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, 4th Floor, Boston, MA 02110
(Address of principal executive offices) (Zip code)
The Corporation Trust Incorporated
2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 670-2000
Date of fiscal year end: October 31, 2021
Date of reporting period: October 31, 2021
Item 1. | Reports to Stockholders. |
(a) The Report to Shareholders is attached herewith.
OCTOBER 31, 2021 |
2021 Annual Report
|
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 |
Dear Shareholder,
The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.
Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, out-paced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.
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 in early 2021, 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 solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.
The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.
Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term 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 moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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 October 31, 2021 | ||||
6-Month | 12-Month | |||
U.S. large cap equities | 10.91% | 42.91% | ||
U.S. small cap equities | 1.85 | 50.80 | ||
International equities | 4.14 | 34.18 | ||
Emerging market equities | (4.87) | 16.96 | ||
3-month Treasury bills | 0.01 | 0.06 | ||
U.S. Treasury securities | 1.59 | (4.77) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | 1.06 | (0.48) | ||
Tax-exempt municipal bonds (S&P Municipal Bond Index) | 0.33 | 2.76 | ||
U.S. high yield bonds | 2.36 | 10.53 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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iShares, Inc.
Global Bond Market Overview
Global investment-grade bonds declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -1.24% in U.S. dollar terms for the reporting period.
While the global economy continued its rebound from the impact of the coronavirus pandemic, the recovery was uneven and beset with challenges. The creation of multiple COVID-19 vaccines and the implementation of vaccination programs globally helped to mitigate the pandemic’s impact and led to the lifting of restrictions in many countries. However, while nearly half of the world’s population received at least one vaccine dose by the end of the reporting period, vaccine distribution varied substantially. The spread of the highly contagious Delta variant led to swift case increases in some areas, causing renewed restrictions and constraining global growth.
Bond performance differed by type, but in general corporate bonds gained more than government bonds, and lower-rated bonds gained more than higher-rated bonds. The improving economic environment and vaccination progress led to investor optimism about the lower-rated segments of the market. However, a notable rise in global inflation pressured bonds, which typically lose value in an inflationary environment.
Bonds in the U.S. established these global patterns, as corporate bonds, particularly high-yield bonds, posted solid returns, backed by strong investor demand for yield, while U.S. Treasuries declined, largely due to rising inflation. Bond issuance was high by historical standards, as corporations were eager to take advantage of low borrowing costs, while the federal government issued debt to finance stimulus and other spending. The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchase program. The Fed indicated that it would begin slowing its bond buying activities late in 2021, and their forecast showed that an interest rate increase is possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.
European bond prices declined overall, as supply chain frictions and increasing commodities prices, particularly for energy commodities, led to the highest Eurozone inflation rate in 13 years. In response, the European Central Bank (“ECB”) slowed the pace of its bond purchases, while keeping its benchmark interest rate at 0%. The E.U. issued €20 billion in common European bonds to partially finance its pandemic recovery fund, attracting high investor interest. Bond prices also declined in the U.K. amid a relatively early vaccination push and robust economic recovery. While the Bank of England kept interest rates at record lows, it signaled that it would soon raise interest rates to counter growing inflation.
In contrast, bonds in the Asia/Pacific region posted a solid gain overall, although gains were mostly concentrated in corporate bonds, particularly the lower-rated segment of the market. Japanese government bonds were nearly flat, as inflation concerns were much less prominent in Japan compared to other regions, and the Bank of Japan showed no signs of tightening monetary policy. Emerging market bonds also advanced, benefiting from higher yields compared with developed economies, as investors sought income in a low interest rate environment. However, concerns late in the reporting period surrounding China’s highly indebted property companies weighed on returns of some emerging market bonds.
4 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | |||||||||||||||||||||||
Fund NAV | 6.90 | % | 4.72 | % | 3.69 | % | 6.90 | % | 25.94 | % | 41.53 | % | ||||||||||||||||
Fund Market | 6.91 | 4.67 | 3.68 | 6.91 | 25.62 | 41.36 | ||||||||||||||||||||||
Index | 7.34 | 5.12 | 3.93 | 7.34 | 28.35 | 44.62 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
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 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 967.30 | $ | 1.98 | $ | 1,000.00 | $ | 1,023.20 | $ | 2.04 | 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 (184 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 15 for more information. |
F U N D S U M M A R Y | 5 |
Fund Summary as of October 31, 2021 (continued) | iShares® International High Yield Bond ETF |
Portfolio Management Commentary
International high-yield bonds advanced strongly during the reporting period, supported by accommodative monetary policies from many central banks. Investor demand for higher yielding debt was strong despite investment grade corporate yields (which move inversely to prices) declining to historically low levels. Toward the end of the reporting period, concerns about rising inflation and investors’ anticipation of tightening monetary policies eroded part of the Index’s advance.
From a country perspective, euro-denominated, high-yield corporate bonds contributed the most to the Index’s return. The ECB implemented a program purchasing higher quality corporate debt, leading investors to lower quality bonds, driving down yields, which in some cases were negative. In France, despite concerns about the effects of the Delta variant of COVID-19, the country’s economy grew robustly, as widespread COVID-19 vaccination led to rising consumer spending. High yield corporate bonds in the U.K. also benefited from a successful COVID-19 vaccine rollout, as well as rising demand as the economy reopened. Amid the economic recovery, companies that issued high yield bonds benefited from investor optimism that reduced restrictions, especially for travel, would help restore revenues.
In the U.S., corporate bond yields declined to record lows due to strong corporate balance sheets combined with robust investor demand. Bond issuance reached historically high levels as companies sought to capitalize on rising investor demand to shore up their balance sheets.
From a bond quality perspective, higher rated bonds contributed more to the Index’s performance than lower rated bonds. Bonds rated Ba and B, which represented approximately 52% and 22% of the Index on average, respectively, during the reporting period, contributed the most to the Index’s return.
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 5.0 | % | ||
Ba | 52.5 | |||
B | 22.4 | |||
Caa | 6.7 | |||
Ba3u | 0.2 | |||
Not Rated | 13.2 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Italy | 20.7 | % | ||
United States | 15.3 | |||
France | 11.7 | |||
United Kingdom | 11.1 | |||
Germany | 10.0 | |||
Spain | 7.1 | |||
Luxembourg | 3.9 | |||
Sweden | 3.4 | |||
Netherlands | 2.8 | |||
Canada | 2.3 |
* | 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. |
6 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | |||||||||||||||||||||||
Fund NAV | 3.88 | % | 4.57 | % | 4.44 | % | 3.88 | % | 25.02 | % | 51.37 | % | ||||||||||||||||
Fund Market | 4.16 | 4.55 | 4.48 | 4.16 | 24.89 | 51.90 | ||||||||||||||||||||||
Index | 4.64 | 5.20 | 5.06 | 4.64 | 28.86 | 60.15 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.
Index Performance through May 31, 2017 reflects the performance of the Morningstar® Emerging Markets Corporate Bond IndexSM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 1,007.60 | $ | 2.53 | $ | 1,000.00 | $ | 1,022.70 | $ | 2.55 | 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 (184 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 15 for more information. |
F U N D S U M M A R Y | 7 |
Fund Summary as of October 31, 2021 (continued) | iShares® J.P. Morgan EM Corporate Bond ETF |
Portfolio Management Commentary
Emerging market high-yield bonds advanced for the reporting period, benefiting from investors’ search for yield in a low interest rate environment and rising energy prices. Brazilian bonds contributed the most to the Index’s return. High and rising inflation led to a series of interest rate increases by the Central Bank of Brazil, but annual inflation still registered 10.67% as of October 2021. Nevertheless, the bonds of a large, state-owned oil company posted gains, as rising oil and gas prices drove strong cash flows.
Turkish bonds also contributed to the Index’s return, as investors were enticed by extremely high yields despite the country’s high inflation rate and accommodative monetary policy. Bonds issued by Turkish banks generally benefited from the rebound in economic growth, as earnings rose substantially during the coronavirus pandemic due to a steep increase in lending within the country and continued demand for banking services.
Argentinian bonds were strong contributors to the Index’s return, as the country moved from a sharp economic contraction into expansion. In particular, bonds issued by a state-run oil company benefited from rising revenue due to higher oil and gas prices. Mexican corporate bonds also contributed to the Index’s return despite higher interest rates and rising inflation, as bonds issued by a wide variety of Mexican companies advanced due to investors’ increasing appetite for risk and the country’s economic rebound.
On the downside, Chinese bonds detracted from the Index’s performance, as investors became concerned about potential defaults on debt issued by two large, heavily indebted real estate developers. From a credit quality perspective, higher-yielding, lower-rated corporate bonds contributed the most to the Index’s return for the reporting period.
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aa | 5.2 | % | ||
A | 16.3 | |||
Baa | 39.2 | |||
Ba | 11.9 | |||
B | 7.4 | |||
Caa | 1.9 | |||
C | 0.1 | |||
Not Rated | 18.0 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 7.7 | % | ||
Brazil | 5.5 | |||
Mexico | 5.2 | |||
Hong Kong | 4.9 | |||
India | 4.6 | |||
United Arab Emirates | 4.5 | |||
Russia | 4.5 | |||
Saudi Arabia | 4.5 | |||
South Korea | 4.2 | |||
Singapore | 4.2 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
8 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | |||||||||||||||||||||||
Fund NAV | 7.16 | % | 3.25 | % | 4.57 | % | 7.16 | % | 17.33 | % | 53.50 | % | ||||||||||||||||
Fund Market | 6.90 | 3.25 | 4.58 | 6.90 | 17.31 | 53.64 | ||||||||||||||||||||||
Index | 7.77 | 3.65 | 4.96 | 7.77 | 19.65 | 58.90 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
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 IndexSM which terminated on April 01, 2020. Index performance beginning on March 02, 2020 reflects the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index.
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 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 992.30 | $ | 2.51 | $ | 1,000.00 | $ | 1,022.70 | $ | 2.55 | 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 (184 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 15 for more information. |
F U N D S U M M A R Y | 9 |
Fund Summary as of October 31, 2021 (continued) | iShares® J.P. Morgan EM High Yield Bond ETF |
Portfolio Management Commentary
Emerging market high-yield bonds posted solid gains for the reporting period, benefiting from investors’ search for yield in the low interest rate environment and rising energy prices. Despite higher interest rates and rising inflation, Mexican bonds were the largest contributors to the Index’s return, largely reflecting the performance of bonds issued by a large, state-owned oil company, which primarily benefited from rising oil and gas prices.
Turkish government bonds, which are rated below investment grade by Moody’s, also contributed to the Index’s performance, as investors were enticed by extremely high yields despite the country’s elevated inflation rate and uncertainty surrounding governance at the Central Bank of the Republic of Turkey. Annual inflation in Turkey rose to 19.89% in October 2021, but the country’s central bank lowered interest rates late in the reporting period, reflecting a divergence from conventional monetary policy. Despite high inflation, Turkey’s growth-oriented monetary policy drove the Turkish lira lower, but relatively high yields ultimately led to the positive performance of Turkish bonds.
Omani bonds were solid contributors to the Index’s return. The Omani government sought to lower its relatively large budget deficit by seeking spending cuts and tax increases amid stronger revenue from rising oil prices. The government also issued an additional $3.25 billion in debt, which was met with strong demand.
South African bonds also contributed to the Index’s return, as interest payments offset a modest increase in 10-year government bond yields (which move inversely to prices). Similarly, the South African rand benefited from record trade and rising demand for the country’s precious metals. On the downside, Chinese bonds detracted from the Index’s performance, as investors became concerned about potential defaults on debt issued by two large, heavily indebted real estate developers.
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 12.5 | % | ||
Ba | 36.5 | |||
B | 28.4 | |||
Caa | 4.6 | |||
Ca | 0.3 | |||
C | 0.2 | |||
Not Rated | 17.5 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Brazil | 15.3 | % | ||
Turkey | 10.6 | |||
Mexico | 7.7 | |||
Colombia | 6.7 | |||
China | 3.9 | |||
Oman | 3.7 | |||
South Africa | 3.7 | |||
Argentina | 3.5 | |||
Egypt | 2.8 | |||
Dominican Republic | 2.8 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
10 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV | 0.12 | % | (0.02 | )% | (0.20 | )% | 0.12 | % | (0.09 | )% | (1.95 | )% | ||||||||||||||||
Fund Market | 0.46 | 0.09 | (0.16 | ) | 0.46 | 0.44 | (1.58 | ) | ||||||||||||||||||||
Index | 0.48 | 0.56 | 0.29 | 0.48 | 2.82 | 2.92 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
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 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 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 964.60 | $ | 1.49 | $ | 1,000.00 | $ | 1,023.70 | $ | 1.53 | 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 (184 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 15 for more information. |
F U N D S U M M A R Y | 11 |
Fund Summary as of October 31, 2021 (continued) | iShares® J.P. Morgan EM Local Currency Bond ETF |
Portfolio Management Commentary
As represented by the Index, local currency emerging market bonds posted a modest return for the reporting period. Emerging market bonds generally offer higher yields relative to bonds issued by developed market countries. However, gains from interest payments were mostly offset by higher bond yields (which are inversely related to prices), which generally rose amid growth-oriented monetary policy and rising inflation in many countries. The U.S. dollar advanced relative to many local emerging market currencies, as rising U.S. Treasury yields weighed on emerging markets. From a credit quality perspective, higher-rated bonds detracted from the Index’s performance while lower-rated bonds contributed, reflecting demand for higher-yielding investments.
Chinese bonds were the largest contributors to the Index’s return, as interest rates fell and the Chinese yuan strengthened relative to the U.S. dollar. The Chinese economy was one of the first to emerge from the global recession brought on by pandemic-related restrictions, which led to record foreign direct investment and capital flows into Chinese bonds. The comparatively higher yields of Chinese bonds also drove demand from investors. South African bonds also contributed to the Index’s return, as relatively high yields offset a modest increase in interest rates. The South African rand advanced relative to the U.S. dollar amid record trade and rising demand for the country’s precious metals. Indonesian bonds also benefited from high yields and a rising currency.
On the downside, Chilean bonds were the largest detractors from the Index’s return. Rising inflation drove local interest rates higher, while the Chilean peso declined relative to the U.S. dollar. Peruvian bonds also detracted from the Index’s performance. The election of a new president, rising inflation, and the highest COVID-19 mortality rate in the world weighed on the Peruvian sol.
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Aa | 0.7 | % | ||
A | 5.7 | |||
Baa | 24.0 | |||
Ba | 10.5 | |||
Not Rated | 59.1 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 14.8 | % | ||
Peru | 4.7 | |||
Malaysia | 4.6 | |||
Philippines | 4.6 | |||
Indonesia | 4.6 | |||
Thailand | 4.6 | |||
Russia | 4.6 | |||
Dominican Republic | 4.5 | |||
Poland | 4.5 | |||
Hungary | 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. |
12 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 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 | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | |||||||||||||||||||||||
Fund NAV | 8.56 | % | 5.36 | % | 4.98 | % | 8.56 | % | 29.86 | % | 59.31 | % | ||||||||||||||||
Fund Market | 8.63 | 5.30 | 4.98 | 8.63 | 29.48 | 59.37 | ||||||||||||||||||||||
Index | 8.72 | 5.46 | 5.13 | 8.72 | 30.46 | 61.42 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
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 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Beginning Account Value (05/01/21) | Ending Account Value (10/31/21) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 1,001.80 | $ | 2.02 | $ | 1,000.00 | $ | 1,023.20 | $ | 2.04 | 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 (184 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 15 for more information. |
F U N D S U M M A R Y | 13 |
Fund Summary as of October 31, 2021 (continued) | iShares® US & Intl High Yield Corp Bond ETF |
Portfolio Management Commentary
High-yield corporate bonds advanced during the reporting period amid a strong economic recovery from the disruptions of the coronavirus pandemic and elevated investor demand for higher-yield investments in a low interest rate environment. Corporate earnings recovered as economies reopened, pushing the ratio of debt to profits back to pre-pandemic levels, driving investor optimism of credit quality. On the supply side, high-yield bond issuance reached historically high levels as companies sought to capitalize on rising investor demand and lower interest rates to refinance existing, higher-cost debt. Bonds issued to finance mergers and acquisitions further bolstered supply.
Corporate bonds issued by companies in the U.S. led contribution to the Index’s return despite increasing concerns regarding ongoing inflation. High-yield credit spreads, the difference in yield between high-yield bonds and U.S. Treasuries, declined during the reporting period. While the Fed maintained interest rates at historically low levels, high-yield corporate bond yields (which move inversely to prices) declined to record lows due to strong corporate balance sheets combined with strong investor demand.
High-yield corporate bonds in the U.K. were also contributors to the Index’s return. The U.K. benefited from a successful coronavirus vaccine rollout and rising consumer demand as the economy reopened. Canadian corporate bonds similarly showed strength amid economic recovery and strong investor demand, bolstered by strengthening of the Canadian dollar relative to the U.S. dollar. In France, despite concerns about the effects of a new variant of the coronavirus, the country’s economy grew robustly, supported by rising consumer spending. From a bond quality perspective, bonds rated Ba, which represented approximately 49% of the Index on average for the reporting period, contributed the most to the Index’s return, though all bond rating categories were contributors.
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* | | Percent of Total Investments | (a) | |
Baa | 3.8 | % | ||
Ba | 50.0 | |||
B | 32.1 | |||
Caa | 9.5 | |||
Not Rated | 4.6 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 65.0 | % | ||
Italy | 7.2 | |||
United Kingdom | 5.0 | |||
Germany | 4.0 | |||
France | 3.9 | |||
Canada | 2.9 | |||
Spain | 1.8 | |||
Netherlands | 1.6 | |||
Luxembourg | 1.6 | |||
Israel | 1.2 |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) | Excludes money market funds. |
14 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 each 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.
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.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 15 |
October 31, 2021 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Corporate Bonds & Notes |
| |||||||||||
Australia — 0.6% | ||||||||||||
Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(a)(b) | EUR | 100 | $ | 112,459 | ||||||||
Energias De Portugal SA, 1.88%, 03/14/82 | EUR | 100 | 111,761 | |||||||||
Eurobank SA, 2.25%, 03/14/28 | EUR | 100 | 111,405 | |||||||||
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 | EUR | 100 | 114,412 | |||||||||
|
| |||||||||||
|
450,037 |
| ||||||||||
Austria — 0.2% | ||||||||||||
ams AG, 6.00%, 07/31/25 (Call 07/31/22)(a) | EUR | 100 | 122,037 | |||||||||
|
| |||||||||||
Belgium — 0.2% | ||||||||||||
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a) | EUR | 100 | 118,581 | |||||||||
|
| |||||||||||
Canada — 2.2% | ||||||||||||
ADLER Group SA, 2.25%, 01/14/29 | EUR | 200 | 197,589 | |||||||||
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(c) | CAD | 325 | 261,128 | |||||||||
Brookfield Property Finance ULC, 3.93%, 08/24/25 (Call 07/24/25) | CAD | 100 | 81,601 | |||||||||
Iccrea Banca SpA, 2.25%, 10/20/25 | EUR | 100 | 117,975 | |||||||||
Mattamy Group Corp., 4.63%, 03/01/28 | CAD | 50 | 41,011 | |||||||||
Parkland Corp./Canada | ||||||||||||
3.88%, 06/16/26 (Call 06/16/23)(c) | CAD | 100 | 80,973 | |||||||||
4.38%, 03/26/29 (Call 03/26/24) | CAD | 100 | 81,234 | |||||||||
Parts Europe SA, 6.50%, 07/16/25 | EUR | 100 | 120,090 | �� | ||||||||
Southern Pacific Resource Corp., 8.75%, 01/25/18(c)(d)(e)(f) | CAD | 50 | — | |||||||||
Videotron Ltd. | ||||||||||||
3.13%, 01/15/31 (Call 01/15/26) | CAD | 50 | 37,337 | |||||||||
3.63%, 06/15/28 (Call 06/15/24)(c) | CAD | 150 | 119,880 | |||||||||
4.50%, 01/15/30 (Call 10/15/24) | CAD | 150 | 124,232 | |||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 50 | 43,633 | |||||||||
5.75%, 01/15/26 (Call 09/15/22)(a) | CAD | 50 | 41,268 | |||||||||
VZ Vendor Financing II BV, 2.88%, 01/15/29 | EUR | 200 | 225,546 | |||||||||
|
| |||||||||||
|
1,573,497 |
| ||||||||||
Cayman Islands — 0.2% | ||||||||||||
UPCB Finance VII Ltd., 3.63%, 06/15/29 | EUR | 100 | 117,628 | |||||||||
|
| |||||||||||
Cyprus — 0.2% | ||||||||||||
Bank of Cyprus PCL, 2.50%, 06/24/27 | EUR | 100 | 112,472 | |||||||||
|
| |||||||||||
Denmark — 0.5% | ||||||||||||
DKT Finance ApS, 7.00%, 06/17/23 | EUR | 200 | 235,035 | |||||||||
TDC AS, 6.88%, 02/23/23(a) | GBP | 100 | 146,024 | |||||||||
|
| |||||||||||
|
381,059 |
| ||||||||||
Finland — 1.4% | ||||||||||||
Nokia OYJ | ||||||||||||
2.00%, 03/15/24 (Call 12/15/23)(a) | EUR | 100 | 119,485 | |||||||||
2.00%, 03/11/26 (Call 12/11/25)(a) | EUR | 150 | 180,825 | |||||||||
2.38%, 05/15/25 (Call 02/15/25)(a) | EUR | 200 | 243,367 | |||||||||
Teollisuuden Voima Oyj, 1.38%, 06/23/28 | EUR | 200 | 227,859 | |||||||||
Teollisuuden Voima OYJ, 1.13%, 03/09/26 | EUR | 200 | 230,854 | |||||||||
|
| |||||||||||
|
1,002,390 |
| ||||||||||
France — 11.4% | ||||||||||||
Accor SA | ||||||||||||
2.50%, 01/25/24(a) | EUR | 100 | 119,983 | |||||||||
3.00%, 02/04/26 (Call 11/04/25)(a) | EUR | 200 | 241,997 | |||||||||
Altice France SA/France | ||||||||||||
2.13%, 02/15/25 (Call 02/15/22)(a) | EUR | 150 | 168,050 | |||||||||
3.38%, 01/15/28 (Call 09/15/22)(a) | EUR | 200 | 221,443 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
4.25%, 10/15/29 (Call 10/15/24)(a) | EUR | 100 | $ | 114,463 | ||||||||
5.88%, 02/01/27 (Call 02/01/22)(a) | EUR | 150 | 181,154 | |||||||||
Banijay Entertainment SASU, 3.50%, 03/01/25 | EUR | 200 | 230,886 | |||||||||
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(a) | EUR | 200 | 229,699 | |||||||||
Casino Guichard Perrachon SA | ||||||||||||
3.58%, 02/07/25 (Call 11/07/24)(a) | EUR | 200 | 213,466 | |||||||||
4.50%, 03/07/24 (Call 12/07/23)(a) | EUR | 100 | 112,668 | |||||||||
4.56%, 01/25/23(a) | EUR | 100 | 115,133 | |||||||||
5.25%, 04/15/27 (Call 04/15/23)(a) | EUR | 100 | 109,518 | |||||||||
Chrome Bidco SASU, Series OCT, 3.50%, 05/31/28 (Call 05/31/24)(a) | EUR | 100 | 115,590 | |||||||||
Chrome Holdco SASU, 5.00%, 05/31/29 | EUR | 100 | 115,455 | |||||||||
Elis SA | ||||||||||||
1.00%, 04/03/25 (Call 01/03/25)(a) | EUR | 100 | 114,668 | |||||||||
1.63%, 04/03/28 (Call 01/03/28)(a) | EUR | 100 | 114,492 | |||||||||
1.75%, 04/11/24 (Call 01/11/24)(a) | EUR | 100 | 118,211 | |||||||||
Elis Sa Co., 1.63%, 04/03/28 (Call 01/03/28)(a) | EUR | 100 | 114,492 | |||||||||
Faurecia SE | ||||||||||||
2.63%, 06/15/25 (Call 11/29/21)(a) | EUR | 250 | 292,135 | |||||||||
3.13%, 06/15/26 (Call 06/15/22)(a) | EUR | 100 | 117,678 | |||||||||
3.75%, 06/15/28 (Call 06/15/23)(a) | EUR | 200 | 239,530 | |||||||||
Iliad Holding SAS | ||||||||||||
5.13%, 10/15/26 (Call 10/15/23)(a) | EUR | 150 | 178,246 | |||||||||
5.63%, 10/15/28 (Call 10/15/24)(a) | EUR | 100 | 119,302 | |||||||||
Kapla Holding SAS, 3.38%, 12/15/26 | EUR | 100 | 114,006 | |||||||||
La Financiere Atalian SASU, 4.00%, 05/15/24 | EUR | 200 | 227,214 | |||||||||
Loxam SAS | ||||||||||||
2.88%, 04/15/26 (Call 04/15/22)(a) | EUR | 100 | 113,568 | |||||||||
3.25%, 01/14/25 (Call 11/08/21)(a) | EUR | 100 | 115,541 | |||||||||
3.50%, 05/03/23 (Call 11/08/21)(a) | EUR | 200 | 230,790 | |||||||||
Orano SA | ||||||||||||
2.75%, 03/08/28 (Call 12/08/27)(a) | EUR | 100 | 119,047 | |||||||||
3.13%, 03/20/23 (Call 12/20/22)(a) | EUR | 100 | 119,287 | |||||||||
3.38%, 04/23/26 (Call 01/23/26)(a) | EUR | 100 | 124,078 | |||||||||
4.88%, 09/23/24 | EUR | 100 | 129,043 | |||||||||
Paprec Holding SA | ||||||||||||
3.50%, 07/01/28 (Call 07/01/24)(a) | EUR | 100 | 115,406 | |||||||||
4.00%, 03/31/25 (Call 11/29/21)(a) | EUR | 100 | 116,943 | |||||||||
Picard Bondco SA, 5.38%, 07/01/27 | EUR | 100 | 113,972 | |||||||||
Picard Groupe SA, 3.88%, 07/01/26 | EUR | 100 | 115,855 | |||||||||
Quatrim SASU, 5.88%, 01/15/24 | EUR | 100 | 118,724 | |||||||||
RCI Banque SA, 2.63%, 02/18/30 | EUR | 200 | 232,099 | |||||||||
Renault SA | ||||||||||||
1.00%, 03/08/23 (Call 12/08/22)(a) | EUR | 100 | 116,456 | |||||||||
1.00%, 04/18/24 (Call 01/18/24)(a) | EUR | 100 | 115,855 | |||||||||
1.00%, 11/28/25 (Call 08/28/25)(a) | EUR | 100 | 115,076 | |||||||||
1.13%, 10/04/27 (Call 07/04/27)(a) | EUR | 100 | 107,873 | |||||||||
1.25%, 06/24/25 (Call 03/24/25)(a) | EUR | 100 | 114,073 | |||||||||
2.00%, 09/28/26 (Call 06/28/26)(a) | EUR | 100 | 114,881 | |||||||||
2.38%, 05/25/26 (Call 02/25/26)(a) | EUR | 200 | 234,395 | |||||||||
2.50%, 04/01/28 (Call 01/01/28)(a) | EUR | 100 | 115,537 | |||||||||
Rexel SA, 2.13%, 06/15/28 (Call 06/15/24)(a) | EUR | 100 | 116,992 | |||||||||
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(a) | EUR | 100 | 116,789 | |||||||||
SPIE SA | ||||||||||||
2.63%, 06/18/26 (Call 12/18/25)(a) | EUR | 100 | 119,822 | |||||||||
3.13%, 03/22/24 (Call 09/22/23)(a) | EUR | 100 | 120,720 |
16 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Tereos Finance Groupe I SA | ||||||||||||
4.13%, 06/16/23 (Call 03/16/23)(a) | EUR | 100 | $ | 117,339 | ||||||||
7.50%, 10/30/25 (Call 10/30/22)(a) | EUR | 100 | 124,217 | |||||||||
Valeo | ||||||||||||
0.63%, 01/11/23 (Call 10/11/22)(a) | EUR | 100 | 116,210 | |||||||||
1.50%, 06/18/25 (Call 03/18/25)(a) | EUR | 200 | 236,551 | |||||||||
3.25%, 01/22/24(a) | EUR | 100 | 123,180 | |||||||||
Valeo SA, 1.00%, 08/03/28 (Call 05/03/28)(a) | EUR | 100 | 110,977 | |||||||||
|
| |||||||||||
8,140,775 | ||||||||||||
Germany — 9.8% | ||||||||||||
ADLER Group SA | ||||||||||||
1.50%, 07/26/24 (Call 04/26/24)(a) | EUR | 100 | 106,063 | |||||||||
1.88%, 01/14/26 (Call 10/14/25)(a) | EUR | 100 | 101,716 | |||||||||
3.25%, 08/05/25 (Call 05/05/25)(a) | EUR | 100 | 106,778 | |||||||||
ADLER Real Estate AG | ||||||||||||
1.88%, 04/27/23 (Call 03/27/23)(a) | EUR | 100 | 109,848 | |||||||||
3.00%, 04/27/26 (Call 02/27/26)(a) | EUR | 100 | 108,979 | |||||||||
Bayer AG | ||||||||||||
2.38%, 11/12/79 (Call 02/12/25)(a)(b) | EUR | 200 | 230,868 | |||||||||
3.13%, 11/12/79 (Call 08/12/27)(a)(b) | EUR | 100 | 117,637 | |||||||||
3.75%, 07/01/74 (Call 07/01/24)(a)(b) | EUR | 200 | 241,144 | |||||||||
Bertelsmann SE & Co. KGaA | ||||||||||||
3.00%, 04/23/75 (Call 04/23/23)(a)(b) | EUR | 100 | 118,898 | |||||||||
3.50%, 04/23/75 (Call 04/23/27)(a)(b) | EUR | 100 | 124,631 | |||||||||
Commerzbank AG | ||||||||||||
4.00%, 03/23/26(a) | EUR | 200 | 255,468 | |||||||||
4.00%, 03/30/27(a) | EUR | 100 | 129,417 | |||||||||
4.00%, 12/05/30 (Call 09/05/25)(a)(b) | EUR | 100 | 125,266 | |||||||||
Deutsche Bank AG | ||||||||||||
2.75%, 02/17/25(a) | EUR | 125 | 152,227 | |||||||||
4.50%, 05/19/26(a) | EUR | 200 | 264,469 | |||||||||
5.63%, 05/19/31 (Call 02/19/26)(a)(b) | EUR | 200 | 271,273 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
0.25%, 09/06/24 | EUR | 50 | 56,212 | |||||||||
3.00%, 05/29/26 (Call 02/28/26)(a) | EUR | 300 | 352,485 | |||||||||
3.50%, 07/14/29 (Call 04/14/29)(a) | EUR | 100 | 116,892 | |||||||||
Evonik Industries AG, 1.38%, 09/02/81 | EUR | 100 | 115,447 | |||||||||
Gruenenthal GMBH, 4.13%, 05/15/28 | EUR | 150 | 179,387 | |||||||||
K+S AG, 2.63%, 04/06/23 | EUR | 100 | 117,246 | |||||||||
LANXESS AG, 4.50%, 12/06/76 | EUR | 75 | 91,496 | |||||||||
Nidda BondCo GmbH, 5.00%, 09/30/25 | EUR | 200 | 227,854 | |||||||||
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 11/08/21)(a) | EUR | 200 | 227,556 | |||||||||
Schaeffler AG | ||||||||||||
1.88%, 03/26/24 (Call 12/26/23)(a) | EUR | 100 | 118,144 | |||||||||
2.75%, 10/12/25 (Call 07/12/25)(a) | EUR | 200 | 244,676 | |||||||||
3.38%, 10/12/28 (Call 07/12/28)(a) | EUR | 100 | 127,737 | |||||||||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 11/08/21)(a) | EUR | 88 | 104,160 | |||||||||
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(a) | EUR | 150 | 169,879 | |||||||||
thyssenkrupp AG | ||||||||||||
1.88%, 03/06/23 (Call 02/06/23)(a) | | EUR EUR | | | 250 300 | | | 289,582 351,763 | | |||
TK Elevator Midco GmbH, 4.38%, 07/15/27 | EUR | 100 | 118,884 | |||||||||
Vertical Holdco GmbH, 6.63%, 07/15/28 | EUR | 180 | 217,406 | |||||||||
ZF Europe Finance BV | ||||||||||||
2.00%, 02/23/26 (Call 12/23/25)(a) | EUR | 200 | 231,586 | |||||||||
2.50%, 10/23/27 (Call 07/23/27)(a) | EUR | 100 | 116,896 |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
ZF Finance GmbH | ||||||||||||
2.00%, 05/06/27 (Call 02/06/27)(a) | EUR | 100 | $ | 115,514 | ||||||||
2.25%, 05/03/28 (Call 02/03/28)(a) | EUR | 100 | 115,054 | |||||||||
2.75%, 05/25/27 (Call 02/25/27)(a) | EUR | 100 | 118,104 | |||||||||
3.00%, 09/21/25 (Call 06/21/25)(a) | EUR | 100 | 121,056 | |||||||||
3.75%, 09/21/28 (Call 06/21/28)(a) | EUR | 100 | 124,745 | |||||||||
ZF North America Capital Inc., 2.75%, 04/27/23(a) | EUR | 200 | 238,019 | |||||||||
|
| |||||||||||
|
6,972,462 |
| ||||||||||
Greece — 1.0% | ||||||||||||
Alpha Bank SA, 2.50%, 03/23/28 | EUR | 100 | 111,218 | |||||||||
Eurobank SA, 2.00%, 05/05/27 | EUR | 100 | 111,533 | |||||||||
Mytilineos SA, 2.25%, 10/30/26(a) | EUR | 100 | 116,327 | |||||||||
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(b) | EUR | 100 | 125,828 | |||||||||
Public Power Corp. SA | ||||||||||||
3.38%, 07/31/28 (Call 07/31/24)(a) | EUR | 100 | 117,477 | |||||||||
3.88%, 03/30/26 (Call 03/30/23)(a) | EUR | 100 | 119,116 | |||||||||
|
| |||||||||||
|
701,499 |
| ||||||||||
Ireland — 1.2% | ||||||||||||
AIB Group PLC | ||||||||||||
1.88%, 11/19/29 (Call 11/19/24)(a)(b) | EUR | 200 | 235,558 | |||||||||
2.88%, 05/30/31 (Call 05/30/26)(a)(b) | EUR | 100 | 121,937 | |||||||||
Bank of Ireland Group PLC | ||||||||||||
1.38%, 08/11/31 (Call 05/11/26)(a)(b) | EUR | 100 | 114,144 | |||||||||
2.38%, 10/14/29 (Call 10/14/24)(a)(b) | EUR | 100 | 119,363 | |||||||||
eircom Finance DAC | ||||||||||||
1.75%, 11/01/24 (Call 11/29/21)(a) | EUR | 100 | 115,634 | |||||||||
3.50%, 05/15/26 (Call 05/15/22)(a) | EUR | 100 | 117,293 | |||||||||
|
| |||||||||||
|
823,929 |
| ||||||||||
Israel — 1.5% | ||||||||||||
Teva Pharmaceutical Finance Netherlands II BV | ||||||||||||
1.13%, 10/15/24(a) | EUR | 300 | 334,097 | |||||||||
1.25%, 03/31/23 (Call 12/31/22)(a) | EUR | 200 | 230,074 | |||||||||
1.63%, 10/15/28(a) | EUR | 150 | 155,116 | |||||||||
3.25%, 04/15/22 (Call 01/15/22) | EUR | 100 | 116,001 | |||||||||
4.50%, 03/01/25 (Call 12/01/24) | EUR | 200 | 237,623 | |||||||||
|
| |||||||||||
|
1,072,911 |
| ||||||||||
Italy — 20.3% | ||||||||||||
ADLER Group SA, 2.25%, 04/27/27 | EUR | 100 | 100,176 | |||||||||
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(a)(b) | EUR | 100 | 113,737 | |||||||||
Altice Financing SA, 2.25%, 01/15/25 | EUR | 100 | 111,398 | |||||||||
Altice France SA/France, 4.00%, 07/15/29 | EUR | 100 | 112,759 | |||||||||
Atlantia SpA | ||||||||||||
1.63%, 02/03/25(a) | EUR | 100 | 118,442 | |||||||||
1.88%, 07/13/27 (Call 04/13/27)(a) | EUR | 275 | 329,565 | |||||||||
1.88%, 02/12/28 (Call 11/12/27)(a) | EUR | 100 | 119,604 | |||||||||
Autostrade per l’Italia SpA | ||||||||||||
1.75%, 06/26/26(a) | EUR | 100 | 119,494 | |||||||||
1.75%, 02/01/27(a) | EUR | 100 | 119,544 | |||||||||
1.88%, 09/26/29 (Call 06/26/29)(a) | EUR | 200 | 240,387 | |||||||||
2.00%, 01/15/30 (Call 10/15/29)(a) | EUR | 400 | 485,380 | |||||||||
4.38%, 09/16/25(a) | EUR | 100 | 131,283 | |||||||||
Banca IFIS SpA, 2.00%, 04/24/23(a) | EUR | 100 | 117,177 | |||||||||
Banca Monte dei Paschi di Siena SpA | ||||||||||||
2.63%, 04/28/25(a) | EUR | 100 | 116,683 | |||||||||
3.63%, 09/24/24(a) | EUR | 300 | 355,604 | |||||||||
4.00%, 07/10/22(a) | EUR | 100 | 116,131 | |||||||||
5.38%, 01/18/28 (Call 01/18/23)(a)(b) | EUR | 100 | 83,738 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (continued) October 31, 2021 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
10.50%, 07/23/29(a) | EUR | 100 | $ | 104,708 | ||||||||
Banca Popolare di Sondrio SCPA, | EUR | 100 | 119,856 | |||||||||
Banco BPM SpA | ||||||||||||
0.88%, 07/15/26(a) | EUR | 100 | 114,071 | |||||||||
1.75%, 04/24/23(a) | EUR | 109 | 128,697 | |||||||||
1.75%, 01/28/25(a) | EUR | 200 | 237,427 | |||||||||
3.25%, 01/14/31 (Call 01/14/26)(a)(b) | EUR | 100 | 117,599 | |||||||||
4.25%, 10/01/29 (Call 10/01/24)(a)(b) | EUR | 200 | 244,468 | |||||||||
BPER Banca | ||||||||||||
1.38%, 03/31/27 (Call 03/31/26)(a)(b) | EUR | 100 | 115,057 | |||||||||
1.88%, 07/07/25(a) | EUR | 100 | 119,181 | |||||||||
Brunello Bidco SpA, 3.50%, 02/15/28 | EUR | 100 | 114,519 | |||||||||
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a) | EUR | 150 | 173,195 | |||||||||
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a) | EUR | 100 | 114,872 | |||||||||
Cheplapharm Arzneimittel GmbH, | EUR | 150 | 178,117 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
2.00%, 07/14/24 (Call 06/14/24)(a) | EUR | 100 | 115,938 | |||||||||
2.88%, 02/11/25 (Call 01/11/25)(a) | EUR | 200 | 235,461 | |||||||||
Douglas GmbH, 6.00%, 04/08/26 | EUR | 200 | 229,291 | |||||||||
Energizer Gamma Acquisition BV, | EUR | 100 | 111,869 | |||||||||
Esselunga SpA, 0.88%, 10/25/23 | EUR | 100 | 116,968 | |||||||||
Faurecia SE, 2.38%, 06/15/27 (Call 06/15/23)(a) | EUR | 100 | 114,871 | |||||||||
Gamma Bidco SpA, 5.13%, 07/15/25 | EUR | 200 | 233,014 | |||||||||
Grifols SA, 2.25%, 11/15/27 (Call 11/15/22)(a) | EUR | 100 | 115,561 | |||||||||
Iccrea Banca SpA, 4.13%, 11/28/29 | EUR | 100 | 116,657 | |||||||||
IMA Industria Macchine Automatiche SpA, | EUR | 100 | 114,762 | |||||||||
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(a) | EUR | 100 | 115,194 | |||||||||
Infrastrutture Wireless Italiane SpA | ||||||||||||
1.63%, 10/21/28 (Call 07/21/28)(a) | EUR | 100 | 116,526 | |||||||||
1.75%, 04/19/31 (Call 01/19/31)(a) | EUR | 100 | 114,388 | |||||||||
1.88%, 07/08/26 (Call 04/08/26)(a) | EUR | 150 | 179,043 | |||||||||
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)(a) | EUR | 100 | 115,156 | |||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.93%, 10/14/30(a) | EUR | 100 | 120,439 | |||||||||
3.93%, 09/15/26(a) | EUR | 175 | 224,278 | |||||||||
6.63%, 09/13/23(a) | EUR | 100 | 128,539 | |||||||||
Leonardo SpA, 2.38%, 01/08/26 | EUR | 100 | 119,810 | |||||||||
Mahle GmbH, 2.38%, 05/14/28 | EUR | 200 | 224,094 | |||||||||
Mediobanca Banca di Credito Finanziario SpA | ||||||||||||
3.75%, 06/16/26 | EUR | 75 | 94,809 | |||||||||
5.75%, 04/18/23 | EUR | 50 | 62,276 | |||||||||
National Bank of Greece SA, 2.75%, 10/08/26 | EUR | 200 | 232,736 | |||||||||
Nexi SpA | ||||||||||||
1.63%, 04/30/26 (Call 01/30/26)(a) | EUR | 200 | 229,810 | |||||||||
1.75%, 10/31/24 (Call 07/31/24)(a) | EUR | 100 | 117,405 | |||||||||
2.13%, 04/30/29 (Call 01/30/29)(a) | EUR | 150 | 171,206 | |||||||||
PPF Telecom Group BV, 3.50%, 05/20/24 | EUR | 100 | 122,625 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 (Call 11/29/21)(a) | EUR | 100 | 119,482 | |||||||||
Saipem Finance International BV | ||||||||||||
2.63%, 01/07/25(a) | EUR | 100 | 118,158 | |||||||||
3.75%, 09/08/23(a) | EUR | 200 | 241,189 | |||||||||
Telecom Italia SpA/Milano | ||||||||||||
1.63%, 01/18/29 (Call 10/18/28)(a) | EUR | 100 | 109,778 | |||||||||
2.38%, 10/12/27 (Call 07/12/27)(a) | EUR | 300 | 349,446 |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
2.50%, 07/19/23(a) | EUR | 100 | $ | 119,455 | ||||||||
2.88%, 01/28/26 (Call 10/28/25)(a) | EUR | 418 | 505,095 | |||||||||
3.25%, 01/16/23(a) | EUR | 150 | 179,096 | |||||||||
3.63%, 01/19/24(a) | EUR | 307 | 375,871 | |||||||||
3.63%, 05/25/26(a) | EUR | 100 | 126,246 | |||||||||
4.00%, 04/11/24 (Call 01/11/24)(a) | EUR | 125 | 153,188 | |||||||||
5.25%, 02/10/22(a) | EUR | 100 | 117,184 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24) | EUR | 100 | 124,064 | |||||||||
UniCredit SpA | ||||||||||||
2.00%, 09/23/29 (Call 09/23/24)(a)(b) | EUR | 200 | 232,362 | |||||||||
2.73%, 01/15/32 (Call 01/15/27)(a)(b) | EUR | 200 | 234,949 | |||||||||
4.38%, 01/03/27 (Call 01/03/22)(a)(b) | EUR | 100 | 116,372 | |||||||||
6.95%, 10/31/22(a) | EUR | 300 | 369,911 | |||||||||
Unione di Banche Italiane SpA | ||||||||||||
4.38%, 07/12/29 (Call 07/12/24)(a)(b) | EUR | 150 | 187,750 | |||||||||
5.88%, 03/04/29 (Call 03/04/24)(a)(b) | EUR | 150 | 192,433 | |||||||||
Unipol Gruppo SpA | ||||||||||||
3.00%, 03/18/25(a) | EUR | 175 | 219,127 | |||||||||
3.25%, 09/23/30 (Call 06/23/30)(a) | EUR | 200 | 265,974 | |||||||||
Verisure Holding AB, 3.88%, 07/15/26 | EUR | 100 | 117,728 | |||||||||
Vodafone Group PLC | ||||||||||||
2.63%, 08/27/80 (Call 05/27/26)(a)(b) | EUR | 200 | 236,677 | |||||||||
3.00%, 08/27/80 (Call 05/27/30)(a)(b) | EUR | 250 | 294,135 | |||||||||
Webuild SpA, 1.75%, 10/26/24(a) | EUR | 250 | 288,639 | |||||||||
ZF Europe Finance BV, 3.00%, 10/23/29 | EUR | 100 | 119,287 | |||||||||
Ziggo Bond Co. BV, 3.38%, 02/28/30 | EUR | 150 | 170,595 | |||||||||
|
| |||||||||||
|
14,449,786 |
| ||||||||||
Japan — 2.0% | ||||||||||||
SoftBank Group Corp. | ||||||||||||
2.13%, 07/06/24 (Call 04/06/24)(a) | EUR | 175 | 200,308 | |||||||||
2.88%, 01/06/27 (Call 10/06/26)(a) | EUR | 100 | 112,063 | |||||||||
3.13%, 09/19/25 (Call 06/21/25)(a) | EUR | 250 | 289,730 | |||||||||
3.38%, 07/06/29 (Call 04/06/29)(a) | EUR | 125 | 138,713 | |||||||||
3.88%, 07/06/32 (Call 04/06/32)(a) | EUR | 100 | 110,628 | |||||||||
4.00%, 04/20/23 (Call 01/20/23)(a) | EUR | 100 | 118,293 | |||||||||
4.00%, 09/19/29 (Call 06/21/29)(a) | EUR | 100 | 115,533 | |||||||||
5.00%, 04/15/28 (Call 01/16/28)(a) | EUR | 250 | 304,853 | |||||||||
|
| |||||||||||
|
1,390,121 |
| ||||||||||
Luxembourg — 3.8% | ||||||||||||
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)(a) | EUR | 100 | 116,069 | |||||||||
Altice Financing SA | ||||||||||||
3.00%, 01/15/28 (Call 01/15/23)(a) | EUR | 200 | 219,127 | |||||||||
4.25%, 08/15/29 (Call 08/15/24)(a) | EUR | 100 | 113,371 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 | EUR | 100 | 109,841 | |||||||||
Altice France Holding SA | ||||||||||||
4.00%, 02/15/28 (Call 02/15/23)(a) | EUR | 100 | 107,904 | |||||||||
8.00%, 05/15/27 (Call 05/15/22)(a) | EUR | 200 | 245,158 | |||||||||
Garfunkelux Holdco 3 SA | ||||||||||||
6.75%, 11/01/25 (Call 11/01/22)(a) | EUR | 100 | 119,748 | |||||||||
7.75%, 11/01/25 (Call 11/01/22)(a) | GBP | 100 | 141,759 | |||||||||
INEOS Finance PLC | ||||||||||||
2.13%, 11/15/25 (Call 11/08/21)(a) | EUR | 100 | 114,615 | |||||||||
2.88%, 05/01/26 (Call 05/01/22)(a) | EUR | 300 | 350,059 | |||||||||
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)(a) | EUR | 200 | 228,461 | |||||||||
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a) | EUR | 100 | 118,394 | |||||||||
PLT VII Finance Sarl, 4.63%, 01/05/26 (Call 07/15/22)(a) | EUR | 100 | 117,612 |
18 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Luxembourg (continued) | ||||||||||||
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a) | EUR | 100 | $ | 120,808 | ||||||||
Summer BC Holdco A Sarl, 9.25%, 10/31/27 | EUR | 90 | 112,624 | |||||||||
Summer BC Holdco B Sarl, 5.75%, 10/31/26 | EUR | 150 | 180,766 | |||||||||
Vivion Investments Sarl | ||||||||||||
3.00%, 08/08/24(a) | EUR | 100 | 110,619 | |||||||||
3.50%, 11/01/25(a) | EUR | 100 | 111,110 | |||||||||
|
| |||||||||||
|
2,738,045 |
| ||||||||||
Netherlands — 2.7% | ||||||||||||
Lincoln Financing Sarl, 3.63%, 04/01/24 | EUR | 200 | 232,284 | |||||||||
OCI NV, 3.13%, 11/01/24 (Call 11/29/21)(a) | EUR | 200 | 234,206 | |||||||||
PPF Telecom Group BV | ||||||||||||
2.13%, 01/31/25 (Call 10/31/24)(a) | EUR | 200 | 237,119 | |||||||||
3.25%, 09/29/27 (Call 06/29/27)(a) | EUR | 100 | 124,816 | |||||||||
Q-Park Holding I BV, 2.00%, 03/01/27 | EUR | 100 | 109,425 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 | EUR | 100 | 106,760 | |||||||||
SNS Bank NV, 6.25%, 10/26/20(e) | EUR | 50 | — | |||||||||
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a) | EUR | 100 | 116,022 | |||||||||
United Group BV | ||||||||||||
3.13%, 02/15/26 (Call 02/15/22)(a) | EUR | 100 | 111,112 | |||||||||
3.63%, 02/15/28 (Call 02/15/23)(a) | EUR | 200 | 221,615 | |||||||||
4.63%, 08/15/28 (Call 08/15/24)(a) | EUR | 100 | 114,458 | |||||||||
4.88%, 07/01/24 (Call 11/29/21)(a) | EUR | 100 | 116,781 | |||||||||
UPC Holding BV, 3.88%, 06/15/29 | EUR | 100 | 117,510 | |||||||||
Ziggo BV, 4.25%, 01/15/27 (Call 01/15/22)(a) | EUR | 80 | 94,565 | |||||||||
|
| |||||||||||
|
1,936,673 |
| ||||||||||
Norway — 0.3% | ||||||||||||
Adevinta ASA, 2.63%, 11/15/25 | EUR | 200 | 235,181 | |||||||||
|
| |||||||||||
Portugal — 1.8% | ||||||||||||
Banco Comercial Portugues SA | ||||||||||||
1.13%, 02/12/27 (Call 02/12/26)(a)(b) | EUR | 100 | 111,884 | |||||||||
4.50%, 12/07/27 (Call 12/07/22)(a)(b) | EUR | 100 | 118,795 | |||||||||
Banco Commercial Portugues, 1.75%, 04/07/28 (Call 04/07/27)(a)(b) | EUR | 100 | 112,675 | |||||||||
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)(a)(b) | EUR | 200 | 250,058 | |||||||||
EDP - Energias de Portugal SA | ||||||||||||
1.70%, 07/20/80 (Call 04/20/25)(a)(b) | EUR | 100 | 115,783 | |||||||||
1.88%, 08/02/81 (Call 05/02/26)(a)(b) | EUR | 100 | 115,796 | |||||||||
4.50%, 04/30/79 (Call 01/30/24)(a)(b) | EUR | 200 | 249,008 | |||||||||
Energias De Portugal SA, 1.50%, 03/14/82 | EUR | 100 | 112,830 | |||||||||
Novo Banco SA, 8.50%, 07/06/28 | EUR | 100 | 118,013 | |||||||||
|
| |||||||||||
|
1,304,842 |
| ||||||||||
Spain — 7.0% | ||||||||||||
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 | EUR | 100 | 124,763 | |||||||||
Banco de Sabadell SA | ||||||||||||
0.88%, 06/16/28 (Call 06/16/27)(a)(b) | EUR | 100 | 111,850 | |||||||||
1.13%, 03/27/25(a) | EUR | 200 | 232,909 | |||||||||
1.75%, 05/10/24(a) | EUR | 100 | 118,757 | |||||||||
2.50%, 04/15/31 (Call 01/15/26)(a)(b) | EUR | 100 | 115,520 | |||||||||
5.38%, 12/12/28 (Call 12/12/23)(a)(b) | EUR | 100 | 126,011 | |||||||||
5.63%, 05/06/26(a) | EUR | 100 | 134,565 | |||||||||
Banco do Brasil SA/Cayman | ||||||||||||
1.75%, 03/09/28 (Call 03/09/27)(a)(b) | EUR | 100 | 113,254 | |||||||||
5.25%, 11/27/31 (Call 05/27/26)(a)(b) | EUR | 100 | 121,597 |
Security | Par (000) | Value | ||||||||||
Spain (continued) | ||||||||||||
Cellenex Finance Co. | ||||||||||||
1.00%, 09/15/27 (Call 06/15/27)(a) | EUR | 100 | $ | 111,781 | ||||||||
2.00%, 09/15/32 (Call 06/15/32)(a) | EUR | 200 | 221,785 | |||||||||
Cellnex Finance Co. SA | ||||||||||||
0.75%, 11/15/26 (Call 08/15/26)(a) | EUR | 100 | 113,121 | |||||||||
1.25%, 01/15/29 (Call 10/15/28)(a) | EUR | 200 | 221,225 | |||||||||
1.50%, 06/08/28 (Call 03/08/28)(a) | EUR | 100 | 113,638 | |||||||||
2.00%, 02/15/33 (Call 11/15/32)(a) | EUR | 300 | 329,936 | |||||||||
Cellnex Telecom SA | ||||||||||||
1.00%, 04/20/27 (Call 01/20/27)(a) | EUR | 100 | 112,742 | |||||||||
1.88%, 06/26/29 (Call 03/26/29) | EUR | 100 | 115,006 | |||||||||
2.38%, 01/16/24 (Call 10/16/23)(a) | EUR | 100 | 120,361 | |||||||||
2.88%, 04/18/25 (Call 01/18/25)(a) | EUR | 100 | 123,450 | |||||||||
Cirsa Finance International, 4.50%, 03/15/27 | EUR | 100 | 113,864 | |||||||||
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 11/08/21)(a) | EUR | 85 | 99,351 | |||||||||
ContourGlobal Power Holdings SA | ||||||||||||
2.75%, 01/01/26 (Call 01/01/23)(a) | EUR | 100 | 114,491 | |||||||||
4.13%, 08/01/25 (Call 11/29/21)(a) | EUR | 100 | 117,136 | |||||||||
El Corte Ingles SA | ||||||||||||
3.00%, 03/15/24 (Call 11/08/21)(a) | EUR | 100 | 116,165 | |||||||||
3.63%, 03/15/24 (Call 03/15/22)(a) | EUR | 100 | 118,796 | |||||||||
Grifols Escrow Issuer SA, 3.88%, 10/15/28 | EUR | 250 | 289,300 | |||||||||
Grifols SA | ||||||||||||
1.63%, 02/15/25 (Call 02/15/22)(a) | EUR | 150 | 172,804 | |||||||||
3.20%, 05/01/25 (Call 11/29/21)(a) | EUR | 200 | 231,371 | |||||||||
Ibercaja Banco SA, 2.75%, 07/23/30 | EUR | 100 | 116,420 | |||||||||
Lorca Telecom Bondco, 4.00%, 09/18/27 | EUR | 200 | 232,446 | |||||||||
Lorca Telecom Bondco SA, 4.00%, 09/18/27 | EUR | 100 | 116,264 | |||||||||
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(b) | EUR | 175 | 218,156 | |||||||||
Unicaja Banco SA, 2.88%, 11/13/29 | EUR | 100 | 118,355 | |||||||||
|
| |||||||||||
|
4,957,190 |
| ||||||||||
Sweden — 3.3% | ||||||||||||
Akelius Residential Property AB | ||||||||||||
2.25%, 05/17/81 (Call 02/17/26)(a)(b) | EUR | 100 | 113,641 | |||||||||
3.88%, 10/05/78 (Call 07/08/23)(a)(b) | EUR | 100 | 120,924 | |||||||||
Dometic Group AB | ||||||||||||
2.00%, 09/29/28 (Call 06/29/28)(a) | EUR | 100 | 113,227 | |||||||||
3.00%, 09/13/23 (Call 08/13/23)(a) | EUR | 100 | 120,371 | |||||||||
Fastighets AB Balder | ||||||||||||
2.87%, 06/02/81 (Call 03/02/26)(a)(b) | EUR | 100 | 110,475 | |||||||||
3.00%, 03/07/78 (Call 03/07/23)(a)(b) | EUR | 100 | 115,885 | |||||||||
Intrum AB | ||||||||||||
3.00%, 09/15/27 (Call 09/15/22)(a) | EUR | 100 | 111,788 | |||||||||
3.13%, 07/15/24 (Call 11/29/21)(a) | EUR | 100 | 115,627 | |||||||||
3.50%, 07/15/26 (Call 07/15/22)(a) | EUR | 175 | 201,734 | |||||||||
4.88%, 08/15/25 (Call 08/15/22)(a) | EUR | 200 | 238,875 | |||||||||
Verisure Holding AB | ||||||||||||
3.25%, 02/15/27 (Call 02/15/23)(a) | EUR | 150 | 172,818 | |||||||||
3.50%, 05/15/23 (Call 11/08/21)(a) | EUR | 100 | 116,314 | |||||||||
Verisure Midholding AB, 5.25%, 02/15/29 | EUR | 300 | 351,418 | |||||||||
Volvo Car AB | ||||||||||||
2.00%, 01/24/25 (Call 10/24/24)(a) | EUR | 200 | 239,407 | |||||||||
2.13%, 04/02/24 (Call 01/02/24)(a) | EUR | 100 | 119,257 | |||||||||
|
| |||||||||||
|
2,361,761 |
| ||||||||||
Switzerland — 0.5% | ||||||||||||
Dufry One BV | ||||||||||||
2.00%, 02/15/27 (Call 02/15/23)(a) | EUR | 100 | 108,940 | |||||||||
2.50%, 10/15/24 (Call 11/29/21)(a) | EUR | 100 | 113,737 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (continued) October 31, 2021 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Switzerland (continued) | ||||||||||||
3.38%, 04/15/28 (Call 04/15/24)(a) | EUR | 100 | $ | 113,542 | ||||||||
|
| |||||||||||
|
336,219 |
| ||||||||||
United Kingdom — 10.8% | ||||||||||||
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 11/29/21)(a) | GBP | 150 | 208,384 | |||||||||
BCP Modular Services, 4.75%, 11/30/28 | EUR | 200 | 230,786 | |||||||||
BCP V Modular Services Finance II PLC, | GBP | 100 | 136,725 | |||||||||
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 | GBP | 300 | 392,764 | |||||||||
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(a) | GBP | 200 | 258,217 | |||||||||
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(b) | EUR | 100 | 109,377 | |||||||||
Cidron Aida Finco Sarl, 5.00%, 04/01/28 | EUR | 100 | 113,417 | |||||||||
Deuce Finco PLC, 5.50%, 06/15/27 | GBP | 100 | 135,950 | |||||||||
