 (Call 04/15/22)(b)	USD		70		62,515
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 05/31/21)(a)(b)	USD		65		66,706
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28 (Call 10/01/23)(a)	USD		120		127,950
5.88%, 10/01/30 (Call 10/01/25)(a)	USD		70		76,608
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a)	USD		135		138,089
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)	USD		50		51,013
5.00%, 04/15/25 (Call 05/11/21)(a)	USD		140		141,784
Novelis Corp.
4.75%, 01/30/30 (Call 01/30/25)(a)	USD		220		229,552
5.88%, 09/30/26 (Call 09/30/21)(a)	USD		190		198,206
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(a)(b)	USD		15		14,711
3.63%, 02/15/31 (Call 02/15/26)(a)(b)	USD		120		117,570
5.25%, 06/15/29 (Call 06/15/24)(a)	USD		90		96,413
5.75%, 01/15/28 (Call 01/15/23)	USD		105		111,562
6.63%, 01/15/27 (Call 07/15/21)	USD		155		161,541
7.25%, 05/15/26 (Call 05/17/21)	USD		125		129,590
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)	USD		65		68,819
5.75%, 10/01/25 (Call 07/01/25)	USD		85		91,462
6.00%, 06/01/26 (Call 03/01/26)	USD		90		97,473
6.38%, 10/01/30 (Call 04/01/30)(b)	USD		55		60,431
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)	USD		25		25,148
2.90%, 08/15/24 (Call 07/15/24)	USD		275		274,312
3.20%, 08/15/26 (Call 06/15/26)	USD		150		146,639
3.40%, 04/15/26 (Call 01/15/26)	USD		150		148,528
3.50%, 06/15/25 (Call 03/15/25)(b)	USD		100		100,656
3.50%, 08/15/29 (Call 05/15/29)	USD		200		191,695

Security			Par (000)		Value
United States (continued)
5.50%, 12/01/25 (Call 09/01/25)	USD			45	$	48,511
5.55%, 03/15/26 (Call 12/15/25)(b)	USD			200		214,750
5.88%, 09/01/25 (Call 06/01/25)	USD			85		92,863
6.13%, 01/01/31 (Call 07/01/30)(b)	USD	��		100		111,500
6.38%, 09/01/28 (Call 03/01/28)	USD			90		100,965
6.63%, 09/01/30 (Call 03/01/30)	USD			140		159,927
7.50%, 05/01/31	USD			100		119,325
7.88%, 09/15/31	USD			50		60,934
8.00%, 07/15/25 (Call 04/15/25)(b)	USD			155		181,014
8.50%, 07/15/27 (Call 01/15/27)(b)	USD			190		232,037
8.88%, 07/15/30 (Call 01/15/30)	USD			100		128,739
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(c)	EUR			100		124,853
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)	USD			65		68,501
5.13%, 09/15/27 (Call 03/15/22)	USD			90		93,962
5.63%, 08/01/29 (Call 08/01/24)	USD			95		102,856
9.50%, 06/01/25 (Call 03/01/25)(a)	USD			40		50,064
OneMain Finance Corp.
4.00%, 09/15/30 (Call 09/15/25)	USD			65		62,888
5.38%, 11/15/29 (Call 05/15/29)	USD			100		107,875
5.63%, 03/15/23	USD			100		106,795
6.13%, 05/15/22	USD			75		78,660
6.13%, 03/15/24 (Call 09/15/23)(b)	USD			165		178,406
6.63%, 01/15/28 (Call 07/15/27)	USD			100		113,650
6.88%, 03/15/25	USD			155		176,157
7.13%, 03/15/26	USD			175		204,298
8.88%, 06/01/25 (Call 06/01/22)	USD			75		83,207
Organon Finance 1 LLC
2.88%, 04/30/28 (Call 04/30/24)(c)	EUR			150		184,248
4.13%, 04/30/28 (Call 04/30/24)(a)	USD			200		204,898
5.13%, 04/30/31 (Call 04/30/26)(a)	USD			200		206,500
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)(a)	USD			40		39,727
4.63%, 03/15/30 (Call 03/15/25)(a)	USD			65		64,532
5.00%, 08/15/27 (Call 08/15/22)(a)	USD			80		82,765
6.25%, 06/15/25 (Call 06/15/22)(a)	USD			80		84,900
Ovintiv Exploration Inc.
5.38%, 01/01/26 (Call 10/01/25)	USD			75		84,000
5.63%, 07/01/24	USD			75		83,610
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23(a)(b)	USD			90		97,825
6.63%, 05/13/27 (Call 05/15/23)(a)	USD			90		97,761
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a)	USD			226		237,330
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 (Call 10/01/23)(a)	USD			80		84,900
Parsley Energy LLC/Parsley Finance Corp., 5.63%, 10/15/27 (Call 10/15/22)(a)	USD			65		70,322
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)	USD			110		83,256
7.25%, 06/15/25 (Call 06/01/21)	USD			75		63,998
9.25%, 05/15/25 (Call 05/15/22)(a)	USD			125		130,937
PDC Energy Inc.
5.75%, 05/15/26 (Call 06/01/21)	USD			125		129,960
6.13%, 09/15/24 (Call 06/01/21)	USD			50		51,250
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)	USD			65		62,238
5.38%, 10/15/25 (Call 10/15/22)(a)	USD			75		79,031

SCHEDULE   OF   INVESTMENTS 55

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)(b)	USD		70	$	71,750
5.50%, 05/15/26 (Call 06/01/21)	USD		60		61,929
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)(a)	USD		135		142,341
PetSmart Inc./PetSmart Finance Corp., 4.75%, 02/15/28 (Call 02/15/24)(a)	USD		250		257,169
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(b)	USD		100		105,125
5.25%, 07/01/30 (Call 07/01/25)	USD		145		154,715
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)	USD		100		109,671
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a)(b)	USD		45		47,869
Pilgrim’s Pride Corp.
4.25%, 04/15/31 (Call 04/15/26)(a)	USD		115		116,495
5.88%, 09/30/27 (Call 09/30/22)(a)	USD		80		85,000
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)	USD		180		178,704
4.63%, 04/15/30 (Call 04/15/25)(a)	USD		205		207,077
5.50%, 12/15/29 (Call 12/15/24)(a)	USD		95		102,391
5.63%, 01/15/28 (Call 12/01/22)(a)	USD		120		126,965
5.75%, 03/01/27 (Call 03/01/22)(a)	USD		165		172,837
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(a)	USD		70		67,200
5.13%, 01/15/28 (Call 01/15/23)(a)	USD		50		52,446
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)	USD		95		92,118
5.25%, 04/15/24(a)	USD		95		101,639
5.75%, 04/15/26(a)	USD		160		175,013
6.25%, 01/15/28 (Call 01/15/23)(a)	USD		135		141,919
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(c)	EUR		100		122,793
PTC Inc.
3.63%, 02/15/25 (Call 02/15/22)(a)	USD		90		92,380
4.00%, 02/15/28 (Call 02/15/23)(a)	USD		65		66,721
Qorvo Inc.
3.38%, 04/01/31 (Call 04/01/26)(a)	USD		35		35,569
4.38%, 10/15/29 (Call 10/15/24)	USD		150		163,015
Quicken Loans LLC, 5.25%, 01/15/28 (Call 01/15/23)(a)	USD		125		131,804
Quicken Loans LLC/Quicken Loans Co-Issuer Inc.
3.63%, 03/01/29 (Call 03/01/24)(a)	USD		45		43,875
3.88%, 03/01/31 (Call 03/01/26)(a)	USD		180		175,500
QVC Inc.
4.38%, 03/15/23	USD		70		73,934
4.38%, 09/01/28 (Call 06/01/28)	USD		65		66,625
4.45%, 02/15/25 (Call 11/15/24)	USD		75		80,121
4.75%, 02/15/27 (Call 11/15/26)(b)	USD		70		74,179
4.85%, 04/01/24(b)	USD		75		81,523
Rackspace Technology Global Inc., 3.50%, 02/15/28 (Call 02/15/24)(a)	USD		70		67,916
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)	USD		75		79,559
4.88%, 03/15/27 (Call 09/15/26)	USD		50		53,303
6.63%, 03/15/25 (Call 09/15/24)	USD		95		107,519
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(a)	USD		90		91,648
6.50%, 09/15/28 (Call 09/15/23)(a)(b)	USD		80		83,424
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)(a)	USD		75		82,484