eG Global Finance PLC, 4.38%, 02/07/25 | EUR | 225 | 256,233 | |||||||||
GKN Holdings Ltd., 4.63%, 05/12/32(a) | GBP | 100 | 146,452 | |||||||||
Heathrow Finance PLC | ||||||||||||
4.38%, 03/01/27(a)(g) | GBP | 100 | 138,354 | |||||||||
4.75%, 03/01/24 (Call 12/01/23)(a)(g) | GBP | 100 | 142,095 | |||||||||
Iceland Bondco PLC, 4.38%, 05/15/28 | GBP | 100 | 119,209 | |||||||||
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(a) | EUR | 200 | 224,774 | |||||||||
International Consolidated Airlines Group SA | ||||||||||||
1.50%, 07/04/27 (Call 04/04/27)(a) | EUR | 100 | 105,010 | |||||||||
3.75%, 03/25/29 (Call 12/25/28)(a) | EUR | 100 | 114,685 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
2.20%, 01/15/24(a) | EUR | 100 | 113,569 | |||||||||
3.88%, 03/01/23(a) | GBP | 100 | 137,577 | |||||||||
4.50%, 01/15/26 (Call 10/15/25)(a) | EUR | 150 | 176,116 | |||||||||
4.50%, 07/15/28 (Call 07/15/24)(a) | EUR | 100 | 114,833 | |||||||||
5.88%, 11/15/24 (Call 08/15/24)(a) | EUR | 100 | 123,521 | |||||||||
Jerrold Finco PLC, 5.25%, 01/15/27 | GBP | 100 | 139,324 | |||||||||
Marks & Spencer PLC | ||||||||||||
3.75%, 05/19/26 (Call 02/19/26)(a) | GBP | 100 | 140,848 | |||||||||
6.00%, 06/12/25(a) | GBP | 100 | 150,453 | |||||||||
Modulaire Global Finance PLC, 6.50%, 02/15/23 (Call 11/08/21)(a) | EUR | 100 | 117,341 | |||||||||
Motion Finco Sarl, 7.00%, 05/15/25 | EUR | 100 | 120,652 | |||||||||
NGG Finance PLC | ||||||||||||
1.63%, 12/05/79 (Call 09/05/24)(a)(b) | EUR | 100 | 116,305 | |||||||||
2.13%, 09/05/82 (Call 06/05/27)(a)(b) | EUR | 100 | 116,094 | |||||||||
5.63%, 06/18/73 (Call 06/18/25)(a)(b) | GBP | 200 | 297,305 | |||||||||
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 | GBP | 100 | 136,979 | |||||||||
Pinnacle Bidco PLC, 5.50%, 02/15/25 | EUR | 100 | 117,530 | |||||||||
Rolls-Royce PLC | ||||||||||||
0.88%, 05/09/24 (Call 02/09/24)(a) | EUR | 100 | 114,822 | |||||||||
1.63%, 05/09/28 (Call 02/09/28)(a) | EUR | 100 | 111,369 | |||||||||
4.63%, 02/16/26 (Call 11/16/25)(a) | EUR | 100 | 128,344 | |||||||||
5.75%, 10/15/27 (Call 07/15/27)(a) | GBP | 100 | 152,108 | |||||||||
Stonegate Pub Co. Financing 2019 PLC, | GBP | 200 | 283,664 | |||||||||
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a) | GBP | 200 | 278,923 | |||||||||
Virgin Media Finance PLC, 3.75%, 07/15/30 | EUR | 100 | 114,664 | |||||||||
Virgin Media Secured Finance PLC | ||||||||||||
4.13%, 08/15/30 (Call 08/15/25)(a) | GBP | 100 | 135,565 | |||||||||
4.25%, 01/15/30 (Call 10/15/24)(a) | GBP | 100 | 136,125 | |||||||||
5.00%, 04/15/27 (Call 04/15/22)(a) | GBP | 200 | 282,164 | |||||||||
Vmed O2 UK Financing I PLC | ||||||||||||
3.25%, 01/31/31 (Call 01/31/26)(a) | EUR | 100 | 115,776 | |||||||||
4.00%, 01/31/29 (Call 01/31/24)(a) | GBP | 100 | 135,050 |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
4.50%, 07/15/31 (Call 07/15/26)(a) | GBP | 200 | $ | 274,477 | ||||||||
Vodafone Group PLC | ||||||||||||
3.10%, 01/03/79 (Call 10/03/23)(a)(b) | EUR | 300 | 358,112 | |||||||||
4.88%, 10/03/78 (Call 07/03/25)(a)(b) | GBP | 100 | 144,504 | |||||||||
|
| |||||||||||
|
7,716,546 |
| ||||||||||
United States — 15.0% | ||||||||||||
Adient Global Holdings Ltd., 3.50%, 08/15/24 | EUR | 175 | 204,576 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl | ||||||||||||
3.63%, 06/01/28 (Call 06/01/24)(a) | EUR | 100 | 113,259 | |||||||||
4.88%, 06/01/28 (Call 06/01/24)(a) | GBP | 100 | 133,485 | |||||||||
Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(a)(b) | EUR | 100 | 117,644 | |||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | ||||||||||||
2.00%, 09/01/28 (Call 05/15/24)(a) | EUR | 100 | 114,079 | |||||||||
3.00%, 09/01/29 (Call 05/15/24)(a) | EUR | 100 | 113,138 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
2.13%, 08/15/26 (Call 08/15/22)(a) | EUR | 200 | 227,938 | |||||||||
4.75%, 07/15/27 (Call 07/15/22)(a) | GBP | 100 | 138,227 | |||||||||
Ashland Services BV, 2.00%, 01/30/28 | EUR | 100 | 118,532 | |||||||||
Avantor Funding Inc., 2.63%, 11/01/25 | EUR | 200 | 236,186 | |||||||||
Avis Budget Finance PLC | ||||||||||||
4.13%, 11/15/24 (Call 11/29/21)(a) | EUR | 100 | 116,719 | |||||||||
4.75%, 01/30/26 (Call 11/29/21)(a) | EUR | 100 | 117,234 | |||||||||
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 11/08/21)(a) | EUR | 100 | 116,759 | |||||||||
Ball Corp. | ||||||||||||
0.88%, 03/15/24 (Call 12/15/23) | EUR | 100 | 115,697 | |||||||||
1.50%, 03/15/27 (Call 12/15/26) | EUR | 100 | 117,224 | |||||||||
4.38%, 12/15/23 | EUR | 100 | 124,932 | |||||||||
Banff Merger Sub Inc., 8.38%, 09/01/26 | EUR | 100 | 120,172 | |||||||||
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(a) | EUR | 250 | 298,860 | |||||||||
Boxer Parent Co. Inc., 6.50%, 10/02/25 | EUR | 100 | 120,976 | |||||||||
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29) | EUR | 100 | 90,104 | |||||||||
Chemours Co. (The), 4.00%, 05/15/26 | EUR | 100 | 116,562 | |||||||||
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/22)(a) | EUR | 125 | 148,022 | |||||||||
Cogent Communications Group Inc., | EUR | 100 | 117,753 | |||||||||
Constellium SE, 3.13%, 07/15/29 | EUR | 100 | 113,463 | |||||||||
Coty Inc. | ||||||||||||
3.88%, 04/15/26 (Call 04/15/23)(a) | EUR | 100 | 117,592 | |||||||||
4.75%, 04/15/26 (Call 11/29/21)(a) | EUR | 100 | 115,247 | |||||||||
Crown European Holdings SA | ||||||||||||
0.75%, 02/15/23 (Call 01/15/23)(a) | EUR | 100 | 115,631 | |||||||||
2.25%, 02/01/23 (Call 11/01/22)(a) | EUR | 100 | 117,388 | |||||||||
2.63%, 09/30/24 (Call 03/31/24)(a) | EUR | 125 | 149,748 | |||||||||
2.88%, 02/01/26 (Call 08/01/25)(a) | EUR | 100 | 122,008 | |||||||||
Darling Global Finance BV, 3.63%, 05/15/26 | EUR | 100 | 117,272 | |||||||||
Encore Capital Group Inc., 5.38%, 02/15/26 | GBP | 100 | 141,256 | |||||||||
Ford Credit Canada Co, 2.96%, 09/16/26 | CAD | 100 | 78,844 | |||||||||
Ford Credit Canada Co. | ||||||||||||
3.50%, 11/30/23 | CAD | 100 | 81,620 | |||||||||
3.74%, 05/08/23 | CAD | 75 | 61,602 | |||||||||
4.46%, 11/13/24 | CAD | 100 | 83,761 | |||||||||
Ford Motor Credit Co. LLC | ||||||||||||
1.36%, 02/07/25 | EUR | 100 | 115,427 | |||||||||
1.51%, 02/17/23 | EUR | 100 | 116,790 | |||||||||
1.74%, 07/19/24 | EUR | 100 | 117,430 |
20 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® International High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par | Value | ||||||||||
United States (continued) | ||||||||||||
2.33%, 11/25/25 | EUR | 100 | $ | 119,273 | ||||||||
2.39%, 02/17/26 | EUR | 225 | 268,748 | |||||||||
2.75%, 06/14/24 | GBP | 200 | 274,051 | |||||||||
3.02%, 03/06/24 | EUR | 100 | 120,224 | |||||||||
3.25%, 09/15/25 | EUR | 100 | 123,283 | |||||||||
Goodyear Europe BV Co., 2.75%, 08/15/28 (Call 08/15/24)(a) | EUR | 100 | 116,457 | |||||||||
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a) | EUR | 100 | 121,550 | |||||||||
International Game Technology PLC | ||||||||||||
3.50%, 07/15/24 (Call 01/15/24)(a) | EUR | 225 | 273,036 | |||||||||
3.50%, 06/15/26 (Call 06/15/22)(a) | EUR | 150 | 177,431 | |||||||||
IQVIA Inc. | ||||||||||||
1.75%, 03/15/26 (Call 03/15/23)(a) | EUR | 100 | 115,869 | |||||||||
2.25%, 01/15/28 (Call 07/15/22)(a) | EUR | 150 | 172,808 | |||||||||
2.25%, 03/15/29 (Call 03/15/24)(a) | EUR | 200 | 228,623 | |||||||||
2.88%, 09/15/25 (Call 11/08/21)(a) | EUR | 100 | 116,245 | |||||||||
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/08/21)(a) | GBP | 100 | 137,535 | |||||||||
Kraft Heinz Foods Co. | ||||||||||||
2.00%, 06/30/23 (Call 03/30/23)(a) | EUR | 200 | 237,372 | |||||||||
2.25%, 05/25/28 (Call 02/25/28)(a) | EUR | 200 | 247,879 | |||||||||
4.13%, 07/01/27 (Call 04/01/27)(a) | GBP | 100 | 150,893 | |||||||||
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22) | EUR | 100 | 117,934 | |||||||||
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(b) | EUR | 100 | 119,445 | |||||||||
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 11/29/21)(a) | EUR | 100 | 114,360 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
0.99%, 10/15/26 (Call 09/15/26) | EUR | 100 | 114,461 | |||||||||
2.50%, 03/24/26 (Call 02/24/26) | GBP | 100 | 137,966 | |||||||||
3.33%, 03/24/25 (Call 12/24/24) | EUR | 100 | 124,592 | |||||||||
3.38%, 04/24/30 (Call 01/24/30) | GBP | 100 | 140,869 | |||||||||
3.69%, 06/05/28 (Call 04/06/28) | GBP | 100 | 144,750 | |||||||||
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 | EUR | 100 | 117,742 | |||||||||
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a) | EUR | 200 | 236,113 | |||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 | EUR | 200 | 233,102 | |||||||||
Playtech PLC, 3.75%, 10/12/23 | EUR | 100 | 116,803 | |||||||||
Primo Water Holdings Inc., 3.88%, 10/31/28 | EUR | 100 | 118,065 | |||||||||
Scientific Games International Inc., 5.50%, 02/15/26 (Call 11/29/21)(a) | EUR | 100 | 119,274 | |||||||||
Sealed Air Corp., 4.50%, 09/15/23 | EUR | 100 | 122,585 | |||||||||
Silgan Holdings Inc. | ||||||||||||
2.25%, 06/01/28 (Call 03/01/23) | EUR | 100 | 115,573 | |||||||||
3.25%, 03/15/25 (Call 11/29/21) | EUR | 100 | 116,153 | |||||||||
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 11/29/21)(a) | EUR | 100 | 117,256 |
Security | Par/ Shares (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Standard Industries Inc./NJ, | EUR 100 | $ | 111,789 | |||||||||
WMG Acquisition Corp., | EUR 100 | 115,107 | ||||||||||
|
| |||||||||||
10,658,373 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.9% | 69,674,014 | |||||||||||
|
| |||||||||||
Common Stocks | ||||||||||||
South Africa — 0.0% | ||||||||||||
Sentry Holdings Ltd.Class A | 0 | (h) | — | |||||||||
|
| |||||||||||
Total Common Stocks — 0.0% | — | |||||||||||
|
| |||||||||||
Short-Term Investments | ||||||||||||
Money Market Funds — 0.0% | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(i)(j) | 20 | 20,000 | ||||||||||
|
| |||||||||||
Total Short-Term Investments — 0.0% | 20,000 | |||||||||||
|
| |||||||||||
Total Investments in Securities — 97.9% | 69,694,014 | |||||||||||
Other Assets, Less Liabilities — 2.1% | 1,466,531 | |||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 71,160,545 | ||||||||||
|
|
(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. |
(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) | Non-income producing security. |
(g) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | Rounds to less than 1,000. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21 | Shares Held at 10/31/21 (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). |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (continued) October 31, 2021 | iShares® International High Yield Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 69,674,014 | $ | — | $ | 69,674,014 | ||||||||
Common Stocks | — | — | — | — | ||||||||||||
Money Market Funds | 20,000 | — | — | 20,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 20,000 | $ | 69,674,014 | $ | — | $ | 69,694,014 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
22 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments October 31, 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 — 1.3% | ||||||||
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 11/08/21)(b) | $ | 300 | $ | 170,588 | ||||
Arcor SAIC, 6.00%, 07/06/23 (Call 12/13/21)(b) | 525 | 509,631 | ||||||
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)(b) | 400 | 412,200 | ||||||
MercadoLibre Inc., 3.13%, 01/14/31 | 200 | 187,760 | ||||||
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b) | 650 | 527,637 | ||||||
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b) | 600 | 530,925 | ||||||
Stoneway Capital Corp., 10.00%, 03/01/27 (Call 03/01/22)(b)(d)(e) | 266 | 70,487 | ||||||
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b) | 450 | 418,866 | ||||||
YPF SA | ||||||||
6.95%, 07/21/27(b) | 660 | 475,736 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(b) | 500 | 323,750 | ||||||
8.50%, 07/28/25(b) | 1,045 | 837,502 | ||||||
8.75%, 04/04/24(b) | 730 | 658,369 | ||||||
YPF Sociedad Anonima | ||||||||
1.50%, 09/30/33 (Call 03/30/33)(b)(f) | 550 | 305,250 | ||||||
2.50%, 06/30/29 (Call 12/30/28)(b)(f) | 725 | 483,620 | ||||||
4.00%, 02/12/26 (Call 11/12/25)(b)(f) | 700 | 602,350 | ||||||
|
| |||||||
|
6,514,671 |
| ||||||
Azerbaijan — 0.2% | ||||||||
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b) | 850 | 855,791 | ||||||
|
| |||||||
Bahrain — 0.3% | ||||||||
AUB Sukuk Ltd., 2.62%, 09/09/26(b) | 400 | 398,400 | ||||||
BBK BSC, 5.50%, 07/09/24(b) | 400 | 407,950 | ||||||
GFH Sukuk Ltd., 7.50%, 01/28/25(b) | 600 | 621,488 | ||||||
|
| |||||||
1,427,838 | ||||||||
Brazil — 5.4% | ||||||||
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)(b) | 150 | 155,419 | ||||||
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28 (Call 01/28/25)(b) | 200 | 200,163 | ||||||
Atento Luxco 1 SA, 8.00%, 02/10/26 (Call 02/10/24)(b) | 150 | 159,075 | ||||||
Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)(g) | 200 | 185,413 | ||||||
B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)(b)(c) | 200 | 185,850 | ||||||
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25(b) | 400 | 404,000 | ||||||
Banco BTG Pactual SA/Cayman Islands | ||||||||
2.75%, 01/11/26 (Call 12/11/25)(b) | 200 | 192,563 | ||||||
4.50%, 01/10/25 (Call 12/10/24)(b)(c) | 200 | 204,100 | ||||||
Banco do Brasil SA/Cayman | ||||||||
4.63%, 01/15/25(b) | 400 | 419,700 | ||||||
4.75%, 03/20/24(b) | 400 | 419,825 | ||||||
4.88%, 04/19/23(b) | 200 | 208,600 | ||||||
6.25%, (Call 04/15/24)(b)(h)(i) | 400 | 393,150 | ||||||
9.00%, (Call 06/18/24)(b)(c)(h)(i) | 400 | 433,200 | ||||||
9.25%, 10/29/49 (Call 04/15/23)(b)(h)(i) | 200 | 211,662 | ||||||
Banco Votorantim SA, 4.38%, 07/29/25(b) | 200 | 203,063 | ||||||
Braskem Finance Ltd., 6.45%, 02/03/24(c) | 200 | 218,537 | ||||||
Braskem Netherlands Finance BV | ||||||||
4.50%, 01/10/28 (Call 10/10/27)(b) | 400 | 409,450 | ||||||
4.50%, 01/31/30(b) | 400 | 405,825 | ||||||
5.88%, 01/31/50(b) | 200 | 212,850 | ||||||
8.50%, 01/23/81 (Call 10/24/25)(b)(i) | 200 | 223,287 | ||||||
BRF SA | ||||||||
4.88%, 01/24/30 (Call 10/24/29)(b) | 200 | 198,452 | ||||||
5.75%, 09/21/50 (Call 03/21/50)(b) | 200 | 186,538 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b) | $ | 200 | $ | 222,912 | ||||
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b) | 400 | 390,700 | ||||||
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(b) | 200 | 207,600 | ||||||
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(b) | 200 | 209,038 | ||||||
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(b) | 400 | 424,300 | ||||||
CSN Resources SA | ||||||||
4.63%, 06/10/31 (Call 06/10/26)(b) | 200 | 196,200 | ||||||
7.63%, 04/17/26 (Call 04/17/22)(b) | 200 | 210,600 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 227 | 235,413 | ||||||
5.40%, 02/01/27 | 250 | 260,875 | ||||||
Fibria Overseas Finance Ltd., 5.50%, 01/17/27(c) | 200 | 223,260 | ||||||
FS Luxembourg Sarl, 10.00%, 12/15/25 (Call 12/15/23)(b) | 200 | 219,875 | ||||||
Gerdau Trade Inc., 4.88%, 10/24/27(b) | 200 | 217,750 | ||||||
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(b) | 200 | 193,000 | ||||||
Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/22)(b) | 150 | 135,591 | ||||||
GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)(b) | 200 | 265,537 | ||||||
Guara Norte Sarl, 5.20%, 06/15/34(b) | 196 | 192,566 | ||||||
Hidrovias International Finance SARL, 4.95%, 02/08/31 (Call 02/08/26)(b) | 200 | 187,725 | ||||||
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/29/21)(b) | 200 | 185,750 | ||||||
Itau Unibanco Holding SA/Cayman Island | ||||||||
3.25%, 01/24/25(b)(c) | 200 | 202,100 | ||||||
4.50%, 11/21/29 (Call 11/21/24)(b)(c)(i) | 400 | 398,325 | ||||||
4.63%, (Call 02/27/25)(b)(h)(i) | 200 | 187,163 | ||||||
5.13%, 05/13/23(b)(c) | 200 | 209,040 | ||||||
6.13%, (Call 12/12/22)(b)(h)(i) | 200 | 198,100 | ||||||
6.50%, (Call 03/19/23)(b)(c)(h)(i) | 200 | 199,913 | ||||||
JBS Finance Luxembourg Co., 3.63%, 01/15/32 | 200 | 197,000 | ||||||
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 | 200 | 197,000 | ||||||
JBS USA Food Co. | ||||||||
5.75%, 01/15/28 (Call 07/15/22)(b) | 200 | 207,750 | ||||||
7.00%, 01/15/26 (Call 01/15/22)(b) | 200 | 208,400 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.75%, 12/01/31 (Call 12/01/26)(b) | 100 | 102,375 | ||||||
JSM Global Sarl, 4.75%, 10/20/30 (Call 07/20/30)(b) | 200 | 190,225 | ||||||
Klabin Austria GmbH | ||||||||
3.20%, 01/12/31 (Call 10/12/30)(b) | 200 | 183,250 | ||||||
5.75%, 04/03/29 (Call 01/03/29)(b) | 200 | 216,560 | ||||||
7.00%, 04/03/49 (Call 10/03/48)(b) | 200 | 230,000 | ||||||
Light Servicos Energia Co., 4.38%, 06/18/26 (Call 06/18/24)(b) | 200 | 195,163 | ||||||
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(b) | 400 | 378,500 | ||||||
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(g) | 400 | 389,500 | ||||||
Minerva Luxembourg SA, 4.38%, 03/18/31 (Call 03/18/26)(b) | 400 | 378,900 | ||||||
Movida Europe SA, 5.25%, 02/08/31 | 200 | 188,500 | ||||||
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(b) | 200 | 197,960 | ||||||
NBM U.S. Holdings Inc. | ||||||||
6.63%, 08/06/29 (Call 08/06/24)(b) | 200 | 217,600 | ||||||
7.00%, 05/14/26 (Call 05/14/22)(b) | 200 | 211,450 | ||||||
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(b)(c) | 600 | 636,675 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 11/29/21)(b)(j) | 267 | 148,743 | ||||||
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/29/21)(b)(k) | 400 | 1,000 | ||||||
Odebrecht Offshore Drilling Finance Ltd., 7.72%, (7.72% PIK), 12/01/26 (Call 12/01/21)(b)(c)(j) | 283 | 68,614 |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
OI Movel SA, 8.75%, 07/30/26 (Call 07/30/24)(b) | $ | 200 | $ | 206,100 | ||||
Oi SA, 10.00%, (12.00% PIK), 07/27/25(c)(j) | 400 | 359,700 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30(c) | 450 | 458,212 | ||||||
5.30%, 01/27/25 | 250 | 271,094 | ||||||
5.50%, 06/10/51 (Call 12/10/50)(c) | 250 | 218,817 | ||||||
5.60%, 01/03/31 (Call 10/03/30) | 600 | 626,100 | ||||||
5.75%, 02/01/29 | 250 | 270,031 | ||||||
6.00%, 01/27/28 | 400 | 435,000 | ||||||
6.75%, 01/27/41(c) | 300 | 321,056 | ||||||
6.75%, 06/03/50 (Call 12/03/49) | 250 | 256,156 | ||||||
6.85%, 06/05/2115(c) | 450 | 436,444 | ||||||
6.88%, 01/20/40(c) | 248 | 269,669 | ||||||
6.90%, 03/19/49(c) | 300 | 314,506 | ||||||
7.25%, 03/17/44 | 300 | 327,056 | ||||||
7.38%, 01/17/27(c) | 350 | 410,375 | ||||||
8.75%, 05/23/26(c) | 100 | 122,850 | ||||||
Petrorio Luxembourg SARL, 6.13%, 06/09/26 (Call 06/09/24)(b) | 200 | 200,750 | ||||||
Raizen Fuels Finance SA, 5.30%, 01/20/27(b)(c) | 200 | 219,100 | ||||||
Rede D’or Finance Sarl, 4.95%, 01/17/28 (Call 10/17/27)(b) | 400 | 410,575 | ||||||
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)(b) | 200 | 206,038 | ||||||
Simpar Europe SA, 5.20%, 01/26/31 | 200 | 192,000 | ||||||
St. Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(b) | 200 | 225,412 | ||||||
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)(b) | 200 | 178,350 | ||||||
Suzano Austria GmbH | ||||||||
3.13%, 01/15/32 (Call 10/15/31) | 350 | 329,875 | ||||||
3.75%, 01/15/31 (Call 10/15/30) | 500 | 498,750 | ||||||
5.00%, 01/15/30 (Call 10/15/29) | 400 | 428,120 | ||||||
6.00%, 01/15/29 (Call 10/15/28) | 400 | 457,120 | ||||||
7.00%, 03/16/47 (Call 09/16/46)(b) | 200 | 250,460 | ||||||
Ultrapar International SA | ||||||||
5.25%, 10/06/26(b) | 200 | 212,975 | ||||||
5.25%, 06/06/29(b)(c) | 200 | 206,225 | ||||||
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)(b) | 200 | 212,600 | ||||||
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(b) | 200 | 209,600 | ||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 (Call 04/08/30) | 400 | 408,000 | ||||||
6.25%, 08/10/26 | 400 | 464,325 | ||||||
6.88%, 11/21/36 | 400 | 521,500 | ||||||
6.88%, 11/10/39(c) | 250 | 329,734 | ||||||
Vale SA, 5.63%, 09/11/42(c) | 200 | 237,280 | ||||||
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(b) | 200 | 190,975 | ||||||
|
| |||||||
28,042,150 | ||||||||
Burkina Faso — 0.1% | ||||||||
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(g) | 400 | 402,980 | ||||||
|
| |||||||
Chile — 4.1% | ||||||||
AES Andes SA., 7.13%, 03/26/79 | 600 | 625,800 | ||||||
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(g) | 1,000 | 973,350 | ||||||
Antofagasta PLC, 2.38%, 10/14/30 | 400 | 376,075 | ||||||
Banco de Credito e Inversiones SA | ||||||||
2.88%, 10/14/31 (Call 07/14/31)(g) | 200 | 195,800 | ||||||
3.50%, 10/12/27(b)(c) | 800 | 849,400 | ||||||
4.00%, 02/11/23(b) | 200 | 207,413 | ||||||
Banco Santander Chile | ||||||||
2.70%, 01/10/25 (Call 12/10/24)(b)(c) | 600 | 616,260 | ||||||
3.18%, 10/26/31 (Call 07/28/31)(g) | 400 | 399,800 |
Security | Par (000) | Value | ||||||
Chile (continued) | ||||||||
Celulosa Arauco y Constitucion SA | ||||||||
4.20%, 01/29/30 (Call 10/29/29)(b)(c) | $ | 400 | $ | 423,880 | ||||
4.25%, 04/30/29 (Call 01/30/29)(b) | 600 | 636,187 | ||||||
4.50%, 08/01/24 (Call 05/01/24) | 400 | 425,575 | ||||||
5.15%, 01/29/50 (Call 07/29/49)(b) | 400 | 444,130 | ||||||
5.50%, 04/30/49 (Call 10/30/48)(b) | 400 | 458,500 | ||||||
Cencosud SA | ||||||||
4.38%, 07/17/27 (Call 04/17/27)(b) | 1,200 | 1,271,550 | ||||||
5.15%, 02/12/25 (Call 11/12/24)(b)(c) | 200 | 217,663 | ||||||
Colbun SA | ||||||||
3.15%, 03/06/30 (Call 12/06/29)(b) | 600 | 602,175 | ||||||
3.15%, 01/19/32 (Call 10/19/31)(g) | 400 | 394,000 | ||||||
3.95%, 10/11/27 (Call 07/11/27)(b) | 400 | 426,200 | ||||||
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(b)(c) | 400 | 250,375 | ||||||
Empresa Nacional de Telecomunicaciones SA | ||||||||
3.05%, 09/14/32 (Call 06/14/32)(g) | 600 | 582,937 | ||||||
4.75%, 08/01/26 (Call 05/03/26)(b) | 600 | 648,000 | ||||||
Enel Americas SA, 4.00%, 10/25/26 | 500 | 532,662 | ||||||
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28) | 800 | 899,200 | ||||||
EnfraGen Energia Sur SA, 5.38%, 12/30/30 (Call 12/30/25)(b) | 800 | 767,008 | ||||||
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(b) | 400 | 399,700 | ||||||
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(g) | 600 | 594,000 | ||||||
GNL Quintero SA, 4.63%, 07/31/29(b) | 941 | 1,007,790 | ||||||
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(g) | 1,000 | 1,049,800 | ||||||
Inversiones CMPC SA | ||||||||
3.00%, 04/06/31 (Call 01/06/31)(b) | 400 | 388,250 | ||||||
3.85%, 01/13/30 (Call 10/13/29)(b) | 400 | 413,250 | ||||||
4.38%, 04/04/27(b) | 600 | 650,550 | ||||||
4.75%, 09/15/24 (Call 06/15/24)(b) | 400 | 427,188 | ||||||
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)(b)(c) | 400 | 412,700 | ||||||
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/29/21)(b) | 400 | 418,000 | ||||||
NagaCorp Ltd., 7.95%, 07/06/24 (Call 07/06/22)(b) | 400 | 399,575 | ||||||
Sociedad Quimica y Minera de Chile SA, 3.50%, 09/10/51 (Call 03/10/51)(c)(g) | 600 | 583,209 | ||||||
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b)(c) | 400 | 415,575 | ||||||
VTR Finance NV, 6.38%, 07/15/28 | 600 | 638,250 | ||||||
|
| |||||||
21,021,777 | ||||||||
China — 7.5% | ||||||||
Agile Group Holdings Ltd., 8.38%, | 200 | 116,000 | ||||||
Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24(b) | 200 | 198,176 | ||||||
Agricultural Bank of China Ltd./New York, 0.85%, 01/19/24(b) | 200 | 199,094 | ||||||
Alibaba Group Holding Ltd. | ||||||||
2.13%, 02/09/31 (Call 11/09/30)(c) | 200 | 191,748 | ||||||
2.70%, 02/09/41 (Call 08/09/40) | 200 | 185,404 | ||||||
3.25%, 02/09/61 (Call 08/09/60)(c) | 400 | 380,320 | ||||||
3.40%, 12/06/27 (Call 09/06/27) | 500 | 529,740 | ||||||
3.60%, 11/28/24 (Call 08/28/24)(c) | 400 | 425,200 | ||||||
4.00%, 12/06/37 (Call 06/06/37) | 200 | 216,037 | ||||||
4.20%, 12/06/47 (Call 06/06/47) | 400 | 443,662 | ||||||
Amipeace Ltd., 2.50%, 12/05/24(b) | 600 | 620,394 | ||||||
Baidu Inc. | ||||||||
2.38%, 08/23/31 (Call 05/23/31)(c) | 200 | 190,500 | ||||||
3.08%, 04/07/25 (Call 03/07/25) | 400 | 415,352 | ||||||
4.13%, 06/30/25 | 200 | 216,037 | ||||||
Bank of China Ltd., 5.00%, 11/13/24(b) | 400 | 437,620 |
24 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
Bank of China Ltd./Hong Kong | ||||||||
0.96%, 03/08/23, (3 mo. LIBOR US + | $ | 200 | $ | 200,848 | ||||
3.88%, 06/30/25(b) | 200 | 215,473 | ||||||
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(b)(h)(i) | 600 | 621,937 | ||||||
Bank of Communications Co. Ltd./Hong Kong, 0.97%, 05/17/23, (3 mo. LIBOR US + 0.85%)(b)(i) | 200 | 200,788 | ||||||
Bluestar Finance Holdings Ltd., 3.88%, (Call 06/24/23)(b)(h)(i) | 200 | 202,160 | ||||||
Bocom International Blossom Ltd.Co., 1.75%, 06/28/26(b) | 200 | 197,028 | ||||||
Bocom Leasing Management Hong Kong Co. Ltd., 1.19%, 12/10/24, (3 mo. LIBOR US + | 400 | 398,700 | ||||||
CCBL Cayman 1 Corp. Ltd., 1.99%, 07/21/25(b) | 200 | 199,620 | ||||||
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)(b)(h)(i) | 200 | 202,563 | ||||||
CDBL Funding 2, 2.00%, 03/04/26(b) | 200 | 198,150 | ||||||
Central Plaza Development Ltd., 4.65%, 01/19/26 (Call 10/19/25)(b) | 200 | 186,600 | ||||||
Chalco HK Investment Co., 2.10%, 07/28/26 (Call 06/28/26)(b) | 200 | 196,122 | ||||||
China Cinda 2020 I Management Ltd. | ||||||||
2.50%, 03/18/25 (Call 02/18/25)(b) | 200 | 198,538 | ||||||
3.00%, 01/20/31 (Call 10/20/30)(b) | 200 | 192,225 | ||||||
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(b) | 600 | 631,237 | ||||||
China Cinda Finance 2017 I Ltd. | ||||||||
3.88%, 02/08/23(b) | 200 | 204,596 | ||||||
4.75%, 02/21/29(b) | 200 | 219,100 | ||||||
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)(b)(i) | 600 | 634,452 | ||||||
China Construction Bank Corp./Hong Kong, 1.25%, 08/04/25(b) | 400 | 394,532 | ||||||
China Everbright Bank Co. Ltd./Hong Kong, 0.93%, 03/11/24(b) | 200 | 198,848 | ||||||
China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24(b) | 200 | 198,048 | ||||||
China Evergrande Group | ||||||||
7.50%, 06/28/23 (Call 11/29/21)(b)(d)(e) | 400 | 96,752 | ||||||
8.75%, 06/28/25 (Call 11/29/21)(b)(d)(e) | 400 | 96,000 | ||||||
10.50%, 04/11/24 (Call 04/11/22)(b)(d)(e) | 200 | 49,500 | ||||||
China Great Wall International Holdings V Ltd., 2.38%, 08/18/30(b) | 200 | 184,100 | ||||||
China Mengniu Dairy Co. Ltd., 1.88%, 06/17/25 (Call 05/17/25)(b) | 200 | 198,874 | ||||||
China Minsheng Banking Corp. Ltd./Hong Kong, 1.17%, 03/09/23, (3 mo. LIBOR US + | 200 | 200,013 | ||||||
China Overseas Finance Cayman VI Ltd. | ||||||||
5.95%, 05/08/24(b) | 400 | 440,200 | ||||||
6.45%, 06/11/34(b) | 200 | 261,850 | ||||||
China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/23(b) | 200 | 207,408 | ||||||
China Overseas Finance Cayman VIII Ltd., 2.75%, 03/02/30(b) | 200 | 196,913 | ||||||
China Resources Land Ltd. | ||||||||
3.75%, (Call 12/09/24)(b)(h)(i) | 200 | 205,312 | ||||||
4.13%, 02/26/29(b) | 200 | 215,975 | ||||||
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (Call 04/09/22)(b) | 200 | 173,500 | ||||||
China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)(b)(h)(i) | 200 | 200,725 | ||||||
CICC Hong Kong Finance 2016 MTN Ltd., 1.63%, 01/26/24(b) | 400 | 398,496 | ||||||
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (Call 01/16/23)(b) | 400 | 387,125 |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
CITIC Ltd. | ||||||||
2.85%, 02/25/30(b) | $ | 200 | $ | 203,100 | ||||
3.88%, 02/28/27(b) | 200 | 214,100 | ||||||
CMB International Leasing Management Ltd., 1.88%, 08/12/25(b) | 400 | 394,450 | ||||||
CMHI Finance BVI Co. Ltd. | ||||||||
3.50%, (Call 10/09/23)(b)(h)(i) | 200 | 203,913 | ||||||
4.38%, 08/06/23(b) | 200 | 209,606 | ||||||
CNOOC Finance 2013 Ltd. | ||||||||
2.88%, 09/30/29 (Call 06/30/29)(c) | 200 | 205,162 | ||||||
3.00%, 05/09/23 | 200 | 205,412 | ||||||
CNOOC Finance 2014 ULC, 4.25%, 04/30/24 | 600 | 642,675 | ||||||
CNOOC Finance 2015 USA LLC | ||||||||
3.50%, 05/05/25(c) | 200 | 211,100 | ||||||
4.38%, 05/02/28 | 200 | 223,162 | ||||||
CNOOC Petroleum North America ULC | ||||||||
5.88%, 03/10/35 | 100 | 123,394 | ||||||
6.40%, 05/15/37 | 375 | 499,172 | ||||||
7.50%, 07/30/39 | 250 | 374,012 | ||||||
CNPC General Capital Ltd., 3.40%, 04/16/23(b) | 200 | 206,975 | ||||||
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)(b) | 400 | 399,380 | ||||||
COSL Singapore Capital Ltd., 4.50%, 07/30/25(b) | 200 | 215,422 | ||||||
Country Garden Holdings Co. Ltd. | ||||||||
3.13%, 10/22/25 (Call 09/22/25)(b) | 200 | 185,500 | ||||||
3.30%, 01/12/31 (Call 10/12/30)(b) | 200 | 180,000 | ||||||
4.20%, 02/06/26 (Call 02/06/24)(b) | 400 | 378,000 | ||||||
5.40%, 05/27/25 (Call 05/27/23)(b) | 200 | 196,500 | ||||||
7.25%, 04/08/26 (Call 04/08/23)(b) | 400 | 409,000 | ||||||
CRCC Yuxiang Ltd., 3.50%, 05/16/23(b) | 200 | 206,224 | ||||||
CSCIF Asia Ltd., 1.13%, 06/10/24(b) | 200 | 199,063 | ||||||
Easy Tactic Ltd., 5.88%, 02/13/23 (Call 11/29/21)(b) | 200 | 118,000 | ||||||
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26 (Call 05/12/24)(b) | 200 | 197,834 | ||||||
ENN Energy Holdings Ltd., 2.63%, 09/17/30 (Call 06/17/30)(b) | 200 | 196,975 | ||||||
Fortune Star BVI Ltd., 5.95%, 10/19/25 (Call 10/19/23)(b) | 200 | 199,500 | ||||||
Franshion Brilliant Ltd. | ||||||||
4.00%, (Call 01/03/23)(b)(h)(i) | 200 | 195,913 | ||||||
6.00%, (Call 02/08/26)(b)(h)(i) | 200 | 200,063 | ||||||
GLP China Holdings Ltd., 2.95%, 03/29/26(b) | 200 | 198,472 | ||||||
Haidilao International Holding Ltd., 2.15%, 01/14/26(b) | 200 | 190,024 | ||||||
Huarong Finance 2017 Co. Ltd. | ||||||||
4.25%, 11/07/27(b) | 200 | 189,563 | ||||||
4.50%, (Call 01/24/22)(b)(h)(i) | 200 | 195,500 | ||||||
4.75%, 04/27/27(b) | 400 | 390,125 | ||||||
Huarong Finance 2019 Co. Ltd. | ||||||||
3.38%, 02/24/30 (Call 11/28/29)(b) | 200 | 177,563 | ||||||
3.75%, 05/29/24(b) | 400 | 387,752 | ||||||
4.50%, 05/29/29(b) | 200 | 190,063 | ||||||
Huarong Finance II Co. Ltd., 5.50%, 01/16/25(b) | 400 | 402,125 | ||||||
ICBCIL Finance Co. Ltd., 3.75%, 03/05/24(b) | 400 | 420,200 | ||||||
Industrial & Commercial Bank of China Ltd./London, 0.97%, 10/25/23, (3 mo. LIBOR US + 0.850%)(b)(i) | 400 | 402,708 | ||||||
Industrial & Commercial Bank of China Ltd./Singapore | ||||||||
0.95%, 04/25/24, (3 mo. LIBOR US + 0.830%)(b)(i) | 600 | 604,482 | ||||||
1.20%, 09/09/25(b) | 200 | 196,532 | ||||||
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)(b)(i) | 600 | 616,987 | ||||||
Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24(b) | 400 | 396,580 | ||||||
Inventive Global Investments Ltd., 1.65%, 09/03/25(b) | 200 | 197,250 |
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
JD.com Inc., 3.88%, 04/29/26 | $ | 200 | $ | 214,412 | ||||
Joy Treasure Assets Holdings Inc., 3.50%, 09/24/29 (Call 06/24/29)(b) | 400 | 397,556 | ||||||
Kaisa Group Holdings Ltd. | ||||||||
9.38%, 06/30/24 (Call 11/29/21)(b) | 200 | 56,000 | ||||||
10.50%, 01/15/25 (Call 01/15/23)(b) | 200 | 58,000 | ||||||
10.88%, 07/23/23 (Call 11/29/21)(b) | 200 | 60,000 | ||||||
11.25%, 04/16/25 (Call 04/16/23)(b) | 200 | 63,000 | ||||||
11.70%, 11/11/25 (Call 11/11/23)(b) | 200 | 56,000 | ||||||
Legend Fortune Ltd., 1.38%, 06/02/24(b) | 200 | 198,878 | ||||||
Lenovo Group Ltd. | ||||||||
3.42%, 11/02/30 (Call 08/02/30)(b) | 200 | 206,475 | ||||||
4.75%, 03/29/23(b) | 200 | 208,725 | ||||||
Longfor Group Holdings Ltd., 3.95%, 09/16/29(b) | 200 | 205,412 | ||||||
MCC Holding Hong Kong Corp. Ltd., 2.95%, | 200 | 201,563 | ||||||
Meituan | ||||||||
2.13%, 10/28/25 (Call 09/28/25)(b) | 200 | 192,920 | ||||||
3.05%, 10/28/30 (Call 07/28/30)(b) | 200 | 185,288 | ||||||
Pioneer Reward Ltd., 1.30%, 04/09/24(b) | 200 | 199,375 | ||||||
Poly Real Estate Finance Ltd., 3.88%, 03/25/24(b) | 200 | 206,475 | ||||||
Prosus NV, 4.85%, 07/06/27 (Call 04/06/27)(b) | 600 | 675,000 | ||||||
RKPF Overseas 2020 A Ltd., 5.20%, 01/12/26 | 200 | 173,000 | ||||||
Scenery Journey Ltd., 13.75%, 11/06/23 | 200 | 43,500 | ||||||
SF Holding Investment Ltd., 2.88%, 02/20/30(b) | 200 | 199,984 | ||||||
Shanghai Port Group BVI Development 2 Co. Ltd., 2.38%, 07/13/30 (Call 04/13/30)(b) | 400 | 395,928 | ||||||
Shimao Group Holdings Ltd., 5.60%, 07/15/26 | 600 | 552,300 | ||||||
Shui On Development Holding Ltd. | ||||||||
5.75%, 11/12/23 (Call 11/29/21)(b) | 200 | 193,063 | ||||||
6.15%, 08/24/24 (Call 08/24/22)(b) | 200 | 190,563 | ||||||
Sino-Ocean Land Treasure Finance II Ltd., | 200 | 198,600 | ||||||
Sino-Ocean Land Treasure IV Ltd., | 200 | 184,850 | ||||||
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23(b) | 400 | 411,580 | ||||||
State Elite Global Ltd., 0.89%, 10/24/24, | 200 | 199,938 | ||||||
Sunac China Holdings Ltd. | ||||||||
5.95%, 04/26/24 (Call 01/26/23)(b) | 400 | 290,000 | ||||||
6.50%, 01/10/25 (Call 01/10/23)(b) | 400 | 280,000 | ||||||
Tencent Holdings Ltd. | ||||||||
1.81%, 01/26/26 (Call 12/26/25)(b)(c) | 400 | 400,450 | ||||||
2.39%, 06/03/30 (Call 03/03/30)(b)(c) | 400 | 389,320 | ||||||
2.88%, 04/22/31 (Call 01/22/31)(b) | 200 | 202,938 | ||||||
3.24%, 06/03/50 (Call 12/03/49)(b) | 200 | 190,910 | ||||||
3.58%, 04/11/26 (Call 02/11/26)(b) | 200 | 214,100 | ||||||
3.60%, 01/19/28 (Call 10/19/27)(b)(c) | 300 | 319,050 | ||||||
3.68%, 04/22/41 (Call 10/22/40)(g) | 200 | 207,600 | ||||||
3.68%, 04/22/41 (Call 10/22/40)(b) | 200 | 207,600 | ||||||
3.93%, 01/19/38 (Call 07/19/37)(b)(c) | 200 | 213,412 | ||||||
3.94%, 04/22/61 (Call 10/22/60)(g) | 200 | 213,162 | ||||||
3.98%, 04/11/29 (Call 01/11/29)(b) | 600 | 653,925 | ||||||
4.53%, 04/11/49 (Call 10/11/48)(b) | 200 | 235,162 | ||||||
Times China Holdings Ltd., 5.55%, 06/04/24 | 200 | 157,000 | ||||||
Vanke Real Estate Hong Kong Co. Ltd. | 200 | 205,787 |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
4.20%, 06/07/24(b) | $ | 400 | $ | 419,700 | ||||
Vigorous Champion International Ltd., | 200 | 199,412 | ||||||
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30) | 200 | 197,600 | ||||||
Well Hope Development Ltd., 3.88%, | 200 | 203,000 | ||||||
West China Cement Ltd. Co., 4.95%, 07/08/26 | 200 | 193,563 | ||||||
Westwood Group Holdings Ltd., 2.80%, 01/20/26(b) | 200 | 193,140 | ||||||
Xiaomi Best Time International Ltd., 3.38%, 04/29/30 (Call 01/29/30)(b) | 200 | 206,162 | ||||||
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(b) | 200 | 201,163 | ||||||
Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26 (Call 01/13/24)(b) | 200 | 82,000 | ||||||
|
| |||||||
|
39,123,666 |
| ||||||
Colombia — 4.1% | ||||||||
AI Candelaria Spain SLU, 5.75%, 06/15/33 | 650 | 630,500 | ||||||
Banco Davivienda SA, 6.65%, (Call 04/22/31)(b)(h)(i) | 400 | 417,325 | ||||||
Banco de Bogota SA | ||||||||
4.38%, 08/03/27 (Call 05/03/27)(b)(c) | 550 | 572,275 | ||||||
5.38%, 02/19/23(b)(c) | 400 | 413,760 | ||||||
6.25%, 05/12/26(b) | 1,000 | 1,090,000 | ||||||
Bancolombia SA | ||||||||
3.00%, 01/29/25 (Call 12/29/24)(c) | 1,000 | 1,007,375 | ||||||
4.63%, 12/18/29 (Call 12/18/24)(c)(i) | 400 | 409,000 | ||||||
4.88%, 10/18/27 (Call 10/18/22)(i) | 600 | 604,800 | ||||||
Colombia Telecomunicaciones SA ESP, | 400 | 410,075 | ||||||
Ecopetrol SA | ||||||||
4.13%, 01/16/25(c) | 1,183 | 1,223,813 | ||||||
5.38%, 06/26/26 (Call 03/26/26) | 1,285 | 1,389,647 | ||||||
5.88%, 09/18/23 | 1,450 | 1,554,726 | ||||||
5.88%, 05/28/45(c) | 1,650 | 1,664,437 | ||||||
6.88%, 04/29/30 (Call 01/29/30)(c) | 1,900 | 2,189,750 | ||||||
7.38%, 09/18/43 | 925 | 1,074,330 | ||||||
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(b) | 400 | 397,450 | ||||||
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(b) | 1,000 | 974,375 | ||||||
Grupo de Inversiones Suramericana SA, | 600 | 648,675 | ||||||
Millicom International Cellular SA | ||||||||
4.50%, 04/27/31 (Call 04/27/26)(b) | 400 | 409,625 | ||||||
6.25%, 03/25/29 (Call 03/25/24)(b) | 720 | 783,585 | ||||||
Oleoducto Central SA, 4.00%, 07/14/27 | 600 | 613,238 | ||||||
Promigas SA ESP/Gases del Pacifico SAC, | 400 | 398,125 | ||||||
Sierracol Energy Andina Co., 6.00%, 06/15/28 | 400 | 392,825 | ||||||
SURA Asset Management SA, 4.88%, 04/17/24(b) | 600 | 643,613 | ||||||
Termocandelaria Power Ltd., 7.88%, 01/30/29 | 555 | 572,448 | ||||||
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(b)(c) | 600 | 673,237 | ||||||
|
| |||||||
|
21,159,009 |
| ||||||
Congo, The Democratic Republic — 0.2% | ||||||||
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 | 800 | 832,650 | ||||||
|
| |||||||
Ghana — 0.6% | ||||||||
Kosmos Energy Ltd., 7.13%, 04/04/26 | 600 | 594,000 | ||||||
Tullow Oil PLC | ||||||||
7.00%, 03/01/25 (Call 11/29/21)(b)(c) | 600 | 525,000 | ||||||
10.25%, 05/15/26 (Call 05/06/23)(g) | 1,200 | 1,258,500 |
26 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ghana (continued) | ||||||||
10.25%, 05/15/26 (Call 05/06/23)(b)(c) | $ | 600 | $ | 629,250 | ||||
|
| |||||||
|
3,006,750 |
| ||||||
Guatemala — 0.3% | ||||||||
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(b) | 700 | 723,756 | ||||||
Investment Energy Resources Ltd., | 600 | 639,000 | ||||||
|
| |||||||
|
1,362,756 |
| ||||||
Hong Kong — 4.9% | ||||||||
AIA Group Ltd. | ||||||||
2.70%, (Call 04/07/26)(b)(h)(i) | 400 | 399,625 | ||||||
3.20%, 03/11/25 (Call 12/11/24)(b) | 200 | 209,350 | ||||||
3.20%, 09/16/40 (Call 03/16/40)(b) | 600 | 611,362 | ||||||
3.38%, 04/07/30 (Call 01/07/30)(b) | 400 | 430,075 | ||||||
3.60%, 04/09/29 (Call 01/09/29)(b) | 400 | 435,825 | ||||||
3.90%, 04/06/28 (Call 01/06/28)(b)(c) | 200 | 219,600 | ||||||
4.50%, 03/16/46 (Call 09/16/45)(b) | 400 | 500,700 | ||||||
Bank of China Hong Kong Ltd., 5.90%, | 1,000 | 1,065,312 | ||||||
Bank of Communication, 2.30%, 07/08/31 | 250 | 243,991 | ||||||
Bank of Communications Hong Kong Ltd., | 250 | 255,391 | ||||||
Bank of East Asia Ltd. (The) | ||||||||
4.00%, 11/03/26 (Call 11/03/21)(b)(i) | 600 | 600,030 | ||||||
4.00%, 05/29/30 (Call 05/29/25)(b)(i) | 250 | 258,562 | ||||||
5.83%, (Call 10/21/25)(b)(h)(i) | 250 | 261,016 | ||||||
5.88%, (Call 09/19/24)(b)(h)(i) | 250 | 260,047 | ||||||
CAS Capital No. 1 Ltd., 4.00%, | 400 | 401,125 | ||||||
Castle Peak Power Finance Co. Ltd., | 200 | 213,475 | ||||||
Cathay Pacific MTN Financing HK Ltd., | 400 | 396,700 | ||||||
Celestial Dynasty Ltd., 4.25%, 06/27/29(b) | 400 | 403,950 | ||||||
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(b)(h)(i) | 200 | 206,412 | ||||||
China Citic Bank, 3.25%, (Call 07/29/26)(b)(h)(i) | 250 | 251,016 | ||||||
China CITIC Bank International Ltd. | ||||||||
4.63%, 02/28/29 (Call 02/28/24)(b)(i) | 250 | 262,000 | ||||||
7.10%, (Call 11/06/23)(b)(h)(i) | 200 | 215,062 | ||||||
CK Hutchison International 16 Ltd., | 200 | 209,516 | ||||||
CK Hutchison International 17 II Ltd., | 200 | 213,466 | ||||||
CK Hutchison International 17 Ltd., | 200 | 215,225 | ||||||
CK Hutchison International 19 II Ltd., | 200 | 206,250 | ||||||
CK Hutchison International 19 Ltd. | ||||||||
3.25%, 04/11/24 (Call 03/11/24)(b)(c) | 600 | 632,130 | ||||||
3.38%, 09/06/49 (Call 03/06/49)(b) | 200 | 217,100 | ||||||
3.63%, 04/11/29 (Call 01/11/29)(b)(c) | 400 | 437,736 | ||||||
CK Hutchison International 20 Ltd. | ||||||||
2.50%, 05/08/30 (Call 02/08/30)(b) | 800 | 807,224 | ||||||
3.38%, 05/08/50 (Call 11/08/49)(b) | 200 | 216,502 | ||||||
CK Hutchison International 21 Co. | ||||||||
1.50%, 04/15/26 (Call 03/15/26)(b)(c) | 200 | 198,406 | ||||||
2.50%, 04/15/31 (Call 01/15/31)(b)(c) | 400 | 402,440 | ||||||
3.13%, 04/15/41 (Call 10/15/40)(b) | 200 | 206,210 | ||||||
CLP Power HK Finance Ltd., 3.55%, | 200 | 205,037 | ||||||
CLP Power Hong Kong Financing Ltd., | 200 | 195,913 | ||||||
Elect Global Investments Ltd. | ||||||||
4.10%, (Call 06/03/25)(b)(h)(i) | 200 | 201,475 | ||||||
4.85%, (Call 08/25/23)(b)(h) | 200 | 201,563 | ||||||
FWD Group Ltd. | ||||||||
0.00%, (Call 06/15/22)(b)(h)(i)(k) | 200 | 190,788 | ||||||
5.75%, 07/09/24(b) | 400 | 408,575 | ||||||
6.38%, (Call 09/13/24)(b)(h)(i) | 200 | 201,538 |
Security | Par (000) | Value | ||||||
Hong Kong (continued) | ||||||||
Henderson Land MTN Ltd., 2.38%, 05/27/25(b) | $ | 200 | $ | 197,850 | ||||
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(b) | 400 | 416,450 | ||||||
HKT Capital No. 5 Ltd., 3.25%, 09/30/29(b) | 200 | 209,787 | ||||||
Hong Kong Land Holding Co., 2.25%, 07/15/31 | 200 | 195,446 | ||||||
Hongkong Electric Finance Ltd. | ||||||||
1.88%, 08/27/30 (Call 02/27/30)(b) | 200 | 191,663 | ||||||
2.25%, 06/09/30 (Call 12/09/29)(b) | 200 | 198,288 | ||||||
2.88%, 05/03/26(b) | 200 | 208,975 | ||||||
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.88%, 05/27/30 (Call 02/27/30)(b) | 400 | 412,575 | ||||||
HPHT Finance 21 Ltd., 2.00%, 03/19/26 | 200 | 199,700 | ||||||
Hutchison Whampoa International 14 Ltd., | 600 | 643,987 | ||||||
Hutchison Whampoa International Ltd., | 100 | 148,106 | ||||||
Hysan MTN Ltd., 2.82%, 09/04/29(b) | 200 | 203,600 | ||||||
IFC Development Corporate Treasury Ltd., | 200 | 214,662 | ||||||
JMH Co. Ltd., 2.50%, 04/09/31 (Call 01/09/31)(b) | 400 | 396,480 | ||||||
Li & Fung Ltd. | ||||||||
4.38%, 10/04/24 (Call 09/04/24)(b) | 200 | 203,163 | ||||||
4.50%, 08/18/25 (Call 07/18/25)(b) | 200 | 204,538 | ||||||
5.25%, (Call 05/03/22)(b)(h) | 200 | 137,725 | ||||||
Link Finance Cayman 2009 Ltd. (The), | 200 | 211,350 | ||||||
MTR Corp. Ltd., 1.63%, 08/19/30(b) | 600 | 577,425 | ||||||
Nan Fung Treasury Ltd. | ||||||||
3.63%, 08/27/30(b) | 200 | 199,780 | ||||||
5.00%, 09/05/28(b) | 200 | 218,850 | ||||||
Nanyang Commercial Bank Ltd. | ||||||||
3.80%, 11/20/29 (Call 11/20/24)(b)(i) | 250 | 256,687 | ||||||
5.00%, (Call 06/02/22)(b)(h)(i) | 350 | 354,266 | ||||||
New World China Land Ltd., 4.75%, 01/23/27(b) | 200 | 208,412 | ||||||
NWD Finance BVI Ltd. | ||||||||
4.13%, (Call 03/10/28)(b)(h)(i) | 200 | 195,500 | ||||||
4.80%, (Call 09/09/23)(b)(h) | 200 | 194,725 | ||||||
5.25%, (Call 03/22/26)(b)(h)(i) | 400 | 414,575 | ||||||
6.25%, (Call 03/07/24)(b)(h) | 400 | 409,325 | ||||||
NWD MTN Ltd. | ||||||||
4.13%, 07/18/29(b) | 400 | 400,450 | ||||||
4.50%, 05/19/30(b) | 400 | 405,700 | ||||||
Panther Ventures Ltd., 3.50%, (Call 12/22/23)(b)(h) | 200 | 187,788 | ||||||
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23(b) | 200 | 206,975 | ||||||
PCPD Capital Ltd., 5.13%, 06/18/26 | 400 | 395,725 | ||||||
Phoenix Lead Ltd., 4.85%, (Call 08/23/22)(b)(h) | 200 | 199,913 | ||||||
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(b) | 200 | 201,982 | ||||||
Sun Hung Kai Properties Capital Market Ltd. | ||||||||
2.75%, 05/13/30 (Call 02/13/30)(b) | 200 | 203,163 | ||||||
2.88%, 01/21/30(b) | 200 | 205,162 | ||||||
3.75%, 02/25/29(b) | 200 | 216,975 | ||||||
Swire Pacific MTN Financing HK Ltd., | 200 | 206,162 | ||||||
Swire Pacific MTN Financing Ltd., 4.50%, 10/09/23(b) | 200 | 212,725 | ||||||
Swire Properties MTN Financing Ltd. | ||||||||
3.50%, 01/10/28(b) | 200 | 214,037 | ||||||
3.63%, 01/13/26(b) | 200 | 213,287 | ||||||
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28(b) | 200 | 210,975 | ||||||
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(b) | 200 | 196,913 | ||||||
|
| |||||||
|
25,169,542 |
| ||||||
India — 4.5% | ||||||||
ABJA Investment Co. Pte Ltd. | 600 | 663,000 |
S C H E D U L E O F I N V E S T M E N T S | 27 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
India (continued) | ||||||||
5.95%, 07/31/24(b) | $ | 400 | $ | 436,000 | ||||
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(b) | 400 | 396,825 | ||||||
Adani Green Energy Ltd. | ||||||||
4.38%, 09/08/24(g) | 200 | 202,500 | ||||||
4.38%, 09/08/24(b) | 200 | 202,500 | ||||||
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, | 200 | 214,287 | ||||||
Adani Ports & Special Economic Zone Ltd. | ||||||||
3.10%, 02/02/31(b) | 200 | 189,600 | ||||||
3.38%, 07/24/24(b) | 200 | 207,100 | ||||||
4.00%, 07/30/27 (Call 06/30/27)(b) | 400 | 411,968 | ||||||
4.20%, 08/04/27 (Call 02/04/27)(b) | 400 | 413,700 | ||||||
4.38%, 07/03/29(b) | 200 | 209,100 | ||||||
Adani Transmission Ltd., 4.00%, 08/03/26(b) | 400 | 421,575 | ||||||
Axis Bank Ltd./Gift City, 4.10%, | 200 | 197,063 | ||||||
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(b) | 200 | 209,537 | ||||||
Bharti Airtel International Netherlands BV, | 600 | 650,175 | ||||||
Bharti Airtel Ltd. | ||||||||
3.25%, 06/03/31 (Call 03/05/31)(b) | 400 | 398,060 | ||||||
4.38%, 06/10/25(b) | 600 | 639,862 | ||||||
BPRL International Singapore Pte Ltd., | 400 | 420,950 | ||||||
Continuum Energy Levanter Pte Ltd., | 397 | 406,057 | ||||||
Delhi International Airport Ltd., 6.13%, 10/31/26(b) | 400 | 402,200 | ||||||
Future Retail Ltd., 5.60%, 01/22/25 | 200 | 119,000 | ||||||
Greenko Dutch BV, 3.85%, 03/29/26 | 394 | 396,462 | ||||||
Greenko Solar Mauritius Ltd. | ||||||||
5.55%, 01/29/25 (Call 12/13/21)(b) | 400 | 407,500 | ||||||
5.95%, 07/29/26 (Call 07/29/22)(b) | 400 | 421,625 | ||||||
HCL America Inc., 1.38%, 03/10/26 | 200 | 195,788 | ||||||
HDFC Bank Ltd., 3.70%, (Call 08/25/26)(g)(h)(i) | 400 | 397,000 | ||||||
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(b) | 200 | 209,725 | ||||||
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(b) | 450 | 481,162 | ||||||
Indian Oil Corp. Ltd., 4.75%, 01/16/24(b) | 600 | 639,675 | ||||||
Indian Railway Finance Corp. Ltd. | ||||||||
2.80%, 02/10/31(b)(c) | 400 | 385,392 | ||||||
3.25%, 02/13/30(b) | 200 | 202,400 | ||||||
3.73%, 03/29/24(b) | 200 | 209,850 | ||||||
3.84%, 12/13/27(b) | 200 | 213,350 | ||||||
JSW Hydro Energy Ltd. | ||||||||
4.13%, 05/18/31 (Call 05/18/26)(g) | 200 | 199,813 | ||||||
4.13%, 05/18/31 (Call 05/18/26)(b) | 200 | 199,813 | ||||||
JSW Steel Ltd. | ||||||||
3.95%, 04/05/27 (Call 10/05/26)(g) | 200 | 201,250 | ||||||
5.05%, 04/05/32 (Call 10/05/31)(g) | 200 | 201,500 | ||||||
Network i2i Ltd. | ||||||||
3.98%, (Call 03/03/26)(b)(h)(i) | 200 | 201,475 | ||||||
5.65%, (Call 01/15/25)(b)(h)(i) | 200 | 211,350 | ||||||
NTPC Ltd. | ||||||||
4.25%, 02/26/26(b) | 200 | 213,975 | ||||||
4.38%, 11/26/24(b) | 200 | 214,600 | ||||||
Oil India International Pte Ltd., 4.00%, 04/21/27(b) | 200 | 209,475 | ||||||
Oil India Ltd. | ||||||||
5.13%, 02/04/29(b) | 200 | 222,850 | ||||||
5.38%, 04/17/24(b) | 400 | 434,325 | ||||||
ONGC Videsh Ltd., 4.63%, 07/15/24(b) | 400 | 429,700 | ||||||
ONGC Videsh Vankorneft Pte Ltd., | 400 | 419,200 | ||||||
Periama Holdings LLC/DE, 5.95%, 04/19/26(b) | 600 | 648,750 | ||||||
Power Finance Corp. Ltd. 3.35%, 05/16/31(b) | 200 | 197,274 |
Security | Par (000) | Value | ||||||
India (continued) | ||||||||
3.95%, 04/23/30(b)(c) | $ | 400 | $ | 412,075 | ||||
4.50%, 06/18/29(b) | 400 | 425,825 | ||||||
REC Ltd. | ||||||||
2.25%, 09/01/26(b) | 200 | 195,246 | ||||||
3.38%, 07/25/24(b) | 400 | 414,450 | ||||||
5.25%, 11/13/23(b) | 400 | 426,950 | ||||||
Reliance Industries Ltd. | ||||||||
3.67%, 11/30/27(b) | 500 | 535,875 | ||||||
4.13%, 01/28/25(b)(c) | 250 | 268,250 | ||||||
4.88%, 02/10/45(b) | 250 | 313,172 | ||||||
6.25%, 10/19/40(b)(c) | 250 | 354,109 | ||||||
ReNew Power Synthetic, 6.67%, 03/12/24 | 200 | 208,975 | ||||||
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(b) | 200 | 203,312 | ||||||
Shriram Transport Finance Co. Ltd., | 200 | 200,250 | ||||||
State Bank of India/London | ||||||||
1.80%, 07/13/26(b) | 400 | 392,604 | ||||||
4.38%, 01/24/24(b) | 400 | 425,325 | ||||||
4.88%, 04/17/24(b) | 400 | 431,700 | ||||||
Summit Digital Infrastructure, 2.88%, 08/12/31 | 200 | 191,496 | ||||||
Vedanta Resources Finance II PLC | ||||||||
8.95%, 03/11/25 (Call 09/11/24)(b) | 600 | 606,000 | ||||||
9.25%, 04/23/26 (Call 04/23/23)(b)(c) | 200 | 191,000 | ||||||
13.88%, 01/21/24 (Call 12/21/22)(b) | 400 | 432,500 | ||||||
Vedanta Resources Ltd. | ||||||||
6.13%, 08/09/24 (Call 11/29/21)(b) | 600 | 547,612 | ||||||
7.13%, 05/31/23(b) | 200 | 193,125 | ||||||
Wipro IT Services LLC | ||||||||
1.50%, 06/23/26 (Call 05/23/26)(g) | 200 | 196,938 | ||||||
1.50%, 06/23/26 (Call 05/23/26)(b) | 200 | 196,938 | ||||||
|
| |||||||
|
23,540,065 |
| ||||||
Indonesia — 2.6% | ||||||||
Adaro Indonesia PT, 4.25%, 10/31/24 | 750 | 765,844 | ||||||
Bank Mandiri Persero Tbk PT | ||||||||
3.75%, 04/11/24(b) | 200 | 210,038 | ||||||
4.75%, 05/13/25(b) | 800 | 877,400 | ||||||
Bank Negara Indonesia Persero Tbk PT, | 400 | 405,169 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | ||||||||
3.95%, 03/28/24(b) | 700 | 739,671 | ||||||
4.63%, 07/20/23(b) | 200 | 211,084 | ||||||
Cikarang Listrindo Tbk PT, 4.95%, 09/14/26 | 400 | 408,950 | ||||||
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/29/21)(b) | 450 | 455,991 | ||||||
Indika Energy Capital IV Pte Ltd., 8.25%, 10/22/25 (Call 10/22/22)(b) | 750 | 795,000 | ||||||
Indofood CBP Sukses Makmur Tbk PT | ||||||||
3.40%, 06/09/31 (Call 12/09/30)(b) | 1,000 | 995,110 | ||||||
4.75%, 06/09/51 (Call 12/09/50)(b) | 600 | 607,566 | ||||||
LLPL Capital Pte Ltd., 6.88%, 02/04/39(b) | 538 | 617,143 | ||||||
Medco Bell Pte Ltd., 6.38%, 01/30/27 | 600 | 612,000 | ||||||
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 | 600 | 641,437 | ||||||
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25 | 400 | 416,575 | ||||||
Minejesa Capital BV | ||||||||
4.63%, 08/10/30(b) | 1,000 | 1,027,610 | ||||||
5.63%, 08/10/37(b) | 800 | 841,000 | ||||||
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24(b) | 1,400 | 1,528,887 | ||||||
Saka Energi Indonesia PT, 4.45%, 05/05/24(b) | 800 | 775,900 |
28 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Indonesia (continued) | ||||||||
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 | $ | 600 | $ | 664,612 | ||||
|
| |||||||
|
13,596,987 |
| ||||||
Israel — 3.5% | ||||||||
Bank Hapoalim BM, 3.26%, 01/21/32 | 600 | 600,188 | ||||||
Bank Leumi Le-Israel BM, 3.28%, 01/29/31 | 600 | 604,500 | ||||||
Energean Israel Finance Ltd. | ||||||||
4.50%, 03/30/24 (Call 12/30/23)(g) | 400 | 406,920 | ||||||
4.88%, 03/30/26 (Call 12/30/25)(g) | 500 | 507,500 | ||||||
5.38%, 03/30/28 (Call 09/30/27)(g) | 600 | 607,200 | ||||||
5.88%, 03/30/31 (Call 09/30/30)(g) | 400 | 405,000 | ||||||
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(g) | 550 | 711,734 | ||||||
Israel Electric Corp. Ltd. | ||||||||
4.25%, 08/14/28(g) | 800 | 890,150 | ||||||
6.88%, 06/21/23(b) | 400 | 436,825 | ||||||
Series 6, 5.00%, 11/12/24(g) | 1,000 | 1,098,312 | ||||||
Leviathan Bond Ltd. | ||||||||
5.75%, 06/30/23 (Call 03/30/23)(g) | 300 | 309,713 | ||||||
6.13%, 06/30/25 (Call 03/30/25)(g) | 450 | 483,975 | ||||||
6.50%, 06/30/27 (Call 12/30/26)(g) | 500 | 544,156 | ||||||
6.75%, 06/30/30 (Call 12/30/29)(g) | 425 | 465,609 | ||||||
Mizrahi Tefahot Bank Ltd., 3.08%, 04/07/31 | 400 | 398,600 | ||||||
Playtika Holding Corp., 4.25%, 03/15/29 | 500 | 500,000 | ||||||
Teva Pharmaceutical Finance Co. LLC, | 650 | 695,734 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.80%, 07/21/23 | 2,286 | 2,295,544 | ||||||
3.15%, 10/01/26(c) | 2,601 | 2,444,940 | ||||||
4.10%, 10/01/46 | 1,540 | 1,264,294 | ||||||
6.00%, 04/15/24 (Call 01/15/24) | 1,000 | 1,050,187 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(c) | 900 | 985,950 | ||||||
7.13%, 01/31/25 (Call 10/31/24) | 600 | 641,064 | ||||||
|
| |||||||
|
18,348,095 |
| ||||||
Jamaica — 0.6% | ||||||||
Digicel Group Holdings Ltd., 10.00%, | 784 | 786,945 | ||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 | 1,550 | 1,608,150 | ||||||
Digicel Ltd., 6.75%, 03/01/23 (Call 11/15/21)(b)(c) | 600 | 581,250 | ||||||
|
| |||||||
|
2,976,345 |
| ||||||
Jordan — 0.1% | ||||||||
Hikma Finance USA LLC, 3.25%, 07/09/25(b) | 400 | 414,125 | ||||||
|
| |||||||
Kazakhstan — 0.4% | ||||||||
Tengizchevroil Finance Co. International Ltd. | ||||||||
2.63%, 08/15/25 (Call 05/15/25)(b) | 600 | 608,505 | ||||||
3.25%, 08/15/30 (Call 02/15/30)(b) | 600 | 600,900 | ||||||
4.00%, 08/15/26(b) | 900 | 962,606 | ||||||
|
| |||||||
|
2,172,011 |
| ||||||
Kuwait — 1.8% | ||||||||
Boubyan Sukuk Ltd., 2.59%, 02/18/25(b) | 600 | 619,688 | ||||||
Burgan Bank SAK | ||||||||
2.75%, 12/15/31 (Call 09/15/26)(b)(i) | 400 | 365,500 | ||||||
5.75%, (Call 07/09/24)(b)(h)(i) | 400 | 405,825 | ||||||
Equate Petrochemical BV | ||||||||
2.63%, 04/28/28 (Call 01/28/28)(b) | 400 | 398,625 | ||||||
4.25%, 11/03/26(b) | 1,200 | 1,306,500 | ||||||
Equate Sukuk Spc Ltd., 3.94%, 02/21/24(b) | 600 | 633,187 |
Security | Par (000) | Value | ||||||
Kuwait (continued) | ||||||||
Kuwait Projects Co. SPC Ltd. | ||||||||
4.23%, 10/29/26(b) | $ | 600 | $ | 566,363 | ||||
4.50%, 02/23/27(b) | 400 | 377,575 | ||||||
5.00%, 03/15/23(b) | 400 | 398,400 | ||||||
MEGlobal Canada ULC | ||||||||
5.00%, 05/18/25(b) | 1,000 | 1,093,937 | ||||||
5.88%, 05/18/30(b) | 600 | 728,625 | ||||||
NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26)(g)(i) | 800 | 785,760 | ||||||
NBK Tier 1 Financing 2 Ltd., 4.50%, | 600 | 615,300 | ||||||
NBK Tier 1 Financing Ltd., 3.63%, | 800 | 795,750 | ||||||
Warba Sukuk Ltd., 2.98%, 09/24/24(b) | 400 | 417,825 | ||||||
|
| |||||||
|
9,508,860 |
| ||||||
Luxembourg — 0.4% | ||||||||
Altice Financing SA | ||||||||
5.00%, 01/15/28 (Call 01/15/23)(b) | 1,000 | 961,120 | ||||||
5.75%, 08/15/29 (Call 08/15/24)(g) | 1,400 | 1,373,750 | ||||||
|
| |||||||
|
2,334,870 |
| ||||||
Macau — 3.8% | ||||||||
Champion Path Holdings Ltd. | ||||||||
4.50%, 01/27/26 (Call 01/27/24)(b) | 400 | 397,125 | ||||||
4.85%, 01/27/28 (Call 01/27/25)(b) | 400 | 393,450 | ||||||
Melco Resorts Finance Ltd. | ||||||||
4.88%, 06/06/25 (Call 11/29/21)(b)(c) | 1,004 | 988,501 | ||||||
5.25%, 04/26/26 (Call 04/26/22)(b) | 400 | 394,950 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(b) | 1,000 | 982,062 | ||||||
5.63%, 07/17/27 (Call 07/17/22)(b)(c) | 600 | 599,925 | ||||||
5.75%, 07/21/28 (Call 07/21/23)(b)(c) | 800 | 792,000 | ||||||
MGM China Holdings Ltd. | ||||||||
4.75%, 02/01/27 (Call 02/01/24)(b) | 600 | 574,200 | ||||||
5.25%, 06/18/25 (Call 06/18/22)(b) | 400 | 393,825 | ||||||
5.38%, 05/15/24 (Call 11/08/21)(b) | 800 | 799,400 | ||||||
5.88%, 05/15/26 (Call 05/15/22)(b) | 800 | 798,650 | ||||||
Sands China Ltd. | ||||||||
2.30%, 03/08/27 (Call 02/08/27)(c)(g) | 400 | 379,520 | ||||||
2.85%, 03/08/29 (Call 01/08/29)(g) | 600 | 565,368 | ||||||
3.25%, 08/08/31 (Call 05/08/31)(g) | 500 | 470,665 | ||||||
3.80%, 01/08/26 (Call 12/08/25)(l) | 800 | 807,440 | ||||||
4.38%, 06/18/30 (Call 03/18/30)(l) | 600 | 611,208 | ||||||
5.13%, 08/08/25 (Call 06/08/25) | 1,800 | 1,913,220 | ||||||
5.40%, 08/08/28 (Call 05/08/28)(c) | 1,800 | 1,955,700 | ||||||
Studio City Finance Ltd. | ||||||||
5.00%, 01/15/29 (Call 01/15/24)(b) | 900 | 807,750 | ||||||
6.00%, 07/15/25 (Call 07/15/22)(b) | 400 | 388,100 | ||||||
6.50%, 01/15/28 (Call 07/15/23)(b) | 600 | 576,188 | ||||||
Wynn Macau Ltd. | ||||||||
4.88%, 10/01/24 (Call 11/29/21)(b) | 400 | 378,075 | ||||||
5.13%, 12/15/29 (Call 12/15/24)(b) | 800 | 716,000 | ||||||
5.50%, 01/15/26 (Call 06/15/22)(b) | 1,000 | 941,750 | ||||||
5.50%, 10/01/27 (Call 10/01/22)(b) | 800 | 746,250 | ||||||
5.63%, 08/26/28 (Call 08/26/23)(b) | 1,200 | 1,109,556 | ||||||
|
| |||||||
|
19,480,878 |
| ||||||
Malaysia — 1.5% | ||||||||
Axiata SPV2 Bhd | ||||||||
2.16%, 08/19/30 (Call 05/19/30)(b) | 600 | 584,175 | ||||||
4.36%, 03/24/26(b) | 400 | 439,575 | ||||||
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 | 800 | 777,900 | ||||||
CIMB Bank Bhd, 0.90%, 10/09/24, | 600 | 602,925 | ||||||
Genm Capital Labuan Ltd., 3.88%, 04/19/31 | 800 | 782,900 |
S C H E D U L E O F I N V E S T M E N T S | 29 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Malaysia (continued) | ||||||||
Gohl Capital Ltd., 4.25%, 01/24/27(b) | $ | 1,400 | $ | 1,450,137 | ||||
Malayan Banking Bhd, 0.92%, 08/16/24, | 900 | 905,794 | ||||||
Parkway Pantai Ltd., 4.25%, (Call 07/27/22)(b)(h)(i) | 400 | 401,200 | ||||||
RBH Bank, 1.66%, 06/29/26(b) | 400 | 397,652 | ||||||
TNB Global Ventures Capital Bhd | ||||||||
3.24%, 10/19/26(b) | 600 | 627,488 | ||||||
4.85%, 11/01/28(b) | 800 | 923,650 | ||||||
|
| |||||||
|
7,893,396 |
| ||||||
Mexico — 5.1% | ||||||||
Alfa SAB de CV | ||||||||
5.25%, 03/25/24 (Call 12/25/23)(b) | 200 | 213,225 | ||||||
6.88%, 03/25/44 (Call 09/25/43)(b)(c) | 200 | 261,750 | ||||||
Alpek SAB de CV, 4.25%, 09/18/29 | 400 | 421,900 | ||||||
America Movil SAB de CV | ||||||||
2.88%, 05/07/30 (Call 02/07/30) | 400 | 414,700 | ||||||
3.63%, 04/22/29 (Call 01/22/29) | 200 | 216,663 | ||||||
4.38%, 07/16/42 | 400 | 478,075 | ||||||
4.38%, 04/22/49 (Call 10/22/48) | 400 | 494,700 | ||||||
6.13%, 03/30/40 | 600 | 847,237 | ||||||
6.38%, 03/01/35 | 650 | 905,978 | ||||||
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | ||||||||
4.13%, 06/06/24(b) | 450 | 474,750 | ||||||
4.38%, 04/11/27 (Call 01/11/27)(b) | 150 | 158,888 | ||||||
Banco Mercantil del Norte SA/Grand Cayman | ||||||||
6.75%, (Call 09/27/24)(b)(h)(i) | 400 | 417,325 | ||||||
7.63%, (Call 01/10/28)(b)(h)(i) | 200 | 220,350 | ||||||
8.38%, (Call 10/14/30)(b)(h)(i) | 200 | 233,050 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | ||||||||
5.38%, 04/17/25(b) | 700 | 773,185 | ||||||
5.95%, 10/01/28 (Call 10/01/23)(b)(i) | 400 | 426,325 | ||||||
BBVA Bancomer SA/Texas | ||||||||
1.88%, 09/18/25(b) | 200 | 199,913 | ||||||
4.38%, 04/10/24(b) | 200 | 214,663 | ||||||
5.13%, 01/18/33 (Call 01/17/28)(b)(i) | 400 | 412,600 | ||||||
5.88%, 09/13/34 (Call 09/13/29)(b)(i) | 200 | 217,475 | ||||||
Becle SAB de CV, 2.50%, 10/14/31 | 200 | 196,286 | ||||||
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 | 200 | 220,350 | ||||||
Braskem Idesa SAPI | ||||||||
6.99%, 02/20/32 (Call 02/20/27)(g) | 200 | 204,560 | ||||||
7.45%, 11/15/29 (Call 11/15/24)(b)(c) | 400 | 422,120 | ||||||
Cemex SAB de CV | ||||||||
3.88%, 07/11/31 (Call 07/11/26)(b) | 600 | 599,580 | ||||||
5.20%, 09/17/30 (Call 09/17/25)(b) | 600 | 648,105 | ||||||
5.45%, 11/19/29 (Call 11/19/24)(b) | 400 | 432,030 | ||||||
7.38%, 06/05/27 (Call 06/05/23)(b) | 200 | 220,792 | ||||||
Cemex SAB De CV, 5.13%, (Call 06/08/26)(b)(h)(i) | 400 | 412,810 | ||||||
Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29 (Call 04/18/29)(b) | 200 | 216,475 | ||||||
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)(g) | 200 | 191,520 | ||||||
Coca-Cola Femsa SAB de CV | ||||||||
1.85%, 09/01/32 (Call 06/01/32) | 150 | 141,403 | ||||||
2.75%, 01/22/30 (Call 10/22/29) | 150 | 154,125 | ||||||
5.25%, 11/26/43 | 300 | 395,775 | ||||||
Cometa Energia SA de CV, 6.38%, 04/24/35 | 359 | 406,685 | ||||||
Credito Real SAB de CV, 8.00%, 01/21/28 | 200 | 167,538 |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
FEL Energy VI Sarl, 5.75%, 12/01/40 | $ | 398 | $ | 391,879 | ||||
Fomento Economico Mexicano SAB de CV | ||||||||
3.50%, 01/16/50 (Call 07/16/49) | 1,050 | 1,111,687 | ||||||
4.38%, 05/10/43 | 150 | 177,797 | ||||||
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(b) | 400 | 407,250 | ||||||
Grupo Bimbo SAB de CV | ||||||||
3.88%, 06/27/24(b) | 200 | 212,350 | ||||||
4.00%, 09/06/49(b) | 200 | 220,038 | ||||||
4.70%, 11/10/47 (Call 05/10/47)(b)(c) | 200 | 241,772 | ||||||
4.88%, 06/27/44(b) | 200 | 239,787 | ||||||
5.95%, (Call 04/17/23)(b)(h)(i) | 200 | 208,100 | ||||||
Grupo Televisa SAB | ||||||||
5.00%, 05/13/45 (Call 11/13/44) | 400 | 485,575 | ||||||
5.25%, 05/24/49 (Call 11/24/48)(c) | 200 | 257,525 | ||||||
6.13%, 06/30/45 (Call 07/31/45) | 200 | 277,162 | ||||||
6.63%, 03/18/25 | 200 | 230,725 | ||||||
6.63%, 01/15/40 | 320 | 444,360 | ||||||
Industrias Penoles SAB de CV | ||||||||
4.15%, 09/12/29 (Call 06/12/29)(b) | 400 | 432,862 | ||||||
4.75%, 08/06/50 (Call 02/06/50)(b) | 200 | 216,850 | ||||||
5.65%, 09/12/49 (Call 03/12/49)(b) | 200 | 242,412 | ||||||
Infraestructura Energetica Nova SAB de CV | ||||||||
4.75%, 01/15/51 (Call 07/15/50)(b) | 400 | 407,350 | ||||||
4.88%, 01/14/48(b) | 200 | 204,350 | ||||||
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(b) | 200 | 193,288 | ||||||
Minera Mexico SA de CV, 4.50%, 01/26/50 | 400 | 435,550 | ||||||
Nemak SAB de CV, 3.63%, 06/28/31 | 200 | 186,163 | ||||||
Orbia Advance Corp. SAB de CV | ||||||||
1.88%, 05/11/26 (Call 04/11/26)(b) | 100 | 99,001 | ||||||
2.88%, 05/11/31 (Call 02/11/31)(b) | 200 | 197,475 | ||||||
4.00%, 10/04/27 (Call 07/04/27)(b) | 200 | 215,788 | ||||||
5.50%, 01/15/48 (Call 07/15/47)(b) | 400 | 467,700 | ||||||
Sigma Alimentos SA de CV, 4.13%, 05/02/26 | 600 | 643,237 | ||||||
Southern Copper Corp. | ||||||||
3.88%, 04/23/25 | 300 | 321,966 | ||||||
5.25%, 11/08/42 | 400 | 495,325 | ||||||
5.88%, 04/23/45 | 500 | 675,962 | ||||||
6.75%, 04/16/40 | 400 | 555,200 | ||||||
7.50%, 07/27/35 | 400 | 570,450 | ||||||
Total Play Telecomunicaciones SA de CV | ||||||||
6.38%, 09/20/28 (Call 09/30/25)(g) | 200 | 196,750 | ||||||
7.50%, 11/12/25 (Call 11/12/23)(b) | 200 | 207,350 | ||||||
Trust Fibra Uno | ||||||||
4.87%, 01/15/30 (Call 10/30/29)(b) | 600 | 640,612 | ||||||
5.25%, 01/30/26 (Call 10/30/25)(b) | 400 | 437,125 | ||||||
6.39%, 01/15/50 (Call 07/15/49)(b) | 200 | 233,162 | ||||||
6.95%, 01/30/44 (Call 07/30/43)(b) | 200 | 242,662 | ||||||
Unifin Financiera SAB de CV, 9.88%, 01/28/29 | 200 | 185,000 | ||||||
|
| |||||||
|
26,642,503 |
| ||||||
Moldova — 0.1% | ||||||||
Aragvi Finance International SR, 8.45%, 04/29/26 | 400 | 411,600 | ||||||
|
| |||||||
Morocco — 0.6% | ||||||||
OCP SA | ||||||||
4.50%, 10/22/25(b) | 400 | 422,450 | ||||||
5.13%, 06/23/51 (Call 12/23/50)(b) | 600 | 580,050 | ||||||
5.63%, 04/25/24(b) | 525 | 564,309 |
30 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Morocco (continued) | ||||||||
6.88%, 04/25/44(b) | $ | 400 | $ | 479,200 | ||||
OCP Group, 3.75%, 06/23/31 (Call 03/23/31)(b) | 1,200 | 1,176,000 | ||||||
|
| |||||||
|
3,222,009 |
| ||||||
Nigeria — 0.7% | ||||||||
Access Bank PLC | ||||||||
6.13%, 09/21/26(g) | 400 | 400,625 | ||||||
6.13%, 09/21/26(b) | 200 | 200,313 | ||||||
9.13%, (Call 10/07/26)(g)(h)(i) | 400 | 396,000 | ||||||
Africa Finance Corp., 2.88%, 04/28/28(b) | 800 | 794,250 | ||||||
IHS Netherlands Holdco BV | ||||||||
7.13%, 03/18/25 (Call 11/29/21)(b) | 600 | 619,612 | ||||||
8.00%, 09/18/27 (Call 09/18/22)(b) | 700 | 743,969 | ||||||
SEPLAT Energy PLC, 7.75%, 04/01/26 | 600 | 614,580 | ||||||
|
| |||||||
|
3,769,349 |
| ||||||
Oman — 0.5% | ||||||||
Bank Muscat SAOG | ||||||||
4.75%, 03/17/26(b) | 600 | 617,438 | ||||||
4.88%, 03/14/23(b) | 400 | 411,625 | ||||||
National Bank of Oman SAOG, 5.63%, 09/25/23(b) | 400 | 413,575 | ||||||
Oztel Holdings SPC Ltd. | ||||||||
5.63%, 10/24/23(b) | 600 | 621,487 | ||||||
6.63%, 04/24/28(b) | 700 | 767,725 | ||||||
|
| |||||||
|
2,831,850 |
| ||||||
Panama — 0.8% | ||||||||
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(b) | 1,200 | 1,232,475 | ||||||
Banco General SA, 4.13%, 08/07/27 | 600 | 640,800 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(b)(c) | 1,200 | 1,261,500 | ||||||
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b) | 600 | 622,320 | ||||||
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(b) | 300 | 311,250 | ||||||
|
| |||||||
|
4,068,345 |
| ||||||
Paraguay — 0.2% | ||||||||
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(b)(c)(k) | 583 | 433,063 | ||||||
Telefonica Celular del Paraguay SA, 5.88%, 04/15/27 (Call 04/15/22)(b) | 600 | 622,987 | ||||||
|
| |||||||
|
1,056,050 |
| ||||||
Peru — 1.8% | ||||||||
Banco de Credito del Peru | ||||||||
2.70%, 01/11/25 (Call 12/11/24)(b) | 1,100 | 1,127,720 | ||||||
3.13%, 07/01/30 (Call 07/01/25)(b)(i) | 750 | 741,787 | ||||||
3.25%, 09/30/31 (Call 09/30/26)(b)(i) | 400 | 394,900 | ||||||
4.25%, 04/01/23(b)(c) | 200 | 208,288 | ||||||
Cia de Minas Buenaventura SAA, 5.50%, 07/23/26 (Call 07/23/23)(g) | 400 | 395,325 | ||||||
Cia. De Minas Buenaventur Co., 5.50%, 07/23/26 (Call 07/23/23)(b) | 200 | 197,663 | ||||||
Consorcio Transmantaro SA, 4.70%, 04/16/34 (Call 01/16/34)(b) | 600 | 662,175 | ||||||
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(b) | 400 | 406,575 | ||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.38%, 06/01/28(b) | 600 | 589,613 | ||||||
Inkia Energy Ltd., 5.88%, 11/09/27 | 600 | 617,362 | ||||||
InRetail Consumer, 3.25%, 03/22/28 | 600 | 587,738 | ||||||
Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(b) | 600 | 621,862 | ||||||
Lima Metro Line 2 Finance Ltd. | ||||||||
4.35%, 04/05/36(b) | 586 | 624,253 | ||||||
5.88%, 07/05/34(b) | 500 | 576,385 | ||||||
Nexa Resources SA, 6.50%, 01/18/28 | 400 | 443,850 |
Security | Par (000) | Value | ||||||
Peru (continued) | ||||||||
Peru LNG Srl, 5.38%, 03/22/30(b)(c) | $ | 800 | $ | 670,500 | ||||
Transportadora de Gas del Peru SA, 4.25%, 04/30/28(b) | 600 | 642,487 | ||||||
|
| |||||||
|
9,508,483 |
| ||||||
Philippines — 1.7% | ||||||||
Bank of the Philippine Islands, 4.25%, 09/04/23(b) | 400 | 421,325 | ||||||
BDO Unibank Inc. | ||||||||
2.13%, 01/13/26(b) | 800 | 810,250 | ||||||
2.95%, 03/06/23(b) | 200 | 204,413 | ||||||
HPHT Finance 19 Ltd., 2.88%, 11/05/24(b) | 200 | 207,600 | ||||||
JGSH Philippines Ltd., 4.13%, 07/09/30(b) | 600 | 636,487 | ||||||
Manila Water Co. Inc., 4.38%, 07/30/30 | 600 | 628,425 | ||||||
Metropolitan Bank & Trust Co., 2.13%, 01/15/26(b) | 400 | 404,625 | ||||||
Petron Corp. | ||||||||
4.60%, (Call 07/19/23)(b)(h)(i) | 400 | 398,575 | ||||||
5.95%, (Call 04/19/26)(b)(h)(i) | 600 | 619,688 | ||||||
Philippine National Bank, 3.28%, 09/27/24(b) | 800 | 815,650 | ||||||
San Miguel Crop., 5.50%, (Call 07/29/25)(b)(h)(i) | 400 | 411,625 | ||||||
SMC Global Power Holdings Corp. | ||||||||
5.45%, (Call 12/09/26)(b)(h)(i) | 600 | 586,980 | ||||||
5.70%, (Call 01/21/26)(b)(h)(i) | 600 | 592,050 | ||||||
5.95%, (Call 05/05/25)(b)(h)(i) | 400 | 398,860 | ||||||
6.50%, (Call 04/25/24)(b)(h)(i) | 700 | 708,890 | ||||||
7.00%, (Call 10/21/25)(b)(h)(i) | 800 | 827,900 | ||||||
|
| |||||||
|
8,673,343 |
| ||||||
Poland — 0.1% | ||||||||
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(g) | 600 | 597,000 | ||||||
|
| |||||||
Qatar — 3.8% | ||||||||
ABQ Finance Co., 2.00%, 07/06/26(b) | 400 | 397,500 | ||||||
ABQ Finance Ltd. | ||||||||
1.88%, 09/08/25(b) | 600 | 596,438 | ||||||
3.13%, 09/24/24(b) | 400 | 416,625 | ||||||
AKCB Finance Ltd., 4.75%, 10/09/23(b) | 400 | 426,625 | ||||||
CBQ Finance Ltd. | ||||||||
2.00%, 09/15/25(b) | 400 | 400,125 | ||||||
2.00%, 05/12/26(b) | 800 | 796,500 | ||||||
5.00%, 05/24/23(b) | 400 | 423,575 | ||||||
Commercial Bank PSQC (The), 4.50%, | 600 | 603,938 | ||||||
Doha Finance Ltd., 2.38%, 03/31/26(b) | 1,000 | 1,010,312 | ||||||
MAR Sukuk Ltd. | ||||||||
2.21%, 09/02/25(b) | 600 | 609,862 | ||||||
3.03%, 11/13/24(b) | 400 | 417,700 | ||||||
Nakilat Inc., 6.07%, 12/31/33(b) | 828 | 1,013,454 | ||||||
Ooredoo International Finance Ltd. | ||||||||
2.63%, 04/08/31(b) | 1,400 | 1,410,850 | ||||||
3.25%, 02/21/23(b) | 550 | 564,438 | ||||||
3.75%, 06/22/26(b) | 1,000 | 1,092,687 | ||||||
3.88%, 01/31/28(b) | 400 | 444,420 | ||||||
4.50%, 01/31/43(b) | 200 | 242,100 | ||||||
5.00%, 10/19/25(b) | 400 | 452,450 | ||||||
QIB Sukuk Ltd. | ||||||||
1.48%, 02/07/25, (3 mo. LIBOR US + 1.350%)(b)(i) | 600 | 605,362 | ||||||
1.95%, 10/27/25(b) | 800 | 802,250 | ||||||
3.98%, 03/26/24(b) | 800 | 851,900 | ||||||
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24(b) | 400 | 425,500 | ||||||
QNB Finance Ltd. | ||||||||
1.38%, 01/26/26(b) | 800 | 783,480 | ||||||
1.63%, 09/22/25(b) | 600 | 599,438 | ||||||
2.63%, 05/12/25(b) | 800 | 827,250 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Qatar (continued) | ||||||||
2.75%, 02/12/27(b) | $ | 1,100 | $ | 1,139,050 | ||||
3.50%, 03/28/24(b) | 800 | 842,650 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. III | ||||||||
5.84%, 09/30/27(b) | 688 | 776,670 | ||||||
6.33%, 09/30/27(b) | 763 | 862,810 | ||||||
|
| |||||||
|
19,835,959 |
| ||||||
Russia — 4.5% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC | ||||||||
5.95%, 04/15/30 (Call 04/15/25)(b)(i) | 400 | 413,575 | ||||||
6.95%, (Call 04/30/23)(b)(h)(i) | 200 | 204,788 | ||||||
8.00%, (Call 02/03/22)(b)(h)(i) | 400 | 402,200 | ||||||
ALROSA Finance SA | ||||||||
3.10%, 06/25/27 (Call 03/25/27)(b) | 200 | 203,813 | ||||||
4.65%, 04/09/24 (Call 01/09/24)(b) | 400 | 423,325 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC | ||||||||
4.70%, 01/29/25(b) | 400 | 409,825 | ||||||
8.88%, (Call 11/10/22)(b)(h)(i) | 400 | 406,075 | ||||||
Eurochem Finance DAC, 5.50%, 03/13/24 (Call 12/13/23)(b) | 400 | 429,669 | ||||||
Evraz PLC | ||||||||
5.25%, 04/02/24 (Call 01/02/24)(b) | 400 | 427,200 | ||||||
5.38%, 03/20/23(b) | 200 | 209,287 | ||||||
Gazprom Neft OAO Via GPN Capital SA, 6.00%, 11/27/23(b) | 800 | 871,650 | ||||||
Gazprom PJSC Via Gaz Capital SA | ||||||||
4.95%, 02/06/28(b) | 4,314 | 4,741,356 | ||||||
7.29%, 08/16/37(b) | 700 | 945,219 | ||||||
8.63%, 04/28/34(b) | 790 | 1,135,625 | ||||||
Lukoil Capital DAC | ||||||||
2.80%, 04/26/27 (Call 01/26/27)(g) | 400 | 399,600 | ||||||
3.60%, 10/26/31 (Call 07/26/31)(g) | 400 | 398,500 | ||||||
Lukoil International Finance BV | ||||||||
4.56%, 04/24/23(b) | 200 | 208,787 | ||||||
4.75%, 11/02/26(b) | 800 | 872,800 | ||||||
Lukoil Securities BV, 3.88%, 05/06/30(b) | 1,050 | 1,088,062 | ||||||
Metalloinvest Finance DAC, 4.85%, 05/02/24(b) | 400 | 429,575 | ||||||
MMC Norilsk Nickel OJSC via MMC Finance DAC, 4.10%, 04/11/23 (Call 01/11/23)(b) | 500 | 513,062 | ||||||
MMC Norilsk Nickel OJSC Via MMC Finance DAC | ||||||||
2.55%, 09/11/25 (Call 06/11/25)(b) | 200 | 199,600 | ||||||
3.38%, 10/28/24 (Call 07/28/24)(b) | 600 | 617,550 | ||||||
MMK International Capital DAC, 4.38%, 06/13/24 (Call 03/13/24)(b) | 400 | 423,575 | ||||||
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/23(b) | 200 | 209,725 | ||||||
Novolipetsk Steel Via Steel Funding DAC, 4.70%, 05/30/26 (Call 02/28/26)(b) | 400 | 437,825 | ||||||
Phosagro OAO Via Phosagro Bond Funding DAC, 3.05%, 01/23/25 (Call 10/23/24)(b) | 600 | 619,050 | ||||||
Polyus Finance PLC, 3.25%, 10/14/28 (Call 07/14/28)(g) | 400 | 396,125 | ||||||
Sberbank of Russia Via SB Capital SA, 5.25%, 05/23/23(b) | 600 | 630,112 | ||||||
Severstal OAO Via Steel Capital SA, 3.15%, 09/16/24(b) | 400 | 414,075 | ||||||
Suek Securities DAC, 3.38%, 09/15/26(g) | 200 | 199,380 | ||||||
Tinkoff Bank JSC Via TCS Finance Ltd., 6.00%, (Call 12/20/26)(g)(h)(i) | 200 | 199,063 | ||||||
TMK OAO Via TMK Capital SA, 4.30%, 02/12/27(b) | 200 | 200,850 | ||||||
Uralkali OJSC Via Uralkali Finance DAC, 4.00%, 10/22/24(b) | 200 | 207,038 | ||||||
VEON Holdings BV | ||||||||
3.38%, 11/25/27 (Call 08/25/27)(b) | 800 | 800,400 | ||||||
4.00%, 04/09/25 (Call 01/09/25)(b) | 400 | 414,500 | ||||||
4.95%, 06/16/24 (Call 03/16/24)(b) | 200 | 212,475 | ||||||
5.95%, 02/13/23(b) | 200 | 211,037 |
Security | Par (000) | Value | ||||||
Russia (continued) | ||||||||
7.25%, 04/26/23 (Call 01/26/23)(b) | $ | 400 | $ | 425,575 | ||||
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(h)(i) | 1,200 | 1,278,600 | ||||||
|
| |||||||
23,230,548 | ||||||||
Saudi Arabia — 4.4% | ||||||||
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(b) | 400 | 477,489 | ||||||
Almarai Sukuk Ltd., 4.31%, 03/05/24(b) | 200 | 214,225 | ||||||
Arab National Bank, 3.33%, 10/28/30 | 400 | 407,125 | ||||||
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b) | 400 | 417,125 | ||||||
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(b) | 300 | 312,338 | ||||||
Dar Al-Arkan Sukuk Co. Ltd. | ||||||||
6.75%, 02/15/25(b) | 400 | 420,700 | ||||||
6.88%, 03/21/23(b) | 200 | 206,850 | ||||||
Riyad Sukuk Ltd., 3.17%, 02/25/30 | 800 | 818,650 | ||||||
SA Global Sukuk Ltd. | ||||||||
0.95%, 06/17/24 (Call 05/17/24)(g) | 400 | 395,000 | ||||||
1.60%, 06/17/26 (Call 05/17/26)(g) | 800 | 788,500 | ||||||
1.60%, 06/17/26 (Call 05/17/26)(b) | 200 | 197,125 | ||||||
2.69%, 06/17/31 (Call 03/17/31)(b) | 600 | 599,625 | ||||||
2.69%, 06/17/31 (Call 03/17/31)(g) | 1,000 | 999,375 | ||||||
SABIC Capital I BV | ||||||||
2.15%, 09/14/30 (Call 06/14/30)(b) | 200 | 192,750 | ||||||
3.00%, 09/14/50 (Call 03/14/50)(b) | 200 | 188,063 | ||||||
SABIC Capital II BV | ||||||||
4.00%, 10/10/23(b) | 400 | 422,596 | ||||||
4.50%, 10/10/28(b) | 700 | 795,069 | ||||||
Samba Funding Ltd., 2.75%, 10/02/24(b) | 800 | 825,936 | ||||||
Saudi Arabian Oil Co. | ||||||||
1.25%, 11/24/23 (Call 10/24/23)(b) | 200 | 200,250 | ||||||
1.63%, 11/24/25 (Call 10/24/25)(b) | 600 | 596,700 | ||||||
2.25%, 11/24/30 (Call 08/24/30)(b) | 1,000 | 967,062 | ||||||
3.25%, 11/24/50 (Call 05/24/50)(b) | 1,200 | 1,152,375 | ||||||
3.50%, 04/16/29(b) | 1,600 | 1,702,800 | ||||||
3.50%, 11/24/70 (Call 05/24/70)(b) | 1,000 | 951,562 | ||||||
4.25%, 04/16/39(b) | 1,600 | 1,788,300 | ||||||
4.38%, 04/16/49(b) | 1,600 | 1,840,500 | ||||||
Saudi Electricity Global Sukuk Co. 2 | ||||||||
3.47%, 04/08/23(b) | 400 | 413,450 | ||||||
5.06%, 04/08/43(b) | 400 | 484,325 | ||||||
Saudi Electricity Global Sukuk Co. 3 | ||||||||
4.00%, 04/08/24(b) | 600 | 639,187 | ||||||
5.50%, 04/08/44(b) | 600 | 765,112 | ||||||
Saudi Electricity Global Sukuk Co. 4 | ||||||||
4.22%, 01/27/24(b) | 400 | 427,450 | ||||||
4.72%, 09/27/28(b) | 600 | 694,987 | ||||||
Saudi Electricity Global Sukuk Co. 5 | ||||||||
1.74%, 09/17/25(b) | 600 | 599,438 | ||||||
2.41%, 09/17/30(b) | 400 | 401,450 | ||||||
Saudi Telecom Co., 3.89%, 05/13/29(b) | 600 | 663,675 | ||||||
|
| |||||||
|
22,967,164 |
| ||||||
Singapore — 4.1% | ||||||||
BOC Aviation Ltd. | ||||||||
1.26%, 09/26/23 (Call 08/26/23), (3 mo. LIBOR US + 1.125%)(b)(i) | 600 | 601,237 | ||||||
1.75%, 01/21/26 (Call 12/21/25)(b) | 400 | 392,200 | ||||||
2.63%, 09/17/30 (Call 06/17/30)(b) | 400 | 393,075 | ||||||
3.00%, 09/11/29 (Call 06/11/29)(b) | 700 | 708,225 | ||||||
3.25%, 04/29/25 (Call 03/29/25)(b)(c) | 800 | 831,900 | ||||||
3.50%, 10/10/24 (Call 09/10/24)(b) | 600 | 634,237 |
32 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Singapore (continued) | ||||||||
3.50%, 09/18/27 (Call 06/18/27)(b)(c) | $ | 600 | $ | 632,625 | ||||
3.88%, 04/27/26 (Call 01/27/26)(b)(c) | 500 | 534,156 | ||||||
4.00%, 01/25/24 (Call 12/25/23)(b) | 400 | 420,950 | ||||||
BOC Aviation USA Corp., 1.63%, 04/29/24 (Call 03/29/24)(b) | 800 | 802,032 | ||||||
DBS Group Holdings Ltd. | ||||||||
1.19%, 03/15/27(g) | 400 | 392,152 | ||||||
1.82%, 03/10/31 (Call 03/10/26)(b)(i) | 400 | 394,844 | ||||||
3.30%, (Call 02/27/25)(b)(h)(i) | 800 | 815,250 | ||||||
4.52%, 12/11/28 (Call 12/11/23)(b)(i) | 800 | 851,480 | ||||||
Flex Ltd. | ||||||||
3.75%, 02/01/26 (Call 01/01/26) | 673 | 723,181 | ||||||
4.75%, 06/15/25 (Call 03/15/25) | 534 | 586,399 | ||||||
4.88%, 06/15/29 (Call 03/15/29) | 499 | 567,393 | ||||||
4.88%, 05/12/30 (Call 02/12/30) | 515 | 588,323 | ||||||
GLP Pte Ltd. | ||||||||
3.88%, 06/04/25(b) | 825 | 855,061 | ||||||
4.50%, (Call 05/17/26)(b)(h)(i) | 600 | 577,688 | ||||||
Oversea-Chinese Banking Corp. Ltd. | ||||||||
1.83%, 09/10/30 (Call 09/10/25)(b)(c)(i) | 1,000 | 989,880 | ||||||
4.25%, 06/19/24(b)(c) | 600 | 644,550 | ||||||
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(b) | 400 | 406,300 | ||||||
Singapore Telecommunications Ltd., 7.38%, 12/01/31(b) | 300 | 432,150 | ||||||
SingTel Group Treasury Pte Ltd. | ||||||||
1.88%, 06/10/30 (Call 03/10/30)(b) | 800 | 782,650 | ||||||
2.38%, 10/03/26(b) | 400 | 413,825 | ||||||
2.38%, 08/28/29 (Call 05/28/29)(b) | 600 | 612,112 | ||||||
3.25%, 06/30/25(b) | 300 | 318,150 | ||||||
3.88%, 08/28/28 (Call 05/28/28)(b) | 400 | 447,132 | ||||||
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)(b) | 600 | 599,738 | ||||||
United Overseas Bank Ltd. | ||||||||
1.25%, 04/14/26(b) | 600 | 592,632 | ||||||
1.75%, 03/16/31 (Call 03/16/26)(b)(i) | 400 | 394,800 | ||||||
2.00%, 10/14/31 (Call 10/14/26)(b)(i) | 600 | 595,056 | ||||||
2.88%, 03/08/27 (Call 03/08/22)(b)(i) | 400 | 402,325 | ||||||
3.75%, 04/15/29 (Call 04/15/24)(b)(i) | 600 | 631,800 | ||||||
3.88%, (Call 10/19/23)(b)(h)(i) | 400 | 408,950 | ||||||
Vena Energy Capital Pte Ltd., 3.13%, 02/26/25(b) | 400 | 408,575 | ||||||
|
| |||||||
|
21,383,033 |
| ||||||
South Africa — 1.8% | ||||||||
Absa Group Ltd., 6.38%, (Call 05/27/26)(b)(h)(i) | 400 | 414,125 | ||||||
AngloGold Ashanti Holdings PLC | ||||||||
3.38%, 11/01/28 (Call 09/01/28) | 600 | 597,000 | ||||||
3.75%, 10/01/30 (Call 07/01/30)(c) | 800 | 806,000 | ||||||
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(g) | 600 | 600,720 | ||||||
FirstRand Bank Ltd., 6.25%, 04/23/28 | 400 | 415,075 | ||||||
Gold Fields Orogen Holdings BVI Ltd. | ||||||||
5.13%, 05/15/24 (Call 04/15/24)(b) | 400 | 425,950 | ||||||
6.13%, 05/15/29 (Call 02/15/29)(b) | 600 | 692,175 | ||||||
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (Call 03/04/23)(b) | 400 | 415,125 | ||||||
MTN Mauritius Investments Ltd. | ||||||||
4.76%, 11/11/24(b) | 850 | 885,063 | ||||||
6.50%, 10/13/26(b) | 400 | 451,825 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 (Call 08/18/26)(c) | 600 | 609,000 | ||||||
5.50%, 03/18/31 (Call 03/18/30) | 900 | 922,500 | ||||||
5.88%, 03/27/24 (Call 02/27/24) | 1,200 | 1,263,900 | ||||||
6.50%, 09/27/28 (Call 06/27/28) | 600 | 664,500 | ||||||
|
| |||||||
|
9,162,958 |
|
Security | Par (000) | Value | ||||||
South Korea — 3.9% | ||||||||
Hana Bank, 1.25%, 12/16/26(b) | $ | 400 | $ | 392,044 | ||||
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)(b)(c)(h)(i) | 600 | 617,925 | ||||||
Heungkuk Life Insurance Co. Ltd., 4.48%, (Call 11/09/22)(b)(h)(i) | 400 | 401,950 | ||||||
Hyundai Capital Services Inc. | ||||||||
1.25%, 02/08/26(b) | 200 | 195,250 | ||||||
3.75%, 03/05/23(b) | 400 | 414,200 | ||||||
Kia Corp., 3.00%, 04/25/23(b) | 400 | 412,314 | ||||||
Kookmin Bank | ||||||||
1.38%, 05/06/26(b) | 200 | 197,820 | ||||||
1.75%, 05/04/25(b)(c) | 600 | 605,382 | ||||||
2.50%, 11/04/30(b) | 400 | 394,340 | ||||||
2.88%, 03/25/23(b) | 200 | 205,542 | ||||||
4.35%, (Call 07/02/24)(b)(h)(i) | 200 | 210,100 | ||||||
Korea East-West Power Co. Ltd., 1.75%, 05/06/25(b) | 600 | 605,925 | ||||||
Korea Electric Power Corp. | ||||||||
1.13%, 06/15/25(b) | 400 | 395,700 | ||||||
2.50%, 06/24/24(b) | 400 | 416,200 | ||||||
Korea Gas Corp. | ||||||||
2.88%, 07/16/29(b) | 400 | 423,950 | ||||||
3.50%, 07/21/25(b) | 400 | 430,700 | ||||||
3.50%, 07/02/26(b) | 200 | 217,725 | ||||||
3.88%, 02/12/24(b) | 200 | 213,725 | ||||||
6.25%, 01/20/42(b) | 600 | 918,300 | ||||||
Korea Hydro & Nuclear Power Co. Ltd., 3.75%, 07/25/23(b) | 400 | 420,700 | ||||||
Kyobo Life Insurance Co. Ltd., 3.95%, (Call 07/24/22)(b)(h)(i) | 200 | 202,225 | ||||||
LG Chem Ltd. | ||||||||
1.38%, 07/07/26(b) | 200 | 196,054 | ||||||
2.38%, 07/07/31(g) | 400 | 392,480 | ||||||
3.25%, 10/15/24(b) | 600 | 635,628 | ||||||
3.63%, 04/15/29(b) | 200 | 218,662 | ||||||
NAVER Corp., 1.50%, 03/29/26(b) | 600 | 592,992 | ||||||
NongHyup Bank | ||||||||
1.25%, 07/20/25(b) | 400 | 396,304 | ||||||
3.88%, 07/30/23(b) | 200 | 210,662 | ||||||
POSCO, 2.75%, 07/15/24(b) | 800 | 832,650 | ||||||
Shinhan Bank Co. Ltd. | ||||||||
1.38%, 10/21/26(b) | 400 | 395,232 | ||||||
1.82%, 04/24/25, (3 mo. LIBOR US + 1.700%)(b)(i) | 200 | 208,038 | ||||||
3.88%, 11/05/23(b) | 400 | 423,688 | ||||||
3.88%, 03/24/26(b) | 200 | 215,378 | ||||||
3.88%, 12/07/26 (Call 12/07/21)(b)(i) | 600 | 602,175 | ||||||
Shinhan Financial Group Co. Ltd. | ||||||||
1.35%, 01/10/26(b) | 400 | 394,044 | ||||||
3.34%, 02/05/30 (Call 02/05/25)(b)(c)(i) | 600 | 618,487 | ||||||
5.88%, (Call 08/13/23)(b)(h)(i) | 200 | 212,600 | ||||||
Shinhan Financial Group Jr, 2.88%, | 200 | 197,563 | ||||||
SK Battery America Inc., 2.13%, 01/26/26(b) | 600 | 586,596 | ||||||
SK Hynix Inc. | ||||||||
1.00%, 01/19/24(b) | 200 | 198,058 | ||||||
1.50%, 01/19/26(g) | 400 | 391,372 | ||||||
1.50%, 01/19/26(b) | 200 | 195,686 | ||||||
2.38%, 01/19/31(b) | 700 | 672,700 | ||||||
3.00%, 09/17/24(b) | 600 | 624,675 | ||||||
SK Innovation Co. Ltd., 4.13%, 07/13/23(b) | 200 | 208,204 | ||||||
SK Telecom Co. Ltd., 3.75%, 04/16/23(b) | 400 | 416,292 | ||||||
Woori Bank | ||||||||
0.75%, 02/01/26(b) | 400 | 385,988 | ||||||
4.25%, (Call 10/04/24)(b)(h)(i) | 600 | 617,925 |
S C H E D U L E O F I N V E S T M E N T S | 33 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Korea (continued) | ||||||||
4.75%, 04/30/24(b) | $ | 400 | $ | 432,450 | ||||
5.25%, (Call 05/16/22)(b)(h)(i) | 400 | 406,075 | ||||||
|
| |||||||
|
20,170,675 |
| ||||||
Supranational — 0.3% | ||||||||
African Export-Import Bank (The), 2.63%, 05/17/26 (Call 04/17/26)(b) | 600 | 606,300 | ||||||
Eastern & Southern African Trade & Development Bank (The) | ||||||||
4.13%, 06/30/28(b) | 600 | 604,500 | ||||||
4.88%, 05/23/24(b) | 600 | 627,857 | ||||||
|
| |||||||
|
1,838,657 |
| ||||||
Switzerland — 0.1% | ||||||||
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(g) | 400 | 396,440 | ||||||
|
| |||||||
Taiwan — 2.4% | ||||||||
Competition Team Technologies Ltd., 3.75%, 03/12/24(b) | 600 | 635,175 | ||||||
Formosa Group Cayman Ltd., 3.38%, 04/22/25(b) | 800 | 836,150 | ||||||
Foxconn Far East Ltd. | ||||||||
1.63%, 10/28/25(b) | 800 | 796,576 | ||||||
2.50%, 10/28/30(b) | 600 | 594,113 | ||||||
TSMC Arizona Corp. | ||||||||
1.75%, 10/25/26 (Call 09/25/26) | 1,000 | 1,004,190 | ||||||
2.50%, 10/25/31 (Call 07/25/31) | 1,000 | 1,011,040 | ||||||
3.13%, 10/25/41 (Call 04/25/41) | 1,000 | 1,031,750 | ||||||
3.25%, 10/25/51 (Call 04/25/51) | 800 | 841,048 | ||||||
TSMC Global Ltd. | ||||||||
0.75%, 09/28/25 (Call 08/28/25)(b) | 800 | 774,752 | ||||||
1.00%, 09/28/27 (Call 07/28/27)(b) | 800 | 758,968 | ||||||
1.25%, 04/23/26 (Call 03/23/26)(b) | 1,200 | 1,179,048 | ||||||
1.38%, 09/28/30 (Call 06/28/30)(b) | 1,200 | 1,112,388 | ||||||
1.75%, 04/23/28 (Call 02/23/28)(b) | 800 | 786,984 | ||||||
2.25%, 04/23/31 (Call 01/23/31)(b) | 1,200 | 1,189,932 | ||||||
|
| |||||||
12,552,114 | ||||||||
Thailand — 2.4% | ||||||||
Amipeace Ltd., 2.25%, 10/22/30(b) | 200 | 195,124 | ||||||
Bangkok Bank PCL/Hong Kong | ||||||||
3.47%, 09/23/36 (Call 09/23/31)(g)(i) | 900 | 893,295 | ||||||
3.73%, 09/25/34 (Call 09/25/29)(b)(i) | 1,000 | 1,015,500 | ||||||
4.05%, 03/19/24(b) | 600 | 639,112 | ||||||
4.45%, 09/19/28(b)(c) | 600 | 683,550 | ||||||
5.00%, 10/03/23(b) | 200 | 214,788 | ||||||
5.00%, (Call 09/23/25)(b)(h)(i) | 1,000 | 1,032,687 | ||||||
GC Treasury Center Co. Ltd. | ||||||||
2.98%, 03/18/31 (Call 12/18/30)(g) | 400 | 403,700 | ||||||
2.98%, 03/18/31 (Call 12/18/30)(b)(c) | 200 | 201,850 | ||||||
4.30%, 03/18/51 (Call 09/18/50)(b) | 600 | 665,430 | ||||||
Kasikornbank PCL/Hong Kong | ||||||||
3.34%, 10/02/31 (Call 10/02/26)(b)(i) | 800 | 801,650 | ||||||
5.28%, (Call 10/14/25)(b)(h)(i) | 400 | 415,700 | ||||||
Krung Thai Bank PCL/Cayman Islands, 4.40%, (Call 03/25/26)(b)(h)(i) | 600 | 598,688 | ||||||
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(b)(c) | 600 | 608,363 | ||||||
PTTEP Treasury Center Co. Ltd. | ||||||||
2.59%, 06/10/27 (Call 04/10/27)(b) | 400 | 409,325 | ||||||
3.90%, 12/06/59(b)(c) | 600 | 627,204 | ||||||
Siam Commercial Bank PCL/Cayman Islands | ||||||||
2.75%, 05/16/23(b) | 200 | 205,600 | ||||||
3.90%, 02/11/24(b) | 600 | 636,112 | ||||||
4.40%, 02/11/29(b) | 400 | 454,950 |
Security | Par (000) | Value | ||||||
Thailand (continued) | ||||||||
Thaioil Treasury Center Co. Ltd. | ||||||||
3.50%, 10/17/49(b) | $ | 600 | $ | 534,488 | ||||
3.75%, 06/18/50(b)(c) | 400 | 365,148 | ||||||
5.38%, 11/20/48(b)(c) | 600 | 683,628 | ||||||
|
| |||||||
|
12,285,892 |
| ||||||
Togo — 0.1% | ||||||||
Ecobank Transnational Inc., 9.50%, 04/18/24(b) | 400 | 431,325 | ||||||
|
| |||||||
Turkey — 3.6% | ||||||||
Akbank TAS | ||||||||
5.13%, 03/31/25(b) | 600 | 595,050 | ||||||
6.80%, 02/06/26(b) | 600 | 617,738 | ||||||
6.80%, 06/22/31 (Call 06/22/26)(g)(i) | 400 | 387,625 | ||||||
7.20%, 03/16/27 (Call 03/16/22)(b)(i) | 200 | 200,663 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28 (Call 03/29/28)(g) | 400 | 401,500 | ||||||
Arcelik AS, 5.00%, 04/03/23(b) | 400 | 410,075 | ||||||
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(g) | 600 | 568,500 | ||||||
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)(b) | 600 | 622,050 | ||||||
KOC Holding AS | ||||||||
5.25%, 03/15/23 (Call 12/15/22)(b) | 600 | 608,925 | ||||||
6.50%, 03/11/25 (Call 12/11/24)(b) | 800 | 841,650 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS, | 500 | 514,781 | ||||||
QNB Finansbank AS, 6.88%, 09/07/24(b) | 600 | 640,988 | ||||||
Turk Telekomunikasyon AS | ||||||||
4.88%, 06/19/24(b) | 400 | 407,825 | ||||||
6.88%, 02/28/25(b) | 400 | 426,792 | ||||||
Turkcell Iletisim Hizmetleri AS | ||||||||
5.75%, 10/15/25(b) | 400 | 416,450 | ||||||
5.80%, 04/11/28 (Call 01/11/28)(b) | 600 | 624,000 | ||||||
Turkiye Garanti Bankasi AS | ||||||||
5.88%, 03/16/23(b) | 400 | 412,575 | ||||||
6.13%, 05/24/27 (Call 05/24/22)(b)(i) | 800 | 797,400 | ||||||
Turkiye Is Bankasi AS | ||||||||
6.13%, 04/25/24(b) | 1,000 | 1,022,375 | ||||||
7.00%, 06/29/28 (Call 06/29/23)(b)(i) | 400 | 399,825 | ||||||
7.75%, 01/22/30 (Call 01/22/25)(b)(i) | 700 | 710,412 | ||||||
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/20/24)(b) | 600 | 594,675 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26 (Call 12/14/25)(b) | 600 | 648,487 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
5.25%, 02/05/25(b) | 600 | 587,175 | ||||||
5.50%, 10/01/26(c)(g) | 400 | 383,625 | ||||||
6.50%, 01/08/26(b) | 800 | 802,250 | ||||||
8.13%, 03/28/24(b) | 600 | 641,737 | ||||||
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(b) | 600 | 629,363 | ||||||
Yapi ve Kredi Bankasi AS | ||||||||
5.85%, 06/21/24(b) | 400 | 407,325 | ||||||
6.10%, 03/16/23(b) | 400 | 410,075 | ||||||
7.88%, 01/22/31 (Call 01/22/26)(b)(i) | 400 | 407,125 | ||||||
8.25%, 10/15/24(b) | 400 | 430,200 | ||||||
13.88%, (Call 01/15/24)(b)(h)(i) | 800 | 908,250 | ||||||
|
| |||||||
|
18,477,486 |
| ||||||
Ukraine — 0.5% | ||||||||
DTEK Finance PLC, 5.00%, (5.00% PIK), 12/31/27 (Call 11/29/21)(b)(j) | 1,366 | 830,796 | ||||||
Metinvest BV | ||||||||
7.75%, 10/17/29(b) | 600 | 653,250 |
34 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ukraine (continued) | ||||||||
8.50%, 04/23/26 (Call 01/23/26)(b) | $ | 400 | $ | 449,950 | ||||
MHP Lux SA, 6.95%, 04/03/26(b) | 400 | 424,950 | ||||||
MHP SE, 7.75%, 05/10/24(b) | 400 | 431,950 | ||||||
|
| |||||||
|
2,790,896 |
| ||||||
United Arab Emirates — 4.5% | ||||||||
Abu Dhabi Commercial Bank PJSC, 4.00%, 03/13/23(b) | 400 | 416,700 | ||||||
Abu Dhabi National Energy Co. PJSC | ||||||||
2.00%, 04/29/28 (Call 01/29/28)(b) | 600 | 597,187 | ||||||
3.88%, 05/06/24(b) | 200 | 213,100 | ||||||
4.00%, 10/03/49(b) | 200 | 227,287 | ||||||
4.38%, 04/23/25(b) | 400 | 440,325 | ||||||
4.38%, 06/22/26(b) | 400 | 450,450 | ||||||
4.88%, 04/23/30(b) | 600 | 712,050 | ||||||
6.50%, 10/27/36(b) | 300 | 424,181 | ||||||
Abu Dhabi National Energy Company PJSC, | 400 | 414,125 | ||||||
ADCB Finance Cayman Ltd., 4.00%, 03/29/23(b) | 400 | 416,075 | ||||||
ADIB Capital Invest 2 Ltd., 7.13%, | 400 | 425,325 | ||||||
AHB Sukuk Co. Ltd., 4.38%, 09/19/23(b) | 200 | 211,740 | ||||||
Aldar Sukuk Ltd., 4.75%, 09/29/25(b) | 200 | 220,037 | ||||||
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/29(b) | 200 | 216,912 | ||||||
BOS Funding Ltd., 4.00%, 09/18/24(b) | 400 | 408,575 | ||||||
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(b)(h)(i) | 400 | 422,125 | ||||||
DIB Sukuk Ltd. | ||||||||
1.96%, 06/22/26(b) | 400 | 397,625 | ||||||
2.95%, 02/20/25(b) | 400 | 414,325 | ||||||
2.95%, 01/16/26(b) | 600 | 620,925 | ||||||
3.63%, 02/06/23(b) | 400 | 412,125 | ||||||
DIB Tier 1 Sukuk 3 Ltd., 6.25%, | 400 | 422,625 | ||||||
DIB Tier 1 Sukuk 4 Ltd., 4.63%, | 400 | 406,125 | ||||||
EI Sukuk Co. Ltd., 1.83%, 09/23/25(b) | 200 | 199,313 | ||||||
Emaar Sukuk Ltd. | ||||||||
3.64%, 09/15/26(b) | 400 | 415,575 | ||||||
3.70%, 07/06/31(b) | 200 | 204,313 | ||||||
3.88%, 09/17/29(b) | 200 | 207,350 | ||||||
EMG Sukuk Ltd., 4.56%, 06/18/24 (b) | 400 | 422,950 | ||||||
Emirates NBD Bank PJSC | ||||||||
1.64%, 01/13/26(b) | 800 | 797,000 | ||||||
4.25%, (Call 02/27/27)(b)(h)(i) | 200 | 202,563 | ||||||
6.13%, (Call 03/20/25)(b)(h)(i) | 600 | 633,937 | ||||||
6.13%, (Call 04/09/26)(b)(h)(i) | 400 | 433,575 | ||||||
Emirates Telecommunications Group Co. PJSC, 3.50%, 06/18/24(b) | 200 | 213,225 | ||||||
Esic Sukuk Ltd., 3.94%, 07/30/24(b) | 200 | 206,100 | ||||||
Fab Sukuk Co. Ltd. | ||||||||
1.41%, 01/14/26(b) | 400 | 397,125 | ||||||
2.50%, 01/21/25(b) | 200 | 206,913 | ||||||
3.63%, 03/05/23(b) | 200 | 207,850 | ||||||
3.88%, 01/22/24(b) | 400 | 424,000 | ||||||
First Abu Dhabi Bank PJSC | ||||||||
1.02%, 07/08/24, (3 mo. LIBOR US + 0.900%)(b)(i) | 600 | 603,187 | ||||||
4.50%, (Call 04/05/26)(b)(h)(i) | 400 | 419,625 | ||||||
Galaxy Pipeline Assets Bidco Ltd. | ||||||||
1.75%, 09/30/27(b) | 391 | 393,540 | ||||||
2.16%, 03/31/34(b) | 800 | 779,000 | ||||||
2.63%, 03/31/36(b) | 800 | 780,250 | ||||||
2.94%, 09/30/40(b) | 1,200 | 1,182,375 | ||||||
3.25%, 09/30/40(b) | 600 | 597,840 |
Security | Par (000) | Value | ||||||
United Arab Emirates (continued) | ||||||||
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 | $ | 600 | $ | 621,000 | ||||
MAF Global Securities Ltd. | ||||||||
4.75%, 05/07/24(b) | 400 | 430,125 | ||||||
5.50%, (Call 09/07/22)(b)(h)(i) | 400 | 404,325 | ||||||
MAF Sukuk Ltd. | ||||||||
3.93%, 02/28/30(b) | 200 | 216,500 | ||||||
4.64%, 05/14/29(b) | 200 | 224,850 | ||||||
Mashreqbank PSC, 4.25%, 02/26/24(b) | 400 | 423,575 | ||||||
National Central Cooling Co. PJSC, 2.50%, 10/21/27(b) | 200 | 198,063 | ||||||
Noor Sukuk Co. Ltd., 4.47%, 04/24/23(b) | 200 | 209,725 | ||||||
Rakfunding Cayman Ltd., 4.13%, 04/09/24(b) | 200 | 211,600 | ||||||
Ruwais Power Co. PJSC, 6.00%, 08/31/36(b) | 400 | 534,125 | ||||||
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 | 400 | 308,880 | ||||||
SIB Sukuk Co. III Ltd. | ||||||||
2.85%, 06/23/25(b) | 200 | 206,288 | ||||||
4.23%, 04/18/23(b) | 200 | 208,788 | ||||||
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25(b) | 200 | 226,500 | ||||||
|
| |||||||
|
23,241,894 |
| ||||||
Vietnam — 0.1% | ||||||||
Mong Duong Finance Holdings BV, | 500 | 496,969 | ||||||
|
| |||||||
Zambia — 1.1% | ||||||||
First Quantum Minerals Ltd. | ||||||||
6.50%, 03/01/24 (Call 11/08/21)(b) | 800 | 812,000 | ||||||
6.88%, 03/01/26 (Call 11/08/21)(b) | 1,050 | 1,091,344 | ||||||
6.88%, 10/15/27 (Call 10/15/23)(b) | 1,400 | 1,500,887 | ||||||
7.25%, 04/01/23 (Call 11/08/21)(b) | 1,200 | 1,222,200 | ||||||
7.50%, 04/01/25 (Call 11/08/21)(b) | 1,200 | 1,237,500 | ||||||
|
| |||||||
|
5,863,931 |
| ||||||
|
| |||||||
Total Corporate Bonds & Notes — 97.4% | 505,091,685 | |||||||
|
| |||||||
Foreign Government Obligations(a) | ||||||||
Nigeria — 0.4% | ||||||||
Africa Finance Corp. | ||||||||
3.13%, 06/16/25(b) | 600 | 622,688 | ||||||
3.75%, 10/30/29(b) | 400 | 415,125 | ||||||
3.88%, 04/13/24(b) | 400 | 424,375 | ||||||
4.38%, 04/17/26(b) | 600 | 654,750 | ||||||
|
| |||||||
|
2,116,938 |
| ||||||
South Korea — 0.3% | ||||||||
Industrial Bank of Korea | ||||||||
0.63%, 09/17/24(g) | 200 | 198,320 | ||||||
1.04%, 06/22/25(b) | 400 | 394,536 | ||||||
Korea Expressway Corp., 1.13%, 05/17/26(b) | 400 | 392,804 | ||||||
Korea Hydro & Nuclear Power Co. Ltd., 1.25%, 04/27/26(b) | 400 | 393,340 | ||||||
|
| |||||||
|
1,379,000 |
| ||||||
Supranational — 0.5% | ||||||||
African Export-Import Bank (The) | ||||||||
3.80%, 05/17/31 (Call 02/17/31)(g) | 400 | 409,125 | ||||||
3.99%, 09/21/29 (Call 06/23/29)(b) | 800 | 833,280 | ||||||
4.13%, 06/20/24(b) | 600 | 632,363 |
S C H E D U L E O F I N V E S T M E N T S | 35 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par/ Shares (000) | Value | ||||||
Supranational (continued) | ||||||||
5.25%, 10/11/23(b) | $ | 600 | $ | 641,437 | ||||
|
| |||||||
2,516,205 | ||||||||
|
| |||||||
Total Foreign Government Obligations — 1.2% (Cost: $5,964,536) | 6,012,143 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 9.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(m)(n)(o) | 41,878 | 41,898,642 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(m)(n) | 6,007 | 6,007,000 | ||||||
|
| |||||||
47,905,642 | ||||||||
|
| |||||||
Total Short-Term Investments — 9.2% (Cost: $47,899,085) | 47,905,642 | |||||||
|
| |||||||
Total Investments in Securities — 107.8% (Cost: $560,141,391) | 559,009,470 | |||||||
Other Assets, Less Liabilities — (7.8)% |
| (40,646,526 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $518,362,944 | |||||||
|
|
(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) | All or a portion of this security is on loan. |
(d) | Issuer filed for bankruptcy and/or is in default. |
(e) | Non-income producing security. |
(f) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(g) | 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. |
(h) | Perpetual security with no stated maturity date. |
(i) | 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. |
(j) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(k) | Zero-coupon bond. |
(l) | When-issued security. |
(m) | Affiliate of the Fund. |
(n) | Annualized 7-day yield as of period end. |
(o) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21 | Shares Held at 10/31/21 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 11,553,871 | $ | 30,350,016 | (a) | $ | — | $ | (3,343 | ) | $ | (1,902 | ) | $ | 41,898,642 | 41,878 | $ | 84,486 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,577,000 | 3,430,000 | (a) | — | — | — | 6,007,000 | 6,007 | 378 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (3,343 | ) | $ | (1,902 | ) | $ | 47,905,642 | $ | 84,864 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 505,091,685 | $ | — | $ | 505,091,685 | ||||||||
Foreign Government Obligations | — | 6,012,143 | — | 6,012,143 | ||||||||||||
Money Market Funds | 47,905,642 | — | — | 47,905,642 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 47,905,642 | $ | 511,103,828 | $ | — | $ | 559,009,470 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
36 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments October 31, 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 11/08/21)(b) | $ | 150 | $ | 85,294 | ||||
Arcor SAIC, 6.00%, 07/06/23(b) | 300 | 291,217 | ||||||
Arcos Dorados Holdings Inc., 5.88%, 04/04/27 (Call 04/04/22)(b) | 300 | 309,150 | ||||||
MercadoLibre Inc., 3.13%, 01/14/31 (Call 10/14/30)(c) | 400 | 375,520 | ||||||
MSU Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25 (Call 02/01/22)(b) | 300 | 243,525 | ||||||
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)(b)(c) | 400 | 353,950 | ||||||
Transportadora de Gas del Sur SA, 6.75%, 05/02/25 (Call 05/02/22)(b) | 300 | 279,244 | ||||||
YPF SA | ||||||||
6.95%, 07/21/27(b) | 450 | 324,366 | ||||||
7.00%, 12/15/47 (Call 06/15/47)(b) | 300 | 194,250 | ||||||
8.50%, 07/28/25(b) | 700 | 561,006 | ||||||
8.75%, 04/04/24(b) | 491 | 442,820 | ||||||
YPF Sociedad Anonima | ||||||||
1.50%, 09/30/33(b) | 300 | 166,500 | ||||||
2.50%, 06/30/29(b) | 475 | 316,855 | ||||||
4.00%, 02/12/26(b) | 400 | 344,200 | ||||||
|
| |||||||
4,287,897 | ||||||||
Azerbaijan — 0.9% | ||||||||
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24(b) | 550 | 553,747 | ||||||
Petroleos Mexicanos | ||||||||
4.88%, 01/18/24(c) | 600 | 619,800 | ||||||
6.38%, 01/23/45(c) | 895 | 763,524 | ||||||
6.50%, 06/02/41(c) | 900 | 811,035 | ||||||
Southern Gas Corridor CJSC, 6.88%, 03/24/26(b) | 1,200 | 1,404,225 | ||||||
|
| |||||||
4,152,331 | ||||||||
Bahrain — 0.3% | ||||||||
AUB Sukuk Ltd., 2.62%, 09/09/26(b) | 200 | 199,200 | ||||||
BBK BSC, 5.50%, 07/09/24(b) | 400 | 407,950 | ||||||
GFH Sukuk Ltd., 7.50%, 01/28/25(b) | 200 | 207,163 | ||||||
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(b) | 600 | 657,487 | ||||||
|
| |||||||
1,471,800 | ||||||||
Brazil — 10.7% | ||||||||
Adecoagro SA, 6.00%, 09/21/27(b)(c) | 200 | 207,225 | ||||||
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28(b) | 400 | 400,325 | ||||||
Atento Luxco 1 SA, 8.00%, 02/10/26(b) | 300 | 318,150 | ||||||
Azul Investments LLP, 7.25%, 06/15/26 (Call 06/15/24)(d) | 400 | 370,825 | ||||||
B2W Digital Lux Sarl, 4.38%, 12/20/30 (Call 09/20/30)(b)(c) | 400 | 371,700 | ||||||
B3 SA - Brasil Bolsa Balcao, 4.13%, 09/20/31(d) | 200 | 191,740 | ||||||
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25(b) | 400 | 404,000 | ||||||
Banco BTG Pactual SA/Cayman Islands | ||||||||
2.75%, 01/11/26 (Call 12/11/25)(b) | 400 | 385,125 | ||||||
4.50%, 01/10/25 (Call 12/10/24)(b) | 600 | 612,300 | ||||||
7.75%, 02/15/29 (Call 02/15/24)(b)(e) | 200 | 209,100 | ||||||
Banco do Brasil SA/Cayman | ||||||||
3.25%, 09/30/26(c)(d) | 400 | 394,400 | ||||||
4.63%, 01/15/25(b) | 600 | 629,550 | ||||||
4.75%, 03/20/24(b) | 400 | 419,825 | ||||||
4.88%, 04/19/23(b) | 400 | 417,200 | ||||||
6.25%, (Call 04/15/24)(b)(e)(f) | 1,000 | 982,875 | ||||||
9.00%, (Call 06/18/24)(b)(e)(f) | 1,200 | 1,299,600 | ||||||
9.25%, 10/29/49(b)(f) | 800 | 846,650 | ||||||
Banco Safra SA/Cayman Islands, 4.13%, 02/08/23(b)(c) | 200 | 205,725 | ||||||
Banco Votorantim SA, 4.38%, 07/29/25(b) | 400 | 406,125 |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(b)(c) | $ | 400 | $ | 485,200 | ||||
Braskem Finance Ltd., 6.45%, 02/03/24 | 400 | 437,075 | ||||||
Braskem Netherlands Finance BV | ||||||||
4.50%, 01/10/28 (Call 10/10/27)(b) | 800 | 818,900 | ||||||
4.50%, 01/31/30(b) | 800 | 811,650 | ||||||
5.88%, 01/31/50(b) | 400 | 425,700 | ||||||
8.50%, 01/23/81 (Call 10/24/25)(b)(e) | 200 | 223,288 | ||||||
BRF SA | ||||||||
4.88%, 01/24/30 (Call 10/24/29)(b) | 400 | 396,904 | ||||||
5.75%, 09/21/50 (Call 03/21/50)(b) | 400 | 373,075 | ||||||
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)(b) | 600 | 668,737 | ||||||
Centrais Eletricas Brasileiras SA | ||||||||
3.63%, 02/04/25(b) | 400 | 400,575 | ||||||
4.63%, 02/04/30(b) | 400 | 390,700 | ||||||
Cosan Luxembourg SA, 7.00%, 01/20/27 (Call 01/20/22)(b) | 600 | 622,800 | ||||||
Cosan SA, 5.50%, 09/20/29 (Call 09/20/24)(b)(c) | 400 | 418,075 | ||||||
CSN Inova Ventures, 6.75%, 01/28/28 (Call 01/28/24)(b) | 800 | 848,600 | ||||||
CSN Resources SA | ||||||||
4.63%, 06/10/31 (Call 06/10/26)(b) | 600 | 588,600 | ||||||
7.63%, 04/17/26 (Call 04/17/22)(b)(c) | 200 | 210,600 | ||||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | 600 | 622,237 | ||||||
5.40%, 02/01/27(c) | 300 | 313,050 | ||||||
FS Luxembourg Sarl, 10.00%, 12/15/25(b) | 400 | 439,750 | ||||||
Globo Comunicacao e Participacoes SA, 4.88%, 01/22/30(b) | 400 | 386,000 | ||||||
Gol Finance SA | ||||||||
7.00%, 01/31/25(b) | 300 | 271,181 | ||||||
8.00%, 06/30/26 (Call 12/24/22)(b) | 400 | 387,825 | ||||||
Guara Norte Sarl, 5.20%, 06/15/34(b) | 589 | 577,697 | ||||||
Hidrovias International Finance SARL, 4.95%, 02/08/31 (Call 02/08/26)(b) | 400 | 375,450 | ||||||
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 11/29/21)(b) | 400 | 371,500 | ||||||
Itau Unibanco Holding SA/Cayman Island | ||||||||
3.25%, 01/24/25(b)(c) | 600 | 606,300 | ||||||
3.88%, 04/15/31 (Call 01/15/26)(b)(e) | 400 | 384,500 | ||||||
4.50%, 11/21/29 (Call 11/21/24)(b)(e) | 400 | 398,325 | ||||||
4.63%, (Call 02/27/25)(b)(e)(f) | 400 | 374,325 | ||||||
5.13%, 05/13/23(b)(c) | 920 | 961,584 | ||||||
6.13%, (Call 12/12/22)(b)(e)(f) | 600 | 594,300 | ||||||
6.50%, (Call 03/19/23)(b)(c)(e)(f) | 400 | 399,825 | ||||||
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 (Call 01/15/27)(d) | 600 | 591,000 | ||||||
JBS USA Food Co. | ||||||||
5.75%, 01/15/28(b) | 600 | 623,250 | ||||||
7.00%, 01/15/26(b) | 400 | 416,800 | ||||||
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(b) | 500 | 538,219 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.75%, 12/01/31 (Call 12/01/26)(d) | 200 | 204,750 | ||||||
JSM Global Sarl, 4.75%, 10/20/30(b) | 200 | 190,225 | ||||||
Klabin Austria GmbH | ||||||||
3.20%, 01/12/31 (Call 10/12/30)(b) | 400 | 366,500 | ||||||
5.75%, 04/03/29 (Call 01/03/29)(b) | 400 | 433,120 | ||||||
7.00%, 04/03/49 (Call 10/03/48)(b) | 400 | 460,000 | ||||||
Klabin Finance SA, 4.88%, 09/19/27(b) | 200 | 214,538 | ||||||
Light Servicos de Eletricidade SA/Light Energia SA, 4.38%, 06/18/26 (Call 06/18/24)(d) | 400 | 390,325 | ||||||
MARB BondCo PLC, 3.95%, 01/29/31 (Call 01/29/26)(b) | 800 | 757,000 |
S C H E D U L E O F I N V E S T M E N T S | 37 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Brazil (continued) | ||||||||
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(d) | $ | 1,000 | $ | 973,750 | ||||
Minerva Luxembourg SA | ||||||||
4.38%, 03/18/31 (Call 03/18/26)(d) | 200 | 189,450 | ||||||
4.38%, 03/18/31(b) | 600 | 568,350 | ||||||
Movida Europe SA, 5.25%, 02/08/31 (Call 02/08/26)(b) | 400 | 377,000 | ||||||
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)(b) | 600 | 593,880 | ||||||
NBM U.S. Holdings Inc. | ||||||||
6.63%, 08/06/29 (Call 08/06/24)(b) | 400 | 435,200 | ||||||
7.00%, 05/14/26 (Call 05/14/22)(b) | 400 | 422,900 | ||||||
Nexa Resources SA, 5.38%, 05/04/27 (Call 02/04/27)(b)(c) | 400 | 424,450 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd., 7.35%, (7.35% PIK), 12/01/26 (Call 11/29/21)(b)(c)(g) | 487 | 271,044 | ||||||
Odebrecht Holdco Finance Ltd., 0.00%, 09/10/58 (Call 11/29/21)(b)(h) | 850 | 2,125 | ||||||