Security		Par (000)		Value
United States (continued)
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)(b)	USD		95	$	94,525
5.00%, 03/15/23 (Call 12/15/22)(b)	USD		90		92,025
8.25%, 01/15/29 (Call 01/15/24)(a)(b)	USD		55		59,741
9.25%, 02/01/26 (Call 02/01/22)	USD		85		93,300
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)(a)	USD		50		52,000
5.75%, 01/15/29 (Call 01/15/24)(a)	USD		105		108,494
7.63%, 06/15/25 (Call 06/15/22)(a)	USD		90		98,381
9.38%, 04/01/27 (Call 04/01/22)(a)	USD		65		72,996
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)	USD		180		195,019
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, 10/15/27 (Call 10/15/23)(a)(b)	USD		125		123,594
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)(a)	USD		65		64,513
4.75%, 10/15/27 (Call 10/15/22)(b)	USD		105		107,887
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)(a)	USD		77		79,888
8.00%, 11/15/26 (Call 01/15/23)(a)	USD		114		118,346
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)(a)	USD		50		51,035
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a)	USD		95		99,037
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)(a)(b)	USD		80		87,100
9.25%, 04/15/25 (Call 03/16/25)(a)	USD		90		107,923
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)(a)	USD		165		158,065
3.88%, 02/15/27 (Call 02/15/23)(b)	USD		200		204,750
4.88%, 09/01/24 (Call 06/01/21)	USD		140		143,369
Scientific Games International Inc.
3.38%, 02/15/26 (Call 06/01/21)(c)	EUR		100		120,205
5.00%, 10/15/25 (Call 06/01/21)(a)	USD		155		160,050
7.00%, 05/15/28 (Call 05/15/23)(a)(b)	USD		85		91,624
7.25%, 11/15/29 (Call 11/15/24)(a)(b)	USD		65		71,738
8.25%, 03/15/26 (Call 03/15/22)(a)	USD		135		145,749
8.63%, 07/01/25 (Call 07/01/22)(a)	USD		60		65,550
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(a)	USD		100		99,750
6.63%, 05/01/29 (Call 05/01/24)(a)(b)	USD		34		33,481
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/31 (Call 04/01/26)(a)	USD		45		44,519
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(a)	USD		70		69,563
5.38%, 01/15/31 (Call 01/15/26)(a)	USD		70		70,981
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)(a)	USD		50		48,180
3.38%, 07/15/31 (Call 01/15/26)(a)	USD		55		52,939
4.09%, 06/01/29 (Call 03/01/29)(a)	USD		50		51,313
4.13%, 01/15/31 (Call 10/15/30)(a)	USD		50		50,688
4.88%, 06/01/27 (Call 03/01/27)	USD		75		83,348
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)	USD		55		57,836
4.88%, 12/01/22 (Call 09/01/22)(a)(b)	USD		55		57,829
5.13%, 12/01/24 (Call 09/01/24)(a)	USD		30		32,755
5.25%, 04/01/23 (Call 01/01/23)(a)	USD		50		53,046
5.50%, 09/15/25 (Call 06/15/25)(a)	USD		50		55,391
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b)	USD		205		218,093

56 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Sensata Technologies BV, 4.00%, 04/15/29 (Call 04/15/24)(a)	USD		125	$	125,775
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)	USD		30		29,824
4.38%, 02/15/30 (Call 11/15/29)(a)	USD		55		57,640
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)	USD		75		72,659
4.63%, 12/15/27 (Call 12/15/22)(b)	USD		75		79,584
5.13%, 06/01/29 (Call 06/01/24)(b)	USD		100		107,959
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)	USD		50		46,340
4.35%, 10/01/24 (Call 09/01/24)	USD		100		99,682
4.38%, 02/15/30 (Call 08/15/29)(b)	USD		50		46,635
4.75%, 10/01/26 (Call 08/01/26)	USD		50		48,594
4.95%, 02/15/27 (Call 08/15/26)(b)	USD		25		24,492
4.95%, 10/01/29 (Call 07/01/29)	USD		50		48,438
5.50%, 12/15/27 (Call 09/15/27)	USD		65		68,615
7.50%, 09/15/25 (Call 06/15/25)	USD		90		102,038
Signature Aviation U.S. Holdings Inc.
4.00%, 03/01/28 (Call 03/01/23)(a)	USD		80		80,801
5.38%, 05/01/26 (Call 06/01/21)(a)	USD		65		66,788
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 06/01/21)	EUR		100		121,222
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)	USD		80		78,000
5.13%, 02/15/27 (Call 08/15/21)(a)(b)	USD		75		74,497
5.50%, 03/01/30 (Call 12/01/24)(a)(b)	USD		65		65,039
Sirius XM Radio Inc.
4.13%, 07/01/30 (Call 07/01/25)(a)(b)	USD		170		170,289
4.63%, 07/15/24 (Call 07/15/21)(a)(b)	USD		190		195,495
5.00%, 08/01/27 (Call 08/01/22)(a)(b)	USD		190		199,262
5.38%, 07/15/26 (Call 07/15/21)(a)(b)	USD		225		232,492
5.50%, 07/01/29 (Call 07/01/24)(a)(b)	USD		155		167,691
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 06/01/21)(a)	USD		125		126,305
5.50%, 04/15/27 (Call 04/15/22)(a)	USD		65		67,290
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a)	USD		35		37,769
SM Energy Co., 10.00%, 01/15/25 (Call 06/17/22)(a)	USD		205		233,302
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/11/21)(a)	USD		230		236,900
Southwestern Energy Co.
6.45%, 01/23/25 (Call 10/23/24)(b)	USD		115		124,200
7.50%, 04/01/26 (Call 06/01/21)	USD		80		84,616
7.75%, 10/01/27 (Call 10/01/22)	USD		40		43,050
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(a)(b)	USD		55		53,907
4.00%, 10/01/26 (Call 10/01/21)(c)	EUR		100		123,083
5.75%, 07/15/25 (Call 06/01/21)	USD		66		67,878
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(b)	USD		75		73,515
5.50%, 01/15/25 (Call 10/15/22)(a)	USD		15		15,875
7.50%, 04/15/25 (Call 04/15/22)(a)	USD		150		160,687
Sprint Communications Inc., 6.00%, 11/15/22	USD		285		304,389
Sprint Corp.
7.13%, 06/15/24	USD		290		335,275
7.63%, 02/15/25 (Call 11/15/24)	USD		190		226,100
7.63%, 03/01/26 (Call 11/01/25)	USD		165		202,397
7.88%, 09/15/23	USD		485		553,293
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a)	USD		275		291,878