Odebrecht Offshore Drilling Finance Ltd., 7.72%, | ||||||||
(7.72% PIK), 12/01/26 (Call 12/01/21)(b)(g) | 870 | 211,259 | ||||||
OI Movel SA, 8.75%, 07/30/26 (Call 07/30/24)(b) | 400 | 412,200 | ||||||
Oi SA, 10.00%, (12.00% PIK), 07/27/25(c)(g) | 925 | 831,806 | ||||||
Petrobras Global Finance BV | ||||||||
5.09%, 01/15/30(c) | 1,015 | 1,033,524 | ||||||
5.30%, 01/27/25 | 500 | 542,188 | ||||||
5.50%, 06/10/51 (Call 12/10/50)(c) | 800 | 700,216 | ||||||
5.60%, 01/03/31 (Call 10/03/30) | 1,200 | 1,252,200 | ||||||
5.75%, 02/01/29 | 400 | 432,050 | ||||||
6.00%, 01/27/28 | 918 | 998,325 | ||||||
6.25%, 03/17/24 | 300 | 326,400 | ||||||
6.75%, 01/27/41(c) | 600 | 642,112 | ||||||
6.75%, 06/03/50 (Call 12/03/49) | 500 | 512,313 | ||||||
6.85%, 06/05/2115 | 1,100 | 1,066,862 | ||||||
6.88%, 01/20/40 | 500 | 543,688 | ||||||
6.90%, 03/19/49(c) | 700 | 733,848 | ||||||
7.25%, 03/17/44(c) | 686 | 747,869 | ||||||
7.38%, 01/17/27 | 651 | 763,297 | ||||||
8.75%, 05/23/26(c) | 379 | 465,602 | ||||||
Petrorio Luxembourg SARL, 6.13%, 06/09/26 (Call 06/09/24)(b) | 400 | 401,500 | ||||||
Rede D’or Finance Sarl | ||||||||
4.50%, 01/22/30 (Call 10/22/29)(b) | 100 | 97,925 | ||||||
4.95%, 01/17/28 (Call 10/17/27)(b) | 800 | 821,150 | ||||||
Rumo Luxembourg Sarl | ||||||||
5.25%, 01/10/28 (Call 01/10/24)(b) | 400 | 417,300 | ||||||
5.88%, 01/18/25 (Call 01/18/22)(b) | 200 | 206,038 | ||||||
Simpar Europe SA, 5.20%, 01/26/31(b) | 400 | 384,000 | ||||||
StoneCo Ltd., 3.95%, 06/16/28 (Call 05/16/28)(d) | 300 | 267,525 | ||||||
Ultrapar International SA | ||||||||
5.25%, 10/06/26(b) | 400 | 425,950 | ||||||
5.25%, 06/06/29(b)(c) | 400 | 412,450 | ||||||
Unigel Luxembourg SA, 8.75%, 10/01/26 (Call 10/01/22)(b) | 200 | 212,600 | ||||||
Usiminas International Sarl, 5.88%, 07/18/26 (Call 07/18/23)(b) | 400 | 419,200 | ||||||
XP Inc., 3.25%, 07/01/26 (Call 06/01/26)(b)(c) | 400 | 381,950 | ||||||
|
| |||||||
50,763,991 | ||||||||
Burkina Faso — 0.0% | ||||||||
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(d) | 200 | 201,490 | ||||||
|
| |||||||
Chile — 0.4% | ||||||||
AES Andes SA., 7.13%, 03/26/79 | 400 | 417,200 | ||||||
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)(b) | 200 | 125,188 | ||||||
EnfraGen Energia Sur SA, 5.38%, 12/30/30(b) | 400 | 383,504 | ||||||
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/29/21)(b) | 200 | 209,000 |
Security | Par (000) | Value | ||||||
Chile (continued) | ||||||||
NagaCorp Ltd., 7.95%, 07/06/24 (Call 07/06/22)(b) | $ | 200 | $ | 199,787 | ||||
VTR Comunicaciones SpA, 5.13%, 01/15/28 (Call 07/15/23)(b)(c) | 400 | 415,575 | ||||||
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/23) (b) | 200 | 212,750 | ||||||
|
| |||||||
1,963,004 | ||||||||
China — 3.8% | ||||||||
Agile Group Holdings Ltd., 7.88%, | 1,000 | 560,000 | ||||||
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)(b)(e)(f) | 1,700 | 1,762,156 | ||||||
Beijing Enterprises Water Capital Management Holdings Ltd., 4.95%, 05/02/23(b) | 200 | 205,562 | ||||||
Central Plaza Development Ltd., 5.75%, (Call 11/14/24)(b)(e)(f) | 200 | 171,250 | ||||||
China Evergrande Group | ||||||||
7.50%, 06/28/23 (Call 11/29/21)(b)(i)(j) | 900 | 217,692 | ||||||
8.75%, 06/28/25 (Call 11/29/21)(b)(i)(j) | 2,400 | 576,000 | ||||||
10.50%, 04/11/24 (Call 04/11/22)(b)(i)(j) | 400 | 99,000 | ||||||
China Hongqiao Group Ltd., 6.25%, 06/08/24(b) | 200 | 195,062 | ||||||
China SCE Group Holdings Ltd. | ||||||||
7.00%, 05/02/25 (Call 05/02/23)(b) | 200 | 158,000 | ||||||
7.38%, 04/09/24 (Call 04/09/22)(b) | 400 | 347,000 | ||||||
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25(b) | 400 | 412,672 | ||||||
CIFI Holdings Group Co. Ltd. | ||||||||
5.95%, 10/20/25 (Call 07/20/23)(b) | 400 | 384,125 | ||||||
6.00%, 07/16/25 (Call 01/16/23)(b) | 200 | 193,563 | ||||||
6.45%, 11/07/24 (Call 11/07/22)(b) | 400 | 388,000 | ||||||
Easy Tactic Ltd. | ||||||||
5.88%, 02/13/23 (Call 11/29/21)(b) | 400 | 236,000 | ||||||
11.75%, 08/02/23(b) | 200 | 120,000 | ||||||
Easy Trade Global Co.Ltd., 4.00%, 11/10/25(b) | 200 | 200,037 | ||||||
ENN Clean Energy International Investment Ltd. | ||||||||
3.38%, 05/12/26 (Call 05/12/24)(d) | 200 | 197,834 | ||||||
3.38%, 05/12/26 (Call 05/12/24)(b) | 200 | 197,834 | ||||||
Fortune Star BVI Ltd. | ||||||||
5.00%, 05/18/26 (Call 05/18/24)(b) | 400 | 380,125 | ||||||
5.05%, 01/27/27 (Call 01/27/25)(b) | 200 | 185,063 | ||||||
5.95%, 10/19/25 (Call 10/19/23)(b) | 400 | 399,000 | ||||||
Franshion Brilliant Ltd. | ||||||||
5.75%, (Call 01/17/22)(b)(e)(f) | 200 | 188,063 | ||||||
6.00%, (Call 02/08/26)(b)(e)(f) | 400 | 400,125 | ||||||
Greenland Global Investment Ltd., 5.88%, 07/03/24(b) | 400 | 256,125 | ||||||
Huarong Finance 2017 Co. Ltd. | ||||||||
4.00%, (Call 11/07/22)(b)(e)(f) | 400 | 381,125 | ||||||
4.50%, (Call 01/24/22)(b)(e)(f) | 700 | 684,250 | ||||||
Kaisa Group Holdings Ltd. | ||||||||
9.38%, 06/30/24 (Call 11/29/21)(b) | 1,350 | 378,000 | ||||||
9.75%, 09/28/23 (Call 09/28/22)(b) | 400 | 124,000 | ||||||
9.95%, 07/23/25 (Call 01/23/23)(b) | 400 | 116,000 | ||||||
10.50%, 01/15/25 (Call 01/15/23)(b) | 200 | 58,000 | ||||||
10.88%, 07/23/23 (Call 11/29/21)(b) | 400 | 120,000 | ||||||
11.25%, 04/16/25 (Call 04/16/23)(b) | 400 | 126,000 | ||||||
11.70%, 11/11/25 (Call 11/11/23)(b) | 450 | 126,000 | ||||||
11.95%, 11/12/23 (Call 11/29/21)(b) | 400 | 114,200 | ||||||
KWG Group Holdings Ltd., 5.88%, 11/10/24 (Call 11/16/21)(b) | 400 | 302,000 | ||||||
Lenovo Group Ltd. | ||||||||
4.75%, 03/29/23(b) | 400 | 417,450 | ||||||
5.88%, 04/24/25(b) | 600 | 671,586 | ||||||
RKPF Overseas 2020 A Ltd. | ||||||||
5.13%, 07/26/26 (Call 07/26/24)(b) | 400 | 340,000 | ||||||
5.20%, 01/12/26 (Call 01/12/24)(b) | 200 | 173,000 |
38 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
China (continued) | ||||||||
Scenery Journey Ltd., 13.75%, 11/06/23 (Call 11/29/21)(b)(i)(j) | $ | 300 | $ | 65,250 | ||||
Shui On Development Holding Ltd. | ||||||||
5.75%, 11/12/23 (Call 11/29/21)(b) | 600 | 579,187 | ||||||
6.15%, 08/24/24 (Call 08/24/22)(b) | 200 | 190,563 | ||||||
6.40%, (Call 06/20/22)(b)(e)(f) | 200 | 192,063 | ||||||
Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)(b)(e)(f) | 400 | 326,000 | ||||||
Sunac China Holdings Ltd. | ||||||||
5.95%, 04/26/24 (Call 01/26/23)(b) | 600 | 435,000 | ||||||
6.50%, 07/09/23 (Call 07/09/22)(b) | 200 | 155,000 | ||||||
6.50%, 01/10/25 (Call 01/10/23)(b) | 400 | 280,000 | ||||||
7.00%, 07/09/25 (Call 07/09/23)(b) | 400 | 280,000 | ||||||
8.35%, 04/19/23 (Call 11/29/21)(b) | 400 | 306,125 | ||||||
Times China Holdings Ltd. | ||||||||
5.55%, 06/04/24 (Call 06/04/23)(b) | 200 | 157,000 | ||||||
6.75%, 07/08/25 (Call 07/08/23)(b) | 400 | 306,000 | ||||||
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(b) | 400 | 376,125 | ||||||
Well Hope Development Ltd., 3.88%, (Call 10/19/22)(b)(e)(f) | 600 | 609,000 | ||||||
West China Cement Ltd. Co., 4.95%, 07/08/26 (Call 07/08/24)(b) | 400 | 387,125 | ||||||
Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/23(b) | 400 | 402,325 | ||||||
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26 (Call 05/20/24)(b) | 400 | 388,000 | ||||||
Yuzhou Group Holdings Co. Ltd. | ||||||||
6.35%, 01/13/27 (Call 01/13/25)(b) | 200 | 80,000 | ||||||
7.38%, 01/13/26 (Call 01/13/24)(b) | 400 | 164,000 | ||||||
|
| |||||||
18,240,662 | ||||||||
Colombia — 2.5% | ||||||||
AI Candelaria Spain SLU, 5.75%, 06/15/33 (Call 06/15/28)(b) | 400 | 388,000 | ||||||
Banco Davivienda SA, 6.65%, | 200 | 208,662 | ||||||
Banco de Bogota SA | ||||||||
4.38%, 08/03/27 (Call 05/03/27)(b)(c) | 200 | 208,100 | ||||||
5.38%, 02/19/23(b)(c) | 200 | 206,880 | ||||||
6.25%, 05/12/26(b)(c) | 800 | 872,000 | ||||||
Bancolombia SA | ||||||||
3.00%, 01/29/25 (Call 12/29/24)(c) | 400 | 402,950 | ||||||
4.63%, 12/18/29 (Call 12/18/24)(c)(e) | 400 | 409,000 | ||||||
4.88%, 10/18/27 (Call 10/18/22)(e) | 400 | 403,200 | ||||||
Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30 (Call 04/17/30)(b) | 200 | 205,038 | ||||||
Ecopetrol SA | ||||||||
4.13%, 01/16/25 | 800 | 827,600 | ||||||
5.38%, 06/26/26 (Call 03/26/26) | 350 | 378,503 | ||||||
5.88%, 09/18/23 | 1,200 | 1,286,670 | ||||||
5.88%, 05/28/45(c) | 1,500 | 1,513,125 | ||||||
6.88%, 04/29/30 (Call 01/29/30) | 1,400 | 1,613,500 | ||||||
7.38%, 09/18/43 | 100 | 116,144 | ||||||
Geopark Ltd., 5.50%, 01/17/27 (Call 01/17/24)(b)(c) | 200 | 198,725 | ||||||
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)(b) | 600 | 584,625 | ||||||
Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(b)(c) | 400 | 432,450 | ||||||
Millicom International Cellular SA | ||||||||
4.50%, 04/27/31 (Call 04/27/26)(b) | 400 | 409,625 | ||||||
6.25%, 03/25/29 (Call 03/25/24)(b) | 360 | 391,792 | ||||||
Oleoducto Central SA, 4.00%, 07/14/27 (Call 05/14/27)(b) | 200 | 204,413 | ||||||
Sierracol Energy Andina Co., 6.00%, 06/15/28 (Call 06/15/24)(b)(c) | 400 | 392,825 | ||||||
Termocandelaria Power Ltd., 7.88%, 01/30/29 (Call 01/30/23)(b)(c) | 370 | 381,632 | ||||||
|
| |||||||
12,035,459 |
Security | Par (000) | Value | ||||||
Congo, The Democratic Republic — 0.1% | ||||||||
HTA Group Ltd./Mauritius, 7.00%, 12/18/25 (Call 06/18/22)(b) | $ | 400 | $ | 416,325 | ||||
|
| |||||||
Ghana — 0.5% | ||||||||
Kosmos Energy Ltd., 7.13%, 04/04/26 (Call 04/04/22)(b) | 400 | 396,000 | ||||||
Sunac China Holdings Ltd., 6.65%, 08/03/24 (Call 08/03/22)(b) | 600 | 429,187 | ||||||
Tullow Oil PLC | ||||||||
7.00%, 03/01/25 (Call 11/29/21)(b)(c) | 400 | 350,000 | ||||||
10.25%, 05/15/26 (Call 05/06/23)(d) | 1,000 | 1,048,750 | ||||||
|
| |||||||
2,223,937 | ||||||||
Guatemala — 0.2% | ||||||||
Central American Bottling Corp., 5.75%, 01/31/27 (Call 01/31/22)(b)(c) | 400 | 413,575 | ||||||
Investment Energy Resources Ltd., 6.25%, 04/26/29 (Call 04/26/25)(b) | 400 | 426,000 | ||||||
|
| |||||||
839,575 | ||||||||
Hong Kong — 2.7% | ||||||||
Bank of Communications Hong Kong Ltd., 3.73%, (Call 03/03/25)(b)(e)(f) | 250 | 255,391 | ||||||
Bank of East Asia Ltd. (The) | ||||||||
5.63%, (Call 05/18/22)(b)(e)(f) | 400 | 403,700 | ||||||
5.83%, (Call 10/21/25)(b)(e)(f) | 500 | 522,031 | ||||||
5.88%, (Call 09/19/24)(b)(e)(f) | 250 | 260,047 | ||||||
CAS Capital No. 1 Ltd., 4.00%, (Call 07/12/26)(b)(e)(f) | 400 | 401,125 | ||||||
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/26(b) | 400 | 396,700 | ||||||
Celestial Dynasty Ltd., 4.25%, 06/27/29(b) | 800 | 807,900 | ||||||
Celestial Miles Ltd., 5.75%, (Call 01/31/24)(b)(e)(f) | 200 | 206,413 | ||||||
China CITIC Bank International Ltd., 7.10%, (Call 11/06/23)(b)(e)(f) | 400 | 430,125 | ||||||
FWD Group Ltd. | ||||||||
0.00%, (Call 06/15/22)(b)(e)(f)(h) | 400 | 381,575 | ||||||
5.75%, 07/09/24(b) | 200 | 204,288 | ||||||
6.38%, (Call 09/13/24)(b)(e)(f) | 800 | 806,150 | ||||||
Henderson Land MTN Ltd., 2.38%, 05/27/25(b) | 400 | 395,700 | ||||||
Li & Fung Ltd., 5.25%, (Call 05/03/22)(b)(f) | 400 | 275,450 | ||||||
Nanyang Commercial Bank Ltd., 5.00%, (Call 06/02/22)(b)(e)(f). | 600 | 607,312 | ||||||
New World China Land Ltd., 4.75%, 01/23/27(b) | 400 | 416,825 | ||||||
NWD Finance BVI Ltd. | ||||||||
4.13%, (Call 03/10/28)(b)(e)(f) | 600 | 586,500 | ||||||
4.80%, (Call 09/09/23)(b)(f) | 200 | 194,725 | ||||||
5.25%, (Call 03/22/26)(b)(e)(f) | 600 | 621,862 | ||||||
6.25%, (Call 03/07/24)(b)(f) | 800 | 818,650 | ||||||
NWD MTN Ltd. | ||||||||
4.13%, 07/18/29(b) | 800 | 800,900 | ||||||
4.50%, 05/19/30(b) | 200 | 202,850 | ||||||
PCPD Capital Ltd., 5.13%, 06/18/26 (Call 06/18/24) (b) | 600 | 593,587 | ||||||
Petroleos Mexicanos, 6.49%, 01/23/27 (Call 11/23/26) | 1,350 | 1,433,565 | ||||||
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(b) | 400 | 403,964 | ||||||
Wheelock MTN BVI Ltd., 2.38%, 01/25/26(b) | 200 | 196,913 | ||||||
|
| |||||||
12,624,248 | ||||||||
India — 2.2% | ||||||||
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(b) | 425 | 463,250 | ||||||
Adani Green Energy Ltd., 4.38%, 09/08/24(d) | 400 | 405,000 | ||||||
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(b) | 200 | 214,287 | ||||||
Axis Bank Ltd./Gift City, 4.10%, (Call 09/08/26)(d)(e)(f) | 200 | 197,063 | ||||||
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27 (Call 02/09/24)(b) | 397 | 406,057 | ||||||
Delhi International Airport Ltd. | ||||||||
6.13%, 10/31/26(b) | 200 | 201,100 |
S C H E D U L E O F I N V E S T M E N T S | 39 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
India (continued) | ||||||||
6.45%, 06/04/29(b) | $ | 400 | $ | 395,625 | ||||
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23) (b) | 200 | 119,000 | ||||||
Greenko Dutch BV, 3.85%, 03/29/26 (Call 03/29/23) (b) | 591 | 594,694 | ||||||
Greenko Solar Mauritius Ltd. | ||||||||
5.55%, 01/29/25(b) | 400 | 407,500 | ||||||
5.95%, 07/29/26 (Call 07/29/22)(b) | 200 | 210,812 | ||||||
HDFC Bank Ltd., 3.70%, (Call 08/25/26)(d)(e)(f) | 600 | 595,500 | ||||||
JSW Hydro Energy Ltd. | ||||||||
4.13%, 05/18/31 (Call 05/18/26)(d) | 200 | 199,813 | ||||||
4.13%, 05/18/31 (Call 05/18/26)(b) | 200 | 199,813 | ||||||
JSW Steel Ltd. | ||||||||
3.95%, 04/05/27 (Call 10/05/26)(d) | 400 | 402,500 | ||||||
5.05%, 04/05/32 (Call 10/05/31)(d) | 200 | 201,500 | ||||||
5.95%, 04/18/24(b) | 400 | 423,500 | ||||||
Network i2i Ltd. | ||||||||
3.98%, (b)(f) | 200 | 201,475 | ||||||
5.65%, (Call 01/15/25)(b)(e)(f) | 600 | 634,050 | ||||||
Periama Holdings LLC/DE, 5.95%, 04/19/26(b) | 400 | 432,500 | ||||||
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 11/29/21)(b) | 200 | 208,975 | ||||||
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)(b) | 400 | 406,625 | ||||||
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24(b)(c) | 400 | 400,500 | ||||||
Vedanta Resources Finance II PLC | ||||||||
8.95%, 03/11/25 (Call 09/11/24)(b) | 800 | 808,000 | ||||||
9.25%, 04/23/26 (Call 04/23/23)(b) | 200 | 191,000 | ||||||
13.88%, 01/21/24 (Call 12/21/22)(b) | 600 | 648,750 | ||||||
Vedanta Resources Ltd. | ||||||||
6.13%, 08/09/24 (Call 11/29/21)(b) | 600 | 547,612 | ||||||
7.13%, 05/31/23(b) | 300 | 289,687 | ||||||
|
| |||||||
10,406,188 | ||||||||
Indonesia — 0.6% | ||||||||
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)(b)(c) | 500 | 510,562 | ||||||
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(b) | 200 | 202,585 | ||||||
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/29/21)(b) | 800 | 810,650 | ||||||
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 01/30/24)(b) | 200 | 204,000 | ||||||
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26 (Call 05/14/23)(b)(c) | 800 | 855,250 | ||||||
Saka Energi Indonesia PT, 4.45%, 05/05/24(b) | 400 | 387,950 | ||||||
|
| |||||||
2,970,997 | ||||||||
Israel — 2.2% | ||||||||
Energean Israel Finance Ltd. | ||||||||
4.50%, 03/30/24 (Call 12/30/23)(d) | 300 | 305,190 | ||||||
4.88%, 03/30/26 (Call 12/30/25)(d) | 300 | 304,500 | ||||||
5.38%, 03/30/28 (Call 09/30/27)(d) | 400 | 404,800 | ||||||
5.88%, 03/30/31 (Call 09/30/30)(d) | 400 | 405,000 | ||||||
Greenko Investment Co., 4.88%, 08/16/23 (Call 11/29/21)(b) | 200 | 202,100 | ||||||
Leviathan Bond Ltd. | ||||||||
5.75%, 06/30/23 (Call 03/30/23)(d) | 300 | 309,713 | ||||||
6.13%, 06/30/25 (Call 03/30/25)(d) | 300 | 322,650 | ||||||
6.50%, 06/30/27 (Call 12/30/26)(d) | 400 | 435,325 | ||||||
6.75%, 06/30/30 (Call 12/30/29)(d) | 300 | 328,665 | ||||||
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(b) | 300 | 300,000 | ||||||
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36(c) | 500 | 535,180 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.80%, 07/21/23 | 1,675 | 1,681,993 | ||||||
3.15%, 10/01/26(c) | 2,000 | 1,880,000 | ||||||
4.10%, 10/01/46 | 1,050 | 862,018 | ||||||
6.00%, 04/15/24 (Call 01/15/24) | 600 | 630,113 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(c) | 800 | 876,400 |
Security | Par (000) | Value | ||||||
Israel (continued) | ||||||||
7.13%, 01/31/25 (Call 10/31/24) | $ | 600 | $ | 641,064 | ||||
|
| |||||||
10,424,711 | ||||||||
Jamaica — 0.4% | ||||||||
Digicel Group Holdings Ltd., 10.00%, (2.00% PIK), 04/01/24 (Call 11/15/21)(c)(g) | 675 | 677,031 | ||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 (Call 11/15/21)(b) | 750 | 778,141 | ||||||
Digicel Ltd., 6.75%, 03/01/23 (Call 11/15/21)(b)(c) | 400 | 387,500 | ||||||
|
| |||||||
1,842,672 | ||||||||
Kuwait — 0.2% | ||||||||
Burgan Bank SAK, 5.75%, (Call 07/09/24)(b)(e)(f) | 400 | 405,825 | ||||||
Kuwait Projects Co. SPC Ltd. | ||||||||
4.23%, 10/29/26(b) | 400 | 377,575 | ||||||
4.50%, 02/23/27(b) | 200 | 188,788 | ||||||
|
| |||||||
972,188 | ||||||||
Luxembourg — 0.4% | ||||||||
Altice Financing SA | ||||||||
5.00%, 01/15/28 (Call 01/15/23)(b) | 600 | 576,672 | ||||||
5.75%, 08/15/29 (Call 08/15/24)(d) | 1,200 | 1,177,500 | ||||||
|
| |||||||
1,754,172 | ||||||||
Macau — 1.8% | ||||||||
Champion Path Holdings Ltd. | ||||||||
4.50%, 01/27/26 (Call 01/27/24)(b) | 200 | 198,562 | ||||||
4.85%, 01/27/28 (Call 01/27/25)(b) | 400 | 393,450 | ||||||
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b) | 400 | 443,200 | ||||||
Melco Resorts Finance Ltd. | ||||||||
4.88%, 06/06/25 (Call 11/29/21)(b) | 200 | 196,913 | ||||||
5.25%, 04/26/26 (Call 04/26/22)(b) | 800 | 789,900 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(b)(c) | 600 | 589,237 | ||||||
5.63%, 07/17/27 (Call 07/17/22)(b) | 200 | 199,975 | ||||||
5.75%, 07/21/28 (Call 07/21/23)(b)(c) | 400 | 396,000 | ||||||
MGM China Holdings Ltd. | ||||||||
4.75%, 02/01/27 (Call 02/01/24)(b) | 400 | 382,800 | ||||||
5.25%, 06/18/25 (Call 06/18/22)(b) | 400 | 393,825 | ||||||
5.38%, 05/15/24 (Call 11/08/21)(b) | 800 | 799,400 | ||||||
Studio City Finance Ltd. | ||||||||
5.00%, 01/15/29 (Call 01/15/24)(b) | 600 | 538,500 | ||||||
6.00%, 07/15/25 (Call 07/15/22)(b) | 400 | 388,100 | ||||||
6.50%, 01/15/28 (Call 07/15/23)(b) | 400 | 384,125 | ||||||
Wynn Macau Ltd. | ||||||||
4.88%, 10/01/24 (Call 11/29/21)(b) | 400 | 378,075 | ||||||
5.13%, 12/15/29 (Call 12/15/24)(b) | 600 | 537,000 | ||||||
5.50%, 01/15/26 (Call 06/15/22)(b) | 400 | 376,700 | ||||||
5.50%, 10/01/27 (Call 10/01/22)(b) | 400 | 373,125 | ||||||
5.63%, 08/26/28 (Call 08/26/23)(b) | 800 | 739,704 | ||||||
|
| |||||||
8,498,591 | ||||||||
Mexico — 7.5% | ||||||||
Banco Mercantil del Norte SA/Grand Cayman | ||||||||
6.75%, (Call 09/27/24)(b)(e)(f) | 300 | 312,994 | ||||||
7.50%, (Call 06/27/29)(b)(e)(f) | 400 | 438,200 | ||||||
7.63%, (b)(c)(f) | 400 | 440,700 | ||||||
8.38%, (b)(f) | 200 | 233,050 | ||||||
BBVA Bancomer SA/Texas | ||||||||
5.13%, 01/18/33 (Call 01/17/28)(b)(e) | 600 | 618,900 | ||||||
5.88%, 09/13/34 (Call 09/13/29)(b)(e) | 350 | 380,581 | ||||||
Braskem Idesa SAPI | ||||||||
6.99%, 02/20/32 (Call 02/20/27)(d) | 500 | 511,400 | ||||||
7.45%, 11/15/29 (Call 11/15/24)(b)(c) | 600 | 633,180 |
40 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mexico (continued) | ||||||||
Cemex SAB de CV | ||||||||
3.88%, 07/11/31 (Call 07/11/26)(b) | $ | 1,000 | $ | 999,300 | ||||
5.20%, 09/17/30 (Call 09/17/25)(b) | 800 | 864,140 | ||||||
5.45%, 11/19/29 (Call 11/19/24)(b) | 600 | 648,045 | ||||||
7.38%, 06/05/27 (Call 06/05/23)(b) | 400 | 441,583 | ||||||
Cemex SAB De CV, 5.13%, (Call 06/08/26)(b)(e)(f) | 500 | 516,012 | ||||||
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332, 4.38%, 07/22/31 (Call 04/22/31)(d) | 400 | 383,040 | ||||||
Credito Real SAB de CV, 8.00%, 01/21/28(b) | 400 | 335,075 | ||||||
Grupo Bimbo SAB de CV, 5.95%, | 200 | 208,100 | ||||||
Mexico Remittances Funding Fiduciary Estate Management Sarl, 4.88%, 01/15/28(b) | 200 | 193,288 | ||||||
Nemak SAB de CV | ||||||||
3.63%, 06/28/31 (Call 03/28/31)(d) | 200 | 186,163 | ||||||
3.63%, 06/28/31 (Call 03/28/31)(b) | 200 | 186,163 | ||||||
Petroleos Mexicanos | ||||||||
4.50%, 01/23/26 | 800 | 805,112 | ||||||
5.35%, 02/12/28 | 1,400 | 1,395,310 | ||||||
5.95%, 01/28/31 (Call 10/28/30) | 2,133 | 2,093,539 | ||||||
6.35%, 02/12/48(c) | 1,650 | 1,400,437 | ||||||
6.50%, 03/13/27 | 3,100 | 3,292,975 | ||||||
6.50%, 01/23/29 | 1,100 | 1,142,653 | ||||||
6.63%, 06/15/35(c) | 1,500 | 1,446,037 | ||||||
6.75%, 09/21/47(c) | 3,400 | 2,996,250 | ||||||
6.84%, 01/23/30 (Call 10/23/29) | 2,550 | 2,660,287 | ||||||
6.88%, 10/16/25(b) | 850 | 926,670 | ||||||
6.88%, 08/04/26 | 1,730 | 1,883,970 | ||||||
6.95%, 01/28/60 (Call 07/28/59) | 2,150 | 1,900,600 | ||||||
7.69%, 01/23/50 (Call 07/23/49)(c) | 4,500 | 4,297,500 | ||||||
Total Play Telecomunicaciones SA de CV | ||||||||
6.38%, 09/20/28 (Call 09/30/25)(c)(d) | 200 | 196,750 | ||||||
7.50%, 11/12/25(b)(c) | 400 | 414,700 | ||||||
Unifin Financiera SAB de CV, 9.88%, 01/28/29 (Call 01/28/25)(b) | 400 | 370,000 | ||||||
|
| |||||||
|
35,752,704 |
| ||||||
Moldova — 0.0% | ||||||||
Aragvi Finance International SR, | 200 | 205,800 | ||||||
|
| |||||||
Morocco — 0.4% | ||||||||
OCP SA | ||||||||
4.50%, 10/22/25(b) | 200 | 211,225 | ||||||
5.13%, 06/23/51 (Call 12/23/50)(b) | 400 | 386,700 | ||||||
5.63%, 04/25/24(b) | 300 | 322,462 | ||||||
6.88%, 04/25/44(b) | 400 | 479,200 | ||||||
OCP Group, 3.75%, 06/23/31 (Call 03/23/31)(b) | 400 | 392,000 | ||||||
|
| |||||||
|
1,791,587 |
| ||||||
Nigeria — 0.3% | ||||||||
Access Bank PLC | ||||||||
6.13%, 09/21/26(d) | 200 | 200,313 | ||||||
9.13%, (Call 10/07/26)(d)(e)(f) | 200 | 198,000 | ||||||
IHS Netherlands Holdco BV | ||||||||
7.13%, 03/18/25 (Call 11/29/21)(b) | 200 | 206,537 | ||||||
8.00%, 09/18/27 (Call 09/18/22)(b) | 600 | 637,687 | ||||||
SEPLAT Energy PLC, 7.75%, 04/01/26 | 400 | 409,720 | ||||||
|
| |||||||
|
1,652,257 |
| ||||||
Oman — 0.4% | ||||||||
Axis Bank., 4.10%, (b) | 200 | 197,063 | ||||||
Bank Muscat SAOG, 4.75%, 03/17/26(b) | 600 | 617,437 | ||||||
National Bank of Oman SAOG, 5.63%, 09/25/23(b) | 200 | 206,787 |
Security | Par (000) | Value | ||||||
Oman (continued) | ||||||||
Oztel Holdings SPC Ltd. | ||||||||
5.63%, 10/24/23(b) | $ | 400 | $ | 414,325 | ||||
6.63%, 04/24/28(b) | 500 | 548,375 | ||||||
|
| |||||||
|
1,983,987 |
| ||||||
Panama — 0.3% | ||||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(b)(c) | 800 | 841,000 | ||||||
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)(b) | 400 | 414,880 | ||||||
Sable International Finance Ltd., | 200 | 207,500 | ||||||
|
| |||||||
|
1,463,380 |
| ||||||
Paraguay — 0.2% | ||||||||
Bioceanico Sovereign Certificate Ltd., | 486 | 360,886 | ||||||
Telefonica Celular del Paraguay SA, | 400 | 415,325 | ||||||
|
| |||||||
|
776,211 |
| ||||||
Peru — 0.4% | ||||||||
Cia de Minas Buenaventura SAA, 5.50%, 07/23/26 (Call 07/23/23)(d) | 400 | 395,325 | ||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru, | 400 | 393,075 | ||||||
Inkia Energy Ltd., 5.88%, 11/09/27 | 400 | 411,575 | ||||||
InRetail Consumer, 3.25%, 03/22/28 | 400 | 391,825 | ||||||
Nexa Resources SA, 6.50%, 01/18/28 | 200 | 221,925 | ||||||
Peru LNG Srl, 5.38%, 03/22/30(b) | 400 | 335,250 | ||||||
|
| |||||||
|
2,148,975 |
| ||||||
Philippines — 0.7% | ||||||||
JGSH Philippines Ltd., 4.13%, 07/09/30(b) | 400 | 424,325 | ||||||
Manila Water Co. Inc., 4.38%, 07/30/30 | 200 | 209,475 | ||||||
Petron Corp. | ||||||||
4.60%, (Call 07/19/23)(b)(e)(f) | 200 | 199,288 | ||||||
5.95%, (Call 04/19/26)(b)(e)(f) | 400 | 413,125 | ||||||
San Miguel Crop., 5.50%, (Call 07/29/25)(b)(e)(f) | 200 | 205,812 | ||||||
SMC Global Power Holdings Corp. | ||||||||
5.45%, (Call 12/09/26)(b)(e)(f) | 400 | 391,320 | ||||||
5.70%, (Call 01/21/26)(b)(e)(f) | 200 | 197,350 | ||||||
5.95%, (Call 05/05/25)(b)(e)(f) | 200 | 199,430 | ||||||
6.50%, (Call 04/25/24)(b)(e)(f) | 800 | 810,160 | ||||||
7.00%, (Call 10/21/25)(b)(e)(f) | 400 | 413,950 | ||||||
|
| |||||||
|
3,464,235 |
| ||||||
Poland — 0.1% | ||||||||
Canpack SA/Canpack U.S. LLC, 3.88%, 11/15/29 (Call 11/15/24)(d) | 400 | 398,000 | ||||||
|
| |||||||
Qatar — 0.1% | ||||||||
Commercial Bank PSQC (The), 4.50%, | 400 | 402,625 | ||||||
|
| |||||||
Russia — 2.0% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC | ||||||||
5.95%, 04/15/30 (Call 04/15/25)(b)(e) | 600 | 620,362 | ||||||
6.95%, (Call 04/30/23)(b)(e)(f) | 400 | 409,575 | ||||||
8.00%, (Call 02/03/22)(b)(e)(f) | 400 | 402,200 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC | ||||||||
3.88%, 09/21/26(d) | 200 | 194,520 | ||||||
4.70%, 01/29/25(b) | 200 | 204,913 | ||||||
8.88%, (Call 11/10/22)(b)(e)(f) | 400 | 406,075 | ||||||
Eurochem Finance DAC, 5.50%, 03/13/24 | 400 | 429,669 | ||||||
Evraz PLC | ||||||||
5.25%, 04/02/24 (Call 01/02/24)(b) | 400 | 427,200 | ||||||
5.38%, 03/20/23(b) | 600 | 627,862 | ||||||
Polyus Finance PLC, 3.25%, 10/14/28 | 400 | 396,125 |
S C H E D U L E O F I N V E S T M E N T S | 41 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Russia (continued) | ||||||||
Suek Securities DAC, 3.38%, 09/15/26(d) | $ | 200 | $ | 199,380 | ||||
Tinkoff Bank JSC Via TCS Finance Ltd., 6.00%, (Call 12/20/26)(d)(e)(f) | 400 | 398,125 | ||||||
TMK OAO Via TMK Capital SA, 4.30%, 02/12/27(b) | 400 | 401,700 | ||||||
Uralkali OJSC Via Uralkali Finance DAC, | 400 | 414,075 | ||||||
VEON Holdings BV | ||||||||
3.38%, 11/25/27 (Call 08/25/27)(b) | 800 | 800,400 | ||||||
4.00%, 04/09/25 (Call 01/09/25)(b) | 800 | 829,000 | ||||||
4.95%, 06/16/24 (Call 03/16/24)(b) | 400 | 424,950 | ||||||
5.95%, 02/13/23(b) | 400 | 422,075 | ||||||
VTB Bank PJSC Via VTB Eurasia DAC, 9.50%, (Call 12/06/22)(b)(e)(f) | 1,250 | 1,331,875 | ||||||
|
| |||||||
9,340,081 | ||||||||
Saudi Arabia — 0.3% | ||||||||
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b) | 600 | 625,688 | ||||||
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24(b) | 200 | 208,225 | ||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.75%, 02/15/25(b) | 600 | 631,050 | ||||||
|
| |||||||
1,464,963 | ||||||||
Singapore — 0.2% | ||||||||
GLP Pte Ltd., 4.50%, (Call 05/17/26)(b)(e)(f) | 400 | 385,125 | ||||||
Singapore Airlines Ltd., 3.00%, 07/20/26 (Call 06/20/26)(b) | 400 | 406,300 | ||||||
|
| |||||||
791,425 | ||||||||
South Africa — 1.5% | ||||||||
Absa Group Ltd., 6.38%, (Call 05/27/26)(b)(e)(f) | 400 | 414,125 | ||||||
Bidvest Group UK PLC (The), 3.63%, 09/23/26 (Call 09/23/23)(d) | 400 | 400,480 | ||||||
Eskom Holdings SOC Ltd. | ||||||||
6.35%, 08/10/28(b) | 600 | 645,000 | ||||||
6.75%, 08/06/23(b) | 617 | 636,397 | ||||||
7.13%, 02/11/25(b) | 660 | 684,585 | ||||||
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)(b)(e) | 200 | 207,538 | ||||||
Gold Fields Orogen Holdings BVI Ltd. | ||||||||
5.13%, 05/15/24 (Call 04/15/24)(b) | 400 | 425,950 | ||||||
6.13%, 05/15/29 (Call 02/15/29)(b) | 200 | 230,725 | ||||||
Liquid Telecommunications Financing PLC, | 400 | 415,125 | ||||||
MTN Mauritius Investments Ltd. | ||||||||
4.76%, 11/11/24(b) | 600 | 624,750 | ||||||
6.50%, 10/13/26(b) | 200 | 225,912 | ||||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 (Call 08/18/26)(c) | 400 | 406,000 | ||||||
5.50%, 03/18/31 (Call 03/18/30) | 400 | 410,000 | ||||||
5.88%, 03/27/24 (Call 02/27/24) | 800 | 842,600 | ||||||
6.50%, 09/27/28 (Call 06/27/28) | 400 | 443,000 | ||||||
|
| |||||||
7,012,187 | ||||||||
South Korea — 0.2% | ||||||||
SK Innovation Co. Ltd., 4.13%, 07/13/23(b) | 200 | 208,204 | ||||||
Woori Bank | ||||||||
4.25%, (Call 10/04/24)(b)(e)(f) | 400 | 411,950 | ||||||
5.25%, (Call 05/16/22)(b)(e)(f) | 200 | 203,038 | ||||||
|
| |||||||
823,192 | ||||||||
Supranational — 0.2% | ||||||||
Eastern & Southern African Trade & Development Bank (The) | ||||||||
4.13%, 06/30/28(b) | 400 | 403,000 | ||||||
4.88%, 05/23/24(b) | 400 | 418,572 | ||||||
|
| |||||||
821,572 | ||||||||
Switzerland — 0.0% | ||||||||
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(d) | 200 | 198,220 | ||||||
|
|
Security | Par (000) | Value | ||||||
Thailand — 0.5% | ||||||||
Bangkok Bank PCL/Hong Kong | ||||||||
3.73%, 09/25/34 (Call 09/25/29)(b)(e) | $ | 600 | $ | 609,300 | ||||
5.00%, (b) | 400 | 413,075 | ||||||
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)(b)(e) | 800 | 801,650 | ||||||
Krung Thai Bank PCL/Cayman Islands, 4.40%, | 400 | 399,125 | ||||||
|
| |||||||
2,223,150 | ||||||||
Togo — 0.0% | ||||||||
Ecobank Transnational Inc., 9.50%, 04/18/24(b) | 200 | 215,663 | ||||||
|
| |||||||
Turkey — 2.4% | ||||||||
Akbank TAS | ||||||||
5.13%, 03/31/25(b) | 400 | 396,700 | ||||||
6.80%, 02/06/26(b) | 400 | 411,825 | ||||||
6.80%, 06/22/31 (Call 06/22/26)(d)(e) | 200 | 193,813 | ||||||
7.20%, 03/16/27 (Call 03/16/22)(b)(e) | 200 | 200,663 | ||||||
Arcelik AS, 5.00%, 04/03/23(b) | 200 | 205,037 | ||||||
Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (Call 02/02/24)(d) | 400 | 379,000 | ||||||
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)(b) | 200 | 207,350 | ||||||
KOC Holding AS | ||||||||
5.25%, 03/15/23 (Call 12/15/22)(b) | 600 | 608,925 | ||||||
6.50%, 03/11/25 (Call 12/11/24)(b) | 400 | 420,825 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS, | 200 | 205,912 | ||||||
QNB Finansbank AS, 6.88%, 09/07/24(b) | 400 | 427,325 | ||||||
Sunac China Holdings Ltd., 6.50%, 01/26/26 | 200 | 140,000 | ||||||
Turk Telekomunikasyon AS | ||||||||
4.88%, 06/19/24(b) | 200 | 203,912 | ||||||
6.88%, 02/28/25(b) | 400 | 426,792 | ||||||
Turkcell Iletisim Hizmetleri AS | ||||||||
5.75%, 10/15/25(b) | 200 | 208,225 | ||||||
5.80%, 04/11/28 (Call 01/11/28)(b) | 400 | 416,000 | ||||||
Turkiye Garanti Bankasi AS | ||||||||
5.88%, 03/16/23(b) | 300 | 309,431 | ||||||
6.13%, 05/24/27 (Call 05/24/22)(b)(e) | 400 | 398,700 | ||||||
Turkiye Is Bankasi AS | ||||||||
6.13%, 04/25/24(b) | 800 | 817,900 | ||||||
7.00%, 06/29/28 (Call 06/29/23)(b)(e) | 200 | 199,913 | ||||||
7.75%, 01/22/30 (Call 01/22/25)(b)(e) | 400 | 405,950 | ||||||
Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 | 400 | 396,450 | ||||||
Turkiye Sise ve Cam Fabrikalari AS, | 300 | 324,244 | ||||||
Turkiye Vakiflar Bankasi TAO | ||||||||
5.25%, 02/05/25(b) | 200 | 195,725 | ||||||
5.50%, 10/01/26(c)(d) | 200 | 191,813 | ||||||
6.50%, 01/08/26(b) | 400 | 401,125 | ||||||
8.13%, 03/28/24(b) | 600 | 641,737 | ||||||
Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25(b) | 400 | 419,575 | ||||||
Yapi ve Kredi Bankasi AS | ||||||||
5.85%, 06/21/24(b) | 300 | 305,494 | ||||||
6.10%, 03/16/23(b) | 200 | 205,037 | ||||||
7.88%, 01/22/31 (Call 01/22/26)(b)(e) | 200 | 203,563 | ||||||
8.25%, 10/15/24(b) | 400 | 430,200 | ||||||
13.88%, (Call 01/15/24)(b)(e)(f) | 400 | 454,125 | ||||||
|
| |||||||
11,353,286 |
42 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ukraine — 0.4% | ||||||||
DTEK Finance PLC, 5.00%, (5.00% PIK), 12/31/27 (Call 11/29/21)(b)(g) | $ | 937 | $ | 569,498 | ||||
Metinvest BV | ||||||||
7.75%, 10/17/29(b) | 200 | 217,750 | ||||||
8.50%, 04/23/26 (Call 01/23/26)(b) | 400 | 449,950 | ||||||
MHP Lux SA, 6.95%, 04/03/26(b) | 200 | 212,475 | ||||||
MHP SE, 7.75%, 05/10/24(b) | 400 | 431,950 | ||||||
|
| |||||||
1,881,623 | ||||||||
United Arab Emirates — 1.5% | ||||||||
ADIB Capital Invest 2 Ltd., 7.13%, | 400 | 425,325 | ||||||
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)(b)(e)(f) | 400 | 422,125 | ||||||
DIB Tier 1 Sukuk 3 Ltd., 6.25%, | 400 | 422,625 | ||||||
DIB Tier 1 Sukuk 4 Ltd., 4.63%, | 600 | 609,188 | ||||||
DP World Salaam, 6.00%, (Call 10/01/25)(b)(e)(f) | 1,000 | 1,095,937 | ||||||
Emaar Sukuk Ltd. | ||||||||
3.64%, 09/15/26(b) | 400 | 415,575 | ||||||
3.70%, 07/06/31(b) | 400 | 408,625 | ||||||
3.88%, 09/17/29(b) | 200 | 207,350 | ||||||
EMG Sukuk Ltd., 4.56%, 06/18/24(b) | 600 | 634,425 | ||||||
Emirates NBD Bank PJSC | ||||||||
4.25%, (Call 02/27/27)(b)(e)(f) | 400 | 405,125 | ||||||
6.13%, (Call 03/20/25)(b)(e)(f) | 600 | 633,937 | ||||||
6.13%, (Call 04/09/26)(b)(e)(f) | 400 | 433,575 | ||||||
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26 | 600 | 621,000 | ||||||
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25(b) | 500 | 386,100 | ||||||
|
| |||||||
7,120,912 | ||||||||
Vietnam — 0.1% | ||||||||
Mong Duong Finance Holdings BV, | 250 | 248,484 | ||||||
|
| |||||||
Zambia — 0.7% | ||||||||
First Quantum Minerals Ltd. | ||||||||
6.50%, 03/01/24 (Call 11/08/21)(b) | 400 | 406,000 | ||||||
6.88%, 03/01/26 (Call 11/08/21)(b) | 600 | 623,625 | ||||||
6.88%, 10/15/27 (Call 10/15/23)(b) | 800 | 857,650 | ||||||
7.25%, 04/01/23 (Call 11/08/21)(b) | 800 | 814,800 | ||||||
7.50%, 04/01/25 (Call 11/08/21)(b) | 800 | 825,000 | ||||||
|
| |||||||
3,527,075 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes — 51.2% (Cost: $248,044,375) | 243,151,832 | |||||||
|
| |||||||
Foreign Government Obligations(a) | ||||||||
Angola — 0.9% | ||||||||
Angolan Government International Bond | ||||||||
8.00%, 11/26/29(b) | 1,000 | 990,500 | ||||||
8.25%, 05/09/28(b) | 800 | 803,400 | ||||||
9.13%, 11/26/49(b) | 1,000 | 972,687 | ||||||
9.38%, 05/08/48(b) | 800 | 791,400 | ||||||
9.50%, 11/12/25(b) | 800 | 863,400 | ||||||
|
| |||||||
4,421,387 | ||||||||
Argentina — 2.5% | ||||||||
Argentine Republic Government International Bond | ||||||||
0.50%, 07/09/30 (Call 11/29/21)(k) | 9,083 | 3,110,866 | ||||||
1.00%, 07/09/29 (Call 11/29/21)(c) | 1,649 | 596,980 | ||||||
1.13%, 07/09/35 (Call 11/29/21)(k) | 11,596 | 3,559,771 | ||||||
1.13%, 07/09/46 (Call 11/29/21)(k) | 1,190 | 374,850 | ||||||
2.00%, 01/09/38 (Call 11/29/21)(c)(k) | 6,456 | 2,359,764 |
Security | Par (000) | Value | ||||||
Argentina (continued) | ||||||||
2.50%, 07/09/41 (Call 11/29/21)(c)(k) | $ | 5,800 | $ | 1,986,500 | ||||
|
| |||||||
11,988,731 | ||||||||
Azerbaijan — 0.4% | ||||||||
Republic of Azerbaijan International Bond | ||||||||
3.50%, 09/01/32(b) | 450 | 459,506 | ||||||
4.75%, 03/18/24(b) | 800 | 854,150 | ||||||
State Oil Co. of the Azerbaijan Republic, | 600 | 621,675 | ||||||
|
| |||||||
1,935,331 | ||||||||
Bahrain — 1.9% | ||||||||
Bahrain Government International Bond | ||||||||
5.25%, 01/25/33(b) | 600 | 573,188 | ||||||
5.45%, 09/16/32(b) | 400 | 390,625 | ||||||
5.63%, 09/30/31(b) | 600 | 595,988 | ||||||
6.00%, 09/19/44(b) | 800 | 737,650 | ||||||
6.13%, 08/01/23(b) | 800 | 846,650 | ||||||
6.75%, 09/20/29(b) | 800 | 862,900 | ||||||
7.00%, 01/26/26(b) | 600 | 665,362 | ||||||
7.00%, 10/12/28(b) | 900 | 984,656 | ||||||
7.38%, 05/14/30(b) | 600 | 667,425 | ||||||
CBB International Sukuk Co. 5 SPC, | 600 | 633,675 | ||||||
CBB International Sukuk Co. 7 SPC, | 600 | 682,500 | ||||||
CBB International Sukuk Programme Co WLL | ||||||||
3.95%, 09/16/27(b) | 500 | 511,406 | ||||||
6.25%, 11/14/24(b) | 600 | 649,425 | ||||||
CBB International Sukuk Programme Co WLL., 4.50%, 03/30/27(b) | 400 | 419,825 | ||||||
|
| |||||||
9,221,275 | ||||||||
Bolivia — 0.1% | ||||||||
Bolivian Government International Bond, | 600 | 535,613 | ||||||
|
| |||||||
Brazil — 4.3% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b) | 800 | 868,400 | ||||||
Brazilian Government International Bond | ||||||||
2.88%, 06/06/25 | 1,000 | 999,000 | ||||||
3.75%, 09/12/31(c) | 900 | 822,150 | ||||||
3.88%, 06/12/30(c) | 1,900 | 1,772,700 | ||||||
4.25%, 01/07/25(c) | 2,348 | 2,482,717 | ||||||
4.50%, 05/30/29 (Call 02/28/29) | 1,000 | 999,875 | ||||||
4.63%, 01/13/28 (Call 10/13/27)(c) | 1,600 | 1,643,800 | ||||||
4.75%, 01/14/50 (Call 07/14/49) | 2,250 | 1,921,359 | ||||||
5.00%, 01/27/45(c) | 1,926 | 1,730,150 | ||||||
5.63%, 01/07/41(c) | 1,317 | 1,289,672 | ||||||
5.63%, 02/21/47 | 1,500 | 1,448,719 | ||||||
6.00%, 04/07/26 | 1,214 | 1,362,184 | ||||||
7.13%, 01/20/37 | 860 | 1,004,480 | ||||||
8.25%, 01/20/34 | 900 | 1,162,575 | ||||||
8.88%, 04/15/24 | 720 | 876,060 | ||||||
|
| |||||||
20,383,841 | ||||||||
Colombia — 4.0% | ||||||||
Colombia Government International Bond | ||||||||
2.63%, 03/15/23 (Call 12/15/22) | 1,200 | 1,217,400 | ||||||
3.00%, 01/30/30 (Call 10/30/29) | 200 | 189,350 | ||||||
3.13%, 04/15/31 (Call 01/15/31) | 2,200 | 2,064,287 | ||||||
3.25%, 04/22/32 (Call 01/22/32) | 600 | 560,100 | ||||||
3.88%, 04/25/27 (Call 01/25/27) | 1,600 | 1,661,800 | ||||||
3.88%, 02/15/61 (Call 08/15/60) | 1,200 | 982,725 | ||||||
4.00%, 02/26/24 (Call 11/26/23)(c) | 1,200 | 1,250,850 | ||||||
4.13%, 02/22/42 (Call 08/22/41) | 400 | 361,600 |
S C H E D U L E O F I N V E S T M E N T S | 43 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colombia (continued) | ||||||||
4.13%, 05/15/51 (Call 11/15/50)(c) | $ | 600 | $ | 524,363 | ||||
4.50%, 03/15/29 (Call 12/15/28) | 1,800 | 1,903,275 | ||||||
5.00%, 06/15/45 (Call 12/15/44) | 3,000 | 2,954,625 | ||||||
5.20%, 05/15/49 (Call 11/15/48) | 1,400 | 1,408,575 | ||||||
5.63%, 02/26/44 (Call 08/26/43) | 1,400 | 1,476,387 | ||||||
6.13%, 01/18/41 | 1,800 | 1,992,150 | ||||||
7.38%, 09/18/37 | 200 | 247,038 | ||||||
8.13%, 05/21/24 | 100 | 115,300 | ||||||
|
| |||||||
18,909,825 | ||||||||
Costa Rica — 0.3% | ||||||||
Costa Rica Government International Bond | ||||||||
6.13%, 02/19/31(b) | 800 | 820,150 | ||||||
7.16%, 03/12/45(b)(c) | 600 | 605,175 | ||||||
|
| |||||||
1,425,325 | ||||||||
Dominican Republic — 2.7% | ||||||||
Dominican Republic International Bond | ||||||||
4.50%, 01/30/30(b) | 1,200 | 1,212,600 | ||||||
4.88%, 09/23/32(b) | 1,750 | 1,777,672 | ||||||
5.30%, 01/21/41(b) | 850 | 845,113 | ||||||
5.50%, 01/27/25(b) | 725 | 787,214 | ||||||
5.88%, 01/30/60(b) | 1,700 | 1,657,819 | ||||||
5.95%, 01/25/27(b) | 950 | 1,058,359 | ||||||
6.00%, 07/19/28(b) | 800 | 897,000 | ||||||
6.40%, 06/05/49(b) | 750 | 794,906 | ||||||
6.50%, 02/15/48(b)(c) | 600 | 637,500 | ||||||
6.85%, 01/27/45(b) | 1,190 | 1,321,867 | ||||||
6.88%, 01/29/26(b) | 800 | 914,900 | ||||||
7.45%, 04/30/44(b) | 900 | 1,070,606 | ||||||
|
| |||||||
12,975,556 | ||||||||
Ecuador — 1.3% | ||||||||
Ecuador Government International Bond | ||||||||
0.00%, 07/31/30(b)(h) | 628 | 334,410 | ||||||
0.50%, 07/31/40(b)(k) | 1,825 | 1,090,437 | ||||||
1.00%, 07/31/35(b)(k) | 4,800 | 3,162,000 | ||||||
5.00%, 07/31/30(b)(k) | 2,100 | 1,735,125 | ||||||
|
| |||||||
6,321,972 | ||||||||
Egypt — 2.8% | ||||||||
Egypt Government International Bond | ||||||||
5.58%, 02/21/23(b) | 600 | 614,250 | ||||||
5.75%, 05/29/24(b) | 600 | 617,250 | ||||||
5.80%, 09/30/27(c)(d) | 600 | 580,500 | ||||||
5.88%, 06/11/25(b) | 800 | 818,250 | ||||||
5.88%, 02/16/31(b) | 1,000 | 898,750 | ||||||
6.59%, 02/21/28(b) | 814 | 795,685 | ||||||
7.05%, 01/15/32(b) | 600 | 560,250 | ||||||
7.30%, 09/30/33(d) | 600 | 561,000 | ||||||
7.50%, 01/31/27(b) | 1,000 | 1,035,312 | ||||||
7.50%, 02/16/61(b) | 800 | 676,000 | ||||||
7.60%, 03/01/29(b) | 1,000 | 1,001,250 | ||||||
7.63%, 05/29/32(b) | 1,200 | 1,158,000 | ||||||
7.90%, 02/21/48(b) | 800 | 700,000 | ||||||
8.50%, 01/31/47(b) | 1,500 | 1,380,000 | ||||||
8.70%, 03/01/49(b) | 800 | 742,000 | ||||||
8.88%, 05/29/50(b) | 1,000 | 940,000 | ||||||
|
| |||||||
13,078,497 |
Security | Par (000) | Value | ||||||
El Salvador — 0.2% | ||||||||
El Salvador Government International Bond | ||||||||
7.12%, 01/20/50 (Call 07/20/49)(b) | $ | 550 | $ | 390,947 | ||||
9.50%, 07/15/52(b) | 550 | 450,759 | ||||||
|
| |||||||
841,706 | ||||||||
Ethiopia — 0.1% | ||||||||
Ethiopia International Bond, 6.63%, 12/11/24(b) | 600 | 487,238 | ||||||
|
| |||||||
Gabon — 0.1% | ||||||||
Gabon Government International Bond, | 600 | 596,363 | ||||||
|
| |||||||
Ghana — 1.2% | ||||||||
Ghana Government International Bond | ||||||||
6.38%, 02/11/27(b) | 1,000 | 890,000 | ||||||
7.63%, 05/16/29(b) | 400 | 350,000 | ||||||
7.75%, 04/07/29(b) | 600 | 531,000 | ||||||
7.88%, 02/11/35(b) | 600 | 506,250 | ||||||
8.13%, 01/18/26(b) | 470 | 449,437 | ||||||
8.13%, 03/26/32(b) | 700 | 609,875 | ||||||
8.63%, 04/07/34(b) | 600 | 525,000 | ||||||
8.63%, 06/16/49(b) | 600 | 504,000 | ||||||
8.95%, 03/26/51(b) | 500 | 423,750 | ||||||
10.75%, 10/14/30(b) | 600 | 693,000 | ||||||
|
| |||||||
5,482,312 | ||||||||
Guatemala — 0.2% | ||||||||
Guatemala Government Bond, | 700 | 819,788 | ||||||
|
| |||||||
Iraq — 0.4% | ||||||||
Iraq International Bond | ||||||||
5.80%, 01/15/28 (Call 12/13/21)(b) | 1,219 | 1,186,605 | ||||||
6.75%, 03/09/23(b) | 600 | 612,675 | ||||||
|
| |||||||
1,799,280 | ||||||||
Ivory Coast — 0.2% | ||||||||
Ivory Coast Government International Bond, 6.13%, 06/15/33(b) | 800 | 840,400 | ||||||
|
| |||||||
Jamaica — 0.2% | ||||||||
Jamaica Government International Bond, | 800 | 931,650 | ||||||
|
| |||||||
Jordan — 0.5% | ||||||||
Jordan Government International Bond | ||||||||
5.75%, 01/31/27(b) | 400 | 426,325 | ||||||
5.85%, 07/07/30(b) | 700 | 720,125 | ||||||
6.13%, 01/29/26(b) | 600 | 648,112 | ||||||
7.38%, 10/10/47(b) | 600 | 619,238 | ||||||
|
| |||||||
2,413,800 | ||||||||
Kenya — 0.8% | ||||||||
Republic of Kenya Government International Bond | ||||||||
6.30%, 01/23/34(d) | 400 | 388,000 | ||||||
6.88%, 06/24/24(b) | 1,200 | 1,290,000 | ||||||
7.25%, 02/28/28(b) | 600 | 643,500 | ||||||
8.00%, 05/22/32(b) | 800 | 864,000 | ||||||
8.25%, 02/28/48(b) | 600 | 622,500 | ||||||
|
| |||||||
3,808,000 | ||||||||
Lebanon — 0.2% | ||||||||
Lebanon Government International Bond | ||||||||
6.00%, 01/27/23(b)(i)(j) | 500 | 73,750 | ||||||
6.10%, 10/04/22(b)(i)(j) | 900 | 132,750 | ||||||
6.60%, 11/27/26(b)(i)(j) | 900 | 135,279 | ||||||
6.65%, 02/26/30(b)(i)(j) | 740 | 111,925 | ||||||
6.75%, 11/29/27(b)(i)(j) | 800 | 120,376 |
44 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Lebanon (continued) | ||||||||
6.85%, 03/23/27(b)(i)(j) | $ | 650 | $ | 97,838 | ||||
7.00%, 03/23/32(b)(i)(j) | 500 | 75,100 | ||||||
|
| |||||||
747,018 | ||||||||
Macau — 0.1% | ||||||||
El Salvador Government International Bond, 7.65%, 06/15/35(b) | 650 | 484,778 | ||||||
|
| |||||||
Malaysia — 0.4% | ||||||||
1MDB Global Investments Ltd., 4.40%, 03/09/23(b) | 2,000 | 2,006,420 | ||||||
|
| |||||||
Morocco — 0.3% | ||||||||
Morocco Government International Bond | ||||||||
3.00%, 12/15/32(b) | 800 | 758,250 | ||||||
4.00%, 12/15/50(b) | 600 | 539,438 | ||||||
|
| |||||||
1,297,688 | ||||||||
Nigeria — 1.6% | ||||||||
Nigeria Government International Bond | ||||||||
6.13%, 09/28/28(d) | 800 | 793,000 | ||||||
6.50%, 11/28/27(b) | 1,000 | 1,015,500 | ||||||
7.14%, 02/23/30(b) | 714 | 719,043 | ||||||
7.38%, 09/28/33(d) | 800 | 792,000 | ||||||
7.63%, 11/21/25(b) | 700 | 760,506 | ||||||
7.63%, 11/28/47(b) | 800 | 743,400 | ||||||
7.70%, 02/23/38(b) | 800 | 766,650 | ||||||
7.88%, 02/16/32(b) | 800 | 811,900 | ||||||
8.25%, 09/28/51(d) | 800 | 786,000 | ||||||
8.75%, 01/21/31(b) | 400 | 428,825 | ||||||
|
| |||||||
7,616,824 | ||||||||
Oman — 3.2% | ||||||||
Oman Government International Bond | ||||||||
4.75%, 06/15/26(b) | 1,900 | 1,948,450 | ||||||
4.88%, 02/01/25(b) | 200 | 208,663 | ||||||
5.38%, 03/08/27(b) | 800 | 838,150 | ||||||
5.63%, 01/17/28(b) | 1,800 | 1,896,750 | ||||||
6.00%, 08/01/29(b) | 1,200 | 1,284,975 | ||||||
6.25%, 01/25/31(b) | 1,000 | 1,080,312 | ||||||
6.50%, 03/08/47(b) | 1,000 | 989,875 | ||||||
6.75%, 10/28/27(b) | 800 | 896,000 | ||||||
6.75%, 01/17/48(b) | 1,600 | 1,628,300 | ||||||
7.00%, 01/25/51(b) | 400 | 417,625 | ||||||
7.38%, 10/28/32(b) | 800 | 924,000 | ||||||
Oman Sovereign Sukuk Co. | ||||||||
4.40%, 06/01/24(b) | 1,000 | 1,040,412 | ||||||
4.88%, 06/15/30(d) | 800 | 855,750 | ||||||
5.93%, 10/31/25(b) | 1,200 | 1,326,375 | ||||||
|
| |||||||
15,335,637 | ||||||||
Pakistan — 0.6% | ||||||||
Pakistan Government International Bond | ||||||||
6.00%, 04/08/26(b) | 600 | 601,566 | ||||||
6.88%, 12/05/27(b) | 800 | 816,650 | ||||||
7.38%, 04/08/31(b) | 800 | 809,088 | ||||||
8.25%, 04/15/24(b) | 677 | 722,401 | ||||||
|
| |||||||
2,949,705 | ||||||||
Paraguay — 0.4% | ||||||||
Paraguay Government International Bond | ||||||||
4.95%, 04/28/31 (Call 01/28/31)(b) | 600 | 671,925 | ||||||
5.40%, 03/30/50 (Call 09/30/49)(b) | 600 | 677,175 | ||||||
6.10%, 08/11/44(b) | 600 | 721,050 | ||||||
|
| |||||||
2,070,150 |
Security | Par (000) | Value | ||||||
Russia — 0.1% | ||||||||
Costa Rica Government International Bond, 7.00%, 04/04/44(b) | $ | 662 | $ | 659,021 | ||||
|
| |||||||
Senegal — 0.2% | ||||||||
Senegal Government International Bond | ||||||||
6.25%, 05/23/33(b) | 500 | 515,094 | ||||||
6.75%, 03/13/48(b) | 600 | 595,050 | ||||||
|
| |||||||
1,110,144 | ||||||||
Serbia — 0.2% | ||||||||
Serbia International Bond, 2.13%, 12/01/30(b) | 735 | 684,147 | ||||||
|
| |||||||
South Africa — 2.2% | ||||||||
Republic of South Africa Government International Bond | ||||||||
4.30%, 10/12/28 | 1,200 | 1,208,850 | ||||||
4.67%, 01/17/24 | 800 | 849,150 | ||||||
4.85%, 09/27/27 | 600 | 629,925 | ||||||
4.85%, 09/30/29 | 1,300 | 1,331,525 | ||||||
4.88%, 04/14/26 | 804 | 855,406 | ||||||
5.00%, 10/12/46(c) | 600 | 531,750 | ||||||
5.38%, 07/24/44 | 500 | 471,187 | ||||||
5.65%, 09/27/47 | 800 | 757,150 | ||||||
5.75%, 09/30/49 | 1,700 | 1,620,100 | ||||||
5.88%, 09/16/25 | 986 | 1,102,964 | ||||||
5.88%, 06/22/30 | 800 | 876,650 | ||||||
|
| |||||||
10,234,657 | ||||||||
South Korea — 0.5% | ||||||||
Jamaica Government International Bond | ||||||||
7.88%, 07/28/45 | 1,100 | 1,553,613 | ||||||
8.00%, 03/15/39 | 700 | 989,756 | ||||||
|
| |||||||
2,543,369 | ||||||||
Sri Lanka — 0.8% | ||||||||
Sri Lanka Government International Bond | ||||||||
5.75%, 04/18/23(b) | 600 | 412,238 | ||||||
6.20%, 05/11/27(b) | 800 | 501,150 | ||||||
6.75%, 04/18/28(b) | 700 | 438,287 | ||||||
6.83%, 07/18/26(b) | 800 | 503,150 | ||||||
6.85%, 03/14/24(b) | 500 | 326,500 | ||||||
6.85%, 11/03/25(b) | 900 | 577,856 | ||||||
7.55%, 03/28/30(b) | 800 | 500,900 | ||||||
7.85%, 03/14/29(b) | 700 | 440,694 | ||||||
|
| |||||||
3,700,775 | ||||||||
Trinidad And Tobago — 0.1% | ||||||||
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(b) | 600 | 622,238 | ||||||
|
| |||||||
Tunisia — 0.1% | ||||||||
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(b) | 600 | 480,750 | ||||||
|
| |||||||
Turkey — 8.0% | ||||||||
Hazine Mustesarligi Varlik Kiralama AS | ||||||||
4.49%, 11/25/24(b) | 600 | 597,488 | ||||||
5.00%, 04/06/23(b) | 800 | 813,900 | ||||||
5.13%, 06/22/26(d) | 1,200 | 1,175,850 | ||||||
5.13%, 06/22/26(b) | 200 | 195,975 | ||||||
Turkey Government International Bond | ||||||||
3.25%, 03/23/23 | 900 | 893,138 | ||||||
4.25%, 03/13/25 | 1,200 | 1,157,100 | ||||||
4.25%, 04/14/26 | 800 | 749,400 | ||||||
4.75%, 01/26/26 | 1,000 | 957,812 | ||||||
4.88%, 10/09/26 | 1,710 | 1,617,339 |
S C H E D U L E O F I N V E S T M E N T S | 45 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Turkey (continued) | ||||||||
4.88%, 04/16/43 | $ | 1,779 | $ | 1,383,506 | ||||
5.13%, 02/17/28 | 1,200 | 1,127,850 | ||||||
5.25%, 03/13/30 | 1,200 | 1,089,600 | ||||||
5.60%, 11/14/24 | 1,500 | 1,511,531 | ||||||
5.75%, 03/22/24 | 1,450 | 1,472,022 | ||||||
5.75%, 05/11/47 | 2,026 | 1,664,865 | ||||||
5.88%, 06/26/31(c) | 900 | 836,156 | ||||||
5.95%, 01/15/31 | 1,200 | 1,122,375 | ||||||
6.00%, 03/25/27 | 1,721 | 1,700,886 | ||||||
6.00%, 01/14/41 | 1,703 | 1,460,642 | ||||||
6.13%, 10/24/28 | 1,200 | 1,176,225 | ||||||
6.35%, 08/10/24 | 1,250 | 1,283,828 | ||||||
6.38%, 10/14/25 | 1,600 | 1,623,800 | ||||||
6.50%, 09/20/33 | 900 | 855,000 | ||||||
6.63%, 02/17/45 | 1,800 | 1,635,525 | ||||||
6.75%, 05/30/40 | 1,075 | 1,005,327 | ||||||
6.88%, 03/17/36 | 1,561 | 1,510,560 | ||||||
7.25%, 12/23/23 | 1,200 | 1,267,725 | ||||||
7.25%, 03/05/38(c) | 650 | 647,075 | ||||||
7.38%, 02/05/25 | 1,770 | 1,867,129 | ||||||
7.63%, 04/26/29 | 1,600 | 1,679,300 | ||||||
8.00%, 02/14/34(c) | 813 | 872,857 | ||||||
11.88%, 01/15/30(c) | 800 | 1,056,650 | ||||||
|
| |||||||
38,008,436 | ||||||||
Ukraine — 2.0% | ||||||||
Ukraine Government International Bond | ||||||||
6.88%, 05/21/29(b) | 1,000 | 1,016,500 | ||||||
7.25%, 03/15/33(b) | 1,500 | 1,524,656 | ||||||
7.38%, 09/25/32(b) | 1,700 | 1,749,725 | ||||||
7.75%, 09/01/23(b) | 775 | 826,489 | ||||||
7.75%, 09/01/24(b) | 768 | 826,704 | ||||||
7.75%, 09/01/25(b) | 736 | 794,328 | ||||||
7.75%, 09/01/26(b) | 700 | 753,288 | ||||||
7.75%, 09/01/27(b) | 750 | 807,563 | ||||||
9.75%, 11/01/28(b) | 1,000 | 1,158,312 | ||||||
|
| |||||||
9,457,565 | ||||||||
United Arab Emirates — 0.3% | ||||||||
Emirate of Dubai Government International Bonds | ||||||||
3.90%, 09/09/50(b) | 800 | 754,000 | ||||||
5.25%, 01/30/43(b) | 400 | 460,125 | ||||||
|
| |||||||
1,214,125 | ||||||||
Vietnam — 0.1% | ||||||||
Vietnam Government International Bond, | 600 | 658,425 | ||||||
|
| |||||||
Zambia — 0.2% | ||||||||
Zambia Government International Bond | ||||||||
8.50%, 04/14/24(b)(i)(j) | 800 | 638,000 | ||||||
8.97%, 07/30/27(b)(i)(j) | 600 | 472,500 | ||||||
|
| |||||||
1,110,500 | ||||||||
|
| |||||||
Total Foreign Government Obligations — 46.7% |
| 222,210,262 | ||||||
|
|
Security | Shares (000) | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 7.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency | 33,386 | $ | 33,402,228 | |||||
BlackRock Cash Funds: Treasury, SL Agency | 2,999 | 2,999,000 | ||||||
|
| |||||||
36,401,228 | ||||||||
|
| |||||||
Total Short-Term Investments — 7.7% | 36,401,228 | |||||||
|
| |||||||
Total Investments in Securities — 105.6% | 501,763,322 | |||||||
Other Assets, Less Liabilities — (5.6)% | (26,408,211 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 475,355,111 | ||||||
|
|
(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) | All or a portion of this security is on loan. |
(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. |
(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) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(h) | Zero-coupon bond. |
(i) | Issuer filed for bankruptcy and/or is in default. |
(j) | Non-income producing security. |
(k) | 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. |
(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 the cash collateral from loaned securities. |
46 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM High Yield Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21 | Shares Held at 10/31/21 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 17,259,777 | $ | 16,147,940 | (a) | $ | — | $ | (7,305 | ) | $ | 1,816 | $ | 33,402,228 | 33,386 | $ | 109,534 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 4,109,000 | — | (1,110,000 | )(a) | — | — | 2,999,000 | 2,999 | 543 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (7,305 | ) | $ | 1,816 | $ | 36,401,228 | $ | 110,077 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 243,151,832 | $ | — | $ | 243,151,832 | ||||||||
Foreign Government Obligations | — | 222,210,262 | — | 222,210,262 | ||||||||||||
Money Market Funds | 36,401,228 | — | — | 36,401,228 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 36,401,228 | $ | 465,362,094 | $ | — | $ | 501,763,322 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 47 |
Schedule of Investments October 31, 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 — 4.3% | ||||||||||||
Brazil Letras do Tesouro Nacional | ||||||||||||
0.00%, 07/01/22(a) | BRL | 11,000 | $ | 1,816,263 | ||||||||
0.00%, 07/01/23(a) | BRL | 25,000 | 3,647,531 | |||||||||
0.00%, 01/01/24(a) | BRL | 35,697 | 4,917,683 | |||||||||
0.00%, 07/01/24(a) | BRL | 14,000 | 1,802,725 | |||||||||
Brazil Notas do Tesouro Nacional | ||||||||||||
Series F, 10.00%, 01/01/23 | BRL | 16,557 | 2,867,912 | |||||||||
Series F, 10.00%, 01/01/25 | BRL | 12,399 | 2,077,659 | |||||||||
Series F, 10.00%, 01/01/27 | BRL | 14,193 | 2,318,548 | |||||||||
Series F, 10.00%, 01/01/29 | BRL | 9,263 | 1,477,287 | |||||||||
Series F, 10.00%, 01/01/31 | BRL | 5,000 | 786,339 | |||||||||
Brazilian Government International Bond | ||||||||||||
8.50%, 01/05/24 | BRL | 500 | 84,468 | |||||||||
10.25%, 01/10/28 | BRL | 1,420 | 246,807 | |||||||||
|
| |||||||||||
22,043,222 | ||||||||||||
Chile — 4.3% | ||||||||||||
Bonos de la Tesoreria de la Republica en pesos | ||||||||||||
2.30%, 10/01/28(b)(c) | CLP | 610,000 | 594,158 | |||||||||
2.50%, 03/01/25 | CLP | 4,290,000 | 4,788,839 | |||||||||
4.00%, 03/01/23(b)(c) | CLP | 1,180,000 | 1,430,007 | |||||||||
4.50%, 03/01/26 | CLP | 3,115,000 | 3,649,489 | |||||||||
4.70%, 09/01/30(b)(c) | CLP | 2,800,000 | 3,146,107 | |||||||||
5.00%, 10/01/28(b)(c) | CLP | 1,290,000 | 1,499,981 | |||||||||
5.00%, 03/01/35 | CLP | 3,595,000 | 3,925,360 | |||||||||
6.00%, 01/01/43 | CLP | 2,775,000 | 3,234,368 | |||||||||
|
| |||||||||||
22,268,309 | ||||||||||||
China — 14.4% | ||||||||||||
China Government Bond | ||||||||||||
1.99%, 04/09/25 | CNY | 28,540 | 4,342,727 | |||||||||
2.36%, 07/02/23 | CNY | 19,810 | 3,084,675 | |||||||||
2.68%, 05/21/30 | CNY | 29,450 | 4,457,473 | |||||||||
2.84%, 04/08/24 | CNY | 9,550 | 1,499,723 | |||||||||
2.85%, 06/04/27 | CNY | 29,490 | 4,589,809 | |||||||||
2.88%, 11/05/23 | CNY | 22,620 | 3,554,728 | |||||||||
2.94%, 10/17/24 | CNY | 16,630 | 2,617,110 | |||||||||
3.01%, 05/13/28 | CNY | 5,140 | 805,017 | |||||||||
3.02%, 10/22/25 | CNY | 28,590 | 4,501,580 | |||||||||
3.02%, 05/27/31 | CNY | 5,460 | 856,245 | |||||||||
3.03%, 03/11/26 | CNY | 8,790 | 1,384,769 | |||||||||
3.12%, 12/05/26 | CNY | 24,520 | 3,877,817 | |||||||||
3.13%, 11/21/29 | CNY | 28,340 | 4,455,794 | |||||||||
3.19%, 04/11/24 | CNY | 22,610 | 3,583,116 | |||||||||
3.22%, 12/06/25 | CNY | 19,120 | 3,034,757 | |||||||||
3.25%, 06/06/26 | CNY | 24,290 | 3,864,316 | |||||||||
3.25%, 11/22/28 | CNY | 24,250 | 3,859,693 | |||||||||
3.27%, 11/19/30 | CNY | 30,670 | 4,886,815 | |||||||||
3.28%, 12/03/27 | CNY | 26,500 | 4,231,277 | |||||||||
3.29%, 10/18/23 | CNY | 12,620 | 2,002,337 | |||||||||
3.29%, 05/23/29 | CNY | 27,950 | 4,463,232 | |||||||||
3.72%, 04/12/51 | CNY | 7,470 | 1,208,721 | |||||||||
3.81%, 09/14/50 | CNY | 20,930 | 3,416,900 | |||||||||
|
| |||||||||||
74,578,631 | ||||||||||||
Colombia — 4.3% | ||||||||||||
Colombia Government International Bond, 9.85%, 06/28/27 | COP | 745,000 | 224,297 | |||||||||
Colombian TES | ||||||||||||
Series B, 5.75%, 11/03/27 | COP | 6,705,500 | 1,629,305 | |||||||||
Series B, 6.00%, 04/28/28 | COP | 11,810,200 | 2,867,327 |
Security | Par (000) | Value | ||||||||||
Colombia (continued) | ||||||||||||
Series B, 6.25%, 11/26/25 | COP | 8,324,800 | $ | 2,158,101 | ||||||||
Series B, 6.25%, 07/09/36 | COP | 5,060,000 | 1,104,931 | |||||||||
Series B, 7.00%, 06/30/32 | COP | 11,377,100 | 2,770,909 | |||||||||
Series B, 7.25%, 10/18/34 | COP | 10,119,600 | 2,465,986 | |||||||||
Series B, 7.25%, 10/26/50 | COP | 4,503,300 | 1,024,785 | |||||||||
Series B, 7.50%, 08/26/26 | COP | 10,511,900 | 2,821,720 | |||||||||
Series B, 7.75%, 09/18/30 | COP | 7,124,300 | 1,876,872 | |||||||||
Series B, 10.00%, 07/24/24 | COP | 9,467,500 | 2,749,363 | |||||||||
Titulos De Tesoreria Bonds, Series B 7.00%, 03/26/31 | COP | 2,873,700 | 709,908 | |||||||||
|
| |||||||||||
22,403,504 | ||||||||||||
Czech Republic — 4.4% | ||||||||||||
Czech Republic Government Bond | ||||||||||||
0.05%, 11/29/29 | CZK | 13,580 | 493,997 | |||||||||
0.25%, 02/10/27 | CZK | 51,150 | 2,016,241 | |||||||||
0.45%, 10/25/23(c) | CZK | 37,560 | 1,611,952 | |||||||||
0.95%, 05/15/30(c) | CZK | 44,610 | 1,740,344 | |||||||||
1.00%, 06/26/26(c) | CZK | 47,400 | 1,964,275 | |||||||||
1.20%, 03/13/31 | CZK | 35,210 | 1,390,310 | |||||||||
1.25%, 02/14/25 | CZK | 18,780 | 803,608 | |||||||||
1.50%, 04/24/40 | CZK | 13,730 | 512,736 | |||||||||
1.75%, 06/23/32 | CZK | 19,480 | 806,531 | |||||||||
2.00%, 10/13/33 | CZK | 49,240 | 2,067,203 | |||||||||
2.40%, 09/17/25(c) | CZK | 40,920 | 1,814,739 | |||||||||
2.50%, 08/25/28(c) | CZK | 46,550 | 2,061,255 | |||||||||
2.75%, 07/23/29 | CZK | 41,940 | 1,886,457 | |||||||||
4.20%, 12/04/36(c) | CZK | 20,390 | 1,091,859 | |||||||||
4.70%, 09/12/22(c) | CZK | 26,620 | 1,220,563 | |||||||||
5.70%, 05/25/24(c) | CZK | 24,720 | 1,190,971 | |||||||||
|
| |||||||||||
22,673,041 | ||||||||||||
Dominican Republic — 4.4% | ||||||||||||
Dominican Republic International Bond | ||||||||||||
8.90%, 02/15/23(c) | DOP | 423,150 | 7,935,235 | |||||||||
9.75%, 06/05/26(c) | DOP | 715,500 | 14,841,216 | |||||||||
|
| |||||||||||
22,776,451 | ||||||||||||
Hungary — 4.4% | ||||||||||||
Hungary Government Bond | ||||||||||||
1.00%, 11/26/25 | HUF | 501,630 | 1,493,999 | |||||||||
1.50%, 08/23/23 | HUF | 293,560 | 939,832 | |||||||||
1.50%, 04/22/26 | HUF | 447,850 | 1,337,251 | |||||||||
1.50%, 08/26/26 | HUF | 232,470 | 688,048 | |||||||||
1.75%, 10/26/22 | HUF | 260,890 | 838,935 | |||||||||
2.00%, 05/23/29 | HUF | 398,420 | 1,139,520 | |||||||||
2.25%, 04/20/33 | HUF | 500,730 | 1,359,588 | |||||||||
2.50%, 10/24/24 | HUF | 421,210 | 1,346,866 | |||||||||
2.75%, 12/22/26 | HUF | 460,210 | 1,436,489 | |||||||||
3.00%, 06/26/24 | HUF | 388,310 | 1,261,076 | |||||||||
3.00%, 10/27/27 | HUF | 545,910 | 1,704,886 | |||||||||
3.00%, 08/21/30 | HUF | 518,860 | 1,575,703 | |||||||||
3.00%, 10/27/38 | HUF | 313,800 | 851,892 | |||||||||
3.25%, 10/22/31 | HUF | 590,410 | 1,803,953 | |||||||||
5.50%, 06/24/25 | HUF | 491,850 | 1,718,621 | |||||||||
6.00%, 11/24/23 | HUF | 368,890 | 1,280,810 | |||||||||
6.75%, 10/22/28 | HUF | 293,660 | 1,123,975 | |||||||||
7.00%, 06/24/22 | HUF | 244,730 | 812,711 | |||||||||
|
| |||||||||||
22,714,155 | ||||||||||||
Indonesia — 4.5% | ||||||||||||
Indonesia Treasury Bond | ||||||||||||
5.50%, 04/15/26 | IDR | 16,486,000 | 1,179,940 |
48 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Indonesia (continued) | ||||||||||||
5.63%, 05/15/23 | IDR | 6,893,000 | $ | 498,456 | ||||||||
6.13%, 05/15/28 | IDR | 9,215,000 | 665,067 | |||||||||
6.25%, 06/15/36 | IDR | 5,099,000 | 357,209 | |||||||||
6.38%, 04/15/32 | IDR | 3,578,000 | 258,359 | |||||||||
6.50%, 06/15/25 | IDR | 13,233,000 | 982,142 | |||||||||
6.50%, 02/15/31 | IDR | 21,130,000 | 1,519,779 | |||||||||
6.63%, 05/15/33 | IDR | 6,152,000 | 435,102 | |||||||||
7.00%, 05/15/27 | IDR | 15,733,000 | 1,188,234 | |||||||||
7.00%, 09/15/30 | IDR | 14,496,000 | 1,075,369 | |||||||||
7.50%, 08/15/32 | IDR | 8,278,000 | 624,611 | |||||||||
7.50%, 06/15/35 | IDR | 8,675,000 | 647,693 | |||||||||
7.50%, 05/15/38 | IDR | 12,212,000 | 898,607 | |||||||||
7.50%, 04/15/40 | IDR | 10,561,000 | 780,847 | |||||||||
8.13%, 05/15/24 | IDR | 6,779,000 | 521,554 | |||||||||
8.25%, 05/15/29 | IDR | 8,969,000 | 710,936 | |||||||||
8.25%, 06/15/32 | IDR | 8,396,000 | 667,295 | |||||||||
8.25%, 05/15/36 | IDR | 10,734,000 | 849,704 | |||||||||
8.38%, 03/15/24 | IDR | 18,660,000 | 1,435,638 | |||||||||
8.38%, 09/15/26 | IDR | 10,796,000 | 861,089 | |||||||||
8.38%, 03/15/34 | IDR | 12,247,000 | 973,363 | |||||||||
8.38%, 04/15/39 | IDR | 10,957,000 | 869,677 | |||||||||
8.75%, 05/15/31 | IDR | 10,916,000 | 898,783 | |||||||||
9.00%, 03/15/29 | IDR | 11,916,000 | 981,961 | |||||||||
9.50%, 07/15/31 | IDR | 5,720,000 | 490,343 | |||||||||
10.50%, 08/15/30 | IDR | 3,789,000 | 341,926 | |||||||||
11.00%, 09/15/25 | IDR | 2,856,000 | 242,914 | |||||||||
Perusahaan Penerbit SBSN Indonesia | ||||||||||||
6.63%, 10/15/24 | IDR | 11,181,000 | 829,838 | |||||||||
8.25%, 09/15/23 | IDR | 8,832,000 | 666,054 | |||||||||
8.88%, 11/15/31 | IDR | 8,608,000 | 709,198 | |||||||||
|
| |||||||||||
23,161,688 | ||||||||||||
Malaysia — 4.5% | ||||||||||||
Malaysia Government Bond | ||||||||||||
2.63%, 04/15/31 | MYR | 1,450 | 323,090 | |||||||||
3.48%, 03/15/23 | MYR | 3,901 | 957,069 | |||||||||
3.48%, 06/14/24 | MYR | 2,256 | 555,120 | |||||||||
3.50%, 05/31/27 | MYR | 4,190 | 1,018,584 | |||||||||
3.73%, 06/15/28 | MYR | 4,532 | 1,110,297 | |||||||||
3.76%, 04/20/23 | MYR | 1,950 | 480,813 | |||||||||
3.76%, 05/22/40 | MYR | 4,270 | 969,154 | |||||||||
3.80%, 08/17/23 | MYR | 1,841 | 455,537 | |||||||||
3.83%, 07/05/34 | MYR | 4,509 | 1,054,674 | |||||||||
3.89%, 08/15/29 | MYR | 5,123 | 1,257,344 | |||||||||
3.90%, 11/30/26 | MYR | 2,291 | 570,371 | |||||||||
3.90%, 11/16/27 | MYR | 3,857 | 955,721 | |||||||||
3.91%, 07/15/26 | MYR | 2,769 | 689,270 | |||||||||
3.96%, 09/15/25 | MYR | 5,632 | 1,407,490 | |||||||||
4.06%, 09/30/24 | MYR | 1,945 | 486,837 | |||||||||
4.07%, 06/15/50 | MYR | 3,527 | 806,159 | |||||||||
4.18%, 07/15/24 | MYR | 2,543 | 636,871 | |||||||||
4.25%, 05/31/35 | MYR | 2,056 | 505,648 | |||||||||
4.76%, 04/07/37 | MYR | 3,424 | 873,061 | |||||||||
Malaysia Government Investment Issue | ||||||||||||
3.15%, 05/15/23 | MYR | 2,423 | 592,102 | |||||||||
3.42%, 09/30/27 | MYR | 2,814 | 677,387 | |||||||||
3.45%, 07/15/36 | MYR | 2,694 | 598,617 | |||||||||
3.47%, 10/15/30 | MYR | 4,653 | 1,101,450 | |||||||||
3.66%, 10/15/24 | MYR | 2,709 | 670,970 | |||||||||
3.73%, 03/31/26 | MYR | 2,700 | 666,422 | |||||||||
4.09%, 11/30/23 | MYR | 2,600 | 648,305 |
Security | Par (000) | Value | ||||||||||
Malaysia (continued) | ||||||||||||
4.13%, 08/15/25 | MYR | 2,835 | $ | 710,928 | ||||||||
4.13%, 07/09/29 | MYR | 3,126 | 774,401 | |||||||||
4.26%, 07/26/27 | MYR | 2,796 | 701,626 | |||||||||
4.37%, 10/31/28 | MYR | 2,392 | 607,870 | |||||||||
Malaysia Investment Issue Bond, | MYR | 2,188 | 534,583 | |||||||||
|
| |||||||||||
23,397,771 | ||||||||||||
Mexico — 4.4% | ||||||||||||
Mexican Bonos | ||||||||||||
Series M, 5.75%, 03/05/26 | MXN | 53,162 | 2,440,952 | |||||||||
Series M, 6.50%, 06/09/22 | MXN | 34,823 | 1,696,698 | |||||||||
Series M, 6.75%, 03/09/23 | MXN | 30,700 | 1,495,932 | |||||||||
Series M, 7.75%, 05/29/31 | MXN | 34,336 | 1,693,851 | |||||||||
Series M, 7.75%, 11/23/34 | MXN | 16,000 | 785,652 | |||||||||
Series M, 7.75%, 11/13/42 | MXN | 26,640 | 1,268,488 | |||||||||
Series M, 8.00%, 12/07/23 | MXN | 42,815 | 2,129,337 | |||||||||
Series M, 8.00%, 09/05/24 | MXN | 28,904 | 1,437,721 | |||||||||
Series M, 8.00%, 11/07/47 | MXN | 29,618 | 1,442,187 | |||||||||
Series M 20, 7.50%, 06/03/27 | MXN | 45,551 | 2,222,869 | |||||||||
Series M 20, 8.50%, 05/31/29 | MXN | 34,041 | 1,752,103 | |||||||||
Series M 20, 10.00%, 12/05/24 | MXN | 41,083 | 2,158,224 | |||||||||
Series M 30, 8.50%, 11/18/38 | MXN | 35,105 | 1,797,328 | |||||||||
Series M 30, 10.00%, 11/20/36 | MXN | 5,223 | 305,375 | |||||||||
|
| |||||||||||
22,626,717 | ||||||||||||
Peru — 4.5% | ||||||||||||
Peru Government Bond | ||||||||||||
5.35%, 08/12/40 | PEN | 7,623 | 1,612,409 | |||||||||
5.40%, 08/12/34 | PEN | 9,885 | 2,254,453 | |||||||||
5.70%, 08/12/24 | PEN | 5,377 | 1,385,932 | |||||||||
5.94%, 02/12/29 | PEN | 12,743 | 3,291,957 | |||||||||
6.15%, 08/12/32 | PEN | 12,380 | 3,133,889 | |||||||||
6.35%, 08/12/28 | PEN | 12,268 | 3,252,511 | |||||||||
6.90%, 08/12/37 | PEN | 11,156 | 2,821,676 | |||||||||
6.95%, 08/12/31 | PEN | 11,687 | 3,160,996 | |||||||||
8.20%, 08/12/26 | PEN | 9,104 | 2,590,825 | |||||||||
|
| |||||||||||
23,504,648 | ||||||||||||
Philippines — 4.5% | ||||||||||||
Philippine Government International Bond | ||||||||||||
3.90%, 11/26/22 | PHP | 377,000 | 7,493,397 | |||||||||
6.25%, 01/14/36 | PHP | 683,000 | 15,750,595 | |||||||||
|
| |||||||||||
23,243,992 | ||||||||||||
Poland — 4.4% | ||||||||||||
Republic of Poland Government Bond | ||||||||||||
0.25%, 10/25/26 | PLN | 6,490 | 1,464,900 | |||||||||
0.75%, 04/25/25 | PLN | 5,675 | 1,356,657 | |||||||||
1.25%, 10/25/30 | PLN | 8,163 | 1,809,153 | |||||||||
2.25%, 10/25/24 | PLN | 5,569 | 1,402,073 | |||||||||
2.50%, 01/25/23 | PLN | 6,866 | 1,736,218 | |||||||||
2.50%, 04/25/24 | PLN | 6,787 | 1,719,456 | |||||||||
2.50%, 07/25/26 | PLN | 8,412 | 2,127,115 | |||||||||
2.50%, 07/25/27 | PLN | 5,720 | 1,440,262 | |||||||||
2.75%, 04/25/28 | PLN | 7,455 | 1,898,165 | |||||||||
2.75%, 10/25/29 | PLN | 10,680 | 2,699,547 | |||||||||
3.25%, 07/25/25 | PLN | 8,853 | 2,301,671 | |||||||||
4.00%, 10/25/23 | PLN | 5,596 | 1,457,332 | |||||||||
5.75%, 09/23/22 | PLN | 5,053 | 1,314,073 | |||||||||
|
| |||||||||||
22,726,622 | ||||||||||||
Romania — 4.3% | ||||||||||||
Romania Government Bond | ||||||||||||
3.25%, 04/29/24 | RON | 6,335 | 1,453,619 |
S C H E D U L E O F I N V E S T M E N T S | 49 |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Romania (continued) | ||||||||||||
3.25%, 06/24/26 | RON | 4,055 | $ | 897,510 | ||||||||
3.50%, 12/19/22 | RON | 5,135 | 1,198,828 | |||||||||
3.65%, 07/28/25 | RON | 5,715 | 1,302,531 | |||||||||
3.65%, 09/24/31 | RON | 5,690 | 1,201,048 | |||||||||
3.70%, 11/25/24 | RON | 4,785 | 1,102,094 | |||||||||
4.00%, 10/25/23 | RON | 6,105 | 1,429,665 | |||||||||
4.15%, 01/26/28 | RON | 5,735 | 1,292,420 | |||||||||
4.15%, 10/24/30 | RON | 4,010 | 887,606 | |||||||||
4.25%, 06/28/23 | RON | 4,670 | 1,097,283 | |||||||||
4.40%, 09/25/23 | RON | 5,735 | 1,353,628 | |||||||||
4.50%, 06/17/24 | RON | 5,675 | 1,338,459 | |||||||||
4.75%, 02/24/25 | RON | 5,420 | 1,282,077 | |||||||||
4.75%, 10/11/34 | RON | 2,620 | 594,186 | |||||||||
4.85%, 04/22/26 | RON | 6,040 | 1,430,400 | |||||||||
5.00%, 02/12/29 | RON | 5,810 | 1,365,400 | |||||||||
5.80%, 07/26/27 | RON | 6,480 | 1,592,546 | |||||||||
5.85%, 04/26/23 | RON | 5,780 | 1,388,998 | |||||||||
|
| |||||||||||
22,208,298 | ||||||||||||
Russia — 4.4% | ||||||||||||
Russian Federal Bond - OFZ | ||||||||||||
4.50%, 07/16/25 | RUB | 93,143 | 1,158,404 | |||||||||
5.70%, 05/17/28 | RUB | 115,657 | 1,429,858 | |||||||||
6.00%, 10/06/27 | RUB | 98,797 | 1,252,551 | |||||||||
6.10%, 07/18/35 | RUB | 79,734 | 949,014 | |||||||||
6.50%, 02/28/24 | RUB | 79,588 | 1,081,312 | |||||||||
6.90%, 05/23/29 | RUB | 82,175 | 1,082,500 | |||||||||
7.00%, 01/25/23 | RUB | 31,480 | 437,690 | |||||||||
7.00%, 08/16/23 | RUB | 56,605 | 782,079 | |||||||||
7.05%, 01/19/28 | RUB | 77,696 | 1,037,634 | |||||||||
7.10%, 10/16/24 | RUB | 63,146 | 863,000 | |||||||||
7.15%, 11/12/25 | RUB | 99,818 | 1,354,672 | |||||||||
7.25%, 05/10/34 | RUB | 91,831 | 1,221,227 | |||||||||
7.40%, 12/07/22 | RUB | 66,524 | 930,712 | |||||||||
7.40%, 07/17/24 | RUB | 91,456 | 1,263,879 | |||||||||
7.60%, 07/20/22 | RUB | 29,628 | 417,084 | |||||||||
7.65%, 04/10/30 | RUB | 92,124 | 1,266,834 | |||||||||
7.70%, 03/23/33 | RUB | 95,629 | 1,318,945 | |||||||||
7.70%, 03/16/39 | RUB | 73,804 | 1,014,804 | |||||||||
7.75%, 09/16/26 | RUB | 81,116 | 1,122,003 | |||||||||
7.95%, 10/07/26 | RUB | 80,104 | 1,117,247 | |||||||||
8.15%, 02/03/27 | RUB | 74,310 | 1,046,393 | |||||||||
8.50%, 09/17/31 | RUB | 58,340 | 850,831 | |||||||||
|
| |||||||||||
22,998,673 | ||||||||||||
Serbia — 4.3% | ||||||||||||
Serbia Treasury Bonds | ||||||||||||
4.50%, 01/11/26 | RSD | 769,830 | 7,899,198 | |||||||||
4.50%, 08/20/32 | RSD | 779,930 | 7,907,125 | |||||||||
5.88%, 02/08/28 | RSD | 574,780 | 6,372,880 | |||||||||
|
| |||||||||||
22,179,203 | ||||||||||||
South Africa — 4.3% | ||||||||||||
Republic of South Africa Government Bond | ||||||||||||
6.25%, 03/31/36 | ZAR | 23,292 | 1,047,188 | |||||||||
6.50%, 02/28/41 | ZAR | 18,335 | 778,440 | |||||||||
7.00%, 02/28/31 | ZAR | 20,060 | 1,078,860 | |||||||||
7.75%, 02/28/23 | ZAR | 18,939 | 1,273,189 | |||||||||
8.00%, 01/31/30 | ZAR | 45,015 | 2,674,635 | |||||||||
8.25%, 03/31/32 | ZAR | 37,125 | 2,129,251 | |||||||||
8.50%, 01/31/37 | ZAR | 32,135 | 1,749,850 | |||||||||
8.75%, 01/31/44 | ZAR | 33,226 | 1,789,600 |
Security | Par (000) | Value | ||||||||||
South Africa (continued) | ||||||||||||
8.75%, 02/28/48 | ZAR | 53,092 | $ | 2,849,558 | ||||||||
8.88%, 02/28/35 | ZAR | 31,876 | 1,839,585 | |||||||||
9.00%, 01/31/40 | ZAR | 27,355 | 1,526,690 | |||||||||
10.50%, 12/21/26 | ZAR | 51,954 | 3,723,466 | |||||||||
|
| |||||||||||
22,460,312 | ||||||||||||
Thailand — 4.5% | ||||||||||||
Thailand Government Bond | ||||||||||||
0.75%, 06/17/24 | THB | 47,831 | 1,431,238 | |||||||||
0.95%, 06/17/25 | THB | 32,523 | 974,340 | |||||||||
1.45%, 12/17/24 | THB | 48,040 | 1,463,050 | |||||||||
1.59%, 12/17/35 | THB | 27,727 | 747,877 | |||||||||
1.60%, 12/17/29 | THB | 33,086 | 984,544 | |||||||||
1.60%, 06/17/35 | THB | 20,877 | 566,772 | |||||||||
1.88%, 06/17/22 | THB | 26,961 | 815,330 | |||||||||
2.00%, 12/17/22 | THB | 27,311 | 831,915 | |||||||||
2.00%, 12/17/31 | THB | 12,584 | 379,931 | |||||||||
2.00%, 06/17/42 | THB | 20,662 | 550,978 | |||||||||
2.13%, 12/17/26 | THB | 43,802 | 1,373,046 | |||||||||
2.40%, 12/17/23 | THB | 38,890 | 1,207,445 | |||||||||
2.88%, 12/17/28 | THB | 33,657 | 1,101,276 | |||||||||
2.88%, 06/17/46 | THB | 33,526 | 1,018,658 | |||||||||
3.30%, 06/17/38 | THB | 49,077 | 1,612,638 | |||||||||
3.40%, 06/17/36 | THB | 38,294 | 1,274,783 | |||||||||
3.63%, 06/16/23 | THB | 32,884 | 1,033,991 | |||||||||
3.65%, 06/20/31 | THB | 35,311 | 1,219,435 | |||||||||
3.78%, 06/25/32 | THB | 43,213 | 1,505,505 | |||||||||
3.85%, 12/12/25 | THB | 39,622 | 1,320,371 | |||||||||
4.26%, 12/12/37(c) | THB | 470 | 17,184 | |||||||||
4.88%, 06/22/29 | THB | 45,311 | 1,667,302 | |||||||||
|
| |||||||||||
23,097,609 | ||||||||||||
Turkey — 3.9% | ||||||||||||
Turkey Government Bond | ||||||||||||
7.10%, 03/08/23 | TRY | 13,374 | 1,222,426 | |||||||||
8.00%, 03/12/25 | TRY | 13,329 | 1,034,270 | |||||||||
8.50%, 09/14/22 | TRY | 8,938 | 869,667 | |||||||||
9.00%, 07/24/24 | TRY | 16,494 | 1,382,397 | |||||||||
10.40%, 03/20/24 | TRY | 6,649 | 589,239 | |||||||||
10.50%, 08/11/27 | TRY | 17,375 | 1,273,215 | |||||||||
10.60%, 02/11/26 | TRY | 22,991 | 1,833,014 | |||||||||
10.70%, 08/17/22 | TRY | 11,293 | 1,122,663 | |||||||||
11.00%, 02/24/27 | TRY | 14,953 | 1,143,908 | |||||||||
11.70%, 11/13/30 | TRY | 32,661 | 2,332,201 | |||||||||
12.20%, 01/18/23 | TRY | 19,757 | 1,939,943 | |||||||||
12.40%, 03/08/28 | TRY | 9,151 | 720,544 | |||||||||
12.60%, 10/01/25 | TRY | 34,917 | 3,028,997 | |||||||||
16.20%, 06/14/23 | TRY | 18,886 | 1,929,067 | |||||||||
|
| |||||||||||
20,421,551 | ||||||||||||
Uruguay — 4.3% | ||||||||||||
Uruguay Government International Bond | ||||||||||||
8.25%, 05/21/31 | UYU | 590,102 | 13,152,895 | |||||||||
8.50%, 03/15/28(c) | UYU | 391,489 | 9,039,139 | |||||||||
|
| |||||||||||
22,192,034 | ||||||||||||
|
| |||||||||||
Total Foreign Government Obligations — 97.3% | 503,676,431 | |||||||||||
|
|
50 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® J.P. Morgan EM Local Currency Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) | Value | ||||||||||
Short-Term Investments | ||||||||||||
Money Market Funds — 0.2% | ||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) | 1,000 | $ | 1,000,000 | |||||||||
|
| |||||||||||
Total Short-Term Investments — 0.2% (Cost: $1,000,000) |
| 1,000,000 | ||||||||||
|
| |||||||||||
Total Investments in Securities — 97.5% (Cost: $546,121,864) |
| 504,676,431 | ||||||||||
Other Assets, Less Liabilities — 2.5% |
| 12,750,909 | ||||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 517,427,340 | ||||||||||
|
|
(a) | Zero-coupon bond. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 (Depreciation) | Value at 10/31/21 | Shares Held at 10/31/21 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 290,000 | $ | 710,000 | (a) | $ | — | $ | — | $ | — | $ | 1,000,000 | 1,000 | $ | 213 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a 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 Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Government Obligations | $ | — | $ | 503,676,431 | $ | — | $ | 503,676,431 | ||||||||
Money Market Funds | 1,000,000 | — | — | 1,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,000,000 | $ | 503,676,431 | $ | — | $ | 504,676,431 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 51 |
Schedule of Investments October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Corporate Bonds & Notes |
| |||||||||||
Australia — 0.3% | ||||||||||||
Almirall SA Co., 2.13%, 09/30/26 | 0 | $ | — | |||||||||
FMG Resources August 2006 Pty Ltd. | ||||||||||||
4.38%, 04/01/31 | USD | 150 | 152,631 | |||||||||
4.50%, 09/15/27 | USD | 125 | 131,059 | |||||||||
5.13%, 05/15/24 | USD | 100 | 106,589 | |||||||||
Kaixo Bondco Telecom SA, | EUR | 100 | 114,412 | |||||||||
|
| |||||||||||
504,691 | ||||||||||||
Austria — 0.2% | ||||||||||||
ams AG, 6.00%, 07/31/25 | EUR | 100 | 122,037 | |||||||||
Novomatic AG, 1.63%, 09/20/23 | EUR | 100 | 113,759 | |||||||||
Signa Development Finance, | EUR | 100 | 100,023 | |||||||||
Wienerberger AG, 2.00%, 05/02/24(c) | EUR | 50 | 60,179 | |||||||||
|
| |||||||||||
395,998 | ||||||||||||
Belgium — 0.3% | ||||||||||||
Ideal Standard International SA, 6.38%, 07/30/26 | EUR | 100 | 108,181 | |||||||||
Ontex Group NV, 3.50%, 07/15/26 (Call 07/15/23)(c) | EUR | 100 | 110,167 | |||||||||
Telenet Finance Luxembourg Notes Sarl | ||||||||||||
3.50%, 03/01/28 (Call 12/01/22)(c) | EUR | 100 | 118,581 | |||||||||
5.50%, 03/01/28 (Call 12/01/22)(a) | USD | 200 | 208,440 | |||||||||
|
| |||||||||||
545,369 | ||||||||||||
Brazil — 0.5% | ||||||||||||
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 | USD | 200 | 197,500 | |||||||||
JBS USA Food Co., 7.00%, 01/15/26 | USD | 200 | 208,556 | |||||||||
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(a) | USD | 125 | 134,979 | |||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. | ||||||||||||
3.75%, 12/01/31 (Call 12/01/26)(a) | USD | 50 | 51,111 | |||||||||
5.50%, 01/15/30 (Call 01/15/25)(a) | USD | 110 | 120,301 | |||||||||
6.50%, 04/15/29 (Call 04/15/24)(a) | USD | 155 | 171,962 | |||||||||
|
| |||||||||||
884,409 | ||||||||||||
Canada — 2.8% | ||||||||||||
1011778 BC ULC/New Red Finance Inc. | ||||||||||||
3.50%, 02/15/29 (Call 02/15/24)(a) | USD | 110 | 106,538 | |||||||||
3.88%, 01/15/28 (Call 09/15/22)(a) | USD | 170 | 169,589 | |||||||||
4.00%, 10/15/30 (Call 10/15/25)(a) | USD | 300 | 289,875 | |||||||||
4.38%, 01/15/28 (Call 11/15/22)(a) | USD | 95 | 95,499 | |||||||||
5.75%, 04/15/25 (Call 04/15/22)(a) | USD | 65 | 67,756 | |||||||||
Air Canada | ||||||||||||
3.88%, 08/15/26 (Call 02/15/26)(a) | USD | 155 | 157,072 | |||||||||
4.63%, 08/15/29 (Call 02/15/26)(a) | CAD | 213 | 171,139 | |||||||||
Bausch Health Companies Inc. | ||||||||||||
5.00%, 02/15/29 (Call 02/15/24)(a) | USD | 85 | 77,988 | |||||||||
5.25%, 02/15/31 (Call 02/15/26)(a) | USD | 130 | 116,959 | |||||||||
Bombardier Inc. | ||||||||||||
6.00%, 02/15/28 (Call 02/15/24)(a) | USD | 80 | 80,619 | |||||||||
7.13%, 06/15/26 (Call 06/15/23)(a) | USD | 140 | 146,825 | |||||||||
7.50%, 12/01/24 (Call 11/29/21)(a) | USD | 75 | 78,094 | |||||||||
7.50%, 03/15/25 (Call 11/29/21)(a) | USD | 160 | 164,200 | |||||||||
7.88%, 04/15/27 (Call 04/15/22)(a) | USD | 220 | 228,717 | |||||||||
Brookfield Property Finance ULC, 4.00%, 09/30/26 (Call 08/30/26) | CAD | 50 | 40,466 |
Security | Par (000) | Value | ||||||||||
Canada (continued) | ||||||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC | ||||||||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) | USD | 50 | $ | 49,980 | ||||||||
6.25%, 09/15/27 (Call 09/15/22)(a)(b) | USD | 82 | 85,618 | |||||||||
CES Energy Solutions Corp., | CAD | 40 | 33,298 | |||||||||
Crew Energy Inc., 6.50%, 03/14/24 (Call 11/29/21)(a) | CAD | 40 | 32,206 | |||||||||
Emera Inc., Series 16-A, | USD | 150 | 176,082 | |||||||||
Garda World Security Corp. | ||||||||||||
4.63%, 02/15/27 (Call 02/15/23)(a) | USD | 75 | 74,438 | |||||||||
6.00%, 06/01/29 (Call 06/01/24)(a) | USD | 50 | 49,010 | |||||||||
9.50%, 11/01/27 (Call 11/01/22)(a) | USD | 75 | 80,912 | |||||||||
GFL Environmental Inc. | ||||||||||||
3.50%, 09/01/28 (Call 03/01/28)(a)(b) | USD | 100 | 99,599 | |||||||||
3.75%, 08/01/25 (Call 08/01/22)(a) | USD | 85 | 87,461 | |||||||||
4.00%, 08/01/28 (Call 08/01/23)(a)(b) | USD | 85 | 83,027 | |||||||||
4.25%, 06/01/25 (Call 06/01/22)(a)(b) | USD | 15 | 15,466 | |||||||||
4.38%, 08/15/29 (Call 08/15/24)(a) | USD | 55 | 54,522 | |||||||||
4.75%, 06/15/29 (Call 06/15/24)(a) | USD | 85 | 85,691 | |||||||||
5.13%, 12/15/26 (Call 12/15/22)(a) | USD | 59 | 61,773 | |||||||||
Kronos Acquisition Holdings Inc./KIK Custom Products Inc. | ||||||||||||
5.00%, 12/31/26 (Call 06/30/23)(a)(b) | USD | 10 | 9,912 | |||||||||
7.00%, 12/31/27 (Call 12/31/23)(a)(b) | USD | 70 | 67,271 | |||||||||
Mattamy Group Corp. | ||||||||||||
4.63%, 03/01/30 (Call 03/01/25)(a) | USD | 70 | 70,959 | |||||||||
5.25%, 12/15/27 (Call 12/15/22)(a) | USD | 65 | 67,728 | |||||||||
MEG Energy Corp. | ||||||||||||
5.88%, 02/01/29 (Call 02/01/24)(a) | USD | 75 | 77,156 | |||||||||
6.50%, 01/15/25 (Call 11/29/21)(a) | USD | 46 | 47,093 | |||||||||
7.13%, 02/01/27 (Call 02/01/23)(a) | USD | 100 | 105,150 | |||||||||
Methanex Corp. | ||||||||||||
5.13%, 10/15/27 (Call 04/15/27) | USD | 50 | 52,625 | |||||||||
5.25%, 12/15/29 (Call 09/15/29) | USD | 125 | 132,656 | |||||||||
NOVA Chemicals Corp. | ||||||||||||
4.25%, 05/15/29 (Call 05/15/24)(a)(b) | USD | 57 | 56,291 | |||||||||
4.88%, 06/01/24 (Call 03/03/24)(a) | USD | 105 | 109,475 | |||||||||
5.00%, 05/01/25 (Call 01/31/25)(a) | USD | 65 | 68,740 | |||||||||
5.25%, 06/01/27 (Call 03/03/27)(a) | USD | 115 | 120,606 | |||||||||
NuVista Energy Ltd., 7.88%, 07/23/26 (Call 07/23/23)(a) | CAD | 25 | 20,806 | |||||||||
Open Text Corp. | ||||||||||||
3.88%, 02/15/28 (Call 02/15/23)(a) | USD | 115 | 115,920 | |||||||||
5.88%, 06/01/26 (Call 11/29/21)(a)(b) | USD | 100 | 103,455 | |||||||||
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a) | USD | 90 | 91,207 | |||||||||
Parkland Corp. | ||||||||||||
4.50%, 10/01/29 (Call 10/01/24)(a) | USD | 85 | 85,531 | |||||||||
5.88%, 07/15/27 (Call 07/15/22)(a)(b) | USD | 65 | 68,617 | |||||||||
Parkland Corp./Canada, 3.88%, 06/16/26 (Call 06/16/23)(a) | CAD | 125 | 101,217 | |||||||||
Quebecor Media Inc., 5.75%, 01/15/23 | USD | 80 | 84,200 | |||||||||
Superior Plus LP, 4.25%, 05/18/28 | CAD | 50 | 40,876 | |||||||||
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 | USD | 10 | 10,188 | |||||||||
Telesat Canada/Telesat LLC | ||||||||||||
5.63%, 12/06/26 (Call 12/06/23)(a) | USD | 60 | 56,076 | |||||||||
6.50%, 10/15/27 (Call 10/15/22)(a)(b) | USD | 75 | 60,750 | |||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 | USD | 80 | 81,457 |
52 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Canada (continued) | ||||||||||||
Videotron Ltd. | ||||||||||||
3.13%, 01/15/31 (Call 01/15/26) | CAD | 25 | $ | 18,669 | ||||||||
3.63%, 06/15/28 (Call 06/15/24)(a) | CAD | 150 | 119,880 | |||||||||
3.63%, 06/15/29 (Call 06/15/24)(a) | USD | 50 | 50,175 | |||||||||
4.50%, 01/15/30 (Call 10/15/24) | CAD | 110 | 91,104 | |||||||||
5.13%, 04/15/27 | USD | 75 | 77,578 | |||||||||
5.38%, 06/15/24 (Call 03/15/24)(a) | USD | 75 | 80,804 | |||||||||
5.63%, 06/15/25 (Call 03/15/25) | CAD | 50 | 43,633 | |||||||||
5.75%, 01/15/26 (Call 11/15/21)(c) | CAD | 50 | 41,268 | |||||||||
|
| |||||||||||
5,489,492 | ||||||||||||
Cayman Islands — 0.1% | ||||||||||||
Seagate HDD Cayman, 4.13%, 01/15/31 | USD | 75 | 76,161 | |||||||||
UPCB Finance VII Ltd., 3.63%, 06/15/29 | EUR | 150 | 176,443 | |||||||||
|
| |||||||||||
252,604 | ||||||||||||
Denmark — 0.1% | ||||||||||||
DKT Finance ApS, 7.00%, 06/17/23 | EUR | 100 | 117,517 | |||||||||
|
| |||||||||||
Finland — 0.4% | ||||||||||||
Nokia OYJ | ||||||||||||
2.00%, 03/11/26 (Call 12/11/25)(c) | EUR | 200 | 241,101 | |||||||||
4.38%, 06/12/27 | USD | 115 | 123,867 | |||||||||
Teollisuuden Voima Oyj, 1.38%, 06/23/28 | EUR | 100 | 113,929 | |||||||||
Teollisuuden Voima OYJ | ||||||||||||
1.13%, 03/09/26 (Call 12/09/25)(c) | EUR | 100 | 115,427 | |||||||||
2.00%, 05/08/24 (Call 02/08/24)(c) | EUR | 100 | 119,369 | |||||||||
|
| |||||||||||
713,693 | ||||||||||||
France — 3.9% | ||||||||||||
Accor SA | ||||||||||||
3.00%, 02/04/26 (Call 11/04/25)(c) | EUR | 100 | 120,998 | |||||||||
3.63%, 09/17/23(c) | EUR | 100 | 122,604 | |||||||||
Altice France SA, 5.50%, 10/15/29 | USD | 50 | 49,034 | |||||||||
Altice France SA/France | ||||||||||||
2.13%, 02/15/25 (Call 02/15/22)(c) | EUR | 100 | 112,033 | |||||||||
4.13%, 01/15/29 (Call 09/15/23)(c) | EUR | 100 | 113,806 | |||||||||
5.13%, 01/15/29 (Call 09/15/23)(a) | USD | 75 | 72,954 | |||||||||
5.13%, 07/15/29 (Call 04/15/24)(a) | USD | 300 | 290,775 | |||||||||
5.50%, 01/15/28 (Call 09/15/22)(a) | USD | 100 | 100,375 | |||||||||
5.88%, 02/01/27 (Call 02/01/22)(c) | EUR | 200 | 241,538 | |||||||||
8.13%, 02/01/27 (Call 02/01/22)(a) | USD | 200 | 215,000 | |||||||||
Banijay Group SAS, 6.50%, 03/01/26 | EUR | 100 | 119,123 | |||||||||
Burger King France SAS, 6.00%, 05/01/24 | EUR | 100 | 117,119 | |||||||||
CAB SELAS, 3.38%, 02/01/28 | EUR | 100 | 114,850 | |||||||||
Casino Guichard Perrachon SA | ||||||||||||
3.58%, 02/07/25 (Call 11/07/24)(c) | EUR | 100 | 106,733 | |||||||||
4.50%, 03/07/24 (Call 12/07/23)(c) | EUR | 100 | 112,668 | |||||||||
4.56%, 01/25/23(c) | EUR | 100 | 115,133 | |||||||||
Chrome Bidco SASU | ||||||||||||
3.50%, 05/31/28 (Call 05/31/24)(c) | EUR | 100 | 115,574 | |||||||||
Series OCT, 3.50%, 05/31/28 | EUR | 100 | 115,590 | |||||||||
CMA CGM SA, 7.50%, 01/15/26 | EUR | 100 | 126,925 | |||||||||
Electricite de France SA, 5.63%, | USD | 200 | 212,820 | |||||||||
Elior Group SA, 3.75%, 07/15/26 | EUR | 100 | 118,176 | |||||||||
Elis SA | ||||||||||||
1.00%, 04/03/25 (Call 01/03/25)(c) | EUR | 100 | 114,668 | |||||||||
1.63%, 04/03/28 (Call 01/03/28)(c) | EUR | 100 | 114,492 | |||||||||
1.88%, 02/15/23 (Call 11/15/22)(c) | EUR | 100 | 116,916 | |||||||||
Elis Sa Co., 1.63%, 04/03/28 | EUR | 100 | 114,492 |
Security | Par (000) | Value | ||||||||||
France (continued) | ||||||||||||
Faurecia SE | ||||||||||||
2.63%, 06/15/25 (Call 11/29/21)(c) | EUR | 100 | $ | 116,854 | ||||||||
3.13%, 06/15/26 (Call 06/15/22)(c) | EUR | 100 | 117,678 | |||||||||
3.75%, 06/15/28 (Call 06/15/23)(c) | EUR | 100 | 119,765 | |||||||||
Fnac Darty SA, 2.63%, 05/30/26 | EUR | 100 | 117,652 | |||||||||
Foncia Management SASU, 3.38%, 03/31/28 | EUR | 100 | 113,456 | |||||||||
Getlink SE, 3.50%, 10/30/25 | EUR | 100 | 118,487 | |||||||||
Iliad Holding SAS | ||||||||||||
5.13%, 10/15/26 (Call 10/15/23)(c) | EUR | 100 | 118,830 | |||||||||
5.63%, 10/15/28 (Call 10/15/24)(c) | EUR | 100 | 119,302 | |||||||||
7.00%, 10/15/28 (Call 10/15/24)(a) | USD | 200 | 205,854 | |||||||||
La Financiere Atalian SASU, 4.00%, 05/15/24 | EUR | 100 | 113,607 | |||||||||
Loxam SAS | ||||||||||||
3.25%, 01/14/25 (Call 11/08/21)(c) | EUR | 125 | 144,426 | |||||||||
3.75%, 07/15/26 (Call 07/15/22)(c) | EUR | 100 | 116,522 | |||||||||
Orano SA | ||||||||||||
3.38%, 04/23/26 (Call 01/23/26)(c) | EUR | 100 | 124,078 | |||||||||
4.88%, 09/23/24 | EUR | 150 | 193,565 | |||||||||
Paprec Holding SA, 4.00%, 03/31/25 | EUR | 100 | 116,943 | |||||||||
Picard Bondco SA, 5.38%, 07/01/27 | EUR | 100 | 113,972 | |||||||||
Picard Groupe SA, 3.88%, 07/01/26 | EUR | 100 | 115,855 | |||||||||
Quatrim SASU, 5.88%, 01/15/24 | EUR | 100 | 118,724 | |||||||||
RCI Banque SA, 2.63%, 02/18/30 | EUR | 100 | 116,049 | |||||||||
Renault SA | ||||||||||||
1.00%, 03/08/23 (Call 12/08/22)(c) | EUR | 100 | 116,456 | |||||||||
1.00%, 11/28/25 (Call 08/28/25)(c) | EUR | 100 | 115,076 | |||||||||
1.13%, 10/04/27 (Call 07/04/27)(c) | EUR | 100 | 107,873 | |||||||||
1.25%, 06/24/25 (Call 03/24/25)(c) | EUR | 200 | 228,146 | |||||||||
2.00%, 09/28/26 (Call 06/28/26)(c) | EUR | 100 | 114,881 | |||||||||
2.38%, 05/25/26 (Call 02/25/26)(c) | EUR | 100 | 117,197 | |||||||||
Rexel SA, 2.75%, 06/15/26 | EUR | 125 | 146,881 | |||||||||
SPCM SA, 2.63%, 02/01/29 | EUR | 100 | 116,789 | |||||||||
SPIE SA, 2.63%, 06/18/26 | EUR | 100 | 119,822 | |||||||||
Tereos Finance Groupe I SA, 4.13%, 06/16/23 | EUR | 100 | 117,339 | |||||||||
Valeo | ||||||||||||
0.63%, 01/11/23 (Call 10/11/22)(c) | EUR | 100 | 116,210 | |||||||||
3.25%, 01/22/24(c) | EUR | 100 | 123,180 | |||||||||
Valeo SA, 1.63%, 03/18/26 (Call 12/18/25)(c) | EUR | 100 | 118,926 | |||||||||
Verallia SA, 1.63%, 05/14/28 (Call 02/14/28)(c) | EUR | 100 | 118,073 | |||||||||
|
| |||||||||||
7,472,864 | ||||||||||||
Germany — 3.9% | ||||||||||||
ADLER Group SA | ||||||||||||
1.88%, 01/14/26 (Call 10/14/25)(c) | EUR | 100 | 101,716 | |||||||||
2.75%, 11/13/26 (Call 08/13/26)(c) | EUR | 100 | 103,380 | |||||||||
3.25%, 08/05/25 (Call 05/05/25)(c) | EUR | 100 | 106,778 | |||||||||
Adler Pelzer Holding GmbH, 4.13%, 04/01/24 (Call 11/08/21)(c) | EUR | 100 | 106,125 | |||||||||
ADLER Real Estate AG, 3.00%, 04/27/26 | EUR | 100 | 108,979 | |||||||||
Bayer AG | ||||||||||||
2.38%, 11/12/79 (Call 02/12/25)(c)(d) | EUR | 100 | 115,434 | |||||||||
3.13%, 11/12/79 (Call 08/12/27)(c)(d) | EUR | 100 | 117,637 | |||||||||
3.75%, 07/01/74 (Call 07/01/24)(c)(d) | EUR | 100 | 120,572 | |||||||||
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(c)(d) | EUR | 100 | 124,631 | |||||||||
CeramTec BondCo GmbH, 5.25%, 12/15/25 | EUR | 100 | 117,182 |
S C H E D U L E O F I N V E S T M E N T S | 53 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
Commerzbank AG | ||||||||||||
4.00%, 03/30/27(c) | EUR | 130 | $ | 168,242 | ||||||||
4.00%, 12/05/30 (Call 09/05/25)(c)(d) | EUR | 200 | 250,533 | |||||||||
8.13%, 09/19/23(a)(b) | USD | 100 | 111,960 | |||||||||
CT Investment GmbH, 5.50%, 04/15/26 | EUR | 100 | 117,331 | |||||||||
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)(c) | EUR | 100 | 109,042 | |||||||||
Deutsche Bank AG | ||||||||||||
2.75%, 02/17/25(c) | EUR | 125 | 152,227 | |||||||||
4.30%, 05/24/28 (Call 05/24/23), | ||||||||||||
(5 year USD Swap + 2.248%)(d) | USD | 200 | 207,263 | |||||||||
5.63%, 05/19/31 (Call 02/19/26)(c)(d) | EUR | 200 | 271,273 | |||||||||
Deutsche Bank AG/New York NY | ||||||||||||
3.73%, 01/14/32 (Call 01/14/31)(d) | USD | 200 | 205,120 | |||||||||
4.88%, 12/01/32 (Call 12/01/27)(d) | USD | 200 | 217,146 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
3.00%, 05/29/26 (Call 02/28/26)(c) | EUR | 100 | 117,495 | |||||||||
3.50%, 07/14/29 (Call 04/14/29)(c) | EUR | 100 | 116,892 | |||||||||
Evonik Industries AG, 1.38%, 09/02/81 | EUR | 100 | 115,447 | |||||||||
Gruenenthal GMBH, 4.13%, 05/15/28 | EUR | 100 | 119,591 | |||||||||
HT Troplast GmbH, 9.25%, 07/15/25 | EUR | 100 | 124,529 | |||||||||
K+S AG, 2.63%, 04/06/23 (Call 01/06/23)(c) | EUR | 100 | 117,246 | |||||||||
KME SE, 6.75%, 02/01/23 (Call 11/29/21)(c) | EUR | 100 | 106,005 | |||||||||
LANXESS AG, 4.50%, 12/06/76 | EUR | 100 | 121,995 | |||||||||
Nidda BondCo GmbH, 5.00%, 09/30/25 | EUR | 100 | 113,927 | |||||||||
Nidda Healthcare Holding GmbH, | EUR | 100 | 113,778 | |||||||||
PCF GmbH, 4.75%, 04/15/26 | EUR | 100 | 117,515 | |||||||||
Peach Property Finance GmbH, | EUR | 100 | 115,473 | |||||||||
Phoenix PIB Dutch Finance BV, | EUR | 100 | 118,466 | |||||||||
ProGroup AG, 3.00%, 03/31/26 | EUR | 100 | 115,851 | |||||||||
RWE AG, 3.50%, 04/21/75 | EUR | 50 | 61,582 | |||||||||
Schaeffler AG | ||||||||||||
1.88%, 03/26/24 (Call 12/26/23)(c) | EUR | 100 | 118,144 | |||||||||
2.88%, 03/26/27 (Call 12/26/26)(c) | EUR | 100 | 124,384 | |||||||||
3.38%, 10/12/28 (Call 07/12/28)(c) | EUR | 100 | 127,737 | |||||||||
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23 (Call 11/08/21)(c) | EUR | 100 | 115,545 | |||||||||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 11/08/21)(c) | EUR | 88 | 104,160 | |||||||||
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/22)(c) | EUR | 100 | 113,253 | |||||||||
Tele Columbus AG, 3.88%, 05/02/25 | EUR | 100 | 114,686 | |||||||||
thyssenkrupp AG | ||||||||||||
1.88%, 03/06/23 (Call 02/06/23)(c) | EUR | 175 | 202,707 | |||||||||
2.88%, 02/22/24 (Call 11/22/23)(c) | EUR | 250 | 293,136 | |||||||||
TK Elevator Midco GmbH, 4.38%, 07/15/27 | EUR | 100 | 118,884 | |||||||||
TK Elevator U.S. Newco Inc., | USD | 150 | 152,670 | |||||||||
TUI Cruises GmbH, 6.50%, 05/15/26 | EUR | 100 | 118,414 | |||||||||
Vertical Holdco GmbH | ||||||||||||
6.63%, 07/15/28 (Call 07/15/23)(c) | EUR | 90 | 108,703 | |||||||||
7.63%, 07/15/28 (Call 07/15/23)(a) | USD | 50 | 52,969 | |||||||||
WEPA Hygieneprodukte GmbH, 2.88%, 12/15/27 (Call 12/15/22)(c) | EUR | 100 | 109,922 | |||||||||
ZF Europe Finance BV, 2.00%, 02/23/26 | EUR | 300 | 347,379 |
Security | Par (000) | Value | ||||||||||
Germany (continued) | ||||||||||||
ZF Finance GmbH | ||||||||||||
2.25%, 05/03/28 (Call 02/03/28)(c) | EUR | 100 | $ | 115,054 | ||||||||
2.75%, 05/25/27 (Call 02/25/27)(c) | EUR | 100 | 118,104 | |||||||||
3.75%, 09/21/28 (Call 06/21/28)(c) | EUR | 100 | 124,744 | |||||||||
ZF North America Capital Inc. | ||||||||||||
2.75%, 04/27/23(c) | EUR | 100 | 119,010 | |||||||||
4.75%, 04/29/25(a) | USD | 100 | 107,210 | |||||||||
|
| |||||||||||
7,535,178 | ||||||||||||
Greece — 0.5% | ||||||||||||
Alpha Bank SA, 2.50%, 03/23/28 | EUR | 100 | 111,218 | |||||||||
Ellaktor Value PLC, 6.38%, 12/15/24 | EUR | 100 | 111,756 | |||||||||
Eurobank SA, 2.00%, 05/05/27 | EUR | 200 | 223,066 | |||||||||
Intralot Capital Luxembourg SA, | EUR | 100 | 94,503 | |||||||||
Piraeus Financial Holdings SA, | EUR | 100 | 125,828 | |||||||||
Public Power Corp. SA | ||||||||||||
3.38%, 07/31/28 (Call 07/31/24)(c) | EUR | 100 | 117,477 | |||||||||
3.88%, 03/30/26 (Call 03/30/23)(c) | EUR | 100 | 119,116 | |||||||||
Titan Global Finance PLC, 2.38%, 11/16/24 | EUR | 100 | 117,937 | |||||||||
|
| |||||||||||
1,020,901 | ||||||||||||
Ireland — 0.5% | ||||||||||||
AerCap Holdings NV, 5.88%, 10/10/79 | USD | 200 | 208,332 | |||||||||
AIB Group PLC, 1.88%, 11/19/29 | EUR | 200 | 235,557 | |||||||||
Bank of Ireland Group PLC, 1.38%, 08/11/31 | EUR | 100 | 114,144 | |||||||||
eircom Finance DAC, 3.50%, 05/15/26 | EUR | 125 | 146,616 | |||||||||
Permanent TSB Group Holdings PLC, | EUR | 200 | 237,101 | |||||||||
|
| |||||||||||
941,750 | ||||||||||||
Israel — 1.2% | ||||||||||||
Energean Israel Finance Ltd. | ||||||||||||
4.50%, 03/30/24 (Call 12/30/23)(a) | USD | 75 | 76,485 | |||||||||
4.88%, 03/30/26 (Call 12/30/25)(a) | USD | 45 | 45,731 | |||||||||
5.38%, 03/30/28 (Call 09/30/27)(a) | USD | 70 | 70,665 | |||||||||
5.88%, 03/30/31 (Call 09/30/30)(a) | USD | 75 | 76,050 | |||||||||
Leviathan Bond Ltd. | ||||||||||||
5.75%, 06/30/23 (Call 03/30/23)(a) | USD | 75 | 77,842 | |||||||||
6.13%, 06/30/25 (Call 03/30/25)(a) | USD | 45 | 48,573 | |||||||||
6.50%, 06/30/27 (Call 12/30/26)(a) | USD | 55 | 60,124 | |||||||||
6.75%, 06/30/30 (Call 12/30/29)(a) | USD | 65 | 71,942 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV | ||||||||||||
1.13%, 10/15/24(c) | EUR | 200 | 222,731 | |||||||||
1.25%, 03/31/23 (Call 12/31/22)(c) | EUR | 100 | 115,037 | |||||||||
1.63%, 10/15/28(c) | EUR | 100 | 103,411 | |||||||||
1.88%, 03/31/27 (Call 12/31/26)(c) | EUR | 100 | 106,241 | |||||||||
4.50%, 03/01/25 (Call 12/01/24) | EUR | 100 | 118,812 | |||||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||||||
2.80%, 07/21/23 | USD | 250 | 251,825 | |||||||||
3.15%, 10/01/26(b) | USD | 375 | 353,333 | |||||||||
6.00%, 04/15/24 (Call 01/15/24)(b) | USD | 200 | 210,530 | |||||||||
6.75%, 03/01/28 (Call 12/01/27)(b) | USD | 200 | 219,771 | |||||||||
7.13%, 01/31/25 (Call 10/31/24) | USD | 100 | 107,344 | |||||||||
|
| |||||||||||
2,336,447 | ||||||||||||
Italy — 7.0% | ||||||||||||
ADLER Group SA, 2.25%, 04/27/27 | EUR | 100 | 100,176 | |||||||||
Alpha Services and Holdings SA, | EUR | 100 | 113,737 | |||||||||
Altice Financing SA, 2.25%, 01/15/25 | EUR | 100 | 111,398 |
54 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
Altice France SA/France, 4.00%, 07/15/29 (Call 04/15/24)(c) | EUR | 200 | $ | 225,517 | ||||||||
Atlantia SpA | ||||||||||||
1.63%, 02/03/25(c) | EUR | 100 | 118,442 | |||||||||
1.88%, 07/13/27 (Call 04/13/27)(c) | EUR | 100 | 119,842 | |||||||||
1.88%, 02/12/28 (Call 11/12/27)(c) | EUR | 100 | 119,604 | |||||||||
Autostrade per l’Italia SpA | ||||||||||||
1.13%, 11/04/21(c) | EUR | 100 | 115,544 | |||||||||
1.75%, 02/01/27(c) | EUR | 100 | 119,544 | |||||||||
1.88%, 09/26/29 (Call 06/26/29)(c) | EUR | 100 | 120,193 | |||||||||
2.00%, 12/04/28 (Call 09/04/28)(c) | EUR | 100 | 121,382 | |||||||||
2.00%, 01/15/30 (Call 10/15/29)(c) | EUR | 200 | 242,690 | |||||||||
Azzurra Aeroporti SpA, 2.63%, 05/30/27 | EUR | 100 | 119,024 | |||||||||
Banca Monte dei Paschi di Siena SpA | ||||||||||||
1.88%, 01/09/26(c) | EUR | 150 | 171,204 | |||||||||
3.63%, 09/24/24(c) | EUR | 100 | 118,535 | |||||||||
5.38%, 01/18/28 (Call 01/18/23)(c)(d) | EUR | 100 | 83,738 | |||||||||
10.50%, 07/23/29(c) | EUR | 100 | 104,708 | |||||||||
Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(c) | EUR | 100 | 119,856 | |||||||||
Banco BPM SpA | ||||||||||||
0.88%, 07/15/26(c) | EUR | 100 | 114,071 | |||||||||
1.75%, 01/28/25(c) | EUR | 100 | 118,714 | |||||||||
2.50%, 06/21/24(c) | EUR | 100 | 121,236 | |||||||||
3.25%, 01/14/31 (Call 01/14/26)(c)(d) | EUR | 100 | 117,599 | |||||||||
Banco Comercial Portugues SA, 3.87%, 03/27/30 (Call 03/27/25)(c)(d) | EUR | 100 | 117,987 | |||||||||
Banco de Sabadell SA, 1.13%, 03/27/25(c) | EUR | 100 | 116,455 | |||||||||
BPER Banca, 1.38%, 03/31/27 | EUR | 200 | 230,115 | |||||||||
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(c) | EUR | 100 | 114,519 | |||||||||
Catalent Pharma Solutions Inc., | EUR | 100 | 115,463 | |||||||||
Centurion Bidco SpA, 5.88%, 09/30/26 | EUR | 100 | 119,843 | |||||||||
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(c) | EUR | 100 | 114,872 | |||||||||
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(c) | EUR | 100 | 118,745 | |||||||||
Deutsche Lufthansa AG | ||||||||||||
2.00%, 07/14/24 (Call 06/14/24)(c) | EUR | 100 | 115,938 | |||||||||
2.88%, 02/11/25 (Call 01/11/25)(c) | EUR | 100 | 117,731 | |||||||||
3.75%, 02/11/28 (Call 11/11/27)(c) | EUR | 100 | 119,218 | |||||||||
Douglas GmbH, 6.00%, 04/08/26 | EUR | 100 | 114,645 | |||||||||
doValue SpA, 3.38%, 07/31/26 | EUR | 100 | 116,095 | |||||||||
eG Global Finance PLC, 6.25%, 10/30/25 (Call 11/29/21)(c) | EUR | 100 | 117,001 | |||||||||
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(c) | EUR | 100 | 111,869 | |||||||||
Esselunga SpA, 1.88%, 10/25/27 | EUR | 100 | 121,077 | |||||||||
Faurecia SE, 2.38%, 06/15/27 | EUR | 100 | 114,871 | |||||||||
Gamma Bidco SpA, 5.13%, 07/15/25 | EUR | 100 | 116,507 | |||||||||
Grifols SA | ||||||||||||
1.63%, 02/15/25 (Call 02/15/22)(c) | EUR | 100 | 115,203 | |||||||||
2.25%, 11/15/27 (Call 11/15/22)(c) | EUR | 100 | 115,561 | |||||||||
Guala Closures SpA, 3.25%, 06/15/28 | EUR | 100 | 113,906 | |||||||||
Iccrea Banca SpA, 4.75%, 01/18/32 | EUR | 100 | 117,030 | |||||||||
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)(c) | EUR | 100 | 114,762 | |||||||||
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(c) | EUR | 100 | 115,194 | |||||||||
Infrastrutture Wireless Italiane SpA | ||||||||||||
1.63%, 10/21/28 (Call 07/21/28)(c) | EUR | 100 | 116,526 | |||||||||
1.88%, 07/08/26 (Call 04/08/26)(c) | EUR | 100 | 119,362 |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)(c) | EUR | 100 | $ | 115,156 | ||||||||
Intesa Sanpaolo SpA | ||||||||||||
2.86%, 04/23/25(c) | EUR | 100 | 122,580 | |||||||||
3.93%, 09/15/26(c) | EUR | 100 | 128,159 | |||||||||
4.20%, 06/01/32 (Call 06/01/31)(a) | USD | 100 | 100,822 | |||||||||
5.02%, 06/26/24(a) | USD | 250 | 269,365 | |||||||||
5.15%, 06/10/30(c) | GBP | 100 | 152,838 | |||||||||
6.63%, 09/13/23(c) | EUR | 100 | 128,539 | |||||||||
Kleopatra Holdings 2 SCA, 6.50%, 09/01/26 (Call 03/01/23)(c) | EUR | 100 | 104,781 | |||||||||
Leonardo SpA, 1.50%, 06/07/24 | EUR | 100 | 117,608 | |||||||||
Mahle GmbH, 2.38%, 05/14/28 | EUR | 100 | 112,047 | |||||||||
Mediobanca Banca di Credito Finanziario SpA, 5.75%, 04/18/23 | EUR | 115 | 143,234 | |||||||||
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(c)(d) | EUR | 150 | 174,552 | |||||||||
Nexi SpA | ||||||||||||
1.63%, 04/30/26 (Call 01/30/26)(c) | EUR | 100 | 114,905 | |||||||||
1.75%, 10/31/24 (Call 07/31/24)(c) | EUR | 150 | 176,107 | |||||||||
2.13%, 04/30/29 (Call 01/30/29)(c) | EUR | 100 | 114,137 | |||||||||
Piaggio & C SpA, 3.63%, 04/30/25 | EUR | 100 | 117,598 | |||||||||
PPF Telecom Group BV, 3.50%, 05/20/24 | EUR | 100 | 122,625 | |||||||||
Rekeep SpA, 7.25%, 02/01/26 | EUR | 100 | 123,300 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 (Call 11/29/21)(c) | EUR | 100 | 119,482 | |||||||||
Saipem Finance International BV, 3.38%, 07/15/26 (Call 04/15/26)(c) | EUR | 100 | 117,448 | |||||||||
Sisal Group SpA, 7.00%, 07/31/23 | EUR | 69 | 79,467 | |||||||||
Societa Cattolica Di Assicurazione SPA, 4.25%, 12/14/47 (Call 12/14/27)(c)(d) | EUR | 100 | 129,882 | |||||||||
SoftBank Group Corp., 4.00%, 09/19/29 | EUR | 125 | 144,416 | |||||||||
Telecom Italia SpA/Milano | ||||||||||||
1.63%, 01/18/29 (Call 10/18/28)(c) | EUR | 100 | 109,778 | |||||||||
2.38%, 10/12/27 (Call 07/12/27)(c) | EUR | 100 | 116,482 | |||||||||
2.50%, 07/19/23(c) | EUR | 100 | 119,455 | |||||||||
2.75%, 04/15/25 (Call 01/15/25)(c) | EUR | 150 | 180,431 | |||||||||
2.88%, 01/28/26 (Call 10/28/25)(c) | EUR | 100 | 120,836 | |||||||||
3.00%, 09/30/25(c) | EUR | 100 | 121,353 | |||||||||
3.25%, 01/16/23(c) | EUR | 100 | 119,398 | |||||||||
3.63%, 01/19/24(c) | EUR | 100 | 122,434 | |||||||||
3.63%, 05/25/26(c) | EUR | 200 | 252,492 | |||||||||
4.00%, 04/11/24 (Call 01/11/24)(c) | EUR | 100 | 122,551 | |||||||||
5.30%, 05/30/24(a) | USD | 150 | 159,750 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 (Call 10/31/24) | EUR | 100 | 124,064 | |||||||||
UniCredit SpA | ||||||||||||
2.00%, 09/23/29 (Call 09/23/24)(c)(d) | EUR | 200 | 232,362 | |||||||||
2.73%, 01/15/32 (Call 01/15/27)(c)(d) | EUR | 200 | 234,949 | |||||||||
4.88%, 02/20/29 (Call 02/20/24)(c)(d) | EUR | 200 | 248,460 | |||||||||
5.46%, 06/30/35 (Call 06/30/30)(a)(d) | USD | 200 | 218,774 | |||||||||
5.86%, 06/19/32 (Call 06/19/27)(a)(d) | USD | 150 | 165,300 | |||||||||
7.30%, 04/02/34 (Call 04/02/29)(a)(d) | USD | 100 | 120,110 | |||||||||
Unione di Banche Italiane SpA, 5.88%, 03/04/29 (Call 03/04/24)(c)(d) | EUR | 100 | 128,288 | |||||||||
Unipol Gruppo SpA | ||||||||||||
3.00%, 03/18/25(c) | EUR | 100 | 125,215 | |||||||||
3.25%, 09/23/30 (Call 06/23/30)(c) | EUR | 100 | 132,987 | |||||||||
3.50%, 11/29/27 (Call 08/29/27)(c) | EUR | 100 | 131,546 | |||||||||
UnipolSai Assicurazioni SpA, 3.88%, 03/01/28(c) | EUR | 100 | 125,674 | |||||||||
Verde Bidco SpA, 4.63%, 10/01/26 | EUR | 100 | 116,972 |
S C H E D U L E O F I N V E S T M E N T S | 55 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Italy (continued) | ||||||||||||
Verisure Holding AB, 3.88%, 07/15/26 (Call 07/15/22)(c) | EUR | 100 | $ | 117,728 | ||||||||
Vodafone Group PLC | ||||||||||||
2.63%, 08/27/80 (Call 05/27/26)(c)(d) | EUR | 100 | 118,338 | |||||||||
3.00%, 08/27/80 (Call 05/27/30)(c)(d) | EUR | 100 | 117,654 | |||||||||
Webuild SpA, 1.75%, 10/26/24(c) | EUR | 200 | 230,911 | |||||||||
ZF Europe Finance BV, 3.00%, 10/23/29 (Call 07/23/29)(c) | EUR | 100 | 119,287 | |||||||||
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(c) | EUR | 100 | 113,730 | |||||||||
Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(c) | EUR | 100 | 115,321 | |||||||||
|
| |||||||||||
13,568,927 | ||||||||||||
Japan — 0.5% | ||||||||||||
Rakuten Group Inc. | ||||||||||||
5.13%, (Call 04/22/26)(a)(d)(e) | USD | 150 | 150,598 | |||||||||
6.25%, (Call 04/22/31)(a)(d)(e) | USD | 100 | 105,310 | |||||||||
SoftBank Group Corp. | ||||||||||||
2.13%, 07/06/24 (Call 04/06/24)(c) | EUR | 100 | 114,462 | |||||||||
2.88%, 01/06/27 (Call 10/06/26)(c) | EUR | 100 | 112,063 | |||||||||
3.13%, 09/19/25 (Call 06/21/25)(c) | EUR | 150 | 173,838 | |||||||||
3.88%, 07/06/32 (Call 04/06/32)(c) | EUR | 100 | 110,628 | |||||||||
4.00%, 04/20/23 (Call 01/20/23)(c) | EUR | 100 | 118,293 | |||||||||
5.00%, 04/15/28 (Call 01/16/28)(c) | EUR | 100 | 121,941 | |||||||||
|
| |||||||||||
1,007,133 | ||||||||||||
Jersey — 0.1% | ||||||||||||
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a) | USD | 150 | 164,186 | |||||||||
|
| |||||||||||
Luxembourg — 1.6% | ||||||||||||
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a) | USD | 200 | 201,876 | |||||||||
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)(c) | EUR | 100 | 116,069 | |||||||||
Altice Financing SA | ||||||||||||
4.25%, 08/15/29 (Call 08/15/24)(c) | EUR | 100 | 113,371 | |||||||||
5.00%, 01/15/28 (Call 01/15/23)(a) | USD | 200 | 192,875 | |||||||||
5.75%, 08/15/29 (Call 08/15/24)(a) | USD | 200 | 196,635 | |||||||||
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(c) | EUR | 100 | 109,841 | |||||||||
Altice France Holding SA | ||||||||||||
4.00%, 02/15/28 (Call 02/15/23)(c) | EUR | 100 | 107,904 | |||||||||
6.00%, 02/15/28 (Call 02/15/23)(a) | USD | 200 | 190,000 | |||||||||
8.00%, 05/15/27 (Call 05/15/22)(c) | EUR | 100 | 122,579 | |||||||||
10.50%, 05/15/27 (Call 05/15/22)(a) | USD | 150 | 162,562 | |||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28 (Call 05/15/24)(a)(b) | USD | 200 | 195,733 | |||||||||
Garfunkelux Holdco 3 SA | ||||||||||||
6.75%, 11/01/25 (Call 11/01/22)(c) | EUR | 100 | 119,748 | |||||||||
7.75%, 11/01/25 (Call 11/01/22)(c) | GBP | 100 | 141,759 | |||||||||
INEOS Finance PLC, 2.88%, 05/01/26 (Call 05/01/22)(c) | EUR | 100 | 116,686 | |||||||||
INEOS Group Holdings SA, 5.38%, 08/01/24 (Call 11/08/21)(c) | EUR | 100 | 115,526 | |||||||||
Matterhorn Telecom SA, 4.00%, 11/15/27 (Call 11/15/22)(c) | EUR | 100 | 117,139 | |||||||||
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(c) | EUR | 100 | 118,394 | |||||||||
Sani/Ikos Financial Holdings 1 Sarl, 5.63%, 12/15/26 (Call 07/15/23)(c) | EUR | 100 | 117,600 | |||||||||
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(c) | EUR | 100 | 120,808 | |||||||||
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(c) | EUR | 90 | 112,624 | |||||||||