Security		Par (000)		Value
United States (continued)
Standard Industries Inc./NJ
2.25%, 11/21/26 (Call 08/21/26)(c)	EUR		100	$	118,325
3.38%, 01/15/31 (Call 07/15/25)(a)	USD		60		56,175
4.38%, 07/15/30 (Call 07/15/25)(a)	USD		160		160,671
4.75%, 01/15/28 (Call 01/15/23)(a)	USD		175		180,469
5.00%, 02/15/27 (Call 02/15/22)(a)(b)	USD		85		87,656
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)(a)	USD		250		259,292
10.75%, 04/15/27 (Call 04/15/22)(a)(b)	USD		125		129,337
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)(a)	USD		10		9,991
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/21)	USD		75		76,006
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)	USD		65		68,643
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)(a)	USD		85		85,706
5.50%, 02/15/26 (Call 06/01/21)	USD		100		103,054
5.88%, 03/15/28 (Call 03/15/23)	USD		50		53,054
6.00%, 04/15/27 (Call 04/15/22)	USD		75		78,679
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 06/01/21)	USD		70		58,153
6.63%, 01/15/28 (Call 01/15/23)(a)	USD		85		86,034
7.25%, 05/15/27 (Call 05/15/22)(a)	USD		95		98,064
7.63%, 06/01/28 (Call 06/01/23)(a)	USD		15		15,556
10.50%, 01/15/26 (Call 01/15/22)(a)(b)	USD		75		68,906
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 09/15/24 (Call 06/01/21)(a)	USD		60		61,168
5.50%, 01/15/28 (Call 01/15/23)(a)	USD		95		94,504
6.00%, 03/01/27 (Call 03/01/23)(a)	USD		55		55,809
6.00%, 12/31/30 (Call 12/31/25)(a)	USD		65		65,362
7.50%, 10/01/25 (Call 10/01/22)(a)	USD		50		54,634
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)(a)	USD		110		107,937
4.25%, 11/15/23 (Call 05/17/21)	USD		75		75,188
4.88%, 02/01/31 (Call 02/01/26)(a)	USD		100		104,935
5.00%, 01/15/28 (Call 01/15/23)	USD		90		94,767
5.38%, 02/01/27 (Call 02/01/22)	USD		65		67,836
5.50%, 03/01/30 (Call 03/01/25)(b)	USD		100		108,240
5.88%, 04/15/26 (Call 06/01/21)(b)	USD		125		130,937
6.50%, 07/15/27 (Call 07/15/22)	USD		95		103,490
6.88%, 01/15/29 (Call 01/15/24)	USD		50		56,097
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)	USD		75		82,622
5.75%, 01/15/28 (Call 10/15/27)(a)	USD		55		62,055
5.88%, 06/15/27 (Call 03/15/27)(a)(b)	USD		65		73,775
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)(b)	USD		100		102,047
4.75%, 03/15/26 (Call 03/15/23)(a)	USD		30		31,925
5.00%, 09/15/29 (Call 09/15/24)	USD		145		150,481
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(a)	USD		110		113,470
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25 (Call 05/11/21)(a)	USD		125		127,729
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 06/01/21)	USD		235		238,548
4.63%, 09/01/24 (Call 09/01/21)(a)(b)	USD		75		77,228
4.63%, 06/15/28 (Call 06/15/23)(a)	USD		65		67,161
4.88%, 01/01/26 (Call 03/01/22)(a)	USD		265		275,335
5.13%, 05/01/25 (Call 06/01/21)	USD		175		177,100
5.13%, 11/01/27 (Call 11/01/22)(a)	USD		185		194,276

SCHEDULE   OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
6.13%, 10/01/28 (Call 10/01/23)(a)	USD		250	$	264,431
6.25%, 02/01/27 (Call 02/01/22)(a)	USD		210		220,237
6.75%, 06/15/23	USD		185		202,020
7.50%, 04/01/25 (Call 04/01/22)(a)(b)	USD		25		26,961
Tenneco Inc.
5.00%, 07/15/26 (Call 07/15/21)(b)	USD		60		58,050
5.13%, 04/15/29 (Call 04/15/24)(a)	USD		80		79,400
7.88%, 01/15/29 (Call 01/15/24)(a)	USD		60		67,529
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)(a)	USD		65		66,942
4.75%, 01/15/30 (Call 01/15/25)(a)	USD		85		88,400
5.00%, 01/31/28 (Call 07/31/27)(a)	USD		75		80,615
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a)	USD		105		114,056
Tesla Inc., 5.30%, 08/15/25 (Call 06/01/21)(a)	USD		225		233,010
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)(b)	USD		100		100,625
2.63%, 04/15/26 (Call 04/15/23)	USD		130		132,281
2.63%, 02/15/29 (Call 02/15/24)	USD		120		116,970
2.88%, 02/15/31 (Call 02/15/26)	USD		100		98,200
3.38%, 04/15/29 (Call 04/15/24)	USD		145		147,449
3.50%, 04/15/31 (Call 04/15/26)	USD		117		118,718
4.50%, 02/01/26 (Call 05/11/21)	USD		225		230,625
4.75%, 02/01/28 (Call 02/01/23)	USD		190		203,062
5.13%, 04/15/25 (Call 05/11/21)	USD		65		66,118
5.38%, 04/15/27 (Call 04/15/22)	USD		65		68,986
6.00%, 04/15/24 (Call 05/11/21)	USD		125		125,855
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)	USD		50		53,375
4.35%, 02/15/28 (Call 11/15/27)	USD		50		54,852
4.38%, 04/15/23 (Call 01/15/23)	USD		25		26,353
4.88%, 03/15/27 (Call 12/15/26)	USD		55		62,448
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)(a)	USD		115		113,397
4.88%, 05/01/29 (Call 05/01/24)(a)	USD		85		83,853
5.50%, 11/15/27 (Call 11/15/22)	USD		335		347,814
6.25%, 03/15/26 (Call 03/15/22)(a)	USD		505		534,669
6.38%, 06/15/26 (Call 06/15/21)	USD		145		150,318
6.50%, 05/15/25 (Call 05/15/21)	USD		95		96,564
7.50%, 03/15/27 (Call 03/15/22)	USD		75		80,388
8.00%, 12/15/25 (Call 04/08/22)(a)	USD		105		114,156
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a)	USD		72		67,875
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)(a)	USD		50		48,216
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(a)	USD		127		123,678
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)	USD		70		67,176
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 05/31/21)(a)	USD		45		44,213
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/31/21)(a)	USD		48		46,191
Travel & Leisure Co.
3.90%, 03/01/23 (Call 12/01/22)	USD		138		142,633
6.00%, 04/01/27 (Call 01/01/27)	USD		50		55,924
6.63%, 07/31/26 (Call 04/30/26)(a)	USD		35		40,119
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24	USD		50		55,799
Triumph Group Inc.
6.25%, 09/15/24 (Call 06/01/21)(a)	USD		50		50,594
7.75%, 08/15/25 (Call 06/01/21)(b)	USD		67		66,528