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(c) | EUR | 100 | 120,511 |
Security | Par (000) | Value | ||||||||||
Luxembourg (continued) | ||||||||||||
Swissport Investments SA, 6.75%, 12/15/21 (Call 11/08/21)(c)(f)(g) | EUR | 100 | $ | 289 | ||||||||
Vivion Investments Sarl, 3.00%, 08/08/24(c) | EUR | 100 | 110,619 | |||||||||
|
| |||||||||||
3,021,148 | ||||||||||||
Macau — 0.6% | ||||||||||||
Melco Resorts Finance Ltd. | ||||||||||||
4.88%, 06/06/25 (Call 11/29/21)(a)(b) | USD | 200 | 198,279 | |||||||||
5.38%, 12/04/29 (Call 12/04/24)(a) | USD | 200 | 197,425 | |||||||||
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)(a) | USD | 50 | 48,048 | |||||||||
Studio City Finance Ltd. | ||||||||||||
5.00%, 01/15/29 (Call 01/15/24)(a) | USD | 125 | 113,125 | |||||||||
6.50%, 01/15/28 (Call 07/15/23)(a) | USD | 200 | 192,755 | |||||||||
Wynn Macau Ltd. | ||||||||||||
4.88%, 10/01/24 (Call 11/09/21)(a) | USD | 100 | 94,811 | |||||||||
5.13%, 12/15/29 (Call 12/15/24)(a) | USD | 125 | 112,638 | |||||||||
5.50%, 01/15/26 (Call 06/15/22)(a)(b) | USD | 100 | 94,211 | |||||||||
5.63%, 08/26/28 (Call 08/26/23)(a)(b) | USD | 200 | 186,676 | |||||||||
|
| |||||||||||
1,237,968 | ||||||||||||
Malaysia — 0.0% | ||||||||||||
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a) | USD | 100 | 101,122 | |||||||||
|
| |||||||||||
Netherlands — 1.6% | ||||||||||||
Intertrust Group BV, 3.38%, 11/15/25 (Call 11/15/21)(c) | EUR | 100 | 116,314 | |||||||||
IPD 3 BV, 5.50%, 12/01/25 (Call 12/01/22)(c) | EUR | 100 | 118,567 | |||||||||
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(d) | USD | 100 | 105,877 | |||||||||
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 11/29/21)(c) | EUR | 125 | 145,178 | |||||||||
Nobel Bidco BV, 3.13%, 06/15/28 (Call 06/15/24)(c) | EUR | 100 | 111,007 | |||||||||
Nobian Finance BV, 3.63%, 07/15/26 (Call 07/15/23)(c) | EUR | 100 | 111,765 | |||||||||
OCI NV, 3.13%, 11/01/24 (Call 11/29/21)(c) | EUR | 200 | 234,206 | |||||||||
PPF Telecom Group BV, 3.25%, 09/29/27 (Call 06/29/27)(c) | EUR | 175 | 218,428 | |||||||||
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(c) | EUR | 150 | 164,138 | |||||||||
Sensata Technologies BV | ||||||||||||
4.88%, 10/15/23(a) | USD | 50 | 53,091 | |||||||||
5.00%, 10/01/25(a) | USD | 50 | 54,682 | |||||||||
5.63%, 11/01/24(a) | USD | 50 | 55,125 | |||||||||
Sigma Holdco BV, 5.75%, 05/15/26 (Call 11/08/21)(c) | EUR | 100 | 106,760 | |||||||||
Titan Holdings II BV, 5.13%, 07/15/29 (Call 07/15/24)(c) | EUR | 100 | 114,072 | |||||||||
Trivium Packaging Finance BV | ||||||||||||
3.75%, 08/15/26 (Call 08/15/22)(c) | EUR | 100 | 116,023 | |||||||||
8.50%, 08/15/27 (Call 08/15/22)(a) | USD | 250 | 263,747 | |||||||||
United Group BV | ||||||||||||
3.63%, 02/15/28 (Call 02/15/23)(c) | EUR | 100 | 110,807 | |||||||||
4.63%, 08/15/28 (Call 08/15/24)(c) | EUR | 100 | 114,458 | |||||||||
4.88%, 07/01/24 (Call 11/29/21)(c) | EUR | 100 | 116,781 | |||||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a) | USD | 125 | 127,087 | |||||||||
Ziggo BV | ||||||||||||
4.25%, 01/15/27 (Call 01/15/22)(c) | EUR | 80 | 94,565 | |||||||||
4.88%, 01/15/30 (Call 10/15/24)(a) | USD | 200 | 203,125 | |||||||||
5.50%, 01/15/27 (Call 01/15/22)(a) | USD | 198 | 204,057 | |||||||||
|
| |||||||||||
3,059,860 | ||||||||||||
Norway — 0.1% | ||||||||||||
Adevinta ASA, 2.63%, 11/15/25 | EUR | 100 | 117,590 | |||||||||
|
| |||||||||||
Portugal — 0.5% | ||||||||||||
Banco Commercial Portugues, 1.75%, 04/07/28 (Call 04/07/27)(c)(d) | EUR | 100 | 112,675 | |||||||||
Caixa Geral de Depositos SA, 1.25%, 11/25/24(c) | EUR | 100 | 118,345 |
56 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Portugal (continued) | ||||||||||||
EDP - Energias de Portugal SA | ||||||||||||
1.70%, 07/20/80 (Call 04/20/25)(c)(d) | EUR | 100 | $ | 115,783 | ||||||||
1.88%, 08/02/81 (Call 05/02/26)(c)(d) | EUR | 100 | 115,796 | |||||||||
4.50%, 04/30/79 (Call 01/30/24)(c)(d) | EUR | 100 | 124,504 | |||||||||
Energias De Portugal SA, 1.50%, 03/14/82 (Call 12/14/26)(c)(d) | EUR | 100 | 112,830 | |||||||||
Novo Banco SA, 3.50%, 07/23/24 (Call 07/23/23)(c)(d) | EUR | 100 | 114,147 | |||||||||
Saipem Finance International BV, 3.13%, 03/31/28 (Call 12/31/27)(c) | EUR | 100 | 115,313 | |||||||||
Transportes Aereos Portugueses SA, 5.63%, 12/02/24 (Call 06/02/24)(c) | EUR | 100 | 94,320 | |||||||||
|
| |||||||||||
1,023,713 | ||||||||||||
Singapore — 0.1% | ||||||||||||
Puma International Financing SA, 5.13%, 10/06/24 (Call 11/09/21)(a) | USD | 200 | 201,222 | |||||||||
|
| |||||||||||
Spain — 1.7% | ||||||||||||
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(c)(d) | EUR | 100 | 124,763 | |||||||||
Banco de Sabadell SA | ||||||||||||
1.75%, 05/10/24(c) | EUR | 200 | 237,514 | |||||||||
5.38%, 12/12/28 (Call 12/12/23)(c)(d) | EUR | 100 | 126,011 | |||||||||
Banco do Brasil SA/Cayman, 1.75%, 03/09/28 (Call 03/09/27)(c)(d) | EUR | 100 | 113,254 | |||||||||
Cellenex Finance Co. | ||||||||||||
1.00%, 09/15/27 (Call 06/15/27)(c) | EUR | 100 | 111,781 | |||||||||
2.00%, 09/15/32 (Call 06/15/32)(c) | EUR | 100 | 110,893 | |||||||||
Cellnex Finance Co. SA | ||||||||||||
0.75%, 11/15/26 (Call 08/15/26)(c) | EUR | 100 | 113,121 | |||||||||
1.25%, 01/15/29 (Call 10/15/28)(c) | EUR | 100 | 110,612 | |||||||||
1.50%, 06/08/28 (Call 03/08/28)(c) | EUR | 200 | 227,276 | |||||||||
2.00%, 02/15/33 (Call 11/15/32)(c) | EUR | 100 | 109,979 | |||||||||
Cellnex Telecom SA | ||||||||||||
1.75%, 10/23/30 (Call 07/23/30)(c) | EUR | 100 | 111,506 | |||||||||
1.88%, 06/26/29 (Call 03/26/29) | EUR | 100 | 115,006 | |||||||||
2.88%, 04/18/25 (Call 01/18/25)(c) | EUR | 100 | 123,450 | |||||||||
Cirsa Finance International, 4.50%, 03/15/27 (Call 09/15/23)(c) | EUR | 100 | 113,864 | |||||||||
Cirsa Finance International Sarl, 6.25%, 12/20/23 (Call 11/08/21)(c) | EUR | 85 | 99,351 | |||||||||
ContourGlobal Power Holdings SA, 2.75%, 01/01/26 (Call 01/01/23)(c) | EUR | 100 | 114,491 | |||||||||
eDreams ODIGEO SA, 5.50%, 09/01/23 (Call 11/08/21)(c) | EUR | 100 | 114,721 | |||||||||
El Corte Ingles SA, 3.00%, 03/15/24 (Call 11/08/21)(c) | EUR | 100 | 116,165 | |||||||||
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(c) | EUR | 250 | 289,300 | |||||||||
Grifols SA, 3.20%, 05/01/25 (Call 11/29/21)(c) | EUR | 100 | 115,686 | |||||||||
Grupo Antolin Irausa, 3.50%, 04/30/28 (Call 04/30/24)(c) | EUR | 100 | 107,742 | |||||||||
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(c)(d) | EUR | 100 | 116,420 | |||||||||
Lorca Telecom Bondco, 4.00%, 09/18/27 (Call 09/30/23)(c) | EUR | 150 | 174,334 | |||||||||
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(c) | EUR | 100 | 116,264 | |||||||||
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(c)(d) | EUR | 100 | 124,660 | |||||||||
|
| |||||||||||
3,338,164 | ||||||||||||
Sweden — 0.8% | ||||||||||||
Akelius Residential Property AB, 3.88%, 10/05/78 (Call 07/08/23)(c)(d) | EUR | 100 | 120,924 | |||||||||
Dometic Group AB, 2.00%, 09/29/28 (Call 06/29/28)(c) | EUR | 100 | 113,227 |
Security | Par (000) | Value | ||||||||||
Sweden (continued) | ||||||||||||
Fastighets AB Balder, 3.00%, 03/07/78 (Call 03/07/23)(c)(d) | EUR | 100 | $ | 115,885 | ||||||||
Heimstaden AB, 4.25%, 03/09/26 (Call 12/09/25)(c) | EUR | 100 | 115,772 | |||||||||
Intrum AB | ||||||||||||
3.13%, 07/15/24 (Call 11/29/21)(c) | EUR | 100 | 115,627 | |||||||||
3.50%, 07/15/26 (Call 07/15/22)(c) | EUR | 200 | 230,553 | |||||||||
4.88%, 08/15/25 (Call 08/15/22)(c) | EUR | 100 | 119,437 | |||||||||
Verisure Holding AB, 3.25%, 02/15/27 (Call 02/15/23)(c) | EUR | 100 | 115,212 | |||||||||
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(c) | EUR | 200 | 234,278 | |||||||||
Volvo Car AB | ||||||||||||
2.00%, 01/24/25 (Call 10/24/24)(c) | EUR | 100 | 119,703 | |||||||||
2.13%, 04/02/24 (Call 01/02/24)(c) | EUR | 100 | 119,257 | |||||||||
|
| |||||||||||
1,519,875 | ||||||||||||
Switzerland — 0.1% | ||||||||||||
Dufry One BV | ||||||||||||
2.50%, 10/15/24 (Call 11/29/21)(c) | EUR | 100 | 113,737 | |||||||||
3.38%, 04/15/28 (Call 04/15/24)(c) | EUR | 100 | 113,542 | |||||||||
|
| |||||||||||
227,279 | ||||||||||||
United Kingdom — 4.9% | ||||||||||||
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 11/29/21)(c) | GBP | 100 | 138,922 | |||||||||
B&M European Value Retail SA, 3.63%, 07/15/25 (Call 07/15/22)(c) | GBP | 100 | 139,726 | |||||||||
BCP Modular Services, 4.75%, 11/30/28 (Call 11/30/24)(c) | EUR | 150 | 173,090 | |||||||||
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (Call 02/24/23)(c) | GBP | 175 | 229,112 | |||||||||
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(c) | GBP | 100 | 129,109 | |||||||||
Centrica PLC, 5.25%, 04/10/75 | GBP | 100 | 145,123 | |||||||||
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(c) | EUR | 100 | 113,417 | |||||||||
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a) | USD | 250 | 259,375 | |||||||||
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 07/15/23)(c) | GBP | 100 | 131,695 | |||||||||
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(c) | GBP | 100 | 135,950 | |||||||||
EC Finance PLC, 3.00%, 10/15/26 (Call 10/15/23)(c) | EUR | 100 | 116,655 | |||||||||
eG Global Finance PLC | ||||||||||||
4.38%, 02/07/25 (Call 11/29/21)(c) | EUR | 100 | 113,881 | |||||||||
6.75%, 02/07/25 (Call 11/09/21)(a) | USD | 200 | 204,822 | |||||||||
Gatwick Airport Finance PLC, 4.38%, 04/07/26 (Call 04/07/23)(c) | GBP | 100 | 138,426 | |||||||||
Heathrow Finance PLC, 4.38%, 03/01/27(c)(h) | GBP | 100 | 138,354 | |||||||||
Iceland Bondco PLC, 4.63%, 03/15/25 (Call 03/15/22)(c) | GBP | 100 | 125,638 | |||||||||
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(c) | EUR | 100 | 112,387 | |||||||||
International Consolidated Airlines Group SA, 3.75%, 03/25/29 (Call 12/25/28)(c) | EUR | 100 | 114,685 | |||||||||
International Personal Finance PLC, 9.75%, 11/12/25 (Call 11/12/22) | EUR | 100 | 124,432 | |||||||||
Jaguar Land Rover Automotive PLC | ||||||||||||
3.88%, 03/01/23(c) | GBP | 100 | 137,577 | |||||||||
4.50%, 01/15/26 (Call 10/15/25)(c) | EUR | 100 | 117,411 | |||||||||
4.50%, 07/15/28 (Call 07/15/24)(c) | EUR | 100 | 114,833 | |||||||||
5.63%, 02/01/23 (Call 11/29/21)(a) | USD | 150 | 150,604 | |||||||||
5.88%, 01/15/28 (Call 01/15/24)(a) | USD | 150 | 149,625 | |||||||||
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/22)(c) | GBP | 100 | 138,518 | |||||||||
Maison Finco PLC, 6.00%, 10/31/27 (Call 10/31/23)(c) | GBP | 100 | 139,043 | |||||||||
Marks & Spencer PLC | ||||||||||||
3.75%, 05/19/26 (Call 02/19/26)(c) | GBP | 100 | 140,848 | |||||||||
6.00%, 06/12/25(c) | GBP | 100 | 150,453 | |||||||||
Metro Bank PLC, 5.50%, 06/26/28 (Call 06/26/23)(c)(d) | GBP | 100 | 85,709 |
S C H E D U L E O F I N V E S T M E N T S | 57 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United Kingdom (continued) | ||||||||||||
Modulaire Global Finance PLC, 6.50%, 02/15/23 (Call 11/08/21)(c) | EUR | 100 | $ | 117,341 | ||||||||
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)(c) | EUR | 100 | 120,652 | |||||||||
NGG Finance PLC | ||||||||||||
1.63%, 12/05/79 (Call 09/05/24)(c)(d) | EUR | 100 | 116,305 | |||||||||
2.13%, 09/05/82 (Call 06/05/27)(c)(d) | EUR | 100 | 116,094 | |||||||||
5.63%, 06/18/73 (Call 06/18/25)(c)(d) | GBP | 100 | 148,653 | |||||||||
Nomad Foods Bondco PLC, 2.50%, 06/24/28 (Call 06/24/24)(c) | EUR | 100 | 114,779 | |||||||||
Ocado Group PLC, 3.88%, 10/08/26 (Call 10/08/23)(c) | GBP | 100 | 133,495 | |||||||||
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/26 (Call 09/15/23)(c) | EUR | 100 | 118,990 | |||||||||
Pinewood Finance Co. Ltd., 3.25%, 09/30/25 (Call 11/29/21)(c) | GBP | 100 | 136,979 | |||||||||
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 01/15/22)(c) | EUR | 100 | 117,531 | |||||||||
Playtech PLC, 4.25%, 03/07/26 | EUR | 100 | 118,545 | |||||||||
Punch Finance PLC, 6.13%, 06/30/26 (Call 06/30/23)(c) | GBP | 100 | 137,013 | |||||||||
Rolls-Royce PLC | ||||||||||||
0.88%, 05/09/24 (Call 02/09/24)(c) | EUR | 100 | 114,822 | |||||||||
1.63%, 05/09/28 (Call 02/09/28)(c) | EUR | 100 | 111,369 | |||||||||
3.38%, 06/18/26 | GBP | 100 | 137,303 | |||||||||
4.63%, 02/16/26 (Call 11/16/25)(c) | EUR | 100 | 128,344 | |||||||||
5.75%, 10/15/27 (Call 07/15/27)(a) | USD | 200 | 221,950 | |||||||||
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(c) | EUR | 100 | 115,022 | |||||||||
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(c) | GBP | 100 | 141,832 | |||||||||
Synthomer PLC, 3.88%, 07/01/25 (Call 07/01/22)(c) | EUR | 100 | 118,698 | |||||||||
Thames Water Utilities Finance PLC, 5.75%, 09/13/30 (Call 09/13/22)(d) | GBP | 125 | 176,911 | |||||||||
TI Automotive Finance PLC, 3.75%, 04/15/29 (Call 04/15/24)(c) | EUR | 100 | 115,607 | |||||||||
Very Group Funding PLC (The), 6.50%, 08/01/26 (Call 08/01/23)(c) | GBP | 100 | 136,018 | |||||||||
Victoria PLC, 3.63%, 08/24/26 | EUR | 100 | 116,626 | |||||||||
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a) | USD | 100 | 99,559 | |||||||||
Virgin Media Secured Finance PLC | ||||||||||||
4.25%, 01/15/30 (Call 10/15/24)(c) | GBP | 150 | 204,187 | |||||||||
5.00%, 04/15/27 (Call 04/15/22)(c) | GBP | 100 | 141,082 | |||||||||
5.50%, 05/15/29 (Call 05/15/24)(a) | USD | 200 | 210,622 | |||||||||
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/23)(c) | GBP | 100 | 137,112 | |||||||||
Vmed O2 UK Financing I PLC | ||||||||||||
3.25%, 01/31/31 (Call 01/31/26)(c) | EUR | 150 | 173,664 | |||||||||
4.00%, 01/31/29 (Call 01/31/24)(c) | GBP | 100 | 135,050 | |||||||||
4.25%, 01/31/31 (Call 01/31/26)(a) | USD | 200 | 194,760 | |||||||||
4.75%, 07/15/31 (Call 07/15/26)(a) | USD | 150 | 150,762 | |||||||||
Vodafone Group PLC | ||||||||||||
3.10%, 01/03/79 (Call 10/03/23)(c)(d) | EUR | 200 | 238,741 | |||||||||
3.25%, 06/04/81 (Call 06/04/26)(d) | USD | 50 | 49,925 | |||||||||
4.13%, 06/04/81 (Call 03/04/31)(d) | USD | 125 | 124,384 | |||||||||
4.88%, 10/03/78 (Call 07/03/25)(c)(d) | GBP | 100 | 144,504 | |||||||||
7.00%, 04/04/79 (Call 01/04/29)(d) | USD | 250 | 301,250 | |||||||||
|
| |||||||||||
9,545,901 | ||||||||||||
United States — 63.6% | ||||||||||||
Acrisure LLC/Acrisure Finance Inc. | ||||||||||||
4.25%, 02/15/29 (Call 02/15/24)(a) | USD | 70 | 67,644 | |||||||||
6.00%, 08/01/29 (Call 08/01/24)(a) | USD | 60 | 58,951 | |||||||||
7.00%, 11/15/25 (Call 11/29/21)(a) | USD | 115 | 116,284 | |||||||||
10.13%, 08/01/26 (Call 08/01/22)(a) | USD | 30 | 33,280 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
AdaptHealth LLC | ||||||||||||
4.63%, 08/01/29 (Call 02/01/24)(a) | USD | 50 | $ | 49,511 | ||||||||
5.13%, 03/01/30 (Call 03/01/25)(a) | USD | 85 | 85,396 | |||||||||
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(c) | EUR | 100 | 116,901 | |||||||||
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)(a) | USD | 60 | 64,243 | |||||||||
ADT Security Corp. (The) | ||||||||||||
4.13%, 06/15/23 | USD | 90 | 93,609 | |||||||||
4.13%, 08/01/29 (Call 08/01/28)(a) | USD | 125 | 123,505 | |||||||||
Albertsons Companies Inc./ | ||||||||||||
3.25%, 03/15/26 (Call 09/15/22)(a) | USD | 55 | 55,941 | |||||||||
3.50%, 02/15/23 (Call 12/15/22)(a) | USD | 60 | 61,051 | |||||||||
3.50%, 03/15/29 (Call 09/15/23)(a)(b) | USD | 150 | 147,985 | |||||||||
4.63%, 01/15/27 (Call 01/15/23)(a) | USD | 170 | 177,437 | |||||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) | USD | 100 | 107,216 | |||||||||
5.88%, 02/15/28 (Call 08/15/22)(a) | USD | 125 | 132,916 | |||||||||
7.50%, 03/15/26 (Call 03/15/22)(a) | USD | 75 | 80,719 | |||||||||
Alcoa Nederland Holding BV, 6.13%, 05/15/28 (Call 05/15/23)(a) | USD | 200 | 214,660 | |||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||||||
4.25%, 10/15/27 (Call 10/15/23)(a) | USD | 115 | 115,122 | |||||||||
5.88%, 11/01/29 (Call 11/01/24)(a) | USD | 30 | 30,152 | |||||||||
6.75%, 10/15/27 (Call 10/15/22)(a) | USD | 130 | 134,471 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | ||||||||||||
6.00%, 06/01/29 (Call 06/01/24)(a)(b) | USD | 200 | 197,252 | |||||||||
6.63%, 07/15/26 (Call 07/15/22)(a) | USD | 170 | 178,819 | |||||||||
9.75%, 07/15/27 (Call 07/15/22)(a) | USD | 115 | 124,103 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a) | USD | 150 | 148,975 | |||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(c) | EUR | 100 | 113,259 | |||||||||
Allison Transmission Inc. | ||||||||||||
3.75%, 01/30/31 (Call 01/30/26)(a) | USD | 110 | 105,737 | |||||||||
4.75%, 10/01/27 (Call 10/01/22)(a) | USD | 50 | 52,009 | |||||||||
5.88%, 06/01/29 (Call 06/01/24)(a)(b) | USD | 45 | 48,530 | |||||||||
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25) | USD | 155 | 175,863 | |||||||||
AMC Entertainment Holdings Inc. | ||||||||||||
10.50%, 04/15/25 (Call 04/15/22)(a)(b) | USD | 50 | 53,750 | |||||||||
10.50%, 04/24/26 (Call 06/15/22)(a) | USD | 92 | 98,769 | |||||||||
AMC Networks Inc. | ||||||||||||
4.25%, 02/15/29 (Call 02/15/24) | USD | 125 | 123,125 | |||||||||
4.75%, 08/01/25 (Call 11/29/21)(b) | USD | 50 | 51,250 | |||||||||
5.00%, 04/01/24 (Call 11/29/21) | USD | 71 | 71,858 | |||||||||
American Airlines Group Inc., | USD | 65 | 59,303 | |||||||||
American Airlines Inc., 11.75%, 07/15/25(a) | USD | 300 | 371,625 | |||||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd. | ||||||||||||
5.50%, 04/20/26(a) | USD | 380 | 398,382 | |||||||||
5.75%, 04/20/29(a) | USD | 335 | 360,544 | |||||||||
American Axle & Manufacturing Inc. | ||||||||||||
5.00%, 10/01/29 (Call 10/01/24) | USD | 75 | 71,523 | |||||||||
6.25%, 03/15/26 (Call 11/09/21)(b) | USD | 50 | 51,438 | |||||||||
6.50%, 04/01/27 (Call 04/01/22) | USD | 60 | 62,625 | |||||||||
6.88%, 07/01/28 (Call 07/01/23)(b) | USD | 50 | 53,105 | |||||||||
American Builders & Contractors Supply Co. Inc. | ||||||||||||
3.88%, 11/15/29 (Call 11/15/24)(a) | USD | 50 | 49,172 | |||||||||
4.00%, 01/15/28 (Call 01/15/23)(a) | USD | 75 | 76,201 |
58 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||||||
5.50%, 05/20/25 (Call 02/20/25) | USD | 65 | $ | 70,562 | ||||||||
5.63%, 05/20/24 (Call 03/20/24) | USD | 60 | 64,881 | |||||||||
5.75%, 05/20/27 (Call 02/20/27) | USD | 50 | 55,813 | |||||||||
5.88%, 08/20/26 (Call 05/20/26)(b) | USD | 75 | 83,766 | |||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | ||||||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) | USD | 95 | 99,037 | |||||||||
5.75%, 03/01/27 (Call 03/01/22)(a) | USD | 60 | 62,055 | |||||||||
5.75%, 01/15/28 (Call 01/15/23)(a) | USD | 80 | 83,700 | |||||||||
7.88%, 05/15/26 (Call 05/15/23)(a) | USD | 50 | 54,563 | |||||||||
Antero Resources Corp. | ||||||||||||
5.00%, 03/01/25 (Call 11/29/21) | USD | 75 | 76,088 | |||||||||
5.38%, 03/01/30 (Call 03/01/25)(a) | USD | 60 | 63,549 | |||||||||
7.63%, 02/01/29 (Call 02/01/24)(a) | USD | 85 | 94,138 | |||||||||
8.38%, 07/15/26 (Call 01/15/24)(a) | USD | 42 | 47,198 | |||||||||
Apache Corp. | ||||||||||||
4.25%, 01/15/30 (Call 10/15/29)(b) | USD | 75 | 79,776 | |||||||||
4.38%, 10/15/28 (Call 07/15/28)(b) | USD | 75 | 80,311 | |||||||||
4.63%, 11/15/25 (Call 08/15/25) | USD | 15 | 16,170 | |||||||||
APX Group Inc. | ||||||||||||
5.75%, 07/15/29 (Call 07/15/24)(a)(b) | USD | 90 | 89,093 | |||||||||
6.75%, 02/15/27 (Call 02/15/23)(a) | USD | 55 | 58,095 | |||||||||
Aramark Services Inc. | ||||||||||||
5.00%, 04/01/25 (Call 11/29/21)(a)(b) | USD | 75 | 76,781 | |||||||||
5.00%, 02/01/28 (Call 02/01/23)(a) | USD | 120 | 123,339 | |||||||||
6.38%, 05/01/25 (Call 05/01/22)(a) | USD | 145 | 152,623 | |||||||||
Arches Buyer Inc. | ||||||||||||
4.25%, 06/01/28 (Call 12/01/23)(a) | USD | 80 | 80,605 | |||||||||
6.13%, 12/01/28 (Call 12/01/23)(a) | USD | 50 | 50,438 | |||||||||
Archrock Partners LP/Archrock Partners Finance Corp. | ||||||||||||
6.25%, 04/01/28 (Call 04/01/23)(a) | USD | 90 | 93,438 | |||||||||
6.88%, 04/01/27 (Call 04/01/22)(a) | USD | 65 | 67,748 | |||||||||
Arconic Corp. | ||||||||||||
6.00%, 05/15/25 (Call 05/15/22)(a) | USD | 70 | 73,370 | |||||||||
6.13%, 02/15/28 (Call 02/15/23)(a) | USD | 90 | 94,950 | |||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28 (Call 05/15/24)(c) | EUR | 100 | 114,079 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||||||
2.13%, 08/15/26 (Call 08/15/22)(c) | EUR | 225 | 256,434 | |||||||||
5.25%, 08/15/27 (Call 08/15/22)(a) | USD | 350 | 349,125 | |||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. | ||||||||||||
5.88%, 06/30/29 (Call 09/01/24)(a) | USD | 50 | 50,603 | |||||||||
7.00%, 11/01/26 (Call 11/29/21)(a) | USD | 50 | 51,633 | |||||||||
AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)(a)(b) | USD | 75 | 74,541 | |||||||||
Avantor Funding Inc. | ||||||||||||
2.63%, 11/01/25 (Call 11/01/22)(c) | EUR | 100 | 118,093 | |||||||||
3.88%, 11/01/29 (Call 11/01/24)(a) | USD | 85 | 85,125 | |||||||||
4.63%, 07/15/28 (Call 07/15/23)(a) | USD | 180 | 186,741 | |||||||||
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)(b) | USD | 100 | 104,246 | |||||||||
Avient Corp., 5.75%, 05/15/25 (Call 05/15/22)(a) | USD | 95 | 99,465 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. | ||||||||||||
4.75%, 04/01/28 (Call 04/01/24)(a) | USD | 50 | 51,837 | |||||||||
5.38%, 03/01/29 (Call 03/01/24)(a)(b) | USD | 40 | 42,197 | |||||||||
5.75%, 07/15/27 (Call 07/15/22)(a)(b) | USD | 55 | 57,496 | |||||||||
Avis Budget Finance PLC, 4.75%, 01/30/26 (Call 11/29/21)(c) | EUR | 100 | 117,234 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b) | USD | 150 | $ | 142,869 | ||||||||
B&G Foods Inc. | ||||||||||||
5.25%, 04/01/25 (Call 11/29/21) | USD | 65 | 66,414 | |||||||||
5.25%, 09/15/27 (Call 03/01/22) | USD | 70 | 71,825 | |||||||||
Ball Corp. | ||||||||||||
2.88%, 08/15/30 (Call 05/15/30) | USD | 125 | 120,312 | |||||||||
3.13%, 09/15/31 (Call 06/15/31) | USD | 95 | 92,388 | |||||||||
4.00%, 11/15/23 | USD | 100 | 105,127 | |||||||||
4.38%, 12/15/23 | EUR | 200 | 249,864 | |||||||||
4.88%, 03/15/26 (Call 12/15/25)(b) | USD | 95 | 104,151 | |||||||||
5.25%, 07/01/25 | USD | 125 | 139,352 | |||||||||
Bath & Body Works Inc. | ||||||||||||
5.25%, 02/01/28 | USD | 65 | 69,908 | |||||||||
6.63%, 10/01/30 (Call 10/01/25)(a) | USD | 85 | 95,094 | |||||||||
7.50%, 06/15/29 (Call 06/15/24) | USD | 65 | 73,255 | |||||||||
Bausch Health Americas Inc. | ||||||||||||
8.50%, 01/31/27 (Call 07/31/22)(a) | USD | 195 | 207,339 | |||||||||
9.25%, 04/01/26 (Call 04/01/22)(a) | USD | 165 | 175,504 | |||||||||
Bausch Health Companies Inc. | ||||||||||||
4.88%, 06/01/28 (Call 06/01/24)(a)(b) | USD | 175 | 180,215 | |||||||||
5.00%, 01/30/28 (Call 01/30/23)(a)(b) | USD | 155 | 143,173 | |||||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) | USD | 130 | 117,487 | |||||||||
5.50%, 11/01/25 (Call 11/29/21)(a) | USD | 195 | 198,207 | |||||||||
5.75%, 08/15/27 (Call 08/15/22)(a) | USD | 65 | 68,013 | |||||||||
6.13%, 04/15/25 (Call 11/29/21)(a) | USD | 293 | 298,609 | |||||||||
6.25%, 02/15/29 (Call 02/15/24)(a) | USD | 185 | 179,206 | |||||||||
7.00%, 01/15/28 (Call 01/15/23)(a)(b) | USD | 95 | 96,009 | |||||||||
7.25%, 05/30/29 (Call 05/30/24)(a)(b) | USD | 95 | 96,135 | |||||||||
9.00%, 12/15/25 (Call 12/15/21)(a) | USD | 140 | 147,194 | |||||||||
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(c) | EUR | 150 | 179,316 | |||||||||
Berry Global Inc., 5.63%, 07/15/27 (Call 07/15/22)(a) | USD | 30 | 31,424 | |||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a) | USD | 100 | 99,500 | |||||||||
Booz Allen Hamilton Inc. | ||||||||||||
3.88%, 09/01/28 (Call 09/01/23)(a) | USD | 75 | 75,795 | |||||||||
4.00%, 07/01/29 (Call 07/01/24)(a) | USD | 55 | 55,656 | |||||||||
Boxer Parent Co. Inc. | ||||||||||||
6.50%, 10/02/25 (Call 06/01/22)(c) | EUR | 100 | 120,976 | |||||||||
7.13%, 10/02/25 (Call 06/01/22)(a) | USD | 65 | 68,925 | |||||||||
Boyd Gaming Corp. | ||||||||||||
4.75%, 12/01/27 (Call 12/01/22) | USD | 125 | 128,787 | |||||||||
4.75%, 06/15/31 (Call 06/15/26)(a) | USD | 90 | 92,702 | |||||||||
8.63%, 06/01/25 (Call 06/01/22)(a) | USD | 60 | 64,743 | |||||||||
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 11/29/21)(a) | USD | 110 | 110,242 | |||||||||
Brink’s Co. (The), 5.50%, 07/15/25 (Call 07/15/22)(a) | USD | 115 | 120,117 | |||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)(a) | USD | 95 | 92,625 | |||||||||
Buckeye Partners LP | ||||||||||||
3.95%, 12/01/26 (Call 09/01/26)(b) | USD | 100 | 102,142 | |||||||||
4.13%, 03/01/25 (Call 02/01/25)(a) | USD | 75 | 76,791 | |||||||||
4.13%, 12/01/27 (Call 09/01/27) | USD | 50 | 50,433 | |||||||||
4.15%, 07/01/23 (Call 04/01/23) | USD | 50 | 51,608 | |||||||||
4.50%, 03/01/28 (Call 12/01/27)(a) | USD | 50 | 49,783 | |||||||||
6.38%, 01/22/78 (Call 01/22/23)(d) | USD | 50 | 45,537 | |||||||||
Builders FirstSource Inc. | ||||||||||||
4.25%, 02/01/32 (Call 08/01/26)(a) | USD | 100 | 100,719 | |||||||||
5.00%, 03/01/30 (Call 03/01/25)(a) | USD | 75 | 79,492 | |||||||||
6.75%, 06/01/27 (Call 06/01/22)(a) | USD | 45 | 47,491 |
S C H E D U L E O F I N V E S T M E N T S | 59 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Caesars Entertainment Inc. | ||||||||||||
4.63%, 10/15/29 (Call 10/15/24)(a) | USD | 145 | $ | 145,872 | ||||||||
6.25%, 07/01/25 (Call 07/01/22)(a) | USD | 380 | 399,515 | |||||||||
8.13%, 07/01/27 (Call 07/01/23)(a)(b) | USD | 160 | 179,208 | |||||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(a) | USD | 110 | 115,582 | |||||||||
Callon Petroleum Co. | ||||||||||||
6.13%, 10/01/24 (Call 11/29/21) | USD | 60 | 59,008 | |||||||||
8.00%, 08/01/28 (Call 08/01/24)(a)(b) | USD | 75 | 75,563 | |||||||||
Calpine Corp. | ||||||||||||
3.75%, 03/01/31 (Call 03/01/26)(a) | USD | 125 | 119,673 | |||||||||
4.50%, 02/15/28 (Call 02/15/23)(a) | USD | 105 | 106,287 | |||||||||
4.63%, 02/01/29 (Call 02/01/24)(a) | USD | 65 | 63,176 | |||||||||
5.00%, 02/01/31 (Call 02/01/26)(a)(b) | USD | 115 | 112,612 | |||||||||
5.13%, 03/15/28 (Call 03/15/23)(a)(b) | USD | 150 | 149,604 | |||||||||
5.25%, 06/01/26 (Call 11/29/21)(a) | USD | 125 | 128,574 | |||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 11/29/21)(a) | USD | 70 | 76,038 | |||||||||
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29) | EUR | 100 | 90,104 | |||||||||
Carvana Co. | ||||||||||||
4.88%, 09/01/29 (Call 09/01/24)(a)(b) | USD | 75 | 72,563 | |||||||||
5.50%, 04/15/27 (Call 04/15/24)(a) | USD | 75 | 75,469 | |||||||||
5.63%, 10/01/25 (Call 10/01/22)(a) | USD | 55 | 56,100 | |||||||||
5.88%, 10/01/28 (Call 10/01/23)(a) | USD | 65 | 66,193 | |||||||||
Catalent Pharma Solutions Inc. | ||||||||||||
3.13%, 02/15/29 (Call 02/15/24)(a)(b) | USD | 65 | 63,492 | |||||||||
3.50%, 04/01/30 (Call 04/01/25)(a) | USD | 85 | 84,363 | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||||||
4.00%, 03/01/23 (Call 11/15/21)(a) | USD | 65 | 65,110 | |||||||||
4.25%, 02/01/31 (Call 07/01/25)(a) | USD | 325 | 323,189 | |||||||||
4.25%, 01/15/34 (Call 01/15/28)(a) | USD | 235 | 227,656 | |||||||||
4.50%, 08/15/30 (Call 02/15/25)(a) | USD | 310 | 315,543 | |||||||||
4.50%, 05/01/32 (Call 05/01/26)(b) | USD | 335 | 337,712 | |||||||||
4.50%, 06/01/33 (Call 06/01/27)(a) | USD | 205 | 204,487 | |||||||||
4.75%, 03/01/30 (Call 09/01/24)(a) | USD | 335 | 345,887 | |||||||||
5.00%, 02/01/28 (Call 08/01/22)(a) | USD | 290 | 301,600 | |||||||||
5.13%, 05/01/27 (Call 05/01/22)(a) | USD | 355 | 368,312 | |||||||||
5.38%, 06/01/29 (Call 06/01/24)(a) | USD | 165 | 177,292 | |||||||||
5.50%, 05/01/26 (Call 11/29/21)(a) | USD | 95 | 98,135 | |||||||||
CDK Global Inc. | ||||||||||||
4.88%, 06/01/27 (Call 06/01/22) | USD | 50 | 52,048 | |||||||||
5.00%, 10/15/24 (Call 07/15/24) | USD | 65 | 71,878 | |||||||||
5.25%, 05/15/29 (Call 05/15/24)(a) | USD | 65 | 69,710 | |||||||||
CDW LLC/CDW Finance Corp. | ||||||||||||
3.25%, 02/15/29 (Call 08/15/23)(b) | USD | 40 | 40,560 | |||||||||
4.13%, 05/01/25 (Call 05/01/22) | USD | 75 | 77,385 | |||||||||
4.25%, 04/01/28 (Call 10/01/22)(b) | USD | 100 | 103,875 | |||||||||
5.50%, 12/01/24 (Call 06/01/24) | USD | 70 | 76,673 | |||||||||
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b) | USD | 70 | 73,098 | |||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | ||||||||||||
5.38%, 04/15/27 (Call 04/15/22) | USD | 60 | 61,889 | |||||||||
5.50%, 05/01/25 (Call 05/01/22)(a) | USD | 100 | 103,916 | |||||||||
Centene Corp. | ||||||||||||
2.45%, 07/15/28 (Call 05/15/28) | USD | 250 | 249,386 | |||||||||
2.50%, 03/01/31 (Call 12/01/30) | USD | 240 | 234,344 | |||||||||
2.63%, 08/01/31 (Call 05/01/31) | USD | 135 | 132,960 | |||||||||
3.00%, 10/15/30 (Call 07/15/30) | USD | 225 | 228,912 | |||||||||
3.38%, 02/15/30 (Call 02/15/25) | USD | 225 | 231,248 | |||||||||
4.25%, 12/15/27 (Call 12/15/22) | USD | 365 | 382,319 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.63%, 12/15/29 (Call 12/15/24) | USD | 365 | $ | 394,200 | ||||||||
Central Garden & Pet Co. | ||||||||||||
4.13%, 10/15/30 (Call 10/15/25) | USD | 50 | 50,250 | |||||||||
4.13%, 04/30/31 (Call 04/30/26)(a) | USD | 45 | 45,204 | |||||||||
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)(a) | USD | 50 | 49,871 | |||||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 11/09/21)(a) | USD | 125 | 126,021 | |||||||||
Charles River Laboratories International Inc. | ||||||||||||
3.75%, 03/15/29 (Call 03/15/24)(a) | USD | 50 | 50,500 | |||||||||
4.00%, 03/15/31 (Call 03/15/26)(a) | USD | 65 | 67,145 | |||||||||
4.25%, 05/01/28 (Call 05/01/23)(a) | USD | 65 | 67,118 | |||||||||
Chemours Co. (The) | ||||||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) | USD | 70 | 67,375 | |||||||||
5.38%, 05/15/27 (Call 02/15/27)(b) | USD | 65 | 68,983 | |||||||||
5.75%, 11/15/28 (Call 11/15/23)(a) | USD | 85 | 87,557 | |||||||||
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)(b) | USD | 185 | 194,241 | |||||||||
Cheniere Energy Partners LP | ||||||||||||
3.25%, 01/31/32 (Call 01/31/27)(a) | USD | 140 | 138,533 | |||||||||
4.00%, 03/01/31 (Call 03/01/26)(a) | USD | 175 | 182,233 | |||||||||
4.50%, 10/01/29 (Call 10/01/24) | USD | 165 | 175,755 | |||||||||
Chesapeake Energy Corp. | ||||||||||||
5.50%, 02/01/26 (Call 02/05/23)(a) | USD | 55 | 57,459 | |||||||||
5.88%, 02/01/29 (Call 02/05/24)(a) | USD | 57 | 60,704 | |||||||||
CHS/Community Health Systems Inc. | ||||||||||||
4.75%, 02/15/31 (Call 02/15/26)(a) | USD | 135 | 135,000 | |||||||||
5.63%, 03/15/27 (Call 12/15/23)(a) | USD | 80 | 83,710 | |||||||||
6.00%, 01/15/29 (Call 01/15/24)(a) | USD | 70 | 73,889 | |||||||||
6.13%, 04/01/30 (Call 04/01/25)(a) | USD | 175 | 172,065 | |||||||||
6.63%, 02/15/25 (Call 02/15/22)(a) | USD | 155 | 161,809 | |||||||||
6.88%, 04/01/28 (Call 04/01/23)(a)(b) | USD | 135 | 128,398 | |||||||||
6.88%, 04/15/29 (Call 04/15/24)(a) | USD | 195 | 200,606 | |||||||||
8.00%, 03/15/26 (Call 03/15/22)(a) | USD | 235 | 248,219 | |||||||||
8.00%, 12/15/27 (Call 12/15/22)(a) | USD | 89 | 96,856 | |||||||||
Churchill Downs Inc. | ||||||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | USD | 65 | 67,547 | |||||||||
5.50%, 04/01/27 (Call 04/01/22)(a) | USD | 80 | 82,900 | |||||||||
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 11/29/21)(a) | USD | 80 | 81,477 | |||||||||
Cinemark USA Inc. | ||||||||||||
5.25%, 07/15/28 (Call 07/15/24)(a)(b) | USD | 90 | 87,750 | |||||||||
5.88%, 03/15/26 (Call 03/15/23)(a)(b) | USD | 85 | 85,447 | |||||||||
CIT Group Inc. | ||||||||||||
3.93%, 06/19/24 (Call 06/19/23)(d) | USD | 60 | 62,403 | |||||||||
4.75%, 02/16/24 (Call 11/16/23) | USD | 65 | 69,191 | |||||||||
5.00%, 08/01/23 | USD | 75 | 79,740 | |||||||||
5.25%, 03/07/25 (Call 12/07/24) | USD | 40 | 44,030 | |||||||||
6.13%, 03/09/28(b) | USD | 75 | 89,250 | |||||||||
Citgo Holding Inc., 9.25%, 08/01/24 (Call 11/29/21)(a) | USD | 175 | 178,642 | |||||||||
CITGO Petroleum Corp. | ||||||||||||
6.38%, 06/15/26 (Call 06/15/23)(a) | USD | 70 | 72,100 | |||||||||
7.00%, 06/15/25 (Call 06/15/22)(a) | USD | 100 | 102,997 | |||||||||
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)(a) | USD | 27 | 28,456 | |||||||||
Clarios Global LP/Clarios US Finance Co. | ||||||||||||
4.38%, 05/15/26 (Call 05/15/22)(c) | EUR | 100 | 118,417 | |||||||||
6.25%, 05/15/26 (Call 05/15/22)(a) | USD | 125 | 130,781 | |||||||||
8.50%, 05/15/27 (Call 05/15/22)(a) | USD | 195 | 207,480 | |||||||||
Clarivate Science Holdings Corp. | ||||||||||||
3.88%, 07/01/28 (Call 06/30/24)(a) | USD | 110 | 108,762 | |||||||||
4.88%, 07/01/29 (Call 06/30/24)(a) | USD | 85 | 84,703 |
60 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Clear Channel Outdoor Holdings Inc. | ||||||||||||
7.50%, 06/01/29 (Call 06/01/24)(a) | USD | 125 | $ | 128,125 | ||||||||
7.75%, 04/15/28 (Call 04/15/24)(a) | USD | 115 | 119,017 | |||||||||
Clear Channel Worldwide Holdings Inc., 5.13%, 08/15/27 (Call 08/15/22)(a)(b) | USD | 130 | 133,458 | |||||||||
Clearway Energy Operating LLC | ||||||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) | USD | 120 | 119,535 | |||||||||
4.75%, 03/15/28 (Call 03/15/23)(a) | USD | 85 | 89,930 | |||||||||
Cleveland-Cliffs Inc. | ||||||||||||
4.63%, 03/01/29 (Call 03/01/24)(a) | USD | 55 | 56,925 | |||||||||
4.88%, 03/01/31 (Call 03/01/26)(a)(b) | USD | 70 | 72,984 | |||||||||
5.88%, 06/01/27 (Call 06/01/22)(b) | USD | 50 | 51,997 | |||||||||
6.75%, 03/15/26 (Call 03/15/22)(a) | USD | 95 | 101,021 | |||||||||
9.88%, 10/17/25 (Call 10/17/22)(a) | USD | 60 | 68,645 | |||||||||
CNX Resources Corp., 6.00%, 01/15/29 (Call 01/15/24)(a)(b) | USD | 80 | 84,400 | |||||||||
Coinbase Global Inc. | ||||||||||||
3.38%, 10/01/28 (Call 10/01/24)(a) | USD | 105 | 101,107 | |||||||||
3.63%, 10/01/31 (Call 10/01/26)(a) | USD | 120 | 114,255 | |||||||||
Colfax Corp., 3.25%, 05/15/25 (Call 11/29/21)(c) | EUR | 100 | 116,227 | |||||||||
CommScope Inc. | ||||||||||||
4.75%, 09/01/29 (Call 09/01/24)(a) | USD | 140 | 137,374 | |||||||||
6.00%, 03/01/26 (Call 03/01/22)(a) | USD | 165 | 170,633 | |||||||||
7.13%, 07/01/28 (Call 07/01/23)(a)(b) | USD | 90 | 88,701 | |||||||||
8.25%, 03/01/27 (Call 03/01/22)(a) | USD | 100 | 101,894 | |||||||||
CommScope Technologies LLC | ||||||||||||
5.00%, 03/15/27 (Call 03/15/22)(a)(b) | USD | 90 | 83,574 | |||||||||
6.00%, 06/15/25 (Call 11/09/21)(a) | USD | 131 | 129,668 | |||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a) | USD | 125 | 130,000 | |||||||||
Comstock Resources Inc. | ||||||||||||
5.88%, 01/15/30 (Call 01/15/25)(a) | USD | 125 | 129,975 | |||||||||
6.75%, 03/01/29 (Call 03/01/24)(a) | USD | 130 | 139,714 | |||||||||
7.50%, 05/15/25 (Call 11/29/21)(a) | USD | 28 | 29,038 | |||||||||
Consolidated Communications Inc. | ||||||||||||
5.00%, 10/01/28 (Call 10/01/23)(a)(b) | USD | 60 | 60,741 | |||||||||
6.50%, 10/01/28 (Call 10/01/23)(a)(b) | USD | 70 | 74,464 | |||||||||
Constellium SE | ||||||||||||
3.13%, 07/15/29 (Call 07/15/24)(c) | EUR | 100 | 113,463 | |||||||||
3.75%, 04/15/29 (Call 04/15/24)(a)(b) | USD | 50 | 48,306 | |||||||||
Continental Resources Inc./OK | ||||||||||||
3.80%, 06/01/24 (Call 03/01/24)(b) | USD | 125 | 131,250 | |||||||||
4.38%, 01/15/28 (Call 10/15/27)(b) | USD | 100 | 108,750 | |||||||||
4.50%, 04/15/23 (Call 01/15/23) | USD | 66 | 68,652 | |||||||||
5.75%, 01/15/31 (Call 07/15/30)(a) | USD | 155 | 185,031 | |||||||||
Coty Inc. | ||||||||||||
3.88%, 04/15/26 (Call 04/15/23)(c) | EUR | 100 | 117,592 | |||||||||
4.75%, 04/15/26 (Call 11/29/21)(c) | EUR | 100 | 115,247 | |||||||||
5.00%, 04/15/26 (Call 04/15/23)(a) | USD | 120 | 123,208 | |||||||||
6.50%, 04/15/26 (Call 11/29/21)(a) | USD | 50 | 51,438 | |||||||||
Covanta Holding Corp. | ||||||||||||
5.00%, 09/01/30 (Call 09/01/25) | USD | 60 | 59,718 | |||||||||
5.88%, 07/01/25 (Call 11/29/21) | USD | 50 | 51,594 | |||||||||
6.00%, 01/01/27 (Call 01/01/22) | USD | 50 | 51,730 | |||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 | USD | 150 | 156,579 | |||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||||||
5.63%, 05/01/27 (Call 05/01/22)(a)(b) | USD | 50 | 51,283 | |||||||||
5.75%, 04/01/25 (Call 11/29/21) | USD | 65 | 66,612 | |||||||||
6.00%, 02/01/29 (Call 02/01/24)(a) | USD | 85 | 87,883 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(b) | USD | 50 | $ | 53,375 | ||||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 11/29/21) | USD | 75 | 77,333 | |||||||||
Crown European Holdings SA | ||||||||||||
0.75%, 02/15/23 (Call 01/15/23)(c) | EUR | 100 | 115,631 | |||||||||
2.25%, 02/01/23 (Call 11/01/22)(c) | EUR | 100 | 117,388 | |||||||||
2.88%, 02/01/26 (Call 08/01/25)(c) | EUR | 100 | 122,008 | |||||||||
CrownRock LP/CrownRock Finance Inc. | ||||||||||||
5.00%, 05/01/29 (Call 05/01/24)(a) | USD | 60 | 61,935 | |||||||||
5.63%, 10/15/25 (Call 11/29/21)(a) | USD | 125 | 128,036 | |||||||||
CSC Holdings LLC | ||||||||||||
4.13%, 12/01/30 (Call 12/01/25)(a) | USD | 200 | 191,541 | |||||||||
4.50%, 11/15/31 (Call 11/15/26)(a) | USD | 200 | 193,810 | |||||||||
4.63%, 12/01/30 (Call 12/01/25)(a)(b) | USD | 300 | 275,356 | |||||||||
5.00%, 11/15/31 (Call 11/15/26)(a) | USD | 50 | 46,401 | |||||||||
5.25%, 06/01/24 | USD | 75 | 78,842 | |||||||||
5.38%, 02/01/28 (Call 02/01/23)(a) | USD | 200 | 206,250 | |||||||||
5.75%, 01/15/30 (Call 01/15/25)(a) | USD | 250 | 246,542 | |||||||||
6.50%, 02/01/29 (Call 02/01/24)(a) | USD | 200 | 214,500 | |||||||||
7.50%, 04/01/28 (Call 04/01/23)(a) | USD | 225 | 240,277 | |||||||||
CVR Energy Inc. | ||||||||||||
5.25%, 02/15/25 (Call 02/15/22)(a) | USD | 95 | 94,025 | |||||||||
5.75%, 02/15/28 (Call 02/15/23)(a)(b) | USD | 60 | 59,202 | |||||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 11/29/21)(a) | USD | 50 | 51,500 | |||||||||
Dana Inc. | ||||||||||||
4.25%, 09/01/30 (Call 05/01/26) | USD | 40 | 40,428 | |||||||||
5.38%, 11/15/27 (Call 11/15/22) | USD | 15 | 15,729 | |||||||||
5.63%, 06/15/28 (Call 06/15/23) | USD | 35 | 37,056 | |||||||||
Darling Global Finance BV, 3.63%, 05/15/26 (Call 11/08/21)(c) | EUR | 100 | 117,272 | |||||||||
DaVita Inc. | ||||||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) | USD | 155 | 146,766 | |||||||||
4.63%, 06/01/30 (Call 06/01/25)(a)(b) | USD | 315 | 315,787 | |||||||||
DCP Midstream Operating LP | ||||||||||||
3.88%, 03/15/23 (Call 12/15/22) | USD | 65 | 66,950 | |||||||||
5.13%, 05/15/29 (Call 02/15/29) | USD | 75 | 84,938 | |||||||||
5.38%, 07/15/25 (Call 04/15/25) | USD | 55 | 60,944 | |||||||||
5.63%, 07/15/27 (Call 04/15/27)(b) | USD | 75 | 85,528 | |||||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(d) | USD | 75 | 70,600 | |||||||||
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 11/02/21)(a) | USD | 205 | 209,152 | |||||||||
Delta Air Lines Inc. | ||||||||||||
2.90%, 10/28/24 (Call 09/28/24) | USD | 100 | 102,036 | |||||||||
3.75%, 10/28/29 (Call 07/28/29)(b) | USD | 100 | 101,500 | |||||||||
3.80%, 04/19/23 (Call 03/19/23) | USD | 50 | 51,778 | |||||||||
4.38%, 04/19/28 (Call 01/19/28)(b) | USD | 50 | 53,250 | |||||||||
7.38%, 01/15/26 (Call 12/15/25) | USD | 120 | 140,940 | |||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. | ||||||||||||
5.38%, 08/15/26 (Call 08/15/22)(a) | USD | 330 | 186,450 | |||||||||
6.63%, 08/15/27 (Call 08/15/22)(a)(b) | USD | 200 | 59,507 | |||||||||
Diebold Nixdorf Inc. | ||||||||||||
8.50%, 04/15/24 (Call 11/29/21)(b) | USD | 50 | 49,930 | |||||||||
9.38%, 07/15/25 (Call 07/15/22)(a) | USD | 70 | 75,123 | |||||||||
DIRECTV Holdings LLC/DIRECTV Financing | ||||||||||||
(Call 08/15/23)(a)(b) | USD | 290 | 300,991 | |||||||||
DISH DBS Corp. | ||||||||||||
5.00%, 03/15/23 | USD | 165 | 170,796 | |||||||||
5.88%, 11/15/24(b) | USD | 225 | 239,467 | |||||||||
7.38%, 07/01/28 (Call 07/01/23)(b) | USD | 105 | 110,512 |
S C H E D U L E O F I N V E S T M E N T S | 61 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
7.75%, 07/01/26(b) | USD | 225 | $ | 250,300 | ||||||||
5.13%, 06/01/29 | USD | 190 | 182,780 | |||||||||
Diversified Healthcare Trust | ||||||||||||
4.38%, 03/01/31 (Call 09/01/30)(b) | USD | 65 | 63,051 | |||||||||
4.75%, 02/15/28 (Call 08/15/27)(b) | USD | 65 | 64,773 | |||||||||
9.75%, 06/15/25 (Call 06/15/22) | USD | 110 | 119,838 | |||||||||
DPL Inc. | ||||||||||||
4.13%, 07/01/25 (Call 04/01/25) | USD | 50 | 52,882 | |||||||||
4.35%, 04/15/29 (Call 01/15/29) | USD | 50 | 54,125 | |||||||||
DT Midstream Inc. | ||||||||||||
4.13%, 06/15/29 (Call 06/15/24)(a) | USD | 125 | 125,839 | |||||||||
4.38%, 06/15/31 (Call 06/15/26)(a) | USD | 115 | 116,671 | |||||||||
Edgewell Personal Care Co. | ||||||||||||
4.13%, 04/01/29 (Call 04/01/24)(a) | USD | 55 | 54,184 | |||||||||
5.50%, 06/01/28 (Call 06/01/23)(a)(b) | USD | 80 | 83,692 | |||||||||
Elanco Animal Health Inc. | ||||||||||||
5.27%, 08/28/23 (Call 07/28/23) | USD | 100 | 106,925 | |||||||||
5.90%, 08/28/28 (Call 05/28/28) | USD | 75 | 87,368 | |||||||||
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a) | USD | 100 | 109,838 | |||||||||
Encompass Health Corp. | ||||||||||||
4.50%, 02/01/28 (Call 02/01/23) | USD | 105 | 106,965 | |||||||||
4.63%, 04/01/31 (Call 04/01/26) | USD | 40 | 40,984 | |||||||||
4.75%, 02/01/30 (Call 02/01/25) | USD | 80 | 82,068 | |||||||||
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)(c) | GBP | 100 | 141,256 | |||||||||
Endeavor Energy Resources LP/EER Finance Inc. | ||||||||||||
5.75%, 01/30/28 (Call 01/30/23)(a) | USD | 100 | 105,000 | |||||||||
6.63%, 07/15/25 (Call 07/15/22)(a) | USD | 60 | 63,272 | |||||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. | ||||||||||||
6.00%, 06/30/28 (Call 06/30/23)(a) | USD | 91 | 63,473 | |||||||||
9.50%, 07/31/27 (Call 07/31/23)(a)(b) | USD | 122 | 121,085 | |||||||||
Endo Luxembourg Finance Co. I Sarl/Endo | ||||||||||||
(Call 04/01/24)(a) | USD | 175 | 172,375 | |||||||||
Endure Digital Inc., 6.00%, 02/15/29 (Call 02/15/24)(a) | USD | 35 | 32,363 | |||||||||
Energizer Holdings Inc. | ||||||||||||
4.38%, 03/31/29 (Call 09/30/23)(a) | USD | 80 | 76,400 | |||||||||
4.75%, 06/15/28 (Call 06/15/23)(a) | USD | 75 | 74,535 | |||||||||
EnLink Midstream Partners LP | ||||||||||||
4.15%, 06/01/25 (Call 03/01/25) | USD | 65 | 67,420 | |||||||||
4.40%, 04/01/24 (Call 01/01/24) | USD | 50 | 52,188 | |||||||||
4.85%, 07/15/26 (Call 04/15/26) | USD | 65 | 67,554 | |||||||||
Entercom Media Corp. | ||||||||||||
6.50%, 05/01/27 (Call 05/01/22)(a) | USD | 50 | 50,273 | |||||||||
6.75%, 03/31/29 (Call 03/31/24)(a) | USD | 25 | 24,781 | |||||||||
EQM Midstream Partners LP | ||||||||||||
4.00%, 08/01/24 (Call 05/01/24) | USD | 50 | 51,750 | |||||||||
4.13%, 12/01/26 (Call 09/01/26) | USD | 50 | 51,444 | |||||||||
4.50%, 01/15/29 (Call 07/15/28)(a) | USD | 95 | 97,731 | |||||||||
4.75%, 07/15/23 (Call 06/15/23) | USD | 75 | 78,946 | |||||||||
4.75%, 01/15/31 (Call 07/15/30)(a) | USD | 125 | 129,358 | |||||||||
5.50%, 07/15/28 (Call 04/15/28) | USD | 100 | 110,425 | |||||||||
6.00%, 07/01/25 (Call 04/01/25)(a) | USD | 85 | 92,452 | |||||||||
6.50%, 07/01/27 (Call 01/01/27)(a) | USD | 100 | 111,250 | |||||||||
EQT Corp. | ||||||||||||
3.13%, 05/15/26 (Call 05/15/23)(a) | USD | 50 | 50,403 | |||||||||
3.63%, 05/15/31 (Call 05/15/30)(a)(b) | USD | 55 | 56,199 | |||||||||
3.90%, 10/01/27 (Call 07/01/27) | USD | 125 | 133,270 | |||||||||
6.63%, 02/01/25 (Call 01/01/25) | USD | 125 | 140,496 | |||||||||
7.50%, 02/01/30 (Call 11/01/29) | USD | 125 | 160,071 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 11/29/21)(a) | USD | 125 | $ | 104,687 | ||||||||
Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||||||
5.38%, 04/01/26 (Call 04/01/23)(a) | USD | 65 | 63,253 | |||||||||
5.88%, 04/01/29 (Call 04/01/24)(a) | USD | 110 | 106,975 | |||||||||
Fifth Third Bancorp., Series H, 5.10%, | USD | 75 | 76,712 | |||||||||
FirstEnergy Corp. | ||||||||||||
2.65%, 03/01/30 (Call 12/01/29) | USD | 75 | 74,299 | |||||||||
Series B, 2.25%, 09/01/30 (Call 06/01/30) | USD | 50 | 48,106 | |||||||||
Series B, 4.40%, 07/15/27 (Call 04/15/27) | USD | 275 | 298,375 | |||||||||
FirstEnergy Transmission LLC, 2.87%, 09/15/28 (Call 07/15/28)(a) | USD | 75 | 77,367 | |||||||||
Flex Acquisition Co. Inc. | ||||||||||||
6.88%, 01/15/25 (Call 11/29/21)(a) | USD | 80 | 80,400 | |||||||||
7.88%, 07/15/26 (Call 11/29/21)(a) | USD | 65 | 67,939 | |||||||||
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26) | CAD | 75 | 59,133 | |||||||||
Ford Credit Canada Co. | ||||||||||||
3.50%, 11/30/23 | CAD | 100 | 81,620 | |||||||||
3.74%, 05/08/23 | CAD | 100 | 82,135 | |||||||||
4.46%, 11/13/24 | CAD | 50 | 41,881 | |||||||||
Ford Motor Co. | ||||||||||||
4.35%, 12/08/26 (Call 09/08/26)(b) | USD | 300 | 320,692 | |||||||||
8.50%, 04/21/23 | USD | 445 | 487,798 | |||||||||
9.00%, 04/22/25 (Call 03/22/25) | USD | 580 | 697,450 | |||||||||
9.63%, 04/22/30 (Call 01/22/30)(b) | USD | 125 | 180,250 | |||||||||
Ford Motor Credit Co. LLC | ||||||||||||
1.51%, 02/17/23 | EUR | 200 | 233,579 | |||||||||
1.74%, 07/19/24 | EUR | 200 | 234,861 | |||||||||
2.39%, 02/17/26 | EUR | 100 | 119,443 | |||||||||
2.70%, 08/10/26 (Call 07/10/26) | USD | 125 | 124,687 | |||||||||
2.75%, 06/14/24 | GBP | 100 | 137,026 | |||||||||
3.10%, 05/04/23 | USD | 50 | 50,885 | |||||||||
3.25%, 09/15/25 | EUR | 100 | 123,283 | |||||||||
3.35%, 11/01/22 | USD | 200 | 203,000 | |||||||||
3.37%, 11/17/23 | USD | 150 | 153,937 | |||||||||
3.38%, 11/13/25 (Call 10/13/25) | USD | 200 | 205,500 | |||||||||
3.63%, 06/17/31 (Call 03/17/31)(b) | USD | 150 | 151,687 | |||||||||
3.81%, 01/09/24 (Call 11/09/23) | USD | 150 | 155,250 | |||||||||
3.82%, 11/02/27 (Call 08/02/27) | USD | 100 | 103,850 | |||||||||
4.00%, 11/13/30 (Call 08/13/30) | USD | 125 | 130,156 | |||||||||
4.06%, 11/01/24 (Call 10/01/24) | USD | 200 | 209,490 | |||||||||
4.27%, 01/09/27 (Call 11/09/26) | USD | 150 | 159,388 | |||||||||
4.38%, 08/06/23 | USD | 450 | 468,562 | |||||||||
4.39%, 01/08/26 | USD | 150 | 160,520 | |||||||||
4.54%, 03/06/25 | GBP | 100 | 144,342 | |||||||||
5.11%, 05/03/29 (Call 02/03/29) | USD | 200 | 222,611 | |||||||||
5.13%, 06/16/25 (Call 05/16/25) | USD | 365 | 396,824 | |||||||||
5.58%, 03/18/24 (Call 02/18/24) | USD | 50 | 53,875 | |||||||||
Fortress Transportation and Infrastructure Investors LLC | ||||||||||||
5.50%, 05/01/28 (Call 05/01/24)(a)(b) | USD | 110 | 110,275 | |||||||||
6.50%, 10/01/25 (Call 11/29/21)(a) | USD | 85 | 87,491 | |||||||||
9.75%, 08/01/27 (Call 08/01/23)(a) | USD | 40 | 44,999 | |||||||||
Freedom Mortgage Corp. | ||||||||||||
6.63%, 01/15/27 (Call 01/15/24)(a) | USD | 110 | 104,514 | |||||||||
7.63%, 05/01/26 (Call 05/01/23)(a)(b) | USD | 45 | 44,019 | |||||||||
8.13%, 11/15/24 (Call 11/29/21)(a) | USD | 55 | 55,610 | |||||||||
8.25%, 04/15/25 (Call 11/29/21)(a) | USD | 70 | 70,925 | |||||||||
Freeport-McMoRan Inc. | ||||||||||||
3.88%, 03/15/23 (Call 12/15/22) | USD | 215 | 221,450 | |||||||||
4.13%, 03/01/28 (Call 03/01/23) | USD | 75 | 77,625 |
62 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.25%, 03/01/30 (Call 03/01/25)(b) | USD | 50 | $ | 52,688 | ||||||||
4.38%, 08/01/28 (Call 08/01/23) | USD | 20 | 20,824 | |||||||||
4.55%, 11/14/24 (Call 08/14/24) | USD | 80 | 86,502 | |||||||||
4.63%, 08/01/30 (Call 08/01/25)(b) | USD | 115 | 123,912 | |||||||||
5.00%, 09/01/27 (Call 09/01/22) | USD | 80 | 83,540 | |||||||||
5.25%, 09/01/29 (Call 09/01/24) | USD | 60 | 65,670 | |||||||||
Frontier Communications Holdings LLC | ||||||||||||
5.00%, 05/01/28 (Call 05/01/24)(a) | USD | 190 | 193,524 | |||||||||
5.88%, 10/15/27 (Call 10/15/23)(a) | USD | 110 | 115,523 | |||||||||
5.88%, 11/01/29 (Call 11/01/24) | USD | 100 | 99,750 | |||||||||
6.00%, 01/15/30 (Call 10/15/24)(a)(b) | USD | 105 | 105,431 | |||||||||
6.75%, 05/01/29 (Call 05/01/24)(a) | USD | 135 | 139,791 | |||||||||
FXI Holdings Inc. | ||||||||||||
7.88%, 11/01/24 (Call 11/29/21)(a) | USD | 64 | 65,200 | |||||||||
12.25%, 11/15/26 (Call 11/15/22)(a) | USD | 99 | 110,089 | |||||||||
Gap Inc. (The) | ||||||||||||
3.63%, 10/01/29 (Call 10/01/24)(a) | USD | 75 | 73,631 | |||||||||
3.88%, 10/01/31 (Call 10/01/26)(a) | USD | 75 | 73,500 | |||||||||
Gartner Inc. | ||||||||||||
3.63%, 06/15/29 (Call 06/15/24)(a) | USD | 115 | 115,575 | |||||||||
3.75%, 10/01/30 (Call 10/01/25)(a) | USD | 80 | 81,471 | |||||||||
4.50%, 07/01/28 (Call 07/01/23)(a) | USD | 100 | 104,155 | |||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||||||
6.25%, 05/15/26 (Call 11/29/21) | USD | 50 | 48,491 | |||||||||
6.50%, 10/01/25 (Call 11/29/21)(b) | USD | 70 | 68,999 | |||||||||
7.75%, 02/01/28 (Call 02/01/23) | USD | 80 | 79,200 | |||||||||
8.00%, 01/15/27 (Call 01/15/24) | USD | 70 | 70,329 | |||||||||
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(a)(b)(d) | USD | 100 | 103,088 | |||||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc. | ||||||||||||
3.50%, 03/01/29 (Call 03/01/24)(a) | USD | 100 | 96,750 | |||||||||
5.25%, 12/01/27 (Call 06/01/22)(a) | USD | 75 | 77,828 | |||||||||
Golden Nugget Inc. | ||||||||||||
6.75%, 10/15/24 (Call 11/29/21)(a)(b) | USD | 165 | 165,619 | |||||||||
8.75%, 10/01/25 (Call 11/29/21)(a) | USD | 85 | 88,501 | |||||||||
Goodyear Europe BV Co., 2.75%, 08/15/28 (Call 08/15/24)(c) | EUR | 100 | 116,457 | |||||||||
Goodyear Tire & Rubber Co. (The) | ||||||||||||
4.88%, 03/15/27 (Call 12/15/26) | USD | 90 | 95,715 | |||||||||
5.00%, 05/31/26 (Call 11/29/21) | USD | 90 | 92,123 | |||||||||
5.00%, 07/15/29 (Call 04/15/29)(a) | USD | 95 | 100,225 | |||||||||
5.25%, 04/30/31 (Call 01/30/31) | USD | 50 | 53,514 | |||||||||
5.25%, 07/15/31 (Call 04/15/31)(a)(b) | USD | 70 | 74,456 | |||||||||
5.63%, 04/30/33 (Call 01/30/33) | USD | 60 | 64,457 | |||||||||
9.50%, 05/31/25 (Call 05/31/22) | USD | 105 | 114,444 | |||||||||
Graphic Packaging International LLC, 3.50%, 03/15/28(a) | USD | 50 | 50,320 | |||||||||
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a) | USD | 70 | 70,879 | |||||||||
Gray Television Inc. | ||||||||||||
4.75%, 10/15/30 (Call 10/15/25)(a) | USD | 100 | 98,672 | |||||||||
5.88%, 07/15/26 (Call 11/29/21)(a) | USD | 90 | 92,888 | |||||||||
7.00%, 05/15/27 (Call 05/15/22)(a)(b) | USD | 40 | 42,866 | |||||||||
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23) | USD | 130 | 135,850 | |||||||||
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/22)(a) | USD | 50 | 52,604 | |||||||||
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a) | USD | 150 | 149,327 | |||||||||
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(c) | EUR | 100 | 121,550 | |||||||||
Hanesbrands Inc. | ||||||||||||
4.63%, 05/15/24 (Call 02/15/24)(a) | USD | 90 | 94,058 | |||||||||