Security		Par (000)		Value
United States (continued)
8.88%, 06/01/24 (Call 02/01/23)(a)	USD		43	$	47,838
Tronox Inc.
4.63%, 03/15/29 (Call 03/15/24)(a)	USD		130		132,925
6.50%, 05/01/25 (Call 05/01/22)(a)	USD		60		64,050
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)(b)	USD		65		66,090
3.88%, 03/15/31 (Call 03/15/26)	USD		45		46,181
U.S. Foods Inc.
4.75%, 02/15/29 (Call 02/15/24)(a)	USD		105		106,232
6.25%, 04/15/25 (Call 04/15/22)(a)	USD		135		143,559
U.S. Steel Corp.
6.25%, 03/15/26 (Call 06/01/21)	USD		80		81,800
6.88%, 08/15/25 (Call 06/01/21)	USD		95		97,483
6.88%, 03/01/29 (Call 03/01/24)	USD		90		93,938
Uber Technologies Inc.
6.25%, 01/15/28 (Call 09/15/23)(a)(b)	USD		50		54,333
7.50%, 05/15/25 (Call 05/15/22)(a)	USD		115		124,344
7.50%, 09/15/27 (Call 09/15/22)(a)	USD		150		165,720
8.00%, 11/01/26 (Call 11/01/21)(a)	USD		165		178,509
UGI International LLC, 3.25%, 11/01/25 (Call 11/01/21)(c)	EUR		100		122,806
United Airlines Holdings Inc., 4.25%, 10/01/22	USD		50		51,079
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)	USD		169		175,375
4.63%, 04/15/29 (Call 10/15/28)(a)	USD		215		223,428
United Rentals North America Inc.
3.88%, 02/15/31 (Call 08/15/25)	USD		125		125,719
4.00%, 07/15/30 (Call 07/15/25)	USD		95		97,430
4.88%, 01/15/28 (Call 01/15/23)	USD		135		142,653
5.25%, 01/15/30 (Call 01/15/25)(b)	USD		75		82,031
5.50%, 05/15/27 (Call 05/15/22)	USD		125		133,094
5.88%, 09/15/26 (Call 09/15/21)	USD		125		130,807
United Wholesale Mortgage LLC, 5.50%, 04/15/29 (Call 04/15/24)(a)	USD		90		88,169
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
7.13%, 12/15/24 (Call 06/01/21)(a)	USD		100		103,240
7.88%, 02/15/25 (Call 02/15/22)(a)	USD		235		253,212
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(a)	USD		55		54,794
6.00%, 04/15/23 (Call 05/06/21)(a)(b)	USD		70		71,109
6.50%, 02/15/29 (Call 02/15/24)(a)	USD		120		119,601
Univision Communications Inc.
5.13%, 02/15/25 (Call 05/11/21)(a)(b)	USD		185		188,305
6.63%, 06/01/27 (Call 06/01/23)(a)	USD		190		205,889
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 06/01/21)	USD		115		120,514
6.88%, 09/01/27 (Call 09/01/22)	USD		70		73,675
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(a)	USD		65		63,538
4.25%, 02/15/30 (Call 02/15/25)(a)(b)	USD		85		86,913
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)(a)	USD		110		110,715
10.50%, 11/01/26 (Call 11/01/21)(a)	USD		70		74,091
Vericast Corp., 8.38%, 08/15/22 (Call 06/01/21)(a)	USD		100		101,800
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 09/01/21)(a)	USD		340		352,750
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)	USD		140		149,100

58 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
ViacomCBS Inc.
5.88%, 02/28/57 (Call 02/28/22)(e)	USD		105	$	107,441
6.25%, 02/28/57 (Call 02/28/27)(b)(e)	USD		80		89,449
ViaSat Inc.
5.63%, 09/15/25 (Call 05/11/21)(a)	USD		90		92,025
5.63%, 04/15/27 (Call 04/15/22)(a)(b)	USD		75		78,755
6.50%, 07/15/28 (Call 07/15/23)(a)	USD		30		31,700
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 02/15/22)(a)	USD		100		102,356
3.75%, 02/15/27 (Call 02/15/23)(a)(b)	USD		70		70,475
4.13%, 08/15/30 (Call 02/15/25)(a)	USD		125		127,110
4.25%, 12/01/26 (Call 12/01/22)(a)	USD		125		129,062
4.63%, 12/01/29 (Call 12/01/24)(a)	USD		125		129,756
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)(a)	USD		105		102,900
13.00%, 05/15/25 (Call 05/15/22)(a)	USD		90		105,232
Vistra Operations Co. LLC
5.00%, 07/31/27 (Call 07/31/22)(a)	USD		155		160,585
5.50%, 09/01/26 (Call 09/01/21)(a)(b)	USD		100		103,375
5.63%, 02/15/27 (Call 02/15/22)(a)	USD		145		150,974
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)(b)	USD		85		86,700
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)(a)	USD		240		236,400
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)(a)	USD		80		86,530
7.25%, 06/15/28 (Call 06/15/23)(a)	USD		205		227,268
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b)	USD		240		265,950
Western Midstream Operating LP 3.95%, 06/01/25 (Call 03/01/25)	USD		50		52,000
4.35%, 02/01/25 (Call 01/01/25)	USD		125		131,719
4.50%, 03/01/28 (Call 12/01/27)	USD		50		53,125
4.65%, 07/01/26 (Call 04/01/26)	USD		50		53,375
4.75%, 08/15/28 (Call 05/15/28)	USD		50		53,625
5.30%, 02/01/30 (Call 11/01/29)(b)	USD		150		163,594
William Carter Co. (The)
5.50%, 05/15/25 (Call 05/15/22)(a)	USD		90		95,401
5.63%, 03/15/27 (Call 03/15/22)(a)	USD		75		79,057
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)	USD		55		56,100
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)(b)	USD		155		161,607
WMG Acquisition Corp.
2.75%, 07/15/28 (Call 07/15/23)(c)	EUR		100		122,906
3.00%, 02/15/31 (Call 02/15/26)(a)	USD		40		37,550
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 11/15/21)(a)	USD		74		72,934
9.00%, 11/15/26 (Call 11/15/22)(a)	USD		114		112,773
13.13%, 11/15/27 (Call 11/15/22)(a)(b)	USD		40		33,893
WPX Energy Inc.
4.50%, 01/15/30 (Call 01/15/25)	USD		65		70,021
5.25%, 09/15/24 (Call 06/15/24)	USD		80		88,720
5.25%, 10/15/27 (Call 10/15/22)	USD		59		63,065
5.75%, 06/01/26 (Call 06/01/21)	USD		65		68,070
5.88%, 06/15/28 (Call 06/15/23)	USD		8		8,819
WR Grace & Co.-Conn, 4.88%, 06/15/27 (Call 06/15/23)(a)	USD		120		125,100
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)(a)	USD		65		66,747
5.25%, 05/15/27 (Call 02/15/27)(a)(b)	USD		130		137,892
5.50%, 03/01/25 (Call 12/01/24)(a)	USD		225		240,165