4.88%, 05/15/26 (Call 02/15/26)(a) | USD | 90 | 96,188 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
5.38%, 05/15/25 (Call 05/15/22)(a) | USD | 80 | $ | 83,368 | ||||||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)(a) | USD | 120 | 119,625 | |||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b) | USD | 125 | 131,250 | |||||||||
HCA Inc. | ||||||||||||
3.50%, 09/01/30 (Call 03/01/30) | USD | 290 | 305,491 | |||||||||
5.38%, 02/01/25 | USD | 375 | 417,187 | |||||||||
5.38%, 09/01/26 (Call 03/01/26)(b) | USD | 125 | 142,236 | |||||||||
5.63%, 09/01/28 (Call 03/01/28) | USD | 165 | 194,026 | |||||||||
5.88%, 05/01/23 | USD | 100 | 107,002 | |||||||||
5.88%, 02/15/26 (Call 08/15/25) | USD | 165 | 187,998 | |||||||||
5.88%, 02/01/29 (Call 08/01/28) | USD | 125 | 148,919 | |||||||||
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a) | USD | 55 | 59,123 | |||||||||
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(a) | USD | 150 | 156,558 | |||||||||
Hess Midstream Operations LP | ||||||||||||
4.25%, 02/15/30 (Call 02/15/25)(a) | USD | 95 | 94,786 | |||||||||
5.13%, 06/15/28 (Call 06/15/23)(a)(b) | USD | 70 | 72,709 | |||||||||
5.63%, 02/15/26 (Call 11/29/21)(a) | USD | 50 | 51,738 | |||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||||||
5.75%, 10/01/25 (Call 11/15/21)(a) | USD | 65 | 66,303 | |||||||||
5.75%, 02/01/29 (Call 02/01/24)(a) | USD | 70 | 71,259 | |||||||||
6.00%, 02/01/31 (Call 02/01/26)(a)(b) | USD | 70 | 71,687 | |||||||||
6.25%, 11/01/28 (Call 11/01/23)(a) | USD | 75 | 76,973 | |||||||||
Hilton Domestic Operating Co. Inc. | ||||||||||||
3.63%, 02/15/32 (Call 08/15/26)(a)(b) | USD | 180 | 175,448 | |||||||||
3.75%, 05/01/29 (Call 05/01/24)(a) | USD | 100 | 100,319 | |||||||||
4.00%, 05/01/31 (Call 05/01/26)(a) | USD | 125 | 125,906 | |||||||||
4.88%, 01/15/30 (Call 01/15/25)(b) | USD | 105 | 112,085 | |||||||||
5.38%, 05/01/25 (Call 05/01/22)(a) | USD | 10 | 10,427 | |||||||||
5.75%, 05/01/28 (Call 05/01/23)(a) | USD | 65 | 69,875 | |||||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | ||||||||||||
4.88%, 07/01/31 (Call 07/01/26)(a) | USD | 80 | 79,700 | |||||||||
5.00%, 06/01/29 (Call 06/01/24)(a) | USD | 100 | 101,579 | |||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22) | USD | 60 | 62,100 | |||||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a) | USD | 75 | 75,482 | |||||||||
Hologic Inc. | ||||||||||||
3.25%, 02/15/29 (Call 09/28/23)(a) | USD | 100 | 99,270 | |||||||||
4.63%, 02/01/28 (Call 02/01/23)(a) | USD | 100 | 104,232 | |||||||||
Howard Hughes Corp. (The) | ||||||||||||
4.13%, 02/01/29 (Call 02/01/24)(a) | USD | 65 | 65,191 | |||||||||
4.38%, 02/01/31 (Call 02/01/26)(a) | USD | 65 | 65,014 | |||||||||
5.38%, 08/01/28 (Call 08/01/23)(a) | USD | 90 | 94,568 | |||||||||
Howmet Aerospace Inc. | ||||||||||||
3.00%, 01/15/29 (Call 11/15/28) | USD | 75 | 73,875 | |||||||||
5.13%, 10/01/24 (Call 07/01/24)(b) | USD | 105 | 115,878 | |||||||||
6.88%, 05/01/25 (Call 04/01/25) | USD | 130 | 150,797 | |||||||||
HUB International Ltd., 7.00%, 05/01/26 (Call 11/09/21)(a) | USD | 175 | 180,872 | |||||||||
Hughes Satellite Systems Corp. | ||||||||||||
5.25%, 08/01/26 | USD | 70 | 78,228 | |||||||||
6.63%, 08/01/26(b) | USD | 75 | 84,956 | |||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||||||
4.38%, 02/01/29 (Call 08/01/28) | USD | 85 | 85,332 | |||||||||
4.75%, 09/15/24 (Call 06/15/24) | USD | 125 | 129,556 | |||||||||
5.25%, 05/15/27 (Call 11/15/26) | USD | 117 | 121,696 | |||||||||
6.25%, 05/15/26 (Call 05/15/22) | USD | 130 | 136,245 | |||||||||
6.38%, 12/15/25 (Call 11/29/21) | USD | 45 | 45,933 |
S C H E D U L E O F I N V E S T M E N T S | 63 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.75%, 02/01/24 (Call 11/29/21) | USD | 65 | $ | 65,882 | ||||||||
iHeartCommunications Inc. | ||||||||||||
4.75%, 01/15/28 (Call 01/15/23)(a) | USD | 65 | 65,313 | |||||||||
5.25%, 08/15/27 (Call 08/15/22)(a) | USD | 95 | 97,135 | |||||||||
6.38%, 05/01/26 (Call 05/01/22) | USD | 100 | 104,750 | |||||||||
8.38%, 05/01/27 (Call 05/01/22) | USD | 130 | 138,450 | |||||||||
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a) | USD | 225 | 231,176 | |||||||||
International Game Technology PLC | ||||||||||||
2.38%, 04/15/28 (Call 04/15/23)(c) | EUR | 100 | 113,713 | |||||||||
3.50%, 06/15/26 (Call 06/15/22)(c) | EUR | 150 | 177,431 | |||||||||
4.13%, 04/15/26 (Call 04/15/23)(a) | USD | 50 | 51,564 | |||||||||
6.25%, 01/15/27 (Call 07/15/26)(a) | USD | 110 | 123,911 | |||||||||
6.50%, 02/15/25 (Call 08/15/24)(a) | USD | 200 | 222,190 | |||||||||
IQVIA Inc. | ||||||||||||
1.75%, 03/15/26 (Call 03/15/23)(c) | EUR | 100 | 115,868 | |||||||||
2.25%, 03/15/29 (Call 03/15/24)(c) | EUR | 100 | 114,312 | |||||||||
2.88%, 06/15/28 (Call 06/15/23)(c) | EUR | 100 | 117,961 | |||||||||
5.00%, 05/15/27 (Call 05/15/22)(a)(b) | USD | 200 | 207,314 | |||||||||
IRB Holding Corp. | ||||||||||||
6.75%, 02/15/26 (Call 11/29/21)(a)(b) | USD | 50 | 51,203 | |||||||||
7.00%, 06/15/25 (Call 06/15/22)(a) | USD | 100 | 105,864 | |||||||||
Iron Mountain Inc. | ||||||||||||
4.50%, 02/15/31 (Call 02/15/26)(a)(b) | USD | 135 | 136,117 | |||||||||
4.88%, 09/15/27 (Call 09/15/22)(a)(b) | USD | 125 | 128,986 | |||||||||
4.88%, 09/15/29 (Call 09/15/24)(a) | USD | 110 | 113,851 | |||||||||
5.00%, 07/15/28 (Call 07/15/23)(a) | USD | 80 | 82,775 | |||||||||
5.25%, 03/15/28 (Call 12/27/22)(a) | USD | 105 | 109,633 | |||||||||
5.25%, 07/15/30 (Call 07/15/25)(a) | USD | 125 | 130,605 | |||||||||
5.63%, 07/15/32 (Call 07/15/26)(a) | USD | 85 | 90,759 | |||||||||
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 11/08/21)(c) | GBP | 100 | 137,535 | |||||||||
iStar Inc. | ||||||||||||
4.25%, 08/01/25 (Call 05/01/25) | USD | 70 | 71,867 | |||||||||
4.75%, 10/01/24 (Call 07/01/24) | USD | 75 | 79,050 | |||||||||
5.50%, 02/15/26 (Call 08/15/22) | USD | 50 | 52,101 | |||||||||
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a) | USD | 140 | 140,350 | |||||||||
Jaguar Holding Co. II/PPD Development LP | ||||||||||||
4.63%, 06/15/25 (Call 06/15/22)(a) | USD | 20 | 20,810 | |||||||||
5.00%, 06/15/28 (Call 06/15/23)(a) | USD | 100 | 107,500 | |||||||||
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a) | USD | 160 | 164,409 | |||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a) | USD | 100 | 101,481 | |||||||||
Jeld-Wen Inc. | ||||||||||||
4.63%, 12/15/25 (Call 11/29/21)(a) | USD | 50 | 50,613 | |||||||||
4.88%, 12/15/27 (Call 12/15/22)(a) | USD | 50 | 51,696 | |||||||||
Kaiser Aluminum Corp. | ||||||||||||
4.50%, 06/01/31 (Call 06/01/26)(a)(b) | USD | 60 | 58,764 | |||||||||
4.63%, 03/01/28 (Call 03/01/23)(a) | USD | 75 | 75,815 | |||||||||
Kennedy-Wilson Inc. | ||||||||||||
4.75%, 03/01/29 (Call 03/01/24) | USD | 55 | 56,100 | |||||||||
4.75%, 02/01/30 (Call 09/01/24) | USD | 75 | 75,791 | |||||||||
5.00%, 03/01/31 (Call 03/01/26) | USD | 61 | 62,373 | |||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)(a) | USD | 200 | 207,024 | |||||||||
Kraft Heinz Foods Co. | ||||||||||||
2.00%, 06/30/23 (Call 03/30/23)(c) | EUR | 100 | 118,686 | |||||||||
2.25%, 05/25/28 (Call 02/25/28)(c) | EUR | 250 | 309,849 | |||||||||
3.00%, 06/01/26 (Call 03/01/26) | USD | 241 | 251,693 | |||||||||
3.75%, 04/01/30 (Call 01/01/30) | USD | 75 | 81,418 | |||||||||
3.88%, 05/15/27 (Call 02/15/27) | USD | 130 | 141,042 | |||||||||
4.25%, 03/01/31 (Call 12/01/30) | USD | 165 | 185,643 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.63%, 01/30/29 (Call 10/30/28) | USD | 125 | $ | 142,083 | ||||||||
LABL Inc. | ||||||||||||
5.88%, 11/01/28 (Call 11/01/24)(a)(b) | USD | 70 | 70,592 | |||||||||
6.75%, 07/15/26 (Call 07/15/22)(a) | USD | 90 | 93,197 | |||||||||
8.25%, 11/01/29 (Call 11/01/24)(a) | USD | 70 | 68,600 | |||||||||
10.50%, 07/15/27 (Call 07/15/22)(a) | USD | 85 | 89,898 | |||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | ||||||||||||
4.25%, 02/01/27 (Call 02/01/23)(a) | USD | 60 | 60,335 | |||||||||
4.75%, 06/15/29 (Call 06/15/24)(a) | USD | 95 | 95,713 | |||||||||
5.25%, 10/01/25 (Call 11/15/21)(a) | USD | 4 | 4,046 | |||||||||
Lamar Media Corp. | ||||||||||||
3.63%, 01/15/31 (Call 01/15/26) | USD | 70 | 68,533 | |||||||||
3.75%, 02/15/28 (Call 02/15/23) | USD | 75 | 75,904 | |||||||||
4.00%, 02/15/30 (Call 02/15/25) | USD | 60 | 60,768 | |||||||||
4.88%, 01/15/29 (Call 01/15/24)(b) | USD | 40 | 41,880 | |||||||||
Lamb Weston Holdings Inc. | ||||||||||||
4.13%, 01/31/30 (Call 01/31/25)(a) | USD | 100 | 100,095 | |||||||||
4.38%, 01/31/32 (Call 01/31/27)(a) | USD | 100 | 100,148 | |||||||||
4.63%, 11/01/24 (Call 11/18/21)(a) | USD | 100 | 102,358 | |||||||||
4.88%, 11/01/26 (Call 11/18/21)(a) | USD | 100 | 102,581 | |||||||||
4.88%, 05/15/28 (Call 11/15/27)(a)(b) | USD | 60 | 64,312 | |||||||||
Laredo Petroleum Inc. | ||||||||||||
7.75%, 07/31/29 (Call 07/31/24)(a) | USD | 50 | 49,389 | |||||||||
9.50%, 01/15/25 (Call 01/15/22) | USD | 50 | 51,492 | |||||||||
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a) | USD | 75 | 72,833 | |||||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a) | USD | 87 | 89,333 | |||||||||
LCPR Senior Secured Financing DAC | ||||||||||||
5.13%, 07/15/29 (Call 07/15/24)(a) | USD | 100 | 101,270 | |||||||||
6.75%, 10/15/27 (Call 10/15/22)(a) | USD | 100 | 105,501 | |||||||||
LD Holdings Group LLC | ||||||||||||
6.13%, 04/01/28 (Call 04/01/24)(a) | USD | 65 | 59,607 | |||||||||
6.50%, 11/01/25 (Call 11/01/22)(a) | USD | 50 | 49,122 | |||||||||
Legacy LifePoint Health LLC | ||||||||||||
4.38%, 02/15/27 (Call 02/15/22)(a) | USD | 60 | 59,618 | |||||||||
6.75%, 04/15/25 (Call 04/15/22)(a) | USD | 35 | 36,800 | |||||||||
Level 3 Financing Inc. | ||||||||||||
3.63%, 01/15/29 (Call 01/15/24)(a)(b) | USD | 105 | 99,352 | |||||||||
3.75%, 07/15/29 (Call 01/15/24)(a) | USD | 115 | 108,675 | |||||||||
4.25%, 07/01/28 (Call 07/01/23)(a) | USD | 100 | 98,879 | |||||||||
4.63%, 09/15/27 (Call 09/15/22)(a)(b) | USD | 100 | 102,500 | |||||||||
5.25%, 03/15/26 (Call 11/29/21) | USD | 100 | 103,070 | |||||||||
5.38%, 05/01/25 (Call 11/29/21) | USD | 95 | 97,198 | |||||||||
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22) | EUR | 100 | 117,934 | |||||||||
Liberty Mutual Group Inc. | ||||||||||||
3.63%, 05/23/59 (Call 05/23/24)(c)(d) | EUR | 100 | 119,445 | |||||||||
4.13%, 12/15/51 (Call 12/15/26)(a)(b)(d) | USD | 175 | 179,635 | |||||||||
Life Time Inc. | ||||||||||||
5.75%, 01/15/26 (Call 01/15/23)(a) | USD | 93 | 95,592 | |||||||||
8.00%, 04/15/26 (Call 02/01/23)(a)(b) | USD | 70 | 73,500 | |||||||||
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)(b) | USD | 70 | 68,980 | |||||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a) | USD | 115 | 117,730 | |||||||||
Lithia Motors Inc. | ||||||||||||
3.88%, 06/01/29 (Call 06/01/24)(a) | USD | 100 | 103,625 | |||||||||
4.38%, 01/15/31 (Call 10/15/25)(a) | USD | 65 | 69,323 | |||||||||
Live Nation Entertainment Inc. | ||||||||||||
3.75%, 01/15/28 (Call 01/15/24)(a)(b) | USD | 35 | 34,606 | |||||||||
4.75%, 10/15/27 (Call 10/15/22)(a)(b) | USD | 100 | 102,000 |
64 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.50%, 05/15/27 (Call 05/15/23)(a)(b) | USD | 160 | $ | 174,955 | ||||||||
Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA, 3.88%, 04/01/24 | EUR | 100 | 123,602 | |||||||||
LPL Holdings Inc. | ||||||||||||
4.00%, 03/15/29 (Call 03/15/24)(a) | USD | 60 | 61,290 | |||||||||
4.38%, 05/15/31 (Call 05/15/26)(a) | USD | 60 | 61,399 | |||||||||
4.63%, 11/15/27 (Call 11/15/22)(a) | USD | 50 | 51,587 | |||||||||
Lumen Technologies Inc. | ||||||||||||
4.00%, 02/15/27 (Call 02/15/23)(a) | USD | 130 | 130,490 | |||||||||
4.50%, 01/15/29 (Call 01/15/24)(a) | USD | 110 | 106,287 | |||||||||
5.13%, 12/15/26 (Call 12/15/22)(a) | USD | 105 | 107,570 | |||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) | USD | 115 | 115,287 | |||||||||
5.63%, 04/01/25 (Call 01/01/25) | USD | 65 | 69,880 | |||||||||
Series W, 6.75%, 12/01/23(b) | USD | 75 | 82,349 | |||||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24) | USD | 225 | 247,461 | |||||||||
Macy’s Retail Holdings LLC | ||||||||||||
3.63%, 06/01/24 (Call 03/01/24) | USD | 24 | 24,773 | |||||||||
5.88%, 04/01/29 (Call 04/01/24)(a) | USD | 60 | 63,980 | |||||||||
Madison IAQ LLC | ||||||||||||
4.13%, 06/30/28 (Call 06/30/24)(a)(b) | USD | 75 | 74,595 | |||||||||
5.88%, 06/30/29 (Call 06/30/24)(a) | USD | 130 | 129,025 | |||||||||
Marriott Ownership Resorts Inc. | ||||||||||||
4.50%, 06/15/29 (Call 06/15/24)(a) | USD | 60 | 60,016 | |||||||||
6.13%, 09/15/25 (Call 05/15/22)(a) | USD | 7 | 7,346 | |||||||||
Matador Resources Co., 5.88%, 09/15/26 (Call 11/15/21)(b) | USD | 130 | 134,213 | |||||||||
Match Group Holdings II LLC | ||||||||||||
3.63%, 10/01/31 (Call 10/01/26)(a) | USD | 60 | 58,263 | |||||||||
4.13%, 08/01/30 (Call 05/01/25)(a) | USD | 90 | 92,959 | |||||||||
4.63%, 06/01/28 (Call 06/01/23)(a) | USD | 10 | 10,385 | |||||||||
5.00%, 12/15/27 (Call 12/15/22)(a) | USD | 75 | 78,378 | |||||||||
Mattel Inc. | ||||||||||||
3.38%, 04/01/26 (Call 04/01/23)(a) | USD | 65 | 66,991 | |||||||||
3.75%, 04/01/29 (Call 04/01/24)(a) | USD | 65 | 67,527 | |||||||||
5.88%, 12/15/27 (Call 12/15/22)(a)(b) | USD | 60 | 64,655 | |||||||||
Mauser Packaging Solutions Holding Co. | ||||||||||||
4.75%, 04/15/24 (Call 11/29/21)(c) | EUR | 100 | 114,360 | |||||||||
5.50%, 04/15/24 (Call 11/29/21)(a) | USD | 160 | 160,240 | |||||||||
7.25%, 04/15/25 (Call 11/29/21)(a)(b) | USD | 160 | 155,029 | |||||||||
Mav Acquisition Corp. | ||||||||||||
5.75%, 08/01/28 (Call 08/01/24)(a) | USD | 100 | 98,300 | |||||||||
8.00%, 08/01/29 (Call 08/01/24)(a) | USD | 100 | 97,443 | |||||||||
MEDNAX Inc., 6.25%, 01/15/27 | USD | 125 | 131,227 | |||||||||
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24) | USD | 85 | 84,901 | |||||||||
Meredith Corp., 6.88%, 02/01/26 (Call 12/01/21) | USD | 122 | 126,624 | |||||||||
Meritage Homes Corp. | ||||||||||||
3.88%, 04/15/29 (Call 10/15/28)(a) | USD | 40 | 41,486 | |||||||||
6.00%, 06/01/25 (Call 03/01/25) | USD | 50 | 56,119 | |||||||||
MGM Growth Properties Operating Partnership | ||||||||||||
3.88%, 02/15/29 (Call 11/15/28)(a) | USD | 90 | 95,199 | |||||||||
4.50%, 09/01/26 (Call 06/01/26) | USD | 65 | 70,346 | |||||||||
4.63%, 06/15/25 (Call 03/15/25)(a) | USD | 145 | 155,914 | |||||||||
5.63%, 05/01/24 (Call 02/01/24) | USD | 130 | 140,705 | |||||||||
5.75%, 02/01/27 (Call 11/01/26) | USD | 120 | 136,860 | |||||||||
MGM Resorts International | ||||||||||||
4.63%, 09/01/26 (Call 06/01/26) | USD | 162 | 169,497 | |||||||||
4.75%, 10/15/28 (Call 07/15/28) | USD | 90 | 93,521 | |||||||||
5.50%, 04/15/27 (Call 01/15/27) | USD | 111 | 119,602 | |||||||||
5.75%, 06/15/25 (Call 03/15/25) | USD | 115 | 124,771 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
6.00%, 03/15/23 | USD | 155 | $ | 163,753 | ||||||||
6.75%, 05/01/25 (Call 05/01/22) | USD | 50 | 52,775 | |||||||||
Michaels Companies Inc (The) | ||||||||||||
5.25%, 05/01/28 (Call 11/01/23)(a) | USD | 90 | 91,017 | |||||||||
7.88%, 05/01/29 (Call 05/01/24)(a)(b) | USD | 140 | 141,911 | |||||||||
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22) | USD | 155 | 161,063 | |||||||||
Midas OpCo Holdings LLC, 5.63%, 08/15/29 (Call 08/15/24)(a) | USD | 125 | 127,487 | |||||||||
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)(a) | USD | 150 | 155,525 | |||||||||
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a) | USD | 60 | 61,040 | |||||||||
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)(a) | USD | 135 | 139,371 | |||||||||
Molina Healthcare Inc. | ||||||||||||
3.88%, 11/15/30 (Call 08/17/30)(a) | USD | 65 | 67,194 | |||||||||
4.38%, 06/15/28 (Call 06/15/23)(a) | USD | 80 | 83,039 | |||||||||
5.38%, 11/15/22 (Call 08/15/22) | USD | 90 | 92,700 | |||||||||
Moss Creek Resources Holdings Inc. | ||||||||||||
7.50%, 01/15/26 (Call 11/29/21)(a) | USD | 65 | 59,150 | |||||||||
10.50%, 05/15/27 (Call 05/15/22)(a)(b) | USD | 65 | 64,409 | |||||||||
Mozart Debt Merger Sub Inc. | ||||||||||||
3.88%, 04/01/29 (Call 10/01/24)(a) | USD | 505 | 502,475 | |||||||||
5.25%, 10/01/29 (Call 10/01/24)(a)(b) | USD | 240 | 243,600 | |||||||||
MPH Acquisition Holdings LLC | ||||||||||||
5.50%, 09/01/28 (Call 09/01/24)(a) | USD | 150 | 148,955 | |||||||||
5.75%, 11/01/28 (Call 11/01/23)(a)(b) | USD | 140 | 127,596 | |||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
0.99%, 10/15/26 (Call 09/15/26) | EUR | 200 | 228,923 | |||||||||
3.33%, 03/24/25 (Call 12/24/24) | EUR | 100 | 124,592 | |||||||||
3.38%, 04/24/30 (Call 01/24/30) | GBP | 125 | 176,086 | |||||||||
3.50%, 03/15/31 (Call 03/15/26) | USD | 135 | 135,884 | |||||||||
4.63%, 08/01/29 (Call 08/01/24) | USD | 90 | 95,288 | |||||||||
5.00%, 10/15/27 (Call 10/15/22) | USD | 150 | 157,936 | |||||||||
5.25%, 08/01/26 (Call 11/29/21) | USD | 65 | 67,024 | |||||||||
MSCI Inc. | ||||||||||||
3.25%, 08/15/33 (Call 08/15/27)(a) | USD | 70 | 70,350 | |||||||||
3.63%, 09/01/30 (Call 03/01/25)(a) | USD | 60 | 61,377 | |||||||||
3.63%, 11/01/31 (Call 11/01/26)(a) | USD | 75 | 77,250 | |||||||||
3.88%, 02/15/31 (Call 06/01/25)(a)(b) | USD | 100 | 103,288 | |||||||||
4.00%, 11/15/29 (Call 11/15/24)(a) | USD | 125 | 130,704 | |||||||||
Murphy Oil Corp. | ||||||||||||
5.75%, 08/15/25 (Call 11/29/21)(b) | USD | 50 | 51,242 | |||||||||
5.88%, 12/01/27 (Call 12/01/22) | USD | 55 | 57,253 | |||||||||
6.38%, 07/15/28 (Call 07/15/24) | USD | 50 | 52,880 | |||||||||
6.88%, 08/15/24 (Call 11/29/21)(b) | USD | 36 | 36,723 | |||||||||
Murphy Oil USA Inc. | ||||||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) | USD | 60 | 59,038 | |||||||||
4.75%, 09/15/29 (Call 09/15/24) | USD | 50 | 52,675 | |||||||||
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24) | USD | 75 | 71,250 | |||||||||
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)(a) | USD | 50 | 48,463 | |||||||||
Nationstar Mortgage Holdings Inc. | ||||||||||||
5.13%, 12/15/30 (Call 12/15/25)(a) | USD | 80 | 80,536 | |||||||||
5.50%, 08/15/28 (Call 08/15/23)(a) | USD | 75 | 76,925 | |||||||||
6.00%, 01/15/27 (Call 01/15/23)(a) | USD | 60 | 62,855 | |||||||||
Navient Corp. | ||||||||||||
4.88%, 03/15/28 (Call 06/15/27) | USD | 70 | 70,253 | |||||||||
5.00%, 03/15/27 (Call 09/15/26) | USD | 65 | 66,300 | |||||||||
5.50%, 01/25/23 | USD | 100 | 104,431 | |||||||||
5.88%, 10/25/24 | USD | 65 | 69,388 |
S C H E D U L E O F I N V E S T M E N T S | 65 |
Schedule of Investments (continued) October 31, 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%, 03/25/24 | USD | 55 | $ | 58,845 | ||||||||
6.75%, 06/25/25(b) | USD | 65 | 71,253 | |||||||||
6.75%, 06/15/26 | USD | 65 | 71,771 | |||||||||
7.25%, 09/25/23 | USD | 65 | 70,781 | |||||||||
NCL Corp. Ltd. | ||||||||||||
3.63%, 12/15/24 (Call 12/15/21)(a)(b) | USD | 50 | 47,375 | |||||||||
5.88%, 03/15/26 (Call 12/15/25)(a) | USD | 155 | 155,918 | |||||||||
10.25%, 02/01/26 (Call 08/01/23)(a) | USD | 85 | 97,250 | |||||||||
12.25%, 05/15/24 (Call 02/15/24)(a) | USD | 65 | 76,771 | |||||||||
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b) | USD | 65 | 65,855 | |||||||||
NCR Corp. | ||||||||||||
5.00%, 10/01/28 (Call 10/01/23)(a) | USD | 70 | 71,274 | |||||||||
5.13%, 04/15/29 (Call 04/15/24)(a) | USD | 135 | 138,217 | |||||||||
5.25%, 10/01/30 (Call 10/01/25)(a)(b) | USD | 70 | 72,233 | |||||||||
5.75%, 09/01/27 (Call 09/01/22)(a) | USD | 65 | 68,291 | |||||||||
6.13%, 09/01/29 (Call 09/01/24)(a) | USD | 75 | 80,579 | |||||||||
Netflix Inc. | ||||||||||||
3.63%, 06/15/25(a) | 0 | — | ||||||||||
4.88%, 06/15/30(a)(b) | 0 | — | ||||||||||
5.38%, 11/15/29(a) | 0 | — | ||||||||||
New Fortress Energy Inc. | ||||||||||||
6.50%, 09/30/26 (Call 03/31/23)(a) | USD | 175 | 170,187 | |||||||||
6.75%, 09/15/25 (Call 09/15/22)(a) | USD | 125 | 121,915 | |||||||||
Newell Brands Inc. | ||||||||||||
4.35%, 04/01/23 (Call 02/01/23) | USD | 100 | 104,331 | |||||||||
4.70%, 04/01/26 (Call 01/01/26) | USD | 300 | 328,714 | |||||||||
4.88%, 06/01/25 (Call 05/01/25)(b) | USD | 65 | 71,197 | |||||||||
News Corp., 3.88%, 05/15/29 (Call 05/15/24)(a) | USD | 110 | 111,658 | |||||||||
Nexstar Media Inc. | ||||||||||||
4.75%, 11/01/28 (Call 11/01/23)(a)(b) | USD | 125 | 127,706 | |||||||||
5.63%, 07/15/27 (Call 07/15/22)(a) | USD | 200 | 211,000 | |||||||||
NextEra Energy Operating Partners LP | ||||||||||||
3.88%, 10/15/26 (Call 07/15/26)(a) | USD | 65 | 69,106 | |||||||||
4.25%, 07/15/24 (Call 04/15/24)(a) | USD | 45 | 47,642 | |||||||||
4.50%, 09/15/27 (Call 06/15/27)(a) | USD | 65 | 69,373 | |||||||||
NFP Corp. | ||||||||||||
4.88%, 08/15/28 (Call 08/15/23)(a) | USD | 10 | 10,150 | |||||||||
6.88%, 08/15/28 (Call 08/15/23)(a) | USD | 205 | 208,071 | |||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(a) | USD | 215 | 218,102 | |||||||||
NGL Energy Partners LP/NGL Energy Finance Corp. | ||||||||||||
7.50%, 11/01/23 (Call 11/29/21) | USD | 65 | 62,543 | |||||||||
7.50%, 04/15/26 (Call 04/15/22) | USD | 58 | 49,634 | |||||||||
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 11/29/21)(a)(b) | USD | 65 | 66,097 | |||||||||
Nielsen Finance LLC/Nielsen Finance Co. | ||||||||||||
4.50%, 07/15/29 (Call 07/15/24)(a) | USD | 80 | 78,220 | |||||||||
4.75%, 07/15/31 (Call 07/15/26)(a)(b) | USD | 65 | 63,430 | |||||||||
5.63%, 10/01/28 (Call 10/01/23)(a) | USD | 95 | 98,834 | |||||||||
5.88%, 10/01/30 (Call 10/01/25)(a) | USD | 95 | 99,565 | |||||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a) | USD | 160 | 168,233 | |||||||||
Nordstrom Inc. | ||||||||||||
4.25%, 08/01/31 (Call 05/01/31)(b) | USD | 50 | 50,000 | |||||||||
4.38%, 04/01/30 (Call 01/01/30)(b) | USD | 50 | 50,875 | |||||||||
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 11/09/21)(a) | USD | 140 | 141,878 | |||||||||
Novelis Corp. | ||||||||||||
3.25%, 11/15/26 (Call 11/15/23)(a) | USD | 80 | 79,700 | |||||||||
3.88%, 08/15/31 (Call 08/15/26)(a) | USD | 75 | 72,941 | |||||||||
4.75%, 01/30/30 (Call 01/30/25)(a) | USD | 170 | 176,851 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
NRG Energy Inc. | ||||||||||||
3.38%, 02/15/29 (Call 02/15/24)(a) | USD | 35 | $ | 34,234 | ||||||||
3.63%, 02/15/31 (Call 02/15/26)(a) | USD | 120 | 116,947 | |||||||||
3.88%, 02/15/32 (Call 02/15/27)(a) | USD | 125 | 122,500 | |||||||||
5.25%, 06/15/29 (Call 06/15/24)(a) | USD | 90 | 95,678 | |||||||||
5.75%, 01/15/28 (Call 01/15/23) | USD | 80 | 84,874 | |||||||||
6.63%, 01/15/27 (Call 11/15/21)(b) | USD | 47 | 48,763 | |||||||||
NuStar Logistics LP | ||||||||||||
5.63%, 04/28/27 (Call 01/28/27) | USD | 50 | 52,550 | |||||||||
5.75%, 10/01/25 (Call 07/01/25) | USD | 85 | 90,950 | |||||||||
6.00%, 06/01/26 (Call 03/01/26) | USD | 115 | 122,331 | |||||||||
6.38%, 10/01/30 (Call 04/01/30)(b) | USD | 55 | 60,294 | |||||||||
Occidental Petroleum Corp. | ||||||||||||
2.70%, 02/15/23 (Call 11/15/22) | USD | 25 | 25,303 | |||||||||
2.90%, 08/15/24 (Call 07/15/24) | USD | 175 | 178,272 | |||||||||
3.00%, 02/15/27 (Call 11/15/26) | USD | 125 | 124,910 | |||||||||
3.20%, 08/15/26 (Call 06/15/26) | USD | 125 | 126,791 | |||||||||
3.40%, 04/15/26 (Call 01/15/26) | USD | 125 | 127,410 | |||||||||
3.50%, 06/15/25 (Call 03/15/25) | USD | 50 | 51,699 | |||||||||
3.50%, 08/15/29 (Call 05/15/29)(b) | USD | 150 | 152,250 | |||||||||
5.50%, 12/01/25 (Call 09/01/25) | USD | 95 | 104,452 | |||||||||
5.55%, 03/15/26 (Call 12/15/25) | USD | 145 | 160,044 | |||||||||
5.88%, 09/01/25 (Call 06/01/25) | USD | 85 | 94,350 | |||||||||
6.13%, 01/01/31 (Call 07/01/30)(b) | USD | 100 | 119,750 | |||||||||
6.38%, 09/01/28 (Call 03/01/28)(b) | USD | 65 | 75,868 | |||||||||
6.63%, 09/01/30 (Call 03/01/30)(b) | USD | 140 | 171,404 | |||||||||
6.95%, 07/01/24 | USD | 50 | 56,188 | |||||||||
7.50%, 05/01/31 | USD | 100 | 130,103 | |||||||||
7.88%, 09/15/31 | USD | 75 | 99,758 | |||||||||
8.00%, 07/15/25 (Call 04/15/25)(b) | USD | 55 | 65,094 | |||||||||
8.50%, 07/15/27 (Call 01/15/27) | USD | 65 | 81,114 | |||||||||
8.88%, 07/15/30 (Call 01/15/30) | USD | 100 | 135,562 | |||||||||
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(c) | EUR | 100 | 118,056 | |||||||||
Olin Corp. | ||||||||||||
5.00%, 02/01/30 (Call 02/01/24) | USD | 65 | 68,956 | |||||||||
5.13%, 09/15/27 (Call 03/15/22) | USD | 40 | 41,394 | |||||||||
5.63%, 08/01/29 (Call 08/01/24) | USD | 95 | 103,722 | |||||||||
9.50%, 06/01/25 (Call 03/01/25)(a) | USD | 65 | 80,115 | |||||||||
Olympus Water U.S. Holding Corp. | ||||||||||||
3.88%, 10/01/28 (Call 10/01/24)(c) | EUR | 100 | 115,065 | |||||||||
4.25%, 10/01/28 (Call 10/01/24)(a) | USD | 200 | 196,531 | |||||||||
OneMain Finance Corp. | ||||||||||||
3.50%, 01/15/27 (Call 01/15/24) | USD | 90 | 88,149 | |||||||||
3.88%, 09/15/28 (Call 09/15/24)(b) | USD | 125 | 121,719 | |||||||||
4.00%, 09/15/30 (Call 09/15/25)(b) | USD | 90 | 87,413 | |||||||||
5.38%, 11/15/29 (Call 05/15/29) | USD | 100 | 107,039 | |||||||||
5.63%, 03/15/23 | USD | 200 | 210,344 | |||||||||
6.13%, 03/15/24 (Call 09/15/23) | USD | 140 | 148,925 | |||||||||
6.63%, 01/15/28 (Call 07/15/27) | USD | 50 | 56,369 | |||||||||
6.88%, 03/15/25 | USD | 105 | 117,141 | |||||||||
7.13%, 03/15/26 | USD | 175 | 198,844 | |||||||||
8.88%, 06/01/25 (Call 06/01/22) | USD | 75 | 81,049 | |||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV | ||||||||||||
4.13%, 04/30/28 (Call 04/30/24)(a) | USD | 250 | 252,437 | |||||||||
5.13%, 04/30/31 (Call 04/30/26)(a)(b) | USD | 225 | 232,072 | |||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 (Call 04/30/24)(c) | EUR | 150 | 174,826 | |||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||||||
4.25%, 01/15/29 (Call 01/15/24)(a)(b) | USD | 65 | 63,700 |
66 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.63%, 03/15/30 (Call 03/15/25)(a) | USD | 65 | $ | 64,981 | ||||||||
5.00%, 08/15/27 (Call 08/15/22)(a) | USD | 30 | 30,600 | |||||||||
6.25%, 06/15/25 (Call 06/15/22)(a) | USD | 55 | 57,773 | |||||||||
Ovintiv Exploration Inc. | ||||||||||||
5.38%, 01/01/26 (Call 10/01/25) | USD | 75 | 83,394 | |||||||||
5.63%, 07/01/24 | USD | 75 | 82,551 | |||||||||
Owens-Brockway Glass Container Inc. | ||||||||||||
5.88%, 08/15/23(a)(b) | USD | 65 | 68,250 | |||||||||
6.63%, 05/13/27 (Call 05/15/23)(a)(b) | USD | 90 | 96,028 | |||||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a) | USD | 65 | 64,025 | |||||||||
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a) | USD | 211 | 212,846 | |||||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | ||||||||||||
4.88%, 05/15/29 (Call 05/15/24)(a) | USD | 85 | 86,217 | |||||||||
5.88%, 10/01/28 (Call 10/01/23)(a) | USD | 80 | 83,944 | |||||||||
PBF Holding Co. LLC/PBF Finance Corp. | ||||||||||||
6.00%, 02/15/28 (Call 02/15/23) | USD | 110 | 79,750 | |||||||||
7.25%, 06/15/25 (Call 11/29/21) | USD | 75 | 58,350 | |||||||||
9.25%, 05/15/25 (Call 05/15/22)(a) | USD | 125 | 120,937 | |||||||||
PDC Energy Inc. | ||||||||||||
5.75%, 05/15/26 (Call 11/29/21)(b) | USD | 75 | 77,156 | |||||||||
6.13%, 09/15/24 (Call 11/29/21) | USD | 50 | 50,793 | |||||||||
Pearl Merger Sub Inc., 6.75%, 10/01/28 (Call 10/01/24)(a) | USD | 36 | 35,914 | |||||||||
PennyMac Financial Services Inc. | ||||||||||||
4.25%, 02/15/29 (Call 02/15/24)(a) | USD | 40 | 37,873 | |||||||||
5.38%, 10/15/25 (Call 10/15/22)(a) | USD | 75 | 77,243 | |||||||||
5.75%, 09/15/31 (Call 09/15/26)(a) | USD | 75 | 73,917 | |||||||||
Penske Automotive Group Inc. | ||||||||||||
3.50%, 09/01/25 (Call 09/01/22)(b) | USD | 70 | 71,925 | |||||||||
3.75%, 06/15/29 (Call 06/15/24) | USD | 100 | 99,451 | |||||||||
Performance Food Group Inc. | ||||||||||||
4.25%, 08/01/29 (Call 08/01/24)(a) | USD | 110 | 110,066 | |||||||||
5.50%, 10/15/27 (Call 10/15/22)(a) | USD | 135 | 140,853 | |||||||||
Perrigo Finance Unlimited Co. | ||||||||||||
3.90%, 12/15/24 (Call 09/15/24) | USD | 50 | 52,759 | |||||||||
4.38%, 03/15/26 (Call 12/15/25) | USD | 200 | 213,024 | |||||||||
PetSmart Inc./PetSmart Finance Corp. | ||||||||||||
4.75%, 02/15/28 (Call 02/15/24)(a) | USD | 200 | 205,500 | |||||||||
7.75%, 02/15/29 (Call 02/15/24)(a) | USD | 75 | 80,960 | |||||||||
PG&E Corp. | ||||||||||||
5.00%, 07/01/28 (Call 07/01/23)(b) | USD | 150 | 156,000 | |||||||||
5.25%, 07/01/30 (Call 07/01/25)(b) | USD | 120 | 125,370 | |||||||||
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)(b) | USD | 125 | 131,437 | |||||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25 | ||||||||||||
(Call 06/15/22)(a) | USD | 45 | 47,291 | |||||||||
Pilgrim’s Pride Corp. | ||||||||||||
3.50%, 03/01/32 (Call 09/01/26)(a) | USD | 100 | 100,447 | |||||||||
4.25%, 04/15/31 (Call 04/15/26)(a) | USD | 115 | 121,316 | |||||||||
5.88%, 09/30/27 (Call 09/30/22)(a)(b) | USD | 80 | 84,300 | |||||||||
Post Holdings Inc. | ||||||||||||
4.50%, 09/15/31 (Call 09/15/26)(a) | USD | 205 | 201,156 | |||||||||
4.63%, 04/15/30 (Call 04/15/25)(a)(b) | USD | 180 | 180,931 | |||||||||
5.50%, 12/15/29 (Call 12/15/24)(a) | USD | 95 | 101,056 | |||||||||
5.63%, 01/15/28 (Call 12/01/22)(a) | USD | 70 | 73,059 | |||||||||
5.75%, 03/01/27 (Call 03/01/22)(a) | USD | 140 | 145,275 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Premier Entertainment Sub LLC/Premier | ||||||||||||
5.63%, 09/01/29 (Call 09/01/24)(a) | USD | 90 | $ | 91,699 | ||||||||
5.88%, 09/01/31 (Call 09/01/26)(a)(b) | USD | 85 | 86,700 | |||||||||
Prestige Brands Inc. | ||||||||||||
3.75%, 04/01/31 (Call 04/01/26)(a) | USD | 70 | 67,725 | |||||||||
5.13%, 01/15/28 (Call 01/15/23)(a) | USD | 50 | 52,292 | |||||||||
Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||||||
3.38%, 08/31/27 (Call 08/31/26)(a) | USD | 95 | 90,969 | |||||||||
5.25%, 04/15/24(a) | USD | 95 | 101,015 | |||||||||
5.75%, 04/15/26(a) | USD | 135 | 144,258 | |||||||||
6.25%, 01/15/28 (Call 01/15/23)(a)(b) | USD | 135 | 138,375 | |||||||||
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(c) | EUR | 100 | 118,065 | |||||||||
PTC Inc. | ||||||||||||
3.63%, 02/15/25 (Call 02/15/22)(a) | USD | 65 | 66,124 | |||||||||
4.00%, 02/15/28 (Call 02/15/23)(a) | USD | 65 | 65,978 | |||||||||
Quicken Loans LLC/Quicken Loans | ||||||||||||
3.63%, 03/01/29 (Call 03/01/24)(a)(b) | USD | 45 | 44,716 | |||||||||
3.88%, 03/01/31 (Call 03/01/26)(a) | USD | 180 | 178,020 | |||||||||
QVC Inc. | ||||||||||||
4.38%, 03/15/23 | USD | 170 | 177,041 | |||||||||
4.38%, 09/01/28 (Call 06/01/28) | USD | 15 | 15,338 | |||||||||
4.45%, 02/15/25 (Call 11/15/24) | USD | 50 | 53,398 | |||||||||
4.75%, 02/15/27 (Call 11/15/26)(b) | USD | 70 | 73,203 | |||||||||
4.85%, 04/01/24 | USD | 75 | 80,447 | |||||||||
Rackspace Technology Global Inc. | ||||||||||||
3.50%, 02/15/28 (Call 02/15/24)(a) | USD | 70 | 66,649 | |||||||||
5.38%, 12/01/28 (Call 12/01/23)(a) | USD | 50 | 48,251 | |||||||||
Radian Group Inc. | ||||||||||||
4.50%, 10/01/24 (Call 07/01/24)(b) | USD | 50 | 53,051 | |||||||||
4.88%, 03/15/27 (Call 09/15/26) | USD | 50 | 54,563 | |||||||||
6.63%, 03/15/25 (Call 09/15/24) | USD | 45 | 50,223 | |||||||||
Radiate Holdco LLC/Radiate Finance Inc. | ||||||||||||
4.50%, 09/15/26 (Call 09/15/23)(a) | USD | 90 | 91,444 | |||||||||
6.50%, 09/15/28 (Call 09/15/23)(a) | USD | 105 | 105,000 | |||||||||
Radiology Partners Inc., 9.25%, 02/01/28 | ||||||||||||
(Call 02/01/23)(a)(b) | USD | 75 | 79,403 | |||||||||
Range Resources Corp. | ||||||||||||
4.88%, 05/15/25 (Call 02/15/25) | USD | 95 | 99,101 | |||||||||
5.00%, 03/15/23 (Call 12/15/22) | USD | 40 | 41,021 | |||||||||
8.25%, 01/15/29 (Call 01/15/24)(a) | USD | 80 | 89,991 | |||||||||
9.25%, 02/01/26 (Call 02/01/22) | USD | 85 | 92,076 | |||||||||
Realogy Group LLC/Realogy | ||||||||||||
4.88%, 06/01/23 (Call 03/01/23)(a) | USD | 50 | 51,500 | |||||||||
5.75%, 01/15/29 (Call 01/15/24)(a) | USD | 80 | 82,744 | |||||||||
7.63%, 06/15/25 (Call 06/15/22)(a) | USD | 165 | 176,294 | |||||||||
9.38%, 04/01/27 (Call 04/01/22)(a) | USD | 65 | 71,134 | |||||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a) | USD | 155 | 163,525 | |||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, 10/15/27 (Call 10/15/23)(a) | USD | 100 | 97,850 | |||||||||
RHP Hotel Properties LP/RHP | ||||||||||||
4.50%, 02/15/29 (Call 02/15/24)(a)(b) | USD | 65 | 64,651 | |||||||||
4.75%, 10/15/27 (Call 10/15/22) | USD | 80 | 81,933 | |||||||||
Rite Aid Corp. | ||||||||||||
7.50%, 07/01/25 (Call 07/01/22)(a) | USD | 52 | 52,260 | |||||||||
8.00%, 11/15/26 (Call 01/15/23)(a) | USD | 89 | 89,821 | |||||||||
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)(a)(b) | USD | 70 | 69,801 |
S C H E D U L E O F I N V E S T M E N T S | 67 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) | USD | 115 | $ | 114,569 | ||||||||
Rocket Mortgage LLC/Rocket Mortgage | ||||||||||||
2.88%, 10/15/26 (Call 10/15/23)(a) | USD | 118 | 117,189 | |||||||||
4.00%, 10/15/33 (Call 10/15/27)(a) | USD | 120 | 118,415 | |||||||||
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)(a) | USD | 50 | 53,392 | |||||||||
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a) | USD | 95 | 95,000 | |||||||||
Sabre GLBL Inc. | ||||||||||||
7.38%, 09/01/25 (Call 09/01/22)(a) | USD | 80 | 85,203 | |||||||||
9.25%, 04/15/25 (Call 03/16/25)(a) | USD | 90 | 104,009 | |||||||||
SBA Communications Corp. | ||||||||||||
3.13%, 02/01/29 (Call 02/01/24)(a) | USD | 165 | 157,987 | |||||||||
3.88%, 02/15/27 (Call 02/15/23) | USD | 175 | 180,474 | |||||||||
4.88%, 09/01/24 (Call 11/08/21) | USD | 140 | 141,617 | |||||||||
Scientific Games International Inc. | ||||||||||||
3.38%, 02/15/26 (Call 11/29/21)(c) | EUR | 100 | 116,599 | |||||||||
5.00%, 10/15/25 (Call 11/29/21)(a) | USD | 155 | 159,658 | |||||||||
7.00%, 05/15/28 (Call 05/15/23)(a) | USD | 85 | 91,838 | |||||||||
7.25%, 11/15/29 (Call 11/15/24)(a)(b) | USD | 65 | 73,455 | |||||||||
8.25%, 03/15/26 (Call 03/15/22)(a) | USD | 135 | 143,269 | |||||||||
8.63%, 07/01/25 (Call 07/01/22)(a) | USD | 60 | 64,853 | |||||||||
SCIH Salt Holdings Inc. | ||||||||||||
4.88%, 05/01/28 (Call 05/01/24)(a)(b) | USD | 125 | 122,187 | |||||||||
6.63%, 05/01/29 (Call 05/01/24)(a)(b) | USD | 75 | 70,532 | |||||||||
Scotts Miracle-Gro Co. (The) | ||||||||||||
4.00%, 04/01/31 (Call 04/01/26)(a)(b) | USD | 45 | 44,633 | |||||||||
4.38%, 02/01/32 (Call 08/01/26)(a) | USD | 55 | 55,176 | |||||||||
4.50%, 10/15/29 (Call 10/15/24) | USD | 50 | 52,021 | |||||||||
Scripps Escrow II Inc. | ||||||||||||
3.88%, 01/15/29 (Call 01/15/24)(a) | USD | 70 | 69,843 | |||||||||
5.38%, 01/15/31 (Call 01/15/26)(a)(b) | USD | 70 | 68,687 | |||||||||
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)(a) | USD | 50 | 51,063 | |||||||||
Seagate HDD Cayman | ||||||||||||
3.13%, 07/15/29 (Call 01/15/24)(a) | USD | 50 | 48,010 | |||||||||
3.38%, 07/15/31 (Call 01/15/26)(a) | USD | 55 | 52,613 | |||||||||
4.09%, 06/01/29 (Call 03/01/29)(b) | USD | 75 | 77,548 | |||||||||
4.88%, 03/01/24 (Call 01/01/24) | USD | 75 | 79,879 | |||||||||
4.88%, 06/01/27 (Call 03/01/27) | USD | 125 | 137,862 | |||||||||
Sealed Air Corp. | ||||||||||||
4.00%, 12/01/27 (Call 09/01/27)(a) | USD | 55 | 57,621 | |||||||||
5.13%, 12/01/24 (Call 09/01/24)(a) | USD | 30 | 32,319 | |||||||||
5.25%, 04/01/23 (Call 01/01/23)(a)(b) | USD | 50 | 52,275 | |||||||||
5.50%, 09/15/25 (Call 06/15/25)(a) | USD | 50 | 55,203 | |||||||||
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b) | USD | 155 | 162,222 | |||||||||
Sensata Technologies BV, 4.00%, 04/15/29 (Call 04/15/24)(a) | USD | 125 | 126,957 | |||||||||
Sensata Technologies Inc. | ||||||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) | USD | 80 | 79,006 | |||||||||
4.38%, 02/15/30 (Call 11/15/29)(a) | USD | 55 | 58,135 | |||||||||
Service Corp. International/U.S. | ||||||||||||
3.38%, 08/15/30 (Call 08/15/25) | USD | 125 | 123,125 | |||||||||
4.00%, 05/15/31 (Call 05/15/26) | USD | 75 | 76,688 | |||||||||
4.63%, 12/15/27 (Call 12/15/22)(b) | USD | 75 | 79,001 | |||||||||
5.13%, 06/01/29 (Call 06/01/24)(b) | USD | 75 | 80,913 | |||||||||
Service Properties Trust | ||||||||||||
3.95%, 01/15/28 (Call 07/15/27)(b) | USD | 75 | 69,907 | |||||||||
4.35%, 10/01/24 (Call 09/01/24) | USD | 100 | 101,043 | |||||||||
4.38%, 02/15/30 (Call 08/15/29) | USD | 35 | 32,900 | |||||||||
4.75%, 10/01/26 (Call 08/01/26) | USD | 50 | 49,513 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.95%, 02/15/27 (Call 08/15/26) | USD | 25 | $ | 24,625 | ||||||||
4.95%, 10/01/29 (Call 07/01/29) | USD | 75 | 72,319 | |||||||||
5.50%, 12/15/27 (Call 09/15/27)(b) | USD | 65 | 68,088 | |||||||||
7.50%, 09/15/25 (Call 06/15/25) | USD | 90 | 99,468 | |||||||||
Silgan Holdings Inc., 3.25%, 03/15/25 (Call 11/29/21) | EUR | 200 | 232,305 | |||||||||
Sinclair Television Group Inc. | ||||||||||||
4.13%, 12/01/30 (Call 12/01/25)(a) | USD | 80 | 76,282 | |||||||||
5.13%, 02/15/27 (Call 11/15/21)(a)(b) | USD | 75 | 72,410 | |||||||||
5.50%, 03/01/30 (Call 12/01/24)(a) | USD | 65 | 62,206 | |||||||||
Sirius XM Radio Inc. | ||||||||||||
3.13%, 09/01/26 (Call 09/01/23)(a)(b) | USD | 105 | 105,262 | |||||||||
3.88%, 09/01/31 (Call 09/01/26)(a) | USD | 170 | 163,412 | |||||||||
4.00%, 07/15/28 (Call 07/15/24)(a) | USD | 220 | 221,584 | |||||||||
4.13%, 07/01/30 (Call 07/01/25)(a) | USD | 170 | 169,242 | |||||||||
5.00%, 08/01/27 (Call 08/01/22)(a) | USD | 165 | 172,425 | |||||||||
5.50%, 07/01/29 (Call 07/01/24)(a)(b) | USD | 155 | 167,012 | |||||||||
Six Flags Entertainment Corp. | ||||||||||||
4.88%, 07/31/24 (Call 11/29/21)(a) | USD | 125 | 126,416 | |||||||||
5.50%, 04/15/27 (Call 04/15/22)(a) | USD | 65 | 67,356 | |||||||||
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a) | USD | 35 | 37,188 | |||||||||
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26) | USD | 50 | 49,625 | |||||||||
SM Energy Co. | ||||||||||||
6.50%, 07/15/28 (Call 07/15/24)(b) | USD | 45 | 47,250 | |||||||||
6.63%, 01/15/27 (Call 01/15/22) | USD | 50 | 51,656 | |||||||||
10.00%, 01/15/25 (Call 06/17/22)(a) | USD | 105 | 117,008 | |||||||||
Sonic Automotive Inc. | ||||||||||||
4.63%, 11/15/29 (Call 11/15/24)(a) | USD | 65 | 65,163 | |||||||||
4.88%, 11/15/31 (Call 11/15/26)(a)(b) | USD | 57 | 57,000 | |||||||||
Southwestern Energy Co. | ||||||||||||
5.38%, 02/01/29 (Call 02/01/24)(a) | USD | 75 | 79,097 | |||||||||
5.38%, 03/15/30 (Call 03/15/25) | USD | 140 | 147,697 | |||||||||
6.45%, 01/23/25 (Call 10/23/24) | USD | 90 | 98,213 | |||||||||
7.75%, 10/01/27 (Call 10/01/22)(b) | USD | 65 | 69,744 | |||||||||
Spectrum Brands Inc. | ||||||||||||
3.88%, 03/15/31 (Call 03/15/26)(a) | USD | 55 | 54,108 | |||||||||
4.00%, 10/01/26 (Call 11/29/21)(c) | EUR | 100 | 117,256 | |||||||||
5.75%, 07/15/25 (Call 11/29/21) | USD | 66 | 67,715 | |||||||||
Spirit AeroSystems Inc. | ||||||||||||
4.60%, 06/15/28 (Call 03/15/28)(b) | USD | 75 | 74,036 | |||||||||
5.50%, 01/15/25 (Call 10/15/22)(a) | USD | 15 | 15,646 | |||||||||
7.50%, 04/15/25 (Call 04/15/22)(a) | USD | 125 | 131,656 | |||||||||
Sprint Communications Inc., 6.00%, 11/15/22 | USD | 235 | 246,510 | |||||||||
Sprint Corp. | ||||||||||||
7.13%, 06/15/24 | USD | 240 | 271,200 | |||||||||
7.63%, 02/15/25 (Call 11/15/24) | USD | 165 | 192,019 | |||||||||
7.63%, 03/01/26 (Call 11/01/25) | USD | 265 | 317,669 | |||||||||
7.88%, 09/15/23 | USD | 460 | 510,473 | |||||||||
Square Inc. | ||||||||||||
2.75%, 06/01/26 (Call 05/01/26)(a) | USD | 125 | 126,578 | |||||||||
3.50%, 06/01/31 (Call 03/01/31)(a) | USD | 105 | 107,595 | |||||||||
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a) | USD | 110 | 114,628 | |||||||||
SRS Distribution Inc. | ||||||||||||
4.63%, 07/01/28 (Call 07/01/24)(a) | USD | 80 | 81,839 | |||||||||
6.13%, 07/01/29 (Call 07/01/24)(a)(b) | USD | 50 | 51,438 | |||||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a) | USD | 225 | 236,812 | |||||||||
Standard Industries Inc./NJ | ||||||||||||
2.25%, 11/21/26 (Call 08/21/26)(c) | EUR | 100 | 111,789 |
68 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
3.38%, 01/15/31 (Call 07/15/25)(a) | USD | 110 | $ | 102,025 | ||||||||
4.38%, 07/15/30 (Call 07/15/25)(a) | USD | 160 | 160,163 | |||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) | USD | 100 | 102,962 | |||||||||
5.00%, 02/15/27 (Call 02/15/22)(a) | USD | 85 | 87,231 | |||||||||
Staples Inc. | ||||||||||||
7.50%, 04/15/26 (Call 04/15/22)(a) | USD | 225 | 226,687 | |||||||||
10.75%, 04/15/27 (Call 04/15/22)(a)(b) | USD | 100 | 95,500 | |||||||||
Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)(a) | USD | 40 | 39,992 | |||||||||
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)(a) | USD | 35 | 34,475 | |||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a) | USD | 75 | 76,875 | |||||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a) | USD | 65 | 68,338 | |||||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||||||
4.50%, 05/15/29 (Call 05/15/24) | USD | 85 | 86,147 | |||||||||
4.50%, 04/30/30 (Call 04/30/25)(a) | USD | 98 | 98,864 | |||||||||
5.88%, 03/15/28 (Call 03/15/23) | USD | 50 | 52,866 | |||||||||
6.00%, 04/15/27 (Call 04/15/22) | USD | 75 | 78,600 | |||||||||
Switch Ltd. | ||||||||||||
3.75%, 09/15/28 (Call 09/15/23)(a) | USD | 75 | 74,719 | |||||||||
4.13%, 06/15/29 (Call 06/15/24)(a) | USD | 55 | 55,322 | |||||||||
Talen Energy Supply LLC | ||||||||||||
6.50%, 06/01/25 (Call 11/29/21) | USD | 70 | 42,175 | |||||||||
6.63%, 01/15/28 (Call 01/15/23)(a) | USD | 60 | 56,578 | |||||||||
7.25%, 05/15/27 (Call 05/15/22)(a) | USD | 70 | 67,025 | |||||||||
7.63%, 06/01/28 (Call 06/01/23)(a) | USD | 15 | 14,328 | |||||||||
10.50%, 01/15/26 (Call 01/15/22)(a) | USD | 75 | 48,938 | |||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||||||
5.50%, 01/15/28 (Call 01/15/23)(a)(b) | USD | 95 | 95,157 | |||||||||
6.00%, 03/01/27 (Call 03/01/23)(a) | USD | 55 | 57,251 | |||||||||
6.00%, 12/31/30 (Call 12/31/25)(a) | USD | 65 | 65,067 | |||||||||
6.00%, 09/01/31 (Call 09/01/26)(a) | USD | 100 | 98,794 | |||||||||
7.50%, 10/01/25 (Call 10/01/22)(a) | USD | 50 | 54,063 | |||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||||||
4.00%, 01/15/32 (Call 07/15/26)(a)(b) | USD | 110 | 113,511 | |||||||||
4.88%, 02/01/31 (Call 02/01/26) | USD | 100 | 107,948 | |||||||||
5.00%, 01/15/28 (Call 01/15/23) | USD | 90 | 94,828 | |||||||||
5.38%, 02/01/27 (Call 02/01/22) | USD | 40 | 41,350 | |||||||||
5.50%, 03/01/30 (Call 03/01/25)(b) | USD | 100 | 109,904 | |||||||||
5.88%, 04/15/26 (Call 11/29/21)(b) | USD | 125 | 130,613 | |||||||||
6.50%, 07/15/27 (Call 07/15/22) | USD | 95 | 101,981 | |||||||||
6.88%, 01/15/29 (Call 01/15/24)(b) | USD | 50 | 56,006 | |||||||||
Taylor Morrison Communities Inc. | ||||||||||||
5.13%, 08/01/30 (Call 02/01/30)(a) | USD | 50 | 53,125 | |||||||||
5.75%, 01/15/28 (Call 10/15/27)(a) | USD | 55 | 60,517 | |||||||||
5.88%, 06/15/27 (Call 03/15/27)(a) | USD | 65 | 72,889 | |||||||||
TEGNA Inc. | ||||||||||||
4.63%, 03/15/28 (Call 03/15/23)(b) | USD | 100 | 100,962 | |||||||||
4.75%, 03/15/26 (Call 03/15/23)(a) | USD | 80 | 83,204 | |||||||||
5.00%, 09/15/29 (Call 09/15/24) | USD | 120 | 121,714 | |||||||||
Teleflex Inc., 4.25%, 06/01/28 | USD | 110 | 113,025 | |||||||||
Tempur Sealy International Inc., 3.88%, 10/15/31 (Call 10/15/26)(a) | USD | 155 | 153,452 | |||||||||
Tenet Healthcare Corp. | ||||||||||||
4.25%, 06/01/29 (Call 06/01/24)(a) | USD | 175 | 177,368 | |||||||||
4.63%, 07/15/24 (Call 11/29/21) | USD | 97 | 98,572 | |||||||||
4.63%, 09/01/24 (Call 11/15/21)(a) | USD | 50 | 50,681 | |||||||||
4.63%, 06/15/28 (Call 06/15/23)(a) | USD | 65 | 67,402 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
4.88%, 01/01/26 (Call 03/01/22)(a) | USD | 215 | $ | 220,644 | ||||||||
5.13%, 11/01/27 (Call 11/01/22)(a) | USD | 185 | 193,259 | |||||||||
6.13%, 10/01/28 (Call 10/01/23)(a) | USD | 300 | 315,052 | |||||||||
6.25%, 02/01/27 (Call 02/01/22)(a)(b) | USD | 160 | 166,200 | |||||||||
6.75%, 06/15/23 | USD | 185 | 198,782 | |||||||||
7.50%, 04/01/25 (Call 04/01/22)(a) | USD | 75 | 79,594 | |||||||||
Tenneco Inc. | ||||||||||||
5.00%, 07/15/26 (Call 11/29/21)(b) | USD | 60 | 58,290 | |||||||||
5.13%, 04/15/29 (Call 04/15/24)(a) | USD | 80 | 79,340 | |||||||||
7.88%, 01/15/29 (Call 01/15/24)(a) | USD | 60 | 65,408 | |||||||||
TerraForm Power Operating LLC | ||||||||||||
4.25%, 01/31/23 (Call 10/31/22)(a) | USD | 65 | 66,570 | |||||||||
4.75%, 01/15/30 (Call 01/15/25)(a) | USD | 85 | 88,081 | |||||||||
5.00%, 01/31/28 (Call 07/31/27)(a) | USD | 75 | 80,061 | |||||||||
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a) | USD | 105 | 111,045 | |||||||||
TKC Holdings Inc. | ||||||||||||
6.88%, 05/15/28 (Call 05/15/24)(a) | USD | 70 | 71,925 | |||||||||
10.50%, 05/15/29 (Call 05/15/24)(a) | USD | 65 | 70,175 | |||||||||
T-Mobile USA Inc. | ||||||||||||
2.25%, 02/15/26 (Call 02/15/23)(b) | USD | 100 | 100,625 | |||||||||
2.25%, 02/15/26 (Call 02/15/23)(a) | USD | 60 | 60,375 | |||||||||
2.63%, 04/15/26 (Call 04/15/23) | USD | 130 | 132,199 | |||||||||
2.63%, 02/15/29 (Call 02/15/24) | USD | 120 | 118,928 | |||||||||
2.88%, 02/15/31 (Call 02/15/26)(b) | USD | 100 | 99,590 | |||||||||
3.38%, 04/15/29 (Call 04/15/24) | USD | 145 | 149,125 | |||||||||
3.38%, 04/15/29 (Call 04/15/24)(a) | USD | 107 | 110,044 | |||||||||
3.50%, 04/15/31 (Call 04/15/26) | USD | 142 | 147,190 | |||||||||
3.50%, 04/15/31 (Call 04/15/26)(a) | USD | 105 | 108,664 | |||||||||
4.75%, 02/01/28 (Call 02/01/23) | USD | 165 | 174,281 | |||||||||
5.38%, 04/15/27 (Call 04/15/22) | USD | 65 | 67,868 | |||||||||
Toll Brothers Finance Corp. | ||||||||||||
3.80%, 11/01/29 (Call 08/01/29)(b) | USD | 50 | 53,596 | |||||||||
4.35%, 02/15/28 (Call 11/15/27)(b) | USD | 50 | 54,584 | |||||||||
4.38%, 04/15/23 (Call 01/15/23) | USD | 25 | 25,897 | |||||||||
4.88%, 03/15/27 (Call 12/15/26) | USD | 55 | 61,122 | |||||||||
TransDigm Inc. | ||||||||||||
4.63%, 01/15/29 (Call 01/15/24) | USD | 165 | 163,969 | |||||||||
4.88%, 05/01/29 (Call 05/01/24) | USD | 110 | 110,185 | |||||||||
5.50%, 11/15/27 (Call 11/15/22) | USD | 285 | 292,125 | |||||||||
6.25%, 03/15/26 (Call 03/15/22)(a) | USD | 480 | 501,600 | |||||||||
6.38%, 06/15/26 (Call 11/29/21) | USD | 95 | 98,088 | |||||||||
7.50%, 03/15/27 (Call 03/15/22) | USD | 75 | 78,724 | |||||||||
8.00%, 12/15/25 (Call 04/08/22)(a) | USD | 105 | 111,662 | |||||||||
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 11/29/21)(a) | USD | 67 | 65,761 | |||||||||
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)(a) | USD | 75 | 77,224 | |||||||||
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 11/29/21)(a) | USD | 117 | 117,622 | |||||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a) | USD | 70 | 69,637 | |||||||||
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 11/29/21)(a) | USD | 41 | 41,583 | |||||||||
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 11/29/21)(a) | USD | 46 | 45,259 | |||||||||
Travel + Leisure Co. | ||||||||||||
3.90%, 03/01/23 (Call 12/01/22) | USD | 63 | 64,827 | |||||||||
6.00%, 04/01/27 (Call 01/01/27) | USD | 75 | 81,850 | |||||||||
6.63%, 07/31/26 (Call 04/30/26)(a) | USD | 85 | 94,802 | |||||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b) | USD | 50 | 55,298 |
S C H E D U L E O F I N V E S T M E N T S | 69 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Triumph Group Inc. | ||||||||||||
6.25%, 09/15/24 (Call 11/29/21)(a)(b) | USD | 50 | $ | 49,986 | ||||||||
7.75%, 08/15/25 (Call 11/29/21)(b) | USD | 42 | 42,683 | |||||||||
8.88%, 06/01/24 (Call 02/01/23)(a) | USD | 82 | 90,405 | |||||||||
Tronox Inc. | ||||||||||||
4.63%, 03/15/29 (Call 03/15/24)(a) | USD | 105 | 102,868 | |||||||||
6.50%, 05/01/25 (Call 05/01/22)(a) | USD | 60 | 63,000 | |||||||||
Twilio Inc. | ||||||||||||
3.63%, 03/15/29 (Call 03/15/24) | USD | 65 | 65,450 | |||||||||
3.88%, 03/15/31 (Call 03/15/26) | USD | 45 | 45,308 | |||||||||
U.S. Foods Inc. | ||||||||||||
4.75%, 02/15/29 (Call 02/15/24)(a) | USD | 105 | 106,367 | |||||||||
6.25%, 04/15/25 (Call 04/15/22)(a) | USD | 85 | 89,113 | |||||||||
Uber Technologies Inc. | ||||||||||||
4.50%, 08/15/29 (Call 08/15/24)(a)(b) | USD | 185 | 186,022 | |||||||||
6.25%, 01/15/28 (Call 09/15/23)(a)(b) | USD | 50 | 53,686 | |||||||||
7.50%, 05/15/25 (Call 05/15/22)(a) | USD | 115 | 122,526 | |||||||||
7.50%, 09/15/27 (Call 09/15/22)(a) | USD | 100 | 109,416 | |||||||||
8.00%, 11/01/26 (Call 11/29/21)(a) | USD | 165 | 175,832 | |||||||||
UGI International LLC, 3.25%, 11/01/25 (Call 11/29/21)(c) | EUR | 100 | 117,024 | |||||||||
Unifrax Escrow Issuer Corp. | ||||||||||||
5.25%, 09/30/28 (Call 09/30/24)(a) | USD | 85 | 84,900 | |||||||||
7.50%, 09/30/29 (Call 09/30/24)(a) | USD | 65 | 64,664 | |||||||||
United Airlines Inc. | ||||||||||||
4.38%, 04/15/26 (Call 10/15/25)(a) | USD | 240 | 248,243 | |||||||||
4.63%, 04/15/29 (Call 10/15/28)(a) | USD | 215 | 221,857 | |||||||||
United Rentals North America Inc. | ||||||||||||
3.75%, 01/15/32 (Call 07/15/26) | USD | 95 | 94,725 | |||||||||
3.88%, 02/15/31 (Call 08/15/25) | USD | 125 | 125,925 | |||||||||
4.00%, 07/15/30 (Call 07/15/25) | USD | 70 | 71,450 | |||||||||
4.88%, 01/15/28 (Call 01/15/23) | USD | 185 | 195,277 | |||||||||
5.25%, 01/15/30 (Call 01/15/25)(b) | USD | 75 | 81,188 | |||||||||
5.50%, 05/15/27 (Call 05/15/22) | USD | 125 | 130,961 | |||||||||
United States Steel Corp. | ||||||||||||
6.25%, 03/15/26 (Call 10/31/21)(b) | USD | 80 | 82,541 | |||||||||
6.88%, 03/01/29 (Call 03/01/24)(b) | USD | 90 | 96,300 | |||||||||
United Wholesale Mortgage LLC | ||||||||||||
5.50%, 11/15/25 (Call 11/15/22)(a) | USD | 75 | 74,733 | |||||||||
5.50%, 04/15/29 (Call 04/15/24)(a)(b) | USD | 90 | 88,110 | |||||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC | ||||||||||||
6.00%, 01/15/30 (Call 01/15/25)(a) | USD | 75 | 74,006 | |||||||||
7.13%, 12/15/24 (Call 12/15/21)(a) | USD | 100 | 102,502 | |||||||||
7.88%, 02/15/25 (Call 02/15/22)(a) | USD | 235 | 247,149 | |||||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC | ||||||||||||
4.75%, 04/15/28 (Call 04/15/24)(a) | USD | 80 | 80,400 | |||||||||
6.50%, 02/15/29 (Call 02/15/24)(a) | USD | 120 | 121,579 | |||||||||
Univision Communications Inc. | ||||||||||||
4.50%, 05/01/29 (Call 05/01/24)(a) | USD | 130 | 131,521 | |||||||||
5.13%, 02/15/25 (Call 11/09/21)(a) | USD | 135 | 137,376 | |||||||||
6.63%, 06/01/27 (Call 06/01/23)(a) | USD | 165 | 178,386 | |||||||||
USA Compression Partners LP/USA Compression Finance Corp. | ||||||||||||
6.88%, 04/01/26 (Call 11/29/21) | USD | 65 | 67,215 | |||||||||
6.88%, 09/01/27 (Call 09/01/22) | USD | 120 | 124,574 | |||||||||
Valvoline Inc. | ||||||||||||
3.63%, 06/15/31 (Call 06/15/26)(a) | USD | 65 | 63,527 | |||||||||
4.25%, 02/15/30 (Call 02/15/25)(a) | USD | 60 | 60,900 | |||||||||
Vector Group Ltd. | ||||||||||||
5.75%, 02/01/29 (Call 02/01/24)(a) | USD | 85 | 84,830 | |||||||||
10.50%, 11/01/26 (Call 11/29/21)(a) | USD | 70 | 73,938 |
Security | Par (000) | Value | ||||||||||
United States (continued) | ||||||||||||
Venture Global Calcasieu Pass LLC | ||||||||||||
3.88%, 08/15/29 (Call 02/15/29)(a) | USD | 140 | $ | 142,625 | ||||||||
4.13%, 08/15/31 (Call 02/15/31)(a) | USD | 140 | 144,893 | |||||||||
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a) | USD | 141 | 147,345 | |||||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 11/29/21)(a) | USD | 290 | 300,512 | |||||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 11/29/21)(a) | USD | 140 | 148,303 | |||||||||
ViacomCBS Inc., 6.25%, 02/28/57 (Call 02/28/27)(d) | USD | 80 | 91,318 | |||||||||
ViaSat Inc. | ||||||||||||
5.63%, 09/15/25 (Call 11/09/21)(a) | USD | 90 | 91,294 | |||||||||
5.63%, 04/15/27 (Call 04/15/22)(a)(b) | USD | 75 | 77,973 | |||||||||
6.50%, 07/15/28 (Call 07/15/23)(a) | USD | 30 | 31,425 | |||||||||
VICI Properties LP/VICI Note Co. Inc. | ||||||||||||
3.50%, 02/15/25 (Call 02/15/22)(a)(b) | USD | 100 | 101,945 | |||||||||
3.75%, 02/15/27 (Call 02/15/23)(a)(b) | USD | 70 | 72,006 | |||||||||
4.13%, 08/15/30 (Call 02/15/25)(a) | USD | 100 | 104,958 | |||||||||
4.25%, 12/01/26 (Call 12/01/22)(a) | USD | 125 | 129,635 | |||||||||
4.63%, 12/01/29 (Call 12/01/24)(a)(b) | USD | 100 | 106,625 | |||||||||
Viking Cruises Ltd. | ||||||||||||
5.88%, 09/15/27 (Call 09/15/22)(a) | USD | 80 | 77,570 | |||||||||
7.00%, 02/15/29 (Call 02/15/24)(a) | USD | 75 | 75,377 | |||||||||
13.00%, 05/15/25 (Call 05/15/22)(a) | USD | 90 | 103,307 | |||||||||
Vistra Operations Co. LLC | ||||||||||||
4.38%, 05/01/29 (Call 05/01/24)(a) | USD | 150 | 148,245 | |||||||||
5.00%, 07/31/27 (Call 07/31/22)(a) | USD | 155 | 158,771 | |||||||||
5.50%, 09/01/26 (Call 11/09/21)(a) | USD | 100 | 102,970 | |||||||||
5.63%, 02/15/27 (Call 02/15/22)(a) | USD | 145 | 149,930 | |||||||||
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a) | USD | 85 | 84,429 | |||||||||
Weatherford International Ltd. | ||||||||||||
6.50%, 09/15/28 (Call 09/15/24)(a)(b) | USD | 60 | 63,375 | |||||||||
8.63%, 04/30/30 (Call 10/30/24)(a) | USD | 190 | 195,462 | |||||||||
11.00%, 12/01/24 (Call 12/01/21)(a) | USD | 29 | 30,233 | |||||||||
WESCO Distribution Inc. | ||||||||||||
7.13%, 06/15/25 (Call 06/15/22)(a) | USD | 80 | 85,023 | |||||||||
7.25%, 06/15/28 (Call 06/15/23)(a) | USD | 205 | 225,986 | |||||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b) | USD | 240 | 263,700 | |||||||||
Western Midstream Operating LP | ||||||||||||
3.95%, 06/01/25 (Call 03/01/25) | USD | 50 | 52,496 | |||||||||
4.35%, 02/01/25 (Call 01/01/25) | USD | 100 | 104,992 | |||||||||
4.50%, 03/01/28 (Call 12/01/27) | USD | 50 | 54,212 | |||||||||
4.65%, 07/01/26 (Call 04/01/26) | USD | 75 | 81,229 | |||||||||
4.75%, 08/15/28 (Call 05/15/28) | USD | 50 | 55,010 | |||||||||
5.30%, 02/01/30 (Call 11/01/29)(b) | USD | 125 | 137,187 | |||||||||
William Carter Co. (The) | ||||||||||||
5.50%, 05/15/25 (Call 05/15/22)(a) | USD | 65 | 68,039 | |||||||||
5.63%, 03/15/27 (Call 03/15/22)(a) | USD | 50 | 51,750 | |||||||||
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a) | USD | 55 | 56,856 | |||||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a) | USD | 155 | 164,142 | |||||||||
WMG Acquisition Corp. | ||||||||||||
2.75%, 07/15/28 (Call 07/15/23)(c) | EUR | 100 | 119,173 | |||||||||
3.00%, 02/15/31 (Call 02/15/26)(a) | USD | 40 | 38,874 | |||||||||
3.88%, 07/15/30 (Call 07/15/25)(a) | USD | 100 | 103,934 | |||||||||
Wolverine Escrow LLC | ||||||||||||
8.50%, 11/15/24 (Call 11/29/21)(a)(b) | USD | 74 | 68,635 | |||||||||
9.00%, 11/15/26 (Call 11/15/22)(a)(b) | USD | 114 | 104,880 | |||||||||
13.13%, 11/15/27 (Call 11/15/22)(a) | USD | 65 | 43,037 |
70 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF (Percentages shown are based on Net Assets) |
Security | Par/ Shares (000) | Value | ||||||||||
United States (continued) | ||||||||||||
WR Grace Holdings LLC | ||||||||||||
4.88%, 06/15/27 (Call 06/15/23)(a) | USD | 70 | $ | 71,146 | ||||||||
5.63%, 08/15/29 (Call 08/15/24)(a) | USD | 145 | 146,269 | |||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||||||
4.25%, 05/30/23 (Call 02/28/23)(a) | USD | 65 | 65,621 | |||||||||
5.25%, 05/15/27 (Call 02/15/27)(a)(b) | USD | 115 | 115,920 | |||||||||
5.50%, 03/01/25 (Call 12/01/24)(a) | USD | 200 | 203,500 | |||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | ||||||||||||
5.13%, 10/01/29 (Call 07/01/29)(a) | USD | 100 | 100,427 | |||||||||
7.75%, 04/15/25 (Call 04/15/22)(a) | USD | 50 | 52,671 | |||||||||
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23) | USD | 200 | 206,584 | |||||||||
Xerox Holdings Corp. | ||||||||||||
5.00%, 08/15/25 (Call 07/15/25)(a) | USD | 75 | 78,000 | |||||||||
5.50%, 08/15/28 (Call 07/15/28)(a) | USD | 65 | 65,854 | |||||||||
XHR LP, 4.88%, 06/01/29 | USD | 60 | 61,557 | |||||||||
XPO Logistics Inc., 6.25%, 05/01/25 | USD | 125 | 131,681 | |||||||||
Yum! Brands Inc. | ||||||||||||
3.63%, 03/15/31 (Call 12/15/30) | USD | 110 | 108,625 | |||||||||
4.63%, 01/31/32 (Call 10/01/26) | USD | 120 | 125,057 | |||||||||
4.75%, 01/15/30 (Call 10/15/29)(a) | USD | 50 | 53,615 | |||||||||
7.75%, 04/01/25 (Call 04/01/22)(a) | USD | 60 | 63,750 | |||||||||
Zayo Group Holdings Inc. | ||||||||||||
4.00%, 03/01/27 (Call 11/29/21)(a) | USD | 155 | 150,389 | |||||||||
6.13%, 03/01/28 (Call 03/01/23)(a) | USD | 115 | 112,234 | |||||||||
|
| |||||||||||
|
123,010,625 |
| ||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes — 97.9% |
| 189,355,626 | ||||||||||
|
| |||||||||||
Short-Term Investments | ||||||||||||
Money Market Funds — 11.5% | ||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(i)(j)(k) | 20,924 | 20,934,089 |
Security |
Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(i)(j) | 1,290 | $ | 1,290,000 | |||||
|
| |||||||
|
22,224,089 |
| ||||||
|
| |||||||
Total Short-Term Investments — 11.5% |
| 22,224,089 | ||||||
|
| |||||||
Total Investments in Securities — 109.4% |
| 211,579,715 | ||||||
Other Assets, Less Liabilities — (9.4)% |
| (18,115,414 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ 193,464,301 | |||||||
|
|
(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) | 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. |
(e) | Perpetual security with no stated maturity date. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(h) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
(k) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21 | Shares Held at 10/31/21 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 11,552,610 | $ | 9,384,519 | $ | — | $ | (2,365 | ) | $ | (675 | ) | $ | 20,934,089 | 20,924 | $ | 45,234 | (a) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,600,000 | — | (1,310,000 | ) | — | — | 1,290,000 | 1,290 | 323 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (2,365 | ) | $ | (675 | ) | $ | 22,224,089 | $ | 45,557 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | 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 Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 71 |
Schedule of Investments (continued) October 31, 2021 | iShares® US & Intl High Yield Corp Bond ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 189,355,626 | $ | — | $ | 189,355,626 | ||||||||
Money Market Funds | 22,224,089 | — | — | 22,224,089 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 22,224,089 | $ | 189,355,626 | $ | — | $ | 211,579,715 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
72 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities
October 31, 2021
iShares International High Yield Bond ETF | iShares J.P. Morgan EM Corporate | iShares J.P. Morgan Yield Bond ETF | iShares J.P. Morgan Bond ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 69,674,014 | $ | 511,103,828 | $ | 465,362,094 | $ | 503,676,431 | ||||||||
Affiliated(c) | 20,000 | 47,905,642 | 36,401,228 | 1,000,000 | ||||||||||||
Cash | 7,473 | — | 5,992 | 6,701 | ||||||||||||
Foreign currency, at value(d) | 577,956 | — | — | 4,010,136 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 1,736,143 | 4,525,235 | 2,960,188 | 5,208,051 | ||||||||||||
Securities lending income — Affiliated | — | 12,151 | 9,827 | — | ||||||||||||
Capital shares sold | — | 2,625,326 | 303,567 | 502,578 | ||||||||||||
Dividends | — | 19 | 10 | — | ||||||||||||
Interest | 830,519 | 5,243,454 | 6,695,877 | 9,148,929 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 72,846,105 | 571,415,655 | 511,738,783 | 523,552,826 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Bank overdraft | — | 7,903 | — | — | ||||||||||||
Collateral on securities loaned, at value | — | 41,902,718 | 33,415,823 | — | ||||||||||||
Deferred foreign capital gain tax | — | — | — | 109,574 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,661,292 | 10,927,969 | 2,766,500 | 5,882,796 | ||||||||||||
Investment advisory fees | 24,268 | 214,121 | 201,349 | 133,116 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 1,685,560 | 53,052,711 | 36,383,672 | 6,125,486 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 71,160,545 | $ | 518,362,944 | $ | 475,355,111 | $ | 517,427,340 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 74,762,312 | $ | 520,917,465 | $ | 553,989,182 | $ | 580,718,033 | ||||||||
Accumulated loss | (3,601,767 | ) | (2,554,521 | ) | (78,634,071 | ) | (63,290,693 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 71,160,545 | $ | 518,362,944 | $ | 475,355,111 | $ | 517,427,340 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 1,300,000 | 10,100,000 | 10,900,000 | 12,400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 54.74 | $ | 51.32 | $ | 43.61 | $ | 41.73 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | — | $ | 39,384,122 | $ | 31,210,875 | $ | — | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 69,898,410 | $ | 512,242,306 | $ | 485,079,098 | $ | 545,121,864 | ||||||||
(c) Investments, at cost — Affiliated | $ | 20,000 | $ | 47,899,085 | $ | 36,401,227 | $ | 1,000,000 | ||||||||
(d) Foreign currency, at cost | $ | 571,396 | $ | — | $ | — | $ | 4,052,615 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 73 |
Statements of Assets and Liabilities (continued)
October 31, 2021
iShares US & Intl High Yield | ||||
| ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 189,355,626 | ||
Affiliated(c) | 22,224,089 | |||
Cash | 146,850 | |||
Foreign currency, at value(d) | 921,301 | |||
Receivables: | ||||
Investments sold | 2,171,326 | |||
Securities lending income — Affiliated | 4,628 | |||
Dividends | 4 | |||
Interest | 2,444,474 | |||
|
| |||
Total assets | 217,268,298 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 20,929,717 | |||
Payables: | ||||
Investments purchased | 2,699,298 | |||
Capital shares redeemed | 1,880 | |||
Investment advisory fees | 67,740 | |||
Other liabilities | 105,362 | |||
|
| |||
Total liabilities | 23,803,997 | |||
|
| |||
NET ASSETS | $ | 193,464,301 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 197,965,092 | ||
Accumulated loss | (4,500,791 | ) | ||
|
| |||
NET ASSETS | $ | 193,464,301 | ||
|
| |||
Shares outstanding | 3,900,000 | |||
|
| |||
Net asset value | $ | 49.61 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 20,078,358 | ||
(b) Investments, at cost — Unaffiliated | $ | 186,441,785 | ||
(c) Investments, at cost — Affiliated | $ | 22,220,391 | ||
(d) Foreign currency, at cost | $ | 915,318 |
See notes to financial statements.
74 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Year Ended October 31, 2021
iShares International High Yield Bond ETF | iShares EM Corporate | iShares EM High Yield Bond ETF | iShares J.P. Morgan EM Local Currency Bond ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Affiliated | $ | 5 | $ | 378 | $ | 543 | $ | 213 | ||||||||
Interest — Unaffiliated | 1,882,967 | 14,073,224 | 23,545,625 | 26,083,457 | ||||||||||||
Securities lending income — Affiliated — net | — | 84,486 | 109,534 | — | ||||||||||||
Other income — Unaffiliated | 13,687 | 16,812 | 25,375 | — | ||||||||||||
Foreign taxes withheld | — | (30 | ) | — | (404,336 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 1,896,659 | 14,174,870 | 23,681,077 | 25,679,334 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 255,881 | 1,836,596 | 2,011,168 | 1,532,882 | ||||||||||||
Commitment fees | — | — | — | 9,863 | ||||||||||||
Miscellaneous | 173 | 173 | 173 | 6,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 256,054 | 1,836,769 | 2,011,341 | 1,549,266 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | — | — | (32,907 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 256,054 | 1,836,769 | 1,978,434 | 1,549,266 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 1,640,605 | 12,338,101 | 21,702,643 | 24,130,068 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | 213,364 | (333,735 | ) | (6,335,165 | ) | (8,746,463 | ) | |||||||||
Investments — Affiliated | — | (3,343 | ) | (7,305 | ) | — | ||||||||||
In-kind redemptions — Unaffiliated | — | — | 587,751 | 5,018,146 | ||||||||||||
Foreign currency transactions | 33,301 | — | — | (96,013 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 246,665 | (337,078 | ) | (5,754,719 | ) | (3,824,330 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | 696,939 | (3,233,979 | ) | 3,812,380 | (20,135,147 | ) | ||||||||||
Investments — Affiliated | — | (1,902 | ) | 1,816 | — | |||||||||||
Foreign currency translations | (16,095 | ) | — | — | (96,662 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 680,844 | (3,235,881 | ) | 3,814,196 | (20,231,809 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 927,509 | (3,572,959 | ) | (1,940,523 | ) | (24,056,139 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,568,114 | $ | 8,765,142 | $ | 19,762,120 | $ | 73,929 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | — | $ | — | $ | — | $ | 281,667 | ||||||||
(b) Net of reduction in deferred foreign capital gain tax of | $ | — | $ | — | $ | — | $ | 333,268 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 75 |
Statements of Operations (continued)
Year Ended October 31, 2021
iShares US & Intl High Yield Corp Bond ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 48 | ||
Dividends — Affiliated | 323 | |||
Interest — Unaffiliated | 8,662,072 | |||
Securities lending income — Affiliated — net | 45,234 | |||
Other income — Unaffiliated | 12,873 | |||
|
| |||
Total investment income | 8,720,550 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 764,827 | |||
Miscellaneous | 173 | |||
|
| |||
Total expenses | 765,000 | |||
|
| |||
Net investment income | 7,955,550 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | 2,097,520 | |||
Investments — Affiliated | (2,365 | ) | ||
In-kind redemptions — Unaffiliated | 646,673 | |||
Foreign currency transactions | 35,178 | |||
|
| |||
Net realized gain | 2,777,006 | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | 4,314,543 | |||
Investments — Affiliated | (675 | ) | ||
Foreign currency translations | (6,548 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | 4,307,320 | |||
|
| |||
Net realized and unrealized gain | 7,084,326 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 15,039,876 | ||
|
|
See notes to financial statements.
76 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares International High Yield Bond ETF | iShares J.P. Morgan EM Corporate Bond ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/21 | Year Ended 10/31/20 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $1 ,640,605 | $1,257,138 | $ 12,338,101 | $ 7,551,999 | ||||||||||||||||
Net realized gain (loss) | 246,665 | (1,331,686 | ) | (337,078 | ) | (4,735,907 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | 680,844 | 1,384,418 | (3,235,881 | ) | (1,354,795 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 2,568,114 | 1,309,870 | 8,765,142 | 1,461,297 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (736,269 | ) | (495,118 | ) | (11,947,480 | ) | (7,540,091 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 22,578,514 | 5,097,119 | 306,813,811 | 54,125,456 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase in net assets | 24,410,359 | 5,911,871 | 303,631,473 | 48,046,662 | ||||||||||||||||
Beginning of year | 46,750,186 | 40,838,315 | 214,731,471 | 166,684,809 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of year | $71,160,545 | $ | 46,750,186 | $518,362,944 | $214,731,471 | |||||||||||||||
�� |
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 77 |
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 | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/21 | Year Ended 10/31/20 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 21,702,643 | $ | 19,523,615 | $ | 24,130,068 | $ | 24,939,525 | ||||||||||||
Net realized loss | (5,754,719 | ) | (40,926,249 | ) | (3,824,330 | ) | (56,186,070 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 3,814,196 | (7,708,895 | ) | (20,231,809 | ) | 5,560,533 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 19,762,120 | (29,111,529 | ) | 73,929 | (25,686,012 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (22,290,589 | ) | (19,949,771 | ) | — | (24,281,359 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 174,299,553 | 19,267,173 | 17,252,960 | 13,989,851 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 171,771,084 | (29,794,127 | ) | 17,326,889 | (35,977,520 | ) | ||||||||||||||
Beginning of year | 303,584,027 | 333,378,154 | 500,100,451 | 536,077,971 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of year | $ | 475,355,111 | $ | 303,584,027 | $ | 517,427,340 | $ | 500,100,451 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
78 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares US & Intl High Yield Corp Bond ETF | ||||||||
|
| |||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 7,955,550 | $ | 7,844,089 | ||||
Net realized gain (loss) | 2,777,006 | (7,432,624 | ) | |||||
Net change in unrealized appreciation (depreciation) | 4,307,320 | (56,278 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 15,039,876 | 355,187 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (8,596,496 | ) | (7,407,517 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 10,169,888 | 7,603,062 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase in net assets | 16,613,268 | 550,732 | ||||||
Beginning of year | 176,851,033 | 176,300,301 | ||||||
|
|
|
| |||||
End of year | $ | 193,464,301 | $ | 176,851,033 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 79 |
(For a share outstanding throughout each period)
iShares International High Yield Bond ETF | ||||||||||||||||||||
|
| |||||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 51.94 | $ | 51.05 | $ | 50.66 | $ | 53.04 | $ | 46.91 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 1.44 | 1.42 | 1.51 | 1.54 | 1.77 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.18 | 0.09 | 0.82 | (3.92 | ) | 4.85 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 3.62 | 1.51 | 2.33 | (2.38 | ) | 6.62 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(c) | ||||||||||||||||||||
From net investment income | (0.82 | ) | (0.62 | ) | (1.94 | ) | — | (0.40 | ) | |||||||||||
Return of capital | — | — | — | — | (0.09 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.82 | ) | (0.62 | ) | (1.94 | ) | — | (0.49 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 54.74 | $ | 51.94 | $ | 51.05 | $ | 50.66 | $ | 53.04 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 6.90 | % | 3.00 | % | 4.85 | % | (4.49 | )% | 14.21 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 2.56 | % | 2.85 | % | 3.03 | % | 2.87 | % | 3.62 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 71,161 | $ | 46,750 | $ | 40,838 | $ | 65,858 | $ | 90,160 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(e) | 33 | % | 46 | % | 34 | % | 31 | % | 49 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Where applicable, assumes the reinvestment of distributions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
80 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Corporate Bond ETF | ||||||||||||||||||||
|
| |||||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 51.13 | $ | 51.29 | $ | 47.68 | $ | 51.33 | $ | 50.40 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 1.75 | 2.06 | 2.25 | 2.16 | 2.10 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.23 | (0.13 | ) | 3.61 | (3.70 | ) | 0.90 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 1.98 | 1.93 | 5.86 | (1.54 | ) | 3.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(c) | ||||||||||||||||||||
From net investment income | (1.79 | ) | (2.09 | ) | (2.25 | ) | (2.11 | ) | (2.07 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.79 | ) | (2.09 | ) | (2.25 | ) | (2.11 | ) | (2.07 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 51.32 | $ | 51.13 | $ | 51.29 | $ | 47.68 | $ | 51.33 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 3.88 | % | 3.94 | % | 12.57 | % | (3.09 | )% | 6.14 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 3.36 | % | 4.08 | % | 4.51 | % | 4.37 | % | 4.16 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 518,363 | $ | 214,731 | $ | 166,685 | $ | 71,515 | $ | 87,269 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(e) | 16 | % | 25 | % | 21 | % | 16 | % | 62 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Where applicable, assumes the reinvestment of distributions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.-
F I N A N C I A L H I G H L I G H T S | 81 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM High Yield Bond ETF | ||||||||||||||||||||
|
| |||||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 43.06 | $ | 46.63 | $ | 45.29 | $ | 50.60 | $ | 49.97 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.43 | 2.52 | 2.66 | 2.44 | 2.87 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.68 | (3.54 | ) | 1.93 | (5.40 | ) | 0.77 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 3.11 | (1.02 | ) | 4.59 | (2.96 | ) | 3.64 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(c) | ||||||||||||||||||||
From net investment income | (2.56 | ) | (2.55 | ) | (3.25 | ) | (2.35 | ) | (3.01 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (2.56 | ) | (2.55 | ) | (3.25 | ) | (2.35 | ) | (3.01 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of year | $ | 43.61 | $ | 43.06 | $ | 46.63 | $ | 45.29 | $ | 50.60 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 7.16 | % | (2.08 | )% | 10.51 | % | (5.96 | )%(e) | 7.60 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 0.49 | % | 0.48 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 5.40 | % | 5.75 | % | 5.75 | % | 5.11 | % | 5.73 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 475,355 | $ | 303,584 | $ | 333,378 | $ | 398,541 | $ | 624,867 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Portfolio turnover rate(f) | 23 | % | 65 | % | 32 | % | 19 | % | 25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
82 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||||||||
|
| |||||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 41.68 | $ | 45.43 | $ | 43.24 | $ | 46.85 | $ | 45.14 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.06 | 2.29 | 3.09 | 2.87 | 2.29 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.01 | ) | (4.11 | ) | 0.59 | (6.48 | ) | (0.58 | ) | |||||||||||
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|
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|
|
|
|
|
|
| |||||||||||
Net increase (decrease) from investment operations | 0.05 | (1.82 | ) | 3.68 | (3.61 | ) | 1.71 | |||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Distributions(c) | ||||||||||||||||||||
From net investment income | — | (1.93 | ) | (1.49 | ) | — | — | |||||||||||||
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|
|
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| |||||||||||
Total distributions | — | (1.93 | ) | (1.49 | ) | — | — | |||||||||||||
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|
|
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|
|
|
| |||||||||||
Net asset value, end of year | $ | 41.73 | $ | 41.68 | $ | 45.43 | $ | 43.24 | $ | 46.85 | ||||||||||
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|
|
|
|
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| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 0.12 | % | (4.20 | )% | 8.75 | % | (7.71 | )% | 3.79 | % | ||||||||||
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| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.30 | % | 0.30 | % | 0.30 | % | 0.42 | % | 0.50 | % | ||||||||||
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| |||||||||||
Total expenses after fees waived | 0.30 | % | 0.30 | % | 0.30 | % | 0.41 | % | 0.50 | % | ||||||||||
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| |||||||||||
Net investment income | 4.72 | % | 5.46 | % | 6.95 | % | 6.19 | % | 5.04 | % | ||||||||||
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| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 517,427 | $ | 500,100 | $ | 536,078 | $ | 423,732 | $ | 309,217 | ||||||||||
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| |||||||||||
Portfolio turnover rate(e) | 29 | % | 43 | % | 44 | % | 51 | % | 97 | % | ||||||||||
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|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 83 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares US & Intl High Yield Corp Bond ETF | ||||||||||||||||||||
|
| |||||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/17 | ||||||||||||||||
| ||||||||||||||||||||
Net asset value, beginning of year | $ | 47.80 | $ | 48.97 | $ | 48.03 | $ | 50.98 | $ | 48.77 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 2.09 | 2.21 | 2.42 | 2.46 | 2.45 | |||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.99 | (1.27 | ) | 1.17 | (2.80 | ) | 2.08 | |||||||||||||
|
|
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|
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|
|
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| |||||||||||
Net increase (decrease) from investment operations | 4.08 | 0.94 | 3.59 | (0.34 | ) | 4.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions(c) | ||||||||||||||||||||
From net investment income | (2.27 | ) | (2.11 | ) | (2.65 | ) | (2.61 | ) | (2.32 | ) | ||||||||||
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|
|
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|
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| |||||||||||
Total distributions | (2.27 | ) | (2.11 | ) | (2.65 | ) | (2.61 | ) | (2.32 | ) | ||||||||||
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|
|
|
|
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|
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| |||||||||||
Net asset value, end of year | $ | 49.61 | $ | 47.80 | $ | 48.97 | $ | 48.03 | $ | 50.98 | ||||||||||
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|
|
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|
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| |||||||||||
Total Return(d) | ||||||||||||||||||||
Based on net asset value | 8.56 | % | 2.04 | % | 7.74 | % | (0.71 | )% | 9.58 | % | ||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses after fees waived | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 4.16 | % | 4.65 | % | 5.02 | % | 4.95 | % | 4.93 | % | ||||||||||
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| |||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) | $ | 193,464 | $ | 176,851 | $ | 176,300 | $ | 211,353 | $ | 214,103 | ||||||||||
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|
|
|
|
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| |||||||||||
Portfolio turnover rate(e) | 31 | % | 33 | % | 24 | % | 20 | % | 22 | % | ||||||||||
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|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
84 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 | |
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 Statements 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 Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2021, if any, are disclosed in the Statements 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 Statements 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.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 85 |
Notes to Financial Statements (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. 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., 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.
86 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (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 Schedule 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 | $ | 1,861,011 | $ | 1,861,011 | $ | — | $ | — | ||||||||
Barclays Capital, Inc. | 6,468,546 | 6,468,546 | — | — | ||||||||||||
BNP Paribas SA | 496,469 | 496,469 | — | — | ||||||||||||
BofA Securities, Inc. | 2,565,450 | 2,565,450 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 3,151,071 | 3,151,071 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 3,902,608 | 3,902,608 | — | — | ||||||||||||
HSBC Securities (USA), Inc. | 1,395,414 | 1,395,414 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 3,519,209 | 3,519,209 | — | — | ||||||||||||
Jefferies LLC | 3,950,374 | 3,950,374 | — | — | ||||||||||||
Morgan Stanley | 4,662,882 | 4,662,882 | — | — | ||||||||||||
Nomura Securities International, Inc. | 1,186,258 | 1,186,258 | — | — | ||||||||||||
Pershing LLC | 4,268 | 4,268 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 1,029,074 | 1,029,074 | — | — | ||||||||||||
Wells Fargo Securities LLC | 5,191,488 | 5,191,488 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 39,384,122 | $ | 39,384,122 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S | 87 |
Notes to Financial Statements (continued)
iShares ETF and Counterparty | Market Value of Securities on Loan | Cash Collateral Received(a) | Non-Cash Collateral Received | Net Amount | ||||||||||||
J.P. Morgan EM High Yield Bond | ||||||||||||||||
Barclays Bank PLC | $ | 1,861,670 | $ | 1,861,670 | $ | — | $ | — | ||||||||
BNP Paribas SA | 4,000,427 | 4,000,427 | — | — | ||||||||||||
BofA Securities, Inc. | 6,777,178 | 6,777,178 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 856,660 | 856,660 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 5,180,174 | 5,180,174 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 2,477,423 | 2,477,423 | — | — | ||||||||||||
Jefferies LLC | 4,303,683 | 4,303,683 | — | — | ||||||||||||
Morgan Stanley | 1,995,130 | 1,995,130 | — | — | ||||||||||||
Nomura Securities International, Inc. | 2,383,011 | 2,383,011 | — | — | ||||||||||||
RBC Capital Markets LLC | 107,036 | 107,036 | — | — | ||||||||||||
UBS AG | 1,797 | 1,797 | — | — | ||||||||||||
Wells Fargo Securities LLC | 1,266,686 | 1,266,686 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 31,210,875 | $ | 31,210,875 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
US & Intl High Yield Corp Bond | ||||||||||||||||
Barclays Bank PLC | $ | 1,207,000 | $ | 1,207,000 | $ | — | $ | — | ||||||||
Barclays Capital, Inc. | 573,568 | 573,568 | — | — | ||||||||||||
BMO Capital Markets Corp. | 16,848 | 16,848 | — | — | ||||||||||||
BNP Paribas SA | 4,759,797 | 4,759,797 | — | — | ||||||||||||
BofA Securities, Inc. | 269,797 | 269,797 | — | — | ||||||||||||
Citadel Clearing LLC | 65,196 | 65,196 | — | — | ||||||||||||
Citigroup Global Markets, Inc. | 1,031,369 | 1,031,369 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 1,000,658 | 1,000,658 | — | — | ||||||||||||
Deutsche Bank Securities, Inc. | 475 | 475 | — | — | ||||||||||||
Goldman Sachs & Co. LLC | 3,365,475 | 3,365,475 | — | — | ||||||||||||
J.P. Morgan Securities LLC | 3,532,022 | 3,532,022 | — | — | ||||||||||||
Morgan Stanley | 1,263,918 | 1,263,918 | — | — | ||||||||||||
RBC Capital Markets LLC | 1,755,962 | 1,755,962 | — | — | ||||||||||||
Scotia Capital (USA), Inc. | 142,385 | 142,385 | — | — | ||||||||||||
State Street Bank & Trust Co. | 512,759 | 512,759 | — | — | ||||||||||||
Wells Fargo Securities LLC | 581,129 | 581,129 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 20,078,358 | $ | 20,078,358 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(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 the Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned 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 |
88 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (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 year ended October 31, 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 Statements of Operations. For the year ended October 31, 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 | $ | 29,360 | ||
J.P. Morgan EM High Yield Bond | 34,980 | |||
US & Intl High Yield Corp Bond | 16,807 |
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 year ended October 31, 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 | $ | 215,333 | $ | (1,794) | ||||||
J.P. Morgan EM High Yield Bond | 14,344,010 | 5,248,431 | (526,277) | |||||||||
US & Intl High Yield Corp Bond | 113,488 | 2,585,222 | 167,401 |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 89 |
Notes to Financial Statements (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 Statements 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 year ended October 31, 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 | $ | 22,509,164 | $ | 20,748,379 | ||||
J.P. Morgan EM Corporate Bond | 65,990,573 | 55,852,711 | ||||||
J.P. Morgan EM High Yield Bond | 90,718,340 | 89,285,513 | ||||||
J.P. Morgan EM Local Currency Bond | 196,769,482 | 143,914,519 | ||||||
US & Intl High Yield Corp Bond | 58,731,122 | 58,080,516 |
For the year ended October 31, 2021, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
International High Yield Bond | $ | 21,906,725 | $ | — | ||||
J.P. Morgan EM Corporate Bond | 294,902,029 | — | ||||||
J.P. Morgan EM High Yield Bond | 185,788,957 | 17,399,131 | ||||||
J.P. Morgan EM Local Currency Bond | 42,019,606 | 57,513,095 | ||||||
US & Intl High Yield Corp Bond | 29,439,830 | 19,316,213 |
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 October 31, 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.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Loss | ||||||
J.P. Morgan EM High Yield Bond | $ | 588,532 | $ | (588,532) | ||||
J.P. Morgan EM Local Currency Bond | 4,345,570 | (4,345,570) | ||||||
US & Intl High Yield Corp Bond | 645,437 | (645,437) |
The tax character of distributions paid was as follows:
iShares ETF | Year Ended 10/31/21 | Year Ended 10/31/20 | ||||||
International High Yield Bond | ||||||||
Ordinary income | $ | 736,269 | $ | 495,118 | ||||
|
|
|
| |||||
J.P. Morgan EM Corporate Bond | ||||||||
Ordinary income | $ | 11,947,480 | $ | 7,540,091 | ||||
|
|
|
| |||||
J.P. Morgan EM High Yield Bond | ||||||||
Ordinary income | $ | 22,290,589 | $ | 19,949,771 | ||||
|
|
|
| |||||
J.P. Morgan EM Local Currency Bond | ||||||||
Ordinary income | $ | — | $ | 24,281,359 | ||||
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|
| |||||
US & Intl High Yield Corp Bond | ||||||||
Ordinary income | $ | 8,596,496 | $ | 7,407,517 | ||||
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Notes to Financial Statements (continued)
As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | | Undistributed Ordinary Income | | | Non-expiring Capital Loss Carryforwards | (a) | | Net Unrealized Gains (Losses) | (b) | Total | ||||||
International High Yield Bond | $ | 1,797,502 | $ | (5,076,573 | ) | $ | (322,696 | ) | $ | (3,601,767) | ||||||
J.P. Morgan EM Corporate Bond | 1,989,589 | (2,807,271 | ) | (1,736,839 | ) | (2,554,521) | ||||||||||
J.P. Morgan EM High Yield Bond | 2,207,630 | (60,420,371 | ) | (20,421,330 | ) | (78,634,071) | ||||||||||
J.P. Morgan EM Local Currency Bond | 15,433,840 | (30,944,097 | ) | (47,780,436 | ) | (63,290,693) | ||||||||||
US & Intl High Yield Corp Bond | 947,155 | (8,141,623 | ) | 2,693,677 | (4,500,791) |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities. |
For the year ended October 31, 2021, the iShares US & Intl High Yield Corp Bond ETF utilized $1,410,210 of its capital loss carryforwards.
As of October 31, 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 | $ | 70,006,093 | $ | 1,562,115 | $ | (1,874,194 | ) | $ | (312,079) | |||||||
J.P. Morgan EM Corporate Bond | 560,746,309 | 6,923,148 | (8,659,987 | ) | (1,736,839) | |||||||||||
J.P. Morgan EM High Yield Bond | 522,184,652 | 8,957,190 | (29,378,520 | ) | (20,421,330) | |||||||||||
J.P. Morgan EM Local Currency Bond | 552,152,326 | 8,205,037 | (55,680,932 | ) | (47,475,895) | |||||||||||
US & Intl High Yield Corp Bond | 208,879,768 | 5,312,829 | (2,612,882 | ) | 2,699,947 |
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 October 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 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. The Credit Agreement was terminated on August 12, 2021.
Effective August 13, 2021, the iShares J.P. Morgan EM Local Currency Bond ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. 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 Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% 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 Syndicated Credit Agreement.
During the year ended October 31, 2021, the Fund did not borrow under the Credit Agreement or Syndicated 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.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 91 |
Notes to Financial Statements (continued)
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 Statements of Assets and Liabilities, less any collateral held by the Funds.
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.
92 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
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:
| ||||||||||||||||||||
Year Ended 10/31/21 | Year Ended 10/31/20 | |||||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
| ||||||||||||||||||||
International High Yield Bond | ||||||||||||||||||||
Shares sold | 400,000 | $ | 22,578,514 | 100,000 | $ | 5,097,119 | ||||||||||||||
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J.P. Morgan EM Corporate Bond | ||||||||||||||||||||
Shares sold | 5,900,000 | $ | 306,813,811 | 1,900,000 | $ | 98,149,834 | ||||||||||||||
Shares redeemed | — | — | (950,000 | ) | (44,024,378 | ) | ||||||||||||||
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Net increase | 5,900,000 | $ | 306,813,811 | 950,000 | $ | 54,125,456 | ||||||||||||||
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J.P. Morgan EM High Yield Bond | ||||||||||||||||||||
Shares sold | 4,250,000 | $ | 192,187,348 | 3,450,000 | $ | 163,260,074 | ||||||||||||||
Shares redeemed | (400,000 | ) | (17,887,795 | ) | (3,550,000 | ) | (143,992,901 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | 3,850,000 | $ | 174,299,553 | (100,000 | ) | $ | 19,267,173 | |||||||||||||
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J.P. Morgan EM Local Currency Bond | ||||||||||||||||||||
Shares sold | 2,800,000 | $ | 123,271,919 | 4,400,000 | $ | 185,174,171 | ||||||||||||||
Shares redeemed | (2,400,000 | ) | (106,018,959 | ) | (4,200,000 | ) | (171,184,320 | ) | ||||||||||||
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| |||||||||||||
Net increase | 400,000 | $ | 17,252,960 | 200,000 | $ | 13,989,851 | ||||||||||||||
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US & Intl High Yield Corp Bond | ||||||||||||||||||||
Shares sold | 600,000 | $ | 30,073,163 | 900,000 | $ | 43,664,313 | ||||||||||||||
Shares redeemed | (400,000 | ) | (19,903,275 | ) | (800,000 | ) | (36,061,251 | ) | ||||||||||||
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| |||||||||||||
Net increase | 200,000 | $ | 10,169,888 | 100,000 | $ | 7,603,062 | ||||||||||||||
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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 Statements of Assets and Liabilities.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 93 |
Notes to Financial Statements (continued)
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.
94 | 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Report of Independent Registered Public Accounting Firm
To the Board of Directors of iShares, Inc. and Shareholders of 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
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 21, 2021
We have served as the auditor of one or more BlackRock investment companies since 2000.
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Important Tax Information (unaudited)
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2021:
iShares ETF | Foreign Source Income Earned | Foreign Taxes Paid | ||||||
International High Yield Bond | $ | 1,691,341 | $ | — | ||||
J.P. Morgan EM Corporate Bond | 13,910,794 | — | ||||||
J.P. Morgan EM High Yield Bond | 23,435,141 | — | ||||||
J.P. Morgan EM Local Currency Bond | 26,083,457 | 783,479 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:
iShares ETF | Interest Dividends | |||
International High Yield Bond | $ | 1,727,219 | ||
J.P. Morgan EM Corporate Bond | 12,627,739 | |||
J.P. Morgan EM High Yield Bond | 21,894,768 | |||
J.P. Morgan EM Local Currency Bond | 23,279,055 | |||
US & Intl High Yield Corp Bond | 8,139,636 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:
iShares ETF | Interest-Related Dividends | |||
International High Yield Bond | $ | 228,864 | ||
J.P. Morgan EM Corporate Bond | 341,673 | |||
J.P. Morgan EM High Yield Bond | 377,997 | |||
US & Intl High Yield Corp Bond | 4,995,504 |
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Board Review and Approval of Investment Advisory Contract
iShares International HighYield Bond ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares US & Intl High Yield Corp Bond ETF (each, the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (BIL); (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited (BIL) for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited (BIL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above
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Board Review and Approval of Investment Advisory Contract (continued)
considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.
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Board Review and Approval of Investment Advisory Contract (continued)
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.
iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL); (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL) for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in
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Board Review and Approval of Investment Advisory Contract (continued)
managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL) and BlackRock (Singapore) Limited (BSL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.
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Board Review and Approval of Investment Advisory Contract (continued)
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.
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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.
October 31, 2021
Total Cumulative Distributions for the Fiscal Year | % Breakdown of the Total Cumulative Distributions for the Fiscal Year | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
International High Yield Bond | $ | 0.818077 | $ | — | $ | — | $ | 0.818077 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
J.P. Morgan EM Corporate Bond | 1.787409 | — | — | 1.787409 | 100 | — | — | 100 | ||||||||||||||||||||||||
J.P. Morgan EM High Yield Bond(a) | 2.552561 | — | 0.007334 | 2.559895 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
US & Intl High Yield Corp Bond(a) | 2.199854 | — | 0.065807 | 2.265661 | 97 | — | 3 | 100 |
(a) | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
(b) | Rounds to less than 1%. |
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive (the “Directive”) imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside of the EU, such as BFA (the “Company”). Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.
The Company has registered the iShares J.P. Morgan EM High Yield Bond ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.
Report on Remuneration
The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
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Supplemental Information (unaudited) (continued)
Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2020 is USD 25.27 thousand. This figure is comprised of fixed remuneration of USD 11.77 thousand and variable remuneration of USD 13.5 thousand. There were a total of 490 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending 31 December 2020, to its senior management was USD 4.12 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.33 thousand.
S U P P L E M E N T A L I N F O R M A T I O N | 103 |
Director and Officer Information
The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Directors | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During the Past 5 Years | Other Directorships Held by Director | |||
Robert S. Kapito(a) (64) | Director (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji(b) (51) | Director (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
(a) | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
(b) | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
Independent Directors | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During the Past 5 Years | Other Directorships Held by Director | |||
Cecilia H. Herbert (72) | Director (since 2005); Independent Board Chair (since 2016). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin (65) | Director (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (66) | Director (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
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Director and Officer Information (continued)
Independent Directors (continued) | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During the Past 5 Years | Other Directorships Held by Director | |||
John E. Kerrigan (66) | Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). | Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (62) | Director (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez (60) | Director (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan (57) | Director (since 2011); Fixed Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Officers | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During the Past 5 Years | ||||
Armando Senra (50) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||||
Trent Walker (47) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||||
Charles Park (54) | Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||||
Deepa Damre Smith (46) | Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||||
Scott Radell (52) | Executive Vice President (since 2012). | Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||||
Alan Mason (60) | Executive Vice President (since 2016). | Managing Director, BlackRock, Inc. (since 2009). | ||||
Marybeth Leithead (58) | Executive Vice President (since 2019). | Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
D I R E C T O R A N D O F F I C E R I N F O R M A T I O N | 105 |
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.
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Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
JSC | Joint Stock Company |
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 | |
RSD | Serbian Dinar | |
RUB | Russian Ruble | |
THB | Thai Baht | |
TRY | Turkish Lira | |
UYU | Uruguayan Peso | |
ZAR | South African Rand |
Portfolio Abbreviations - Fixed Income (continued) | ||
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust |
Counterparty Abbreviations | ||
CGM | Citibank N.A. |
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 | 107 |
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-AR-1002-1021
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(b) Not Applicable
Item 2. | Code of Ethics. |
The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
Item 3. | Audit Committee Financial Expert. |
The registrant’s Board of Directors has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).
Item 4. | Principal Accountant Fees and Services. |
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the five series of the registrant for which the fiscal year-end is October 31, 2021 (the “Funds”), and whose annual financial statements are reported in Item 1.
(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $78,000 for the fiscal year ended October 31, 2020 and $78,000 for the fiscal year ended October 31, 2021.
(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2020 and October 31, 2021 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.
(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $18,905 for the fiscal year ended October 31, 2020 and $48,500 for the fiscal year ended October 31, 2021. These services related to the review of the Funds’ tax returns and excise tax calculations.
(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2020 and October 31, 2021 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended October 31, 2021 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $18,905 for the fiscal year ended October 31, 2020 and $48,500 for the fiscal year ended October 31, 2021.
(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
Item 5. | Audit Committee of Listed Registrants |
(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan.
(b) Not applicable.
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) Code of Ethics is not filed as an exhibit; please refer to Item 2.
(a) (2) Section 302 Certifications are attached.
(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.
(a) (4) Change in Registrant’s independent public accountant – 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: January 05, 2022
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: January 05, 2022
By: | /s/ Trent Walker | |||||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: January 05, 2022