Security		Par/ Shares (000)		Value
United States (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)	USD		100	$	103,375
7.75%, 04/15/25 (Call 04/15/22)(a)	USD		100		108,023
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)	USD		175		183,575
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)	USD		75		78,778
5.50%, 08/15/28 (Call 07/15/28)(a)	USD		65		67,925
XPO Logistics Inc.
6.13%, 09/01/23 (Call 06/01/21)(a)	USD		65		65,829
6.25%, 05/01/25 (Call 05/01/22)(a)	USD		125		133,906
6.75%, 08/15/24 (Call 08/15/21)(a)	USD		125		131,201
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)	USD		110		108,453
4.63%, 01/31/32 (Call 10/01/26)	USD		95		99,294
4.75%, 01/15/30 (Call 10/15/29)(a)	USD		125		134,219
7.75%, 04/01/25 (Call 04/01/22)(a)	USD		60		65,550
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 06/01/21)(a)	USD		155		153,915
6.13%, 03/01/28 (Call 03/01/23)(a)	USD		140		144,476
					122,566,850
Total Corporate Bonds & Notes — 98.4% (Cost: $175,792,591)					184,181,147
Common Stocks
United States — 0.0%
SM Energy Co.			5		77,657
Total Common Stocks — 0.0% (Cost: $21,104)					77,657
Short-Term Investments
Money Market Funds — 10.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(f)(g)(h)			19,255		19,264,470
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)			1,040		1,040,000
					20,304,470
Total Short-Term Investments — 10.9% (Cost: $20,301,831)					20,304,470
Total Investments in Securities — 109.3% (Cost: $196,115,526)					204,563,274
Other Assets, Less Liabilities — (9.3)%					(17,393,936	)
Net Assets — 100.0%				$	187,169,338

^(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)  Perpetual security with no stated maturity date.

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

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

SCHEDULE   OF   INVESTMENTS 59

Schedule of Investments (unaudited) (continued) April 30, 2021 iShares^® US & Intl High Yield Corp Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21			Shares Held at 04/30/21 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,552,610	$	7,715,001	(a)	$	—		$	(1,407	)	$	(1,734	)	$	19,264,470			19,255	$	21,023	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,600,000		—			(1,560,000	)(a)		—			—			1,040,000			1,040		295			—
									$	(1,407	)	$	(1,734	)	$	20,304,470	��			$	21,318		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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, 2021. 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	$	—	$	184,181,147	$	—	$	184,181,147
Common Stocks		77,657		—		—		77,657
Money Market Funds		20,304,470		—		—		20,304,470
	$	20,382,127	$	184,181,147	$	—	$	204,563,274

See notes to financial statements.

60 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

April 30, 2021

	iShares International High Yield 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)	$	66,622,707		$	343,677,109	$	398,847,240		$	473,846,933
Affiliated(c)		20,000			29,187,069		35,565,504			420,000
Cash		6,983			6,713		14,529			1,938
Foreign currency, at value(d)		1,246,151			—		—			2,723,371
Receivables:
Investments sold		899,765			2,305,112		5,053,614			721,137
Securities lending income — Affiliated		—			5,582		15,028			—
Capital shares sold		271,855			5,415,440		380,172			576,738
Dividends		—			40		51			2,648
Interest		770,774			3,484,944		5,508,914			8,895,561
Total assets		69,838,235			384,082,009		445,385,052			487,188,326
LIABILITIES
Collateral on securities loaned, at value		—			24,803,458		30,129,708			—
Deferred foreign capital gain tax		—			—		—			243,051
Payables:
Investments purchased		1,911,988			9,654,635		6,878,703			2,481,874
Investment advisory fees		20,777			138,192		163,377			116,679
Total liabilities		1,932,765			34,596,285		37,171,788			2,841,604
NET ASSETS	$	67,905,470		$	349,485,724	$	408,213,264		$	484,346,722
NET ASSETS CONSIST OF:
Paid-in capital	$	69,085,650		$	347,145,297	$	469,615,676		$	523,660,825
Accumulated earnings (loss)		(1,180,180	)		2,340,427		(61,402,412	)		(39,314,103	)
NET ASSETS	$	67,905,470		$	349,485,724	$	408,213,264		$	484,346,722
Shares outstanding		1,200,000			6,750,000		9,050,000			11,200,000
Net asset value	$	56.59		$	51.78	$	45.11		$	43.25
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	$	—		$	21,831,448	$	28,208,434		$	—
(b) Investments, at cost — Unaffiliated	$	63,275,551		$	339,527,661	$	402,190,058		$	489,298,296
(c)  Investments, at cost — Affiliated	$	20,000		$	29,181,896	$	35,567,936		$	420,000
(d) Foreign currency, at cost	$	1,229,785		$	—	$	—		$	2,732,675

See notes to financial statements.

FINANCIAL   STATEMENTS 61

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2021

	iShares US & Intl High Yield Corp Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	184,258,804
Affiliated(c)		20,304,470
Cash		2,385
Foreign currency, at value(d)		980,343
Receivables:
Investments sold		1,620,534
Securities lending income — Affiliated		3,696
Dividends		71
Interest		2,417,538
Total assets		209,587,841
LIABILITIES
Collateral on securities loaned, at value		19,260,200
Payables:
Investments purchased		3,097,072
Investment advisory fees		61,231
Total liabilities		22,418,503
NET ASSETS	$	187,169,338
NET ASSETS CONSIST OF:
Paid-in capital	$	187,149,767
Accumulated earnings		19,571
NET ASSETS	$	187,169,338
Shares outstanding		3,700,000
Net asset value	$	50.59
Shares authorized		500 million
Par value	$	0.001
(a) Securities loaned, at value	$	18,591,006
(b) Investments, at cost — Unaffiliated	$	175,813,695
(c)  Investments, at cost — Affiliated	$	20,301,831
(d) Foreign currency, at cost	$	956,292

See notes to financial statements.

62 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited) 

Six Months Ended April 30, 2021

	iShares International High Yield 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
INVESTMENT INCOME
Dividends — Affiliated	$	5		$	262		$	444		$	198
Interest — Unaffiliated		826,388			5,472,323			10,415,612			12,779,998
Securities lending income — Affiliated — net		—			31,198			50,698			—
Other income — Unaffiliated		9,992			4,250			4,200			—
Foreign taxes withheld		—			(25	)		(72	)		(231,709	)
Total investment income		836,385			5,508,008			10,470,882			12,548,487
EXPENSES
Investment advisory fees		108,943			686,330			870,127			748,909
Commitment fees		—			—			—			6,677
Miscellaneous		173			173			173			4,978
Total expenses		109,116			686,503			870,300			760,564
Less:
Investment advisory fees waived		—			—			(32,907	)		—
Total expenses after fees waived		109,116			686,503			837,393			760,564
Net investment income		727,269			4,821,505			9,633,489			11,787,923
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(62,224	)		(445,615	)		(5,484,157	)		(3,158,567	)
Investments — Affiliated		—			(1,272	)		(4,481	)		—
In-kind redemptions — Unaffiliated		—			—			189,766			5,018,146
Foreign currency transactions		39,434			—			—			254,987
Net realized gain (loss)		(22,790	)		(446,887	)		(5,298,872	)		2,114,566
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		4,268,491			2,053,947			20,186,566			5,725,446
Investments — Affiliated		—			(3,286	)		(617	)		—
Foreign currency translations		16,731			—			—			77,014
Net change in unrealized appreciation (depreciation)		4,285,222			2,050,661			20,185,949			5,802,460
Net realized and unrealized gain		4,262,432			1,603,774			14,887,077			7,917,026
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,989,701		$	6,425,279		$	24,520,566		$	19,704,949
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	164,980
(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	—		$	199,791

See notes to financial statements.

FINANCIAL   STATEMENTS 63

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2021

	iShares US & Intl High Yield Corp Bond ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	49
Dividends — Affiliated		295
Interest — Unaffiliated		4,258,397
Securities lending income — Affiliated — net		21,023
Other income — Unaffiliated		6,700
Total investment income		4,286,464
EXPENSES
Investment advisory fees		367,951
Miscellaneous		173
Total expenses		368,124
Net investment income		3,918,340
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		862,521
Investments — Affiliated		(1,407	)
Foreign currency transactions		21,256
Net realized gain		882,370
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		9,845,811
Investments — Affiliated		(1,734	)
Foreign currency translations		28,314
Net change in unrealized appreciation (depreciation)		9,872,391
Net realized and unrealized gain		10,754,761
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,673,101

See notes to financial statements.

64 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares International High Yield Bond ETF						iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	727,269		$	1,257,138		$	4,821,505		$	7,551,999
Net realized loss		(22,790	)		(1,331,686	)		(446,887	)		(4,735,907	)
Net change in unrealized appreciation (depreciation)		4,285,222			1,384,418			2,050,661			(1,354,795	)
Net increase in net assets resulting from operations		4,989,701			1,309,870			6,425,279			1,461,297
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(736,269	)		(495,118	)		(4,712,669	)		(7,540,091	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		16,901,852			5,097,119			133,041,643			54,125,456
NET ASSETS
Total increase in net assets		21,155,284			5,911,871			134,754,253			48,046,662
Beginning of period		46,750,186			40,838,315			214,731,471			166,684,809
End of period	$	67,905,470		$	46,750,186		$	349,485,724		$	214,731,471

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL   STATEMENTS 65

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 Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,633,489		$	19,523,615		$	11,787,923		$	24,939,525
Net realized gain (loss)		(5,298,872	)		(40,926,249	)		2,114,566			(56,186,070	)
Net change in unrealized appreciation (depreciation)		20,185,949			(7,708,895	)		5,802,460			5,560,533
Net increase (decrease) in net assets resulting from operations		24,520,566			(29,111,529	)		19,704,949			(25,686,012	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(10,405,908	)		(19,949,771	)		—			(24,281,359	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		90,514,579			19,267,173			(35,458,678	)		13,989,851
NET ASSETS
Total increase (decrease) in net assets		104,629,237			(29,794,127	)		(15,753,729	)		(35,977,520	)
Beginning of period		303,584,027			333,378,154			500,100,451			536,077,971
End of period	$	408,213,264		$	303,584,027		$	484,346,722		$	500,100,451

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

66 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares
	US & Intl High Yield Corp Bond ETF
		Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	3,918,340		$	7,844,089
Net realized gain (loss)			882,370			(7,432,624	)
Net change in unrealized appreciation (depreciation)			9,872,391			(56,278	)
Net increase in net assets resulting from operations			14,673,101			355,187
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(4,354,796	)		(7,407,517	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			—			7,603,062
NET ASSETS
Total increase in net assets			10,318,305			550,732
Beginning of period			176,851,033			176,300,301
End of period		$	187,169,338		$	176,851,033

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL   STATEMENTS 67

Financial Highlights  

(For a share outstanding throughout each period)

	iShares International High Yield Bond ETF
	Six Months Ended 04/30/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)				10/31/20				10/31/19				10/31/18				10/31/17				10/31/16
Net asset value, beginning of period		$	51.94			$	51.05			$	50.66			$	53.04			$	46.91			$	46.44
Net investment income(a)			0.74				1.42				1.51				1.54				1.77				1.82
Net realized and unrealized gain (loss)(b)			4.73				0.09				0.82				(3.92	)			4.85				(0.47	)
Net increase (decrease) from investment operations			5.47				1.51				2.33				(2.38	)			6.62				1.35
Distributions(c)
From net investment income			(0.82	)			(0.62	)			(1.94	)			—				(0.40	)			(0.26	)
Return of capital			—				—				—				—				(0.09	)			(0.62	)
Total distributions			(0.82	)			(0.62	)			(1.94	)			—				(0.49	)			(0.88	)
Net asset value, end of period		$	56.59			$	51.94			$	51.05			$	50.66			$	53.04			$	46.91
Total Return
Based on net asset value			10.52	%(d)			3.00	%			4.85	%			(4.49	)%			14.21	%			2.95	%
Ratios to Average Net Assets
Total expenses			0.40	%(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.51	%
Total expenses after fees waived			0.40	%(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			2.67	%(e)			2.85	%			3.03	%			2.87	%			3.62	%			3.93	%
Supplemental Data
Net assets, end of period (000)		$	67,905			$	46,750			$	40,838			$	65,858			$	90,160			$	154,796
Portfolio turnover rate(f)			21	%(d)			46	%			34	%			31	%			49	%			24	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

68 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Corporate Bond ETF
	Six Months Ended 04/30/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)				10/31/20				10/31/19				10/31/18				10/31/17				10/31/16
Net asset value, beginning of period		$	51.13			$	51.29			$	47.68			$	51.33			$	50.40			$	48.21
Net investment income(a)			0.91				2.06				2.25				2.16				2.10				2.19
Net realized and unrealized gain (loss)(b)			0.67				(0.13	)			3.61				(3.70	)			0.90				2.18
Net increase (decrease) from investment operations			1.58				1.93				5.86				(1.54	)			3.00				4.37
Distributions(c)
From net investment income			(0.93	)			(2.09	)			(2.25	)			(2.11	)			(2.07	)			(2.18	)
Total distributions			(0.93	)			(2.09	)			(2.25	)			(2.11	)			(2.07	)			(2.18	)
Net asset value, end of period		$	51.78			$	51.13			$	51.29			$	47.68			$	51.33			$	50.40
Total Return
Based on net asset value			3.10	%(d)			3.94	%			12.57	%			(3.09	)%			6.14	%			9.33	%
Ratios to Average Net Assets
Total expenses			0.50	%(e)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			3.51	%(e)			4.08	%			4.51	%			4.37	%			4.16	%			4.51	%
Supplemental Data
Net assets, end of period (000)		$	349,486			$	214,731			$	166,685			$	71,515			$	87,269			$	32,758
Portfolio turnover rate(f)			8	%(d)			25	%			21	%			16	%			62	%			22	%

^(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 excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM High Yield Bond ETF
	Six Months Ended
	04/30/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)					10/31/20				10/31/19				10/31/18				10/31/17				10/31/16
Net asset value, beginning of period		$	43.06			$	46.63			$	45.29			$	50.60			$	49.97			$	46.82
Net investment income(a)			1.24				2.52				2.66				2.44				2.87				3.03
Net realized and unrealized gain (loss)(b)			2.18				(3.54	)			1.93				(5.40	)			0.77				3.25
Net increase (decrease) from investment operations			3.42				(1.02	)			4.59				(2.96	)			3.64				6.28
Distributions(c)
From net investment income			(1.37	)			(2.55	)			(3.25	)			(2.35	)			(3.01	)			(3.13	)
Total distributions			(1.37	)			(2.55	)			(3.25	)			(2.35	)			(3.01	)			(3.13	)
Net asset value, end of period		$	45.11			$	43.06			$	46.63			$	45.29			$	50.60			$	49.97
Total Return
Based on net asset value			7.98	%(d)			(2.08	)%			10.51	%			(5.96	)%(e)			7.60	%			14.02	%
Ratios to Average Net Assets
Total expenses			0.50	%(f)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Total expenses after fees waived			0.48	%(f)			0.48	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			5.54	%(f)			5.75	%			5.75	%			5.11	%			5.73	%			6.35	%
Supplemental Data
Net assets, end of period (000)		$	408,213			$	303,584			$	333,378			$	398,541			$	624,867			$	107,431
Portfolio turnover rate(g)			13	%(d)			65	%			32	%			19	%			25	%			29	%

^(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 excludes in-kind transactions.

See notes to financial statements.

70 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares J.P. Morgan EM Local Currency Bond ETF
	Six Months Ended 04/30/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)						10/31/20				10/31/19				10/31/18				10/31/17				10/31/16
Net asset value, beginning of period		$	41.68			$	45.43			$	43.24			$	46.85			$	45.14			$	41.31
Net investment income(a)			1.03				2.29				3.09				2.87				2.29				1.94
Net realized and unrealized gain (loss)(b)			0.54				(4.11	)			0.59				(6.48	)			(0.58	)			1.89
Net increase (decrease) from investment operations			1.57				(1.82	)			3.68				(3.61	)			1.71				3.83
Distributions(c)
From net investment income			—				(1.93	)			(1.49	)			—				—				—
Total distributions			—				(1.93	)			(1.49	)			—				—				—
Net asset value, end of period		$	43.25			$	41.68			$	45.43			$	43.24			$	46.85			$	45.14
Total Return
Based on net asset value			3.79	%(d)			(4.20	)%			8.75	%			(7.71	)%			3.79	%			9.06	%(e)
Ratios to Average Net Assets
Total expenses			0.30	%(f)			0.30	%			0.30	%			0.42	%			0.50	%			0.50	%
Total expenses after fees waived			0.30	%(f)			0.30	%			0.30	%			0.41	%			0.50	%			0.50	%
Net investment income			4.72	%(f)			5.46	%			6.95	%			6.19	%			5.04	%			4.56	%
Supplemental Data
Net assets, end of period (000)		$	484,347			$	500,100			$	536,078			$	423,732			$	309,217			$	451,410
Portfolio turnover rate(g)			17	%(d)			43	%			44	%			51	%			97	%			59	%

^(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 year ended October 31, 2016 was 9.27%.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares US & Intl High Yield Corp Bond ETF
	Six Months Ended
	04/30/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)						10/31/20				10/31/19				10/31/18				10/31/17				10/31/16
Net asset value, beginning of period		$	47.80			$	48.97			$	48.03			$	50.98			$	48.77			$	47.57
Net investment income(a)			1.06				2.21				2.42				2.46				2.45				2.55
Net realized and unrealized gain (loss)(b)			2.91				(1.27	)			1.17				(2.80	)			2.08				0.57
Net increase (decrease) from investment operations			3.97				0.94				3.59				(0.34	)			4.53				3.12
Distributions(c)
From net investment income			(1.18	)			(2.11	)			(2.65	)			(2.61	)			(2.32	)			(1.92	)
Total distributions			(1.18	)			(2.11	)			(2.65	)			(2.61	)			(2.32	)			(1.92	)
Net asset value, end of period		$	50.59			$	47.80			$	48.97			$	48.03			$	50.98			$	48.77
Total Return
Based on net asset value			8.37	%(d)			2.04	%			7.74	%			(0.71	)%			9.58	%			6.82	%
Ratios to Average Net Assets
Total expenses			0.40	%(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.51	%
Total expenses after fees waived			0.40	%(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Net investment income			4.26	%(e)			4.65	%			5.02	%			4.95	%			4.93	%			5.44	%
Supplemental Data
Net assets, end of period (000)		$	187,169			$	176,851			$	176,300			$	211,353			$	214,103			$	97,547
Portfolio turnover rate(f)			16	%(d)			33	%			24	%			20	%			22	%			24	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e) Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

72 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   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 an open-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		Non-diversified
J.P. Morgan EM Local Currency Bond		Non-diversified
US & Intl High Yield Corp Bond		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure 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. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement of operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) 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, 2021, if any, are disclosed in the statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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) to paid-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 the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

NOTES   TO   FINANCIAL   STATEMENTS 73

Notes to Financial Statements (unaudited) (continued)

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. 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. Each Fund determines the fair values 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 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 for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. 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 (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such 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 a policy 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 cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. 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 an arm’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. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (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 active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment 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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. 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.

74 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s schedule of investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

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	$	1,934,292	$	1,934,292		$	—	$	—
Barclays Capital Inc.		2,379,614		2,379,614			—		—
BofA Securities, Inc.		1,763,528		1,763,528			—		—
Citigroup Global Markets Inc.		2,493,800		2,493,800			—		—
Credit Suisse Securities (USA) LLC		792,044		792,044			—		—
HSBC Securities (USA) Inc.		969,818		969,818			—		—
Jefferies LLC		2,810,725		2,810,725			—		—
JPMorgan Securities LLC		3,204,015		3,204,015			—		—
Morgan Stanley & Co. LLC		410,621		410,621			—		—
Nomura Securities International Inc.		210,686		210,686			—		—
Pershing LLC		893,933		893,933			—		—
Scotia Capital (USA) Inc.		512,908		512,908			—		—
UBS AG		751,138		751,138			—		—
Wells Fargo Securities LLC		2,704,326		2,704,326			—		—
	$	21,831,448	$	21,831,448		$	—	$	—

NOTES   TO   FINANCIAL   STATEMENTS 75

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securitieson Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
J.P. Morgan EM High Yield Bond
BARCLAYS BANK PLC	$	4,449,263	$	4,449,263		$	—	$	—
BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED		2,598,907		2,598,907			—		—
BofA Securities, Inc.		3,653,660		3,653,660			—		—
Citigroup Global Markets Inc.		4,211,587		4,211,587			—		—
Credit Suisse Securities (USA) LLC		2,445,254		2,427,132			—		(18,122	)(b)
Goldman Sachs & Co.		1,497,308		1,497,308			—		—
Jefferies LLC		4,321,661		4,321,661			—		—
Morgan Stanley & Co. LLC		4,278,653		4,278,653			—		—
Nomura Securities International Inc.		321,301		321,301			—		—
Pershing LLC		207,195		207,195			—		—
UBS AG		1,952		1,952			—		—
Wells Fargo Securities LLC		221,693		221,693			—		—
	$	28,208,434	$	28,190,312		$	—	$	(18,122	)
US & Intl High Yield Corp Bond
Barclays Bank PLC	$	1,974,241	$	1,974,241		$	—	$	—
Barclays Capital Inc.		619,541		619,541			—		—
BNP Paribas Prime Brokerage International Ltd.		2,110,152		2,110,152			—		—
BofA Securities, Inc.		212,054		212,054			—		—
Citadel Clearing LLC		268,866		268,866			—		—
Citigroup Global Markets Inc.		347,231		347,231			—		—
Credit Suisse Securities (USA) LLC		928,280		928,280			—		—
Goldman Sachs & Co.		3,972,382		3,972,382			—		—
JPMorgan Securities LLC		3,698,989		3,698,989			—		—
Morgan Stanley & Co. LLC		2,605,720		2,605,720			—		—
RBC Capital Markets LLC		1,551,449		1,551,449			—		—
Wells Fargo Bank, National Association		69,763		69,763			—		—
Wells Fargo Securities LLC		232,338		232,338			—		—
	$	18,591,006	$	18,591,006		$	—	$	—

^(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)  The market value of the loaned securities is determined as of April 30, 2021. 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

76 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares J.P. Morgan EM High Yield Bond ETF, BFA had elected to implement a voluntary fee waiver at an annual rate of 0.03% through March 1, 2021. The voluntary waiver was discontinued after March 1, 2021.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
J.P. Morgan EM High Yield Bond	$	32,907

Sub-Adviser: BFA has entered into a sub-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 Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF and iShares US & Intl High Yield Corp Bond ETF. BFA has entered into a separate sub-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 (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, 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 SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. 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, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
J.P. Morgan EM Corporate Bond	$	10,721
J.P. Morgan EM High Yield Bond		15,233
US & Intl High Yield Corp Bond		7,686

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 Rule 17a-7.

For the six months ended April 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
J.P. Morgan EM Corporate Bond	$	654,483	$	—	$	—
J.P. Morgan EM High Yield Bond		—		2,052,878		(116,781	)
US & Intl High Yield Corp Bond		108,254		1,913,049		133,602

NOTES   TO   FINANCIAL   STATEMENTS 77

Notes to Financial Statements (unaudited) (continued)

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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International High Yield Bond	$	11,993,507	$	11,142,023
J.P. Morgan EM Corporate Bond		27,106,790		21,885,227
J.P. Morgan EM High Yield Bond		43,421,832		44,063,446
J.P. Morgan EM Local Currency Bond		98,395,818		84,637,521
US & Intl High Yield Corp Bond		30,481,229		28,683,261

For the six months ended April 30, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
International High Yield Bond	$	16,340,640	$	—
J.P. Morgan EM Corporate Bond		125,881,608		—
J.P. Morgan EM High Yield Bond		93,809,829		6,372,019
J.P. Morgan EM Local Currency Bond		19,017,387		57,513,095

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 each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
International High Yield Bond	$	4,965,224
J.P. Morgan EM Corporate Bond		1,922,780
J.P. Morgan EM High Yield Bond		52,370,224
J.P. Morgan EM Local Currency Bond		29,257,942
US & Intl High Yield Corp Bond		9,551,833

As of April 30, 2021, 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	$	63,419,375	$	3,695,208	$	(471,876	)	$	3,223,332
J.P. Morgan EM Corporate Bond		369,164,067		7,748,382		(4,048,271	)		3,700,111
J.P. Morgan EM High Yield Bond		439,994,275		11,247,164		(16,828,695	)		(5,581,531	)
J.P. Morgan EM Local Currency Bond		497,961,241		11,006,194		(34,700,502	)		(23,694,308	)
US & Intl High Yield Corp Bond		196,561,926		9,376,514		(1,375,166	)		8,001,348

8. LINE OF CREDIT

The iShares J.P. Morgan EM Local Currency Bond ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may

78 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the six months ended April 30, 2021, the Fund did not borrow under the credit agreement.

9. 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. 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. 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.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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 duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

NOTES   TO   FINANCIAL   STATEMENTS 79

Notes to Financial Statements (unaudited) (continued)

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.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in high yield securities. 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.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. 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 04/30/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares			Amount
International High Yield Bond
Shares sold		300,000		$	16,901,852			100,000		$	5,097,119
J.P. Morgan EM Corporate Bond
Shares sold		2,550,000		$	133,041,643			1,900,000		$	98,149,834
Shares redeemed		—			—			(950,000	)		(44,024,378	)
Net increase		2,550,000		$	133,041,643			950,000		$	54,125,456
J.P. Morgan EM High Yield Bond
Shares sold		2,150,000		$	97,146,348			3,450,000		$	163,260,074
Shares redeemed		(150,000	)		(6,631,769	)		(3,550,000	)		(143,992,901	)
Net increase (decrease)		2,000,000		$	90,514,579			(100,000	)	$	19,267,173
J.P. Morgan EM Local Currency Bond
Shares sold		1,600,000		$	70,559,755			4,400,000		$	185,174,171
Shares redeemed		(2,400,000	)		(106,018,433	)		(4,200,000	)		(171,184,320	)
Net increase (decrease)		(800,000	)	$	(35,458,678	)		200,000		$	13,989,851

80 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Six Months Ended 04/30/21				Year Ended 10/31/20
	Shares		Amount		Shares			Amount
US & Intl High Yield Corp Bond
Shares sold		—	$	—		900,000		$	43,664,313
Shares redeemed		—		—		(800,000	)		(36,061,251	)
Net increase		—	$	—		100,000		$	7,603,062

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

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.

NOTES   TO   FINANCIAL   STATEMENTS 81

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares International High Yield 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 and iShares US & Intl High Yield Corp Bond ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously 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 management 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 October 1, 2019 through September 30, 2020 (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 referenced the methodology used by BlackRock to establish 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 also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

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 strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, 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.

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 (“RATS”). 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 minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 custom 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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. 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.

82 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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 Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2021

iShares ETF	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
International High Yield Bond	$	0.818077	$	—	$	—	$	0.818077		100	%		—	%		—	%		100	%
J.P. Morgan EM Corporate Bond(a)		0.922459		—		0.008863		0.931322		99			—			1			100
J.P. Morgan EM High Yield Bond(a)		1.356999		—		0.014893		1.371892		99			—			1			100
US & Intl High Yield Corp Bond		1.176972		—		—		1.176972		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.

SUPPLEMENTAL   INFORMATION 83

General Information

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 and Rule 30e-3 notices 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 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

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-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

84 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
CAB	Capital Appreciation Bonds
LIBOR	London Interbank Offered Rate
PIK	Payment-in-kind

Currency Abbreviations
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DOP	Dominican Peso
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peru Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	New Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 85

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1002-0421

(b) Not Applicable

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 for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-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 Rule 30a-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 for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a)  (4) Not applicable.

(b) Section 906 Certifications are attached.

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, 2021

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, 2021

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: July 02, 2021